Table of Contents
Exhibit 99.2




 
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Second Quarter
Financial Supplement
June 30, 2026
2

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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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Revenues
Premiums$10,810 $10,555 $16,691 $12,120 $11,435 $22,533 $23,555 
Universal life and investment-type product policy fees1,259 1,247 1,268 1,343 1,372 2,488 2,715 
Net investment income5,661 6,089 5,924 5,355 6,702 10,546 12,057 
Other revenues679 724 737 852 845 1,366 1,697 
Net investment gains (losses)(273)(325)(160)(670)(428)(660)(1,098)
Net derivative gains (losses)(796)(929)(646)74 (772)(364)(698)
Total revenues17,340 17,361 23,814 19,074 19,154 35,909 38,228 
Expenses
Policyholder benefits and claims10,767 10,369 16,776 11,864 11,335 22,573 23,199 
Policyholder liability remeasurement (gains) losses5 (159)35 (13)18 (26)5 
Market risk benefit remeasurement (gains) losses(277)(263)(267)120 (270)22 (150)
Interest credited to policyholder account balances2,400 2,561 2,342 1,674 3,067 4,047 4,741 
Policyholder dividends146 134 129 124 125 290 249 
Amortization of DAC, VOBA and negative VOBA528 522 545 568 588 1,047 1,156 
Interest expense on debt269 271 263 265 292 527 557 
Other expenses, net of capitalization of DAC2,522 2,716 2,874 2,965 2,964 5,095 5,929 
Total expenses16,360 16,151 22,697 17,567 18,119 33,575 35,686 
Income (loss) before provision for income tax980 1,210 1,117 1,507 1,035 2,334 2,542 
Provision for income tax expense (benefit)245 308 301 345 256 649 601 
Net income (loss) 735 902 816 1,162 779 1,685 1,941 
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests6 6 7 (23)43 11 20 
Net income (loss) attributable to MetLife, Inc.729 896 809 1,185 736 1,674 1,921 
Less: Preferred stock dividends31 66 31 45 31 97 76 
 Preferred stock redemption premium — 12 — — — — — 
Net income (loss) available to MetLife, Inc.'s common shareholders$698 $818 $778 $1,140 $705 $1,577 $1,845 
Premiums, fees and other revenues$12,748 $12,526 $18,696 $14,315 $13,652 $26,387 $27,967 
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METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Net income (loss) available to MetLife, Inc.'s common shareholders$698 $818 $778 $1,140 $705 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (273)(325)(160)(670)(428)
Less: Net derivative gains (losses)(796)(929)(646)74 (772)
Less: Market risk benefit remeasurement gains (losses)277 263 267 (120)270 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(61)20 (514)77 (129)
Less: Provision for income tax (expense) benefit 195 223 190 170 234 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
6 6 7 (23)43 
Add: Preferred stock redemption premium— 12 — — — 
Adjusted earnings available to common shareholders1,362 1,584 1,648 1,586 1,573 
Less: Total notable items (2)— 18 (61)— — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,362 $1,566 $1,709 $1,586 $1,573 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.03 $1.22 $1.17 $1.74 $1.09 
Less: Net investment gains (losses)(0.40)(0.49)(0.24)(1.02)(0.66)
Less: Net derivative gains (losses)(1.18)(1.39)(0.98)0.11 (1.19)
Less: Market risk benefit remeasurement gains (losses)0.41 0.39 0.40 (0.18)0.42 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.10)0.04 (0.78)0.11 (0.20)
Less: Provision for income tax (expense) benefit0.29 0.33 0.29 0.26 0.36 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests0.01 0.01 0.01 (0.04)0.07 
Add: Preferred stock redemption premium— 0.02 — — — 
Adjusted earnings available to common shareholders per diluted common share 2.02 2.37 2.49 2.42 2.43 
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)$2.02 $2.34 $2.58 $2.42 $2.43 
For the Three Months Ended
Unaudited (In millions, except per share data)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Weighted average common shares outstanding - diluted675.0 669.1 662.2 655.7 646.9 
(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)
UnauditedJune 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Book value per common share (1) $35.79 $39.52 $39.02 $37.92 $38.59 
Adjusted book value per common share (1)$56.23 $56.57 $57.07 $57.41 $57.71 
For the Three Months Ended
UnauditedJune 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Return on MetLife, Inc.'s (2):
Common stockholders' equity 11.7 %13.1 %12.0 %18.2 %11.5 %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity14.6 %16.9 %17.6 %17.0 %17.0 %
Adjusted common stockholders' equity, excluding total notable items (3)
14.6 %16.7 %18.3 %17.0 %17.0 %
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Common shares outstanding, beginning of period673.3 666.8 660.7 655.3 646.0 
Share repurchases (6.5)(6.3)(5.4)(10.1)(8.7)
Newly issued shares— 0.2 — 0.8 0.5 
Common shares outstanding, end of period 666.8 660.7 655.3 646.0 637.8 
Weighted average common shares outstanding - basic670.8 664.7 658.1 652.0 642.6 
Dilutive effect of the exercise or issuance of stock-based awards 4.2 4.4 4.1 3.7 4.3 
Weighted average common shares outstanding - diluted675.0 669.1 662.2 655.7 646.9 
MetLife Policyholder Trust Shares108.6 107.4 105.9 104.6 102.5 
(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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Total revenues$17,340 $17,361 $23,814 $19,074 $19,154 $35,909 $38,228 
Less: Adjustments to total revenues:
Net investment gains (losses)(273)(325)(160)(670)(428)(660)(1,098)
Net derivative gains (losses)(796)(929)(646)74 (772)(364)(698)
Investment hedge adjustments(102)(100)(105)(84)(170)(205)(254)
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72)(61)(54)(115)
Asymmetrical and non-economic accounting, excluding Investment hedge adjustments
42 78 100 132 131 78 263 
Joint venture adjustments16 (8)(64)18 23 (26)41 
Unit-linked contract income
498 580 366 (318)998 271 680 
Reinsurance activity
47 177 222 301 331 90 632 
Consolidated collateralized financing entities— — — — 23 — 23 
Other
(16)(15)(17)— (3)(31)(3)
Divested businesses
3 2 (1)— — 8 — 
Total adjusted revenues$17,921 $17,901 $24,191 $19,682 $19,075 $36,748 $38,757 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Net investment income$5,661 $6,089 $5,924 $5,355 $6,702 $10,546 $12,057 
Less: Adjustments to net investment income:
Investment hedge adjustments(102)(100)(105)(84)(170)(205)(254)
Depreciation of wholly-owned real estate and real estate joint ventures (1)(72)(61)(54)(115)
Joint venture adjustments16 (8)(64)18 23 (26)41 
Unit-linked contract income
498 580 366 (318)998 271 680 
Reinsurance activity
47 177 222 301 331 90 632 
Consolidated collateralized financing entities— — — — 23 — 23 
Divested businesses — — — — — 1 — 
Adjusted net investment income$5,202 $5,440 $5,577 $5,499 $5,551 $10,415 $11,050 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Variable investment income (Included in net investment income above)$195 $483 $497 $518 $231 $522 $749 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Premiums, fees and other revenues$12,748 $12,526 $18,696 $14,315 $13,652 $26,387 $27,967 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting42 78 100 132 131 78 263 
Other
(16)(15)(17)— (3)(31)(3)
Divested businesses
3 2 (1)— — 7 — 
Adjusted premiums, fees and other revenues$12,719 $12,461 $18,614 $14,183 $13,524 $26,333 $27,707 
Adjusted premiums, fees and other revenues, on a constant currency basis$12,776 $12,485 $18,663 $14,162 $13,524 
(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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Total expenses$16,360 $16,151 $22,697 $17,567 $18,119 $33,575 $35,686 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(277)(263)(267)120 (270)22 (150)
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting31 18 458 24 227 170 251 
Market volatility(40)(49)(76)(74)(86)(84)(160)
Unit-linked contract costs
486 578 366 (302)992 252 690 
Reinsurance activity
45 135 166 205 201 87 406 
Consolidated collateralized financing entities— — — — 19 — 19 
Other
21 2 15 53 48 40 101 
Divested businesses
6 10 14 5 7 15 12 
Total adjusted expenses$16,088 $15,720 $22,021 $17,536 $16,981 $33,073 $34,517 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Capitalization of DAC $(787)$(852)$(882)$(959)$(950)$(1,485)$(1,909)
Less: Divested businesses— — — — — — — 
Adjusted capitalization of DAC$(787)$(852)$(882)$(959)$(950)$(1,485)$(1,909)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Other expenses $3,309 $3,568 $3,756 $3,924 $3,914 $6,580 $7,838 
Less: Adjustments to other expenses:
Reinsurance activity
45 135 166 205 201 87 406 
Other
21 2 15 53 48 40 101 
Divested businesses7 9 12 5 7 15 12 
Adjusted other expenses$3,236 $3,422 $3,563 $3,661 $3,658 $6,438 $7,319 
Adjusted other expenses, on a constant currency basis
$3,226 $3,403 $3,573 $3,652 $3,658 
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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)
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Other expenses, net of capitalization of DAC$2,522 $2,716 $2,874 $2,965 $2,964 $5,095 $5,929 
Premiums, fees and other revenues$12,748 $12,526 $18,696 $14,315 $13,652 $26,387 $27,967 
Expense ratio19.8 %21.7 %15.4 %20.7 %21.7 %19.3 %21.2 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Adjusted other expenses by major category
Direct expenses$1,445 $1,443 $1,528 $1,583 $1,580 $2,904 $3,163 
Pension, postretirement and postemployment benefit costs66 69 74 70 70 136 140 
Premium taxes, other taxes, and licenses & fees158 272 246 199 192 318 391 
Commissions and other variable expenses1,567 1,638 1,715 1,809 1,816 3,080 3,625 
Adjusted other expenses
3,236 3,422 3,563 3,661 3,658 6,438 7,319 
Adjusted capitalization of DAC(787)(852)(882)(959)(950)(1,485)(1,909)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,449 $2,570 $2,681 $2,702 $2,708 $4,953 $5,410 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratios)
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Employee-related costs$935 $962 $946 $1,094 $1,050 $1,926 $2,144 
Third-party staffing costs392 374 415 368 387 745 755 
General and administrative expenses118 107 167 121 143 233 264 
Direct expenses1,445 1,443 1,528 1,583 1,580 2,904 3,163 
Less: Total notable items related to direct expenses (1)— — 40 — — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,445 $1,443 $1,488 $1,583 $1,580 $2,904 $3,163 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,449 $2,570 $2,681 $2,702 $2,708 $4,953 $5,410 
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)
$2,449 $2,468 $2,600 $2,702 $2,708 $4,953 $5,410 
Adjusted premiums, fees and other revenues$12,719 $12,461 $18,614 $14,183 $13,524 $26,333 $27,707 
Less: PRT328 (10)5,775 843 510 1,804 1,353 
Adjusted premiums, fees and other revenues, excluding PRT$12,391 $12,471 $12,839 $13,340 $13,014 $24,529 $26,354 
Direct expense ratio 11.4 %11.6 %8.2 %11.2 %11.7 %11.0 %11.4 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)11.7 %11.6 %11.6 %11.9 %12.1 %11.8 %12.0 %
Adjusted expense ratio19.3 %20.6 %14.4 %19.1 %20.0 %18.8 %19.5 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)19.8 %19.8 %20.3 %20.3 %20.8 %20.2 %20.5 %
(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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$298,737 $304,645 $315,931 $316,110 $322,183 
Equity securities, at estimated fair value790 788 858 927 932 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 11,694 12,270 13,959 13,435 14,809 
Mortgage loans86,868 85,843 84,593 83,726 82,856 
Policy loans8,664 8,589 8,547 8,455 8,226 
Real estate and real estate joint ventures14,007 13,932 13,440 13,356 13,065 
Other limited partnership interests14,279 14,741 14,917 14,531 14,801 
Short-term investments, principally at estimated fair value5,300 5,962 3,601 4,948 8,016 
Other invested assets16,352 16,932 16,332 17,624 17,675 
Total investments456,691 463,702 472,178 473,112 482,563 
Cash and cash equivalents, principally at estimated fair value22,178 20,233 22,032 22,687 19,301 
Accrued investment income3,532 3,791 3,719 3,796 3,774 
Premiums, reinsurance and other receivables31,503 40,329 49,059 50,335 50,635 
Market risk benefits, at estimated fair value352 392 458 392 490 
Deferred policy acquisition costs and value of business acquired20,993 21,175 21,107 21,269 21,571 
Current income tax recoverable554 374 660 455 426 
Deferred income tax assets2,925 2,719 2,585 2,901 3,167 
Goodwill9,142 9,095 9,613 9,565 9,536 
Other assets11,425 11,572 11,822 11,013 11,059 
Separate account assets143,175 146,344 151,933 147,686 156,850 
Total assets$702,470 $719,726 $745,166 $743,211 $759,372 
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Liabilities
Future policy benefits$198,965 $199,169 $208,855 $206,628 $206,150 
Policyholder account balances232,433 235,312 236,857 239,836 245,458 
Market risk benefits, at estimated fair value2,709 2,585 2,406 2,522 2,235 
Other policy-related balances19,899 20,361 20,070 20,444 20,559 
Policyholder dividends payable367 369 356 337 349 
Payables for collateral under securities loaned and other transactions17,147 17,139 17,115 18,157 18,882 
Short-term debt379 378 355 404 460 
Long-term debt 15,374 15,300 14,467 14,445 14,244 
Collateral financing arrangement438 398 352 299 286 
Subordinated debt securities4,153 4,154 4,155 5,143 5,144 
Notes issued by collateralized financing entities — — 1,206 1,138 1,497 
Deferred income tax liability430 574 536 382 311 
Other liabilities 39,074 48,452 57,582 57,989 58,986 
Separate account liabilities143,175 146,344 151,933 147,686 156,850 
Total liabilities674,543 690,535 716,245 715,410 731,411 
Contingencies, Commitments and Guarantees
Mezzanine Equity
Redeemable noncontrolling interests— — 241 206 220 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,822 32,855 32,858 32,921 32,933 
Retained earnings43,447 43,887 44,290 45,058 45,380 
Treasury stock, at cost(29,737)(30,244)(30,678)(31,440)(32,141)
Accumulated other comprehensive income (loss)(19,859)(17,566)(18,084)(19,227)(18,743)
Total MetLife, Inc.'s stockholders' equity27,685 28,944 28,398 27,324 27,441 
Noncontrolling interests242 247 282 271 300 
Total equity27,927 29,191 28,680 27,595 27,741 
Total liabilities, mezzanine equity and equity$702,470 $719,726 $745,166 $743,211 $759,372 
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METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Adjusted earnings before provision for income tax
GROUP BENEFITS$508 $577 $589 $555 $636 
RIS460 551 563 558 463 
ASIA489 752 625 689 590 
LATIN AMERICA317 208 270 330 351 
EMEA128 115 129 143 133 
MIM72 78 80 63 76 
CORPORATE & OTHER(141)(100)(86)(192)(155)
Total adjusted earnings before provision for income tax
$1,833 $2,181 $2,170 $2,146 $2,094 
Provision for income tax expense (benefit)
GROUP BENEFITS$107 $121 $124 $116 $133 
RIS90 110 109 107 86 
ASIA143 212 181 202 170 
LATIN AMERICA84 60 72 101 83 
EMEA28 28 32 33 25 
MIM18 20 20 16 19 
CORPORATE & OTHER(30)(20)(47)(60)(26)
Total provision for income tax expense (benefit)
$440 $531 $491 $515 $490 
Adjusted earnings available to common shareholders
GROUP BENEFITS$401 $456 $465 $439 $503 
RIS370 441 454 451 377 
ASIA346 540 444 487 420 
LATIN AMERICA233 148 198 229 268 
EMEA100 87 97 110 108 
MIM54 58 60 47 57 
CORPORATE & OTHER (1)(142)(146)(70)(177)(160)
Total adjusted earnings available to common shareholders (1)$1,362 $1,584 $1,648 $1,586 $1,573 
(1)Includes impact of preferred stock dividends of $31 million, $66 million, $31 million, $45 million and $31 million for the three months ended June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Adjusted revenues
Premiums$5,801 $5,662 $5,632 $5,848 $5,819 $11,564 $11,667 
Universal life and investment-type product policy fees240 227 236 230 242 473 472 
Net investment income345 356 358 352 357 698 709 
Other revenues405 417 419 461 451 839 912 
Total adjusted revenues6,791 6,662 6,645 6,891 6,869 13,574 13,760 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends5,161 4,982 4,889 5,147 5,053 10,344 10,200 
Policyholder liability remeasurement (gains) losses(4)(9)(3)(2)(2)(22)(4)
Interest credited to policyholder account balances73 73 71 70 69 145 139 
Capitalization of DAC(7)(7)(7)(6)(6)(12)(12)
Amortization of DAC, VOBA and negative VOBA7 7 6 12 8 13 20 
Interest expense on debt1 1 — 1 2 2 3 
Other expenses1,052 1,038 1,100 1,114 1,109 2,128 2,223 
Total adjusted expenses6,283 6,085 6,056 6,336 6,233 12,598 12,569 
Adjusted earnings before provision for income tax508 577 589 555 636 976 1,191 
Provision for income tax expense (benefit)107 121 124 116 133 205 249 
Adjusted earnings401 456 465 439 503 771 942 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders401 456 465 439 503 771 942 
Less: Total notable items

— (2)— — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$401 $458 $465 $439 $503 $771 $942 
Adjusted premiums, fees and other revenues$6,446 $6,306 $6,287 $6,539 $6,512 $12,876 $13,051 
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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Direct and allocated expenses$507 $502 $534 $540 $529 
Pension, postretirement and postemployment benefit costs15 14 15 15 14 
Premium taxes, other taxes, and licenses & fees88 87 89 94 94 
Commissions and other variable expenses442 435 462 465 472 
Adjusted other expenses$1,052 $1,038 $1,100 $1,114 $1,109 
Adjusted capitalization of DAC
(7)(7)(7)(6)(6)
Adjusted other expenses, net of adjusted capitalization of DAC$1,045 $1,031 $1,093 $1,108 $1,103 
OTHER INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Group Life (2)
Adjusted premiums, fees and other revenues$2,371 $2,328 $2,321 $2,379 $2,367 
Mortality ratio83.0 %83.4 %81.1 %80.1 %79.0 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,876 $2,814 $2,866 $3,019 $2,957 
Interest adjusted benefit ratio (4)74.8 %72.5 %72.2 %75.8 %73.9 %
(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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Adjusted revenues
Premiums$1,210 $1,045 $7,030 $2,212 $1,587 $3,494 $3,799 
Universal life and investment-type product policy fees102 99 104 109 113 206 222 
Net investment income2,166 2,189 2,229 2,252 2,219 4,356 4,471 
Other revenues70 70 75 69 69 139 138 
Total adjusted revenues3,548 3,403 9,438 4,642 3,988 8,195 8,630 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends2,045 1,836 7,829 3,066 2,466 5,165 5,532 
Policyholder liability remeasurement (gains) losses1 (14)26 (20)3 (14)(17)
Interest credited to policyholder account balances903 888 878 883 908 1,786 1,791 
Capitalization of DAC(46)(50)(80)(87)(83)(83)(170)
Amortization of DAC, VOBA and negative VOBA21 19 22 23 24 40 47 
Interest expense on debt4 3 4 3 2 7 5 
Other expenses160 170 196 216 205 329 421 
Total adjusted expenses3,088 2,852 8,875 4,084 3,525 7,230 7,609 
Adjusted earnings before provision for income tax460 551 563 558 463 965 1,021 
Provision for income tax expense (benefit)90 110 109 107 86 189 193 
Adjusted earnings370 441 454 451 377 776 828 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders370 441 454 451 377 776 828 
Less: Total notable items
— 13 — — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$370 $428 $454 $451 $377 $776 $828 
Adjusted premiums, fees and other revenues$1,382 $1,214 $7,209 $2,390 $1,769 $3,839 $4,159 
Less: PRT
328 (10)5,775 843 510 1,804 1,353 
Adjusted premiums, fees and other revenues, excluding PRT$1,054 $1,224 $1,434 $1,547 $1,259 $2,035 $2,806 
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RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Balance, end of period (at balance sheet discount rate) (2)
$73,506 $74,263 $84,988 $84,300 $84,563 
Less: Accumulated other comprehensive (income) loss(2,366)(1,209)(1,732)(2,968)(2,505)
Balance, end of period (at original discount rate)$75,872 $75,472 $86,720 $87,268 $87,068 
Future policyholder benefits subject to reinsurance (at balance sheet discount rate) (2)
$2,266 $7,750 $12,786 $12,503 $12,377 
Add: Accumulated other comprehensive (income) loss
(27)(149)(63)116 67 
Balance, end of period (at original discount rate)
$2,239 $7,601 $12,723 $12,619 $12,444 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Balance, end of period
$92,197 $92,291 $93,549 $96,115 $99,283 
Policyholder account balances subject to reinsurance
$3,327 $4,297 $4,571 $5,131 
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES GENERAL ACCOUNT RETAINED BALANCES (3)
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Balance, end of period
$165,830 $156,835 $163,249 $166,193 $168,776 
TOTAL LIABILITIES
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
General account retained balances (3)
$165,830 $156,835 $163,249 $166,193 $168,776 
Separate account liabilities
54,864 55,671 57,128 56,089 56,447 
Synthetic GICS (4)53,740 51,920 52,664 52,257 52,056 
Longevity Reinsurance (5)
30,087 29,293 37,025 36,440 36,001 
Total liability exposure retained, end of period
$304,521 $293,719 $310,066 $310,979 $313,280 
Total liability exposure, end of period
$306,760 $304,647 $327,086 $328,169 $330,855 
(1)Includes $3,910 million, $3,964 million, $3,948 million, $3,973 million and $3,960 million of DPL at June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 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)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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Direct and allocated expenses$89 $88 $90 $93 $86 
Pension, postretirement and postemployment benefit costs4 4 5 5 4 
Premium taxes, other taxes, and licenses & fees3 7 32 15 7 
Commissions and other variable expenses64 71 69 103 108 
Adjusted other expenses$160 $170 $196 $216 $205 
Adjusted capitalization of DAC
(46)(50)(80)(87)(83)
Adjusted other expenses, net of adjusted capitalization of DAC
$114 $120 $116 $129 $122 
SPREAD
For the Three Months Ended
UnauditedJune 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Investment income yield, excluding variable investment income yield
5.07 %5.07 %5.10 %5.02 %5.07 %
Variable investment income yield5.45 %13.46 %12.37 %12.15 %4.13 %
Total investment income yield5.08 %5.36 %5.35 %5.26 %5.04 %
Average crediting rate4.31 %4.33 %4.34 %4.28 %4.27 %
Amortization of DPL and losses at inception (1)(0.21)%(0.24)%(0.23)%(0.21)%(0.20)%
Total average crediting rate4.10 %4.09 %4.11 %4.07 %4.07 %
Annualized general account spread (2)
0.98 %1.27 %1.24 %1.19 %0.97 %
Annualized general account spread, excluding variable investment income yield
0.97 %0.98 %0.99 %0.95 %1.00 %
(1)Includes the amortization of DPL of (0.22%) for the three months ended June 30, 2025, (0.23%) for each of the three months ended September 30, 2025 and December 31, 2025, (0.22%) for the three months ended March 31, 2026, and (0.21%) for the three months ended June 30, 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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Adjusted revenues
Premiums$1,278 $1,290 $1,222 $1,294 $1,237 $2,538 $2,531 
Universal life and investment-type product policy fees399 407 428 427 441 805 868 
Net investment income1,204 1,374 1,405 1,461 1,375 2,408 2,836 
Other revenues22 20 21 17 20 37 37 
Total adjusted revenues2,903 3,091 3,076 3,199 3,073 5,788 6,272 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,051 1,074 1,010 1,088 1,030 2,088 2,118 
Policyholder liability remeasurement (gains) losses(12)(141)6 (15)(15)(23)(30)
Interest credited to policyholder account balances757 804 825 833 862 1,468 1,695 
Capitalization of DAC(418)(435)(413)(465)(470)(769)(935)
Amortization of DAC, VOBA and negative VOBA223 207 208 211 214 439 425 
Interest expense on debt— — — — — — — 
Other expenses813 830 815 858 862 1,562 1,720 
Total adjusted expenses2,414 2,339 2,451 2,510 2,483 4,765 4,993 
Adjusted earnings before provision for income tax489 752 625 689 590 1,023 1,279 
Provision for income tax expense (benefit)143 212 181 202 170 305 372 
Adjusted earnings346 540 444 487 420 718 907 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$346 $540 $444 $487 $420 $718 $907 
Less: Total notable items
— 70 — — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$346 $470 $444 $487 $420 $718 $907 
Adjusted premiums, fees and other revenues$1,699 $1,717 $1,671 $1,738 $1,698 $3,380 $3,436 
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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Adjusted premiums, fees and other revenues$1,699 $1,717 $1,671 $1,738 $1,698 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,603 $1,635 $1,642 $1,717 $1,698 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Direct and allocated expenses$304 $303 $303 $298 $299 
Pension, postretirement and postemployment benefit costs14 13 17 11 12 
Premium taxes, other taxes, and licenses & fees33 33 38 37 36 
Commissions and other variable expenses462 481 457 512 515 
Adjusted other expenses$813 $830 $815 $858 $862 
Adjusted capitalization of DAC
(418)(435)(413)(465)(470)
Adjusted other expenses, net of adjusted capitalization of DAC$395 $395 $402 $393 $392 
Adjusted other expenses, on a constant currency basis
$755 $783 $794 $846 $862 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Japan:
Life$155 $211 $167 $163 $151 
Accident & Health62 61 57 113 118 
Annuities227 178 119 127 186 
Other2 1 1 1 2 
Total Japan446 451 344 404 457 
Other Asia232 318 245 355 337 
   Total sales$678 $769 $589 $759 $794 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Adjusted earnings available to common shareholders$346 $540 $444 $487 $420 
Adjusted earnings available to common shareholders, excluding total notable items
$346 $470 $444 $487 $420 
Adjusted earnings available to common shareholders, on a constant currency basis$337 $520 $442 $485 $420 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$337 $450 $442 $485 $420 
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Asia GA AUM $129,325 $131,751 $130,514 $128,978 $129,513 
Asia GA AUM (at amortized cost)$139,158 $140,892 $140,168 $140,660 $141,211 
Asia GA AUM (at amortized cost), on a constant currency basis$133,476 $136,444 $138,234 $139,816 $141,211 
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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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Adjusted revenues
Premiums$1,260 $1,288 $1,443 $1,485 $1,498 $2,424 $2,983 
Universal life and investment-type product policy fees371 377 359 419 416 711 835 
Net investment income445 416 429 409 587 853 996 
Other revenues3 (2)(6)(7)(15)12 (22)
Total adjusted revenues2,079 2,079 2,225 2,306 2,486 4,000 4,792 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,216 1,218 1,320 1,349 1,471 2,307 2,820 
Policyholder liability remeasurement (gains) losses— (4)— — 5 (3)5 
Interest credited to policyholder account balances96 92 87 85 101 194 186 
Capitalization of DAC(176)(203)(219)(240)(226)(348)(466)
Amortization of DAC, VOBA and negative VOBA137 149 156 173 186 266 359 
Interest expense on debt4 4 3 5 4 8 9 
Other expenses485 615 608 604 594 968 1,198 
Total adjusted expenses1,762 1,871 1,955 1,976 2,135 3,392 4,111 
Adjusted earnings before provision for income tax317 208 270 330 351 608 681 
Provision for income tax expense (benefit)84 60 72 101 83 156 184 
Adjusted earnings233 148 198 229 268 452 497 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$233 $148 $198 $229 $268 $452 $497 
Less: Total notable items
— (75)(29)— — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$233 $223 $227 $229 $268 $452 $497 
Adjusted premiums, fees and other revenues$1,634 $1,663 $1,796 $1,897 $1,899 $3,147 $3,796 
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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Direct and allocated expenses$143 $147 $151 $158 $171 
Pension, postretirement and postemployment benefit costs2 1 3 2 2 
Premium taxes, other taxes, and licenses & fees22 123 66 32 26 
Commissions and other variable expenses318 344 388 412 395 
Adjusted other expenses$485 $615 $608 $604 $594 
Adjusted capitalization of DAC
(176)(203)(219)(240)(226)
Adjusted other expenses, net of adjusted capitalization of DAC
$309 $412 $389 $364 $368 
Adjusted other expenses, on a constant currency basis
$534 $651 $644 $611 $594 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$339 $433 $413 $367 $368 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Mexico$205 $228 $229 $271 $194 
Chile135 129 131 136 140 
All other79 117 114 119 122 
Total sales$419 $474 $474 $526 $456 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Adjusted premiums, fees and other revenues$1,634 $1,663 $1,796 $1,897 $1,899 
Adjusted earnings available to common shareholders$233 $148 $198 $229 $268 
Adjusted earnings available to common shareholders, excluding total notable items
$233 $223 $227 $229 $268 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,789 $1,780 $1,882 $1,905 $1,899 
Adjusted earnings available to common shareholders, on a constant currency basis$258 $166 $205 $230 $268 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$258 $241 $234 $230 $268 

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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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Adjusted revenues
Premiums$626 $638 $679 $689 $698 $1,208 $1,387 
Universal life and investment-type product policy fees84 82 98 99 98 162 197 
Net investment income61 66 68 67 67 119 134 
Other revenues9 7 10 9 10 17 19 
Total adjusted revenues780 793 855 864 873 1,506 1,737 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends309 333 334 337 335 586 672 
Policyholder liability remeasurement (gains) losses4 3 (1)3 (5)4 (2)
Interest credited to policyholder account balances20 21 25 21 21 37 42 
Capitalization of DAC(136)(151)(155)(155)(162)(262)(317)
Amortization of DAC, VOBA and negative VOBA88 85 100 97 110 182 207 
Interest expense on debt— — — — — — — 
Other expenses367 387 423 418 441 722 859 
Total adjusted expenses652 678 726 721 740 1,269 1,461 
Adjusted earnings before provision for income tax128 115 129 143 133 237 276 
Provision for income tax expense (benefit)28 28 32 33 25 54 58 
Adjusted earnings100 87 97 110 108 183 218 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders100 87 97 110 108 183 218 
Less: Total notable items
— (1)— — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$100 $88 $97 $110 $108 $183 $218 
Adjusted premiums, fees and other revenues$719 $727 $787 $797 $806 $1,387 $1,603 
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EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Direct and allocated expenses$111 $111 $120 $122 $120 
Pension, postretirement and postemployment benefit costs(3)2 1 1 3 
Premium taxes, other taxes, and licenses & fees6 7 9 7 18 
Commissions and other variable expenses253 267 293 288 300 
Adjusted other expenses$367 $387 $423 $418 $441 
Adjusted capitalization of DAC
(136)(151)(155)(155)(162)
Adjusted other expenses, net of adjusted capitalization of DAC$231 $236 $268 $263 $279 
Adjusted other expenses, on a constant currency basis
$366 $379 $418 $414 $441 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$231 $232 $265 $261 $279 
OTHER INFORMATION
  For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Adjusted premiums, fees and other revenues$719 $727 $787 $797 $806 
Adjusted earnings available to common shareholders$100 $87 $97 $110 $108 
Adjusted earnings available to common shareholders, excluding total notable items
$100 $88 $97 $110 $108 
Adjusted premiums, fees and other revenues, on a constant currency basis$717 $716 $779 $789 $806 
Adjusted earnings available to common shareholders, on a constant currency basis$97 $83 $96 $108 $108 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$97 $84 $96 $108 $108 
Total sales, on a constant currency basis$301 $290 $303 $363 $346 
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MIM
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratios)
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Adjusted revenues
Premiums$— $— $— $— $— $— $— 
Universal life and investment-type product policy fees— — — — — — — 
Net investment income2 1 2 5 2 3 7 
Other revenues237 238 239 314 317 455 631 
Total adjusted revenues239 239 241 319 319 458 638 
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 — 2 
Other expenses167 161 161 255 242 349 497 
Total adjusted expenses167 161 161 256 243 349 499 
Adjusted earnings before provision for income tax72 78 80 63 76 109 139 
Provision for income tax expense (benefit)18 20 20 16 19 27 35 
Adjusted earnings54 58 60 47 57 82 104 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders54 58 60 47 57 82 104 
Less: Total notable items
— — — — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$54 $58 $60 $47 $57 $82 $104 
Operating margin (1)
30.1 %32.6 %33.2 %19.7 %23.8 %23.8 %21.8 %
(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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Institutional Client AUM
Beginning Institutional Client AUM$185,970 $200,616 $212,390 $319,282 $313,157 
Additions17,118 19,078 19,806 16,264 17,137 
Withdrawals(9,103)(9,366)(14,194)(18,297)(18,486)
Change in market value6,631 2,062 1,770 (4,092)8,651 
Acquisitions, dispositions and other— — 99,510 — — 
Ending Institutional Client AUM (1)$200,616 $212,390 $319,282 $313,157 $320,459 
MIM GA AUM$423,671 $420,204 $422,392 $423,134 $427,667 
Total AUM$624,287 $632,594 $741,674 $736,291 $748,126 
OTHER REVENUES BY CLIENT SEGMENT
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Institutional Client$95 $98 $99 $172 $173 
General Account142 140 140 142 144 
Other revenues$237 $238 $239 $314 $317 
(1)Includes $19.5 billion, $18.8 billion and $282.2 billion of Separate Account AUM, Reinsurance AUM and Third‑Party AUM, respectively, at June 30, 2026; $14.5 billion, $19.6 billion and $279.1 billion, respectively, at March 31, 2026; and $15.8 billion, $20.1 billion and $283.4 billion, respectively, at December 31, 2025. At June 30, 2026, certain balances that were previously included in Third-Party AUM were reclassified to exclude them from Third-Party AUM and include them as Separate Account AUM.
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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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Adjusted revenues
Premiums$632 $632 $684 $592 $596 $1,298 $1,188 
Universal life and investment-type product policy fees 63 55 37 34 38 131 72 
Net investment income979 1,038 1,086 953 944 1,978 1,897 
Other revenues(93)(91)(96)(118)(111)(180)(229)
Total adjusted revenues1,581 1,634 1,711 1,461 1,467 3,227 2,928 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,171 1,160 1,202 1,110 1,063 2,381 2,173 
Policyholder liability remeasurement (gains) losses16 4 6 22 33 32 55 
Interest credited to policyholder account balances35 37 29 27 18 71 45 
Capitalization of DAC(4)(6)(8)(6)(3)(11)(9)
Amortization of DAC, VOBA and negative VOBA52 55 52 49 42 107 91 
Interest expense on debt260 263 256 255 264 510 519 
Other expenses192 221 260 196 205 380 401 
Total adjusted expenses1,722 1,734 1,797 1,653 1,622 3,470 3,275 
Adjusted earnings before provision for income tax(141)(100)(86)(192)(155)(243)(347)
Provision for income tax expense (benefit)(30)(20)(47)(60)(26)(69)(86)
Adjusted earnings(111)(80)(39)(132)(129)(174)(261)
Preferred stock dividends31 66 31 45 31 97 76 
Adjusted earnings available to common shareholders(142)(146)(70)(177)(160)(271)(337)
Less: Total notable items
— 13 (32)— — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$(142)$(159)$(38)$(177)$(160)$(271)$(337)
Adjusted premiums, fees and other revenues$602 $596 $625 $508 $523 $1,249 $1,031 
Adjusted earnings available to common shareholders attributed to business activities$115 $173 $146 $109 $129 $235 $238 
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CORPORATE & OTHER
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Annuities$1,466 $1,457 $1,442 $1,408 $1,406 
Long-term care
14,803 15,309 15,224 14,978 15,345 
Life and Other52,748 52,480 52,285 51,954 51,663 
Balance, end of period (at balance sheet discount rate)
$69,017 $69,246 $68,951 $68,340 $68,414 
Less:
Annuities$(43)$(26)$(32)$(49)$(47)
Long-term care
(922)(547)(751)(1,124)(895)
Life and Other(26)(10)(20)(39)(32)
Accumulated other comprehensive (income) loss$(991)$(583)$(803)$(1,212)$(974)
Annuities$1,509 $1,483 $1,474 $1,457 $1,453 
Long-term care
15,725 15,856 15,975 16,102 16,240 
Life and Other52,774 52,490 52,305 51,993 51,695 
Balance, end of period (at original discount rate)$70,008 $69,829 $69,754 $69,552 $69,388 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities$1,345 $1,326 $1,294 $1,255 $1,243 
Long-term care
— — — — — 
Life and Other2,455 2,474 3,934 3,920 3,922 
Balance, end of period (at balance sheet discount rate)
$3,800 $3,800 $5,228 $5,175 $5,165 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Annuities$6,633 $6,545 $6,383 $6,184 $6,039 
Life and Other7,226 7,164 7,093 7,020 6,966 
Balance, end of period$13,859 $13,709 $13,476 $13,204 $13,005 
Policyholder account balances subject to reinsurance (2)
Annuities$2,848 $2,761 $4,258 $4,133 $4,014 
Life and Other6,240 6,178 6,119 6,104 6,036 
Balance, end of period
$9,088 $8,939 $10,377 $10,237 $10,050 
MARKET RISK BENEFITS
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Annuities$2,056 $1,957 $1,788 $1,948 $1,612 
Market risk benefits subject to reinsurance (2)
$— $— $285 $373 $209 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Annuities$20,317 $20,252 $19,621 $18,347 $19,258 
Life and Other7,022 7,317 7,302 6,888 7,697 
Balance, end of period$27,339 $27,569 $26,923 $25,235 $26,955 
Separate account liabilities subject to reinsurance (3)
Annuities$77 $77 $8,354 $7,767 $8,276 
Life and Other6,429 6,688 6,666 6,284 7,021 
Balance, end of period
$6,506 $6,765 $15,020 $14,051 $15,297 
(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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Fixed Maturity Securities
Yield (1)4.61 %4.61 %4.57 %4.50 %4.88 %4.49 %4.69 %
Investment income (2), (3)$3,517 $3,485 $3,504 $3,491 $3,845 $6,776 $7,336 
Investment gains (losses)(124)(150)(105)(213)(209)(368)(422)
Ending carrying value (4)297,565 296,663 299,659 300,040 306,674 297,565 306,674 
Mortgage Loans
Yield (1)5.12 %5.22 %5.26 %5.19 %5.31 %5.17 %5.25 %
Investment income (3)1,026 1,009 1,005 979 992 2,082 1,971 
Investment gains (losses)(288)(65)(93)(119)(174)(447)(293)
Ending carrying value (5)79,848 76,896 75,767 75,290 74,128 79,848 74,128 
Real Estate and Real Estate Joint Ventures
Yield (1)3.47 %1.83 %4.64 %3.64 %4.77 %3.74 %4.20 %
Investment income120 63 158 120 155 254 275 
Investment gains (losses)3 47 9 (125)(47)(37)(172)
Ending carrying value (6)14,007 13,932 13,431 13,276 12,922 14,007 12,922 
Policy Loans
Yield (1)5.64 %5.76 %5.74 %5.67 %5.89 %5.51 %5.78 %
Investment income113 115 114 109 108 220 217 
Ending carrying value (7)8,664 8,589 8,547 8,097 7,870 8,664 7,870 
Equity Securities
Yield (1)2.30 %3.46 %5.16 %4.36 %2.78 %4.24 %3.55 %
Investment income3 4 7 6 4 12 10 
Investment gains (losses)45 17 15 (16)19 33 3 
Ending carrying value (8)790 788 753 804 812 790 812 
Other Limited Partnership Interests
Yield (1)3.46 %11.89 %11.37 %11.75 %3.16 %4.84 %7.55 %
Investment income122 431 419 436 112 344 548 
Investment gains (losses)21 4 — (43)6 20 (37)
Ending carrying value (9)14,265 14,726 14,712 14,222 14,170 14,265 14,170 
Cash and Cash Equivalents and Short-term Investments
Yield (1)4.19 %4.36 %4.07 %4.04 %3.69 %4.30 %3.86 %
Investment income232 239 208 206 196 456 402 
Investment gains (losses)(38)13 35 (3)27 (47)24 
Ending carrying value (10)27,432 25,853 24,319 26,606 26,828 27,432 26,828 
Other Invested Assets
Investment income 218 241 318 341 315 583 656 
Investment gains (losses)25 (76)(104)(31)4 29 (27)
Ending carrying value (11)16,350 16,871 16,193 17,391 17,471 16,350 17,471 
Total Investments
Investment income yield (1)4.73 %4.99 %5.10 %5.03 %5.02 %4.78 %5.03 %
Investment fees and expenses yield (1)(0.13)%(0.13)%(0.14)%(0.17)%(0.16)%(0.14)%(0.16)%
Net Investment Income Yield (1)4.60 %4.86 %4.96 %4.86 %4.86 %4.64 %4.87 %
Investment income$5,351 $5,587 $5,733 $5,688 $5,727 $10,727 $11,415 
Investment fees and expenses(149)(147)(156)(189)(176)(311)(365)
Net investment income including divested businesses5,202 5,440 5,577 5,499 5,551 10,416 11,050 
Less: Net investment income from divested businesses— — — — — 1 — 
Adjusted Net Investment Income (12)$5,202 $5,440 $5,577 $5,499 $5,551 $10,415 $11,050 
Ending Carrying Value$458,921 $454,318 $453,381 $455,726 $460,875 $458,921 $460,875 
Investment Portfolio Gains (Losses) (13)$(356)$(210)$(243)$(549)$(374)$(817)$(923)
Gross investment gains204 373 418 247 325 346 572 
Gross investment losses(264)(269)(471)(513)(564)(687)(1,077)
Net credit loss (provision) release and (impairments)(296)(314)(190)(283)(135)(476)(418)
Investment Portfolio Gains (Losses) (13)(356)(210)(243)(549)(374)(817)(923)
Investment portfolio gains (losses) income tax (expense) benefit94 41 75 125 101 210 226 
Investment Portfolio Gains (Losses), Net of Income Tax$(262)$(169)$(168)$(424)$(273)$(607)$(697)
Derivative Gains (Losses) (13)$(892)$(746)$(844)$(256)$(798)$(548)$(1,054)
Derivative gains (losses) income tax (expense) benefit181 193 192 81 191 82 272 
Derivative Gains (Losses), Net of Income Tax$(711)$(553)$(652)$(175)$(607)$(466)$(782)
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
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$81,562 27.5 %$81,720 27.7 %$83,048 27.8 %$83,279 27.8 %$85,119 27.9 %
Foreign corporate58,792 19.9 %57,798 19.6 %58,260 19.6 %57,727 19.4 %59,198 19.4 %
Residential mortgage-backed40,764 13.8 %41,292 14.0 %42,431 14.3 %43,115 14.5 %43,836 14.4 %
Foreign government42,097 14.2 %41,610 14.1 %40,028 13.4 %39,249 13.2 %39,339 12.9 %
U.S. government and agency32,463 11.0 %32,315 11.0 %33,706 11.3 %33,204 11.1 %33,399 11.0 %
Asset-backed securities and collateralized loan obligations20,929 7.1 %20,313 6.9 %20,757 7.0 %22,241 7.5 %24,353 8.0 %
Municipals9,802 3.3 %10,486 3.6 %10,579 3.6 %10,363 3.5 %10,348 3.4 %
Commercial mortgage-backed9,428 3.2 %9,245 3.1 %8,922 3.0 %8,925 3.0 %9,045 3.0 %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$295,837 100.0 %$294,779 100.0 %$297,731 100.0 %$298,103 100.0 %$304,637 100.0 %
Reinsurance activity
2,900 9,866 18,200 18,007 17,546 
Fixed Maturity Securities Available-For-Sale$298,737 $304,645 $315,931 $316,110 $322,183 
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$203,465 68.8 %$202,215 68.7 %$203,858 68.5 %$204,363 68.6 %$208,376 68.4 %
Baa280,262 27.1 %80,465 27.3 %81,877 27.5 %81,961 27.5 %84,187 27.6 %
Ba38,566 2.9 %8,364 2.8 %8,273 2.8 %8,103 2.7 %8,405 2.8 %
B43,260 1.1 %3,379 1.1 %3,379 1.1 %3,251 1.1 %3,311 1.1 %
Caa and lower5204 0.1 %258 0.1 %249 0.1 %299 0.1 %270 0.1 %
In or near default680 — %98 — %95 — %126 — %88 — %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance activity
$295,837 100.0 %$294,779 100.0 %$297,731 100.0 %$298,103 100.0 %$304,637 100.0 %
Reinsurance activity
2,900 9,866 18,200 18,007 17,546 
Fixed Maturity Securities Available-For-Sale (14)
$298,737 $304,645 $315,931 $316,110 $322,183 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Gross unrealized gains$6,192 $7,130 $6,910 $5,436 $5,237 
Gross unrealized losses28,951 26,495 27,287 30,319 29,784 
Net Unrealized Gains (Losses), excluding Reinsurance activity
$(22,759)$(19,365)$(20,377)$(24,883)$(24,547)
Reinsurance activity
(88)(575)(644)(925)(827)
Net Unrealized Gains (Losses)$(22,847)$(19,940)$(21,021)$(25,808)$(25,374)
See footnotes on Pages 28 and 29.
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INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
          
Commercial mortgage loans$46,674 $44,953 $42,406 $41,509 $39,632 
Agricultural mortgage loans 18,993 18,045 18,284 18,095 18,512 
Residential mortgage loans15,286 14,968 16,060 16,682 17,135 
Mortgage loans held-for-sale— — 35 35 — 
Total80,953 77,966 76,785 76,321 75,279 
Allowance for credit loss(1,105)(1,070)(1,018)(1,031)(1,151)
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity
79,848 76,896 75,767 75,290 74,128 
Reinsurance activity
78 2,270 2,459 2,510 3,113 
Third-party mortgage loan activity
6,942 6,677 6,367 5,926 5,615 
Mortgage loans
$86,868 $85,843 $84,593 $83,726 $82,856 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$8,611 18.4 %$8,617 19.2 %$8,395 19.8 %$8,466 20.4 %$8,275 20.9 %
Non-U.S.7,839 16.8 %7,555 16.8 %7,076 16.7 %6,824 16.5 %6,729 17.0 %
Middle Atlantic6,561 14.1 %6,369 14.2 %5,699 13.4 %5,385 13.0 %4,965 12.5 %
South Atlantic5,630 12.1 %5,321 11.8 %5,205 12.3 %4,988 12.0 %4,918 12.4 %
West South Central3,274 7.0 %3,195 7.1 %3,260 7.7 %3,122 7.5 %2,956 7.5 %
Mountain2,470 5.3 %2,369 5.3 %2,348 5.5 %2,341 5.6 %2,318 5.8 %
New England2,386 5.1 %2,340 5.2 %2,249 5.3 %2,248 5.4 %2,096 5.3 %
East North Central1,460 3.1 %1,398 3.1 %1,185 2.8 %1,148 2.8 %1,145 2.9 %
East South Central476 1.0 %453 1.0 %451 1.1 %430 1.0 %430 1.1 %
West North Central407 0.9 %405 0.9 %401 0.9 %399 1.0 %398 1.0 %
Multi-Region and Other7,560 16.2 %6,931 15.4 %6,137 14.5 %6,158 14.8 %5,402 13.6 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
46,674 100.0 %44,953 100.0 %42,406 100.0 %41,509 100.0 %39,632 100.0 %
Reinsurance activity
78 735 832 795 906 
Third-party mortgage loan activity
6,703 6,503 6,162 5,725 5,410 
Total
$53,455 $52,191 $49,400 $48,029 $45,948 
Office$17,437 37.3 %$16,820 37.4 %$16,088 38.0 %$15,474 37.3 %$14,746 37.2 %
Apartment8,156 17.5 %8,035 17.9 %7,669 18.1 %7,895 19.0 %7,641 19.3 %
Retail6,768 14.5 %6,505 14.5 %6,013 14.2 %5,975 14.4 %5,980 15.1 %
Single Family Rental4,780 10.2 %4,481 9.9 %4,221 9.9 %4,160 10.0 %3,538 8.9 %
Industrial3,942 8.5 %3,764 8.4 %3,611 8.5 %3,353 8.1 %3,345 8.4 %
Hotel3,285 7.0 %3,151 7.0 %3,134 7.4 %2,851 6.9 %2,719 6.9 %
Warehouse Revolvers2,218 4.8 %2,111 4.7 %1,578 3.7 %1,712 4.1 %1,577 4.0 %
Other88 0.2 %86 0.2 %92 0.2 %89 0.2 %86 0.2 %
Total, excluding Reinsurance activity and Third-party mortgage loan activity
46,674 100.0 %44,953 100.0 %42,406 100.0 %41,509 100.0 %39,632 100.0 %
Reinsurance activity
78 735 832 795 906 
Third-party mortgage loan activity
6,703 6,503 6,162 5,725 5,410 
Total
$53,455 $52,191 $49,400 $48,029 $45,948 
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 $107 million, $99 million, $39 million, ($30) million, and $162 million for the three months ended June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026, respectively, and $87 million and $132 million for the year-to-date period ended June 30, 2025 and June 30, 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.
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Fixed maturity securities available-for-sale$298,737 $304,645 $315,931 $316,110 $322,183 
Less: Reinsurance activity2,900 9,866 18,200 18,007 17,546 
Fixed maturity securities available-for-sale, excluding Reinsurance activity$295,837 $294,779 $297,731 $298,103 $304,637 
Add: Fair value option general account and other securities1,728 1,884 1,928 1,937 2,037 
Fixed maturity securities, excluding Reinsurance activity$297,565 $296,663 $299,659 $300,040 $306,674 
(5)The following table presents a reconciliation to ending carrying value presented for mortgage loans.
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Mortgage Loans$86,868 $85,843 $84,593 $83,726 $82,856 
Less: Reinsurance activity78 2,270 2,459 2,510 3,113 
Less: Third-party mortgage loan activity6,942 6,677 6,367 5,926 5,615 
Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity$79,848 $76,896 $75,767 $75,290 $74,128 
(6)The following table presents a reconciliation to ending carrying value presented for real estate and real estate joint ventures.
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Real estate and real estate joint ventures$14,007 $13,932 $13,440 $13,356 $13,065 
Less: Reinsurance activity— — 9 80 143 
Real estate and real estate joint ventures, excluding Reinsurance activity$14,007 $13,932 $13,431 $13,276 $12,922 
(7)The following table presents a reconciliation to ending carrying value presented for policy loans.
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Policy loans$8,664 $8,589 $8,547 $8,455 $8,226 
Less: Reinsurance activity— — — 358 356 
Policy loans, excluding Reinsurance activity$8,664 $8,589 $8,547 $8,097 $7,870 
(8)The following table presents a reconciliation to ending carrying value presented for equity securities.
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Equity securities$790 $788 $858 $927 $932 
Less: Reinsurance activity— — 105 123 120 
Equity securities, excluding Reinsurance activity$790 $788 $753 $804 $812 
(9)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Other limited partnership interests$14,279 $14,741 $14,917 $14,531 $14,801 
Less: Reinsurance activity14 15 205 309 631 
Other limited partnership interests, excluding Reinsurance activity$14,265 $14,726 $14,712 $14,222 $14,170 
(10)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Cash and cash equivalents and short-term investments$27,478 $26,195 $25,633 $27,635 $27,317 
Less: Reinsurance activity46 342 1,314 1,029 489 
Cash and cash equivalents and short-term investments, excluding Reinsurance activity$27,432 $25,853 $24,319 $26,606 $26,828 
(11)The following table presents a reconciliation to ending carrying value presented for other invested assets.
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Other invested assets$16,352 $16,932 $16,332 $17,624 $17,675 
Less: Reinsurance activity
2 61 139 233 204 
Other invested assets, excluding Reinsurance activity
$16,350 $16,871 $16,193 $17,391 $17,471 
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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
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Net investment gains (losses) $(273)$(325)$(160)$(670)$(428)$(660)$(1,098)
Less: Non-investment portfolio gains (losses)86 (88)(39)(123)(32)151 (155)
Less: Third-party mortgage loan activity20 (75)19 (10)(20)(14)(30)
Add: Depreciation of wholly-owned real estate and real estate joint ventures(72)(61)(54)(115)
Add: Joint venture adjustments16 (53)(39)47 12 (26)59 
Less: Reinsurance activity— (1)(7)(4)(46)— (50)
Less: Consolidated collateralized financing entities— — — — (2)— (2)
Less: Other(7)(4)(1)2 4 (6)6 
Investment portfolio gains (losses) $(356)$(210)$(243)$(549)$(374)$(817)$(923)
For the Three Months EndedFor the Year-to-Date Period Ended
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Net derivative gains (losses) $(796)$(929)$(646)$74 $(772)$(364)$(698)
Less: Investment hedge adjustments102 100 105 84 170 205 254 
Add: Joint venture adjustments— 45 (25)(29)11 — (18)
Less: Reinsurance activity(22)(247)63 218 (130)(57)88 
Less: Other16 9 5 (1)(3)36 (4)
Derivative gains (losses) $(892)$(746)$(844)$(256)$(798)$(548)$(1,054)
(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.
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Appendix





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APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$698 $818 $778 $1,140 $705 $1,577 $1,845 
Add: Preferred stock dividends31 66 31 45 31 97 76 
Add: Preferred stock redemption premium— 12 — — — — — 
Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests6 6 7 (23)43 11 20 
Net income (loss) 735 902 816 1,162 779 1,685 1,941 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(273)(325)(160)(670)(428)(660)(1,098)
Net derivative gains (losses)(796)(929)(646)74 (772)(364)(698)
Market risk benefit remeasurement gains (losses)277 263 267 (120)270 (22)150 
Premiums - Divested businesses
3 — 1 — — 7 — 
Universal life and investment-type product policy fees
Asymmetrical and non-economic accounting
— — 6 25 24 — 49 
Divested businesses
— — — — — — — 
Net investment income
Investment hedge adjustments(102)(100)(105)(84)(170)(205)(254)
Joint venture adjustments16 (8)(64)18 23 (26)41 
Depreciation of wholly-owned real estate and real estate joint ventures (1)
(72)(61)(54)(115)
Unit-linked contract income498 580 366 (318)998 271 680 
Reinsurance activity
47 177 222 301 331 90 632 
Consolidated collateralized financing entities— — — — 23 — 23 
Divested businesses— — — — — 1 — 
Other revenues
Asymmetrical and non-economic accounting42 78 94 107 107 78 214 
Other adjustments(16)(15)(17)— (3)(31)(3)
Divested businesses— 2 (2)— — — — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(1)52 (395)35 (128)(76)(93)
Market volatility40 49 76 74 86 84 160 
Divested businesses1 (1)(2)— — — — 
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting— (2)(1)1 1 — 2 
Divested businesses— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting(30)(68)(61)(57)(96)(94)(153)
Unit-linked contract costs(486)(578)(366)302 (992)(252)(690)
Divested businesses— — — — — — — 
Capitalization of DAC - Divested businesses
— — — — — — — 
Amortization of DAC, VOBA and negative VOBA
Asymmetrical and non-economic accounting
— — (1)(3)(4)— (7)
Divested businesses
— — — — — — — 
Interest expense on debt
Consolidated collateralized financing entities— — — — (19)— (19)
Divested businesses— — — — — — — 
Other expenses
Reinsurance activity
(45)(135)(166)(205)(201)(87)(406)
Other adjustments, excluding Reinsurance activity(21)(2)(15)(53)(48)(40)(101)
Divested businesses(7)(9)(12)(5)(7)(15)(12)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit195 223 190 170 234 218 404 
Adjusted earnings1,393 1,650 1,679 1,631 1,604 2,808 3,235 
Less: Preferred stock dividends31 66 31 45 31 97 76 
Adjusted earnings available to common shareholders$1,362 $1,584 $1,648 $1,586 $1,573 $2,711 $3,159 
(1)See Page A-7 for further information.
A-1
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APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 2026
Actuarial assumption review and other insurance adjustments$— $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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 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)
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 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)
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 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)
June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026June 30, 2025June 30, 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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Total MetLife, Inc.'s stockholders' equity$27,685 $28,944 $28,398 $27,324 $27,441 
Less: Preferred stock3,818 2,830 2,830 2,830 2,830 
MetLife, Inc.'s common stockholders' equity 23,867 26,114 25,568 24,494 24,611 
Less: Unrealized investment gains (losses), net of related offsets and income tax(16,484)(14,667)(15,614)(19,380)(18,677)
  Deferred gains (losses) on derivatives, net of income tax
(1,466)(1,239)(1,588)(1,015)(1,325)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax5,876 6,028 6,871 9,001 9,064 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(64)(83)(97)(56)(80)
  Defined benefit plans adjustment, net of income tax(1,407)(1,390)(1,393)(1,374)(1,357)
  Embedded derivatives - funds withheld on ceded reinsurance, net of income tax (1)
(83)92 (8)231 180 
Total MetLife, Inc.'s adjusted common stockholders' equity
37,495 37,373 37,397 37,087 36,806 
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)
$37,495 $37,355 $37,440 $37,087 $36,806 
Unaudited (In millions, except per share data)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Book value per common share $35.79 $39.52 $39.02 $37.92 $38.59 
Less: Unrealized investment gains (losses), net of related offsets and income tax(24.72)(22.20)(23.83)(30.00)(29.28)
  Deferred gains (losses) on derivatives, net of income tax
(2.20)(1.88)(2.42)(1.57)(2.08)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax8.81 9.12 10.49 13.94 14.22 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.10)(0.13)(0.15)(0.09)(0.13)
  Defined benefit plans adjustment, net of income tax(2.11)(2.10)(2.13)(2.13)(2.13)
  Embedded derivatives - funds withheld on ceded reinsurance, net of income tax (1)
(0.12)0.14 (0.01)0.36 0.28 
Adjusted book value per common share
$56.23 $56.57 $57.07 $57.41 $57.71 
Common shares outstanding, end of period 666.8 660.7 655.3 646.0 637.8 
For the Three Months Ended (3)
Unaudited (In millions, except ratios)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
Return on MetLife, Inc.'s:
Common stockholders' equity 11.7 %13.1 %12.0 %18.2 %11.5 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
14.6 %16.9 %17.6 %17.0 %17.0 %
Adjusted common stockholders' equity, excluding total notable items (2)
14.6 %16.7 %18.3 %17.0 %17.0 %
Average common stockholders' equity $23,771 $24,991 $25,841 $25,031 $24,553 
Average adjusted common stockholders' equity
$37,267 $37,434 $37,385 $37,242 $36,947 
Average adjusted common stockholders' equity, excluding total notable items (2)
$37,267 $37,425 $37,398 $37,242 $36,947 
(1)Funds withheld on ceded reinsurance are embedded derivatives related to unrealized investment gains (losses) passed through to 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)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
GROUP BENEFITS (1)$6,446 $6,306 $6,287 $6,539 $6,512 
RIS (1)1,382 1,214 7,209 2,390 1,769 
ASIA 1,603 1,635 1,642 1,717 1,698 
LATIN AMERICA1,789 1,780 1,882 1,905 1,899 
EMEA 717 716 779 789 806 
MIM (1)237 238 239 314 317 
CORPORATE & OTHER (1)602 596 625 508 523 
Adjusted premiums, fees and other revenues, on a constant currency basis$12,776 $12,485 $18,663 $14,162 $13,524 
Adjusted premiums, fees and other revenues$12,719 $12,461 $18,614 $14,183 $13,524 
ADJUSTED OTHER EXPENSES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
GROUP BENEFITS (1)$1,052 $1,038 $1,100 $1,114 $1,109 
RIS (1)160 170 196 216 205 
ASIA 755 783 794 846 862 
LATIN AMERICA534 651 644 611 594 
EMEA366 379 418 414 441 
MIM (1)167 161 161 255 242 
CORPORATE & OTHER (1)192 221 260 196 205 
Adjusted other expenses, on a constant currency basis
$3,226 $3,403 $3,573 $3,652 $3,658 
Adjusted other expenses$3,236 $3,422 $3,563 $3,661 $3,658 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026
GROUP BENEFITS (1)$401 $456 $465 $439 $503 
RIS (1)370 441 454 451 377 
ASIA 337 520 442 485 420 
LATIN AMERICA258 166 205 230 268 
EMEA 97 83 96 108 108 
MIM (1)54 58 60 47 57 
CORPORATE & OTHER (1)(142)(146)(70)(177)(160)
Adjusted earnings available to common shareholders, on a constant currency basis$1,375 $1,578 $1,652 $1,583 $1,573 
Adjusted earnings available to common shareholders$1,362 $1,584 $1,648 $1,586 $1,573 
(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 premiums, fees and other revenues, excluding participating contracts(v)premiums, fees and other revenues
(vi)adjusted net investment income(vi)net investment income
(vii)adjusted earnings(vii)net income (loss)
(viii)adjusted earnings available to common shareholders(viii)net income (loss) available to MetLife, Inc.’s common shareholders
(ix)adjusted earnings available to common shareholders, excluding total notable items(ix)net income (loss) available to MetLife, Inc.’s common shareholders
(x)adjusted earnings available to common shareholders per diluted common share(x)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi)adjusted earnings available to common shareholders, excluding total notable items, per diluted common share(xi)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xii)
adjusted return on equity
(xii)
return on equity
(xiii)
adjusted return on equity, excluding total notable items
(xiii)
return on equity
(xiv)
investment portfolio gains (losses)
(xiv)
net investment gains (losses)
(xv)
derivative gains (losses)
(xv)
net derivative gains (losses)
(xvi)
adjusted capitalization of DAC
(xvi)
capitalization of DAC
(xvii)
total MetLife, Inc.’s adjusted common stockholders’ equity
(xvii)
total MetLife, Inc.’s stockholders’ equity
(xviii)
total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items
(xviii)
total MetLife, Inc.’s stockholders’ equity
(xix)
adjusted book value per common share
(xix)
book value per common share
(xx)
adjusted other expenses
(xx)
other expenses
(xxi)
adjusted other expenses, net of adjusted capitalization of DAC
(xxi)
other expenses, net of capitalization of DAC
(xxii)
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses
(xxii)
other expenses, net of capitalization of DAC
(xxiii)
adjusted expense ratio
(xxiii)
expense ratio
(xxiv)
adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
(xxiv)
expense ratio
(xxv)
direct expenses
(xxv)
other expenses
(xxvi)
direct expenses, excluding total notable items related to direct expenses
(xxvi)
other expenses
(xxvii)
direct expense ratio
(xxvii)
expense ratio
(xxviii)
direct expense ratio, excluding total notable items related to direct expenses and PRT
(xxviii)
expense ratio
(xxix)future policy benefits at original discount rate(xxix)future policy benefits at balance sheet discount rate
Any 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 ("Consolidated collateralized financing 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 is 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), defined benefit plans adjustment components of AOCI and the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers), 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), defined benefit plans adjustment components of AOCI, the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers) 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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