Open the filing on EDGARMetLife, Inc.Adjusted Earnings Available to Common Shareholders(In millions)For the Three Months EndedSeptember 30,20262025Group Benefits (5):Adjusted earnings available to common shareholders$523$456Less: Total notable items - (2)Adjusted earnings available to common shareholders, excluding total notable items$523$458Adjusted premiums, fees and other revenues$6,513$6,306Less: Participating contracts1,4301,442Adjusted premiums, fees and other revenues, excluding participating contracts$5,083$4,864RIS (5):Adjusted earnings available to common shareholders$413$441Less: Total notable items(65)13Adjusted earnings available to common shareholders, excluding total notable items$478$428Adjusted premiums, fees and other revenues$2,018$1,214Less: PRT394(10)Adjusted premiums, fees and other revenues, excluding PRT$1,624$1,224Asia:Adjusted earnings available to common shareholders$602$540Less: Total notable items5270Adjusted earnings available to common shareholders, excluding total notable items$550$470Adjusted earnings available to common shareholders on a constant currency basis $602$526Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$550$456Adjusted premiums, fees and other revenues$1,739$1,717Adjusted premiums, fees and other revenues, on a constant currency basis $1,739$1,655Latin America:Adjusted earnings available to common shareholders$215$148Less: Total notable items(14)(75)Adjusted earnings available to common shareholders, excluding total notable items$229$223Adjusted earnings available to common shareholders on a constant currency basis $215$165Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$229$240Adjusted premiums, fees and other revenues$2,023$1,663Adjusted premiums, fees and other revenues, on a constant currency basis $2,023$1,769See footnotes on last page. MetLife, Inc.Adjusted Earnings Available to Common Shareholders (Continued)(In millions)For the Three Months EndedSeptember 30,20262025EMEA:Adjusted earnings available to common shareholders$108$87Less: Total notable items(6)(1)Adjusted earnings available to common shareholders, excluding total notable items$114$88Adjusted earnings available to common shareholders on a constant currency basis$108$82Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$114$83Adjusted premiums, fees and other revenues$832$727Adjusted premiums, fees and other revenues, on a constant currency basis$832$711MIM (5):Adjusted earnings available to common shareholders$63$58Less: Total notable items - - Adjusted earnings available to common shareholders, excluding total notable items$63$58Corporate & Other (5):Adjusted earnings available to common shareholders$(144)$(146)Less: Total notable items(13)13Adjusted earnings available to common shareholders, excluding total notable items$(131)$(159)Adjusted premiums, fees and other revenues$475$596See footnotes on last page. MetLife, Inc.Variable Investment IncomeFor the Three Months EndedSeptember 30, 2026September 30, 2026Variable Investment Income (post-tax, in millions) (6)Assets (in billions)Group Benefits$7$0.2RIS1645.0Asia2779.0Latin America10.3EMEA20.1MIM - - Corporate & Other1184.2Total$569$18.8Value of New BusinessSegments: Group Benefits, RIS, Asia, Latin America and EMEA (7)Capital DeployedValue of New BusinessInternal Rate of ReturnPayback (Years)($ in billions)2025$3.8$2.819%52024$3.4$2.619%52023$3.6$2.619%52022$3.7$2.317%62021$2.8$1.917%6 MetLife, Inc.(In millions, except per share data)For the Three Months EndedFor the Nine Months EndedSeptember 30,September 30,2026202520262025Reconciliation to Adjusted Earnings Available to Common ShareholdersEarnings Per Weighted Average Common Share Diluted (1)Earnings Per Weighted Average Common Share Diluted (1)Earnings Per Weighted Average Common Share Diluted (1)Earnings Per Weighted Average Common Share Diluted (1)Net income (loss) available to MetLife, Inc.'s common shareholders$2,351$3.67$818$1.22$4,196$6.48$2,395$3.54Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:Less: Net investment gains (losses)(430)(0.67)(325)(0.49)(1,528)(2.36)(985)(1.45)Net derivative gains (losses)6981.09(929)(1.39) - - (1,293)(1.91)Market risk benefit remeasurement gains (losses)3200.502630.394700.732410.36Goodwill impairment - - - - - - - - Other adjustments to net income (loss)290.04200.04(23)(0.05)(275)(0.40)Provision for income tax (expense) benefit(31)(0.05)2230.333730.584410.65Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests150.0260.01350.05170.03Preferred stock redemption premium - - 120.02 - - 120.02Adjusted earnings available to common shareholders1,7802.781,5842.374,9397.634,2956.34Less: Total notable items(46)(0.07)180.03(46)(0.07)180.03Adjusted earnings available to common shareholders, excluding total notable items$1,826$2.85$1,566$2.34$4,985$7.70$4,277$6.32Adjusted earnings available to common shareholders on a constant currency basis$1,780$2.78$1,582$2.36$4,939$7.63$4,341$6.41Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis$1,826$2.85$1,564$2.34$4,985$7.70$4,323$6.39Weighted average common shares outstanding - diluted639.9669.1647.5677.0See footnotes on last page. Exhibit 99.1 MetLife, Inc.GAAP Consolidated Statements of Operations(In millions)For the Three Months EndedSeptember 30,20262025RevenuesPremiums$11,818$10,555Universal life and investment-type product policy fees1,3851,247Net investment income6,1986,089Other revenues853724Net investment gains (losses)(430)(325)Net derivative gains (losses)698(929)Total revenues20,52217,361ExpensesPolicyholder benefits and claims11,47410,369Policyholder liability remeasurement (gains) losses138(159)Market risk benefit remeasurement (gains) losses(320)(263)Interest credited to policyholder account balances2,2012,561Policyholder dividends136134Amortization of DAC, VOBA and negative VOBA612522Interest expense on debt291271Other expenses, net of capitalization of DAC2,9902,716Total expenses17,52216,151Income (loss) before provision for income tax3,0001,210Provision for income tax expense (benefit)588308Net income (loss)2,412902Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests156Net income (loss) attributable to MetLife, Inc.2,397896Less: Preferred stock dividends4666 Preferred stock redemption premium - 12Net income (loss) available to MetLife, Inc.'s common shareholders$2,351$818See footnotes on last page. MetLife, Inc.(In millions) For the Three Months EndedSeptember 30,20262025Premiums, Fees and Other RevenuesPremiums, fees and other revenues$14,056$12,526Less: Adjustments to premiums, fees and other revenues:Asymmetrical and non-economic accounting14378Other(6)(15)Divested businesses - 2Adjusted premiums, fees and other revenues$13,919$12,461Adjusted premiums, fees and other revenues, on a constant currency basis$13,919$12,489Less: PRT394(10)Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis$13,525$12,499Net Investment IncomeNet investment income$6,198$6,089Less: Adjustments to net investment income:Investment hedge adjustments(72)(100)Depreciation of wholly-owned real estate and real estate joint ventures(56)Joint venture adjustments(139)(8)Unit-linked contract income125580Reinsurance activity327177Consolidated collateralized financing entities25 - Divested businesses - - Adjusted net investment income$5,988$5,440Revenues and ExpensesTotal revenues$20,522$17,361Less: Adjustments to total revenues:Net investment gains (losses)(430)(325)Net derivative gains (losses)698(929)Investment hedge adjustments(72)(100)Depreciation of wholly-owned real estate and real estate joint ventures(56)Asymmetrical and non-economic accounting, excluding Investment hedge adjustments14378Joint venture adjustments(139)(8)Unit-linked contract income125580Reinsurance activity327177Consolidated collateralized financing entities25 - Other(6)(15)Divested businesses - 2Total adjusted revenues$19,907$17,901Total expenses$17,522$16,151Less: Adjustments to total expenses:Market risk benefit remeasurement (gains) losses(320)(263)Goodwill impairment - - Asymmetrical and non-economic accounting5518Market volatility(72)(49)Unit-linked contract costs62578Reinsurance activity214135Consolidated collateralized financing entities19 - Other362Divested businesses410Total adjusted expenses$17,524$15,720See footnotes on last page. MetLife, Inc.(In millions, except per share and ratio data)For the Three Months EndedSeptember 30,20262025Expense Detail and Ratios Reconciliation of Capitalization of DAC to Adjusted Capitalization of DACCapitalization of DAC $(975)$(852)Less: Divested businesses - - Adjusted capitalization of DAC$(975)$(852)Reconciliation of Other Expenses to Adjusted Other ExpensesOther expenses $3,965$3,568Less: Reinsurance activity214135 Other362 Divested businesses49Adjusted other expenses$3,711$3,422Other Detail and RatiosOther expenses, net of capitalization of DAC$2,990$2,716Premiums, fees and other revenues$14,056$12,526Expense ratio21.3%21.7%Direct expenses$1,605$1,443Less: Total notable items related to direct expenses - - Direct expenses, excluding total notable items related to direct expenses$1,605$1,443Adjusted other expenses$3,711$3,422Adjusted capitalization of DAC(975)(852)Adjusted other expenses, net of adjusted capitalization of DAC2,7362,570Less: Total notable items related to adjusted other expenses - 102Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses$2,736$2,468Adjusted premiums, fees and other revenues$13,919$12,461Less: PRT394(10)Adjusted premiums, fees and other revenues, excluding PRT$13,525$12,471Direct expense ratio 11.5%11.6%Direct expense ratio, excluding total notable items related to direct expenses and PRT11.9%11.6%Adjusted expense ratio19.7%20.6%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT20.2%19.8%See footnotes on last page. MetLife, Inc.(In millions, except per share data)September 30,Equity Details20262025Total MetLife, Inc.'s stockholders' equity$22,226$28,944Less: Preferred stock2,8302,830MetLife, Inc.'s common stockholders' equity 19,39626,114Less: Unrealized investment gains (losses), net of related offsets and income tax(30,681)(14,667)Deferred gains (losses) on derivatives, net of income tax(1,749)(1,239)Future policy benefits discount rate remeasurement gains (losses), net of income tax14,8446,028Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(110)(83) Defined benefit plans adjustment, net of income tax(1,336)(1,390) Embedded derivatives - funds withheld on ceded reinsurance, net of income tax93692Total MetLife, Inc.'s adjusted common stockholders' equity37,49237,373Less: Accumulated year-to-date total notable items, net of income tax(46)18Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items$37,538$37,355September 30,Book Value (2)20262025Book value per common share$30.73$39.52Less: Unrealized investment gains (losses), net of related offsets and income tax(48.62)(22.20)Deferred gains (losses) on derivatives, net of income tax(2.77)(1.88)Future policy benefits discount rate remeasurement gains (losses), net of income tax23.529.12Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.17)(0.13) Defined benefit plans adjustment, net of income tax(2.12)(2.10)Embedded derivatives - funds withheld on ceded reinsurance, net of income tax1.480.14Adjusted book value per common share$59.41$56.57Common shares outstanding, end of period (3)631.1660.7
Third Quarter 2026 Summary Total Company Discussion
Adjusted Earnings by Segment Summary •Excluding notable items, adjusted earnings were $478 million, up 12 percent, driven by •Sales were $501 million, up 6 percent on a constant currency basis, driven by solid INVESTMENTS 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 September 30,20262025ChangePremiums, fees and other revenues$14,056$12,52612%Net investment income6,1986,0892%Net investment gains (losses)(430)(325)Net derivative gains (losses)698(929)Total revenues$20,522$17,361Adjusted premiums, fees and other revenues$13,919$12,46112%Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)$13,525$12,4718%Market risk benefit remeasurement gains (losses)$320$26322%Net income (loss)$2,351$818187%Net income (loss) per share$3.67$1.22201%Adjusted earnings$1,780$1,58412%Adjusted earnings per share$2.78$2.3717%Adjusted earnings, excluding total notable items$1,826$1,56617%Adjusted earnings, excluding total notable items per share $2.85$2.3422%Book value per share$30.73$39.52(22)%Adjusted book value per share$59.41$56.575%Expense ratio21.3%21.7%Direct expense ratio, excluding total notable items related to direct expenses and PRT11.9%11.6%Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT20.2%19.8%ROE42.7%13.1%Adjusted ROE19.2%16.9%Adjusted ROE, excluding total notable items19.6%16.7% Premiums, fees and other revenues were $14.1 billion, up 12 percent compared with the with 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 of equity related to preferred stock at both September 30, 2026 and 2025.(3)There were share repurchases of $650 million for the three months ended September 30, 2026. Year to date, there were share repurchases of $2.4 billion, including $265 million of share repurchases in October 2026. Common stock dividends of $380 million were paid for the three months ended September 30, 2026.(4)Annualized using quarter-to-date and year-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)Excluding MIM and C&O; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales.(8)The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.0 billion at September 30, 2026, up 3% from $16.4 billion at June 30, 2026. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.(9)The Japan Economic Solvency Ratio is 192% for the fiscal year ended March 31, 2026, as filed. higher VII and volume growth. performance in the region. Any references in this news release (except in this section and the tables that accompany this release) to:Should be read as, respectively:(i)net income (loss)(i) net income (loss) available to MetLife, Inc.’s common shareholders(ii)net income (loss) per share(ii)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share(iii)adjusted earnings(iii)adjusted earnings available to common shareholders(iv)adjusted earnings per share(iv)adjusted earnings available to common shareholders per diluted common share(v)book value per share(v)book value per common share(vi)adjusted book value per share(vi)adjusted book value per common share(vii)return on equity(vii)return on MetLife, Inc.’s common stockholders’ equity(viii)adjusted return on equity(viii)adjusted return on MetLife, Inc.’s common stockholders’ equity •adjusted earnings; •Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client Other items Three Months EndedSeptember 30, 2026SegmentChange fromprior-year period (on a reported basis)Change fromprior-year period (on a constantcurrency basis)Group Benefits15%Retirement and Income Solutions (RIS)(6)%Asia11%14%Latin America 45%30%Europe, the Middle East and Africa (EMEA)24%32%MetLife Investment Management (MIM)9% ($ in millions)Three Months EndedSeptember 30, 2026Three Months EndedSeptember 30, 2025ChangeAdjusted net investment income$5,988$5,44010% prior-year quarter. Adjusted premiums, fees and other revenues, excluding PRT, were 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 PFOs were $2.0 billion.
- adjusted earnings available to common shareholders; •Interest credited to policyholder account balances excludes amounts associated with periodic AUM (each, as defined below). $13.5 billion, up 8 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; EMEA MetLife Announces 3Q 2026 ResultsRecord company performance, and top-line growth in every business segment.
- Adjusted PFOs, excluding PRT, were $1.6 billion, up 33 percent, mainly driven by higher •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 $6.2 billion, up 2 percent, due to higher variable investment sales of post-retirement benefits and U.K. longevity reinsurance.
- adjusted earnings available to common shareholders, excluding total notable items; other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance. •Statistical sales information: ($ in millions)Three Months EndedSeptember 30, 2026Three Months EndedSeptember 30, 2025ChangeConstantcurrencychangeAdjusted earnings$108$8724%32%Notable item(s)$(6)$(1)Adjusted earnings ex. notables$114$8830%37%Adjusted PFOs$832$72714%17% 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; •Total retained liability exposure grew 7 percent. income (VII) and asset growth, partially offset by declines in the estimated fair value of certain
- adjusted earnings available to common shareholders, excluding total notable items, on a constant
- Adjusted net investment income was $6.0 billion, up 10 percent. VII increased 49 percent “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; securities that do not qualify as separate accounts under GAAP. Adjusted net investment currency basis; Return on equity and related measures to $720 million. 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; ASIA income was $6.0 billion, up 10 percent, reflecting higher VII, asset growth, and investing in a •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 EarningsPer Share3Q 2026NetIncome $3.67AdjustedEarnings $2.78 Returnon Equity (ROE)3Q 2026ROE 42.7%AdjustedROE 19.2%
- Net income increased 187% to $2.4 billion, or $3.67 per share.•Adjusted earnings increased 12% to $1.8 billion, driven by higher variable investment income, broad-based volume growth and favorable underwriting.•Adjusted earnings per share up 22% to $2.85, excluding total notable items - highest-ever quarter for MetLife.•Adjusted return on equity of 19.6%, excluding total notable items.•Premiums, fees and other revenues (PFOs) increased 12% to $14.1 billion. •Adjusted PFOs, excluding pension risk transfers (PRT), increased 8% to $13.5 billion - with growth in all six business segments.•Book value per share (BVPS) down 22% to $30.73. Adjusted BVPS up 5% to $59.41.•Returned approximately $1 billion to shareholders via share repurchases and common stock dividends.•Holding company cash and liquid assets totaled $3.4 billion at quarter end, within our target range.•On track to deliver against free cash flow ratio and direct expense ratiotargets for the year. transactions with exited businesses that have been eliminated in consolidation under GAAP and costs •Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common (23)deficiencies in our closed block;
- adjusted earnings available to common shareholders, on a constant currency basis per diluted (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total •RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and Forward-Looking Statements higher-rate environment. ($ in millions)Three Months EndedSeptember 30, 2026Three Months EndedSeptember 30, 2025ChangeConstantcurrencychangeAdjusted earnings$602$54011%14%Notable item(s)$52$70Adjusted earnings ex. notables$550$47017%21%Adjusted PFOs$1,739$1,7171%5%Asia general account assets under management (at amortized cost)$144,969$140,8923%4% 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; 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 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 Net investment losses were $340 million after tax, reflecting normal trading activity and a
- 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. market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit value of customer relationships acquired; stable credit environment. 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 plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the (26)product guarantee volatility, costs, and counterparty risks;
- 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,” Contacts: For Media: Steve LaMarca (646) 884-3840, Steve.LaMarca@metlife.com Net derivative gains amounted to $551 million after tax, driven by gains on embedded
- 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; For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com 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,” •Adjusted earnings were $108 million, up 24 percent on a reported basis and up 32 percent derivatives associated with ceded reinsurance, as a result of higher U.S. interest rates. 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; 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 on a constant currency basis. 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
- 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 Net income was $2.4 billion, driven by net derivative gains and higher adjusted earnings. On a Business Discussions •Excluding notable items, adjusted earnings were $114 million, up 30 percent on a 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; 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, About MetLife per-share basis, net income increased 201 percent to $3.67. reported basis and up 37 percent on a constant currency basis, driven by broad-based adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related individual life, accident & health and group). (30)accounting standards changes; “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 MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the GROUP BENEFITS measures based on adjusted earnings are also the measures by which senior management’s and many (31)excessive risk-taking; volume growth. Adjusted earnings were $1.8 billion, up 12 percent on a reported basis and 13 percent on a 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 world’s leading financial services companies, providing insurance, annuities, employee benefits 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; •Adjusted PFOs were $832 million, up 14 percent on a reported basis and up 17 percent on ($ in millions)Three Months EndedSeptember 30, 2026Three Months EndedSeptember 30, 2025ChangeAdjusted earnings$523$45615%Notable item(s)$0$(2)Adjusted earnings ex. notables$523$45814%Adjusted PFOs$6,513$6,3063%Adjusted PFOs, excluding participating contracts$5,083$4,8645% Comment from Michel Khalaf, President and Chief Executive Officer:We delivered the highest quarterly adjusted earnings per share in MetLife’s history in the third quarter, demonstrating the strength of our New Frontier strategy and discipline of our execution.Revenue rose in every business segment, and solid underwriting, volume growth and higher investment returns lifted earnings. We’re turning that into strong free cash flow, reinvesting for responsible growth and returning capital to shareholders.We are firing on all cylinders in year two of New Frontier, and we remain confident in our strategy and its ability to drive repeatable results. constant currency basis, driven by higher VII, broad-based volume growth, and favorable 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, and asset management to help individual and institutional customers build a more confident applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings (33)pension and other postretirement benefit assumption changes; •Adjusted earnings were $602 million, up 11 percent on a reported basis and up 14 percent a constant currency basis, with strong sales momentum and solid renewal activity across the underwriting. On a per-share basis, adjusted earnings were $2.78, up 17 percent. •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 on a constant currency basis, reflecting the impact of the annual actuarial assumption review future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds 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; region. 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. and other insurance adjustments. 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; Direct expense ratio, excluding total notable items related to direct expenses and PRT, was leading positions in the United States, Asia, Latin America, Europe and the Middle East. For
- Sales were $331 million, up 16 percent on a constant currency basis. financing entities”). However, there can be no assurance that management’s expectations, beliefs and projections will result
- Excluding notable items, adjusted earnings were $550 million, up 17 percent on a 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; 11.9 percent, compared to 11.6 percent in the prior-year quarter, and on track for our yearly more information, visit www.metlife.com. 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 reported basis and up 21 percent on a constant currency basis, driven by higher VII, strong 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 target. earnings available to common shareholders is defined as adjusted earnings less preferred stock forward-looking statements. METLIFE INVESTMENT MANAGEMENT Conference Call equity markets and volume growth, partially offset by less favorable underwriting. 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 investors’ understanding of MetLife’s performance by highlighting the results of operations and the •Adjusted PFOs were $1.7 billion, up 1 percent on a reported basis and up 5 percent on a Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve (38)legal- and corporate governance-related effects on business combinations. ($ in millions)Three Months EndedSeptember 30, 2026Three Months EndedSeptember 30, 2025ChangeAdjusted earnings$63$589%Notable item(s)$0$0Adjusted earnings ex. notables$63$589%Other revenues$319$23834%Total assets under management$723,441$632,59414% THIRD QUARTER 2026 NOTABLE ITEMS MetLife will hold its third quarter 2026 earnings conference call on Thursday, November 5, 2026, •Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements •PRT includes U.K. funded reinsurance. underlying profitability drivers of the business. Segment-specific financial measures are calculated using constant currency basis. Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our from 9-10 a.m. (ET) via a live webcast. Please click on the following link to register: https:// for as freestanding derivatives. at estimated fair value, as well as accrued investment income on such assets. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking ($ in millions)Adjusted EarningsThree Months Ended September 30, 2026Notable ItemsGroup BenefitsRISAsiaLatinAmericaEMEAMIMCorporate&OtherTotalActuarial assumption review and other insurance adjustments$0$(65)$52$(14)$(6)$0$(13)$(46)Total notable items$0$(65)$52$(14)$(6)$0$(13)$(46) only the portion of consolidated results attributable to that specific segment. •Asia general account assets under management (at amortized cost) were 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 For the Three Months EndedFor the Nine Months EndedSeptember 30,September 30,Return on Equity (4)202620252026Return on MetLife, Inc.'s:Common stockholders' equity42.7%13.1%23.8%Adjusted return on MetLife, Inc.'s:Adjusted common stockholders' equity19.2%16.9%17.7%Adjusted common stockholders' equity, excluding total notable items19.6%16.7%17.8%For the Three Months EndedFor the Nine Months EndedSeptember 30,September 30,Average Common Stockholders' Equity202620252026Average common stockholders' equity$22,004$24,991$23,517Average adjusted common stockholders' equity$37,149$37,434$37,196Average adjusted common stockholders' equity, excluding total notable items$37,172$37,425$37,207See footnotes on last page. events.q4inc.com/attendee/435085807. A replay of the webcast will be available at statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please 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 $145.0 billion, up 4 percent on a constant currency basis. The following non-GAAP financial measures should not be viewed as substitutes for the most directly investor.metlife.com for seven days following the call. •“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.
- Adjusted earnings were $523 million, up 15 percent. 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 •Sales were $728 million, down 6 percent on a constant currency basis against a strong Cash & CapitalSeptember 30, 2026 (in billions) (8), (9)Holding Companies Cash & Liquid Assets$3.4See footnotes on last page. comparable financial measures calculated in accordance with GAAP: and acquired for third parties, including (i) the related investment returns and expenses which are Securities and Exchange Commission.
- Excluding notable items, adjusted earnings were $523 million, up 14 percent, primarily 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, prior-year quarter. Year-to-date sales were up 10 percent on a constant currency basis, led 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. 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 driven by favorable underwriting. 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 by Japan and Korea. 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
- Adjusted PFOs were $6.5 billion. 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 ### 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 MetLife, Inc. encourages investors and others to frequently visit its website (www.metlife.com), including •Adjusted PFOs, excluding participating contracts, were $5.1 billion, up 5 percent, estimates for future results. The observable forward yield curves at a given time are based on LATIN AMERICA (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, its Investor Relations web pages (https://investor.metlife.com). MetLife announces significant financial and reflecting growth in core and voluntary products. implied future interest rates along a range of interest rate durations. This includes the 10-year U.S.
- Adjusted earnings were $63 million, up 9 percent, reflecting business growth, including the relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and parties and joint ventures, including (i) the related investment returns and expenses which are accrued investment income on such assets. Such non-proprietary assets are owned by changes in the value of assets under management, real estate, obligors and counterparties, other information to its investors and the public on the Investor Relations web pages, as well as in U.S.
- Sales were up 12 percent year-to-date, with strong performance in both National Accounts ($ in millions)Three Months EndedSeptember 30, 2026Three Months EndedSeptember 30, 2025ChangeConstantcurrencychangeAdjusted earnings$215$14845%30%Notable item(s)$(14)$(75)Adjusted earnings ex. notables$229$2233%(5)%Adjusted PFOs$2,023$1,66322%14% 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 addition of PineBridge Investments. 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 Securities and Exchange Commission filings, news releases, public conference calls and webcasts, fact Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not and Regional Business. estimates for future results.
- Other revenues were $319 million, up 34 percent. 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; sheets, social media posts, including of its senior executives, and other documents and media. The accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to
- Total assets under management were $723.4 billion, up 14 percent. revenues. •Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were (2)global capital and credit market adversity; information found on MetLife’s website, including MetLife’s Sustainability Report, is not incorporated by provide other than a range of net investment gains and losses and net derivative gains and losses, which RIS Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not •Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA unknown and that MetLife could not anticipate when it devised its business plan. Notable items also (3)credit facility inaccessibility; reference into this earnings release or in any other report or document MetLife submits to the U.S. can fluctuate significantly within or outside the range and from period to period and may have a material be recognized at acquisition or adjusted for during the measurement period under GAAP business •Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total Annual Actuarial Assumption Review and Other Insurance Adjustments CORPORATE & OTHER ($ in millions)Three Months EndedSeptember 30, 2026Three Months EndedSeptember 30, 2025ChangeAdjusted earnings$413$441(6)%Notable item(s)$(65)$13 Adjusted earnings ex. notables$478$42812%Adjusted PFOs$2,018$1,21466%Adjusted PFOs, excluding PRT$1,624$1,22433% •Universal life and investment-type product policy fees exclude asymmetrical accounting associated include certain items regardless of the extent anticipated in the business plan, to help investors have (4)financial strength or credit ratings downgrades; Securities and Exchange Commission, and any references to its website are intended to be inactive Page 18 of 25 impact on net income (loss). Information regarding the non-GAAP and other financial measures included in this news release combination accounting guidance. expenses are comprised of employee-related costs, third-party staffing costs, and general and investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, with in-force reinsurance. a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items (5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from textual references only. ($ in millions)Three Months EndedSeptember 30, 2026Three Months EndedSeptember 30, 2025ChangeAdjusted earnings$(144)$(146)Notable item(s)$(13)$13Adjusted earnings ex. notables$(131)$(159) 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 In the third quarter of 2026, MetLife performed its annual global actuarial assumption review. 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 The actuarial assumption review and other insurance adjustments during the quarter reduced 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 net income by $56 million and adjusted earnings by $46 million. Supplemental slides for the third quarter of 2026, titled “3Q26 Earnings Call Presentation,” are (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”).
- Adjusted earnings were $215 million, up 45 percent on a reported basis and up 30 percent 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 reforms. fees and other revenues, excluding PRT. (7)legal, regulatory, and supervisory and enforcement policy changes; available on the MetLife Investor Relations website at https://investor.metlife.com and in the on a constant currency basis, reflecting the impact of the annual actuarial assumption review 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 and other insurance adjustments, and the value-added tax charge in Mexico from the prior- 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 accounting associated with in-force reinsurance. (9)litigation and regulatory investigations; with this earnings release. Supplemental information about MetLife's diversified global year period. 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). (10)unsuccessful efforts to meet all sustainability standards or to enhance our sustainability; investment portfolio is contained in the "3Q26 - General Account Assets Under Management •Adjusted loss of $144 million, compared to an adjusted loss of $146 million. •Excluding notable items, adjusted earnings were $229 million, up 3 percent on a
- 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.
- 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. reported basis and down 5 percent on a constant currency basis, as volume growth was contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in- •Adjusted earnings were $413 million, down 6 percent, reflecting the impact of notable 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: largely offset by lower encaje returns. force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single items from the annual actuarial assumption review. In this news release, all comparisons of results for the third quarter of 2026 are with the third quarter of 2025, unless otherwise noted. All year-to-date comparisons are to the first three quarters of 2025. Direct expense ratio, excluding total notable items related to direct expenses and PRT. 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; •Adjusted PFOs were $2.0 billion, up 22 percent on a reported basis and up 14 percent on a 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; constant currency basis, due to strong growth across the region. 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