Open the filing on EDGARExhibit 99.1 MetLife, Inc.Adjusted Earnings Available to Common Shareholders(In millions)For the Three Months EndedSeptember 30,20252024Group Benefits (5):Adjusted earnings available to common shareholders$455$373Less: Total notable items(2)(58)Adjusted earnings available to common shareholders, excluding total notable items$457$431Adjusted premiums, fees and other revenues$6,306$6,146Retirement & Income Solutions (5):Adjusted earnings available to common shareholders$436$472Less: Total notable items13104Adjusted earnings available to common shareholders, excluding total notable items$423$368Adjusted premiums, fees and other revenues$1,186$1,579Less: PRT(10)529Adjusted premiums, fees and other revenues, excluding PRT$1,196$1,050Asia:Adjusted earnings available to common shareholders$543$306Less: Total notable items70(41)Adjusted earnings available to common shareholders, excluding total notable items$473$347Adjusted earnings available to common shareholders on a constant currency basis $543$305Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$473$346Adjusted premiums, fees and other revenues$1,717$1,710Adjusted premiums, fees and other revenues, on a constant currency basis $1,717$1,704Latin America:Adjusted earnings available to common shareholders$147$221Less: Total notable items(75)4Adjusted earnings available to common shareholders, excluding total notable items$222$217Adjusted earnings available to common shareholders on a constant currency basis $147$222Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$222$218Adjusted premiums, fees and other revenues$1,663$1,496Adjusted premiums, fees and other revenues, on a constant currency basis $1,663$1,498See footnotes on last page. MetLife, Inc.Adjusted Earnings Available to Common Shareholders (Continued)(In millions)For the Three Months EndedSeptember 30,20252024EMEA:Adjusted earnings available to common shareholders$88$70Less: Total notable items(1)(5)Adjusted earnings available to common shareholders, excluding total notable items$89$75Adjusted earnings available to common shareholders on a constant currency basis$88$71Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$89$76Adjusted premiums, fees and other revenues$727$655Adjusted premiums, fees and other revenues, on a constant currency basis$727$668MetLife Holdings (5):Adjusted earnings available to common shareholders$203$182Less: Total notable items1312Adjusted earnings available to common shareholders, excluding total notable items$190$170Adjusted premiums, fees and other revenues$729$793Corporate & Other (5):Adjusted earnings available to common shareholders$(288)$(249)Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$(288)$(249)Adjusted premiums, fees and other revenues$133$92See footnotes on last page. MetLife, Inc.For the Three Months EndedSeptember 30, 2025September 30, 2025Variable Investment Income (post-tax, $ in millions) (6)Assets ($ in billions)Group Benefits$5$0.2RIS1465.6Asia1398.3Latin America20.3EMEA - - MetLife Holdings763.4Corporate & Other141.1Total$382$18.9Segments: Group Benefits, RIS, Asia, Latin America and EMEA (7)Capital DeployedValue of New BusinessInternal Rate of ReturnPayback (Years)Value of new business ($ in billions)2024$3.4$2.619%52023$3.6$2.619%52022$3.7$2.317%62021$2.8$1.917%62020$3.2$1.917%6See footnotes on last page. MetLife, Inc.(In millions, except per share data)For the Three Months EndedSeptember 30,20252024Reconciliation to Adjusted Earnings Available to Common ShareholdersEarnings Per Weighted Average Common Share Diluted (1)Earnings Per Weighted Average Common Share Diluted (1)Net income (loss) available to MetLife, Inc.'s common shareholders$818$1.22$1,275$1.81Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:Less: Net investment gains (losses)(325)(0.49)(77)(0.11)Net derivative gains (losses)(929)(1.39)7671.09Market risk benefit remeasurement gains (losses)2630.39(531)(0.75)Goodwill impairment - - - - Other adjustments to net income (loss)200.04(65)(0.09)Provision for income tax (expense) benefit2230.33(195)(0.28)Add: Net income (loss) attributable to noncontrolling interests60.01(1) - Preferred stock redemption premium120.02 - - Adjusted earnings available to common shareholders1,5842.371,3751.95Less: Total notable items180.03160.02Adjusted earnings available to common shareholders, excluding total notable items$1,566$2.34$1,359$1.93Adjusted earnings available to common shareholders on a constant currency basis$1,584$2.37$1,376$1.96Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$1,566$2.34$1,360$1.93Weighted average common shares outstanding - diluted669.1703.7See footnotes on last page. MetLife, Inc.GAAP Interim Condensed Consolidated Statements of Operations(In millions)For the Three Months EndedSeptember 30,20252024RevenuesPremiums$10,555$10,647Universal life and investment-type product policy fees1,2471,228Net investment income6,0895,227Other revenues724648Net investment gains (losses)(325)(77)Net derivative gains (losses)(929)767Total revenues17,36118,440ExpensesPolicyholder benefits and claims10,36910,597Policyholder liability remeasurement (gains) losses(159)(132)Market risk benefit remeasurement (gains) losses(263)531Interest credited to policyholder account balances2,5612,037Policyholder dividends134150Amortization of DAC, VOBA and negative VOBA522509Interest expense on debt271257Other expenses, net of capitalization of DAC2,7162,497Total expenses16,15116,446Income (loss) before provision for income tax1,2101,994Provision for income tax expense (benefit)308653Net income (loss)9021,341Less: Net income (loss) attributable to noncontrolling interests6(1)Net income (loss) attributable to MetLife, Inc.8961,342Less: Preferred stock dividends6667 Preferred stock redemption premium12 - Net income (loss) available to MetLife, Inc.'s common shareholders$818$1,275See footnotes on last page. MetLife, Inc.(In millions) For the Three Months EndedSeptember 30,20252024Premiums, Fees and Other RevenuesPremiums, fees and other revenues$12,526$12,523Less: Adjustments to premiums, fees and other revenues:Asymmetrical and non-economic accounting7850Other adjustments(15)(14)Divested businesses216Adjusted premiums, fees and other revenues$12,461$12,471Adjusted premiums, fees and other revenues, on a constant currency basis$12,461$12,480Less: PRT(10)529Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis$12,471$11,951Net Investment IncomeNet investment income$6,089$5,227Less: Adjustments to net investment incomeInvestment hedge adjustments(100)(129)Joint venture adjustments(8)66Unit-linked contract income580147Reinsurance adjustments177 - Divested businesses - - Adjusted net investment income$5,440$5,143Revenues and ExpensesTotal revenues$17,361$18,440Less: Adjustments to total revenues:Net investment gains (losses)(325)(77)Net derivative gains (losses)(929)767Investment hedge adjustments(100)(129)Asymmetrical and non-economic accounting7850Joint venture adjustments(8)66Unit-linked contract income580147Reinsurance adjustments177 - Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments(15)(14)Divested businesses216Total adjusted revenues$17,901$17,614Total expenses$16,151$16,446Less: Adjustments to total expenses:Market risk benefit remeasurement (gains) losses(263)531Goodwill impairment - - Asymmetrical and non-economic accounting1872Market volatility(49)(52)Unit-linked contract costs578143Reinsurance adjustments135 - Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments212Divested businesses1026Total adjusted expenses$15,720$15,714See footnotes on last page. MetLife, Inc.(In millions, except per share and ratio data)For the Three Months EndedSeptember 30,20252024Expense Detail and Ratios Reconciliation of Capitalization of DAC to Adjusted Capitalization of DACCapitalization of DAC $(852)$(691)Less: Divested businesses - - Adjusted capitalization of DAC$(852)$(691)Reconciliation of Other Expenses to Adjusted Other ExpensesOther expenses $3,568$3,188Less: Reinsurance adjustments135 - Less: Other adjustments, excluding Reinsurance adjustments212Less: Divested businesses917Adjusted other expenses$3,422$3,159Other Detail and RatiosOther expenses, net of capitalization of DAC$2,716$2,497Premiums, fees and other revenues$12,526$12,523Expense ratio21.7%19.9%Direct expenses$1,443$1,392Less: Total notable items related to direct expenses - - Direct expenses, excluding total notable items related to direct expenses$1,443$1,392Adjusted other expenses$3,422$3,159Adjusted capitalization of DAC(852)(691)Adjusted other expenses, net of adjusted capitalization of DAC2,5702,468Less: Total notable items related to adjusted other expenses102 - Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses$2,468$2,468Adjusted premiums, fees and other revenues$12,461$12,471Less: PRT(10)529Adjusted premiums, fees and other revenues, excluding PRT$12,471$11,942Direct expense ratio 11.6%11.2%Direct expense ratio, excluding total notable items related to direct expenses and PRT11.6%11.7%Adjusted expense ratio20.6%19.8%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT19.8%20.7%See footnotes on last page. MetLife, Inc.(In millions, except per share data)September 30,Equity Details20252024Total MetLife, Inc.'s stockholders' equity$28,944$30,885Less: Preferred stock2,8303,818MetLife, Inc.'s common stockholders' equity 26,11427,067Less: Unrealized investment gains (losses), net of related offsets and income tax(14,667)(11,239)Deferred gains (losses) on derivatives, net of income tax(1,239)(292)Future policy benefits discount rate remeasurement gain (losses), net of income tax6,0282,004Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(83)4 Defined benefit plans adjustment, net of income tax(1,390)(1,371)Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax 92 - Total MetLife, Inc.'s adjusted common stockholders' equity37,37337,961Less: Accumulated year-to-date total notable items, net of income tax1816Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items$37,355$37,945September 30,Book Value (2)20252024Book value per common share39.5239.02Less: Unrealized investment gains (losses), net of related offsets and income tax(22.20)(16.20)Deferred gains (losses) on derivatives, net of income tax(1.88)(0.42)Future policy benefits discount rate remeasurement gain (losses), net of income tax9.122.89Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.13)0.01 Defined benefit plans adjustment, net of income tax(2.10)(1.98)Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax0.14 - Adjusted book value per common share$56.57$54.72Common shares outstanding, end of period (3)660.7693.7
Third Quarter 2025 Summary Total Company Discussion
For Immediate Release | Global Communications | MetLife, Inc. Adjusted Earnings by Segment Summary •Total liability exposure grew 3 percent, including 4 percent in general account liabilities. EMEA •Adjusted net investment income was $5.4 billion, up 6 percent. Variable investment Non-GAAP and Other Financial Disclosures (xi)adjusted return on equity, excluding total notable items;(xi)return on equity;(xii)investment portfolio gains (losses);(xii)net investment gains (losses);(xiii)derivative gains (losses);(xiii)net derivative gains (losses);(xiv)adjusted capitalization of deferred policy acquisition costs (DAC);(xiv)capitalization of DAC;(xv)total MetLife, Inc.’s adjusted common stockholders’ equity;(xv)total MetLife, Inc.’s stockholders’ equity; (xvi)total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items;(xvi)total MetLife, Inc.’s stockholders’ equity;(xvii)adjusted book value per common share;(xvii)book value per common share;(xviii)adjusted other expenses;(xviii)other expenses;(xix)adjusted other expenses, net of adjusted capitalization of DAC;(xix)other expenses, net of capitalization of DAC;(xx)adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses;(xx)other expenses, net of capitalization of DAC;(xxi)adjusted expense ratio;(xxi)expense ratio;(xxii)adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT;(xxii)expense ratio;(xxiii)direct expenses;(xxiii)other expenses;(xxiv)direct expenses, excluding total notable items related to direct expenses;(xxiv)other expenses;(xxv)direct expense ratio;(xxv)expense ratio;(xxvi)direct expense ratio, excluding total notable items related to direct expenses and PRT; (xxvi)expense ratio; (xxvii)future policy benefits at original discount rate; and(xxvii)future policy benefits at balance sheet discount rate; and(xxviii)free cash flow of all holding companies.(xxviii)MetLife, Inc. (parent company only) net cash provided by (used in) operating activities. Adjusted earnings and related measures with in-force reinsurance. Return on equity and related measures Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including available to common shareholders. (10)unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our ($ in millions, except per share data)Three Months Ended September 30,20252024ChangePremiums, fees and other revenues$12,526$12,523Net investment income6,0895,22716%Net investment gains (losses)(325)(77)Net derivative gains (losses)(929)767Total revenues$17,361$18,440Adjusted premiums, fees and other revenues$12,461$12,471Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)$12,471$11,9424%Market risk benefit remeasurement gains (losses)$263$(531)Net income (loss)$818$1,275(36)%Net income (loss) per share$1.22$1.81(33)%Adjusted earnings$1,584$1,37515%Adjusted earnings per share$2.37$1.9522%Adjusted earnings, excluding total notable items$1,566$1,35915%Adjusted earnings, excluding total notable items per share $2.34$1.9321%Book value per share$39.52$39.021%Adjusted book value per share$56.57$54.723%Expense ratio21.7%19.9%Direct expense ratio, excluding total notable items related to direct expenses and PRT11.6%11.7%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT19.8%20.7%ROE13.1%20.2%Adjusted ROE16.9%14.6%Adjusted ROE, excluding total notable items16.7%14.4% MetLife reported third quarter 2025 premiums, fees and other revenues of $12.5 billion, flat commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and sustainability; MetLife, Inc.September 30, 2025Cash & Capital (8), (9), (in billions)Holding Companies Cash & Liquid Assets$4.9Footnotes(1)Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share. (2)Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at September 30, 2025 and September 30, 2024, respectively.(3)There were share repurchases of $502 million for the three months ended September 30, 2025. Year-to-date, there were share repurchases of approximately $2.6 billion, including approximately $150 million of share repurchases in October 2025. Common stock dividends totaling $378 million were paid for the three months ended September 30, 2025.(4)Annualized using quarter-to-date results.(5)Results on a constant currency basis are not included as constant currency impact is not significant.(6)Assumes a 21% tax rate.(7)Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales.(8)The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.1 billion at September 30, 2025, flat from $17.1 billion at June 30, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.(9)The expected Japan solvency margin ratio as of September 30, 2025 is approximately 740%. income increased 198 percent to $483 million, primarily driven by higher returns on private Any references in this news release (except in this section and the tables that accompany this release) to:should be read as, respectively:(i)net income (loss);(i) net income (loss) available to MetLife, Inc.’s common shareholders;(ii)net income (loss) per share;(ii)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;(iii)adjusted earnings;(iii)adjusted earnings available to common shareholders;(iv)adjusted earnings per share;(iv)adjusted earnings available to common shareholders per diluted common share;(v)book value per share; (v)book value per common share;(vi)adjusted book value per share; (vi)adjusted book value per common share; (vii)return on equity; and(vii)return on MetLife, Inc.’s commonstockholders’ equity; and(viii)adjusted return on equity.(viii)adjusted return on MetLife, Inc.’s common stockholders’ equity. •adjusted earnings; •Interest credited to policyholder account balances excludes amounts associated with periodic •Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common •Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were Three Months EndedSeptember 30, 2025SegmentChange fromprior-year period (on a reported basis)Change fromprior-year period (on a constantcurrency basis)Group Benefits22%Retirement and Income Solutions (RIS)(8)%Asia77%78%Latin America (33)%(34)%Europe, the Middle East and Africa (EMEA)26%24%MetLife Holdings12% ($ in millions)Three Months EndedSeptember 30, 2025Three Months EndedSeptember 30, 2024ChangeConstantcurrencychangeAdjusted earnings$88$7026%24%Notable item(s)$(1)$(5)Adjusted earnings ex. notables$89$7519%17%Adjusted PFOs$727$65511%9% compared with the prior year quarter. Adjusted premiums, fees and other revenues, excluding residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) (11)MetLife, Inc.’s inability to pay dividends and repurchase common stock; ASIA equity assets. •adjusted earnings available to common shareholders; crediting rate adjustments based on the total return of a contractually referenced pool of assets and stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred unknown and that MetLife could not anticipate when it devised its business plan. Notable items also pension risk transfers, were $12.5 billion, up 4 percent. included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted (12)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;
- adjusted earnings available to common shareholders, on a constant currency basis; other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), include certain items regardless of the extent anticipated in the business plan, to help investors have ($ in millions)Three Months EndedSeptember 30, 2025Three Months EndedSeptember 30, 2024ChangeConstantcurrencychangeAdjusted earnings$543$30677%78%Notable item(s)$70$(41)Adjusted earnings ex. notables$473$34736%37%Adjusted PFOs$1,717$1,710 - %1%Asia general account assets under management (at amortized cost)$140,892$135,1074%6% from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany (13)investment defaults, downgrades, or volatility; Net investment income was $6.1 billion, up 16 percent, primarily due to increases in the
- adjusted earnings available to common shareholders, excluding total notable items; market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items MetLife Announces 3Q 2025 Results Contacts: For Media: Jane Slusark (347) 989-5477, Jane.Slusark@metlife.com "Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) (14)investment sales or lending difficulties; estimated fair value of certain securities that do not qualify as separate accounts under GAAP.
- adjusted earnings available to common shareholders, excluding total notable items, on a constant plans adjustment components of accumulated other comprehensive income (loss) ("AOCI") and the represent a positive (negative) impact to adjusted earnings available to common shareholders. For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com discontinued operations criteria under GAAP. Divested businesses also include the net impact of are excluded from Asia GA AUM. (15)collateral or derivative-related payments; Adjusted net investment income was $5.4 billion, up 6 percent, primarily reflecting higher returns currency basis; estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income transactions with exited businesses that have been eliminated in consolidation under GAAP and costs •We refer to observable forward yield curves as of a particular date in connection with making our (16)investment valuations, allowances, or impairments changes; on private equity assets. •adjusted earnings available to common shareholders per diluted common share; tax. Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on EarningsPer Share3Q 2025NetIncome $1.22AdjustedEarnings $2.37 Returnon Equity (ROE)3Q 2025ROE 13.1%AdjustedROE 16.9% relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to estimates for future results. The observable forward yield curves at a given time are based on (17)claims or other results that differ from our estimates, assumptions, or models; •Net income was $818 million, or $1.22 per share.•Adjusted earnings increased 15% to $1.6 billion, primarily driven by higher variable investment income and volume growth. •Adjusted earnings per share, excluding total notable items, up 21% to $2.34.•Premiums, fees and other revenues (PFOs) were $12.5 billion. •Adjusted PFOs, excluding pension risk transfers (PRT), up 4% to $12.5 billion, with growth in all segments except MetLife Holdings.•Net investment income up 16% to $6.1 billion.•Variable investment income was $483 million, primarily reflecting higher private equity returns.•Book value per share (BVPS) up 1% to $39.52. Adjusted BVPS increased 3% to $56.57.•Returned approximately $875 million to shareholders via share repurchases and common stock dividends.•Holding company cash and liquid assets totaled $4.9 billion at quarter end.•Delivered solid Group Benefits underwriting, including a 230-basis point sequential improvement in non-medical health loss ratio.•Secured $12 billion in PRT mandates in the fourth quarter to-date. •Grew Asia sales 34% on a constant currency basis, with Japan up 31%, reflecting new retirement-oriented products. Other Asia sales grew 39% on a constant currency basis.•Expanded MetLife Xcelerator in Latin America through a new partnership with Mercado Libre in Brazil and Mexico.
- adjusted earnings available to common shareholders, on a constant currency basis per diluted investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value About MetLife be included in results of discontinued operations under GAAP. •Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. (18)global political, legal, or operational risks; Net investment losses were $325 million, or $257 million after tax, reflecting normal trading common share; on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our (19)business competition; MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the activity and a stable credit environment. Net derivative losses amounted to $929 million, or
- Adjusted earnings were $88 million, up 26 percent on a reported basis, driven by volume •adjusted earnings available to common shareholders, excluding total notable items per diluted Other adjustments are made in calculating adjusted earnings: residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate estimates for future results. (20)technological changes; world’s leading financial services companies, providing insurance, annuities, employee benefits $734 million after tax, due to stronger equity markets, higher long-term interest rates, and common share; and cost) is presented net of related allowance for credit loss. growth and higher recurring interest margins.
- Net investment income and interest credited to policyholder account balances exclude certain remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement (21)catastrophes; and asset management to help individual and institutional customers build a more confident strengthening of the U.S. dollar. •adjusted earnings available to common shareholders, excluding total notable items, on a constant •Excluding notable items, adjusted earnings were $89 million, up 19 percent on a reported amounts related to contractholder-directed equity securities ("Unit-linked contract income" and gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of Statistical sales information (22)climate changes or responses to it; future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds currency basis per diluted common share. Forward-Looking Statements basis and up 17 percent on a constant currency basis, primarily due to strong volume Net income decreased 36 percent to $818 million. Higher net derivative losses and net "Unit-linked contract costs"). certain ceded reinsurance-related embedded derivatives and total notable items, all net of income (23)deficiencies in our closed block; leading positions in the United States, Asia, Latin America, Europe and the Middle East. For •Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year This news release may contain or incorporate by reference information that includes or is based upon •Adjusted earnings were $543 million, up 77 percent on a reported basis and up 78 percent growth. Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to tax. (24)goodwill or other asset impairment, or deferred income tax asset allowance; investment losses were the primary drivers, partially offset by market risk benefit
- Other expenses exclude (i) implementation of new insurance regulatory requirements and other premiums and fees from recurring premium policy sales of all products. forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. more information, visit www.metlife.com. Business Discussions on a constant currency basis, reflecting the impact of the annual actuarial assumption
- Adjusted PFOs were $727 million, up 11 percent on a reported basis and up 9 percent on a evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, (25)impairment of VOBA, value of distribution agreements acquired or value of customer relationships remeasurement gains and higher adjusted earnings. On a per-share basis, net income costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions •Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s Forward-looking statements give expectations or forecasts of future events and do not relate strictly to review. adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related •RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the acquired; constant currency basis, reflecting strong growth across the region. Conference Call decreased 33 percent to $1.22. for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. historical or current facts. They use words and terms such as “anticipate,” "are confident," “assume,” GROUP BENEFITS
- Excluding notable items, adjusted earnings were $473 million, up 36 percent on a measures based on adjusted earnings are also the measures by which senior management’s and many contract value for new UK longevity reinsurance contracts, and 100% of annualized full-year (26)product guarantee volatility, costs, and counterparty risks; •Sales were $301 million, up 24 percent on a constant currency basis, reflecting strong guaranteed interest contracts ("GICs") accounted for as freestanding derivatives. “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” MetLife will hold its third quarter 2025 earnings conference call and audio webcast on Thursday, Adjusted earnings were $1.6 billion, up 15 percent on both a reported basis and a constant other employees’ performance is evaluated for the purposes of determining their compensation under •Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to premiums and fees only from recurring premium policy sales of specialized benefit resources and (27)risk management failures; reported basis and up 37 percent on a constant currency basis, mainly driven by higher ($ in millions)Three Months EndedSeptember 30, 2025Three Months EndedSeptember 30, 2024ChangeAdjusted earnings$455$37322%Notable item(s)$(2)$(58)Adjusted earnings ex. notables$457$4316%Adjusted PFOs$6,306$6,1463% growth across most markets. “should,” "target," “will,” “would,” and other words and terms of similar meaning or that are otherwise tied November 6, 2025, from 9-10 a.m. (ET). The conference call will be available live via the currency basis. On a per-share basis, adjusted earnings were $2.37, up 22 percent. applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings •Net investment income and other expenses also exclude Reinsurance adjustments (as defined common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. corporate-owned life insurance. (28)insufficient protection from operational risks; variable investment income and volume growth. Comment from Michel Khalaf, President and Chief Executive Officer:MetLife delivered an excellent third quarter that reinforces the strength of our diversified business model and disciplined execution of our New Frontier strategy. Adjusted earnings per share, excluding total notable items, grew 21% year-over-year, driven by strong variable investment income, broad-based volume growth, and diligent expense management. Momentum continues to build as we head into year-end. We've secured $12 billion in PRT mandates in the fourth quarter to-date and launched strategic partnerships that will expand our reach and enhance access to our insurance and retirement solutions. These results demonstrate MetLife's earnings power and our ability to deliver all-weather performance - driving responsible growth and high returns for shareholders today and in the future. to future periods or future performance, in each case in all derivative forms. They include statements internet. To listen to the conference call, click the following link to register (https:// allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry below). (29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or
- Adjusted PFOs were $1.7 billion, flat on a reported basis, and up 1 percent on a constant METLIFE HOLDINGS •Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: •Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from relating to strategy, goals and expectations concerning our market position, future operations, margins, events.q4inc.com/attendee/817838289). results. disaster recovery failures; THIRD QUARTER 2025 NOTABLE ITEMS currency basis. •Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives. adjusted earnings available to common shareholders, excluding total notable items, divided by retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium profitability, capital expenditures, liquidity and capital resources and other financial and operating ($ in millions)Three Months EndedSeptember 30, 2025Three Months EndedSeptember 30, 2024ChangeAdjusted earnings$203$18212%Notable item(s)$13$12Adjusted earnings ex. notables$190$17012%Adjusted PFOs$729$793(8)% (30)accounting standards changes;
- Asia general account assets under management (at amortized cost) were Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items. deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring- information. By their nature, forward-looking statements: speak only as of the date they are made; are not In this news release, MetLife presents certain measures of its performance on a consolidated and The conference call will be available for replay via telephone and the internet beginning at 11:00 •Other revenues exclude and other expenses include fees received in connection with services (31)excessive risk-taking; ($ in millions)Adjusted EarningsThree Months Ended September 30, 2025Notable ItemsGroup BenefitsRISAsiaLatinAmericaEMEAMetLifeHoldingsCorporate&OtherTotalActuarial assumption review and other insurance adjustments$(2)$13$70$(4)$(1)$13$0$89Tax adjustments - - - (71) - - - (71)Total notable items$(2)$13$70$(75)$(1)$13$0$18 earnings available to common shareholders is defined as adjusted earnings less preferred stock premium policy sales of all products (mainly from risk and protection products such as individual life, statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, $140.9 billion, up 6 percent on a constant currency basis. segment basis that are not calculated in accordance with accounting principles generally accepted in the a.m. (ET) on Thursday, November 6, 2025, until Thursday, November 13, 2025, at 11:59 p.m. provided under transition service agreements. The above measures represent a level of equity that excludes most components of AOCI, such as (32)marketing and distribution difficulties; dividends. accident & health and group). assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs •Sales were $786 million, up 34 percent on a constant currency basis, driven by a 31 percent United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate (33)pension and other postretirement benefit assumption changes; (ET). To listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or
- "Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third and projections are expressed in good faith and we believe there is a reasonable basis for them. increase in Japan and a 39 percent increase in Other Asia markets. investors’ understanding of MetLife’s performance by highlighting the results of operations and the Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of (34)inability to protect our intellectual property or avoid infringement claims; 647-362-9199 (outside the U.S.). The Conference ID for the replay is 17886 followed by the # For the Three Months EndedSeptember 30, (4)Return on Equity20252024Return on MetLife, Inc.'s:Common stockholders' equity13.1%20.2%Adjusted return on MetLife, Inc.'s:Adjusted common stockholders' equity16.9%14.6%Adjusted common stockholders' equity, excluding total notable items16.7%14.4%For the Three Months EndedSeptember 30,Average Common Stockholders' Equity20252024Average common stockholders' equity$24,991$25,251Average adjusted common stockholders' equity$37,434$37,673Average adjusted common stockholders' equity, excluding total notable items$37,425$37,665See footnotes on last page. •Adjusted earnings were $455 million, up 22 percent, primarily due to the impact of the parties and joint ventures, including (i) the related investment returns and expenses which are However, there can be no assurance that management’s expectations, beliefs and projections will result underlying profitability drivers of the business. Segment-specific financial measures are calculated using fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market derivatives, as these amounts are primarily driven by market volatility. business activity. (35)acquisition, integration, growth, disposition, or reorganization difficulties; key. To access the replay of the conference call via the internet, visit the MetLife Investor actuarial assumption review and other insurance adjustments in the prior-year period. passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash or be achieved and actual results may vary materially from what is expressed in or indicated by the only the portion of consolidated results attributable to that specific segment. LATIN AMERICA volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and (36)Brighthouse Financial, Inc. separation risks; Relations webpage (https://investor.metlife.com). equivalents. Expense ratio, direct expense ratio, adjusted expense ratio and related measures The following additional information is relevant to an understanding of MetLife’s performance: forward-looking statements. •Excluding notable items, adjusted earnings were $457 million, up 6 percent, reflecting costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related (37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the The following non-GAAP financial measures should not be viewed as substitutes for the most directly ($ in millions)Three Months EndedSeptember 30, 2025Three Months EndedSeptember 30, 2024ChangeConstantcurrencychangeAdjusted earnings$147$221(33)%(34)%Notable item(s)$(75)$4Adjusted earnings ex. notables$222$2172%2%Adjusted PFOs$1,663$1,49611%11% favorable expense margins and volume growth, partially offset by less favorable life ###
- Adjusted earnings were $203 million, up 12 percent. measures exclude results of discontinued operations under GAAP. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not •Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other •Volume growth, where cited, represents the change in certain measures of our segment results, Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve voting provisions of the MetLife Policyholder Trust; and comparable financial measures calculated in accordance with GAAP: underwriting. be recognized at acquisition or adjusted for during the measurement period under GAAP business revenues. including adjusted earnings, attributable to business growth, applying a model in which certain unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our (38)legal- and corporate governance-related effects on business combinations. •Excluding notable items, adjusted earnings were $190 million, up 12 percent, primarily Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes •Adjusted PFOs were $6.3 billion, up 3 percent, driven by core and voluntary products, 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; combination accounting guidance. margins and factors are held constant, the most significant of which are underwriting margins, expectations, and our understanding of the economic environment, but they may be inaccurate and may reflecting higher variable investment income. net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains •Direct expense ratio: direct expenses, divided by adjusted premiums, fees and other revenues. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking partially offset by the impact of favorable mortality on participating life contracts. PFOs from investment margins, changes in equity market performance, expense margins and the impact of change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from •Adjusted PFOs were $729 million, down 8 percent, largely due to continued run-off of the (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please participating life contracts can fluctuate with claims experience. changes in foreign currency exchange rates. those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other business. relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax administrative expenses. consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax •PRT includes U.K. funded reinsurance. Securities and Exchange Commission. RIS
- Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct may cause such differences. These factors include: CORPORATE & OTHER Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not guarantees accounted for as additional liabilities and (ii) market value adjustments. reforms. expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, •Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife Annual Actuarial Assumption Review and Other Insurance Adjustments ($ in millions)Three Months EndedSeptember 30, 2025Three Months EndedSeptember 30, 2024ChangeAdjusted earnings$436$472(8)%Notable item(s)$13$104 Adjusted earnings ex. notables$423$36815%Adjusted PFOs$1,186$1,579(25)%Adjusted PFOs, excluding PRT$1,196$1,05014% accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to (1)economic condition difficulties, including risks relating to interest rates, the effects of announced or ($ in millions)Three Months EndedSeptember 30, 2025Three Months EndedSeptember 30, 2024ChangeAdjusted earnings$(288)$(249) Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock fees and other revenues, excluding PRT. holding companies and include cash and cash equivalents, short-term investments and publicly
- Adjusted earnings were $147 million, down 33 percent on a reported basis and down 34 provide other than a range of net investment gains and losses and net derivative gains and losses, which future tariff increases on the global economy, credit spreads, declining equity or debt markets, real In the third quarter of 2025, MetLife performed its annual global actuarial assumption review. redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s traded securities excluding assets that are pledged or otherwise committed. Assets pledged or can fluctuate significantly within or outside the range and from period to period and may have a material Information regarding the non-GAAP and other financial measures included in this news release percent on a constant currency basis, due to a value-added tax charge in Mexico. •Net investment income includes earned income on derivatives and amortization of premium on •Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by estate, obligors and counterparties, government default or shutdown, currency exchange rates, Page 17 of 24 The actuarial assumption review and other insurance adjustments during the quarter positively common shareholders. otherwise committed include amounts received in connection with securities lending, repurchase impact on net income. and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP •Excluding notable items, adjusted earnings were $222 million, up 2 percent on both a derivatives that are hedges of investments or that are used to replicate certain investments, but do adjusted premiums, fees and other revenues. derivatives, climate change, public health, terrorism and security; impacted net income by $102 million and adjusted earnings by $89 million. agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding and Other Financial Disclosures” below and in the tables that accompany this news release. not qualify for hedge accounting treatment ("Investment hedge adjustments"). Investment portfolio gains (losses) and derivative gains (losses) (2)global capital and credit market adversity; reported and constant currency basis, primarily driven by volume growth across the region.
- Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: agreements and secured borrowings, as well as amounts held in the closed block. Any of these financial measures shown on a constant currency basis reflect the impact of changes in •Adjusted loss of $288 million, compared to an adjusted loss of $249 million, primarily due Tax Adjustments (3)credit facility inaccessibility; •Adjusted PFOs were $1.7 billion, up 11 percent on both a reported and a constant currency In this news release, all comparisons of results for the third quarter of 2025 are with the third foreign currency exchange rates and are calculated using the average foreign currency exchange rates •Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical These are measures of investment and hedging activity. Investment portfolio gains (losses) principally adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to elevated expenses, driven by market-related employee costs and higher interest •MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash (4)financial strength or credit ratings downgrades; quarter of 2024, unless otherwise noted. basis, due to strong growth across the region. for the current period and applied to the comparable prior period (“constant currency basis”). accounting associated with in-force reinsurance. excludes amounts that are reported within net investment gains (losses) but do not relate to the to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. The company recorded a $71 million after-tax charge in the third quarter related to the resolution payments on outstanding debt. for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free (5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from
- Sales were $441 million, up 15 percent on a constant currency basis, driven by growth performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, of an industry-wide tax matter in Mexico regarding the Value-Added Tax deduction of certain Supplemental slides for the third quarter of 2025, titled “3Q25 Supplemental Slides” are Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial •Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de- Asia general account (GA) assets under management (GA AUM) and related measures cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating reinsurers' credit risk, and the potential shortfall or failure of risk mitigants to protect against such across the region. as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally health insurance claims expenses. available on the MetLife Investor Relations website at https://investor.metlife.com and in the measures are included in this earnings news release and in this period’s quarterly financial supplement, designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments subsidiaries, expenses and other net flows of the holding companies (including capital contributions risks; INVESTMENTS •Adjusted earnings were $436 million, down 8 percent, reflecting the impact of the priorexcludes earned income on derivatives and amortization of premium on derivatives, where such Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is which is available at MetLife’s Investor Relations webpage (https://investor.metlife.com). Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This (6)statutory life insurance reserve financing costs or limited market capacity; year actuarial assumption review. derivatives are either hedges of investments or are used to replicate certain investments, and where such stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA ($ in millions)Three Months EndedSeptember 30, 2025Three Months EndedSeptember 30, 2024ChangeAdjusted net investment income$5,440$5,1436% with this earnings release. Supplemental information about MetLife's diversified global associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for measure of free cash flow is prior to capital actions, such as common stock dividends and (7)legal, regulatory, and supervisory and enforcement policy changes;
- Excluding notable items, adjusted earnings were $423 million, up 15 percent, largely due MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ derivatives do not qualify for hedge accounting. This earned income and amortization of premium is investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment portfolio is contained in the "3Q25 - General Account Assets Under Management certain single premium annuity business. These losses are amortized into adjusted earnings within repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as (8)changes in tax rates, tax laws or interpretations; from those used by other companies: to higher variable investment income. reported within adjusted earnings and not within derivative gains (losses). investment income on such assets, and excludes policy loans, contractholder-directed equity securities, Fact Sheet," available on the above-mentioned website. policyholder benefits and claims over the estimated lives of the contracts. a substitute for net cash provided by (used in) operating activities calculated in accordance with (9)litigation and regulatory investigations;
- Adjusted PFOs, excluding PRT, were $1.2 billion, up 14 percent, mainly driven by higher fair value option securities, mortgage loans originated for third parties, assets subject to ceded In this news release, all comparisons of results for the third quarter of 2025 are with the third quarter of 2024, unless otherwise noted. GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings
- Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated reinsurance arrangements with third parties and joint ventures, and certain other invested assets. structured settlement and UK longevity reinsurance sales. Page 1 of 24 Page 2 of 24 Page 3 of 24 Page 4 of 24 Page 5 of 24 Page 6 of 24 Page 7 of 24 Page 8 of 24 Page 9 of 24 Page 10 of 24 Page 11 of 24 Page 12 of 24 Page 13 of 24 Page 14 of 24 Page 15 of 24 Page 16 of 24 Page 18 of 24 Page 19 of 24 Page 20 of 24 Page 21 of 24 Page 22 of 24 Page 23 of 24 Page 24 of 24