Table of Contents
Exhibit 99.2




 
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First Quarter
Financial Supplement
March 31, 2026
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METLIFE
TABLE OF CONTENTS
 
 
 
 
 
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METLIFE
As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Revenues
Premiums$11,723 $10,810 $10,555 $16,691 $12,120 $11,723 $12,120 
Universal life and investment-type product policy fees1,229 1,259 1,247 1,268 1,343 1,229 1,343 
Net investment income4,885 5,661 6,089 5,924 5,355 4,885 5,355 
Other revenues687 679 724 737 852 687 852 
Net investment gains (losses)(387)(273)(325)(160)(670)(387)(670)
Net derivative gains (losses)432 (796)(929)(646)74 432 74 
Total revenues18,569 17,340 17,361 23,814 19,074 18,569 19,074 
Expenses
Policyholder benefits and claims11,806 10,767 10,369 16,776 11,864 11,806 11,864 
Policyholder liability remeasurement (gains) losses(31)5 (159)35 (13)(31)(13)
Market risk benefit remeasurement (gains) losses299 (277)(263)(267)120 299 120 
Interest credited to policyholder account balances1,647 2,400 2,561 2,342 1,674 1,647 1,674 
Policyholder dividends144 146 134 129 124 144 124 
Amortization of DAC, VOBA and negative VOBA519 528 522 545 568 519 568 
Interest expense on debt258 269 271 263 265 258 265 
Other expenses, net of capitalization of DAC2,573 2,522 2,716 2,874 2,965 2,573 2,965 
Total expenses17,215 16,360 16,151 22,697 17,567 17,215 17,567 
Income (loss) before provision for income tax1,354 980 1,210 1,117 1,507 1,354 1,507 
Provision for income tax expense (benefit)404 245 308 301 345 404 345 
Net income (loss) 950 735 902 816 1,162 950 1,162 
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests5 6 6 7 (23)5 (23)
Net income (loss) attributable to MetLife, Inc.945 729 896 809 1,185 945 1,185 
Less: Preferred stock dividends66 31 66 31 45 66 45 
 Preferred stock redemption premium — — 12 — — — — 
Net income (loss) available to MetLife, Inc.'s common shareholders$879 $698 $818 $778 $1,140 $879 $1,140 
Premiums, fees and other revenues$13,639 $12,748 $12,526 $18,696 $14,315 $13,639 $14,315 
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METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Net income (loss) available to MetLife, Inc.'s common shareholders$879 $698 $818 $778 $1,140 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (387)(273)(325)(160)(670)
Less: Net derivative gains (losses)432 (796)(929)(646)74 
Less: Market risk benefit remeasurement gains (losses)(299)277 263 267 (120)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(234)(61)20 (514)77 
Less: Provision for income tax (expense) benefit 23 195 223 190 170 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
5 6 6 7 (23)
Add: Preferred stock redemption premium— — 12 — — 
Adjusted earnings available to common shareholders1,349 1,362 1,584 1,648 1,586 
Less: Total notable items (2)— — 18 (61)— 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,349 $1,362 $1,566 $1,709 $1,586 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.28 $1.03 $1.22 $1.17 $1.74 
Less: Net investment gains (losses)(0.56)(0.40)(0.49)(0.24)(1.02)
Less: Net derivative gains (losses)0.63 (1.18)(1.39)(0.98)0.11 
Less: Market risk benefit remeasurement gains (losses)(0.44)0.41 0.39 0.40 (0.18)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.33)(0.10)0.04 (0.78)0.11 
Less: Provision for income tax (expense) benefit0.03 0.29 0.33 0.29 0.26 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests0.01 0.01 0.01 0.01 (0.04)
Add: Preferred stock redemption premium— — 0.02 — — 
Adjusted earnings available to common shareholders per diluted common share 1.96 2.02 2.37 2.49 2.42 
Less: Total notable items per diluted common share (2)— — 0.03 (0.09)— 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$1.96 $2.02 $2.34 $2.58 $2.42 
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $89 $— $— 
Litigation reserves and settlement costs— — — (32)— 
Tax adjustments — — (71)(29)— 
Total notable items $— $— $18 $(61)$— 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $— $0.13 $— $— 
Litigation reserves and settlement costs— — — (0.05)— 
Tax adjustments— — (0.11)(0.04)— 
Total notable items per diluted common share
$— $— $0.03 $(0.09)$— 
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Weighted average common shares outstanding - diluted687.0 675.0 669.1 662.2 655.7 
(1)See Pages A-1 and A-7 for further information.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Pages A-2 and A-3 for further information.
(3)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.

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METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedMarch 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Book value per common share (1) $35.16 $35.79 $39.52 $39.02 $37.92 
Adjusted book value per common share (1)$55.01 $56.23 $56.57 $57.07 $57.41 
For the Three Months Ended
UnauditedMarch 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Return on MetLife, Inc.'s (2):
Common stockholders' equity 14.9 %11.7 %13.1 %12.0 %18.2 %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity14.4 %14.6 %16.9 %17.6 %17.0 %
Adjusted common stockholders' equity, excluding total notable items (3)
14.4 %14.6 %16.7 %18.3 %17.0 %
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Common shares outstanding, beginning of period689.2 673.3 666.8 660.7 655.3 
Share repurchases (17.0)(6.5)(6.3)(5.4)(10.1)
Newly issued shares1.1 — 0.2 — 0.8 
Common shares outstanding, end of period 673.3 666.8 660.7 655.3 646.0 
Weighted average common shares outstanding - basic682.3 670.8 664.7 658.1 652.0 
Dilutive effect of the exercise or issuance of stock-based awards 4.7 4.2 4.4 4.1 3.7 
Weighted average common shares outstanding - diluted687.0 675.0 669.1 662.2 655.7 
MetLife Policyholder Trust Shares110.1 108.6 107.4 105.9 104.6 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further information.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.

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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Total revenues$18,569 $17,340 $17,361 $23,814 $19,074 $18,569 $19,074 
Less: Adjustments to total revenues:
Net investment gains (losses)(387)(273)(325)(160)(670)(387)(670)
Net derivative gains (losses)432 (796)(929)(646)74 432 74 
Investment hedge adjustments(103)(102)(100)(105)(84)(103)(84)
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72)(61)(61)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments
36 42 78 100 132 36 132 
Unit-linked contract income
(227)498 580 366 (318)(227)(318)
Reinsurance activity
43 47 177 222 301 43 301 
Other
(57)— (23)(81)18 (57)18 
Divested businesses
5 3 2 (1)— 5 — 
Total adjusted revenues$18,827 $17,921 $17,901 $24,191 $19,682 $18,827 $19,682 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Net investment income$4,885 $5,661 $6,089 $5,924 $5,355 $4,885 $5,355 
Less: Adjustments to net investment income:
Investment hedge adjustments(103)(102)(100)(105)(84)(103)(84)
Depreciation of wholly-owned real estate and real estate joint ventures (1)(72)(61)(61)
Joint venture adjustments(42)16 (8)(64)18 (42)18 
Unit-linked contract income
(227)498 580 366 (318)(227)(318)
Reinsurance activity
43 47 177 222 301 43 301 
Divested businesses 1 — — — — 1 — 
Adjusted net investment income$5,213 $5,202 $5,440 $5,577 $5,499 $5,213 $5,499 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Variable investment income (Included in net investment income above)$327 $195 $483 $497 $518 $327 $518 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Premiums, fees and other revenues$13,639 $12,748 $12,526 $18,696 $14,315 $13,639 $14,315 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting36 42 78 100 132 36 132 
Other
(15)(16)(15)(17)— (15)— 
Divested businesses
4 3 2 (1)— 4 — 
Adjusted premiums, fees and other revenues$13,614 $12,719 $12,461 $18,614 $14,183 $13,614 $14,183 
Adjusted premiums, fees and other revenues, on a constant currency basis$13,813 $12,796 $12,504 $18,681 $14,183 
(1)See Page A-7 for further information.
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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Total expenses$17,215 $16,360 $16,151 $22,697 $17,567 $17,215 $17,567 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses299 (277)(263)(267)120 299 120 
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting139 31 18 458 24 139 24 
Market volatility(44)(40)(49)(76)(74)(44)(74)
Unit-linked contract costs
(234)486 578 366 (302)(234)(302)
Reinsurance activity
42 45 135 166 205 42 205 
Other
19 21 2 15 53 19 53 
Divested businesses
9 6 10 14 5 9 5 
Total adjusted expenses$16,985 $16,088 $15,720 $22,021 $17,536 $16,985 $17,536 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Capitalization of DAC $(698)$(787)$(852)$(882)$(959)$(698)$(959)
Less: Divested businesses— — — — — — — 
Adjusted capitalization of DAC$(698)$(787)$(852)$(882)$(959)$(698)$(959)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Other expenses $3,271 $3,309 $3,568 $3,756 $3,924 $3,271 $3,924 
Less: Adjustments to other expenses:
Reinsurance activity
42 45 135 166 205 42 205 
Other
19 21 2 15 53 19 53 
Divested businesses8 7 9 12 5 8 5 
Adjusted other expenses$3,202 $3,236 $3,422 $3,563 $3,661 $3,202 $3,661 
Adjusted other expenses, on a constant currency basis
$3,265 $3,235 $3,414 $3,579 $3,661 
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METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratios)
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Other expenses, net of capitalization of DAC$2,573 $2,522 $2,716 $2,874 $2,965 $2,573 $2,965 
Premiums, fees and other revenues$13,639 $12,748 $12,526 $18,696 $14,315 $13,639 $14,315 
Expense ratio18.9 %19.8 %21.7 %15.4 %20.7 %18.9 %20.7 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Adjusted other expenses by major category
Direct expenses$1,459 $1,445 $1,443 $1,528 $1,583 $1,459 $1,583 
Pension, postretirement and postemployment benefit costs70 66 69 74 70 70 70 
Premium taxes, other taxes, and licenses & fees160 158 272 246 199 160 199 
Commissions and other variable expenses1,513 1,567 1,638 1,715 1,809 1,513 1,809 
Adjusted other expenses
3,202 3,236 3,422 3,563 3,661 3,202 3,661 
Adjusted capitalization of DAC(698)(787)(852)(882)(959)(698)(959)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,504 $2,449 $2,570 $2,681 $2,702 $2,504 $2,702 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratios)
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Employee-related costs$991 $935 $962 $946 $1,094 $991 $1,094 
Third-party staffing costs353 392 374 415 368 353 368 
General and administrative expenses115 118 107 167 121 115 121 
Direct expenses1,459 1,445 1,443 1,528 1,583 1,459 1,583 
Less: Total notable items related to direct expenses (1)— — — 40 — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,459 $1,445 $1,443 $1,488 $1,583 $1,459 $1,583 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,504 $2,449 $2,570 $2,681 $2,702 $2,504 $2,702 
Less: Total notable items related to adjusted other expenses (1)— — 102 81 — — — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,504 $2,449 $2,468 $2,600 $2,702 $2,504 $2,702 
Adjusted premiums, fees and other revenues$13,614 $12,719 $12,461 $18,614 $14,183 $13,614 $14,183 
Less: PRT1,476 328 (10)5,775 843 1,476 843 
Adjusted premiums, fees and other revenues, excluding PRT$12,138 $12,391 $12,471 $12,839 $13,340 $12,138 $13,340 
Direct expense ratio 10.7 %11.4 %11.6 %8.2 %11.2 %10.7 %11.2 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)12.0 %11.7 %11.6 %11.6 %11.9 %12.0 %11.9 %
Adjusted expense ratio18.4 %19.3 %20.6 %14.4 %19.1 %18.4 %19.1 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.6 %19.8 %19.8 %20.3 %20.3 %20.6 %20.3 %
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.

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METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$291,735 $298,737 $304,645 $315,931 $316,110 
Equity securities, at estimated fair value747 790 788 858 927 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,725 11,694 12,270 13,959 13,435 
Mortgage loans87,908 86,868 85,843 84,593 83,726 
Policy loans8,663 8,664 8,589 8,547 8,455 
Real estate and real estate joint ventures13,481 14,007 13,932 13,440 13,356 
Other limited partnership interests14,137 14,279 14,741 14,917 14,531 
Short-term investments, principally at estimated fair value5,543 5,300 5,962 3,601 4,948 
Other invested assets17,470 16,352 16,932 16,332 17,624 
Total investments450,409 456,691 463,702 472,178 473,112 
Cash and cash equivalents, principally at estimated fair value21,326 22,178 20,233 22,032 22,687 
Accrued investment income3,557 3,532 3,791 3,719 3,796 
Premiums, reinsurance and other receivables31,251 31,503 40,329 49,059 50,335 
Market risk benefits, at estimated fair value317 352 392 458 392 
Deferred policy acquisition costs and value of business acquired20,162 20,993 21,175 21,107 21,269 
Current income tax recoverable338 554 374 660 455 
Deferred income tax assets2,524 2,925 2,719 2,585 2,901 
Goodwill9,036 9,142 9,095 9,613 9,565 
Other assets11,253 11,425 11,572 11,822 11,013 
Separate account assets138,143 143,175 146,344 151,933 147,686 
Total assets$688,316 $702,470 $719,726 $745,166 $743,211 
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Liabilities
Future policy benefits$197,667 $198,965 $199,169 $208,855 $206,628 
Policyholder account balances225,623 232,433 235,312 236,857 239,836 
Market risk benefits, at estimated fair value2,844 2,709 2,585 2,406 2,522 
Other policy-related balances19,523 19,899 20,361 20,070 20,444 
Policyholder dividends payable356 367 369 356 337 
Payables for collateral under securities loaned and other transactions17,440 17,147 17,139 17,115 18,157 
Short-term debt381 379 378 355 404 
Long-term debt 14,695 15,374 15,300 14,467 14,445 
Collateral financing arrangement463 438 398 352 299 
Subordinated debt securities4,153 4,153 4,154 4,155 5,143 
Notes issued by collateralized financing entities — — — 1,206 1,138 
Deferred income tax liability430 430 574 536 382 
Other liabilities 38,843 39,074 48,452 57,582 57,989 
Separate account liabilities138,143 143,175 146,344 151,933 147,686 
Total liabilities660,561 674,543 690,535 716,245 715,410 
Contingencies, Commitments and Guarantees
Mezzanine Equity
Redeemable noncontrolling interests— — — 241 206 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,820 33,822 32,855 32,858 32,921 
Retained earnings43,131 43,447 43,887 44,290 45,058 
Treasury stock, at cost(29,222)(29,737)(30,244)(30,678)(31,440)
Accumulated other comprehensive income (loss)(20,248)(19,859)(17,566)(18,084)(19,227)
Total MetLife, Inc.'s stockholders' equity27,493 27,685 28,944 28,398 27,324 
Noncontrolling interests262 242 247 282 271 
Total equity27,755 27,927 29,191 28,680 27,595 
Total liabilities, mezzanine equity and equity$688,316 $702,470 $719,726 $745,166 $743,211 
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METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Adjusted earnings before provision for income tax
GROUP BENEFITS$468 $508 $577 $589 $555 
RIS505 460 551 563 558 
ASIA534 489 752 625 689 
LATIN AMERICA291 317 208 270 330 
EMEA109 128 115 129 143 
MIM37 72 78 80 63 
CORPORATE & OTHER(102)(141)(100)(86)(192)
Total adjusted earnings before provision for income tax
$1,842 $1,833 $2,181 $2,170 $2,146 
Provision for income tax expense (benefit)
GROUP BENEFITS$98 $107 $121 $124 $116 
RIS99 90 110 109 107 
ASIA162 143 212 181 202 
LATIN AMERICA72 84 60 72 101 
EMEA26 28 28 32 33 
MIM9 18 20 20 16 
CORPORATE & OTHER(39)(30)(20)(47)(60)
Total provision for income tax expense (benefit)
$427 $440 $531 $491 $515 
Adjusted earnings available to common shareholders
GROUP BENEFITS$370 $401 $456 $465 $439 
RIS406 370 441 454 451 
ASIA372 346 540 444 487 
LATIN AMERICA219 233 148 198 229 
EMEA83 100 87 97 110 
MIM28 54 58 60 47 
CORPORATE & OTHER (1)(129)(142)(146)(70)(177)
Total adjusted earnings available to common shareholders (1)$1,349 $1,362 $1,584 $1,648 $1,586 
(1)Includes impact of preferred stock dividends of $66 million, $31 million, $66 million, $31 million and $45 million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively.
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GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Adjusted revenues
Premiums$5,763 $5,801 $5,662 $5,632 $5,848 $5,763 $5,848 
Universal life and investment-type product policy fees233 240 227 236 230 233 230 
Net investment income353 345 356 358 352 353 352 
Other revenues434 405 417 419 461 434 461 
Total adjusted revenues6,783 6,791 6,662 6,645 6,891 6,783 6,891 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends5,183 5,161 4,982 4,889 5,147 5,183 5,147 
Policyholder liability remeasurement (gains) losses(18)(4)(9)(3)(2)(18)(2)
Interest credited to policyholder account balances72 73 73 71 70 72 70 
Capitalization of DAC(5)(7)(7)(7)(6)(5)(6)
Amortization of DAC, VOBA and negative VOBA6 7 7 6 12 6 12 
Interest expense on debt1 1 1 — 1 1 1 
Other expenses1,076 1,052 1,038 1,100 1,114 1,076 1,114 
Total adjusted expenses6,315 6,283 6,085 6,056 6,336 6,315 6,336 
Adjusted earnings before provision for income tax468 508 577 589 555 468 555 
Provision for income tax expense (benefit)98 107 121 124 116 98 116 
Adjusted earnings370 401 456 465 439 370 439 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders370 401 456 465 439 370 439 
Less: Total notable items

— — (2)— — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$370 $401 $458 $465 $439 $370 $439 
Adjusted premiums, fees and other revenues$6,430 $6,446 $6,306 $6,287 $6,539 $6,430 $6,539 
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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Direct and allocated expenses$529 $507 $502 $534 $540 
Pension, postretirement and postemployment benefit costs13 15 14 15 15 
Premium taxes, other taxes, and licenses & fees83 88 87 89 94 
Commissions and other variable expenses451 442 435 462 465 
Adjusted other expenses$1,076 $1,052 $1,038 $1,100 $1,114 
Adjusted capitalization of DAC
(5)(7)(7)(7)(6)
Adjusted other expenses, net of adjusted capitalization of DAC$1,071 $1,045 $1,031 $1,093 $1,108 
OTHER INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Group Life (2)
Adjusted premiums, fees and other revenues$2,352 $2,371 $2,328 $2,321 $2,379 
Mortality ratio84.8 %83.0 %83.4 %81.1 %80.1 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,850 $2,876 $2,814 $2,866 $3,019 
Interest adjusted benefit ratio (4)74.1 %74.8 %72.5 %72.2 %75.8 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
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RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Adjusted revenues
Premiums$2,284 $1,210 $1,045 $7,030 $2,212 $2,284 $2,212 
Universal life and investment-type product policy fees104 102 99 104 109 104 109 
Net investment income2,190 2,166 2,189 2,229 2,252 2,190 2,252 
Other revenues69 70 70 75 69 69 69 
Total adjusted revenues4,647 3,548 3,403 9,438 4,642 4,647 4,642 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends3,120 2,045 1,836 7,829 3,066 3,120 3,066 
Policyholder liability remeasurement (gains) losses(15)1 (14)26 (20)(15)(20)
Interest credited to policyholder account balances883 903 888 878 883 883 883 
Capitalization of DAC(37)(46)(50)(80)(87)(37)(87)
Amortization of DAC, VOBA and negative VOBA19 21 19 22 23 19 23 
Interest expense on debt3 4 3 4 3 3 3 
Other expenses169 160 170 196 216 169 216 
Total adjusted expenses4,142 3,088 2,852 8,875 4,084 4,142 4,084 
Adjusted earnings before provision for income tax505 460 551 563 558 505 558 
Provision for income tax expense (benefit)99 90 110 109 107 99 107 
Adjusted earnings406 370 441 454 451 406 451 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders406 370 441 454 451 406 451 
Less: Total notable items
— — 13 — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$406 $370 $428 $454 $451 $406 $451 
Adjusted premiums, fees and other revenues$2,457 $1,382 $1,214 $7,209 $2,390 $2,457 $2,390 
Less: PRT
1,476 328 (10)5,775 843 1,476 843 
Adjusted premiums, fees and other revenues, excluding PRT$981 $1,054 $1,224 $1,434 $1,547 $981 $1,547 
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RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Balance, end of period (at balance sheet discount rate) (2)
$73,415 $73,506 $74,263 $84,988 $84,300 
Less: Accumulated other comprehensive (income) loss(2,627)(2,366)(1,209)(1,732)(2,968)
Balance, end of period (at original discount rate)$76,042 $75,872 $75,472 $86,720 $87,268 
Future policyholder benefits subject to reinsurance (at balance sheet discount rate) (2)
$2,287 $2,266 $7,750 $12,786 $12,503 
Add: Accumulated other comprehensive (income) loss
(16)(27)(149)(63)116 
Balance, end of period (at original discount rate)
$2,271 $2,239 $7,601 $12,723 $12,619 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Balance, end of period
$90,243 $92,197 $92,291 $93,549 $96,115 
Policyholder account balances subject to reinsurance
$3,327 $4,297 $4,571 
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES GENERAL ACCOUNT RETAINED BALANCES (3)
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Balance, end of period
$164,014 $165,830 $156,835 $163,249 $166,193 
TOTAL LIABILITIES
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
General account retained balances (3)
$164,014 $165,830 $156,835 $163,249 $166,193 
Separate account liabilities
55,953 54,864 55,671 57,128 56,089 
Synthetic GICS (4), (5)
53,796 53,740 51,920 52,664 52,257 
Longevity Reinsurance (6)
27,369 30,087 29,293 37,025 36,440 
Total liability exposure retained, end of period
$301,132 $304,521 $293,719 $310,066 $310,979 
Total liability exposure, end of period
$303,403 $306,760 $304,647 $327,086 $328,169 
(1)Includes $3,899 million, $3,910 million, $3,964 million, $3,948 million and $3,973 million of DPL at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3) Includes future policyholder benefits (at original discount rate) and policyholder account balances, both excluding amounts subject to reinsurance.
(4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(5)Includes $1,242 million, $0, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively.
(6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the U.K. PRT market.
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RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Direct and allocated expenses$98 $89 $88 $90 $93 
Pension, postretirement and postemployment benefit costs4 4 4 5 5 
Premium taxes, other taxes, and licenses & fees5 3 7 32 15 
Commissions and other variable expenses62 64 71 69 103 
Adjusted other expenses$169 $160 $170 $196 $216 
Adjusted capitalization of DAC
(37)(46)(50)(80)(87)
Adjusted other expenses, net of adjusted capitalization of DAC
$132 $114 $120 $116 $129 
SPREAD
For the Three Months Ended
UnauditedMarch 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Investment income yield, excluding variable investment income yield
5.05 %5.07 %5.07 %5.10 %5.02 %
Variable investment income yield9.03 %5.45 %13.46 %12.37 %12.15 %
Total investment income yield5.19 %5.08 %5.36 %5.35 %5.26 %
Average crediting rate4.28 %4.31 %4.33 %4.34 %4.28 %
Amortization of DPL and losses at inception (1)(0.20)%(0.21)%(0.24)%(0.23)%(0.21)%
Total average crediting rate4.08 %4.10 %4.09 %4.11 %4.07 %
Annualized general account spread (2)
1.11 %0.98 %1.27 %1.24 %1.19 %
Annualized general account spread, excluding variable investment income yield
0.97 %0.97 %0.98 %0.99 %0.95 %
(1)Includes the amortization of DPL of (0.22%) for each of the three months ended March 31, 2025 and June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, and (0.22%) for the three months ended March 31, 2026.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
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ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Adjusted revenues
Premiums$1,260 $1,278 $1,290 $1,222 $1,294 $1,260 $1,294 
Universal life and investment-type product policy fees406 399 407 428 427 406 427 
Net investment income1,204 1,204 1,374 1,405 1,461 1,204 1,461 
Other revenues15 22 20 21 17 15 17 
Total adjusted revenues2,885 2,903 3,091 3,076 3,199 2,885 3,199 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,037 1,051 1,074 1,010 1,088 1,037 1,088 
Policyholder liability remeasurement (gains) losses(11)(12)(141)6 (15)(11)(15)
Interest credited to policyholder account balances711 757 804 825 833 711 833 
Capitalization of DAC(351)(418)(435)(413)(465)(351)(465)
Amortization of DAC, VOBA and negative VOBA216 223 207 208 211 216 211 
Interest expense on debt— — — — — — — 
Other expenses749 813 830 815 858 749 858 
Total adjusted expenses2,351 2,414 2,339 2,451 2,510 2,351 2,510 
Adjusted earnings before provision for income tax534 489 752 625 689 534 689 
Provision for income tax expense (benefit)162 143 212 181 202 162 202 
Adjusted earnings372 346 540 444 487 372 487 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$372 $346 $540 $444 $487 $372 $487 
Less: Total notable items
— — 70 — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$372 $346 $470 $444 $487 $372 $487 
Adjusted premiums, fees and other revenues$1,681 $1,699 $1,717 $1,671 $1,738 $1,681 $1,738 
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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Adjusted premiums, fees and other revenues$1,681 $1,699 $1,717 $1,671 $1,738 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,662 $1,622 $1,653 $1,660 $1,738 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Direct and allocated expenses$306 $304 $303 $303 $298 
Pension, postretirement and postemployment benefit costs13 14 13 17 11 
Premium taxes, other taxes, and licenses & fees29 33 33 38 37 
Commissions and other variable expenses401 462 481 457 512 
Adjusted other expenses$749 $813 $830 $815 $858 
Adjusted capitalization of DAC
(351)(418)(435)(413)(465)
Adjusted other expenses, net of adjusted capitalization of DAC$398 $395 $395 $402 $393 
Adjusted other expenses, on a constant currency basis
$738 $766 $794 $805 $858 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Japan:
Life$110 $156 $212 $168 $164 
Accident & Health65 63 62 58 115 
Annuities145 226 178 119 127 
Other2 2 1 1 1 
Total Japan322 447 453 346 407 
Other Asia304 234 320 249 359 
   Total sales$626 $681 $773 $595 $766 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Adjusted earnings available to common shareholders$372 $346 $540 $444 $487 
Adjusted earnings available to common shareholders, excluding total notable items
$372 $346 $470 $444 $487 
Adjusted earnings available to common shareholders, on a constant currency basis$372 $338 $523 $444 $487 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$372 $338 $453 $444 $487 
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Asia GA AUM $125,119 $129,325 $131,751 $130,514 $128,978 
Asia GA AUM (at amortized cost)$134,352 $139,158 $140,892 $140,168 $140,660 
Asia GA AUM (at amortized cost), on a constant currency basis$131,864 $134,331 $137,312 $139,084 $140,660 
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LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Adjusted revenues
Premiums$1,164 $1,260 $1,288 $1,443 $1,485 $1,164 $1,485 
Universal life and investment-type product policy fees340 371 377 359 419 340 419 
Net investment income408 445 416 429 409 408 409 
Other revenues9 3 (2)(6)(7)9 (7)
Total adjusted revenues1,921 2,079 2,079 2,225 2,306 1,921 2,306 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,091 1,216 1,218 1,320 1,349 1,091 1,349 
Policyholder liability remeasurement (gains) losses(3)— (4)— — (3)— 
Interest credited to policyholder account balances98 96 92 87 85 98 85 
Capitalization of DAC(172)(176)(203)(219)(240)(172)(240)
Amortization of DAC, VOBA and negative VOBA129 137 149 156 173 129 173 
Interest expense on debt4 4 4 3 5 4 5 
Other expenses483 485 615 608 604 483 604 
Total adjusted expenses1,630 1,762 1,871 1,955 1,976 1,630 1,976 
Adjusted earnings before provision for income tax291 317 208 270 330 291 330 
Provision for income tax expense (benefit)72 84 60 72 101 72 101 
Adjusted earnings219 233 148 198 229 219 229 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$219 $233 $148 $198 $229 $219 $229 
Less: Total notable items
— — (75)(29)— — — 
Adjusted earnings available to common shareholders, excluding total notable items
$219 $233 $223 $227 $229 $219 $229 
Adjusted premiums, fees and other revenues$1,513 $1,634 $1,663 $1,796 $1,897 $1,513 $1,897 
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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Direct and allocated expenses$135 $143 $147 $151 $158 
Pension, postretirement and postemployment benefit costs1 2 1 3 2 
Premium taxes, other taxes, and licenses & fees23 22 123 66 32 
Commissions and other variable expenses324 318 344 388 412 
Adjusted other expenses$483 $485 $615 $608 $604 
Adjusted capitalization of DAC
(172)(176)(203)(219)(240)
Adjusted other expenses, net of adjusted capitalization of DAC
$311 $309 $412 $389 $364 
Adjusted other expenses, on a constant currency basis
$544 $529 $646 $634 $604 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$349 $337 $431 $407 $364 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Mexico$233 $203 $226 $227 $268 
Chile125 138 132 133 137 
All other75 75 112 109 116 
Total sales$433 $416 $470 $469 $521 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Adjusted premiums, fees and other revenues$1,513 $1,634 $1,663 $1,796 $1,897 
Adjusted earnings available to common shareholders$219 $233 $148 $198 $229 
Adjusted earnings available to common shareholders, excluding total notable items
$219 $233 $223 $227 $229 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,704 $1,783 $1,774 $1,874 $1,897 
Adjusted earnings available to common shareholders, on a constant currency basis$251 $258 $165 $207 $229 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$251 $258 $240 $236 $229 

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EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Adjusted revenues
Premiums$582 $626 $638 $679 $689 $582 $689 
Universal life and investment-type product policy fees78 84 82 98 99 78 99 
Net investment income58 61 66 68 67 58 67 
Other revenues8 9 7 10 9 8 9 
Total adjusted revenues726 780 793 855 864 726 864 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends277 309 333 334 337 277 337 
Policyholder liability remeasurement (gains) losses— 4 3 (1)3 — 3 
Interest credited to policyholder account balances17 20 21 25 21 17 21 
Capitalization of DAC(126)(136)(151)(155)(155)(126)(155)
Amortization of DAC, VOBA and negative VOBA94 88 85 100 97 94 97 
Interest expense on debt— — — — — — — 
Other expenses355 367 387 423 418 355 418 
Total adjusted expenses617 652 678 726 721 617 721 
Adjusted earnings before provision for income tax109 128 115 129 143 109 143 
Provision for income tax expense (benefit)26 28 28 32 33 26 33 
Adjusted earnings83 100 87 97 110 83 110 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders83 100 87 97 110 83 110 
Less: Total notable items
— — (1)— — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$83 $100 $88 $97 $110 $83 $110 
Adjusted premiums, fees and other revenues$668 $719 $727 $787 $797 $668 $797 
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EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Direct and allocated expenses$109 $111 $111 $120 $122 
Pension, postretirement and postemployment benefit costs1 (3)2 1 1 
Premium taxes, other taxes, and licenses & fees6 6 7 9 7 
Commissions and other variable expenses239 253 267 293 288 
Adjusted other expenses$355 $367 $387 $423 $418 
Adjusted capitalization of DAC
(126)(136)(151)(155)(155)
Adjusted other expenses, net of adjusted capitalization of DAC$229 $231 $236 $268 $263 
Adjusted other expenses, on a constant currency basis
$368 $369 $384 $423 $418 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$238 $233 $235 $268 $263 
OTHER INFORMATION
  For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Adjusted premiums, fees and other revenues$668 $719 $727 $787 $797 
Adjusted earnings available to common shareholders$83 $100 $87 $97 $110 
Adjusted earnings available to common shareholders, excluding total notable items
$83 $100 $88 $97 $110 
Adjusted premiums, fees and other revenues, on a constant currency basis$695 $724 $723 $787 $797 
Adjusted earnings available to common shareholders, on a constant currency basis$86 $98 $86 $97 $110 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$86 $98 $87 $97 $110 
Total sales, on a constant currency basis$316 $306 $296 $308 $370 
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MIM
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratios)
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Adjusted revenues
Premiums$— $— $— $— $— $— $— 
Universal life and investment-type product policy fees— — — — — — — 
Net investment income1 2 1 2 5 1 5 
Other revenues218 237 238 239 314 218 314 
Total adjusted revenues219 239 239 241 319 219 319 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends— — — — — — — 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC— — — — — — — 
Amortization of DAC, VOBA and negative VOBA— — — — — — — 
Interest expense on debt— — — — 1 — 1 
Other expenses182 167 161 161 255 182 255 
Total adjusted expenses182 167 161 161 256 182 256 
Adjusted earnings before provision for income tax37 72 78 80 63 37 63 
Provision for income tax expense (benefit)9 18 20 20 16 9 16 
Adjusted earnings28 54 58 60 47 28 47 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders28 54 58 60 47 28 47 
Less: Total notable items
— — — — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$28 $54 $58 $60 $47 $28 $47 
Operating margin (1)
16.9 %30.1 %32.6 %33.2 %19.7 %16.9 %19.7 %
(1)Calculated as adjusted earnings before provision for income tax as a percentage of net investment income plus other revenues.
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MIM

ASSETS UNDER MANAGEMENT
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Institutional Client AUM
Beginning Institutional Client AUM$178,666 $185,970 $200,616 $212,390 $319,282 
Additions5,945 17,118 19,078 19,806 16,264 
Withdrawals(7,460)(9,103)(9,366)(14,194)(18,297)
Change in market value2,217 6,631 2,062 1,770 (4,092)
Acquisitions, dispositions and other6,602 — — 99,510 — 
Ending Institutional Client AUM (1)$185,970 $200,616 $212,390 $319,282 $313,157 
MIM GA AUM$417,194 $423,671 $420,204 $422,392 $423,134 
Total AUM$603,164 $624,287 $632,594 $741,674 $736,291 
OTHER REVENUES BY CLIENT SEGMENT
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Institutional Client$77 $95 $98 $99 $172 
General Account141 142 140 140 142 
Other revenues$218 $237 $238 $239 $314 
(1)Ending Institutional Client AUM includes Separate Account AUM, Reinsurance AUM and Third‑Party AUM, with balances at March 31, 2026 of $14.5 billion, $19.6 billion, and $279.1 billion, respectively, and at December 31, 2025 of $15.8 billion, $20.1 billion and $283.4 billion, respectively.
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CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Adjusted revenues
Premiums$666 $632 $632 $684 $592 $666 $592 
Universal life and investment-type product policy fees 68 63 55 37 34 68 34 
Net investment income999 979 1,038 1,086 953 999 953 
Other revenues(87)(93)(91)(96)(118)(87)(118)
Total adjusted revenues1,646 1,581 1,634 1,711 1,461 1,646 1,461 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,210 1,171 1,160 1,202 1,110 1,210 1,110 
Policyholder liability remeasurement (gains) losses16 16 4 6 22 16 22 
Interest credited to policyholder account balances36 35 37 29 27 36 27 
Capitalization of DAC(7)(4)(6)(8)(6)(7)(6)
Amortization of DAC, VOBA and negative VOBA55 52 55 52 49 55 49 
Interest expense on debt250 260 263 256 255 250 255 
Other expenses188 192 221 260 196 188 196 
Total adjusted expenses1,748 1,722 1,734 1,797 1,653 1,748 1,653 
Adjusted earnings before provision for income tax(102)(141)(100)(86)(192)(102)(192)
Provision for income tax expense (benefit)(39)(30)(20)(47)(60)(39)(60)
Adjusted earnings(63)(111)(80)(39)(132)(63)(132)
Preferred stock dividends66 31 66 31 45 66 45 
Adjusted earnings available to common shareholders(129)(142)(146)(70)(177)(129)(177)
Less: Total notable items
— — 13 (32)— — — 
Adjusted earnings available to common shareholders, excluding total notable items
$(129)$(142)$(159)$(38)$(177)$(129)$(177)
Adjusted premiums, fees and other revenues$647 $602 $596 $625 $508 $647 $508 
Adjusted earnings available to common shareholders attributed to business activities$120 $115 $173 $146 $109 $120 $109 
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CORPORATE & OTHER
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Annuities$1,493 $1,466 $1,457 $1,442 $1,408 
Long-term care
14,716 14,803 15,309 15,224 14,978 
Life and Other52,962 52,748 52,480 52,285 51,954 
Balance, end of period (at balance sheet discount rate)
$69,171 $69,017 $69,246 $68,951 $68,340 
Less:
Annuities$(51)$(43)$(26)$(32)$(49)
Long-term care
(872)(922)(547)(751)(1,124)
Life and Other(26)(26)(10)(20)(39)
Accumulated other comprehensive (income) loss$(949)$(991)$(583)$(803)$(1,212)
Annuities$1,544 $1,509 $1,483 $1,474 $1,457 
Long-term care
15,588 15,725 15,856 15,975 16,102 
Life and Other52,988 52,774 52,490 52,305 51,993 
Balance, end of period (at original discount rate)$70,120 $70,008 $69,829 $69,754 $69,552 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities$1,370 $1,345 $1,326 $1,294 $1,255 
Long-term care
— — — — — 
Life and Other2,421 2,455 2,474 3,934 3,920 
Balance, end of period (at balance sheet discount rate)
$3,791 $3,800 $3,800 $5,228 $5,175 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Annuities$6,807 $6,633 $6,545 $6,383 $6,184 
Life and Other7,278 7,226 7,164 7,093 7,020 
Balance, end of period$14,085 $13,859 $13,709 $13,476 $13,204 
Policyholder account balances subject to reinsurance (2)
Annuities$2,930 $2,848 $2,761 $4,258 $4,133 
Life and Other6,301 6,240 6,178 6,119 6,104 
Balance, end of period
$9,231 $9,088 $8,939 $10,377 $10,237 
MARKET RISK BENEFITS
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Annuities$2,188 $2,056 $1,957 $1,788 $1,948 
Market risk benefits subject to reinsurance (2)
$— $— $— $285 $373 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Annuities$19,795 $20,317 $20,252 $19,621 $18,347 
Life and Other6,393 7,022 7,317 7,302 6,888 
Balance, end of period$26,188 $27,339 $27,569 $26,923 $25,235 
Separate account liabilities subject to reinsurance (3)
Annuities$73 $77 $77 $8,354 $7,767 
Life and Other5,852 6,429 6,688 6,666 6,284 
Balance, end of period
$5,925 $6,506 $6,765 $15,020 $14,051 
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(3) Separate account assets are retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
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INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance activity and Third-party mortgage loan activity have been excluded from the amounts within this table.
At or For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except yields)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Fixed Maturity Securities
Yield (1)4.36 %4.61 %4.61 %4.57 %4.50 %4.36 %4.50 %
Investment income (2), (3)$3,259 $3,517 $3,485 $3,504 $3,491 $3,259 $3,491 
Investment gains (losses)(244)(124)(150)(105)(213)(244)(213)
Ending carrying value (4)290,416 297,565 296,663 299,659 300,040 290,416 300,040 
Mortgage Loans
Yield (1)5.21 %5.12 %5.22 %5.26 %5.19 %5.21 %5.19 %
Investment income (3)1,056 1,026 1,009 1,005 979 1,056 979 
Investment gains (losses)(159)(288)(65)(93)(119)(159)(119)
Ending carrying value (5)80,581 79,848 76,896 75,767 75,290 80,581 75,290 
Real Estate and Real Estate Joint Ventures
Yield (1)4.01 %3.47 %1.83 %4.64 %3.64 %4.01 %3.64 %
Investment income134 120 63 158 120 134 120 
Investment gains (losses)(40)3 47 9 (125)(40)(125)
Ending carrying value (6)13,481 14,007 13,932 13,431 13,276 13,481 13,276 
Policy Loans
Yield (1)5.38 %5.64 %5.76 %5.74 %5.67 %5.38 %5.67 %
Investment income107 113 115 114 109 107 109 
Ending carrying value (7)8,663 8,664 8,589 8,547 8,097 8,663 8,097 
Equity Securities
Yield (1)6.16 %2.30 %3.46 %5.16 %4.36 %6.16 %4.36 %
Investment income9 3 4 7 6 9 6 
Investment gains (losses)(12)45 17 15 (16)(12)(16)
Ending carrying value (8)747 790 788 753 804 747 804 
Other Limited Partnership Interests
Yield (1)6.22 %3.46 %11.89 %11.37 %11.75 %6.22 %11.75 %
Investment income222 122 431 419 436 222 436 
Investment gains (losses)(1)21 4 — (43)(1)(43)
Ending carrying value (9)14,125 14,265 14,726 14,712 14,222 14,125 14,222 
Cash and Cash Equivalents and Short-term Investments
Yield (1)4.42 %4.19 %4.36 %4.07 %4.04 %4.42 %4.04 %
Investment income224 232 239 208 206 224 206 
Investment gains (losses)(9)(38)13 35 (3)(9)(3)
Ending carrying value (10)26,862 27,432 25,853 24,319 26,606 26,862 26,606 
Other Invested Assets
Investment income 365 218 241 318 341 365 341 
Investment gains (losses)4 25 (76)(104)(31)4 (31)
Ending carrying value (11)17,470 16,350 16,871 16,193 17,391 17,470 17,391 
Total Investments
Investment income yield (1)4.82 %4.73 %4.99 %5.10 %5.03 %4.82 %5.03 %
Investment fees and expenses yield (1)(0.15)%(0.13)%(0.13)%(0.14)%(0.17)%(0.15)%(0.17)%
Net Investment Income Yield (1)4.67 %4.60 %4.86 %4.96 %4.86 %4.67 %4.86 %
Investment income$5,376 $5,351 $5,587 $5,733 $5,688 $5,376 $5,688 
Investment fees and expenses(162)(149)(147)(156)(189)(162)(189)
Net investment income including divested businesses5,214 5,202 5,440 5,577 5,499 5,214 5,499 
Less: Net investment income from divested businesses1 — — — — 1 — 
Adjusted Net Investment Income (12)$5,213 $5,202 $5,440 $5,577 $5,499 $5,213 $5,499 
Ending Carrying Value$452,345 $458,921 $454,318 $453,381 $455,726 $452,345 $455,726 
Investment Portfolio Gains (Losses) (13)$(461)$(356)$(210)$(243)$(549)$(461)$(549)
Gross investment gains142 204 373 418 247 142 247 
Gross investment losses(423)(264)(269)(471)(513)(423)(513)
Net credit loss (provision) release and (impairments)(180)(296)(314)(190)(283)(180)(283)
Investment Portfolio Gains (Losses) (13)(461)(356)(210)(243)(549)(461)(549)
Investment portfolio gains (losses) income tax (expense) benefit116 94 41 75 125 116 125 
Investment Portfolio Gains (Losses), Net of Income Tax$(345)$(262)$(169)$(168)$(424)$(345)$(424)
Derivative Gains (Losses) (13)$344 $(892)$(746)$(844)$(256)$344 $(256)
Derivative gains (losses) income tax (expense) benefit(99)181 193 192 81 (99)81 
Derivative Gains (Losses), Net of Income Tax$245 $(711)$(553)$(652)$(175)$245 $(175)
See footnotes on Pages 28 and 29.

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INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
March 31, 2025June 30, 2025September 30, 2025
December 31, 2025 (15)
March 31, 2026
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$80,316 27.7 %$81,562 27.5 %$81,720 27.7 %$83,048 27.8 %$83,279 27.8 %
Foreign corporate55,083 19.1 %58,792 19.9 %57,798 19.6 %58,260 19.6 %57,727 19.4 %
Residential mortgage-backed39,083 13.5 %40,764 13.8 %41,292 14.0 %42,431 14.3 %43,115 14.5 %
Foreign government40,892 14.2 %42,097 14.2 %41,610 14.1 %40,028 13.4 %39,249 13.2 %
U.S. government and agency33,535 11.6 %32,463 11.0 %32,315 11.0 %33,706 11.3 %33,204 11.1 %
Asset-backed securities and collateralized loan obligations20,748 7.2 %20,929 7.1 %20,313 6.9 %20,757 7.0 %22,241 7.5 %
Municipals9,764 3.4 %9,802 3.3 %10,486 3.6 %10,579 3.6 %10,363 3.5 %
Commercial mortgage-backed9,388 3.3 %9,428 3.2 %9,245 3.1 %8,922 3.0 %8,925 3.0 %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$288,809 100.0 %$295,837 100.0 %$294,779 100.0 %$297,731 100.0 %$298,103 100.0 %
Reinsurance activity
2,926 2,900 9,866 18,200 18,007 
Fixed Maturity Securities Available-For-Sale$291,735 $298,737 $304,645 $315,931 $316,110 
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$199,468 69.1 %$203,465 68.8 %$202,215 68.7 %$203,858 68.5 %$204,363 68.6 %
Baa277,112 26.7 %80,262 27.1 %80,465 27.3 %81,877 27.5 %81,961 27.5 %
Ba38,674 3.0 %8,566 2.9 %8,364 2.8 %8,273 2.8 %8,103 2.7 %
B43,198 1.1 %3,260 1.1 %3,379 1.1 %3,379 1.1 %3,251 1.1 %
Caa and lower5291 0.1 %204 0.1 %258 0.1 %249 0.1 %299 0.1 %
In or near default666 — %80 — %98 — %95 — %126 — %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$288,809 100.0 %$295,837 100.0 %$294,779 100.0 %$297,731 100.0 %$298,103 100.0 %
Reinsurance activity
2,926 2,900 9,866 18,200 18,007 
Fixed Maturity Securities Available-For-Sale (14)
$291,735 $298,737 $304,645 $315,931 $316,110 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Gross unrealized gains$5,398 $6,192 $7,130 $6,910 $5,436 
Gross unrealized losses28,891 28,951 26,495 27,287 30,319 
Net Unrealized Gains (Losses), excluding Reinsurance activity
$(23,493)$(22,759)$(19,365)$(20,377)$(24,883)
Reinsurance activity
(109)(88)(575)(644)(925)
Net Unrealized Gains (Losses)$(23,602)$(22,847)$(19,940)$(21,021)$(25,808)
See footnotes on Pages 28 and 29.
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INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
          
Commercial mortgage loans$47,890 $46,674 $44,953 $42,406 $41,509 
Agricultural mortgage loans 18,779 18,993 18,045 18,284 18,095 
Residential mortgage loans14,783 15,286 14,968 16,060 16,682 
Mortgage loans held-for-sale— — — 35 35 
Total81,452 80,953 77,966 76,785 76,321 
Allowance for credit loss(871)(1,105)(1,070)(1,018)(1,031)
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity
80,581 79,848 76,896 75,767 75,290 
Reinsurance activity
82 78 2,270 2,459 2,510 
Third-party mortgage loan activity
7,245 6,942 6,677 6,367 5,926 
Mortgage loans
$87,908 $86,868 $85,843 $84,593 $83,726 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$8,677 18.1 %$8,611 18.4 %$8,617 19.2 %$8,395 19.8 %$8,466 20.4 %
Non-U.S.7,802 16.3 %7,839 16.8 %7,555 16.8 %7,076 16.7 %6,824 16.5 %
Middle Atlantic6,877 14.4 %6,561 14.1 %6,369 14.2 %5,699 13.4 %5,385 13.0 %
South Atlantic5,796 12.1 %5,630 12.1 %5,321 11.8 %5,205 12.3 %4,988 12.0 %
West South Central3,214 6.7 %3,274 7.0 %3,195 7.1 %3,260 7.7 %3,122 7.5 %
Mountain2,455 5.1 %2,470 5.3 %2,369 5.3 %2,348 5.5 %2,341 5.6 %
New England2,501 5.2 %2,386 5.1 %2,340 5.2 %2,249 5.3 %2,248 5.4 %
East North Central1,453 3.0 %1,460 3.1 %1,398 3.1 %1,185 2.8 %1,148 2.8 %
East South Central481 1.0 %476 1.0 %453 1.0 %451 1.1 %430 1.0 %
West North Central408 0.9 %407 0.9 %405 0.9 %401 0.9 %399 1.0 %
Multi-Region and Other8,226 17.2 %7,560 16.2 %6,931 15.4 %6,137 14.5 %6,158 14.8 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
47,890 100.0 %46,674 100.0 %44,953 100.0 %42,406 100.0 %41,509 100.0 %
Reinsurance activity
82 78 735 832 795 
Third-party mortgage loan activity
7,047 6,703 6,503 6,162 5,725 
Total
$55,019 $53,455 $52,191 $49,400 $48,029 
Office (15)$17,594 36.7 %$17,437 37.3 %$16,820 37.4 %$16,088 38.0 %$15,474 37.3 %
Apartment (15)8,770 18.3 %8,156 17.5 %8,035 17.9 %7,669 18.1 %7,895 19.0 %
Retail6,502 13.6 %6,768 14.5 %6,505 14.5 %6,013 14.2 %5,975 14.4 %
Single Family Rental4,844 10.1 %4,780 10.2 %4,481 9.9 %4,221 9.9 %4,160 10.0 %
Industrial (15)4,506 9.4 %3,942 8.5 %3,764 8.4 %3,611 8.5 %3,353 8.1 %
Hotel3,268 6.8 %3,285 7.0 %3,151 7.0 %3,134 7.4 %2,851 6.9 %
Warehouse Revolvers (15)2,319 4.9 %2,218 4.8 %2,111 4.7 %1,578 3.7 %1,712 4.1 %
Other87 0.2 %88 0.2 %86 0.2 %92 0.2 %89 0.2 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
47,890 100.0 %46,674 100.0 %44,953 100.0 %42,406 100.0 %41,509 100.0 %
Reinsurance activity
82 78 735 832 795 
Third-party mortgage loan activity
7,047 6,703 6,503 6,162 5,725 
Total
$55,019 $53,455 $52,191 $49,400 $48,029 
See footnotes on Pages 28 and 29.
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INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Reinsurance activity, Third-party mortgage loan activity, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and fair value option securities held by collateralized financing entities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of ($20) million, $107 million, $99 million, $39 million and ($30) million for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026, respectively, and ($20) million and ($30) million for the year-to-date period ended March 31, 2025 and March 31, 2026, respectively.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Fixed maturity securities available-for-sale$291,735 $298,737 $304,645 $315,931 $316,110 
Less: Reinsurance activity2,926 2,900 9,866 18,200 18,007 
Fixed maturity securities available-for-sale, excluding Reinsurance activity$288,809 $295,837 $294,779 $297,731 $298,103 
Add: Fair value option general account and other securities1,607 1,728 1,884 1,928 1,937 
Fixed maturity securities, excluding Reinsurance activity$290,416 $297,565 $296,663 $299,659 $300,040 
(5)The following table presents a reconciliation to ending carrying value presented for mortgage loans.
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Mortgage Loans$87,908 $86,868 $85,843 $84,593 $83,726 
Less: Reinsurance activity82 78 2,270 2,459 2,510 
Less: Third-party mortgage loan activity7,245 6,942 6,677 6,367 5,926 
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity$80,581 $79,848 $76,896 $75,767 $75,290 
(6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures.
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Real estate and real estate joint ventures$13,481 $14,007 $13,932 $13,440 $13,356 
Less: Reinsurance activity— — — 9 80 
Real estate and real estate joint ventures, excluding Reinsurance activity$13,481 $14,007 $13,932 $13,431 $13,276 
(7)The following table presents a reconciliation to ending carrying value presented for policy loans.
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Policy loans$8,663 $8,664 $8,589 $8,547 $8,455 
Less: Reinsurance activity— — — — 358 
Policy loans, excluding Reinsurance activity$8,663 $8,664 $8,589 $8,547 $8,097 
(8)The following table presents a reconciliation to ending carrying value presented for equity securities.
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Equity securities$747 $790 $788 $858 $927 
Less: Reinsurance activity— — — 105 123 
Equity securities, excluding Reinsurance activity$747 $790 $788 $753 $804 
(9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Other limited partnership interests$14,137 $14,279 $14,741 $14,917 $14,531 
Less: Reinsurance activity12 14 15 205 309 
Other limited partnership interests, excluding Reinsurance activity$14,125 $14,265 $14,726 $14,712 $14,222 
(10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Cash and cash equivalents and short-term investments$26,869 $27,478 $26,195 $25,633 $27,635 
Less: Reinsurance activity7 46 342 1,314 1,029 
Cash and cash equivalents and short-term investments, excluding Reinsurance activity$26,862 $27,432 $25,853 $24,319 $26,606 
(11)The following table presents a reconciliation to ending carrying value presented for other invested assets.
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Other invested assets$17,470 $16,352 $16,932 $16,332 $17,624 
Less: Reinsurance activity
— 2 61 139 233 
Other invested assets, excluding Reinsurance activity
$17,470 $16,350 $16,871 $16,193 $17,391 
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INVESTMENTS
FOOTNOTES (CONTINUED)
(12)Adjusted net investment income reflects the adjustments as presented on Page 5.
(13)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year-to-Date Period Ended
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Net investment gains (losses) $(387)$(273)$(325)$(160)$(670)$(387)$(670)
Less: Non-investment portfolio gains (losses)65 86 (88)(39)(123)65 (123)
Less: Third-party mortgage loan activity(34)20 (75)19 (10)(34)(10)
Add: Depreciation of wholly-owned real estate and real estate joint ventures(72)(61)(61)
Add: Joint venture adjustments(42)16 (53)(39)47 (42)47 
Less: Reinsurance activity— — (1)(7)(4)— (4)
Less: Other1 (7)(4)(1)2 1 2 
Investment portfolio gains (losses) $(461)$(356)$(210)$(243)$(549)$(461)$(549)
For the Three Months EndedFor the Year-to-Date Period Ended
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Net derivative gains (losses) $432 $(796)$(929)$(646)$74 $432 $74 
Less: Investment hedge adjustments103 102 100 105 84 103 84 
Add: Joint venture adjustments— — 45 (25)(29)— (29)
Less: Reinsurance activity(35)(22)(247)63 218 (35)218 
Less: Other20 16 9 5 (1)20 (1)
Derivative gains (losses) $344 $(892)$(746)$(844)$(256)$344 $(256)
(14)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
(15)Certain amounts in prior periods are reclassified to conform to current period presentation.
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Appendix





Table of Contents
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APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$879 $698 $818 $778 $1,140 $879 $1,140 
Add: Preferred stock dividends66 31 66 31 45 66 45 
Add: Preferred stock redemption premium— — 12 — — — — 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests5 6 6 7 (23)5 (23)
Net income (loss) 950 735 902 816 1,162 950 1,162 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(387)(273)(325)(160)(670)(387)(670)
Net derivative gains (losses)432 (796)(929)(646)74 432 74 
Market risk benefit remeasurement gains (losses)(299)277 263 267 (120)(299)(120)
Premiums - Divested businesses
4 3 — 1 — 4 — 
Universal life and investment-type product policy fees
Asymmetrical and non-economic accounting
— — — 6 25 — 25 
Divested businesses
— — — — — — — 
Net investment income
Investment hedge adjustments(103)(102)(100)(105)(84)(103)(84)
Joint venture adjustments(42)16 (8)(64)18 (42)18 
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72)(61)(61)
Unit-linked contract income(227)498 580 366 (318)(227)(318)
Reinsurance activity
43 47 177 222 301 43 301 
Collateralized financing entities— — — — — — — 
Divested businesses1 — — — — 1 — 
Other revenues
Asymmetrical and non-economic accounting36 42 78 94 107 36 107 
Other adjustments(15)(16)(15)(17)— (15)— 
Divested businesses— — 2 (2)— — — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(75)(1)52 (395)35 (75)35 
Market volatility44 40 49 76 74 44 74 
Divested businesses(1)1 (1)(2)— (1)— 
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting— — (2)(1)1 — 1 
Divested businesses— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting(64)(30)(68)(61)(57)(64)(57)
Unit-linked contract costs234 (486)(578)(366)302 234 302 
Divested businesses— — — — — — — 
Capitalization of DAC - Divested businesses
— — — — — — — 
Amortization of DAC, VOBA and negative VOBA
Asymmetrical and non-economic accounting
— — — (1)(3)— (3)
Divested businesses
— — — — — — — 
Interest expense on debt
Collateralized financing entities— — — — — — — 
Divested businesses— — — — — — — 
Other expenses
Reinsurance activity
(42)(45)(135)(166)(205)(42)(205)
Other adjustments, excluding Reinsurance activity(19)(21)(2)(15)(53)(19)(53)
Divested businesses(8)(7)(9)(12)(5)(8)(5)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit23 195 223 190 170 23 170 
Adjusted earnings1,415 1,393 1,650 1,679 1,631 1,415 1,631 
Less: Preferred stock dividends66 31 66 31 45 66 45 
Adjusted earnings available to common shareholders$1,349 $1,362 $1,584 $1,648 $1,586 $1,349 $1,586 
(1)See Page A-7 for further information.
A-1
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APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Actuarial assumption review and other insurance adjustments$— $— $89 $— $— $— $— 
Litigation reserves and settlement costs— — — (32)— — — 
Tax adjustments— — (71)(29)— — — 
Total notable items$— $— $18 $(61)$— $— $— 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Actuarial assumption review and other insurance adjustments $— $— $(2)$— $— $— $— 
Total notable items $— $— $(2)$— $— $— $— 
RIS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Actuarial assumption review and other insurance adjustments $— $— $13 $— $— $— $— 
Total notable items $— $— $13 $— $— $— $— 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-2
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APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED)
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Actuarial assumption review and other insurance adjustments
$— $— $70 $— $— $— $— 
Total notable items
$— $— $70 $— $— $— $— 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Actuarial assumption review and other insurance adjustments
$— $— $(4)$— $— $— $— 
Tax adjustments
— — (71)(29)— — — 
Total notable items
$— $— $(75)$(29)$— $— $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Actuarial assumption review and other insurance adjustments
$— $— $(1)$— $— $— $— 
Total notable items
$— $— $(1)$— $— $— $— 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026March 31, 2025March 31, 2026
Actuarial assumption review and other insurance adjustments
$— $— $13 $— $— $— $— 
Litigation reserves and settlement costs— — — (32)— — — 
Total notable items$— $— $13 $(32)$— $— $— 
A-3
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APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Total MetLife, Inc.'s stockholders' equity$27,493 $27,685 $28,944 $28,398 $27,324 
Less: Preferred stock3,818 3,818 2,830 2,830 2,830 
MetLife, Inc.'s common stockholders' equity 23,675 23,867 26,114 25,568 24,494 
Less: Unrealized investment gains (losses), net of related offsets and income tax(17,329)(16,484)(14,667)(15,614)(19,380)
Deferred gains (losses) on derivatives, net of income tax
179 (1,466)(1,239)(1,588)(1,015)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax5,334 5,876 6,028 6,871 9,001 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(31)(64)(83)(97)(56)
  Defined benefit plans adjustment, net of income tax(1,416)(1,407)(1,390)(1,393)(1,374)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
(100)(83)92 (8)231 
Total MetLife, Inc.'s adjusted common stockholders' equity
37,038 37,495 37,373 37,397 37,087 
Less: Accumulated year-to-date total notable items, net of income tax (2)
— — 18 (43)— 
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
$37,038 $37,495 $37,355 $37,440 $37,087 
Unaudited (In millions, except per share data)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Book value per common share $35.16 $35.79 $39.52 $39.02 $37.92 
Less: Unrealized investment gains (losses), net of related offsets and income tax(25.74)(24.72)(22.20)(23.83)(30.00)
  Deferred gains (losses) on derivatives, net of income tax
0.27 (2.20)(1.88)(2.42)(1.57)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax7.92 8.81 9.12 10.49 13.94 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.05)(0.10)(0.13)(0.15)(0.09)
  Defined benefit plans adjustment, net of income tax(2.10)(2.11)(2.10)(2.13)(2.13)
  Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
(0.15)(0.12)0.14 (0.01)0.36 
Adjusted book value per common share
$55.01 $56.23 $56.57 $57.07 $57.41 
Common shares outstanding, end of period 673.3 666.8 660.7 655.3 646.0 
For the Three Months Ended (3)
Unaudited (In millions, except ratios)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
Return on MetLife, Inc.'s:
Common stockholders' equity 14.9 %11.7 %13.1 %12.0 %18.2 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
14.4 %14.6 %16.9 %17.6 %17.0 %
Adjusted common stockholders' equity, excluding total notable items (2)
14.4 %14.6 %16.7 %18.3 %17.0 %
Average common stockholders' equity $23,651 $23,771 $24,991 $25,841 $25,031 
Average adjusted common stockholders' equity
$37,405 $37,267 $37,434 $37,385 $37,242 
Average adjusted common stockholders' equity, excluding total notable items (2)
$37,405 $37,267 $37,425 $37,398 $37,242 
(1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to the reinsurers.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further information.
(3) Annualized using quarter-to-date results.
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APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ADJUSTED OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
 ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
GROUP BENEFITS (1)$6,430 $6,446 $6,306 $6,287 $6,539 
RIS (1)2,457 1,382 1,214 7,209 2,390 
ASIA 1,662 1,622 1,653 1,660 1,738 
LATIN AMERICA1,704 1,783 1,774 1,874 1,897 
EMEA 695 724 723 787 797 
MIM (1)218 237 238 239 314 
CORPORATE & OTHER (1)647 602 596 625 508 
Adjusted premiums, fees and other revenues, on a constant currency basis$13,813 $12,796 $12,504 $18,681 $14,183 
Adjusted premiums, fees and other revenues$13,614 $12,719 $12,461 $18,614 $14,183 
ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
GROUP BENEFITS (1)$1,076 $1,052 $1,038 $1,100 $1,114 
RIS (1)169 160 170 196 216 
ASIA 738 766 794 805 858 
LATIN AMERICA544 529 646 634 604 
EMEA368 369 384 423 418 
MIM (1)182 167 161 161 255 
CORPORATE & OTHER (1)188 192 221 260 196 
Adjusted other expenses, on a constant currency basis
$3,265 $3,235 $3,414 $3,579 $3,661 
Adjusted other expenses$3,202 $3,236 $3,422 $3,563 $3,661 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026
GROUP BENEFITS (1)$370 $401 $456 $465 $439 
RIS (1)406 370 441 454 451 
ASIA 372 338 523 444 487 
LATIN AMERICA251 258 165 207 229 
EMEA 86 98 86 97 110 
MIM (1)28 54 58 60 47 
CORPORATE & OTHER (1)(129)(142)(146)(70)(177)
Adjusted earnings available to common shareholders, on a constant currency basis$1,384 $1,377 $1,583 $1,657 $1,586 
Adjusted earnings available to common shareholders$1,349 $1,362 $1,584 $1,648 $1,586 
(1) Amounts on a reported basis, as constant currency impact is not significant.
A-5
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:Comparable GAAP financial measures:
(i)total adjusted revenues(i)total revenues
(ii)total adjusted expenses(ii)total expenses
(iii)adjusted premiums, fees and other revenues(iii)premiums, fees and other revenues
(iv)adjusted premiums, fees and other revenues, excluding PRT (iv)premiums, fees and other revenues
(v)adjusted net investment income(v)net investment income
(vi)adjusted earnings(vi)net income (loss)
(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
(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 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
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings materials, which are available at MetLife’s Investor Relations webpage (https://investor.metlife.com).
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

Adjusted earnings and related measures
•adjusted earnings;
•adjusted earnings available to common shareholders;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders per diluted common share;
•adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•
adjusted earnings available to common shareholders, on a constant currency basis.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:
•
Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance.
•
Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”).
•
Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•
Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in-force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•
Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•
Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made in calculating adjusted earnings:
•
Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly-owned real estate and real estate joint ventures.
•
Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities (“Unit-linked contract income” and “Unit-linked contract costs”).
•
Net investment income and other expenses exclude Reinsurance activity (as defined below).
•
Net investment income and interest expense on debt exclude amounts related to collateralized financing entities that are consolidated variable interest entities.
•
Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners.
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•
Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
•
“Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity and related measures
•
Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.
•
Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax.
•
Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•
Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•
Direct expense ratio: direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•
Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•
Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Assets Under Management
•
Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below).
•
MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”) manages or advises.
•
General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans.
•
Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement.
◦
Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦
Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets.
◦
Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements.
•
Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.

Other items
The following additional information is relevant to an understanding of our performance:
•
Statistical sales information for Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
•
PRT includes U.K. funded reinsurance.
•
“Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets.
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APPENDIX
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
CMBS
Commercial mortgage-backed securities
DACDeferred policy acquisition costs
AUM
Assets under management
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
MIMMetLife Investment Management
MIM GA AUM
MetLife Investment Management general account assets under management
NAICNational Association of Insurance Commissioners
NRSRONationally Recognized Statistical Rating Organization
PRTPension risk transfers
QFSQuarterly financial supplement
RMBS
Residential mortgage-backed securities
RISRetirement and Income Solutions
U.K.
United Kingdom
VOBAValue of business acquired
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