Open the filing on EDGARMetLife, Inc.Adjusted Earnings Available to Common Shareholders(In millions)For the Three Months EndedJune 30,20262025Group Benefits (5):Adjusted earnings available to common shareholders$503$401Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$503$401Adjusted premiums, fees and other revenues$6,512$6,446Less: Participating contracts1,4581,571Adjusted premiums, fees and other revenues, excluding participating contracts$5,054$4,875RIS (5):Adjusted earnings available to common shareholders$377$370Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$377$370Adjusted premiums, fees and other revenues$1,769$1,382Less: PRT510328Adjusted premiums, fees and other revenues, excluding PRT$1,259$1,054Asia:Adjusted earnings available to common shareholders$420$346Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$420$346Adjusted earnings available to common shareholders on a constant currency basis $420$337Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$420$337Adjusted premiums, fees and other revenues$1,698$1,699Adjusted premiums, fees and other revenues, on a constant currency basis $1,698$1,603Latin America:Adjusted earnings available to common shareholders$268$233Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$268$233Adjusted earnings available to common shareholders on a constant currency basis $268$258Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$268$258Adjusted premiums, fees and other revenues$1,899$1,634Adjusted premiums, fees and other revenues, on a constant currency basis $1,899$1,789See footnotes on last page. MetLife, Inc.Adjusted Earnings Available to Common Shareholders (Continued)(In millions)For the Three Months EndedJune 30,20262025EMEA:Adjusted earnings available to common shareholders$108$100Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$108$100Adjusted earnings available to common shareholders on a constant currency basis$108$97Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$108$97Adjusted premiums, fees and other revenues$806$719Adjusted premiums, fees and other revenues, on a constant currency basis$806$717MIM (5):Adjusted earnings available to common shareholders$57$54Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$57$54Corporate & Other (5):Adjusted earnings available to common shareholders$(160)$(142)Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$(160)$(142)Adjusted premiums, fees and other revenues$523$602See footnotes on last page. MetLife, Inc.Variable Investment IncomeFor the Three Months EndedJune 30, 2026June 30, 2026Variable Investment Income (post-tax, in millions) (6)Assets (in billions)Group Benefits$4$0.2RIS435.0Asia948.6Latin America70.3EMEA10.1MIM - - Corporate & Other343.9Total$183$18.1 MetLife, Inc.(In millions, except per share data)For the Three Months EndedJune 30,20262025Reconciliation 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$705$1.09$698$1.03Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:Less: Net investment gains (losses)(428)(0.66)(273)(0.40)Net derivative gains (losses)(772)(1.19)(796)(1.18)Market risk benefit remeasurement gains (losses)2700.422770.41Goodwill impairment - - - - Other adjustments to net income (loss)(129)(0.20)(61)(0.10)Provision for income tax (expense) benefit2340.361950.29Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests430.0760.01Preferred stock redemption premium - - - - Adjusted earnings available to common shareholders1,5732.431,3622.02Less: Total notable items - - - - Adjusted earnings available to common shareholders, excluding total notable items$1,573$2.43$1,362$2.02Adjusted earnings available to common shareholders on a constant currency basis$1,573$2.43$1,375$2.04Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$1,573$2.43$1,375$2.04Weighted average common shares outstanding - diluted646.9675.0See footnotes on last page. Exhibit 99.1 MetLife, Inc.GAAP Consolidated Statements of Operations(In millions)For the Three Months EndedJune 30,20262025RevenuesPremiums$11,435$10,810Universal life and investment-type product policy fees1,3721,259Net investment income6,7025,661Other revenues845679Net investment gains (losses)(428)(273)Net derivative gains (losses)(772)(796)Total revenues19,15417,340ExpensesPolicyholder benefits and claims11,33510,767Policyholder liability remeasurement (gains) losses185Market risk benefit remeasurement (gains) losses(270)(277)Interest credited to policyholder account balances3,0672,400Policyholder dividends125146Amortization of DAC, VOBA and negative VOBA588528Interest expense on debt292269Other expenses, net of capitalization of DAC2,9642,522Total expenses18,11916,360Income (loss) before provision for income tax1,035980Provision for income tax expense (benefit)256245Net income (loss)779735Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests436Net income (loss) attributable to MetLife, Inc.736729Less: Preferred stock dividends3131 Preferred stock redemption premium - - Net income (loss) available to MetLife, Inc.'s common shareholders$705$698See footnotes on last page. MetLife, Inc.(In millions) For the Three Months EndedJune 30,20262025Premiums, Fees and Other RevenuesPremiums, fees and other revenues$13,652$12,748Less: Adjustments to premiums, fees and other revenues:Asymmetrical and non-economic accounting13142Other(3)(16)Divested businesses - 3Adjusted premiums, fees and other revenues$13,524$12,719Adjusted premiums, fees and other revenues, on a constant currency basis$13,524$12,776Less: PRT510328Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis$13,014$12,448Net Investment IncomeNet investment income$6,702$5,661Less: Adjustments to net investment income:Investment hedge adjustments(170)(102)Depreciation of wholly-owned real estate and real estate joint ventures(54)Joint venture adjustments2316Unit-linked contract income998498Reinsurance activity33147Consolidated collateralized financing entities23 - Divested businesses - - Adjusted net investment income$5,551$5,202Revenues and ExpensesTotal revenues$19,154$17,340Less: Adjustments to total revenues:Net investment gains (losses)(428)(273)Net derivative gains (losses)(772)(796)Investment hedge adjustments(170)(102)Depreciation of wholly-owned real estate and real estate joint ventures(54)Asymmetrical and non-economic accounting, excluding Investment hedge adjustments13142Joint venture adjustments2316Unit-linked contract costs998498Reinsurance activity33147Consolidated collateralized financing entities23 - Other(3)(16)Divested businesses - 3Total adjusted revenues$19,075$17,921Total expenses$18,119$16,360Less: Adjustments to total expenses:Market risk benefit remeasurement (gains) losses(270)(277)Goodwill impairment - - Asymmetrical and non-economic accounting22731Market volatility(86)(40)Unit-linked contract costs992486Reinsurance activity20145Consolidated collateralized financing entities19 - Other4821Divested businesses76Total adjusted expenses$16,981$16,088See footnotes on last page. MetLife, Inc.(In millions, except per share and ratio data)For the Three Months EndedJune 30,20262025Expense Detail and Ratios Reconciliation of Capitalization of DAC to Adjusted Capitalization of DACCapitalization of DAC $(950)$(787)Less: Divested businesses - - Adjusted capitalization of DAC$(950)$(787)Reconciliation of Other Expenses to Adjusted Other ExpensesOther expenses $3,914$3,309Less: Reinsurance activity20145 Other4821 Divested businesses77Adjusted other expenses$3,658$3,236Other Detail and RatiosOther expenses, net of capitalization of DAC$2,964$2,522Premiums, fees and other revenues$13,652$12,748Expense ratio21.7%19.8%Direct expenses$1,580$1,445Less: Total notable items related to direct expenses - - Direct expenses, excluding total notable items related to direct expenses$1,580$1,445Adjusted other expenses$3,658$3,236Adjusted capitalization of DAC(950)(787)Adjusted other expenses, net of adjusted capitalization of DAC2,7082,449Less: 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$2,708$2,449Adjusted premiums, fees and other revenues$13,524$12,719Less: PRT510328Adjusted premiums, fees and other revenues, excluding PRT$13,014$12,391Direct expense ratio 11.7%11.4%Direct expense ratio, excluding total notable items related to direct expenses and PRT12.1%11.7%Adjusted expense ratio20.0%19.3%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT20.8%19.8%See footnotes on last page. MetLife, Inc.(In millions, except per share data)June 30,Equity Details20262025Total MetLife, Inc.'s stockholders' equity$27,441$27,685Less: Preferred stock2,8303,818MetLife, Inc.'s common stockholders' equity 24,61123,867Less: Unrealized investment gains (losses), net of related offsets and income tax(18,677)(16,484)Deferred gains (losses) on derivatives, net of income tax(1,325)(1,466)Future policy benefits discount rate remeasurement gains (losses), net of income tax9,0645,876Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(80)(64) Defined benefit plans adjustment, net of income tax(1,357)(1,407) Embedded derivatives - funds withheld on ceded reinsurance, net of income tax180(83)Total MetLife, Inc.'s adjusted common stockholders' equity36,80637,495Less: Accumulated year-to-date total notable items, net of income tax - - Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items$36,806$37,495June 30,Book Value (2)20262025Book value per common share38.5935.79Less: Unrealized investment gains (losses), net of related offsets and income tax(29.28)(24.72)Deferred gains (losses) on derivatives, net of income tax(2.08)(2.20)Future policy benefits discount rate remeasurement gains (losses), net of income tax14.228.81Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.13)(0.10) Defined benefit plans adjustment, net of income tax(2.13)(2.11)Embedded derivatives - funds withheld on ceded reinsurance, net of income tax0.28(0.12)Adjusted book value per common share$57.71$56.23Common shares outstanding, end of period (3)637.8666.8
Second Quarter 2026 Summary Total Company Discussion
Adjusted Earnings by Segment Summary ASIA •Sales were $346 million, up 15 percent on a constant currency basis, reflecting continued Non-GAAP and Other Financial Disclosures (xii)adjusted return on equity, excluding total notable items(xii)return on equity(xiii)investment portfolio gains (losses)(xiii)net investment gains (losses)(xiv)derivative gains (losses)(xiv)net derivative gains (losses)(xv)adjusted capitalization of deferred policy acquisition costs (DAC)(xv)capitalization of DAC(xvi)total MetLife, Inc.’s adjusted common stockholders’ equity(xvi)total MetLife, Inc.’s stockholders’ equity(xvii)total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items(xvii)total MetLife, Inc.’s stockholders’ equity(xviii)adjusted book value per common share(xviii)book value per common share(xix)adjusted other expenses(xix)other expenses(xx)adjusted other expenses, net of adjusted capitalization of DAC(xx)other expenses, net of capitalization of DAC(xxi)adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses(xxi)other expenses, net of capitalization of DAC(xxii)adjusted expense ratio(xxii)expense ratio(xxiii)adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT(xxiii)expense ratio(xxiv)direct expenses(xxiv)other expenses(xxv)direct expenses, excluding total notable items related to direct expenses(xxv)other expenses(xxvi)direct expense ratio(xxvi)expense ratio(xxvii)direct expense ratio, excluding total notable items related to direct expenses and PRT(xxvii)expense ratio(xxviii)future policy benefits at original discount rate(xxviii)future policy benefits at balance sheet discount rate(xxix)free cash flow of all holding companies(xxix)MetLife, Inc. (parent company only) net cash provided by (used in) operating activities Adjusted earnings and related measures •Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, Assets Under Management (“AUM”) cost) is presented net of related allowance for credit loss. subsidiaries, expenses and other net flows of the holding companies (including capital contributions (15)collateral or derivative-related payments; ($ in millions, except per share data)Three Months Ended June 30,20262025ChangePremiums, fees and other revenues$13,652$12,7487%Net investment income6,7025,66118%Net investment gains (losses)(428)(273)Net derivative gains (losses)(772)(796)Total revenues$19,154$17,340Adjusted premiums, fees and other revenues$13,524$12,7196%Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)$13,014$12,3915%Market risk benefit remeasurement gains (losses)$270$277Net income (loss)$705$6981%Net income (loss) per share$1.09$1.036%Adjusted earnings$1,573$1,36215%Adjusted earnings per share$2.43$2.0220%Adjusted earnings, excluding total notable items$1,573$1,36215%Adjusted earnings, excluding total notable items per share $2.43$2.0220%Book value per share$38.59$35.798%Adjusted book value per share$57.71$56.233%Expense ratio21.7%19.8%Direct expense ratio, excluding total notable items related to direct expenses and PRT12.1%11.7%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT20.8%19.8%ROE11.5%11.7%Adjusted ROE17.0%14.6%Adjusted ROE, excluding total notable items17.0%14.6% Contacts: For Media: Steve LaMarca (646) 884-3840, Steve.LaMarca@metlife.com Premiums, fees and other income were $13.7 billion, up 7 percent compared with the priorwith in-force reinsurance. as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This (16)investment valuations, allowances, or impairments changes; 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 June 30, 2026 and June 30, 2025, respectively.(3)There were share repurchases of approximately $700 million for the three months ended June 30, 2026. Year to date, there were share repurchases of approximately $1.7 billion, including approximately $225 million of share repurchases in July 2026. Common stock dividends of approximately $400 million were paid for the three months ended June 30,2026.(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 total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $16.4 billion at June 30, 2026, up 1% from $16.2 billion at March 31, 2026. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com broad-based growth. Any references in this news release (except in this section and the tables that accompany this release) to:Should be read as, respectively:(i)net income (loss)(i) net income (loss) available to MetLife, Inc.’s common shareholders(ii)net income (loss) per share(ii)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share(iii)adjusted earnings(iii)adjusted earnings available to common shareholders(iv)adjusted earnings per share(iv)adjusted earnings available to common shareholders per diluted common share(v)book value per share(v)book value per common share(vi)adjusted book value per share(vi)adjusted book value per common share(vii)return on equity(vii)return on MetLife, Inc.’s common stockholders’ equity(viii)adjusted return on equity(viii)adjusted return on MetLife, Inc.’s common stockholders’ equity •adjusted earnings; •Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client Other items Three Months EndedJune 30, 2026SegmentChange fromprior-year period (on a reported basis)Change fromprior-year period (on a constantcurrency basis)Group Benefits25%Retirement and Income Solutions (RIS)2%Asia21%25%Latin America 15%4%Europe, the Middle East and Africa (EMEA)8%11%MetLife Investment Management (MIM)6% ($ in millions)Three Months EndedJune 30, 2026Three Months EndedJune 30, 2025ChangeConstantcurrencychangeAdjusted earnings$420$34621%25%Adjusted PFOs$1,698$1,699 - %6%Asia general account assets under management (at amortized cost)$141,211$139,1581%6% year quarter. Adjusted premiums, fees and other revenues, excluding pension risk transfers, For Immediate Release | Global Communications | MetLife, Inc. excludes earned income on derivatives and amortization of premium on derivatives, where such 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;
- adjusted earnings available to common shareholders; •Interest credited to policyholder account balances excludes amounts associated with periodic AUM (each, as defined below). were $13.0 billion, up 5 percent. derivatives are either hedges of investments or are used to replicate certain investments, and where such The following additional information is relevant to an understanding of MetLife’s performance: repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as (18)global political, legal, or operational risks; METLIFE INVESTMENT MANAGEMENT MetLife Announces 2Q 2026 ResultsStrong business momentum continues under New Frontier strategy
- 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 •MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM a substitute for net cash provided by (used in) operating activities calculated in accordance with (19)business competition; Net investment income was $6.7 billion, up 18 percent, primarily due to increases in the About MetLife
- adjusted earnings available to common shareholders, excluding total notable items; other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. •Statistical sales information: ($ in millions)Three Months EndedJune 30, 2026Three Months EndedJune 30, 2025ChangeAdjusted earnings$57$546%Other revenues$317$23734%Total assets under management$748,126$624,28720% reported within adjusted earnings and not within derivative gains (losses). (as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”) GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings (20)technological changes; estimated fair value of certain securities that do not qualify as separate accounts under GAAP. MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the •adjusted earnings available to common shareholders, excluding total notable items, on a constant “Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the manages or advises. •Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full- available to common shareholders. (21)catastrophes; Adjusted net investment income was $5.6 billion, up 7 percent, reflecting asset growth and world’s leading financial services companies, providing insurance, annuities, employee benefits currency basis; Return on equity and related measures discontinued operations criteria under GAAP. Divested businesses also include the net impact of year premiums and fees from recurring premium policy sales of all products. (22)climate changes or responses to it; investing in a higher-rate environment. •adjusted earnings available to common shareholders per diluted common share; •General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account and asset management to help individual and institutional customers build a more confident •Net income increased 1% to $705 million, or $1.09 per share.•Adjusted earnings increased 15% to $1.6 billion, driven by favorable underwriting and volume growth.•Adjusted earnings per share increased 20% to $2.43.•Premiums, fees and other revenues (PFOs) increased 7% to $13.7 billion. •Adjusted PFOs, excluding pension risk transfers (PRT), increased 5% to $13.0 billion, with widespread growth across every operating segment.•Net investment income up 18% to $6.7 billion.•Book value per share (BVPS) up 8% to $38.59, adjusted BVPS up 3% to $57.71.•Returned over $1.1 billion to shareholders via share repurchases and common stock dividends.•Holding company cash and liquid assets totaled $3.4 billion at quarter end, within our target range.•Adjusted return on equity of 17% for the second straight quarter, at the top of our range.•Group Benefits adjusted earnings up 25% to $503 million.•Retirement and Income Solutions adjusted earnings up 2% to $377 million.•Asia adjusted earnings up 21% to $420 million.•Latin America adjusted earnings up 15% to $268 million.•EMEA adjusted earnings up 8% to $108 million.•MetLife Investment Management adjusted earnings up 6% to $57 million. EarningsPer Share2Q 2026NetIncome $1.09AdjustedEarnings $2.43 Returnon Equity (ROE)2Q 2026ROE 11.5%AdjustedROE 17.0% transactions with exited businesses that have been eliminated in consolidation under GAAP and costs •Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common (23)deficiencies in our closed block;
- adjusted earnings available to common shareholders, on a constant currency basis per diluted (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total •RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and Forward-Looking Statements future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred (24)goodwill or other asset impairment, or deferred income tax asset allowance; Net investment losses were $338 million after tax, reflecting normal trading activity and a common share; investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash 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 leading positions in the United States, Asia, Latin America, Europe and the Middle East. For be included in results of discontinued operations under GAAP. gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), (25)impairment of value of business acquired ("VOBA"), value of distribution agreements acquired or stable credit environment. Net derivative losses amounted to $610 million after tax, driven by
- Adjusted earnings were $420 million, up 21 percent on a reported basis and up 25 percent •adjusted earnings available to common shareholders, excluding total notable items per diluted and cash equivalents, and accrued investment income on such assets, and excludes policy loans, 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. more information, visit www.metlife.com. market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit value of customer relationships acquired; on a constant currency basis, driven by stronger equity markets, higher VII, and volume stronger equity markets, higher long-term interest rates, and strengthening of the U.S. dollar. common share; and Other adjustments are made in calculating adjusted earnings: certain contractholder-directed equity securities, fair value option securities, mortgage loans corporate-owned life insurance. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to •Adjusted earnings were $57 million, up 6 percent, driven by business growth and expense plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the (26)product guarantee volatility, costs, and counterparty risks; growth. Conference Call •adjusted earnings available to common shareholders, excluding total notable items, on a constant originated for third parties, assets subject to ceded reinsurance arrangements with third parties and historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” management. Net income was $705 million, reflecting higher adjusted earnings, partially offset by certain •Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly- embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized •Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from (27)risk management failures; •Adjusted PFOs were $1.7 billion, essentially flat on a reported basis, and up 6 percent on a currency basis per diluted common share. joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” •Other revenues were $317 million, up 34 percent, primarily reflecting the acquisition of investment-related items. On a per-share basis, net income increased 6 percent to $1.09. owned real estate and real estate joint ventures. investment gains (losses) passed through to reinsurers), all net of income tax. retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium (28)insufficient protection from operational risks; MetLife will hold its second quarter 2026 earnings conference call on Thursday, August 6, 2026, constant currency basis. ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been “should,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied PineBridge Investments and business growth. Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to deposits from credit insurance and 100% of annualized full-year premiums and fees from (29)failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or from 9-10 a.m. (ET) via a live webcast. Please click on the following link to register: https://
- Asia general account assets under management (at amortized cost) were •Net investment income and interest credited to policyholder account balances exclude certain •Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on to future periods or future performance, in each case in all derivative forms. They include statements Adjusted earnings were $1.6 billion, up 15 percent on a reported basis and 14 percent on a Business Discussions •Total assets under management were $748.1 billion, up 20 percent. evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, recurring-premium policy sales of all products (mainly from risk and protection products such as disaster recovery failures; events.q4inc.com/attendee/539596169. A replay of the webcast will be available at $141.2 billion, up 6 percent on a constant currency basis. amounts related to contractholder-directed equity securities (“Unit-linked contract income” and MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of the nature and characteristics of the underlying investments which can vary from how they are relating to strategy, goals and expectations concerning our market position, future operations, margins, Cash & CapitalJune 30, 2026 (in billions) (7)Holding Companies Cash & Liquid Assets$3.4See footnotes on last page. constant currency basis, driven by favorable underwriting and broad-based volume growth. On a adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related individual life, accident & health and group). (30)accounting standards changes; investor.metlife.com for seven days following the call. “Unit-linked contract costs”). related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate classified under GAAP. Accordingly, the underlying investments within certain real estate and real profitability, capital expenditures, liquidity and capital resources and other financial and operating •Sales were $794 million, up 17 percent on a constant currency basis, driven by strong CORPORATE & OTHER GROUP BENEFITS per-share basis, adjusted earnings were $2.43, up 20 percent. measures based on adjusted earnings are also the measures by which senior management’s and many (31)excessive risk-taking; remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of information. By their nature, forward-looking statements: speak only as of the date they are made; are not performance across the region. other employees’ performance is evaluated for the purposes of determining their compensation under •Net investment income and other expenses exclude Reinsurance activity (as defined below). (32)marketing and distribution difficulties; ($ in millions)Three Months EndedJune 30, 2026Three Months EndedJune 30, 2025ChangeAdjusted earnings$503$40125%Adjusted PFOs$6,512$6,4461%Adjusted PFOs, excluding participating contracts$5,054$4,8754% ($ in millions)Three Months EndedJune 30, 2026Three Months EndedJune 30, 2025ChangeAdjusted earnings$(160)$(142) Direct expense ratio, excluding total notable items related to direct expenses and PRT, was gains (losses), defined benefit plans adjustment components of AOCI, the embedded derivatives deduction for encumbering debt) have been reclassified to exclude them from real estate and real business activity. statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings (33)pension and other postretirement benefit assumption changes; Comment from Michel Khalaf, President and Chief Executive Officer:MetLife delivered an excellent second quarter. Adjusted earnings per share rose 20 percent, powered by strong underwriting and broad volume growth.Our New Frontier strategy is working. Disciplined execution is driving balanced growth and generating attractive returns, with adjusted return on equity at 17 percent year-to-date. Our scale, diversification and financial strength set MetLife apart, and this quarter further reinforces our ability to create value for shareholders across cycles, while keeping customers at the center of everything we do. 12.1 percent, compared to 11.7 percent in the prior-year quarter, and on track for our yearly •Net investment income and interest expense on debt exclude amounts related to collateralized related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) estate joint ventures and include them as commercial mortgage loans. assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs LATIN AMERICA ### allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry •Volume growth, where cited, represents the change in certain measures of our segment results, (34)inability to protect our intellectual property or avoid infringement claims; financing entities that are consolidated variable interest entities (“Consolidated collateralized passed through to reinsurers) and total notable items, all net of income tax. and projections are expressed in good faith and we believe there is a reasonable basis for them. target. results. •Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as including adjusted earnings, attributable to business growth, applying a model in which certain (35)acquisition, integration, growth, disposition, or reorganization difficulties; ($ in millions)Three Months EndedJune 30, 2026Three Months EndedJune 30, 2025ChangeConstantcurrencychangeAdjusted earnings$268$23315%4%Adjusted PFOs$1,899$1,63416%6% financing entities”). However, there can be no assurance that management’s expectations, beliefs and projections will result In this news release, MetLife presents certain measures of its performance on a consolidated and •Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s defined below). MIM manages or advises Institutional Client AUM in accordance with client margins and factors are held constant, the most significant of which are underwriting margins, (36)Brighthouse Financial, Inc. separation risks; Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted or be achieved and actual results may vary materially from what is expressed in or indicated by the •Adjusted loss of $160 million, compared to an adjusted loss of $142 million. segment basis that are not calculated in accordance with accounting principles generally accepted in the •Other revenues and other expenses exclude asset management distribution fees on funds that are common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. guidelines contained in each investment advisory agreement. investment margins, changes in equity market performance, expense margins and the impact of (37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the earnings available to common shareholders is defined as adjusted earnings less preferred stock forward-looking statements. United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our passed through to distribution partners. changes in foreign currency exchange rates. voting provisions of the MetLife Policyholder Trust; and dividends. •Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to ◦Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which INVESTMENTS investors’ understanding of MetLife’s performance by highlighting the results of operations and the 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.
- Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements •PRT includes U.K. funded reinsurance. underlying profitability drivers of the business. Segment-specific financial measures are calculated using Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our ($ in millions)Three Months EndedJune 30, 2026Three Months EndedJune 30, 2025ChangeAdjusted net investment income$5,551$5,2027% •Adjusted earnings were $503 million, up 25 percent, reflecting favorable underwriting and for as freestanding derivatives. at estimated fair value, as well as accrued investment income on such assets. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking only the portion of consolidated results attributable to that specific segment. fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market •Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: •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 volume growth. For the Three Months EndedJune 30,Return on Equity (4)20262025Return on MetLife, Inc.'s:Common stockholders' equity11.5%11.7%Adjusted return on MetLife, Inc.'s:Adjusted common stockholders' equity17.0%14.6%Adjusted common stockholders' equity, excluding total notable items17.0%14.6%For the Three Months EndedJune 30,Average Common Stockholders' Equity20262025Average common stockholders' equity$24,553$23,771Average adjusted common stockholders' equity$36,947$37,267Average adjusted common stockholders' equity, excluding total notable items$36,947$37,267See footnotes on last page. statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please
- Adjusted earnings were $268 million, up 15 percent on a reported basis and up 4 percent volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and •Other expenses exclude (i) amortization and impairment of asset management intangible assets, adjusted earnings available to common shareholders, excluding total notable items, divided by ◦Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from The following non-GAAP financial measures should not be viewed as substitutes for the most directly •Adjusted PFOs were $6.5 billion, up 1 percent. •“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. on a constant currency basis, driven by volume growth across the region, as well as costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items. third parties and joint ventures, which are managed or advised by MIM and are generally included those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other comparable financial measures calculated in accordance with GAAP: •Adjusted PFOs, excluding participating contracts, were $5.1 billion, up 4 percent, and acquired for third parties, including (i) the related investment returns and expenses which are Securities and Exchange Commission. favorable market factors, including encaje returns, and taxes, partially offset by the impact of measures exclude results of discontinued operations under GAAP. integration and other related costs. Other expenses include (i) deductions for net income (loss) in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, The above measures represent a level of equity that excludes most components of AOCI, such as passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. reflecting solid growth across both National Accounts and Regional Business. the Mexico value-added tax change. •Adjusted net investment income was $5.6 billion, up 7 percent. VII increased 18 percent 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 premiums, fees and other revenues, excluding participating contracts(v)premiums, fees and other revenues(vi)adjusted net investment income(vi)net investment income(vii)adjusted earnings available to common shareholders(vii)net income (loss) available to MetLife, Inc.’s common shareholders(viii)adjusted earnings available to common shareholders, excluding total notable items(viii)net income (loss) available to MetLife, Inc.’s common shareholders(ix)adjusted earnings available to common shareholders per diluted common share(ix)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share(x)adjusted earnings available to common shareholders, excluding total notable items, per diluted common share(x)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share(xi)adjusted return on equity(xi)return on equity attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits investment income on such assets. may cause such differences. These factors include: Corporate Information Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate •Sales were up 9 percent year-to-date. •Adjusted PFOs were $1.9 billion, up 16 percent on a reported basis and up 6 percent on a to $231 million. accrued on synthetic GICs accounted for as freestanding derivatives. •We refer to observable forward yield curves as of a particular date in connection with making our MetLife, Inc. encourage investors and others to frequently visit its website (www.metlife.com), including its net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded ◦Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM (1)economic condition difficulties, including risks relating to interest rates, the effects of announced or constant currency basis, due to strong growth and solid persistency across the region. Investor Relations web pages (https://investor.metlife.com). MetLife announces significant financial and estimates for future results. The observable forward yield curves at a given time are based on (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items •“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third derivatives, as these amounts are primarily driven by market volatility. on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as future tariff increases on the global economy, credit spreads, declining equity or debt markets, RIS •Sales were $456 million, up 9 percent on a constant currency basis, primarily driven by SECOND QUARTER 2026 NOTABLE ITEMS other information to its investors and the public on the Investor Relations web pages, as well as in U.S. implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and parties and joint ventures, including (i) the related investment returns and expenses which are accrued investment income on such assets. Such non-proprietary assets are owned by changes in the value of assets under management, real estate, obligors and counterparties, Securities and Exchange Commission filings, news releases, public conference calls and webcasts, fact strong growth in third-party distribution across the region, particularly in Brazil, powered by Expense ratio, direct expense ratio, adjusted expense ratio and related measures Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our ($ in millions)Three Months EndedJune 30, 2026Three Months EndedJune 30, 2025ChangeAdjusted earnings$377$3702%Adjusted PFOs$1,769$1,38228%Adjusted PFOs, excluding PRT$1,259$1,05419% ($ in millions)Adjusted EarningsThree Months Ended June 30, 2026Notable ItemsGroup BenefitsRISAsiaLatinAmericaEMEAMIMCorporate&OtherTotalTotal notable items$0$0$0$0$0$0$0$0 policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s government default or shutdown, currency exchange rates, derivatives, climate change, public Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not sheets, social media posts, including of its senior executives, and other documents and media. The estimates for future results. our Xcelerator platform. guarantees accounted for as additional liabilities and (ii) market value adjustments. equivalents. •Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other consolidated financial statements. health, terrorism and security; accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to information found on MetLife’s website, including MetLife’s Sustainability Report, is not incorporated by revenues. •Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were (2)global capital and credit market adversity; provide other than a range of net investment gains and losses and net derivative gains and losses, which reference into this earnings release or in any other report or document MetLife submits to the U.S. Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not •Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA EMEA unknown and that MetLife could not anticipate when it devised its business plan. Notable items also (3)credit facility inaccessibility; Securities and Exchange Commission, and any references to its website are intended to be inactive can fluctuate significantly within or outside the range and from period to period and may have a material be recognized at acquisition or adjusted for during the measurement period under GAAP business •Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total textual references only. •Universal life and investment-type product policy fees exclude asymmetrical accounting associated include certain items regardless of the extent anticipated in the business plan, to help investors have (4)financial strength or credit ratings downgrades; Page 18 of 25 impact on net income (loss). ($ in millions)Three Months EndedJune 30, 2026Three Months EndedJune 30, 2025ChangeConstantcurrencychangeAdjusted earnings$108$1008%11%Adjusted PFOs$806$71912%12% Information regarding the non-GAAP and other financial measures included in this news release combination accounting guidance. expenses are comprised of employee-related costs, third-party staffing costs, and general and investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, with in-force reinsurance. 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 and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP administrative expenses. cash and cash equivalents, and accrued investment income on such assets, and excludes policy The tax impact of the adjustments mentioned above is calculated net of the U.S. or foreign statutory tax 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 Any financial measures shown on a constant currency basis reflect the impact of changes in foreign and Other Financial Disclosures” below and in the tables that accompany this news release. •Net investment income includes earned income on derivatives and amortization of premium on loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans
- Adjusted earnings were $377 million, up 2 percent, driven by favorable recurring interest rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax •Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct risks; currency exchange rates and are calculated using the average foreign currency exchange rates for the derivatives that are hedges of investments or that are used to replicate certain investments, but do originated for third parties, assets subject to ceded reinsurance arrangements with third parties and •Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife margins and volume growth, partially offset by lower variable investment income (VII). Supplemental slides for the second quarter of 2026, titled “2Q26 Earnings Call Presentation,” (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, (6)statutory life insurance reserve financing costs or limited market capacity; current period and applied to the comparable prior period (“constant currency basis”). not qualify for hedge accounting treatment (“Investment hedge adjustments”). joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint holding companies and include cash and cash equivalents, short-term investments and publicly •Adjusted PFOs were $1.8 billion. reforms. fees and other revenues, excluding PRT. (7)legal, regulatory, and supervisory and enforcement policy changes; are available on the MetLife Investor Relations website at https://investor.metlife.com and in the ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have traded securities excluding assets that are pledged or otherwise committed. Assets pledged or Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial
- Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical (8)changes in tax rates, tax laws or interpretations; Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection •Adjusted PFOs, excluding PRT, were $1.3 billion, up 19 percent, mainly driven by U.K. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock •Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by been adjusted from carrying value to estimated fair value. At the segment level, intersegment otherwise committed include amounts received in connection with securities lending, repurchase measures are included in this earnings news release and in this period’s earnings materials, which are •Adjusted earnings were $108 million, up 8 percent on a reported basis and up 11 percent longevity reinsurance and structured settlement sales. accounting associated with in-force reinsurance. (9)litigation and regulatory investigations; with this earnings release. Supplemental information about MetLife's diversified global redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s adjusted premiums, fees and other revenues. balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding available at MetLife’s Investor Relations webpage (https://investor.metlife.com). on a constant currency basis, driven by strong volume growth, partially offset by higher •Total retained liability exposure grew 3 percent, including 2 percent in retained general (10)unsuccessful efforts to meet all sustainability standards or to enhance our sustainability; investment portfolio is contained in the "2Q26 - General Account Assets Under Management
- Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with common shareholders. MetLife consolidated level) are excluded from Asia GA AUM. agreements and secured borrowings, as well as amounts held in the closed block. expenses. account liabilities. •Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: (11)MetLife, Inc.’s inability to pay dividends and repurchase common stock; MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ Fact Sheet," available on the above-mentioned website. contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-
- Adjusted PFOs were $806 million, up 12 percent on both a reported and constant currency Investment portfolio gains (losses) and derivative gains (losses) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on •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.; from those used by other companies: force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free (13)investment defaults, downgrades, or volatility; basis, with strong sales momentum and solid renewal activity across the region. In this news release, all comparisons of results for the second quarter of 2026 are with the second quarter of 2025, unless otherwise noted. premium annuity business. These losses are amortized into adjusted earnings within policyholder These are measures of investment and hedging activity. Investment portfolio gains (losses) principally value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating (14)investment sales or lending difficulties; benefits and claims over the estimated lives of the contracts. excludes amounts that are reported within net investment gains (losses) but do not relate to the 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