Open the filing on EDGARMetLife, Inc.Adjusted Earnings Available to Common Shareholders(In millions)For the Three Months EndedMarch 31,20262025Group Benefits (5):Adjusted earnings available to common shareholders$439$370Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$439$370Adjusted premiums, fees and other revenues$6,539$6,430Less: Participating contracts1,4551,553Adjusted premiums, fees and other revenues, excluding participating contracts$5,084$4,877RIS (5):Adjusted earnings available to common shareholders$451$406Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$451$406Adjusted premiums, fees and other revenues$2,390$2,457Less: PRT8431,476Adjusted premiums, fees and other revenues, excluding PRT$1,547$981Asia:Adjusted earnings available to common shareholders$487$372Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$487$372Adjusted earnings available to common shareholders on a constant currency basis $487$372Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$487$372Adjusted premiums, fees and other revenues$1,738$1,681Adjusted premiums, fees and other revenues, on a constant currency basis $1,738$1,662Latin America:Adjusted earnings available to common shareholders$229$219Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$229$219Adjusted earnings available to common shareholders on a constant currency basis $229$251Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$229$251Adjusted premiums, fees and other revenues$1,897$1,513Adjusted premiums, fees and other revenues, on a constant currency basis $1,897$1,704See footnotes on last page. MetLife, Inc.Adjusted Earnings Available to Common Shareholders (Continued)(In millions)For the Three Months EndedMarch 31,20262025EMEA:Adjusted earnings available to common shareholders$110$83Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$110$83Adjusted earnings available to common shareholders on a constant currency basis$110$86Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$110$86Adjusted premiums, fees and other revenues$797$668Adjusted premiums, fees and other revenues, on a constant currency basis$797$695MIM (5):Adjusted earnings available to common shareholders$47$28Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$47$28Corporate & Other (5):Adjusted earnings available to common shareholders$(177)$(129)Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$(177)$(129)Adjusted premiums, fees and other revenues$508$647See footnotes on last page. MetLife, Inc.Variable Investment IncomeFor the Three Months EndedMarch 31, 2026March 31, 2026Variable Investment Income (post-tax, in millions) (6)Assets (in billions)Group Benefits$5$0.2RIS1315.1Asia1838.6Latin America100.3EMEA1 - MIM - - Corporate & Other794.0Total$409$18.2 MetLife, Inc.(In millions, except per share data)For the Three Months EndedMarch 31,20262025Reconciliation 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$1,140$1.74$879$1.28Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:Less: Net investment gains (losses)(670)(1.02)(387)(0.56)Net derivative gains (losses)740.114320.63Market risk benefit remeasurement gains (losses)(120)(0.18)(299)(0.44)Goodwill impairment - - - - Other adjustments to net income (loss)770.11(234)(0.33)Provision for income tax (expense) benefit1700.26230.03Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests(23)(0.04)50.01Preferred stock redemption premium - - - - Adjusted earnings available to common shareholders1,5862.421,3491.96Less: Total notable items - - - - Adjusted earnings available to common shareholders, excluding total notable items$1,586$2.42$1,349$1.96Adjusted earnings available to common shareholders on a constant currency basis$1,586$2.42$1,384$2.01Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$1,586$2.42$1,384$2.01Weighted average common shares outstanding - diluted655.7687.0See footnotes on last page. Exhibit 99.1 MetLife, Inc.GAAP Consolidated Statements of Operations(In millions)For the Three Months EndedMarch 31,20262025RevenuesPremiums$12,120$11,723Universal life and investment-type product policy fees1,3431,229Net investment income5,3554,885Other revenues852687Net investment gains (losses)(670)(387)Net derivative gains (losses)74432Total revenues19,07418,569ExpensesPolicyholder benefits and claims11,86411,806Policyholder liability remeasurement (gains) losses(13)(31)Market risk benefit remeasurement (gains) losses120299Interest credited to policyholder account balances1,6741,647Policyholder dividends124144Amortization of DAC, VOBA and negative VOBA568519Interest expense on debt265258Other expenses, net of capitalization of DAC2,9652,573Total expenses17,56717,215Income (loss) before provision for income tax1,5071,354Provision for income tax expense (benefit)345404Net income (loss)1,162950Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests(23)5Net income (loss) attributable to MetLife, Inc.1,185945Less: Preferred stock dividends4566 Preferred stock redemption premium - - Net income (loss) available to MetLife, Inc.'s common shareholders$1,140$879See footnotes on last page. MetLife, Inc.(In millions) For the Three Months EndedMarch 31,20262025Premiums, Fees and Other RevenuesPremiums, fees and other revenues$14,315$13,639Less: Adjustments to premiums, fees and other revenues:Asymmetrical and non-economic accounting13236Other - (15)Divested businesses - 4Adjusted premiums, fees and other revenues$14,183$13,614Adjusted premiums, fees and other revenues, on a constant currency basis$14,183$13,813Less: PRT8431,476Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis$13,340$12,337Net Investment IncomeNet investment income$5,355$4,885Less: Adjustments to net investment income:Investment hedge adjustments(84)(103)Depreciation of wholly-owned real estate and real estate joint ventures(61)Joint venture adjustments18(42)Unit-linked contract income(318)(227)Reinsurance activity30143Divested businesses - 1Adjusted net investment income$5,499$5,213Revenues and ExpensesTotal revenues$19,074$18,569Less: Adjustments to total revenues:Net investment gains (losses)(670)(387)Net derivative gains (losses)74432Investment hedge adjustments(84)(103)Depreciation of wholly-owned real estate and real estate joint ventures(61)Asymmetrical and non-economic accounting, excluding Investment hedge adjustments13236Unit-linked contract costs(318)(227)Reinsurance activity30143Other18(57)Divested businesses - 5Total adjusted revenues$19,682$18,827Total expenses$17,567$17,215Less: Adjustments to total expenses:Market risk benefit remeasurement (gains) losses120299Goodwill impairment - - Asymmetrical and non-economic accounting24139Market volatility(74)(44)Unit-linked contract costs(302)(234)Reinsurance activity20542Other5319Divested businesses59Total adjusted expenses$17,536$16,985See footnotes on last page. MetLife, Inc.(In millions, except per share and ratio data)For the Three Months EndedMarch 31,20262025Expense Detail and Ratios Reconciliation of Capitalization of DAC to Adjusted Capitalization of DACCapitalization of DAC $(959)$(698)Less: Divested businesses - - Adjusted capitalization of DAC$(959)$(698)Reconciliation of Other Expenses to Adjusted Other ExpensesOther expenses $3,924$3,271Less: Reinsurance activity20542 Other5319 Divested businesses58Adjusted other expenses$3,661$3,202Other Detail and RatiosOther expenses, net of capitalization of DAC$2,965$2,573Premiums, fees and other revenues$14,315$13,639Expense ratio20.7%18.9%Direct expenses$1,583$1,459Less: Total notable items related to direct expenses - - Direct expenses, excluding total notable items related to direct expenses$1,583$1,459Adjusted other expenses$3,661$3,202Adjusted capitalization of DAC(959)(698)Adjusted other expenses, net of adjusted capitalization of DAC2,7022,504Less: Total notable items related to adjusted other expenses - - Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses$2,702$2,504Adjusted premiums, fees and other revenues$14,183$13,614Less: PRT8431,476Adjusted premiums, fees and other revenues, excluding PRT$13,340$12,138Direct expense ratio 11.2%10.7%Direct expense ratio, excluding total notable items related to direct expenses and PRT11.9%12.0%Adjusted expense ratio19.1%18.4%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT20.3%20.6%See footnotes on last page. MetLife, Inc.(In millions, except per share data)March 31,Equity Details20262025Total MetLife, Inc.'s stockholders' equity$27,324$27,493Less: Preferred stock2,8303,818MetLife, Inc.'s common stockholders' equity 24,49423,675Less: Unrealized investment gains (losses), net of related offsets and income tax(19,380)(17,329)Deferred gains (losses) on derivatives, net of income tax(1,015)179Future policy benefits discount rate remeasurement gains (losses), net of income tax9,0015,334Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(56)(31) Defined benefit plans adjustment, net of income tax(1,374)(1,416)Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax 231(100)Total MetLife, Inc.'s adjusted common stockholders' equity37,08737,038Less: Accumulated year-to-date total notable items, net of income tax - - Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items$37,087$37,038March 31,Book Value (2)20262025Book value per common share37.9235.16Less: Unrealized investment gains (losses), net of related offsets and income tax(30.00)(25.74)Deferred gains (losses) on derivatives, net of income tax(1.57)0.27Future policy benefits discount rate remeasurement gains (losses), net of income tax13.947.92Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.09)(0.05) Defined benefit plans adjustment, net of income tax(2.13)(2.10)Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax0.36(0.15)Adjusted book value per common share$57.41$55.01Common shares outstanding, end of period (3)646.0673.3
First Quarter 2026 Summary Total Company Discussion
Adjusted Earnings by Segment Summary ASIA METLIFE INVESTMENT MANAGEMENT Contacts: For Media: Steve LaMarca (646) 884-3840, Steve.LaMarca@metlife.com 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 derivatives are either hedges of investments or are used to replicate certain investments, and where such •MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM •Statistical sales information: GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings (20)technological changes; ($ in millions, except per share data)Three Months Ended March 31,20262025ChangePremiums, fees and other revenues$14,315$13,6395%Net investment income5,3554,88510%Net investment gains (losses)(670)(387)Net derivative gains (losses)74432Total revenues$19,074$18,569Adjusted premiums, fees and other revenues$14,183$13,6144%Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)$13,340$12,13810%Market risk benefit remeasurement gains (losses)$(120)$(299)Net income (loss)$1,140$87930%Net income (loss) per share$1.74$1.2836%Adjusted earnings$1,586$1,34918%Adjusted earnings per share$2.42$1.9623%Adjusted earnings, excluding total notable items$1,586$1,34918%Adjusted earnings, excluding total notable items per share $2.42$1.9623%Book value per share$37.92$35.168%Adjusted book value per share$57.41$55.014%Expense ratio20.7%18.9%Direct expense ratio, excluding total notable items related to direct expenses and PRT11.9%12.0%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT20.3%20.6%ROE18.2%14.9%Adjusted ROE17.0%14.4%Adjusted ROE, excluding total notable items17.0%14.4% Premiums, fees and other income were $14.3 billion, up 5 percent compared with the prior-
- 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 derivatives do not qualify for hedge accounting. This earned income and amortization of premium is (as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”) available to common shareholders. (21)catastrophes; MetLife, Inc.Footnotes(1)Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share. (2)Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at March 31, 2026 and March 31, 2025, respectively.(3)There were share repurchases of approximately $750 million for the three months ended March 31, 2026. There were share repurchases of approximately $200 million in April 2026. (4)Annualized using quarter-to-date results.(5)Results on a constant currency basis are not included as constant currency impact is not significant.(6)Assumes a 21% tax rate.(7)The 2025 combined U.S. risk-based capital (RBC) ratio was 379%, which is above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end.(8)The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $16.2 billion at March 31, 2026, down 5% from $17.1 billion at December 31, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.(9)The Japan Economic Solvency Ratio is expected to be at middle of the target range of 170% to 190% for the fiscal year ending March 31, 2026. For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com Any references in this news release (except in this section and the tables that accompany this release) to:Should be read as, respectively:(i)net income (loss)(i) net income (loss) available to MetLife, Inc.’s common shareholders(ii)net income (loss) per share(ii)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share(iii)adjusted earnings(iii)adjusted earnings available to common shareholders(iv)adjusted earnings per share(iv)adjusted earnings available to common shareholders per diluted common share(v)book value per share(v)book value per common share(vi)adjusted book value per share(vi)adjusted book value per common share(vii)return on equity(vii)return on MetLife, Inc.’s common stockholders’ equity(viii)adjusted return on equity(viii)adjusted return on MetLife, Inc.’s common stockholders’ equity •Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full- Three Months EndedMarch 31, 2026SegmentChange fromprior-year period (on a reported basis)Change fromprior-year period (on a constantcurrency basis)Group Benefits19%Retirement and Income Solutions (RIS)11%Asia31%31%Latin America 5%(9)%Europe, the Middle East and Africa (EMEA)33%28%MetLife Investment Management (MIM)68% ($ in millions)Three Months EndedMarch 31, 2026Three Months EndedMarch 31, 2025ChangeConstantcurrencychangeAdjusted earnings$487$37231%31%Adjusted PFOs$1,738$1,6813%5%Asia general account assets under management (at amortized cost)$140,660$134,3525%7% ($ in millions)Three Months EndedMarch 31, 2026Three Months EndedMarch 31, 2025ChangeAdjusted earnings$47$2868%Other revenues$314$21844%Total assets under management$736,291$603,16422% year quarter. Adjusted premiums, fees and other revenues, excluding pension risk transfers, 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. reported within adjusted earnings and not within derivative gains (losses). manages or advises. (22)climate changes or responses to it; year premiums and fees from recurring premium policy sales of all products. were $13.3 billion, up 10 percent.
- adjusted earnings available to common shareholders, excluding total notable items, on a constant (23)deficiencies in our closed block; “Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the Return on equity and related measures •General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account Forward-Looking Statements currency basis; •RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and (24)goodwill or other asset impairment, or deferred income tax asset allowance; Net investment income was $5.4 billion, up 10 percent, primarily due to higher variable About MetLife MetLife Announces 1Q 2026 Results discontinued operations criteria under GAAP. Divested businesses also include the net impact of (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total This news release may contain or incorporate by reference information that includes or is based upon
- adjusted earnings available to common shareholders per diluted common share; •Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common the contract value for new U.K. longevity reinsurance contracts, and 100% of annualized full-year (25)impairment of value of business acquired ("VOBA"), value of distribution agreements acquired or investment income and asset growth. Adjusted net investment income was $5.5 billion, up 5 MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the transactions with exited businesses that have been eliminated in consolidation under GAAP and costs investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
- adjusted earnings available to common shareholders, on a constant currency basis per diluted stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred premiums and fees only from recurring premium policy sales of specialized benefit resources and value of customer relationships acquired; percent, mainly driven by higher variable investment income. world’s leading financial services companies, providing insurance, annuities, employee benefits relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to and cash equivalents, and accrued investment income on such assets, and excludes policy loans, Forward-looking statements give expectations or forecasts of future events and do not relate strictly to common share; gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), corporate-owned life insurance. (26)product guarantee volatility, costs, and counterparty risks; •Net income increased 30% to $1.1 billion, or $1.74 per share.•Adjusted earnings increased 18% to $1.6 billion, driven by higher variable investment income, volume growth and favorable underwriting. •Adjusted earnings per share increased 23% to $2.42.•Premiums, fees and other revenues (PFOs) increased 5% to $14.3 billion. •Adjusted PFOs, excluding pension risk transfers (PRT), increased 10% to $13.3 billion, with growth in all segments.•Net investment income up 10% to $5.4 billion.•Variable investment income up 58% to $518 million, driven by higher private equity returns.•Book value per share (BVPS) up 8% to $37.92, adjusted BVPS up 4% to $57.41.•Returned over $1.1 billion to shareholders via share repurchases and common stock dividends.•Holding company cash and liquid assets totaled $3.9 billion at quarter end, at top of target range.•Group Benefits adjusted earnings up 19% to $439 million primarily due to favorable life underwriting and volume growth.•Retirement and Income Solutions adjusted earnings up 11% to $451 million.•Asia adjusted earnings up 31% to $487 million.•Latin America adjusted earnings up 5% to $229 million.•EMEA adjusted earnings up 33% to $110 million.•MetLife Investment Management adjusted earnings up 68% to $47 million. be included in results of discontinued operations under GAAP. 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,” and asset management to help individual and institutional customers build a more confident EarningsPer Share1Q 2026NetIncome $1.74AdjustedEarnings $2.42 Returnon Equity (ROE)1Q 2026ROE 18.2%AdjustedROE 17.0% Net investment losses were $670 million, or $529 million after tax, reflecting normal trading •adjusted earnings available to common shareholders, excluding total notable items per diluted market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit (27)risk management failures;
- Adjusted earnings were $47 million compared with $28 million, driven by business growth originated for third parties, assets subject to ceded reinsurance arrangements with third parties and •Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds common share; and Other adjustments are made in calculating adjusted earnings: plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the (28)insufficient protection from operational risks; activity and a stable credit environment. Net derivative gains amounted to $74 million, or and expense management. joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium “should,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied leading positions in the United States, Asia, Latin America, Europe and the Middle East. For •adjusted earnings available to common shareholders, excluding total notable items, on a constant estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income (29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or $58 million after tax, driven by higher interest rates. •Adjusted earnings were $487 million, up 31 percent on both a reported basis and a •Other revenues were $314 million, up 44 percent reflecting the acquisition of PineBridge
- Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly- ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been deposits from credit insurance and 100% of annualized full-year premiums and fees from to future periods or future performance, in each case in all derivative forms. They include statements more information, visit www.metlife.com. currency basis per diluted common share. tax. disaster recovery failures; constant currency basis, driven by higher variable investment income and volume growth. Investments. owned real estate and real estate joint ventures. adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on recurring-premium policy sales of all products (mainly from risk and protection products such as relating to strategy, goals and expectations concerning our market position, future operations, margins, Net income was $1.1 billion reflecting higher adjusted earnings, partially offset by certain (30)accounting standards changes; •Adjusted PFOs were $1.7 billion, up 3 percent on a reported basis, and up 5 percent on a
- Total assets under management were $736.3 billion, up 22 percent. Conference Call Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to •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 individual life, accident & health and group). profitability, capital expenditures, liquidity and capital resources and other financial and operating investment-related items. On a per-share basis, net income increased 36 percent to $1.74. •Net investment income and interest credited to policyholder account balances exclude certain (31)excessive risk-taking; constant currency basis. evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, 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 information. By their nature, forward-looking statements: speak only as of the date they are made; are not amounts related to contractholder-directed equity securities (“Unit-linked contract income” and Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of (32)marketing and distribution difficulties; MetLife will hold its first quarter 2026 earnings conference call on Thursday, May 7, 2026, from
- Asia general account assets under management (at amortized cost) were CORPORATE & OTHER Adjusted earnings were $1.6 billion, up 18 percent on a reported basis and 15 percent on a adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related 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 statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, “Unit-linked contract costs”). business activity. (33)pension and other postretirement benefit assumption changes; 9-10 a.m. (ET) via a live webcast. Please click on the following link to register: https:// $140.7 billion, up 7 percent on a constant currency basis. measures based on adjusted earnings are also the measures by which senior management’s and many 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 constant currency basis. On a per-share basis, adjusted earnings were $2.42, up 23 percent. Business Discussions (34)inability to protect our intellectual property or avoid infringement claims; ($ in millions)Three Months EndedMarch 31, 2026Three Months EndedMarch 31, 2025ChangeAdjusted earnings$(177)$(129) events.q4inc.com/attendee/313008777. A replay of the webcast will be available at 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). 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. •Volume growth, where cited, represents the change in certain measures of our segment results, and projections are expressed in good faith and we believe there is a reasonable basis for them. •Sales were $766 million, up 22 percent on a constant currency basis, primarily driven by Cash & CapitalMarch 31, 2026 (in billions) (7), (8), (9)Holding Companies Cash & Liquid Assets$3.9See footnotes on last page. (35)acquisition, integration, growth, disposition, or reorganization difficulties; Direct expense ratio, excluding total notable items related to direct expenses and PRT, was investor.metlife.com for seven days following the call. applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings certain ceded reinsurance-related embedded derivatives and total notable items, all net of income including adjusted earnings, attributable to business growth, applying a model in which certain However, there can be no assurance that management’s expectations, beliefs and projections will result strong growth in Japan and Korea. GROUP BENEFITS
- Net investment income and interest expense on debt exclude amounts related to collateralized •Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as (36)Brighthouse Financial, Inc. separation risks; 11.9 percent, compared to 12.0 percent in the prior-year quarter. allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry tax. margins and factors are held constant, the most significant of which are underwriting margins, or be achieved and actual results may vary materially from what is expressed in or indicated by the financing entities that are consolidated variable interest entities. defined below). MIM manages or advises Institutional Client AUM in accordance with client (37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the ($ in millions)Three Months EndedMarch 31, 2026Three Months EndedMarch 31, 2025ChangeAdjusted earnings$439$37019%Adjusted PFOs$6,539$6,4302% results. investment margins, changes in equity market performance, expense margins and the impact of forward-looking statements. LATIN AMERICA
- Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s guidelines contained in each investment advisory agreement. voting provisions of the MetLife Policyholder Trust; and Comment from Michel Khalaf, President and Chief Executive Officer:MetLife delivered exceptional performance in the first quarter, with adjusted earnings per share up 23 percent and widespread top-line growth. Our strong start to 2026 reflects how we're accelerating progress in year two of New Frontier, supported by disciplined execution across the enterprise, and deliberate capital deployment that balances investment in our businesses with returning capital to shareholders.We remain confident in delivering against the ambitious financial targets we laid out under New Frontier. By keeping customers at the center, we will continue to drive responsible growth and create long‑term shareholder value that consistently compounds over time.
- Adjusted loss of $177 million, compared to an adjusted loss of $129 million. •Other revenues and other expenses exclude asset management distribution fees on funds that are changes in foreign currency exchange rates. ### Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve (38)legal- and corporate governance-related effects on business combinations. ($ in millions)Three Months EndedMarch 31, 2026Three Months EndedMarch 31, 2025ChangeConstantcurrencychangeAdjusted earnings$229$2195%(9)%Adjusted PFOs$1,897$1,51325%11% passed through to distribution partners. ◦Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which earnings available to common shareholders is defined as adjusted earnings less preferred stock •PRT includes U.K. funded reinsurance. unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our
- Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking INVESTMENTS In this news release, MetLife presents certain measures of its performance on a consolidated and dividends. •Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted expectations, and our understanding of the economic environment, but they may be inaccurate and may common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. at estimated fair value, as well as accrued investment income on such assets. •Institutional net flows reflect Institutional Client AUM total fund additions less withdrawals. statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please segment basis that are not calculated in accordance with accounting principles generally accepted in the for as freestanding derivatives. change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from ($ in millions)Three Months EndedMarch 31, 2026Three Months EndedMarch 31, 2025ChangeAdjusted net investment income$5,499$5,2135% Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our •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 •“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other •Adjusted earnings were $439 million, up 19 percent, primarily reflecting favorable life fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market •Other expenses exclude (i) amortization and impairment of asset management intangible assets, Securities and Exchange Commission. investors’ understanding of MetLife’s performance by highlighting the results of operations and the 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 and acquired for third parties, including (i) the related investment returns and expenses which are factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, underwriting and volume growth. volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, underlying profitability drivers of the business. Segment-specific financial measures are calculated using 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 passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. may cause such differences. These factors include:
- Adjusted PFOs were $6.5 billion, up 2 percent. Overall growth was partially offset by the costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related integration and other related costs. Other expenses include (i) deductions for net income (loss)
- Adjusted earnings were $229 million, up 5 percent on a reported basis and down 9 percent only the portion of consolidated results attributable to that specific segment. investment income on such assets. impact of participating contracts. PFOs from participating contracts can fluctuate with claims For the Three Months EndedMarch 31,Return on Equity (4)20262025Return on MetLife, Inc.'s:Common stockholders' equity18.2%14.9%Adjusted return on MetLife, Inc.'s:Adjusted common stockholders' equity17.0%14.4%Adjusted common stockholders' equity, excluding total notable items17.0%14.4%For the Three Months EndedMarch 31,Average Common Stockholders' Equity20262025Average common stockholders' equity$25,031$23,651Average adjusted common stockholders' equity$37,242$37,405Average adjusted common stockholders' equity, excluding total notable items$37,242$37,405See footnotes on last page. •Adjusted net investment income was $5.5 billion, up 5 percent. Variable investment measures exclude results of discontinued operations under GAAP. attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits The above measures represent a level of equity that excludes most components of AOCI, such as •We refer to observable forward yield curves as of a particular date in connection with making our (1)economic condition difficulties, including risks relating to interest rates, the effects of announced or on a constant currency basis, reflecting unfavorable tax-related items, including the impact experience. The following non-GAAP financial measures should not be viewed as substitutes for the most directly accrued on synthetic GICs accounted for as freestanding derivatives. 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 estimates for future results. The observable forward yield curves at a given time are based on future tariff increases on the global economy, credit spreads, declining equity or debt markets, income increased 58 percent to $518 million, primarily driven by higher returns on private of the Mexico value-added tax change, partially offset by volume growth and favorable Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes comparable financial measures calculated in accordance with GAAP: •Sales were up 15 percent, primarily driven by growth across both core and voluntary 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 implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. changes in the value of assets under management, real estate, obligors and counterparties, underwriting. equity assets. net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains •“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third products. derivatives, as these amounts are primarily driven by market volatility. accrued investment income on such assets. Such non-proprietary assets are owned by Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our government default or shutdown, currency exchange rates, derivatives, climate change, public •Adjusted PFOs were $1.9 billion, up 25 percent on a reported basis and up 11 percent on a 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 parties and joint ventures, including (i) the related investment returns and expenses which are unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s estimates for future results. health, terrorism and security; constant currency basis, due to strong growth and solid persistency across the region. relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash Expense ratio, direct expense ratio, adjusted expense ratio and related measures FIRST QUARTER 2026 NOTABLE ITEMS RIS consolidated financial statements. (2)global capital and credit market adversity;
- Sales were $521 million, up 20 percent on a constant currency basis, driven by growth policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization equivalents. •Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were
- Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other (3)credit facility inaccessibility; ($ in millions)Adjusted EarningsThree Months Ended March 31, 2026Notable ItemsGroup BenefitsRISAsiaLatinAmericaEMEAMIMCorporate&OtherTotalTotal notable items$0$0$0$0$0$0$0$0 ($ in millions)Three Months EndedMarch 31, 2026Three Months EndedMarch 31, 2025ChangeAdjusted earnings$451$40611%Adjusted PFOs$2,390$2,457(3)%Adjusted PFOs, excluding PRT$1,547$98158% across the region. guarantees accounted for as additional liabilities and (ii) market value adjustments. •Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA unknown and that MetLife could not anticipate when it devised its business plan. Notable items also Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not revenues. (4)financial strength or credit ratings downgrades; investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total include certain items regardless of the extent anticipated in the business plan, to help investors have Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: be recognized at acquisition or adjusted for during the measurement period under GAAP business (5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not
- 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, a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items EMEA combination accounting guidance. reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to
- Universal life and investment-type product policy fees exclude asymmetrical accounting associated 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 represent a positive (negative) impact to adjusted earnings available to common shareholders. provide other than a range of net investment gains and losses and net derivative gains and losses, which risks; ($ in millions)Three Months EndedMarch 31, 2026Three Months EndedMarch 31, 2025ChangeConstantcurrencychangeAdjusted earnings$110$8333%28%Adjusted PFOs$797$66819%15% with in-force reinsurance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax administrative expenses. loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans can fluctuate significantly within or outside the range and from period to period and may have a material •Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife (6)statutory life insurance reserve financing costs or limited market capacity; rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax originated for third parties, assets subject to ceded reinsurance arrangements with third parties and impact on net income (loss). •Net investment income includes earned income on derivatives and amortization of premium on •Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct holding companies and include cash and cash equivalents, short-term investments and publicly (7)legal, regulatory, and supervisory and enforcement policy changes; Page 18 of 25 Information regarding the non-GAAP and other financial measures included in this news release (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint derivatives that are hedges of investments or that are used to replicate certain investments, but do expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, traded securities excluding assets that are pledged or otherwise committed. Assets pledged or (8)changes in tax rates, tax laws or interpretations;
- Adjusted earnings were $451 million, up 11 percent, primarily driven by higher variable and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP reforms. ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have Any of these financial measures shown on a constant currency basis reflect the impact of changes in not qualify for hedge accounting treatment (“Investment hedge adjustments”). fees and other revenues, excluding PRT. otherwise committed include amounts received in connection with securities lending, repurchase (9)litigation and regulatory investigations; and Other Financial Disclosures” below and in the tables that accompany this news release. been adjusted from carrying value to estimated fair value. At the segment level, intersegment investment income and favorable underwriting. foreign currency exchange rates and are calculated using the average foreign currency exchange rates In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding (10)unsuccessful efforts to meet all sustainability standards or to enhance our sustainability;
- Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical •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 for the current period and applied to the comparable prior period (“constant currency basis”). •Adjusted PFOs were $2.4 billion. Supplemental slides for the first quarter of 2026, titled “1Q26 Earnings Call Presentation,” are redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s agreements and secured borrowings, as well as amounts held in the closed block. (11)MetLife, Inc.’s inability to pay dividends and repurchase common stock; accounting associated with in-force reinsurance. adjusted premiums, fees and other revenues. MetLife consolidated level) are excluded from Asia GA AUM. •Adjusted earnings were $110 million, up 33 percent on a reported basis and 28 percent on •Adjusted PFOs, excluding PRT, were $1.5 billion, up 58 percent, reflecting growth across Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial common shareholders. (12)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.; available on the MetLife Investor Relations website at https://investor.metlife.com and in the
- MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash a constant currency basis, primarily driven by strong volume growth. most products, led by U.K. longevity reinsurance, post-retirement benefits and structured measures are included in this earnings news release and this period’s earnings materials, which are •Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with •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 (13)investment defaults, downgrades, or volatility; Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection Investment portfolio gains (losses) and derivative gains (losses) for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free •Adjusted PFOs were $797 million, up 19 percent on a reported basis and up 15 percent on settlements. available at MetLife’s Investor Relations webpage (https://investor.metlife.com). contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in- 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 (14)investment sales or lending difficulties; with this earnings release. Supplemental information about MetLife's diversified global cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating a constant currency basis, reflecting strong sales momentum and solid renewal activity •Total retained liability exposure grew 3 percent, including 1 percent in retained general force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single These are measures of investment and hedging activity. Investment portfolio gains (losses) principally 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 (15)collateral or derivative-related payments; investment portfolio is contained in the "1Q26 - General Account Assets Under Management MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ subsidiaries, expenses and other net flows of the holding companies (including capital contributions across the region. account liabilities. premium annuity business. These losses are amortized into adjusted earnings within policyholder excludes amounts that are reported within net investment gains (losses) but do not relate to the cost) is presented net of related allowance for credit loss. (16)investment valuations, allowances, or impairments changes; Fact Sheet," available on the above-mentioned website. from those used by other companies: Assets Under Management (“AUM”): to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This benefits and claims over the estimated lives of the contracts. performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, (17)claims or other results that differ from our estimates, assumptions, or models; •Sales were $370 million, up 17 percent on a constant currency basis. Other items measure of free cash flow is prior to capital actions, such as common stock dividends and Adjusted earnings and related measures as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally •Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client (18)global political, legal, or operational risks; In this news release, all comparisons of results for the first quarter of 2026 are with the first quarter of 2025, unless otherwise noted.
- Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as excludes earned income on derivatives and amortization of premium on derivatives, where such AUM (each, as defined below). The following additional information is relevant to an understanding of MetLife’s performance: (19)business competition;
- adjusted earnings; with in-force reinsurance. a substitute for net cash provided by (used in) operating activities calculated in accordance with Page 1 of 25 Page 2 of 25 Page 3 of 25 Page 4 of 25 Page 5 of 25 Page 6 of 25 Page 7 of 25 Page 8 of 25 Page 9 of 25 Page 10 of 25 Page 11 of 25 Page 12 of 25 Page 13 of 25 Page 14 of 25 Page 15 of 25 Page 16 of 25 Page 17 of 25 Page 19 of 25 Page 20 of 25 Page 21 of 25 Page 22 of 25 Page 23 of 25 Page 24 of 25 Page 25 of 25