Open the filing on EDGARMetLife, Inc.Adjusted Earnings Available to Common Shareholders(In millions)For the Three Months EndedFor the Year EndedDecember 31,December 31,2025202420252024Group Benefits (5):Adjusted earnings available to common shareholders$465$416$1,692$1,606Less: Total notable items - - (2)(58)Adjusted earnings available to common shareholders, excluding total notable items$465$416$1,694$1,664Adjusted premiums, fees and other revenues$6,287$6,184$25,469$24,870RIS (5):Adjusted earnings available to common shareholders$454$386$1,671$1,667Less: Total notable items - - 13104Adjusted earnings available to common shareholders, excluding total notable items$454$386$1,658$1,563Adjusted premiums, fees and other revenues$7,209$3,620$12,262$8,594Less: PRT5,7752,5937,5694,849Adjusted premiums, fees and other revenues, excluding PRT$1,434$1,027$4,693$3,745Asia:Adjusted earnings available to common shareholders$444$443$1,702$1,621Less: Total notable items - - 70(41)Adjusted earnings available to common shareholders, excluding total notable items$444$443$1,632$1,662Adjusted earnings available to common shareholders on a constant currency basis $444$440$1,702$1,605Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$444$440$1,632$1,646Adjusted premiums, fees and other revenues$1,671$1,635$6,768$6,757Adjusted premiums, fees and other revenues, on a constant currency basis $1,671$1,615$6,768$6,723Latin America:Adjusted earnings available to common shareholders$198$201$798$881Less: Total notable items(29) - (104)4Adjusted earnings available to common shareholders, excluding total notable items$227$201$902$877Adjusted earnings available to common shareholders on a constant currency basis $198$218$798$846Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$227$218$902$842Adjusted premiums, fees and other revenues$1,796$1,438$6,606$5,936Adjusted premiums, fees and other revenues, on a constant currency basis $1,796$1,545$6,606$5,751See footnotes on last page. MetLife, Inc.Adjusted Earnings Available to Common Shareholders (Continued)(In millions)For the Three Months EndedFor the Year EndedDecember 31,December 31,2025202420252024EMEA:Adjusted earnings available to common shareholders$97$59$367$283Less: Total notable items - - (1)(5)Adjusted earnings available to common shareholders, excluding total notable items$97$59$368$288Adjusted earnings available to common shareholders on a constant currency basis$97$59$367$280Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$97$59$368$285Adjusted premiums, fees and other revenues$787$652$2,901$2,548Adjusted premiums, fees and other revenues, on a constant currency basis$787$673$2,901$2,566MIM (5):Adjusted earnings available to common shareholders$60$16$200$55Less: Total notable items - - - - Adjusted earnings available to common shareholders, excluding total notable items$60$16$200$55Corporate & Other (5):Adjusted earnings available to common shareholders$(70)$(62)$(487)$(317)Less: Total notable items(32)10(19)22Adjusted earnings available to common shareholders, excluding total notable items$(38)$(72)$(468)$(339)Adjusted premiums, fees and other revenues$625$727$2,470$2,956See footnotes on last page. MetLife, Inc.For the Three Months EndedFor the Year EndedMarch 31, 2025June 30, 2025September 30, 2025December 31, 2025December 31, 2025December 31, 2025Variable investment income(post-tax, in millions) (6)Assets ($ in billions)Group Benefits$3$3$5$13$24$0.2RIS99601461354405.5Asia94641391454428.4Latin America3726180.3EMEA - - - 11 - MIM - - - - - - Corporate & Other592090932624.5Total$258$154$382$393$1,187$18.9See footnotes on last page. MetLife, Inc.(In millions, except per share data)For the Three Months EndedFor the Year EndedDecember 31,December 31,2025202420252024Reconciliation to Adjusted Earnings Available to Common ShareholdersEarnings Per Weighted Average Common Share Diluted (1)Earnings Per Weighted Average Common Share Diluted (1)Earnings Per Weighted Average Common Share Diluted (1)Earnings Per Weighted Average Common Share Diluted (1)Net income (loss) available to MetLife, Inc.'s common shareholders$778$1.17$1,239$1.78$3,173$4.71$4,226$5.94Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:Less: Net investment gains (losses)(160)(0.24)(311)(0.45)(1,145)(1.70)(1,184)(1.67)Net derivative gains (losses)(646)(0.98)(903)(1.29)(1,939)(2.88)(1,623)(2.28)Market risk benefit remeasurement gains (losses)2670.407641.095080.751,1091.56Goodwill impairment - - - - - - - - Other adjustments to net income (loss)(514)(0.78)(118)(0.15)(789)(1.17)(541)(0.76)Provision for income tax (expense) benefit1900.293520.506310.946870.97Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests70.0140.01240.04180.03Preferred stock redemption premium - - - - 120.02 - - Adjusted earnings available to common shareholders1,6482.491,4592.095,9438.835,7968.15Less: Total notable items(61)(0.09)100.01(43)(0.06)260.04Adjusted earnings available to common shareholders, excluding total notable items$1,709$2.58$1,449$2.08$5,986$8.89$5,770$8.11Adjusted earnings available to common shareholders on a constant currency basis$1,648$2.49$1,473$2.11$5,943$8.83$5,742$8.07Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$1,709$2.58$1,463$2.10$5,986$8.89$5,716$8.04Weighted average common shares outstanding - diluted662.2697.9673.3711.1See footnotes on last page. Exhibit 99.1 MetLife, Inc.GAAP Consolidated Statements of Operations(In millions)For the Three Months EndedFor the Year EndedDecember 31,December 31,2025202420252024RevenuesPremiums$16,691$12,617$49,779$44,945Universal life and investment-type product policy fees1,2681,2175,0034,974Net investment income5,9245,40522,55921,273Other revenues7376412,8272,601Net investment gains (losses)(160)(311)(1,145)(1,184)Net derivative gains (losses)(646)(903)(1,939)(1,623)Total revenues23,81418,66677,08470,986ExpensesPolicyholder benefits and claims16,77612,57249,71844,728Policyholder liability remeasurement (gains) losses35(42)(150)(206)Market risk benefit remeasurement (gains) losses(267)(764)(508)(1,109)Interest credited to policyholder account balances2,3422,0128,9508,339Policyholder dividends129150553595Amortization of DAC, VOBA and negative VOBA5455172,1142,021Interest expense on debt2632591,0611,037Other expenses, net of capitalization of DAC2,8742,58110,6859,959Total expenses22,69717,28572,42365,364Income (loss) before provision for income tax1,1171,3814,6615,622Provision for income tax expense (benefit)3011061,2581,178Net income (loss)8161,2753,4034,444Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests742418Net income (loss) attributable to MetLife, Inc.8091,2713,3794,426Less: Preferred stock dividends3132194200 Preferred stock redemption premium - - 12 - Net income (loss) available to MetLife, Inc.'s common shareholders$778$1,239$3,173$4,226See footnotes on last page. MetLife, Inc.(In millions) For the Three Months EndedFor the Year EndedDecember 31,December 31,2025202420252024Premiums, Fees and Other RevenuesPremiums, fees and other revenues$18,696$14,475$57,609$52,520Less: Adjustments to premiums, fees and other revenues:Asymmetrical and non-economic accounting10034256158Other(17)(11)(63)(48)Divested businesses(1)15831Adjusted premiums, fees and other revenues$18,614$14,437$57,408$52,379Adjusted premiums, fees and other revenues, on a constant currency basis$18,614$14,545$57,408$52,178Less: PRT5,7752,5937,5694,849Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis$12,839$11,952$49,839$47,329Net Investment IncomeNet investment income$5,924$5,405$22,559$21,273Less: Adjustments to net investment income:Investment hedge adjustments(105)(127)(410)(604)Depreciation of wholly-owned real estate and real estate joint ventures(72)(72)Joint venture adjustments(64)16(98)82Unit-linked contract income3661831,2171,091Reinsurance activity2223148931Divested businesses - 111Adjusted net investment income$5,577$5,301$21,432$20,672Revenues and ExpensesTotal revenues$23,814$18,666$77,084$70,986Less: Adjustments to total revenues:Net investment gains (losses)(160)(311)(1,145)(1,184)Net derivative gains (losses)(646)(903)(1,939)(1,623)Investment hedge adjustments(105)(127)(410)(604)Depreciation of wholly-owned real estate and real estate joint ventures(72)(72)Asymmetrical and non-economic accounting, excluding Investment hedge adjustments10034256158Unit-linked contract costs3661831,2171,091Reinsurance activity2223148931Other(81)5(161)34Divested businesses(1)16932Total adjusted revenues$24,191$19,738$78,840$73,051Total expenses$22,697$17,285$72,423$65,364Less: Adjustments to total expenses:Market risk benefit remeasurement (gains) losses(267)(764)(508)(1,109)Goodwill impairment - - - - Asymmetrical and non-economic accounting45846646322Market volatility(76)(49)(209)(256)Unit-linked contract costs3661851,1961,081Reinsurance activity1663038830Other15255749Divested businesses14233957Total adjusted expenses$22,021$17,789$70,814$65,190See footnotes on last page. MetLife, Inc.(In millions, except per share and ratio data)For the Three Months EndedFor the Year EndedDecember 31,December 31,2025202420252024Expense Detail and Ratios Reconciliation of Capitalization of DAC to Adjusted Capitalization of DACCapitalization of DAC $(882)$(719)$(3,219)$(2,833)Less: Divested businesses - - - - Adjusted capitalization of DAC$(882)$(719)$(3,219)$(2,833)Reconciliation of Other Expenses to Adjusted Other ExpensesOther expenses $3,756$3,300$13,904$12,792Less: Reinsurance activity1663038830Less: Other adjustments, excluding reinsurance activity15255749Less: Divested businesses12133638Adjusted other expenses$3,563$3,232$13,423$12,675Other Detail and RatiosOther expenses, net of capitalization of DAC$2,874$2,581$10,685$9,959Premiums, fees and other revenues$18,696$14,475$57,609$52,520Expense ratio15.4%17.8%18.5%19.0%Direct expenses$1,528$1,396$5,875$5,611Less: Total notable items related to direct expenses40(152)40(152)Direct expenses, excluding total notable items related to direct expenses$1,488$1,548$5,835$5,763Adjusted other expenses$3,563$3,232$13,423$12,675Adjusted capitalization of DAC(882)(719)(3,219)(2,833)Adjusted other expenses, net of adjusted capitalization of DAC2,6812,51310,2049,842Less: Total notable items related to adjusted other expenses81(85)183(85)Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses$2,600$2,598$10,021$9,927Adjusted premiums, fees and other revenues$18,614$14,437$57,408$52,379Less: PRT5,7752,5937,5694,849Adjusted premiums, fees and other revenues, excluding PRT$12,839$11,844$49,839$47,530Direct expense ratio 8.2%9.7%10.2%10.7%Direct expense ratio, excluding total notable items related to direct expenses and PRT11.6%13.1%11.7%12.1%Adjusted expense ratio14.4%17.4%17.8%18.8%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT20.3%21.9%20.1%20.9%See footnotes on last page. MetLife, Inc.(In millions, except per share data)December 31,Equity Details20252024Total MetLife, Inc.'s stockholders' equity$28,398$27,445Less: Preferred stock2,8303,818MetLife, Inc.'s common stockholders' equity 25,56823,627Less: Unrealized investment gains (losses), net of related offsets and income tax(15,614)(19,402)Deferred gains (losses) on derivatives, net of income tax(1,588)370Future policy benefits discount rate remeasurement gain (losses), net of income tax6,8716,529Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(97)(71) Defined benefit plans adjustment, net of income tax(1,393)(1,442)Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (8)(129)Total MetLife, Inc.'s adjusted common stockholders' equity37,39737,772Less: Accumulated year-to-date total notable items, net of income tax(43)26Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items$37,440$37,746December 31,Book Value (2)20252024Book value per common share39.0234.28Less: Unrealized investment gains (losses), net of related offsets and income tax(23.83)(28.15)Deferred gains (losses) on derivatives, net of income tax(2.42)0.54Future policy benefits discount rate remeasurement gain (losses), net of income tax10.499.46Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.15)(0.10) Defined benefit plans adjustment, net of income tax(2.13)(2.09)Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax(0.01)(0.19)Adjusted book value per common share$57.07$54.81Common shares outstanding, end of period (3)655.3689.2 Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.to Free Cash Flow of All Holding Companies(In billions, except ratios)For the Year Ended December 31,20252024MetLife, Inc. (parent company only) net cash provided by operating activities$2.8$4.7Adjustments from net cash provided by operating activities to free cash flow:Add: Incremental debt to be at or below target leverage ratios0.4 - Add: Adjustments from net cash provided by operating activities to free cash flow (7)0.5(0.1)MetLife, Inc. (parent company only) free cash flow3.74.6Other MetLife, Inc. holding companies free cash flow (8)1.2 - Free cash flow of all holding companies$4.9$4.6Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:MetLife, Inc. (parent company only) net cash provided by operating activities$2.8$4.7Consolidated net income (loss) available to MetLife, Inc.'s common shareholders$3.2$4.2Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (9)90%112%Ratio of free cash flow to adjusted earnings available to common shareholders:Free cash flow of all holding companies (10)$4.9$4.6Consolidated adjusted earnings available to common shareholders (10)$5.9$5.8Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (10)82%79%See footnotes on last page. Fourth Quarter and Full Year 2025 Summary Supplemental slides for the fourth quarter of 2025, titled “4Q25 Earnings Call Presentation,” are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Adjusted Earnings by Segment Summary •Total liability exposure grew 14 percent, including 13 percent in general account liabilities. EMEA INVESTMENTS 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(xxvii)future policy benefits at balance sheet discount rate(xxviii)free cash flow of all holding companies(xxviii)MetLife, Inc. (parent company only) net cash provided by (used in) operating activities •adjusted earnings available to common shareholders; •Interest credited to policyholder account balances excludes amounts associated with periodic Return on equity and related measures •General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account •RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and Forward-Looking Statements (24)goodwill or other asset impairment, or deferred income tax asset allowance; ($ in millions, except per share data)Three Months Ended December 31,Year EndedDecember 31,20252024Change20252024ChangePremiums, fees and other revenues$18,696$14,47529%$57,609$52,52010%Net investment income5,9245,40510%22,55921,2736%Net investment gains (losses)(160)(311)(1,145)(1,184)Net derivative gains (losses)(646)(903)(1,939)(1,623)Total revenues$23,814$18,666$77,084$70,986Adjusted premiums, fees and other revenues$18,614$14,43729%$57,408$52,37910%Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)$12,839$11,8448%$49,839$47,5305%Market risk benefit remeasurement gains (losses)$267$764$508$1,109Net income (loss)$778$1,239(37)%$3,173$4,226(25)%Net income (loss) per share$1.17$1.78(34)%$4.71$5.94(21)%Adjusted earnings$1,648$1,45913%$5,943$5,7963%Adjusted earnings per share$2.49$2.0919%$8.83$8.158%Adjusted earnings, excluding total notable items$1,709$1,44918%$5,986$5,7704%Adjusted earnings, excluding total notable items per share $2.58$2.0824%$8.89$8.1110%Book value per share$39.02$34.2814%$39.02$34.2814%Adjusted book value per share$57.07$54.814%$57.07$54.814%Expense ratio15.4%17.8%18.5%19.0%Direct expense ratio, excluding total notable items related to direct expenses and PRT11.6%13.1%11.7%12.1%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT20.3%21.9%20.1%20.9%ROE12.0%19.6%12.9%16.9%Adjusted ROE17.6%15.4%15.9%15.2%Adjusted ROE, excluding total notable items18.3%15.3%16.0%15.2% Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection
- adjusted earnings available to common shareholders, on a constant currency basis; crediting rate adjustments based on the total return of a contractually referenced pool of assets and (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total the contract value for new U.K. longevity reinsurance contracts, and 100% of annualized full-year This news release may contain or incorporate by reference information that includes or is based upon (25)impairment of VOBA, value of distribution agreements acquired or value of customer relationships MetLife, Inc.December 31, 2025Cash & Capital (11), (12), (13) (in billions)Holding Companies Cash & Liquid Assets$3.6Footnotes(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 December 31, 2025 and December 31, 2024, respectively.(3)There were share repurchases of approximately $0.4 billion and $2.9 billion for the three months and year ended December 31, 2025, respectively. There were share repurchases of approximately $200 million in January 2026. (4)Annualized using quarter-to-date results.(5)Results on a constant currency basis are not included as constant currency impact is not significant.(6)Assumes a 21% tax rate.(7)Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments (issuances) of loans to subsidiaries, net; and (iv) investment portfolio and derivative changes and other, net.(8)Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments (issuances) of loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net.(9)Including the free cash flow of other MetLife, Inc. holding companies of $1.2 billion and $0 for the years ended December 31, 2025 and 2024, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 126% and 112%, respectively.(10)i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2025, was negatively impacted by notable items, primarily related to tax adjustments of ($0.1) billion, net of income tax, and litigation reserves and settlement costs of ($0.03) billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.09 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2025, would be 82%.ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2024, was positively impacted by notable items, primarily related to tax adjustments of $0.1 billion, net of income tax, and actuarial assumption review and other insurance adjustments of $0.02 billion, net of income tax, offset by litigation reserves and settlement costs of ($0.05) billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2024, would be 79%.(11)The 2025 combined U.S. risk based capital (RBC) ratio is estimated to be above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end.(12)The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.2 billion at December 31, 2025, up 1% from $17.1 billion at September 30, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.(13)The expected Japan solvency margin ratio at December 31, 2025 is approximately 770%. Any references in this news release (except in this section and the tables that accompany this release) to:Should be read as, respectively:(i)net income (loss)(i) net income (loss) available to MetLife, Inc.’s common shareholders(ii)net income (loss) per share(ii)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share(iii)adjusted earnings(iii)adjusted earnings available to common shareholders(iv)adjusted earnings per share(iv)adjusted earnings available to common shareholders per diluted common share(v)book value per share(v)book value per common share(vi)adjusted book value per share(vi)adjusted book value per common share(vii)return on equity(vii)return on MetLife, Inc.’s common stockholders’ equity(viii)adjusted return on equity(viii)adjusted return on MetLife, Inc.’s common stockholders’ equity •Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common Three Months EndedDecember 31, 2025Year EndedDecember 31, 2025SegmentChange fromprior-year period (on a reported basis)Change fromprior-year period (on a constantcurrency basis)Change fromprior year (on a reported basis)Change fromprior year (on a constantcurrency basis)Group Benefits12%5%Retirement and Income Solutions (RIS)18% - %Asia - %1%5%6%Latin America (1)%(9)%(9)%(6)%Europe, the Middle East and Africa (EMEA)64%64%30%31%MetLife Investment Management (MIM)275%264% ($ in millions)Three Months EndedDecember 31, 2025Three Months EndedDecember 31, 2024ChangeConstantcurrencychangeAdjusted earnings$97$5964%64%Notable item(s)$0$0Adjusted earnings ex. notables$97$5964%64%Adjusted PFOs$787$65221%17% ($ in millions)Three Months EndedDecember 31, 2025Three Months EndedDecember 31, 2024ChangeAdjusted net investment income$5,577$5,3015% with this earnings release. Supplemental information about MetLife's diversified global For Immediate Release | Global Communications | MetLife, Inc. •adjusted earnings available to common shareholders, excluding total notable items; other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash premiums and fees only from recurring premium policy sales of specialized benefit resources and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. acquired; ASIA stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred investment portfolio is contained in the "4Q25 - General Account Assets Under Management
- adjusted earnings available to common shareholders, excluding total notable items, on a constant and cash equivalents, and accrued investment income on such assets, and excludes policy loans, corporate-owned life insurance. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to (26)product guarantee volatility, costs, and counterparty risks; “Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), ($ in millions)Three Months EndedDecember 31, 2025Three Months EndedDecember 31, 2024ChangeConstantcurrencychangeAdjusted earnings$444$443 - %1%Notable item(s)$0$0Adjusted earnings ex. notables$444$443 - %1%Adjusted PFOs$1,671$1,6352%3%Asia general account assets under management (at amortized cost)$140,168$129,9598%7% Fact Sheet," available on the above-mentioned website. Additionally, further information is currency basis; certain contractholder-directed equity securities, fair value option securities, mortgage loans historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” (27)risk management failures; MetLife Announces Full Year and 4Q 2025 Results discontinued operations criteria under GAAP. Divested businesses also include the net impact of market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit •Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from available under the heading "Consolidated Company Outlook" in Item 8.01 of the Form 8-K.
- adjusted earnings available to common shareholders per diluted common share; originated for third parties, assets subject to ceded reinsurance arrangements with third parties and “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” (28)insufficient protection from operational risks; transactions with exited businesses that have been eliminated in consolidation under GAAP and costs plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium
- Adjusted net investment income was $5.6 billion, up 5 percent. Variable investment •adjusted earnings available to common shareholders, on a constant currency basis per diluted joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint “should,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied (29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or
Total Company Discussion
relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income deposits from credit insurance and 100% of annualized full-year premiums and fees from common share; ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been to future periods or future performance, in each case in all derivative forms. They include statements disaster recovery failures; income increased 70 percent to $497 million, primarily driven by higher returns on private Full Year Results•Net income was $3.2 billion, or $4.71 per share.•Adjusted earnings per share, excluding total notable items, up 10% to $8.89.•Premiums, fees and other revenues (PFOs) increased 10% to $57.6 billion. •Adjusted PFOs, excluding pension risk transfers (PRT), were up 5% to $49.8 billion.•RIS record sales, including transactions of $14.2 billion in PRT and $11.1 billion of U.K. longevity reinsurance.•Beat free cash flow ratio and direct expense ratio targets. •ROE was 12.9%. Adjusted ROE, excluding total notable items, was 16%, at midpoint of target range.•Book value per share (BVPS) up 14% to $39.02. Adjusted BVPS increased 4% to $57.07.•Returned nearly $4.4 billion to shareholders.•Holding company cash and liquid assets totaled $3.6 billion at year end, within target range.Fourth Quarter Results•Net income was $778 million, or $1.17 per share.•Adjusted earnings increased 13% to $1.6 billion, driven by variable investment income, strong volume growth and improved expense margins. •Adjusted earnings per share, excluding total notable items, increased 24% to $2.58.•PFOs increased 29% to $18.7 billion. Adjusted PFOs, excluding PRT, up 8% to $12.8 billion.•Net investment income up 10% to $5.9 billion.•Variable investment income was $497 million, primarily reflecting higher private equity returns. be included in results of discontinued operations under GAAP. tax. recurring-premium policy sales of all products (mainly from risk and protection products such as EarningsPer Share4Q 2025NetIncome $1.17AdjustedEarnings $2.49 Returnon Equity (ROE)4Q 2025ROE 12.0%AdjustedROE 17.6%
- adjusted earnings available to common shareholders, excluding total notable items per diluted adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on relating to strategy, goals and expectations concerning our market position, future operations, margins, (30)accounting standards changes; MetLife reported fourth quarter 2025 premiums, fees and other revenues of $18.7 billion, up 29 equity assets. individual life, accident & health and group). common share; and Other adjustments are made in calculating adjusted earnings: •Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total the nature and characteristics of the underlying investments which can vary from how they are profitability, capital expenditures, liquidity and capital resources and other financial and operating (31)excessive risk-taking; percent compared with the prior-year quarter. Adjusted premiums, fees and other revenues,
- adjusted earnings available to common shareholders, excluding total notable items, on a constant MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of classified under GAAP. Accordingly, the underlying investments within certain real estate and real Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of information. By their nature, forward-looking statements: speak only as of the date they are made; are not (32)marketing and distribution difficulties; excluding pension risk transfers, were $12.8 billion, up 8 percent.
- Adjusted earnings were $97 million, up 64 percent on a reported and constant currency FOURTH QUARTER 2025 NOTABLE ITEMS •Beginning in the fourth quarter of 2025, net investment income excludes depreciation of whollycurrency basis per diluted common share. related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of business activity. statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, (33)pension and other postretirement benefit assumption changes; owned real estate and real estate joint ventures. basis, primarily driven by strong volume growth across the region and favorable Net investment income was $5.9 billion, up 10 percent, primarily due to higher variable remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement deduction for encumbering debt) have been reclassified to exclude them from real estate and real assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs (34)inability to protect our intellectual property or avoid infringement claims; ($ in millions)Adjusted EarningsThree Months Ended December 31, 2025Notable ItemsGroup BenefitsRISAsiaLatinAmericaEMEAMIMCorporate&OtherTotalLitigation reserves and settlement costs$0$0$0$0$0$0$(32)$(32)Tax adjustments$0$0$0$(29)$0$0$0$(29)Total notable items$0$0$0$(29)$0$0$(32)$(61) Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to •Volume growth, where cited, represents the change in certain measures of our segment results, underwriting. investment income and increases in the estimated fair value of certain securities that do not •Net investment income and interest credited to policyholder account balances exclude certain gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of estate joint ventures and include them as commercial mortgage loans. and projections are expressed in good faith and we believe there is a reasonable basis for them. (35)acquisition, integration, growth, disposition, or reorganization difficulties; evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, including adjusted earnings, attributable to business growth, applying a model in which certain •Adjusted PFOs were $787 million, up 21 percent on a reported basis and up 17 percent on qualify as separate accounts under GAAP. Adjusted net investment income was $5.6 billion, up amounts related to contractholder-directed equity securities (“Unit-linked contract income” and certain ceded reinsurance-related embedded derivatives and total notable items, all net of income However, there can be no assurance that management’s expectations, beliefs and projections will result (36)Brighthouse Financial, Inc. separation risks; adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related •Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as margins and factors are held constant, the most significant of which are underwriting margins, •Adjusted earnings were $444 million, essentially flat on a reported basis and up 1 percent a constant currency basis, reflecting strong sales across the region. “Unit-linked contract costs”). tax. or be achieved and actual results may vary materially from what is expressed in or indicated by the (37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the 5 percent, mainly driven by higher variable investment income. measures based on adjusted earnings are also the measures by which senior management’s and many defined below). MIM manages or advises Institutional Client AUM in accordance with client investment margins, changes in equity market performance, expense margins and the impact of on a constant currency basis. Volume growth and favorable expenses were offset by less •Sales were $310 million, up 24 percent on a constant currency basis, reflecting strong forward-looking statements. voting provisions of the MetLife Policyholder Trust; and other employees’ performance is evaluated for the purposes of determining their compensation under •Net investment income and other expenses exclude Reinsurance activity (as defined below). •Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s guidelines contained in each investment advisory agreement. changes in foreign currency exchange rates. Net investment losses were $160 million, or $126 million after tax, reflecting normal trading favorable underwriting. (38)legal- and corporate governance-related effects on business combinations. growth across most markets. applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve activity and a stable credit environment. Net derivative losses amounted to $646 million, or
- Net investment income and interest expense on debt exclude amounts related to collateralized ◦Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which •PRT includes U.K. funded reinsurance. •Adjusted PFOs were $1.7 billion, up 2 percent on a reported basis, and up 3 percent on a Business Discussions allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking $510 million after tax, due to higher long-term interest rates, stronger equity markets and financing entities that are consolidated variable interest entities. •Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements constant currency basis, reflecting strong growth across the region. METLIFE INVESTMENT MANAGEMENT results. •Institutional net flows reflect Institutional Client AUM total fund additions less withdrawals. expectations, and our understanding of the economic environment, but they may be inaccurate and may statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please strengthening of the U.S. dollar. common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. at estimated fair value, as well as accrued investment income on such assets. Comment from Michel Khalaf, President and Chief Executive Officer:MetLife delivered record fourth quarter results, underscoring the strength of our diversified businesses and the disciplined execution of our all-weather New Frontier strategy.For the full year, we achieved 10% adjusted earnings per share growth, 16% adjusted return on equity, and beat our direct expense and free cash flow ratio targets, while returning nearly $4.4 billion to shareholders. We made significant progress in advancing our New Frontier priorities, completing key strategic transactions and entering new partnerships to extend our market leadership, expand our global reach, and enhance capital flexibility.We are confident that the foundation built in 2025 positions MetLife to accelerate growth responsibly and deploy capital prudently to deliver on our New Frontier commitments.
- Asia general account assets under management (at amortized cost) were GROUP BENEFITS •Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. ($ in millions)Three Months EndedDecember 31, 2025Three Months EndedDecember 31, 2024ChangeAdjusted earnings$60$16275%Notable item(s)$0$0Adjusted earnings ex. notables$60$16275%Other revenues$239$18132%Total assets under management$741,674$585,72927%Institutional net flows$5,612$5,11810% Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted •“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated $140.2 billion, up 7 percent on a constant currency basis. for as freestanding derivatives. •Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: ◦Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other Securities and Exchange Commission. Net income decreased 37 percent to $778 million. Net derivative losses and net investment ($ in millions)Three Months EndedDecember 31, 2025Three Months EndedDecember 31, 2024ChangeAdjusted earnings$465$41612%Notable item(s)$0$0Adjusted earnings ex. notables$465$41612%Adjusted PFOs$6,287$6,1842% earnings available to common shareholders is defined as adjusted earnings less preferred stock and acquired for third parties, including (i) the related investment returns and expenses which are
- Sales were $598 million, up 18 percent on a constant currency basis, primarily driven by adjusted earnings available to common shareholders, excluding total notable items, divided by third parties and joint ventures, which are managed or advised by MIM and are generally included factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, losses were the primary drivers, partially offset by market risk benefit remeasurement gains and In this news release, MetLife presents certain measures of its performance on a consolidated and dividends. •Other expenses exclude (i) amortization and impairment of asset management intangible assets, passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items. in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued may cause such differences. These factors include: Japan and Korea. higher adjusted earnings. On a per-share basis, net income decreased 34 percent to $1.17. segment basis that are not calculated in accordance with accounting principles generally accepted in the (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, investment income on such assets. •We refer to observable forward yield curves as of a particular date in connection with making our United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our integration and other related costs. Other expenses include (i) deductions for net income The above measures represent a level of equity that excludes most components of AOCI, such as (1)economic condition difficulties, including risks relating to interest rates, the effects of announced or Contacts: For Media: Jane Slusark (347) 989-5477, Jane.Slusark@metlife.com Adjusted earnings were $1.6 billion, up 13 percent on a reported basis and 12 percent on a fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market estimates for future results. The observable forward yield curves at a given time are based on LATIN AMERICA investors’ understanding of MetLife’s performance by highlighting the results of operations and the attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate ◦Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM future tariff increases on the global economy, credit spreads, declining equity or debt markets, For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com constant currency basis. On a per-share basis, adjusted earnings were $2.49, up 19 percent. volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. underlying profitability drivers of the business. Segment-specific financial measures are calculated using accrued on synthetic GICs accounted for as freestanding derivatives. remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as changes in the value of assets under management, real estate, obligors and counterparties, ($ in millions)Three Months EndedDecember 31, 2025Three Months EndedDecember 31, 2024ChangeConstantcurrencychangeAdjusted earnings$198$201(1)%(9)%Notable item(s)$(29)$0Adjusted earnings ex. notables$227$20113%4%Adjusted PFOs$1,796$1,43825%16% For the Three Months EndedFor the Year EndedDecember 31, (4)December 31, Return on Equity2025202420252024Return on MetLife, Inc.'s:Common stockholders' equity12.0%19.6%12.9%16.9%Adjusted return on MetLife, Inc.'s:Adjusted common stockholders' equity17.6%15.4%15.9%15.2%Adjusted common stockholders' equity, excluding total notable items18.3%15.3%16.0%15.2%For the Three Months EndedFor the Year EndedDecember 31,December 31,Average Common Stockholders' Equity2025202420252024Average common stockholders' equity$25,841$25,347$24,570$25,008Average adjusted common stockholders' equity$37,385$37,867$37,415$38,084Average adjusted common stockholders' equity, excluding total notable items$37,398$37,846$37,420$38,076See footnotes on last page. costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our only the portion of consolidated results attributable to that specific segment. derivatives, as these amounts are primarily driven by market volatility. accrued investment income on such assets. Such non-proprietary assets are owned by government default or shutdown, currency exchange rates, derivatives, climate change, public MetLife's direct expense ratio, excluding total notable items related to direct expenses and PRT, measures exclude results of discontinued operations under GAAP. •“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third estimates for future results. unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s health, terrorism and security; was 11.6 percent in the fourth quarter and 11.7 percent for the full year, compared to 13.1 The following non-GAAP financial measures should not be viewed as substitutes for the most directly About MetLife parties and joint ventures, including (i) the related investment returns and expenses which are Expense ratio, direct expense ratio, adjusted expense ratio and related measures Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes consolidated financial statements. •Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were (2)global capital and credit market adversity; •Adjusted earnings were $465 million, up 12 percent, largely reflecting favorable life percent in the prior-year quarter and 12.1 percent for the full year 2024. comparable financial measures calculated in accordance with GAAP: MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains •Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other unknown and that MetLife could not anticipate when it devised its business plan. Notable items also (3)credit facility inaccessibility; •Adjusted earnings were $60 million compared with $16 million. underwriting. equivalents. •Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA world’s leading financial services companies, providing insurance, annuities, employee benefits 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 (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items revenues. include certain items regardless of the extent anticipated in the business plan, to help investors have (4)financial strength or credit ratings downgrades;
- Other revenues were $239 million, up 32 percent. •Adjusted PFOs were $6.3 billion, up 2 percent. Overall growth was partially offset by the investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total and asset management to help individual and institutional customers build a more confident relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items (5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from •Total assets under management were $741.7 billion, up 27 percent, primarily reflecting the impact of favorable mortality on participating life contracts. PFOs from participating life •Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization be recognized at acquisition or adjusted for during the measurement period under GAAP business represent a positive (negative) impact to adjusted earnings available to common shareholders. reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such acquisition of PineBridge Investments, which closed on December 30, 2025. contracts can fluctuate with claims experience. expenses are comprised of employee-related costs, third-party staffing costs, and general and cash and cash equivalents, and accrued investment income on such assets, and excludes policy leading positions in the United States, Asia, Latin America, Europe and the Middle East. For guarantees accounted for as additional liabilities and (ii) market value adjustments. combination accounting guidance. risks;
- Sales were up 4 percent for the full year, primarily driven by regional business growth. administrative expenses. loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans •Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife more information, visit www.metlife.com. (6)statutory life insurance reserve financing costs or limited market capacity; •Adjusted earnings were $198 million, down 1 percent on a reported basis and down 9 CORPORATE & OTHER Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax originated for third parties, assets subject to ceded reinsurance arrangements with third parties and holding companies and include cash and cash equivalents, short-term investments and publicly Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not
- Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct (7)legal, regulatory, and supervisory and enforcement policy changes; percent on a constant currency basis, primarily reflecting a value-added tax adjustment in RIS rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint traded securities excluding assets that are pledged or otherwise committed. Assets pledged or accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to Conference Call ($ in millions)Three Months EndedDecember 31, 2025Three Months EndedDecember 31, 2024ChangeAdjusted earnings$(70)$(62)Notable item(s)$(32)$10Adjusted earnings ex. notables$(38)$(72) •Universal life and investment-type product policy fees exclude asymmetrical accounting associated expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, (8)changes in tax rates, tax laws or interpretations; Mexico. provide other than a range of net investment gains and losses and net derivative gains and losses, which (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have otherwise committed include amounts received in connection with securities lending, repurchase ($ in millions)Three Months EndedDecember 31, 2025Three Months EndedDecember 31, 2024ChangeAdjusted earnings$454$38618%Notable item(s)$0$0 Adjusted earnings ex. notables$454$38618%Adjusted PFOs$7,209$3,62099%Adjusted PFOs, excluding PRT$1,434$1,02740% with in-force reinsurance. fees and other revenues, excluding PRT. (9)litigation and regulatory investigations; MetLife will hold its combined fourth quarter and full year 2025 earnings and outlook conference
- Excluding notable items, adjusted earnings were $227 million, up 13 percent on a can fluctuate significantly within or outside the range and from period to period and may have a material reforms. been adjusted from carrying value to estimated fair value. At the segment level, intersegment agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding (10)unsuccessful efforts to meet all sustainability standards or to enhance our sustainability; call on Thursday, February 5, 2026, from 9-10 a.m. (ET). The conference call will be available impact on net income. reported basis and up 4 percent on a constant currency basis, primarily driven by strong •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 balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the agreements and secured borrowings, as well as amounts held in the closed block. Page 18 of 26 In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock (11)MetLife, Inc.’s inability to pay dividends and repurchase common stock; live via the internet. To listen to the conference call, click the following link to register (https:// derivatives that are hedges of investments or that are used to replicate certain investments, but do adjusted premiums, fees and other revenues. MetLife consolidated level) are excluded from Asia GA AUM. volume growth across the region and favorable Chilean encaje returns. redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s •MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash (12)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.; Any of these financial measures shown on a constant currency basis reflect the impact of changes in events.q4inc.com/attendee/951205562). not qualify for hedge accounting treatment (“Investment hedge adjustments”). •Adjusted PFOs were $1.8 billion, up 25 percent on a reported basis and up 16 percent on a common shareholders. •Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free (13)investment defaults, downgrades, or volatility; foreign currency exchange rates and are calculated using the average foreign currency exchange rates constant currency basis, due to strong growth across the region. •Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating (14)investment sales or lending difficulties; for the current period and applied to the comparable prior period (“constant currency basis”). The conference call will be available for replay via telephone and the internet beginning at 11:00 Investment portfolio gains (losses) and derivative gains (losses) •Adjusted loss of $70 million, compared to an adjusted loss of $62 million. •Sales were $451 million, up 26 percent on a constant currency basis, driven by growth accounting associated with in-force reinsurance. to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized subsidiaries, expenses and other net flows of the holding companies (including capital contributions (15)collateral or derivative-related payments; a.m. (ET) on Thursday, February 5, 2026, until Thursday, February 12, 2026, at 11:59 p.m. (ET). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial
- Adjusted loss, excluding notable items, of $38 million, compared to an adjusted loss, across the region. These are measures of investment and hedging activity. Investment portfolio gains (losses) principally cost) is presented net of related allowance for credit loss. to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This (16)investment valuations, allowances, or impairments changes; To listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or measures are included in this earnings news release and in this period’s quarterly financial supplement, •Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with Assets Under Management (“AUM”): Information regarding the non-GAAP and other financial measures included in this news release excluding notable items, of $72 million. excludes amounts that are reported within net investment gains (losses) but do not relate to the measure of free cash flow is prior to capital actions, such as common stock dividends and (17)claims or other results that differ from our estimates, assumptions, or models; 647-362-9199 (outside the U.S.). The Conference ID for the replay is 11336 followed by the # which is available at MetLife’s Investor Relations webpage (https://investor.metlife.com). contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in- Other items and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, •Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as (18)global political, legal, or operational risks; key. To access the replay of the conference call via the internet, visit the MetLife Investor •Adjusted earnings were $454 million, up 18 percent, largely driven by favorable variable force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single and Other Financial Disclosures” below and in the tables that accompany this news release. MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally AUM (each, as defined below). The following additional information is relevant to an understanding of MetLife’s performance: a substitute for net cash provided by (used in) operating activities calculated in accordance with (19)business competition; Relations webpage (https://investor.metlife.com). premium annuity business. These losses are amortized into adjusted earnings within policyholder investment income. from those used by other companies: excludes earned income on derivatives and amortization of premium on derivatives, where such GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings (20)technological changes; benefits and claims over the estimated lives of the contracts. •MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM •Statistical sales information: •Adjusted PFOs were $7.2 billion, mainly reflecting record PRT sales. derivatives are either hedges of investments or are used to replicate certain investments, and where such available to common shareholders. (21)catastrophes; Adjusted earnings and related measures (as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”) •Adjusted PFOs, excluding PRT, were $1.4 billion, up 40 percent, mainly due to U.K. In this news release, all comparisons of results for the fourth quarter of 2025 are with the fourth quarter of 2024, unless otherwise noted. All comparisons of results for the full year of 2025 are with the full year of 2024, unless otherwise noted. Direct expense ratio, excluding total notable items related to direct expenses and PRT.
- Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated derivatives do not qualify for hedge accounting. This earned income and amortization of premium is •Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full- (22)climate changes or responses to it; ### manages or advises. longevity reinsurance. •adjusted earnings; with in-force reinsurance. reported within adjusted earnings and not within derivative gains (losses). year premiums and fees from recurring premium policy sales of all products. (23)deficiencies in our closed block; Page 1 of 26 Page 2 of 26 Page 3 of 26 Page 4 of 26 Page 5 of 26 Page 6 of 26 Page 7 of 26 Page 8 of 26 Page 9 of 26 Page 10 of 26 Page 11 of 26 Page 12 of 26 Page 13 of 26 Page 14 of 26 Page 15 of 26 Page 16 of 26 Page 17 of 26 Page 19 of 26 Page 20 of 26 Page 21 of 26 Page 22 of 26 Page 23 of 26 Page 24 of 26 Page 25 of 26 Page 26 of 26