EX-99.2 3 ex992qfsq125.htm EX-99.2
Table of Contents
Exhibit 99.2
First Quarter
Financial Supplement
March 31, 2025
1

Table of Contents

| METLIFE TABLE OF CONTENTS
| GAAP CONSOLIDATED STATEMENTS OF OPERATIONS | 2
| CORPORATE OVERVIEW | 3
| KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS | 5
| EXPENSE DETAIL AND RATIOS | 7
| GAAP CONSOLIDATED BALANCE SHEETS | 8
| SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | 9
| Group Benefits |
| Statements of Adjusted Earnings Available to Common Shareholders | 10
| Other Expenses by Major Category; and Other Information | 11
| RIS |
| Statements of Adjusted Earnings Available to Common Shareholders | 12
| Future Policy Benefits; Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance | 13
| Other Expenses by Major Category; and Spread | 14
| ASIA |
| Statements of Adjusted Earnings Available to Common Shareholders | 15
| Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information | 16
| Asia General Account Assets Under Management and Related Measures | 17
| LATIN AMERICA |
| Statements of Adjusted Earnings Available to Common Shareholders | 18
| Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Information | 19
| EMEA |
| Statements of Adjusted Earnings Available to Common Shareholders | 20
| Other Expenses by Major Category; and Other Information | 21
| METLIFE HOLDINGS |
| Statements of Adjusted Earnings Available to Common Shareholders | 22
| Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities | 23
| Other Expenses by Major Category; and Other Information | 24
| CORPORATE & OTHER |
| Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source | 25
| INVESTMENTS |
| Investment Portfolio Results by Asset Category and Annualized Yields | 26
| Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale | 27
| Summary of Net Mortgage Loans; and Summary of Net Commercial Mortgage Loans by Region and Property Type | 28
| Footnotes | 29
| APPENDIX |
| Reconciliation Detail | A-1
| Notable Items | A-2
| Equity Details, Book Value Details and Return on Equity | A-4
| Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis | A-5
| Non-GAAP and Other Financial Disclosures | A-6
| Acronyms | A-9

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Table of Contents

| 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 Ended |  |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  |  | March 31, 2025 |
| Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premiums |  |  | $ | 10,053 |  |  |  | $ | 11,628 |  |  |  | $ | 10,647 |  |  |  | $ | 12,617 |  |  |  | $ | 11,723 |  |  |  |  | $ | 10,053 |  |  |  | $ | 11,723 |  |
| Universal life and investment-type product policy fees |  |  | 1,248 |  |  |  | 1,281 |  |  |  | 1,228 |  |  |  | 1,217 |  |  |  | 1,229 |  |  |  |  | 1,248 |  |  |  | 1,229 |  |
| Net investment income |  |  | 5,436 |  |  |  | 5,205 |  |  |  | 5,227 |  |  |  | 5,405 |  |  |  | 4,885 |  |  |  |  | 5,436 |  |  |  | 4,885 |  |
| Other revenues |  |  | 674 |  |  |  | 638 |  |  |  | 648 |  |  |  | 641 |  |  |  | 687 |  |  |  |  | 674 |  |  |  | 687 |  |
| Net investment gains (losses) |  |  | (375) |  |  |  | (421) |  |  |  | (77) |  |  |  | (311) |  |  |  | (387) |  |  |  |  | (375) |  |  |  | (387) |  |
| Net derivative gains (losses) |  |  | (979) |  |  |  | (508) |  |  |  | 767 |  |  |  | (903) |  |  |  | 432 |  |  |  |  | (979) |  |  |  | 432 |  |
| Total revenues |  |  | 16,057 |  |  |  | 17,823 |  |  |  | 18,440 |  |  |  | 18,666 |  |  |  | 18,569 |  |  |  |  | 16,057 |  |  |  | 18,569 |  |
| Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Policyholder benefits and claims |  |  | 10,074 |  |  |  | 11,485 |  |  |  | 10,597 |  |  |  | 12,572 |  |  |  | 11,806 |  |  |  |  | 10,074 |  |  |  | 11,806 |  |
| Policyholder liability remeasurement (gains) losses |  |  | (22) |  |  |  | (10) |  |  |  | (132) |  |  |  | (42) |  |  |  | (31) |  |  |  |  | (22) |  |  |  | (31) |  |
| Market risk benefit remeasurement (gains) losses |  |  | (694) |  |  |  | (182) |  |  |  | 531 |  |  |  | (764) |  |  |  | 299 |  |  |  |  | (694) |  |  |  | 299 |  |
| Interest credited to policyholder account balances |  |  | 2,290 |  |  |  | 2,000 |  |  |  | 2,037 |  |  |  | 2,012 |  |  |  | 1,647 |  |  |  |  | 2,290 |  |  |  | 1,647 |  |
| Policyholder dividends |  |  | 147 |  |  |  | 148 |  |  |  | 150 |  |  |  | 150 |  |  |  | 144 |  |  |  |  | 147 |  |  |  | 144 |  |
| Amortization of DAC, VOBA and negative VOBA |  |  | 502 |  |  |  | 493 |  |  |  | 509 |  |  |  | 517 |  |  |  | 519 |  |  |  |  | 502 |  |  |  | 519 |  |
| Interest expense on debt |  |  | 264 |  |  |  | 257 |  |  |  | 257 |  |  |  | 259 |  |  |  | 258 |  |  |  |  | 264 |  |  |  | 258 |  |
| Other expenses, net of capitalization of DAC |  |  | 2,451 |  |  |  | 2,430 |  |  |  | 2,497 |  |  |  | 2,581 |  |  |  | 2,573 |  |  |  |  | 2,451 |  |  |  | 2,573 |  |
| Total expenses |  |  | 15,012 |  |  |  | 16,621 |  |  |  | 16,446 |  |  |  | 17,285 |  |  |  | 17,215 |  |  |  |  | 15,012 |  |  |  | 17,215 |  |
| Income (loss) before provision for income tax |  |  | 1,045 |  |  |  | 1,202 |  |  |  | 1,994 |  |  |  | 1,381 |  |  |  | 1,354 |  |  |  |  | 1,045 |  |  |  | 1,354 |  |
| Provision for income tax expense (benefit) |  |  | 170 |  |  |  | 249 |  |  |  | 653 |  |  |  | 106 |  |  |  | 404 |  |  |  |  | 170 |  |  |  | 404 |  |
| Net income (loss) |  |  | 875 |  |  |  | 953 |  |  |  | 1,341 |  |  |  | 1,275 |  |  |  | 950 |  |  |  |  | 875 |  |  |  | 950 |  |
| Less: Net income (loss) attributable to noncontrolling interests |  |  | 8 |  |  |  | 7 |  |  |  | (1) |  |  |  | 4 |  |  |  | 5 |  |  |  |  | 8 |  |  |  | 5 |  |
| Net income (loss) attributable to MetLife, Inc. |  |  | 867 |  |  |  | 946 |  |  |  | 1,342 |  |  |  | 1,271 |  |  |  | 945 |  |  |  |  | 867 |  |  |  | 945 |  |
| Less: Preferred stock dividends |  |  | 67 |  |  |  | 34 |  |  |  | 67 |  |  |  | 32 |  |  |  | 66 |  |  |  |  | 67 |  |  |  | 66 |  |
| Net income (loss) available to MetLife, Inc.'s common shareholders |  |  | $ | 800 |  |  |  | $ | 912 |  |  |  | $ | 1,275 |  |  |  | $ | 1,239 |  |  |  | $ | 879 |  |  |  |  | $ | 800 |  |  |  | $ | 879 |  |
| Premiums, fees and other revenues |  |  | $ | 11,975 |  |  |  | $ | 13,547 |  |  |  | $ | 12,523 |  |  |  | $ | 14,475 |  |  |  | $ | 13,639 |  |  |  |  | $ | 11,975 |  |  |  | $ | 13,639 |  |

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Table of Contents

| METLIFE CORPORATE OVERVIEW
|  |  | For the Three Months Ended
| Unaudited (In millions, except per share data) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Net income (loss) available to MetLife, Inc.'s common shareholders |  | $ | 800 |  |  |  | $ | 912 |  |  |  | $ | 1,275 |  |  |  | $ | 1,239 |  |  |  | $ | 879 |  |
| Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Less: Net investment gains (losses) |  | (375) |  |  |  | (421) |  |  |  | (77) |  |  |  | (311) |  |  |  | (387) |  |
| Less: Net derivative gains (losses) |  | (979) |  |  |  | (508) |  |  |  | 767 |  |  |  | (903) |  |  |  | 432 |  |
| Less: Market risk benefit remeasurement gains (losses) |  | 694 |  |  |  | 182 |  |  |  | (531) |  |  |  | 764 |  |  |  | (299) |  |
| Less: Goodwill impairment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
| Less: Other adjustments to net income (loss) (1) |  | (126) |  |  |  | (232) |  |  |  | (65) |  |  |  | (118) |  |  |  | (234) |  |
| Less: Provision for income tax (expense) benefit |  | 260 |  |  |  | 270 |  |  |  | (195) |  |  |  | 352 |  |  |  | 23 |  |
| Add: Net income (loss) attributable to noncontrolling interests |  | 8 |  |  |  | 7 |  |  |  | (1) |  |  |  | 4 |  |  |  | 5 |  |
| Add: Preferred stock redemption premium |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
| Adjusted earnings available to common shareholders |  | 1,334 |  |  |  | 1,628 |  |  |  | 1,375 |  |  |  | 1,459 |  |  |  | 1,349 |  |
| Less: Total notable items (2) |  | — |  |  |  | — |  |  |  | 16 |  |  |  | 10 |  |  |  | — |  |
| Adjusted earnings available to common shareholders, excluding total notable items (2) |  | $ | 1,334 |  |  |  | $ | 1,628 |  |  |  | $ | 1,359 |  |  |  | $ | 1,449 |  |  |  | $ | 1,349 |  |
| Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share |  | $ | 1.10 |  |  |  | $ | 1.28 |  |  |  | $ | 1.81 |  |  |  | $ | 1.78 |  |  |  | $ | 1.28 |  |
| Less: Net investment gains (losses) |  | (0.51) |  |  |  | (0.59) |  |  |  | (0.11) |  |  |  | (0.45) |  |  |  | (0.56) |  |
| Less: Net derivative gains (losses) |  | (1.34) |  |  |  | (0.71) |  |  |  | 1.09 |  |  |  | (1.29) |  |  |  | 0.63 |  |
| Less: Market risk benefit remeasurement gains (losses) |  | 0.95 |  |  |  | 0.25 |  |  |  | (0.75) |  |  |  | 1.09 |  |  |  | (0.44) |  |
| Less: Goodwill impairment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
| Less: Other adjustments to net income (loss) |  | (0.18) |  |  |  | (0.32) |  |  |  | (0.09) |  |  |  | (0.15) |  |  |  | (0.33) |  |
| Less: Provision for income tax (expense) benefit |  | 0.36 |  |  |  | 0.38 |  |  |  | (0.28) |  |  |  | 0.50 |  |  |  | 0.03 |  |
| Add: Net income (loss) attributable to noncontrolling interests |  | 0.01 |  |  |  | 0.01 |  |  |  | — |  |  |  | 0.01 |  |  |  | 0.01 |  |
| Add: Preferred stock redemption premium |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
| Adjusted earnings available to common shareholders per diluted common share |  | 1.83 |  |  |  | 2.28 |  |  |  | 1.95 |  |  |  | 2.09 |  |  |  | 1.96 |  |
| Less: Total notable items per diluted common share (2) |  | — |  |  |  | — |  |  |  | 0.02 |  |  |  | 0.01 |  |  |  | — |  |
| Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) |  | $ | 1.83 |  |  |  | $ | 2.28 |  |  |  | $ | 1.93 |  |  |  | $ | 2.08 |  |  |  | $ | 1.96 |  |
|  |  | For the Three Months Ended
| Unaudited (In millions, except per share data) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Notable items impacting adjusted earnings available to common shareholders (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actuarial assumption review and other insurance adjustments |  | $ | — |  |  |  | $ | — |  |  |  | $ | 16 |  |  |  | $ | — |  |  |  | $ | — |  |
| Litigation reserves and settlement costs |  | — |  |  |  | — |  |  |  | — |  |  |  | (47) |  |  |  | — |  |
| Tax adjustments |  | — |  |  |  | — |  |  |  | — |  |  |  | 57 |  |  |  | — |  |
| Total notable items |  | $ | — |  |  |  | $ | — |  |  |  | $ | 16 |  |  |  | $ | 10 |  |  |  | $ | — |  |
| Notable items impacting adjusted earnings available to common shareholders per diluted common share (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actuarial assumption review and other insurance adjustments |  | $ | — |  |  |  | $ | — |  |  |  | $ | 0.02 |  |  |  | $ | — |  |  |  | $ | — |  |
| Litigation reserves and settlement costs |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.07) |  |  |  | — |  |
| Tax adjustments |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.08 |  |  |  | — |  |
| Total notable items |  | $ | — |  |  |  | $ | — |  |  |  | $ | 0.02 |  |  |  | $ | 0.01 |  |  |  | $ | — |  |
|  |  | For the Three Months Ended
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Weighted average common shares outstanding - diluted |  | 728.4 |  |  |  | 714.7 |  |  |  | 703.7 |  |  |  | 697.9 |  |  |  | 687.0 |  |
| (1)See Pages A-1 and A-7 for further detail. |
| (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 detail. |
| (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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Table of Contents

| METLIFE CORPORATE OVERVIEW (CONTINUED) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Book value per common share (1) |  | $ | 34.54 |  |  |  | $ | 33.30 |  |  |  | $ | 39.02 |  |  |  | $ | 34.28 |  |  |  | $ | 35.16 |  |
| Adjusted book value per common share (1) |  | $ | 53.13 |  |  |  | $ | 53.12 |  |  |  | $ | 54.72 |  |  |  | $ | 54.81 |  |  |  | $ | 55.01 |  |
|  |  | For the Three Months Ended
| Unaudited |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Return on MetLife, Inc.'s (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common stockholders' equity |  | 12.6 | % |  |  | 15.2 | % |  |  | 20.2 | % |  |  | 19.6 | % |  |  | 14.9 | % |
| Adjusted return on MetLife, Inc.'s (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Adjusted common stockholders' equity |  | 13.8 | % |  |  | 17.3 | % |  |  | 14.6 | % |  |  | 15.4 | % |  |  | 14.4 | % |
| Adjusted common stockholders' equity, excluding total notable items (3) |  | 13.8 | % |  |  | 17.3 | % |  |  | 14.4 | % |  |  | 15.3 | % |  |  | 14.4 | % |
|  |  | For the Three Months Ended
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Common shares outstanding, beginning of period |  | 730.8 |  |  |  | 715.7 |  |  |  | 703.8 |  |  |  | 693.7 |  |  |  | 689.2 |  |
| Share repurchases |  | (16.9) |  |  |  | (12.0) |  |  |  | (10.5) |  |  |  | (4.6) |  |  |  | (17.0) |  |
| Newly issued shares |  | 1.8 |  |  |  | 0.1 |  |  |  | 0.4 |  |  |  | 0.1 |  |  |  | 1.1 |  |
| Common shares outstanding, end of period |  | 715.7 |  |  |  | 703.8 |  |  |  | 693.7 |  |  |  | 689.2 |  |  |  | 673.3 |  |
| Weighted average common shares outstanding - basic |  | 723.2 |  |  |  | 710.5 |  |  |  | 699.3 |  |  |  | 693.0 |  |  |  | 682.3 |  |
| Dilutive effect of the exercise or issuance of stock-based awards |  | 5.2 |  |  |  | 4.2 |  |  |  | 4.4 |  |  |  | 4.9 |  |  |  | 4.7 |  |
| Weighted average common shares outstanding - diluted |  | 728.4 |  |  |  | 714.7 |  |  |  | 703.7 |  |  |  | 697.9 |  |  |  | 687.0 |  |
| MetLife Policyholder Trust Shares |  | 116.0 |  |  |  | 114.3 |  |  |  | 113.1 |  |  |  | 111.6 |  |  |  | 110.1 |  |
| (1) Calculated using common shares outstanding, end of period. |
| (2) Annualized using quarter-to-date results. See Page A-4 for further detail. |
| (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 detail. |

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Table of Contents

| METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS |  |  |  |  |
|  |  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Total revenues |  | $ | 16,057 |  |  | $ | 17,823 |  |  | $ | 18,440 |  |  | $ | 18,666 |  |  | $ | 18,569 |  |  |  | $ | 16,057 |  |  | $ | 18,569 |  |
| Less: Adjustments to total revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net investment gains (losses) |  | (375) |  |  | (421) |  |  | (77) |  |  | (311) |  |  | (387) |  |  |  | (375) |  |  | (387) |  |
| Net derivative gains (losses) |  | (979) |  |  | (508) |  |  | 767 |  |  | (903) |  |  | 432 |  |  |  | (979) |  |  | 432 |  |
| Investment hedge adjustments |  | (176) |  |  | (172) |  |  | (129) |  |  | (127) |  |  | (103) |  |  |  | (176) |  |  | (103) |  |
| Asymmetrical and non-economic accounting |  | 39 |  |  | 35 |  |  | 50 |  |  | 34 |  |  | 36 |  |  |  | 39 |  |  | 36 |  |
| Joint venture adjustments |  | 2 |  |  | (2) |  |  | 66 |  |  | 16 |  |  | (42) |  |  |  | 2 |  |  | (42) |  |
| Unit-linked contract income and Reinsurance adjustments |  | 542 |  |  | 219 |  |  | 147 |  |  | 214 |  |  | (184) |  |  |  | 542 |  |  | (184) |  |
| Other adjustments |  | (12) |  |  | (11) |  |  | (14) |  |  | (11) |  |  | (15) |  |  |  | (12) |  |  | (15) |  |
| Divested businesses |  | — |  |  | — |  |  | 16 |  |  | 16 |  |  | 5 |  |  |  | — |  |  | 5 |  |
| Total adjusted revenues |  | $ | 17,016 |  |  | $ | 18,683 |  |  | $ | 17,614 |  |  | $ | 19,738 |  |  | $ | 18,827 |  |  |  | $ | 17,016 |  |  | $ | 18,827 |  |
|  |  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Net investment income |  | $ | 5,436 |  |  | $ | 5,205 |  |  | $ | 5,227 |  |  | $ | 5,405 |  |  | $ | 4,885 |  |  |  | $ | 5,436 |  |  | $ | 4,885 |  |
| Less: Adjustments to net investment income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment hedge adjustments |  | (176) |  |  | (172) |  |  | (129) |  |  | (127) |  |  | (103) |  |  |  | (176) |  |  | (103) |  |
| Joint venture adjustments |  | 2 |  |  | (2) |  |  | 66 |  |  | 16 |  |  | (42) |  |  |  | 2 |  |  | (42) |  |
| Unit-linked contract income and Reinsurance adjustments |  | 542 |  |  | 219 |  |  | 147 |  |  | 214 |  |  | (184) |  |  |  | 542 |  |  | (184) |  |
| Divested businesses |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  |  | — |  |  | 1 |  |
| Adjusted net investment income |  | $ | 5,068 |  |  | $ | 5,160 |  |  | $ | 5,143 |  |  | $ | 5,301 |  |  | $ | 5,213 |  |  |  | $ | 5,068 |  |  | $ | 5,213 |  |
|  |  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Variable investment income (Included in net investment income above) |  | $ | 260 |  |  | $ | 298 |  |  | $ | 162 |  |  | $ | 293 |  |  | $ | 327 |  |  |  | $ | 260 |  |  | $ | 327 |  |
|  |  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Premiums, fees and other revenues |  | $ | 11,975 |  |  | $ | 13,547 |  |  | $ | 12,523 |  |  | $ | 14,475 |  |  | $ | 13,639 |  |  |  | $ | 11,975 |  |  | $ | 13,639 |  |
| Less: Adjustments to premiums, fees and other revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asymmetrical and non-economic accounting |  | 39 |  |  | 35 |  |  | 50 |  |  | 34 |  |  | 36 |  |  |  | 39 |  |  | 36 |  |
| Other adjustments |  | (12) |  |  | (11) |  |  | (14) |  |  | (11) |  |  | (15) |  |  |  | (12) |  |  | (15) |  |
| Divested businesses |  | — |  |  | — |  |  | 16 |  |  | 15 |  |  | 4 |  |  |  | — |  |  | 4 |  |
| Adjusted premiums, fees and other revenues |  | $ | 11,948 |  |  | $ | 13,523 |  |  | $ | 12,471 |  |  | $ | 14,437 |  |  | $ | 13,614 |  |  |  | $ | 11,948 |  |  | $ | 13,614 |  |
| Adjusted premiums, fees and other revenues, on a constant currency basis |  | $ | 11,686 |  |  | $ | 13,339 |  |  | $ | 12,312 |  |  | $ | 14,403 |  |  | $ | 13,614 |  |  |  |  |  |  |

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| METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED) |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |  |  |  |  |  |
| Unaudited (In millions) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |  |  |  |  |  |
| Total expenses | $ | 15,012 |  |  | $ | 16,621 |  |  | $ | 16,446 |  |  | $ | 17,285 |  |  | $ | 17,215 |  |  |  | $ | 15,012 |  |  | $ | 17,215 |  |  |  |  |  |  |
| Less: Adjustments to total expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Market risk benefit remeasurement (gains) losses | (694) |  |  | (182) |  |  | 531 |  |  | (764) |  |  | 299 |  |  |  | (694) |  |  | 299 |  |  |  |  |  |  |
| Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  |  |  |  |
| Asymmetrical and non-economic accounting | 38 |  |  | 166 |  |  | 72 |  |  | 46 |  |  | 139 |  |  |  | 38 |  |  | 139 |  |  |  |  |  |  |
| Market volatility | (67) |  |  | (88) |  |  | (52) |  |  | (49) |  |  | (44) |  |  |  | (67) |  |  | (44) |  |  |  |  |  |  |
| Unit-linked contract costs and Reinsurance adjustments | 539 |  |  | 214 |  |  | 143 |  |  | 215 |  |  | (192) |  |  |  | 539 |  |  | (192) |  |  |  |  |  |  |
| Other adjustments | 7 |  |  | 5 |  |  | 12 |  |  | 25 |  |  | 19 |  |  |  | 7 |  |  | 19 |  |  |  |  |  |  |
| Divested businesses | 4 |  |  | 4 |  |  | 26 |  |  | 23 |  |  | 9 |  |  |  | 4 |  |  | 9 |  |  |  |  |  |  |
| Total adjusted expenses | $ | 15,185 |  |  | $ | 16,502 |  |  | $ | 15,714 |  |  | $ | 17,789 |  |  | $ | 16,985 |  |  |  | $ | 15,185 |  |  | $ | 16,985 |  |  |  |  |  |  |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |  |  |  |  |  |
| Unaudited (In millions) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |  |  |  |  |  |
| Capitalization of DAC | $ | (740) |  |  | $ | (683) |  |  | $ | (691) |  |  | $ | (719) |  |  | $ | (698) |  |  |  | $ | (740) |  |  | $ | (698) |  |  |  |  |  |  |
| Less: Divested businesses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  |  |  |  |
| Adjusted capitalization of DAC | $ | (740) |  |  | $ | (683) |  |  | $ | (691) |  |  | $ | (719) |  |  | $ | (698) |  |  |  | $ | (740) |  |  | $ | (698) |  |  |  |  |  |  |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |  |  |  |  |  |
| Unaudited (In millions) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |  |  |  |  |  |
| Other expenses | $ | 3,191 |  |  | $ | 3,113 |  |  | $ | 3,188 |  |  | $ | 3,300 |  |  | $ | 3,271 |  |  |  | $ | 3,191 |  |  | $ | 3,271 |  |  |  |  |  |  |
| Less: Adjustments to other expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reinsurance adjustments | — |  |  | — |  |  | — |  |  | 30 |  |  | 42 |  |  |  | — |  |  | 42 |  |  |  |  |  |  |
| Other adjustments | 7 |  |  | 5 |  |  | 12 |  |  | 25 |  |  | 19 |  |  |  | 7 |  |  | 19 |  |  |  |  |  |  |
| Divested businesses | 4 |  |  | 4 |  |  | 17 |  |  | 13 |  |  | 8 |  |  |  | 4 |  |  | 8 |  |  |  |  |  |  |
| Adjusted other expenses | $ | 3,180 |  |  | $ | 3,104 |  |  | $ | 3,159 |  |  | $ | 3,232 |  |  | $ | 3,202 |  |  |  | $ | 3,180 |  |  | $ | 3,202 |  |  |  |  |  |  |
| Adjusted other expenses, on a constant currency basis | $ | 3,080 |  |  | $ | 3,045 |  |  | $ | 3,100 |  |  | $ | 3,220 |  |  | $ | 3,202 |  |  |  |  |  |  |  |  |  |  |  |

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| METLIFE EXPENSE DETAIL AND RATIOS |  |  |  |  |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
| Unaudited (In millions, except ratio data) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Other expenses, net of capitalization of DAC | $ | 2,451 |  |  | $ | 2,430 |  |  | $ | 2,497 |  |  | $ | 2,581 |  |  | $ | 2,573 |  |  |  | $ | 2,451 |  |  | $ | 2,573 |  |
| Premiums, fees and other revenues | $ | 11,975 |  |  | $ | 13,547 |  |  | $ | 12,523 |  |  | $ | 14,475 |  |  | $ | 13,639 |  |  |  | $ | 11,975 |  |  | $ | 13,639 |  |
| Expense ratio | 20.5 | % |  | 17.9 | % |  | 19.9 | % |  | 17.8 | % |  | 18.9 | % |  |  | 20.5 | % |  | 18.9 | % |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Adjusted other expenses by major category |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Direct expenses | $ | 1,426 |  |  | $ | 1,397 |  |  | $ | 1,392 |  |  | $ | 1,396 |  |  | $ | 1,459 |  |  |  | $ | 1,426 |  |  | $ | 1,459 |  |
| Pension, postretirement and postemployment benefit costs | 65 |  |  | 65 |  |  | 65 |  |  | 71 |  |  | 70 |  |  |  | 65 |  |  | 70 |  |
| Premium taxes, other taxes, and licenses & fees | 176 |  |  | 171 |  |  | 183 |  |  | 253 |  |  | 160 |  |  |  | 176 |  |  | 160 |  |
| Commissions and other variable expenses | 1,513 |  |  | 1,471 |  |  | 1,519 |  |  | 1,512 |  |  | 1,513 |  |  |  | 1,513 |  |  | 1,513 |  |
| Adjusted other expenses | 3,180 |  |  | 3,104 |  |  | 3,159 |  |  | 3,232 |  |  | 3,202 |  |  |  | 3,180 |  |  | 3,202 |  |
| Adjusted capitalization of DAC | (740) |  |  | (683) |  |  | (691) |  |  | (719) |  |  | (698) |  |  |  | (740) |  |  | (698) |  |
| Adjusted other expenses, net of adjusted capitalization of DAC | $ | 2,440 |  |  | $ | 2,421 |  |  | $ | 2,468 |  |  | $ | 2,513 |  |  | $ | 2,504 |  |  |  | $ | 2,440 |  |  | $ | 2,504 |  |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
| Unaudited (In millions, except ratio data) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Employee-related costs | $ | 950 |  |  | $ | 900 |  |  | $ | 891 |  |  | $ | 955 |  |  | $ | 991 |  |  |  | $ | 950 |  |  | $ | 991 |  |
| Third-party staffing costs | 342 |  |  | 356 |  |  | 354 |  |  | 439 |  |  | 353 |  |  |  | 342 |  |  | 353 |  |
| General and administrative expenses | 134 |  |  | 141 |  |  | 147 |  |  | 2 |  |  | 115 |  |  |  | 134 |  |  | 115 |  |
| Direct expenses | 1,426 |  |  | 1,397 |  |  | 1,392 |  |  | 1,396 |  |  | 1,459 |  |  |  | 1,426 |  |  | 1,459 |  |
| Less: Total notable items related to direct expenses (1) | — |  |  | — |  |  | — |  |  | (152) |  |  | — |  |  |  | — |  |  | — |  |
| Direct expenses, excluding total notable items related to direct expenses (1) | $ | 1,426 |  |  | $ | 1,397 |  |  | $ | 1,392 |  |  | $ | 1,548 |  |  | $ | 1,459 |  |  |  | $ | 1,426 |  |  | $ | 1,459 |  |
| Adjusted other expenses, net of adjusted capitalization of DAC | $ | 2,440 |  |  | $ | 2,421 |  |  | $ | 2,468 |  |  | $ | 2,513 |  |  | $ | 2,504 |  |  |  | $ | 2,440 |  |  | $ | 2,504 |  |
| Less: Total notable items related to adjusted other expenses (1) | — |  |  | — |  |  | — |  |  | (85) |  |  | — |  |  |  | — |  |  | — |  |
| Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1) | $ | 2,440 |  |  | $ | 2,421 |  |  | $ | 2,468 |  |  | $ | 2,598 |  |  | $ | 2,504 |  |  |  | $ | 2,440 |  |  | $ | 2,504 |  |
| Adjusted premiums, fees and other revenues | $ | 11,948 |  |  | $ | 13,523 |  |  | $ | 12,471 |  |  | $ | 14,437 |  |  | $ | 13,614 |  |  |  | $ | 11,948 |  |  | $ | 13,614 |  |
| Less: PRT | (25) |  |  | 1,752 |  |  | 529 |  |  | 2,593 |  |  | 1,476 |  |  |  | (25) |  |  | 1,476 |  |
| Adjusted premiums, fees and other revenues, excluding PRT | $ | 11,973 |  |  | $ | 11,771 |  |  | $ | 11,942 |  |  | $ | 11,844 |  |  | $ | 12,138 |  |  |  | $ | 11,973 |  |  | $ | 12,138 |  |
| Direct expense ratio | 11.9 | % |  | 10.3 | % |  | 11.2 | % |  | 9.7 | % |  | 10.7 | % |  |  | 11.9 | % |  | 10.7 | % |
| Direct expense ratio, excluding total notable items related to direct expenses and PRT (1) | 11.9 | % |  | 11.9 | % |  | 11.7 | % |  | 13.1 | % |  | 12.0 | % |  |  | 11.9 | % |  | 12.0 | % |
| Adjusted expense ratio | 20.4 | % |  | 17.9 | % |  | 19.8 | % |  | 17.4 | % |  | 18.4 | % |  |  | 20.4 | % |  | 18.4 | % |
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1) | 20.4 | % |  | 20.6 | % |  | 20.7 | % |  | 21.9 | % |  | 20.6 | % |  |  | 20.4 | % |  | 20.6 | % |
| (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 detail. |

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| METLIFE GAAP CONSOLIDATED BALANCE SHEETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturity securities available-for-sale, at estimated fair value |  | $ | 278,409 |  |  |  | $ | 277,736 |  |  |  | $ | 293,779 |  |  |  | $ | 281,043 |  |  |  | $ | 291,735 |  |
| Equity securities, at estimated fair value |  | 750 |  |  |  | 754 |  |  |  | 746 |  |  |  | 712 |  |  |  | 747 |  |
| Contractholder-directed equity securities and fair value option securities, at estimated fair value |  | 10,313 |  |  |  | 10,106 |  |  |  | 9,289 |  |  |  | 10,672 |  |  |  | 10,725 |  |
| Mortgage loans |  | 91,458 |  |  |  | 89,802 |  |  |  | 90,415 |  |  |  | 89,012 |  |  |  | 87,908 |  |
| Policy loans |  | 8,800 |  |  |  | 8,691 |  |  |  | 8,822 |  |  |  | 8,545 |  |  |  | 8,663 |  |
| Real estate and real estate joint ventures |  | 12,992 |  |  |  | 13,517 |  |  |  | 13,731 |  |  |  | 13,342 |  |  |  | 13,481 |  |
| Other limited partnership interests |  | 14,301 |  |  |  | 14,288 |  |  |  | 14,186 |  |  |  | 14,378 |  |  |  | 14,137 |  |
| Short-term investments, principally at estimated fair value |  | 4,884 |  |  |  | 3,804 |  |  |  | 4,609 |  |  |  | 5,156 |  |  |  | 5,543 |  |
| Other invested assets |  | 18,097 |  |  |  | 18,131 |  |  |  | 19,706 |  |  |  | 18,504 |  |  |  | 17,470 |  |
| Total investments |  | 440,004 |  |  |  | 436,829 |  |  |  | 455,283 |  |  |  | 441,364 |  |  |  | 450,409 |  |
| Cash and cash equivalents, principally at estimated fair value |  | 19,840 |  |  |  | 20,786 |  |  |  | 21,765 |  |  |  | 20,068 |  |  |  | 21,326 |  |
| Accrued investment income |  | 3,636 |  |  |  | 3,657 |  |  |  | 3,722 |  |  |  | 3,489 |  |  |  | 3,557 |  |
| Premiums, reinsurance and other receivables |  | 29,986 |  |  |  | 31,820 |  |  |  | 31,443 |  |  |  | 29,761 |  |  |  | 31,251 |  |
| Market risk benefits, at estimated fair value |  | 351 |  |  |  | 356 |  |  |  | 310 |  |  |  | 372 |  |  |  | 317 |  |
| Deferred policy acquisition costs and value of business acquired |  | 19,842 |  |  |  | 19,568 |  |  |  | 20,401 |  |  |  | 19,627 |  |  |  | 20,162 |  |
| Current income tax recoverable |  | — |  |  |  | 348 |  |  |  | 304 |  |  |  | 295 |  |  |  | 338 |  |
| Deferred income tax assets |  | 2,751 |  |  |  | 2,681 |  |  |  | 2,469 |  |  |  | 2,994 |  |  |  | 2,524 |  |
| Goodwill |  | 9,037 |  |  |  | 8,950 |  |  |  | 9,155 |  |  |  | 8,901 |  |  |  | 9,036 |  |
| Other assets |  | 11,126 |  |  |  | 11,043 |  |  |  | 11,315 |  |  |  | 11,082 |  |  |  | 11,253 |  |
| Separate account assets |  | 141,003 |  |  |  | 139,707 |  |  |  | 148,809 |  |  |  | 139,504 |  |  |  | 138,143 |  |
| Total assets |  | $ | 677,576 |  |  |  | $ | 675,745 |  |  |  | $ | 704,976 |  |  |  | $ | 677,457 |  |  |  | $ | 688,316 |  |
| LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Future policy benefits |  | $ | 191,013 |  |  |  | $ | 190,993 |  |  |  | $ | 201,340 |  |  |  | $ | 193,646 |  |  |  | $ | 197,667 |  |
| Policyholder account balances |  | 219,168 |  |  |  | 219,543 |  |  |  | 224,609 |  |  |  | 221,445 |  |  |  | 225,623 |  |
| Market risk benefits, at estimated fair value |  | 2,696 |  |  |  | 2,618 |  |  |  | 3,117 |  |  |  | 2,581 |  |  |  | 2,844 |  |
| Other policy-related balances |  | 20,219 |  |  |  | 19,379 |  |  |  | 19,932 |  |  |  | 18,899 |  |  |  | 19,523 |  |
| Policyholder dividends payable |  | 357 |  |  |  | 365 |  |  |  | 381 |  |  |  | 385 |  |  |  | 356 |  |
| Payables for collateral under securities loaned and other transactions |  | 17,470 |  |  |  | 17,719 |  |  |  | 17,132 |  |  |  | 17,128 |  |  |  | 17,440 |  |
| Short-term debt |  | 127 |  |  |  | 390 |  |  |  | 404 |  |  |  | 465 |  |  |  | 381 |  |
| Long-term debt |  | 15,972 |  |  |  | 14,809 |  |  |  | 15,278 |  |  |  | 15,086 |  |  |  | 14,695 |  |
| Collateral financing arrangement |  | 590 |  |  |  | 555 |  |  |  | 529 |  |  |  | 476 |  |  |  | 463 |  |
| Subordinated debt securities |  | 3,162 |  |  |  | 3,163 |  |  |  | 3,163 |  |  |  | 3,164 |  |  |  | 4,153 |  |
| Current income tax payable |  | 10 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
| Deferred income tax liability |  | 835 |  |  |  | 216 |  |  |  | 956 |  |  |  | 132 |  |  |  | 430 |  |
| Other liabilities |  | 36,158 |  |  |  | 38,748 |  |  |  | 38,162 |  |  |  | 36,843 |  |  |  | 38,843 |  |
| Separate account liabilities |  | 141,003 |  |  |  | 139,707 |  |  |  | 148,809 |  |  |  | 139,504 |  |  |  | 138,143 |  |
| Total liabilities |  | 648,780 |  |  |  | 648,205 |  |  |  | 673,812 |  |  |  | 649,754 |  |  |  | 660,561 |  |
| Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Preferred stock, at par value |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
| Common stock, at par value |  | 12 |  |  |  | 12 |  |  |  | 12 |  |  |  | 12 |  |  |  | 12 |  |
| Additional paid-in capital |  | 33,718 |  |  |  | 33,740 |  |  |  | 33,766 |  |  |  | 33,791 |  |  |  | 33,820 |  |
| Retained earnings |  | 40,350 |  |  |  | 40,873 |  |  |  | 41,765 |  |  |  | 42,626 |  |  |  | 43,131 |  |
| Treasury stock, at cost |  | (25,774) |  |  |  | (26,637) |  |  |  | (27,418) |  |  |  | (27,798) |  |  |  | (29,222) |  |
| Accumulated other comprehensive income (loss) |  | (19,771) |  |  |  | (20,736) |  |  |  | (17,240) |  |  |  | (21,186) |  |  |  | (20,248) |  |
| Total MetLife, Inc.'s stockholders' equity |  | 28,535 |  |  |  | 27,252 |  |  |  | 30,885 |  |  |  | 27,445 |  |  |  | 27,493 |  |
| Noncontrolling interests |  | 261 |  |  |  | 288 |  |  |  | 279 |  |  |  | 258 |  |  |  | 262 |  |
| Total equity |  | 28,796 |  |  |  | 27,540 |  |  |  | 31,164 |  |  |  | 27,703 |  |  |  | 27,755 |  |
| Total liabilities and equity |  | $ | 677,576 |  |  |  | $ | 675,745 |  |  |  | $ | 704,976 |  |  |  | $ | 677,457 |  |  |  | $ | 688,316 |  |

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| METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|  | For the Three Months Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Adjusted earnings before provision for income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| GROUP BENEFITS |  | $ | 359 |  |  |  | $ | 674 |  |  |  | $ | 472 |  |  |  | $ | 526 |  |  |  | $ | 464 |  |
| RIS |  | 504 |  |  |  | 518 |  |  |  | 591 |  |  |  | 487 |  |  |  | 500 |  |
| ASIA |  | 582 |  |  |  | 625 |  |  |  | 431 |  |  |  | 613 |  |  |  | 536 |  |
| LATIN AMERICA |  | 331 |  |  |  | 311 |  |  |  | 309 |  |  |  | 258 |  |  |  | 290 |  |
| EMEA |  | 103 |  |  |  | 98 |  |  |  | 94 |  |  |  | 60 |  |  |  | 109 |  |
| METLIFE HOLDINGS |  | 196 |  |  |  | 188 |  |  |  | 226 |  |  |  | 189 |  |  |  | 190 |  |
| CORPORATE & OTHER |  | (244) |  |  |  | (233) |  |  |  | (223) |  |  |  | (184) |  |  |  | (247) |  |
| Total adjusted earnings before provision for income tax |  | $ | 1,831 |  |  |  | $ | 2,181 |  |  |  | $ | 1,900 |  |  |  | $ | 1,949 |  |  |  | $ | 1,842 |  |
| Provision for income tax expense (benefit) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| GROUP BENEFITS |  | $ | 75 |  |  |  | $ | 141 |  |  |  | $ | 99 |  |  |  | $ | 110 |  |  |  | $ | 97 |  |
| RIS |  | 105 |  |  |  | 108 |  |  |  | 119 |  |  |  | 101 |  |  |  | 99 |  |
| ASIA |  | 159 |  |  |  | 176 |  |  |  | 125 |  |  |  | 170 |  |  |  | 162 |  |
| LATIN AMERICA |  | 98 |  |  |  | 85 |  |  |  | 88 |  |  |  | 57 |  |  |  | 72 |  |
| EMEA |  | 26 |  |  |  | 21 |  |  |  | 24 |  |  |  | 1 |  |  |  | 26 |  |
| METLIFE HOLDINGS |  | 37 |  |  |  | 35 |  |  |  | 44 |  |  |  | 36 |  |  |  | 36 |  |
| CORPORATE & OTHER |  | (70) |  |  |  | (47) |  |  |  | (41) |  |  |  | (17) |  |  |  | (65) |  |
| Total provision for income tax expense (benefit) |  | $ | 430 |  |  |  | $ | 519 |  |  |  | $ | 458 |  |  |  | $ | 458 |  |  |  | $ | 427 |  |
| Adjusted earnings available to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| GROUP BENEFITS |  | $ | 284 |  |  |  | $ | 533 |  |  |  | $ | 373 |  |  |  | $ | 416 |  |  |  | $ | 367 |  |
| RIS |  | 399 |  |  |  | 410 |  |  |  | 472 |  |  |  | 386 |  |  |  | 401 |  |
| ASIA |  | 423 |  |  |  | 449 |  |  |  | 306 |  |  |  | 443 |  |  |  | 374 |  |
| LATIN AMERICA |  | 233 |  |  |  | 226 |  |  |  | 221 |  |  |  | 201 |  |  |  | 218 |  |
| EMEA |  | 77 |  |  |  | 77 |  |  |  | 70 |  |  |  | 59 |  |  |  | 83 |  |
| METLIFE HOLDINGS |  | 159 |  |  |  | 153 |  |  |  | 182 |  |  |  | 153 |  |  |  | 154 |  |
| CORPORATE & OTHER (1) |  | (241) |  |  |  | (220) |  |  |  | (249) |  |  |  | (199) |  |  |  | (248) |  |
| Total adjusted earnings available to common shareholders (1) |  | $ | 1,334 |  |  |  | $ | 1,628 |  |  |  | $ | 1,375 |  |  |  | $ | 1,459 |  |  |  | $ | 1,349 |  |
| (1)Includes impact of preferred stock dividends of $67 million, $34 million, $67 million, $32 million and $66 million for the three months ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively.

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| GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |  |  |  |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2025 |  |  |  |  |  |
| Adjusted revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premiums |  | $ | 5,711 |  |  |  | $ | 5,599 |  |  |  | $ | 5,538 |  |  |  | $ | 5,579 |  |  | $ | 5,763 |  |  |  | $ | 5,711 |  |  |  | $ | 5,763 |  |  |  |  |  |  |
| Universal life and investment-type product policy fees |  | 222 |  |  |  | 229 |  |  |  | 231 |  |  |  | 227 |  |  | 233 |  |  |  | 222 |  |  |  | 233 |  |  |  |  |  |  |
| Net investment income |  | 315 |  |  |  | 313 |  |  |  | 311 |  |  |  | 313 |  |  | 315 |  |  |  | 315 |  |  |  | 315 |  |  |  |  |  |  |
| Other revenues |  | 397 |  |  |  | 382 |  |  |  | 377 |  |  |  | 378 |  |  | 434 |  |  |  | 397 |  |  |  | 434 |  |  |  |  |  |  |
| Total adjusted revenues |  | 6,645 |  |  |  | 6,523 |  |  |  | 6,457 |  |  |  | 6,497 |  |  | 6,745 |  |  |  | 6,645 |  |  |  | 6,745 |  |  |  |  |  |  |
| Adjusted expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends |  | 5,236 |  |  |  | 4,780 |  |  |  | 4,927 |  |  |  | 4,881 |  |  | 5,183 |  |  |  | 5,236 |  |  |  | 5,183 |  |  |  |  |  |  |
| Policyholder liability remeasurement (gains) losses |  | (3) |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  | (18) |  |  |  | (3) |  |  |  | (18) |  |  |  |  |  |  |
| Interest credited to policyholder account balances |  | 48 |  |  |  | 48 |  |  |  | 49 |  |  |  | 46 |  |  | 44 |  |  |  | 48 |  |  |  | 44 |  |  |  |  |  |  |
| Capitalization of DAC |  | (4) |  |  |  | (5) |  |  |  | (4) |  |  |  | (5) |  |  | (5) |  |  |  | (4) |  |  |  | (5) |  |  |  |  |  |  |
| Amortization of DAC, VOBA and negative VOBA |  | 6 |  |  |  | 7 |  |  |  | 6 |  |  |  | 7 |  |  | 6 |  |  |  | 6 |  |  |  | 6 |  |  |  |  |  |  |
| Interest expense on debt |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |
| Other expenses |  | 1,003 |  |  |  | 1,016 |  |  |  | 1,007 |  |  |  | 1,041 |  |  | 1,071 |  |  |  | 1,003 |  |  |  | 1,071 |  |  |  |  |  |  |
| Total adjusted expenses |  | 6,286 |  |  |  | 5,849 |  |  |  | 5,985 |  |  |  | 5,971 |  |  | 6,281 |  |  |  | 6,286 |  |  |  | 6,281 |  |  |  |  |  |  |
| Adjusted earnings before provision for income tax |  | 359 |  |  |  | 674 |  |  |  | 472 |  |  |  | 526 |  |  | 464 |  |  |  | 359 |  |  |  | 464 |  |  |  |  |  |  |
| Provision for income tax expense (benefit) |  | 75 |  |  |  | 141 |  |  |  | 99 |  |  |  | 110 |  |  | 97 |  |  |  | 75 |  |  |  | 97 |  |  |  |  |  |  |
| Adjusted earnings |  | 284 |  |  |  | 533 |  |  |  | 373 |  |  |  | 416 |  |  | 367 |  |  |  | 284 |  |  |  | 367 |  |  |  |  |  |  |
| Preferred stock dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |
| Adjusted earnings available to common shareholders |  | $ | 284 |  |  |  | $ | 533 |  |  |  | $ | 373 |  |  |  | $ | 416 |  |  | $ | 367 |  |  |  | $ | 284 |  |  |  | $ | 367 |  |  |  |  |  |  |
| Adjusted premiums, fees and other revenues |  | $ | 6,330 |  |  |  | $ | 6,210 |  |  |  | $ | 6,146 |  |  |  | $ | 6,184 |  |  | $ | 6,430 |  |  |  | $ | 6,330 |  |  |  | $ | 6,430 |  |  |  |  |  |  |

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| GROUP BENEFITS |
| OTHER EXPENSES BY MAJOR CATEGORY |  |  |
|  |  | For the Three Months Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Direct and allocated expenses |  | $ | 505 |  |  |  | $ | 490 |  |  |  | $ | 486 |  |  |  | $ | 519 |  |  |  | $ | 524 |  |
| Pension, postretirement and postemployment benefit costs |  | 14 |  |  |  | 14 |  |  |  | 14 |  |  |  | 14 |  |  |  | 13 |  |
| Premium taxes, other taxes, and licenses & fees |  | 89 |  |  |  | 95 |  |  |  | 93 |  |  |  | 86 |  |  |  | 83 |  |
| Commissions and other variable expenses |  | 395 |  |  |  | 417 |  |  |  | 414 |  |  |  | 422 |  |  |  | 451 |  |
| Adjusted other expenses |  | $ | 1,003 |  |  |  | $ | 1,016 |  |  |  | $ | 1,007 |  |  |  | $ | 1,041 |  |  |  | $ | 1,071 |  |
| OTHER INFORMATION (1) |
|  |  | For the Three Months Ended |
| Unaudited (In millions, except ratios) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Group Life (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Adjusted premiums, fees and other revenues |  | $ | 2,340 |  |  |  | $ | 2,309 |  |  |  | $ | 2,293 |  |  |  | $ | 2,289 |  |  |  | $ | 2,352 |  |
| Mortality ratio |  | 90.2 | % |  |  | 79.1 | % |  |  | 85.6 | % |  |  | 83.2 | % |  |  | 84.8 | % |
| Group Non-Medical Health (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Adjusted premiums, fees and other revenues |  | $ | 2,773 |  |  |  | $ | 2,742 |  |  |  | $ | 2,718 |  |  |  | $ | 2,771 |  |  |  | $ | 2,850 |  |
| Interest adjusted benefit ratio (4) |  | 73.9 | % |  |  | 70.8 | % |  |  | 72.4 | % |  |  | 71.8 | % |  |  | 74.1 | % |
| (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 Ended |  | For the Year-to-Date Period Ended |  |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2025 |  |
| Adjusted revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premiums |  | $ | 675 |  |  |  | $ | 2,448 |  |  |  | $ | 1,451 |  |  |  | $ | 3,460 |  |  | $ | 2,284 |  |  |  | $ | 675 |  |  |  | $ | 2,284 |  |  |
| Universal life and investment-type product policy fees |  | 75 |  |  |  | 73 |  |  |  | 67 |  |  |  | 99 |  |  | 85 |  |  |  | 75 |  |  |  | 85 |  |  |
| Net investment income |  | 2,089 |  |  |  | 2,117 |  |  |  | 2,133 |  |  |  | 2,143 |  |  | 2,167 |  |  |  | 2,089 |  |  |  | 2,167 |  |  |
| Other revenues |  | 63 |  |  |  | 61 |  |  |  | 61 |  |  |  | 61 |  |  | 61 |  |  |  | 63 |  |  |  | 61 |  |  |
| Total adjusted revenues |  | 2,902 |  |  |  | 4,699 |  |  |  | 3,712 |  |  |  | 5,763 |  |  | 4,597 |  |  |  | 2,902 |  |  |  | 4,597 |  |  |
| Adjusted expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends |  | 1,471 |  |  |  | 3,248 |  |  |  | 2,247 |  |  |  | 4,280 |  |  | 3,121 |  |  |  | 1,471 |  |  |  | 3,121 |  |  |
| Policyholder liability remeasurement (gains) losses |  | 1 |  |  |  | (23) |  |  |  | (148) |  |  |  | — |  |  | (15) |  |  |  | 1 |  |  |  | (15) |  |  |
| Interest credited to policyholder account balances |  | 796 |  |  |  | 838 |  |  |  | 874 |  |  |  | 863 |  |  | 859 |  |  |  | 796 |  |  |  | 859 |  |  |
| Capitalization of DAC |  | (61) |  |  |  | (46) |  |  |  | (53) |  |  |  | (58) |  |  | (37) |  |  |  | (61) |  |  |  | (37) |  |  |
| Amortization of DAC, VOBA and negative VOBA |  | 15 |  |  |  | 16 |  |  |  | 14 |  |  |  | 21 |  |  | 17 |  |  |  | 15 |  |  |  | 17 |  |  |
| Interest expense on debt |  | 4 |  |  |  | 3 |  |  |  | 4 |  |  |  | 4 |  |  | 3 |  |  |  | 4 |  |  |  | 3 |  |  |
| Other expenses |  | 172 |  |  |  | 145 |  |  |  | 183 |  |  |  | 166 |  |  | 149 |  |  |  | 172 |  |  |  | 149 |  |  |
| Total adjusted expenses |  | 2,398 |  |  |  | 4,181 |  |  |  | 3,121 |  |  |  | 5,276 |  |  | 4,097 |  |  |  | 2,398 |  |  |  | 4,097 |  |  |
| Adjusted earnings before provision for income tax |  | 504 |  |  |  | 518 |  |  |  | 591 |  |  |  | 487 |  |  | 500 |  |  |  | 504 |  |  |  | 500 |  |  |
| Provision for income tax expense (benefit) |  | 105 |  |  |  | 108 |  |  |  | 119 |  |  |  | 101 |  |  | 99 |  |  |  | 105 |  |  |  | 99 |  |  |
| Adjusted earnings |  | 399 |  |  |  | 410 |  |  |  | 472 |  |  |  | 386 |  |  | 401 |  |  |  | 399 |  |  |  | 401 |  |  |
| Preferred stock dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  |
| Adjusted earnings available to common shareholders |  | $ | 399 |  |  |  | $ | 410 |  |  |  | $ | 472 |  |  |  | $ | 386 |  |  | $ | 401 |  |  |  | $ | 399 |  |  |  | $ | 401 |  |  |
| Adjusted premiums, fees and other revenues |  | $ | 813 |  |  |  | $ | 2,582 |  |  |  | $ | 1,579 |  |  |  | $ | 3,620 |  |  | $ | 2,430 |  |  |  | $ | 813 |  |  |  | $ | 2,430 |  |  |
| Less: PRT |  | (25) |  |  |  | 1,752 |  |  |  | 529 |  |  |  | 2,593 |  |  | 1,476 |  |  |  | (25) |  |  |  | 1,476 |  |  |
| Adjusted premiums, fees and other revenues, excluding PRT |  | $ | 838 |  |  |  | $ | 830 |  |  |  | $ | 1,050 |  |  |  | $ | 1,027 |  |  | $ | 954 |  |  |  | $ | 838 |  |  |  | $ | 954 |  |  |

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| RIS |
| FUTURE POLICY BENEFITS (1) |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Balance, end of period (at balance sheet discount rate) (2), (3) |  | $ | 67,402 |  |  | $ | 69,385 |  |  | $ | 72,914 |  |  | $ | 71,510 |  |  |  | $ | 73,415 |  |
| Less: Accumulated other comprehensive (income) loss |  | (1,735) |  |  | (2,952) |  |  | 297 |  |  | (3,134) |  |  |  | (2,627) |  |
| Balance, end of period (at original discount rate) |  | $ | 69,137 |  |  | $ | 72,337 |  |  | $ | 72,617 |  |  | $ | 74,644 |  |  |  | $ | 76,042 |  |
| POLICYHOLDER ACCOUNT BALANCES |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Balance, end of period |  | $ | 83,049 |  |  | $ | 84,270 |  |  | $ | 85,410 |  |  | $ | 84,923 |  |  |  | $ | 87,191 |  |
| SEPARATE ACCOUNT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Balance, end of period |  | $ | 51,012 |  |  | $ | 50,033 |  |  | $ | 52,537 |  |  | $ | 51,420 |  |  |  | $ | 49,452 |  |
| SYNTHETIC GICS (4), (5) |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Balance, end of period |  | $ | 48,100 |  |  | $ | 48,982 |  |  | $ | 49,081 |  |  | $ | 49,599 |  |  |  | $ | 53,796 |  |
| LONGEVITY REINSURANCE (6) |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Balance, end of period |  | $ | 21,333 |  |  | $ | 24,422 |  |  | $ | 25,699 |  |  | $ | 25,121 |  |  |  | $ | 27,369 |  |
| (1)Includes $3,791 million, $3,830 million, $3,847 million, $3,872 million and $3,899 million of DPL at March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively.
| (2)Represents the current discount rate at the respective balance sheet date.
| (3)Includes $296 million, $1,972 million, $2,081 million, $1,956 million and $2,287 million of future policy benefits subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets at March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively.
| (4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
| (5)Includes $0, $0, $0, $221 million and $1,242 million of transfers from separate account GICs to synthetic GICs at March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively.
| (6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom PRT market.

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| RIS |
| OTHER EXPENSES BY MAJOR CATEGORY |  |  |
|  |  | For the Three Months Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Direct and allocated expenses |  | $ | 80 |  |  |  | $ | 74 |  |  |  | $ | 75 |  |  |  | $ | 80 |  |  |  | $ | 85 |  |
| Pension, postretirement and postemployment benefit costs |  | 4 |  |  |  | 3 |  |  |  | 4 |  |  |  | 3 |  |  |  | 3 |  |
| Premium taxes, other taxes, and licenses & fees |  | 17 |  |  |  | 11 |  |  |  | 16 |  |  |  | 18 |  |  |  | 5 |  |
| Commissions and other variable expenses |  | 71 |  |  |  | 57 |  |  |  | 88 |  |  |  | 65 |  |  |  | 56 |  |
| Adjusted other expenses |  | $ | 172 |  |  |  | $ | 145 |  |  |  | $ | 183 |  |  |  | $ | 166 |  |  |  | $ | 149 |  |
| SPREAD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | For the Three Months Ended |
| Unaudited |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Investment income yield excluding variable investment income yield |  | 5.24 | % |  |  | 5.28 | % |  |  | 5.25 | % |  |  | 5.22 | % |  |  | 5.11 | % |
| Variable investment income yield |  | 6.30 | % |  |  | 5.83 | % |  |  | 4.58 | % |  |  | 6.46 | % |  |  | 8.95 | % |
| Total investment income yield |  | 5.28 | % |  |  | 5.30 | % |  |  | 5.23 | % |  |  | 5.26 | % |  |  | 5.24 | % |
| Average crediting rate |  | 4.23 | % |  |  | 4.31 | % |  |  | 4.38 | % |  |  | 4.35 | % |  |  | 4.31 | % |
| Amortization of DPL and losses at inception (1) |  | (0.22) | % |  |  | (0.22) | % |  |  | (0.21) | % |  |  | (0.21) | % |  |  | (0.21) | % |
| Total average crediting rate |  | 4.01 | % |  |  | 4.09 | % |  |  | 4.17 | % |  |  | 4.14 | % |  |  | 4.10 | % |
| Annualized general account spread (2) |  | 1.27 | % |  |  | 1.21 | % |  |  | 1.06 | % |  |  | 1.12 | % |  |  | 1.14 | % |
| Annualized general account spread excluding variable investment income yield |  | 1.23 | % |  |  | 1.19 | % |  |  | 1.08 | % |  |  | 1.08 | % |  |  | 1.01 | % |
| (1)Includes the amortization of DPL of (0.23)% for each of the three months ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025. |
| (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 Ended |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2025 |
| Adjusted revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premiums |  | $ | 1,297 |  |  |  | $ | 1,216 |  |  |  | $ | 1,272 |  |  |  | $ | 1,206 |  |  | $ | 1,260 |  |  |  | $ | 1,297 |  |  |  | $ | 1,260 |  |
| Universal life and investment-type product policy fees |  | 426 |  |  |  | 434 |  |  |  | 420 |  |  |  | 410 |  |  | 406 |  |  |  | 426 |  |  |  | 406 |  |
| Net investment income |  | 1,108 |  |  |  | 1,167 |  |  |  | 1,132 |  |  |  | 1,251 |  |  | 1,206 |  |  |  | 1,108 |  |  |  | 1,206 |  |
| Other revenues |  | 21 |  |  |  | 18 |  |  |  | 18 |  |  |  | 19 |  |  | 15 |  |  |  | 21 |  |  |  | 15 |  |
| Total adjusted revenues |  | 2,852 |  |  |  | 2,835 |  |  |  | 2,842 |  |  |  | 2,886 |  |  | 2,887 |  |  |  | 2,852 |  |  |  | 2,887 |  |
| Adjusted expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends |  | 1,067 |  |  |  | 988 |  |  |  | 1,035 |  |  |  | 993 |  |  | 1,037 |  |  |  | 1,067 |  |  |  | 1,037 |  |
| Policyholder liability remeasurement (gains) losses |  | (32) |  |  |  | (4) |  |  |  | 60 |  |  |  | (59) |  |  | (11) |  |  |  | (32) |  |  |  | (11) |  |
| Interest credited to policyholder account balances |  | 647 |  |  |  | 657 |  |  |  | 683 |  |  |  | 708 |  |  | 711 |  |  |  | 647 |  |  |  | 711 |  |
| Capitalization of DAC |  | (361) |  |  |  | (335) |  |  |  | (336) |  |  |  | (348) |  |  | (351) |  |  |  | (361) |  |  |  | (351) |  |
| Amortization of DAC, VOBA and negative VOBA |  | 205 |  |  |  | 202 |  |  |  | 211 |  |  |  | 214 |  |  | 216 |  |  |  | 205 |  |  |  | 216 |  |
| Interest expense on debt |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |
| Other expenses |  | 744 |  |  |  | 702 |  |  |  | 758 |  |  |  | 765 |  |  | 749 |  |  |  | 744 |  |  |  | 749 |  |
| Total adjusted expenses |  | 2,270 |  |  |  | 2,210 |  |  |  | 2,411 |  |  |  | 2,273 |  |  | 2,351 |  |  |  | 2,270 |  |  |  | 2,351 |  |
| Adjusted earnings before provision for income tax |  | 582 |  |  |  | 625 |  |  |  | 431 |  |  |  | 613 |  |  | 536 |  |  |  | 582 |  |  |  | 536 |  |
| Provision for income tax expense (benefit) |  | 159 |  |  |  | 176 |  |  |  | 125 |  |  |  | 170 |  |  | 162 |  |  |  | 159 |  |  |  | 162 |  |
| Adjusted earnings |  | 423 |  |  |  | 449 |  |  |  | 306 |  |  |  | 443 |  |  | 374 |  |  |  | 423 |  |  |  | 374 |  |
| Preferred stock dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |
| Adjusted earnings available to common shareholders |  | $ | 423 |  |  |  | $ | 449 |  |  |  | $ | 306 |  |  |  | $ | 443 |  |  | $ | 374 |  |  |  | $ | 423 |  |  |  | $ | 374 |  |
| Adjusted premiums, fees and other revenues |  | $ | 1,744 |  |  |  | $ | 1,668 |  |  |  | $ | 1,710 |  |  |  | $ | 1,635 |  |  | $ | 1,681 |  |  |  | $ | 1,744 |  |  |  | $ | 1,681 |  |

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| ASIA |
| ADJUSTED PREMIUMS, FEES AND OTHER REVENUES |
|  |  |  | For the Three Months Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Adjusted premiums, fees and other revenues |  |  | $ | 1,744 |  |  |  | $ | 1,668 |  |  |  | $ | 1,710 |  |  |  | $ | 1,635 |  |  |  | $ | 1,681 |  |
| Adjusted premiums, fees and other revenues, on a constant currency basis |  |  | $ | 1,682 |  |  |  | $ | 1,661 |  |  |  | $ | 1,654 |  |  |  | $ | 1,618 |  |  |  | $ | 1,681 |  |
| Add: Operating joint ventures, on a constant currency basis (1) |  |  | 517 |  |  |  | 642 |  |  |  | 531 |  |  |  | 406 |  |  |  | 1,017 |  |
| Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis |  |  | $ | 2,199 |  |  |  | $ | 2,303 |  |  |  | $ | 2,185 |  |  |  | $ | 2,024 |  |  |  | $ | 2,698 |  |
| OTHER EXPENSES BY MAJOR CATEGORY |
|  |  |  | For the Three Months Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Direct and allocated expenses |  |  | $ | 282 |  |  |  | $ | 272 |  |  |  | $ | 303 |  |  |  | $ | 319 |  |  |  | $ | 306 |  |
| Pension, postretirement and postemployment benefit costs |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 19 |  |  |  | 13 |  |
| Premium taxes, other taxes, and licenses & fees |  |  | 33 |  |  |  | 28 |  |  |  | 31 |  |  |  | 26 |  |  |  | 29 |  |
| Commissions and other variable expenses |  |  | 414 |  |  |  | 387 |  |  |  | 409 |  |  |  | 401 |  |  |  | 401 |  |
| Adjusted other expenses |  |  | $ | 744 |  |  |  | $ | 702 |  |  |  | $ | 758 |  |  |  | $ | 765 |  |  |  | $ | 749 |  |
| Adjusted other expenses, net of adjusted capitalization of DAC |  |  | $ | 383 |  |  |  | $ | 367 |  |  |  | $ | 422 |  |  |  | $ | 417 |  |  |  | $ | 398 |  |
| Adjusted other expenses, on a constant currency basis |  |  | $ | 720 |  |  |  | $ | 704 |  |  |  | $ | 736 |  |  |  | $ | 759 |  |  |  | $ | 749 |  |
| Add: Operating joint ventures, on a constant currency basis (2) |  |  | 113 |  |  |  | 105 |  |  |  | 117 |  |  |  | 92 |  |  |  | 125 |  |
| Adjusted other expenses, including operating joint ventures, on a constant currency basis |  |  | $ | 833 |  |  |  | $ | 809 |  |  |  | $ | 853 |  |  |  | $ | 851 |  |  |  | $ | 874 |  |
| Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis |  |  | $ | 439 |  |  |  | $ | 430 |  |  |  | $ | 478 |  |  |  | $ | 479 |  |  |  | $ | 463 |  |
| SALES ON A CONSTANT CURRENCY BASIS |
|  |  |  | For the Three Months Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Japan: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Life |  |  | $ | 135 |  |  |  | $ | 137 |  |  |  | $ | 141 |  |  |  | $ | 107 |  |  |  | $ | 111 |  |
| Accident & Health |  |  | 69 |  |  |  | 63 |  |  |  | 59 |  |  |  | 78 |  |  |  | 68 |  |
| Annuities |  |  | 148 |  |  |  | 146 |  |  |  | 147 |  |  |  | 112 |  |  |  | 144 |  |
| Other |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |
| Total Japan |  |  | 354 |  |  |  | 348 |  |  |  | 349 |  |  |  | 299 |  |  |  | 325 |  |
| Other Asia |  |  | 214 |  |  |  | 273 |  |  |  | 228 |  |  |  | 208 |  |  |  | 302 |  |
| Total sales |  |  | $ | 568 |  |  |  | $ | 621 |  |  |  | $ | 577 |  |  |  | $ | 507 |  |  |  | $ | 627 |  |
| OTHER INFORMATION |
|  |  |  | For the Three Months Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Adjusted earnings available to common shareholders |  |  | $ | 423 |  |  |  | $ | 449 |  |  |  | $ | 306 |  |  |  | $ | 443 |  |  |  | $ | 374 |  |
| Adjusted earnings available to common shareholders, on a constant currency basis |  |  | $ | 411 |  |  |  | $ | 444 |  |  |  | $ | 300 |  |  |  | $ | 440 |  |  |  | $ | 374 |  |
| (1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
| (2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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| ASIA |
| ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| GA AUM |  | $ | 120,743 |  |  | $ | 117,606 |  |  | $ | 128,115 |  |  | $ | 120,626 |  |  |  | $ | 125,119 |  |
| GA AUM (at amortized cost) |  | $ | 128,618 |  |  | $ | 126,997 |  |  | $ | 135,107 |  |  | $ | 129,959 |  |  |  | $ | 134,352 |  |
| GA AUM (at amortized cost), on a constant currency basis |  | $ | 127,961 |  |  | $ | 128,931 |  |  | $ | 131,846 |  |  | $ | 131,855 |  |  |  | $ | 134,352 |  |
| Add: Operating joint ventures, on a constant currency basis (1) |  | 8,193 |  |  | 9,146 |  |  | 9,635 |  |  | 10,032 |  |  |  | 11,558 |  |
| GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis |  | $ | 136,154 |  |  | $ | 138,077 |  |  | $ | 141,481 |  |  | $ | 141,887 |  |  |  | $ | 145,910 |  |
| (1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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| LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2025 |
| Adjusted revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premiums |  | $ | 1,115 |  |  |  | $ | 1,122 |  |  |  | $ | 1,141 |  |  |  | $ | 1,098 |  |  | $ | 1,164 |  |  |  | $ | 1,115 |  |  |  | $ | 1,164 |  |
| Universal life and investment-type product policy fees |  | 370 |  |  |  | 373 |  |  |  | 346 |  |  |  | 330 |  |  | 340 |  |  |  | 370 |  |  |  | 340 |  |
| Net investment income |  | 386 |  |  |  | 398 |  |  |  | 435 |  |  |  | 431 |  |  | 407 |  |  |  | 386 |  |  |  | 407 |  |
| Other revenues |  | 11 |  |  |  | 11 |  |  |  | 9 |  |  |  | 10 |  |  | 9 |  |  |  | 11 |  |  |  | 9 |  |
| Total adjusted revenues |  | 1,882 |  |  |  | 1,904 |  |  |  | 1,931 |  |  |  | 1,869 |  |  | 1,920 |  |  |  | 1,882 |  |  |  | 1,920 |  |
| Adjusted expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends |  | 983 |  |  |  | 1,018 |  |  |  | 1,091 |  |  |  | 1,035 |  |  | 1,091 |  |  |  | 983 |  |  |  | 1,091 |  |
| Policyholder liability remeasurement (gains) losses |  | (8) |  |  |  | (3) |  |  |  | (18) |  |  |  | 20 |  |  | (3) |  |  |  | (8) |  |  |  | (3) |  |
| Interest credited to policyholder account balances |  | 114 |  |  |  | 115 |  |  |  | 108 |  |  |  | 101 |  |  | 98 |  |  |  | 114 |  |  |  | 98 |  |
| Capitalization of DAC |  | (178) |  |  |  | (175) |  |  |  | (174) |  |  |  | (177) |  |  | (172) |  |  |  | (178) |  |  |  | (172) |  |
| Amortization of DAC, VOBA and negative VOBA |  | 125 |  |  |  | 129 |  |  |  | 126 |  |  |  | 123 |  |  | 129 |  |  |  | 125 |  |  |  | 129 |  |
| Interest expense on debt |  | 3 |  |  |  | 4 |  |  |  | 4 |  |  |  | 4 |  |  | 4 |  |  |  | 3 |  |  |  | 4 |  |
| Other expenses |  | 512 |  |  |  | 505 |  |  |  | 485 |  |  |  | 505 |  |  | 483 |  |  |  | 512 |  |  |  | 483 |  |
| Total adjusted expenses |  | 1,551 |  |  |  | 1,593 |  |  |  | 1,622 |  |  |  | 1,611 |  |  | 1,630 |  |  |  | 1,551 |  |  |  | 1,630 |  |
| Adjusted earnings before provision for income tax |  | 331 |  |  |  | 311 |  |  |  | 309 |  |  |  | 258 |  |  | 290 |  |  |  | 331 |  |  |  | 290 |  |
| Provision for income tax expense (benefit) |  | 98 |  |  |  | 85 |  |  |  | 88 |  |  |  | 57 |  |  | 72 |  |  |  | 98 |  |  |  | 72 |  |
| Adjusted earnings |  | 233 |  |  |  | 226 |  |  |  | 221 |  |  |  | 201 |  |  | 218 |  |  |  | 233 |  |  |  | 218 |  |
| Preferred stock dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |
| Adjusted earnings available to common shareholders |  | $ | 233 |  |  |  | $ | 226 |  |  |  | $ | 221 |  |  |  | $ | 201 |  |  | $ | 218 |  |  |  | $ | 233 |  |  |  | $ | 218 |  |
| Adjusted premiums, fees and other revenues |  | $ | 1,496 |  |  |  | $ | 1,506 |  |  |  | $ | 1,496 |  |  |  | $ | 1,438 |  |  | $ | 1,513 |  |  |  | $ | 1,496 |  |  |  | $ | 1,513 |  |

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| LATIN AMERICA |
| OTHER EXPENSES BY MAJOR CATEGORY |  |  |
|  |  | For the Three Months Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Direct and allocated expenses |  | $ | 140 |  |  |  | $ | 145 |  |  |  | $ | 129 |  |  |  | $ | 146 |  |  |  | $ | 135 |  |
| Pension, postretirement and postemployment benefit costs |  | 2 |  |  |  | 1 |  |  |  | 1 |  |  |  | 3 |  |  |  | 1 |  |
| Premium taxes, other taxes, and licenses & fees |  | 20 |  |  |  | 19 |  |  |  | 22 |  |  |  | 24 |  |  |  | 23 |  |
| Commissions and other variable expenses |  | 350 |  |  |  | 340 |  |  |  | 333 |  |  |  | 332 |  |  |  | 324 |  |
| Adjusted other expenses |  | $ | 512 |  |  |  | $ | 505 |  |  |  | $ | 485 |  |  |  | $ | 505 |  |  |  | $ | 483 |  |
| Adjusted other expenses, net of adjusted capitalization of DAC |  | $ | 334 |  |  |  | $ | 330 |  |  |  | $ | 311 |  |  |  | $ | 328 |  |  |  | $ | 311 |  |
| Adjusted other expenses, on a constant currency basis |  | $ | 451 |  |  |  | $ | 452 |  |  |  | $ | 459 |  |  |  | $ | 503 |  |  |  | $ | 483 |  |
| Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis |  | $ | 297 |  |  |  | $ | 297 |  |  |  | $ | 296 |  |  |  | $ | 327 |  |  |  | $ | 311 |  |
| SALES ON A CONSTANT CURRENCY BASIS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | For the Three Months Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Mexico |  | $ | 198 |  |  |  | $ | 180 |  |  |  | $ | 178 |  |  |  | $ | 131 |  |  |  | $ | 200 |  |
| Chile |  | 93 |  |  |  | 96 |  |  |  | 102 |  |  |  | 121 |  |  |  | 115 |  |
| All other |  | 68 |  |  |  | 77 |  |  |  | 82 |  |  |  | 81 |  |  |  | 68 |  |
| Total sales |  | $ | 359 |  |  |  | $ | 353 |  |  |  | $ | 362 |  |  |  | $ | 333 |  |  |  | $ | 383 |  |
| OTHER INFORMATION |
|  |  | For the Three Months Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Adjusted premiums, fees and other revenues |  | $ | 1,496 |  |  |  | $ | 1,506 |  |  |  | $ | 1,496 |  |  |  | $ | 1,438 |  |  |  | $ | 1,513 |  |
| Adjusted earnings available to common shareholders |  | $ | 233 |  |  |  | $ | 226 |  |  |  | $ | 221 |  |  |  | $ | 201 |  |  |  | $ | 218 |  |
| Adjusted premiums, fees and other revenues, on a constant currency basis |  | $ | 1,322 |  |  |  | $ | 1,342 |  |  |  | $ | 1,413 |  |  |  | $ | 1,428 |  |  |  | $ | 1,513 |  |
| Adjusted earnings available to common shareholders, on a constant currency basis |  | $ | 204 |  |  |  | $ | 196 |  |  |  | $ | 209 |  |  |  | $ | 200 |  |  |  | $ | 218 |  |

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| EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2025 |
| Adjusted revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premiums |  | $ | 536 |  |  |  | $ | 536 |  |  |  | $ | 562 |  |  |  | $ | 568 |  |  | $ | 582 |  |  |  | $ | 536 |  |  |  | $ | 582 |  |
| Universal life and investment-type product policy fees |  | 77 |  |  |  | 77 |  |  |  | 84 |  |  |  | 76 |  |  | 78 |  |  |  | 77 |  |  |  | 78 |  |
| Net investment income |  | 54 |  |  |  | 54 |  |  |  | 55 |  |  |  | 59 |  |  | 58 |  |  |  | 54 |  |  |  | 58 |  |
| Other revenues |  | 7 |  |  |  | 8 |  |  |  | 9 |  |  |  | 8 |  |  | 8 |  |  |  | 7 |  |  |  | 8 |  |
| Total adjusted revenues |  | 674 |  |  |  | 675 |  |  |  | 710 |  |  |  | 711 |  |  | 726 |  |  |  | 674 |  |  |  | 726 |  |
| Adjusted expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends |  | 258 |  |  |  | 265 |  |  |  | 276 |  |  |  | 301 |  |  | 277 |  |  |  | 258 |  |  |  | 277 |  |
| Policyholder liability remeasurement (gains) losses |  | — |  |  |  | 1 |  |  |  | 9 |  |  |  | (3) |  |  | — |  |  |  | — |  |  |  | — |  |
| Interest credited to policyholder account balances |  | 19 |  |  |  | 17 |  |  |  | 17 |  |  |  | 17 |  |  | 17 |  |  |  | 19 |  |  |  | 17 |  |
| Capitalization of DAC |  | (128) |  |  |  | (115) |  |  |  | (119) |  |  |  | (124) |  |  | (126) |  |  |  | (128) |  |  |  | (126) |  |
| Amortization of DAC, VOBA and negative VOBA |  | 90 |  |  |  | 81 |  |  |  | 91 |  |  |  | 93 |  |  | 94 |  |  |  | 90 |  |  |  | 94 |  |
| Interest expense on debt |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |
| Other expenses |  | 332 |  |  |  | 328 |  |  |  | 342 |  |  |  | 367 |  |  | 355 |  |  |  | 332 |  |  |  | 355 |  |
| Total adjusted expenses |  | 571 |  |  |  | 577 |  |  |  | 616 |  |  |  | 651 |  |  | 617 |  |  |  | 571 |  |  |  | 617 |  |
| Adjusted earnings before provision for income tax |  | 103 |  |  |  | 98 |  |  |  | 94 |  |  |  | 60 |  |  | 109 |  |  |  | 103 |  |  |  | 109 |  |
| Provision for income tax expense (benefit) |  | 26 |  |  |  | 21 |  |  |  | 24 |  |  |  | 1 |  |  | 26 |  |  |  | 26 |  |  |  | 26 |  |
| Adjusted earnings |  | 77 |  |  |  | 77 |  |  |  | 70 |  |  |  | 59 |  |  | 83 |  |  |  | 77 |  |  |  | 83 |  |
| Preferred stock dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |
| Adjusted earnings available to common shareholders |  | $ | 77 |  |  |  | $ | 77 |  |  |  | $ | 70 |  |  |  | $ | 59 |  |  | $ | 83 |  |  |  | $ | 77 |  |  |  | $ | 83 |  |
| Adjusted premiums, fees and other revenues |  | $ | 620 |  |  |  | $ | 621 |  |  |  | $ | 655 |  |  |  | $ | 652 |  |  | $ | 668 |  |  |  | $ | 620 |  |  |  | $ | 668 |  |

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| EMEA |
| OTHER EXPENSES BY MAJOR CATEGORY |  |  |  |
|  |  |  | For the Three Months Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Direct and allocated expenses |  |  | $ | 101 |  |  |  | $ | 104 |  |  |  | $ | 109 |  |  |  | $ | 112 |  |  |  | $ | 109 |  |
| Pension, postretirement and postemployment benefit costs |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 1 |  |
| Premium taxes, other taxes, and licenses & fees |  |  | 6 |  |  |  | 5 |  |  |  | 6 |  |  |  | 7 |  |  |  | 6 |  |
| Commissions and other variable expenses |  |  | 224 |  |  |  | 217 |  |  |  | 225 |  |  |  | 246 |  |  |  | 239 |  |
| Adjusted other expenses |  |  | $ | 332 |  |  |  | $ | 328 |  |  |  | $ | 342 |  |  |  | $ | 367 |  |  |  | $ | 355 |  |
| Adjusted other expenses, net of adjusted capitalization of DAC |  |  | $ | 204 |  |  |  | $ | 213 |  |  |  | $ | 223 |  |  |  | $ | 243 |  |  |  | $ | 229 |  |
| Adjusted other expenses, on a constant currency basis |  |  | $ | 317 |  |  |  | $ | 320 |  |  |  | $ | 331 |  |  |  | $ | 363 |  |  |  | $ | 355 |  |
| Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis |  |  | $ | 196 |  |  |  | $ | 208 |  |  |  | $ | 216 |  |  |  | $ | 241 |  |  |  | $ | 229 |  |
| OTHER INFORMATION |
|  |  |  | For the Three Months Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| Adjusted premiums, fees and other revenues |  |  | $ | 620 |  |  |  | $ | 621 |  |  |  | $ | 655 |  |  |  | $ | 652 |  |  |  | $ | 668 |  |
| Adjusted earnings available to common shareholders |  |  | $ | 77 |  |  |  | $ | 77 |  |  |  | $ | 70 |  |  |  | $ | 59 |  |  |  | $ | 83 |  |
| Adjusted premiums, fees and other revenues, on a constant currency basis |  |  | $ | 594 |  |  |  | $ | 608 |  |  |  | $ | 635 |  |  |  | $ | 645 |  |  |  | $ | 668 |  |
| Adjusted earnings available to common shareholders, on a constant currency basis |  |  | $ | 73 |  |  |  | $ | 74 |  |  |  | $ | 67 |  |  |  | $ | 57 |  |  |  | $ | 83 |  |
| Total sales, on a constant currency basis |  |  | $ | 272 |  |  |  | $ | 268 |  |  |  | $ | 239 |  |  |  | $ | 247 |  |  |  | $ | 315 |  |

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| METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Adjusted revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premiums |  | $ | 713 |  |  |  | $ | 692 |  |  |  | $ | 673 |  |  |  | $ | 702 |  |  | $ | 657 |  |  |  | $ | 713 |  |  | $ | 657 |  |
| Universal life and investment-type product policy fees |  | 78 |  |  |  | 94 |  |  |  | 80 |  |  |  | 74 |  |  | 86 |  |  |  | 78 |  |  | 86 |  |
| Net investment income |  | 1,010 |  |  |  | 1,016 |  |  |  | 981 |  |  |  | 978 |  |  | 989 |  |  |  | 1,010 |  |  | 989 |  |
| Other revenues |  | 50 |  |  |  | 37 |  |  |  | 40 |  |  |  | 39 |  |  | 37 |  |  |  | 50 |  |  | 37 |  |
| Total adjusted revenues |  | 1,851 |  |  |  | 1,839 |  |  |  | 1,774 |  |  |  | 1,793 |  |  | 1,769 |  |  |  | 1,851 |  |  | 1,769 |  |
| Adjusted expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends |  | 1,251 |  |  |  | 1,252 |  |  |  | 1,221 |  |  |  | 1,230 |  |  | 1,200 |  |  |  | 1,251 |  |  | 1,200 |  |
| Policyholder liability remeasurement (gains) losses |  | 20 |  |  |  | 17 |  |  |  | (35) |  |  |  | — |  |  | 16 |  |  |  | 20 |  |  | 16 |  |
| Interest credited to policyholder account balances |  | 103 |  |  |  | 106 |  |  |  | 84 |  |  |  | 97 |  |  | 88 |  |  |  | 103 |  |  | 88 |  |
| Capitalization of DAC |  | (5) |  |  |  | (4) |  |  |  | (4) |  |  |  | (4) |  |  | (4) |  |  |  | (5) |  |  | (4) |  |
| Amortization of DAC, VOBA and negative VOBA |  | 59 |  |  |  | 57 |  |  |  | 58 |  |  |  | 55 |  |  | 55 |  |  |  | 59 |  |  | 55 |  |
| Interest expense on debt |  | 4 |  |  |  | 3 |  |  |  | 4 |  |  |  | 3 |  |  | 3 |  |  |  | 4 |  |  | 3 |  |
| Other expenses |  | 223 |  |  |  | 220 |  |  |  | 220 |  |  |  | 223 |  |  | 221 |  |  |  | 223 |  |  | 221 |  |
| Total adjusted expenses |  | 1,655 |  |  |  | 1,651 |  |  |  | 1,548 |  |  |  | 1,604 |  |  | 1,579 |  |  |  | 1,655 |  |  | 1,579 |  |
| Adjusted earnings before provision for income tax |  | 196 |  |  |  | 188 |  |  |  | 226 |  |  |  | 189 |  |  | 190 |  |  |  | 196 |  |  | 190 |  |
| Provision for income tax expense (benefit) |  | 37 |  |  |  | 35 |  |  |  | 44 |  |  |  | 36 |  |  | 36 |  |  |  | 37 |  |  | 36 |  |
| Adjusted earnings |  | 159 |  |  |  | 153 |  |  |  | 182 |  |  |  | 153 |  |  | 154 |  |  |  | 159 |  |  | 154 |  |
| Preferred stock dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |
| Adjusted earnings available to common shareholders |  | $ | 159 |  |  |  | $ | 153 |  |  |  | $ | 182 |  |  |  | $ | 153 |  |  | $ | 154 |  |  |  | $ | 159 |  |  | $ | 154 |  |
| Adjusted premiums, fees and other revenues |  | $ | 841 |  |  |  | $ | 823 |  |  |  | $ | 793 |  |  |  | $ | 815 |  |  | $ | 780 |  |  |  | $ | 841 |  |  | $ | 780 |  |

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| METLIFE HOLDINGS
| FUTURE POLICY BENEFITS (1) |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Annuities |  | $ | 1,577 |  |  | $ | 1,555 |  |  | $ | 1,606 |  |  | $ | 1,515 |  |  |  | $ | 1,493 |  |
| Life and Other |  | 53,604 |  |  | 53,296 |  |  | 53,096 |  |  | 52,918 |  |  |  | 52,584 |  |
| Long-Term Care |  | 14,845 |  |  | 14,455 |  |  | 15,657 |  |  | 14,537 |  |  |  | 14,716 |  |
| Balance, end of period (at balance sheet discount rate) |  | $ | 70,026 |  |  | $ | 69,306 |  |  | $ | 70,359 |  |  | $ | 68,970 |  |  |  | $ | 68,793 |  |
| Less: |  |  |  |  |  |  |  |  |  |  |  |
| Annuities |  | $ | (46) |  |  | $ | (65) |  |  | $ | (5) |  |  | $ | (63) |  |  |  | $ | (51) |  |
| Life and Other |  | (2) |  |  | (27) |  |  | 31 |  |  | (34) |  |  |  | (26) |  |
| Long-Term Care |  | (215) |  |  | (755) |  |  | 339 |  |  | (919) |  |  |  | (872) |  |
| Accumulated other comprehensive (income) loss |  | $ | (263) |  |  | $ | (847) |  |  | $ | 365 |  |  | $ | (1,016) |  |  |  | $ | (949) |  |
| Annuities |  | $ | 1,623 |  |  | $ | 1,620 |  |  | $ | 1,611 |  |  | $ | 1,578 |  |  |  | $ | 1,544 |  |
| Life and Other |  | 53,606 |  |  | 53,323 |  |  | 53,065 |  |  | 52,952 |  |  |  | 52,610 |  |
| Long-Term Care |  | 15,060 |  |  | 15,210 |  |  | 15,318 |  |  | 15,456 |  |  |  | 15,588 |  |
| Balance, end of period (at original discount rate) |  | $ | 70,289 |  |  | $ | 70,153 |  |  | $ | 69,994 |  |  | $ | 69,986 |  |  |  | $ | 69,742 |  |
| Future policy benefits subject to reinsurance (at balance sheet discount rate) (2) |  |  |  |  |  |  |  |  |  |  |  |
| Annuities |  | $ | 1,526 |  |  | $ | 1,468 |  |  | $ | 1,505 |  |  | $ | 1,393 |  |  |  | $ | 1,370 |  |
| Life and Other |  | $ | 2,345 |  |  | $ | 2,372 |  |  | $ | 2,398 |  |  | $ | 2,410 |  |  |  | $ | 2,421 |  |
| Long-Term Care |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |  |
| POLICYHOLDER ACCOUNT BALANCES |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Annuities |  | $ | 11,129 |  |  | $ | 10,747 |  |  | $ | 10,437 |  |  | $ | 10,142 |  |  |  | $ | 9,859 |  |
| Life and Other |  | 11,486 |  |  | 11,303 |  |  | 11,284 |  |  | 11,132 |  |  |  | 10,986 |  |
| Balance, end of period |  | $ | 22,615 |  |  | $ | 22,050 |  |  | $ | 21,721 |  |  | $ | 21,274 |  |  |  | $ | 20,845 |  |
| Policyholder account balances subject to reinsurance (2) |  |  |  |  |  |  |  |  |  |  |  |
| Annuities |  | $ | 3,345 |  |  | $ | 3,228 |  |  | $ | 3,124 |  |  | $ | 3,027 |  |  |  | $ | 2,930 |  |
| Life and Other |  | $ | 6,532 |  |  | $ | 6,467 |  |  | $ | 6,410 |  |  | $ | 6,357 |  |  |  | $ | 6,301 |  |
| MARKET RISK BENEFITS |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Annuities |  | $ | 2,231 |  |  | $ | 2,153 |  |  | $ | 2,608 |  |  | $ | 2,069 |  |  |  | $ | 2,377 |  |
| Balance, end of period |  | $ | 2,231 |  |  | $ | 2,153 |  |  | $ | 2,608 |  |  | $ | 2,069 |  |  |  | $ | 2,377 |  |
| Market risk benefits subject to reinsurance (2) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |  |
| SEPARATE ACCOUNT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Annuities |  | $ | 29,866 |  |  | $ | 28,843 |  |  | $ | 29,349 |  |  | $ | 27,829 |  |  |  | $ | 26,296 |  |
| Life and Other |  | 6,757 |  |  | 6,738 |  |  | 7,049 |  |  | 7,065 |  |  |  | 6,393 |  |
| Balance, end of period |  | $ | 36,623 |  |  | $ | 35,581 |  |  | $ | 36,398 |  |  | $ | 34,894 |  |  |  | $ | 32,689 |  |
| Separate account liabilities subject to reinsurance (3) |  |  |  |  |  |  |  |  |  |  |  |
| Annuities |  | $ | 85 |  |  | $ | 82 |  |  | $ | 83 |  |  | $ | 79 |  |  |  | $ | 73 |  |
| Life and Other |  | $ | 5,980 |  |  | $ | 5,944 |  |  | $ | 6,226 |  |  | $ | 6,244 |  |  |  | $ | 5,852 |  |
| (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 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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| METLIFE HOLDINGS |  |
| OTHER EXPENSES BY MAJOR CATEGORY |  |  |  |
|  |  | For the Three Months Ended |  |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |  |
| Direct and allocated expenses |  | $ | 165 |  |  |  | $ | 156 |  |  |  | $ | 159 |  |  |  | $ | 166 |  |  |  | $ | 168 |  |  |
| Pension, postretirement and postemployment benefit costs |  | 6 |  |  |  | 7 |  |  |  | 6 |  |  |  | 7 |  |  |  | 6 |  |  |
| Premium taxes, other taxes, and licenses & fees |  | 16 |  |  |  | 19 |  |  |  | 20 |  |  |  | 15 |  |  |  | 16 |  |  |
| Commissions and other variable expenses |  | 36 |  |  |  | 38 |  |  |  | 35 |  |  |  | 35 |  |  |  | 31 |  |  |
| Adjusted other expenses |  | $ | 223 |  |  |  | $ | 220 |  |  |  | $ | 220 |  |  |  | $ | 223 |  |  |  | $ | 221 |  |  |
| OTHER INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | For the Three Months Ended |  |
| Unaudited (In millions, except ratios) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |  |
| Lapse Ratio (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Traditional life |  | 5.7 | % |  |  | 5.9 | % |  |  | 6.2 | % |  |  | 5.8 | % |  |  | 5.9 | % |  |
| Variable annuity |  | 11.6 | % |  |  | 12.4 | % |  |  | 12.8 | % |  |  | 12.9 | % |  |  | 12.8 | % |  |
| (1) Lapse ratios are calculated based on the average of the most recent 12 months of experience. |  |

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| CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Adjusted revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premiums |  | $ | 6 |  |  |  | $ | 15 |  |  |  | $ | (6) |  |  |  | $ | (11) |  |  | $ | 9 |  |  |  | $ | 6 |  |  | $ | 9 |  |
| Universal life and investment-type product policy fees |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  | 1 |  |  |  | — |  |  | 1 |  |
| Net investment income |  | 106 |  |  |  | 95 |  |  |  | 96 |  |  |  | 126 |  |  | 71 |  |  |  | 106 |  |  | 71 |  |
| Other revenues |  | 98 |  |  |  | 97 |  |  |  | 98 |  |  |  | 103 |  |  | 102 |  |  |  | 98 |  |  | 102 |  |
| Total adjusted revenues |  | 210 |  |  |  | 208 |  |  |  | 188 |  |  |  | 219 |  |  | 183 |  |  |  | 210 |  |  | 183 |  |
| Adjusted expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends |  | 8 |  |  |  | 9 |  |  |  | — |  |  |  | (10) |  |  | 9 |  |  |  | 8 |  |  | 9 |  |
| Policyholder liability remeasurement (gains) losses |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |
| Interest credited to policyholder account balances |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |
| Capitalization of DAC |  | (3) |  |  |  | (3) |  |  |  | (1) |  |  |  | (3) |  |  | (3) |  |  |  | (3) |  |  | (3) |  |
| Amortization of DAC, VOBA and negative VOBA |  | 2 |  |  |  | 1 |  |  |  | 3 |  |  |  | 4 |  |  | 2 |  |  |  | 2 |  |  | 2 |  |
| Interest expense on debt |  | 253 |  |  |  | 246 |  |  |  | 245 |  |  |  | 247 |  |  | 248 |  |  |  | 253 |  |  | 248 |  |
| Other expenses |  | 194 |  |  |  | 188 |  |  |  | 164 |  |  |  | 165 |  |  | 174 |  |  |  | 194 |  |  | 174 |  |
| Total adjusted expenses |  | 454 |  |  |  | 441 |  |  |  | 411 |  |  |  | 403 |  |  | 430 |  |  |  | 454 |  |  | 430 |  |
| Adjusted earnings before provision for income tax |  | (244) |  |  |  | (233) |  |  |  | (223) |  |  |  | (184) |  |  | (247) |  |  |  | (244) |  |  | (247) |  |
| Provision for income tax expense (benefit) |  | (70) |  |  |  | (47) |  |  |  | (41) |  |  |  | (17) |  |  | (65) |  |  |  | (70) |  |  | (65) |  |
| Adjusted earnings |  | (174) |  |  |  | (186) |  |  |  | (182) |  |  |  | (167) |  |  | (182) |  |  |  | (174) |  |  | (182) |  |
| Preferred stock dividends |  | 67 |  |  |  | 34 |  |  |  | 67 |  |  |  | 32 |  |  | 66 |  |  |  | 67 |  |  | 66 |  |
| Adjusted earnings available to common shareholders |  | $ | (241) |  |  |  | $ | (220) |  |  |  | $ | (249) |  |  |  | $ | (199) |  |  | $ | (248) |  |  |  | $ | (241) |  |  | $ | (248) |  |
| Adjusted premiums, fees and other revenues |  | $ | 104 |  |  |  | $ | 113 |  |  |  | $ | 92 |  |  |  | $ | 93 |  |  | $ | 112 |  |  |  | $ | 104 |  |  | $ | 112 |  |
| ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Business activities |  | $ | 6 |  |  |  | $ | 30 |  |  |  | $ | 20 |  |  |  | $ | 16 |  |  | $ | 9 |  |  |  | $ | 6 |  |  | $ | 9 |  |
| Net investment income |  | 102 |  |  |  | 92 |  |  |  | 96 |  |  |  | 126 |  |  | 78 |  |  |  | 102 |  |  | 78 |  |
| Interest expense on debt |  | (265) |  |  |  | (255) |  |  |  | (256) |  |  |  | (257) |  |  | (258) |  |  |  | (265) |  |  | (258) |  |
| Corporate initiatives and projects |  | (6) |  |  |  | (7) |  |  |  | (8) |  |  |  | (12) |  |  | (10) |  |  |  | (6) |  |  | (10) |  |
| Other |  | (81) |  |  |  | (93) |  |  |  | (75) |  |  |  | (57) |  |  | (66) |  |  |  | (81) |  |  | (66) |  |
| Provision for income tax (expense) benefit and other tax-related items |  | 70 |  |  |  | 47 |  |  |  | 41 |  |  |  | 17 |  |  | 65 |  |  |  | 70 |  |  | 65 |  |
| Preferred stock dividends |  | (67) |  |  |  | (34) |  |  |  | (67) |  |  |  | (32) |  |  | (66) |  |  |  | (67) |  |  | (66) |  |
| Adjusted earnings available to common shareholders |  | $ | (241) |  |  |  | $ | (220) |  |  |  | $ | (249) |  |  |  | $ | (199) |  |  | $ | (248) |  |  |  | $ | (241) |  |  | $ | (248) |  |

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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 adjustments have been excluded from the amounts within this table.
|  |  | At or For the Three Months Ended |  |  |  | At or For the Year-to-Date Period Ended |
| Unaudited (In millions, except yields) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  | March 31, 2025 |
| Fixed Maturity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Yield (1) |  | 4.38 | % |  | 4.38 | % |  | 4.52 | % |  | 4.47 | % |  |  | 4.36 | % |  |  |  | 4.38 | % |  | 4.36 | % |
| Investment income (2), (3) |  | $ | 3,200 |  |  | $ | 3,206 |  |  | $ | 3,357 |  |  | $ | 3,326 |  |  |  | $ | 3,259 |  |  |  |  | $ | 3,200 |  |  | $ | 3,259 |  |
| Investment gains (losses) |  | (85) |  |  | (246) |  |  | (157) |  |  | (245) |  |  |  | (244) |  |  |  |  | (85) |  |  | (244) |  |
| Ending carrying value (4) |  | 279,855 |  |  | 279,170 |  |  | 295,460 |  |  | 280,227 |  |  |  | 290,416 |  |  |  |  | 279,855 |  |  | 290,416 |  |
| Net Mortgage Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Yield (1) |  | 5.25 | % |  | 5.30 | % |  | 5.32 | % |  | 5.28 | % |  |  | 5.21 | % |  |  |  | 5.25 | % |  | 5.21 | % |
| Investment income (3) |  | 1,100 |  |  | 1,096 |  |  | 1,097 |  |  | 1,085 |  |  |  | 1,056 |  |  |  |  | 1,100 |  |  | 1,056 |  |
| Investment gains (losses) |  | (82) |  |  | 6 |  |  | (156) |  |  | (53) |  |  |  | (159) |  |  |  |  | (82) |  |  | (159) |  |
| Ending carrying value (5) |  | 83,452 |  |  | 82,051 |  |  | 82,773 |  |  | 81,460 |  |  |  | 80,581 |  |  |  |  | 83,452 |  |  | 80,581 |  |
| Real Estate and Real Estate Joint Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Yield (1) |  | (2.74) | % |  | (0.97) | % |  | 1.67 | % |  | 1.47 | % |  |  | 4.01 | % |  |  |  | (2.74) | % |  | 4.01 | % |
| Investment income |  | (90) |  |  | (32) |  |  | 57 |  |  | 50 |  |  |  | 134 |  |  |  |  | (90) |  |  | 134 |  |
| Investment gains (losses) |  | 35 |  |  | 12 |  |  | 128 |  |  | 70 |  |  |  | (40) |  |  |  |  | 35 |  |  | (40) |  |
| Ending carrying value |  | 12,992 |  |  | 13,517 |  |  | 13,731 |  |  | 13,342 |  |  |  | 13,481 |  |  |  |  | 12,992 |  |  | 13,481 |  |
| Policy Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Yield (1) |  | 5.56 | % |  | 5.44 | % |  | 5.72 | % |  | 5.67 | % |  |  | 5.38 | % |  |  |  | 5.56 | % |  | 5.38 | % |
| Investment income |  | 113 |  |  | 110 |  |  | 116 |  |  | 114 |  |  |  | 107 |  |  |  |  | 113 |  |  | 107 |  |
| Ending carrying value |  | 8,800 |  |  | 8,691 |  |  | 8,822 |  |  | 8,545 |  |  |  | 8,663 |  |  |  |  | 8,800 |  |  | 8,663 |  |
| Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Yield (1) |  | 5.48 | % |  | 5.50 | % |  | 3.47 | % |  | 3.23 | % |  |  | 6.16 | % |  |  |  | 5.48 | % |  | 6.16 | % |
| Investment income |  | 7 |  |  | 7 |  |  | 4 |  |  | 5 |  |  |  | 9 |  |  |  |  | 7 |  |  | 9 |  |
| Investment gains (losses) |  | 28 |  |  | (19) |  |  | (31) |  |  | 4 |  |  |  | (12) |  |  |  |  | 28 |  |  | (12) |  |
| Ending carrying value |  | 750 |  |  | 754 |  |  | 746 |  |  | 712 |  |  |  | 747 |  |  |  |  | 750 |  |  | 747 |  |
| Other Limited Partnership Interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Yield (1) |  | 8.27 | % |  | 9.10 | % |  | 2.45 | % |  | 7.05 | % |  |  | 6.22 | % |  |  |  | 8.27 | % |  | 6.22 | % |
| Investment income |  | 301 |  |  | 325 |  |  | 87 |  |  | 252 |  |  |  | 222 |  |  |  |  | 301 |  |  | 222 |  |
| Investment gains (losses) |  | (50) |  |  | (9) |  |  | 3 |  |  | 1 |  |  |  | (1) |  |  |  |  | (50) |  |  | (1) |  |
| Ending carrying value (6) |  | 14,301 |  |  | 14,288 |  |  | 14,186 |  |  | 14,367 |  |  |  | 14,125 |  |  |  |  | 14,301 |  |  | 14,125 |  |
| Cash and Cash Equivalents and Short-term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Yield (1) |  | 5.32 | % |  | 4.61 | % |  | 5.23 | % |  | 4.97 | % |  |  | 4.42 | % |  |  |  | 5.32 | % |  | 4.42 | % |
| Investment income |  | 246 |  |  | 209 |  |  | 257 |  |  | 249 |  |  |  | 224 |  |  |  |  | 246 |  |  | 224 |  |
| Investment gains (losses) |  | 25 |  |  | 37 |  |  | (46) |  |  | 18 |  |  |  | (9) |  |  |  |  | 25 |  |  | (9) |  |
| Ending carrying value (7) |  | 24,724 |  |  | 24,590 |  |  | 26,374 |  |  | 25,018 |  |  |  | 26,862 |  |  |  |  | 24,724 |  |  | 26,862 |  |
| Other Invested Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment income |  | 348 |  |  | 386 |  |  | 312 |  |  | 368 |  |  |  | 365 |  |  |  |  | 348 |  |  | 365 |  |
| Investment gains (losses) |  | (17) |  |  | (16) |  |  | 56 |  |  | 23 |  |  |  | 4 |  |  |  |  | (17) |  |  | 4 |  |
| Ending carrying value |  | 18,097 |  |  | 18,131 |  |  | 19,706 |  |  | 18,504 |  |  |  | 17,470 |  |  |  |  | 18,097 |  |  | 17,470 |  |
| Total Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment income yield (1) |  | 4.75 | % |  | 4.83 | % |  | 4.75 | % |  | 4.87 | % |  |  | 4.82 | % |  |  |  | 4.75 | % |  | 4.82 | % |
| Investment fees and expenses yield (1) |  | (0.14) | % |  | (0.13) | % |  | (0.13) | % |  | (0.13) | % |  |  | (0.15) | % |  |  |  | (0.14) | % |  | (0.15) | % |
| Net Investment Income Yield (1) |  | 4.61 | % |  | 4.70 | % |  | 4.62 | % |  | 4.74 | % |  |  | 4.67 | % |  |  |  | 4.61 | % |  | 4.67 | % |
| Investment income |  | $ | 5,225 |  |  | $ | 5,307 |  |  | $ | 5,287 |  |  | $ | 5,449 |  |  |  | $ | 5,376 |  |  |  |  | $ | 5,225 |  |  | $ | 5,376 |  |
| Investment fees and expenses |  | (157) |  |  | (147) |  |  | (144) |  |  | (147) |  |  |  | (162) |  |  |  |  | (157) |  |  | (162) |  |
| Net investment income including divested businesses |  | 5,068 |  |  | 5,160 |  |  | 5,143 |  |  | 5,302 |  |  |  | 5,214 |  |  |  |  | 5,068 |  |  | 5,214 |  |
| Less: Net investment income from divested businesses |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  | 1 |  |  |  |  | — |  |  | 1 |  |
| Adjusted Net Investment Income (8) |  | $ | 5,068 |  |  | $ | 5,160 |  |  | $ | 5,143 |  |  | $ | 5,301 |  |  |  | $ | 5,213 |  |  |  |  | $ | 5,068 |  |  | $ | 5,213 |  |
| Ending Carrying Value |  | $ | 442,971 |  |  | $ | 441,192 |  |  | $ | 461,798 |  |  | $ | 442,175 |  |  |  | $ | 452,345 |  |  |  |  | $ | 442,971 |  |  | $ | 452,345 |  |
| Investment Portfolio Gains (Losses) (9) |  | $ | (146) |  |  | $ | (235) |  |  | $ | (203) |  |  | $ | (182) |  |  |  | $ | (461) |  |  |  |  | $ | (146) |  |  | $ | (461) |  |
| Gross investment gains |  | 331 |  |  | 245 |  |  | 368 |  |  | 316 |  |  |  | 142 |  |  |  |  | 331 |  |  | 142 |  |
| Gross investment losses |  | (435) |  |  | (458) |  |  | (417) |  |  | (386) |  |  |  | (423) |  |  |  |  | (435) |  |  | (423) |  |
| Net credit loss (provision) release and (impairments) |  | (42) |  |  | (22) |  |  | (154) |  |  | (112) |  |  |  | (180) |  |  |  |  | (42) |  |  | (180) |  |
| Investment Portfolio Gains (Losses) (9) |  | (146) |  |  | (235) |  |  | (203) |  |  | (182) |  |  |  | (461) |  |  |  |  | (146) |  |  | (461) |  |
| Investment portfolio gains (losses) income tax (expense) benefit |  | 41 |  |  | 57 |  |  | 56 |  |  | 59 |  |  |  | 116 |  |  |  |  | 41 |  |  | 116 |  |
| Investment Portfolio Gains (Losses), Net of Income Tax |  | $ | (105) |  |  | $ | (178) |  |  | $ | (147) |  |  | $ | (123) |  |  |  | $ | (345) |  |  |  |  | $ | (105) |  |  | $ | (345) |  |
| Derivative Gains (Losses) (9) |  | (1,175) |  |  | (698) |  |  | 619 |  |  | (1,159) |  |  |  | 344 |  |  |  |  | (1,175) |  |  | 344 |  |
| Derivative gains (losses) income tax (expense) benefit |  | 304 |  |  | 193 |  |  | (206) |  |  | 314 |  |  |  | (99) |  |  |  |  | 304 |  |  | (99) |  |
| Derivative Gains (Losses), Net of Income Tax |  | $ | (871) |  |  | $ | (505) |  |  | $ | 413 |  |  | $ | (845) |  |  |  | $ | 245 |  |  |  |  | $ | (871) |  |  | $ | 245 |  |
| See footnotes on Page 29. |  |  |  |  |  |

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Table of Contents

| INVESTMENTS |
| SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION |  |  |  |  |  |  |  |  |  |
|  |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Unaudited (In millions, except ratios) |  | Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total |  |  | Amount |  | % of Total |
| U.S. corporate |  | $ | 80,553 |  |  | 28.9 | % |  | $ | 80,678 |  |  | 29.1 | % |  | $ | 84,851 |  |  | 28.9 | % |  | $ | 78,584 |  |  | 28.2 | % |  |  | $ | 80,316 |  |  | 27.7 | % |
| Foreign corporate |  | 54,029 |  |  | 19.4 | % |  | 53,419 |  |  | 19.2 | % |  | 56,752 |  |  | 19.3 | % |  | 53,354 |  |  | 19.1 | % |  |  | 55,083 |  |  | 19.1 | % |
| Foreign government |  | 42,793 |  |  | 15.4 | % |  | 40,054 |  |  | 14.4 | % |  | 44,132 |  |  | 15.0 | % |  | 39,895 |  |  | 14.3 | % |  |  | 40,892 |  |  | 14.2 | % |
| Residential mortgage-backed |  | 31,142 |  |  | 11.2 | % |  | 32,616 |  |  | 11.7 | % |  | 35,264 |  |  | 12.0 | % |  | 34,135 |  |  | 12.3 | % |  |  | 39,083 |  |  | 13.5 | % |
| U.S. government and agency |  | 31,848 |  |  | 11.4 | % |  | 33,238 |  |  | 12.0 | % |  | 34,676 |  |  | 11.8 | % |  | 33,350 |  |  | 12.0 | % |  |  | 33,535 |  |  | 11.6 | % |
| Asset-backed securities and collateralized loan obligations |  | 17,468 |  |  | 6.3 | % |  | 17,775 |  |  | 6.4 | % |  | 17,520 |  |  | 6.0 | % |  | 20,390 |  |  | 7.3 | % |  |  | 20,748 |  |  | 7.2 | % |
| Municipals |  | 10,938 |  |  | 3.9 | % |  | 10,470 |  |  | 3.8 | % |  | 10,798 |  |  | 3.7 | % |  | 9,762 |  |  | 3.5 | % |  |  | 9,764 |  |  | 3.4 | % |
| Commercial mortgage-backed |  | 9,638 |  |  | 3.5 | % |  | 9,486 |  |  | 3.4 | % |  | 9,786 |  |  | 3.3 | % |  | 9,182 |  |  | 3.3 | % |  |  | 9,388 |  |  | 3.3 | % |
| Fixed Maturity Securities Available-For-Sale excluding Reinsurance adjustments |  | $ | 278,409 |  |  | 100.0 | % |  | $ | 277,736 |  |  | 100.0 | % |  | $ | 293,779 |  |  | 100.0 | % |  | $ | 278,652 |  |  | 100.0 | % |  |  | $ | 288,809 |  |  | 100.0 | % |
| Reinsurance adjustments |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 2,391 |  |  |  |  |  | 2,926 |  |  |  |
| Fixed Maturity Securities Available-For-Sale |  | $ | 278,409 |  |  |  |  | $ | 277,736 |  |  |  |  | $ | 293,779 |  |  |  |  | $ | 281,043 |  |  |  |  |  | $ | 291,735 |  |  |  |
| NRSRO |  | NAIC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| RATING |  | DESIGNATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Aaa / Aa / A |  | 1 |  | $ | 192,127 |  |  | 69.0 | % |  | $ | 192,239 |  |  | 69.2 | % |  | $ | 203,560 |  |  | 69.3 | % |  | $ | 192,099 |  |  | 68.9 | % |  |  | $ | 199,468 |  |  | 69.1 | % |
| Baa |  | 2 |  | 73,367 |  |  | 26.4 | % |  | 72,732 |  |  | 26.2 | % |  | 77,031 |  |  | 26.2 | % |  | 74,345 |  |  | 26.7 | % |  |  | 77,112 |  |  | 26.7 | % |
| Ba |  | 3 |  | 10,323 |  |  | 3.7 | % |  | 9,189 |  |  | 3.3 | % |  | 9,666 |  |  | 3.3 | % |  | 8,680 |  |  | 3.1 | % |  |  | 8,674 |  |  | 3.0 | % |
| B |  | 4 |  | 2,259 |  |  | 0.8 | % |  | 3,291 |  |  | 1.2 | % |  | 3,131 |  |  | 1.1 | % |  | 3,035 |  |  | 1.1 | % |  |  | 3,198 |  |  | 1.1 | % |
| Caa and lower |  | 5 |  | 267 |  |  | 0.1 | % |  | 226 |  |  | 0.1 | % |  | 331 |  |  | 0.1 | % |  | 425 |  |  | 0.2 | % |  |  | 291 |  |  | 0.1 | % |
| In or near default |  | 6 |  | 66 |  |  | — | % |  | 59 |  |  | — | % |  | 60 |  |  | — | % |  | 68 |  |  | — | % |  |  | 66 |  |  | — | % |
| Fixed Maturity Securities Available-For-Sale excluding Reinsurance adjustments |  | $ | 278,409 |  |  | 100.0 | % |  | $ | 277,736 |  |  | 100.0 | % |  | $ | 293,779 |  |  | 100.0 | % |  | $ | 278,652 |  |  | 100.0 | % |  |  | $ | 288,809 |  |  | 100.0 | % |
| Reinsurance adjustments |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 2,391 |  |  |  |  |  | 2,926 |  |  |  |
| Fixed Maturity Securities Available-For-Sale (10) |  | $ | 278,409 |  |  |  |  | $ | 277,736 |  |  |  |  | $ | 293,779 |  |  |  |  | $ | 281,043 |  |  |  |  |  | $ | 291,735 |  |  |  |
| GROSS UNREALIZED GAINS AND LOSSES: |  |  |
| FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Gross unrealized gains |  | $ | 6,021 |  |  | $ | 5,096 |  |  | $ | 8,093 |  |  | $ | 4,965 |  |  |  | $ | 5,398 |  |
| Gross unrealized losses |  | 28,122 |  |  | 30,430 |  |  | 23,558 |  |  | 31,041 |  |  |  | 28,891 |  |
| Net Unrealized Gains (Losses) excluding Reinsurance adjustments |  | $ | (22,101) |  |  | $ | (25,334) |  |  | $ | (15,465) |  |  | $ | (26,076) |  |  |  | $ | (23,493) |  |
| Reinsurance adjustments |  | — |  |  | — |  |  | — |  |  | (142) |  |  |  | (109) |  |
| Net Unrealized Gains (Losses) |  | $ | (22,101) |  |  | $ | (25,334) |  |  | $ | (15,465) |  |  | $ | (26,218) |  |  |  | $ | (23,602) |  |
| See footnotes on Page 29.

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Table of Contents

| INVESTMENTS |  |  |
| SUMMARY OF NET MORTGAGE LOANS (5) |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Commercial mortgage loans |  | $ | 51,527 |  |  | $ | 50,109 |  |  | $ | 50,478 |  |  | $ | 48,967 |  |  |  | $ | 47,890 |  |
| Agricultural mortgage loans |  | 19,461 |  |  | 19,383 |  |  | 19,210 |  |  | 19,030 |  |  |  | 18,779 |  |
| Residential mortgage loans |  | 13,201 |  |  | 13,273 |  |  | 13,844 |  |  | 14,186 |  |  |  | 14,783 |  |
| Total |  | 84,189 |  |  | 82,765 |  |  | 83,532 |  |  | 82,183 |  |  |  | 81,452 |  |
| Allowance for credit loss |  | (737) |  |  | (714) |  |  | (759) |  |  | (723) |  |  |  | (871) |  |
| Net mortgage loans excluding Reinsurance adjustments |  | $ | 83,452 |  |  | $ | 82,051 |  |  | $ | 82,773 |  |  | $ | 81,460 |  |  |  | $ | 80,581 |  |
| Reinsurance adjustments |  | — |  |  | — |  |  | — |  |  | 85 |  |  |  | 82 |  |
| Net Mortgage Loans |  | $ | 83,452 |  |  | $ | 82,051 |  |  | $ | 82,773 |  |  | $ | 81,545 |  |  |  | $ | 80,663 |  |
| SUMMARY OF NET COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE (5) |  |  |
|  |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |
| Unaudited (In millions, except ratios) |  | Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total |  |  | Amount |  | % of Total |
| Pacific |  | $ | 9,036 |  |  | 17.5 | % |  | $ | 8,680 |  |  | 17.3 | % |  | $ | 8,745 |  |  | 17.3 | % |  | $ | 8,738 |  |  | 17.8 | % |  |  | $ | 8,677 |  |  | 18.1 | % |
| Non-U.S. |  | 8,453 |  |  | 16.4 | % |  | 8,385 |  |  | 16.7 | % |  | 8,593 |  |  | 17.0 | % |  | 7,901 |  |  | 16.1 | % |  |  | 7,802 |  |  | 16.3 | % |
| Middle Atlantic |  | 7,430 |  |  | 14.4 | % |  | 7,250 |  |  | 14.5 | % |  | 6,999 |  |  | 13.9 | % |  | 6,938 |  |  | 14.2 | % |  |  | 6,877 |  |  | 14.4 | % |
| South Atlantic |  | 6,802 |  |  | 13.2 | % |  | 6,517 |  |  | 13.0 | % |  | 6,459 |  |  | 12.8 | % |  | 5,890 |  |  | 12.0 | % |  |  | 5,796 |  |  | 12.1 | % |
| West South Central |  | 3,502 |  |  | 6.8 | % |  | 3,386 |  |  | 6.8 | % |  | 3,455 |  |  | 6.9 | % |  | 3,228 |  |  | 6.6 | % |  |  | 3,214 |  |  | 6.7 | % |
| New England |  | 2,821 |  |  | 5.5 | % |  | 2,821 |  |  | 5.6 | % |  | 2,838 |  |  | 5.6 | % |  | 2,680 |  |  | 5.5 | % |  |  | 2,501 |  |  | 5.2 | % |
| Mountain |  | 2,192 |  |  | 4.3 | % |  | 2,264 |  |  | 4.5 | % |  | 2,217 |  |  | 4.4 | % |  | 2,317 |  |  | 4.7 | % |  |  | 2,455 |  |  | 5.1 | % |
| East North Central |  | 1,701 |  |  | 3.3 | % |  | 1,600 |  |  | 3.2 | % |  | 1,543 |  |  | 3.1 | % |  | 1,453 |  |  | 3.0 | % |  |  | 1,453 |  |  | 3.0 | % |
| East South Central |  | 653 |  |  | 1.3 | % |  | 652 |  |  | 1.3 | % |  | 608 |  |  | 1.2 | % |  | 481 |  |  | 1.0 | % |  |  | 481 |  |  | 1.0 | % |
| West North Central |  | 644 |  |  | 1.2 | % |  | 472 |  |  | 1.0 | % |  | 472 |  |  | 0.9 | % |  | 410 |  |  | 0.8 | % |  |  | 408 |  |  | 0.9 | % |
| Multi-Region and Other |  | 8,293 |  |  | 16.1 | % |  | 8,082 |  |  | 16.1 | % |  | 8,549 |  |  | 16.9 | % |  | 8,931 |  |  | 18.3 | % |  |  | 8,226 |  |  | 17.2 | % |
| Total excluding Reinsurance adjustments |  | $ | 51,527 |  |  | 100.0 | % |  | $ | 50,109 |  |  | 100.0 | % |  | $ | 50,478 |  |  | 100.0 | % |  | $ | 48,967 |  |  | 100.0 | % |  |  | $ | 47,890 |  |  | 100.0 | % |
| Reinsurance adjustments |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 82 |  |  |  |  |  | 82 |  |  |  |
| Total |  | $ | 51,527 |  |  |  |  | $ | 50,109 |  |  |  |  | $ | 50,478 |  |  |  |  | $ | 49,049 |  |  |  |  |  | $ | 47,972 |  |  |  |
| Office |  | $ | 19,369 |  |  | 37.6 | % |  | $ | 18,799 |  |  | 37.5 | % |  | $ | 18,861 |  |  | 37.4 | % |  | $ | 18,269 |  |  | 37.3 | % |  |  | $ | 18,134 |  |  | 37.9 | % |
| Apartment |  | 11,353 |  |  | 22.0 | % |  | 10,954 |  |  | 21.9 | % |  | 10,750 |  |  | 21.3 | % |  | 10,472 |  |  | 21.4 | % |  |  | 10,549 |  |  | 22.0 | % |
| Retail |  | 7,371 |  |  | 14.3 | % |  | 7,443 |  |  | 14.8 | % |  | 7,273 |  |  | 14.4 | % |  | 6,612 |  |  | 13.5 | % |  |  | 6,502 |  |  | 13.6 | % |
| Single Family Rental |  | 4,823 |  |  | 9.4 | % |  | 4,822 |  |  | 9.6 | % |  | 5,141 |  |  | 10.2 | % |  | 5,355 |  |  | 10.9 | % |  |  | 4,844 |  |  | 10.1 | % |
| Industrial |  | 5,315 |  |  | 10.3 | % |  | 4,941 |  |  | 9.9 | % |  | 5,313 |  |  | 10.5 | % |  | 4,999 |  |  | 10.2 | % |  |  | 4,506 |  |  | 9.4 | % |
| Hotel |  | 3,199 |  |  | 6.2 | % |  | 3,049 |  |  | 6.1 | % |  | 3,051 |  |  | 6.0 | % |  | 3,178 |  |  | 6.5 | % |  |  | 3,268 |  |  | 6.8 | % |
| Other |  | 97 |  |  | 0.2 | % |  | 101 |  |  | 0.2 | % |  | 89 |  |  | 0.2 | % |  | 82 |  |  | 0.2 | % |  |  | 87 |  |  | 0.2 | % |
| Total excluding Reinsurance adjustments |  | $ | 51,527 |  |  | 100.0 | % |  | $ | 50,109 |  |  | 100.0 | % |  | $ | 50,478 |  |  | 100.0 | % |  | $ | 48,967 |  |  | 100.0 | % |  |  | $ | 47,890 |  |  | 100.0 | % |
| Reinsurance adjustments |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 82 |  |  |  |  |  | 82 |  |  |  |
| Total |  | $ | 51,527 |  |  |  |  | $ | 50,109 |  |  |  |  | $ | 50,478 |  |  |  |  | $ | 49,049 |  |  |  |  |  | $ | 47,972 |  |  |  |
| See footnotes on Page 29. |

28

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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), mortgage loans originated for third parties, invested assets and cash and cash equivalents subject to ceded reinsurance with third parties (see "Reinsurance adjustments"), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. 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 $85 million, $22 million, $76 million, $22 million and ($20) million for the three months ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively, and $85 million and ($20) million for the year-to-date period ended March 31, 2024 and March 31, 2025, respectively.
| (3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
| (4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
|  | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |  |  |  |
| Fixed maturity securities available-for-sale | $ | 278,409 |  | $ | 277,736 |  | $ | 293,779 |  | $ | 281,043 |  | $ | 291,735 |  |  |  |  |
| Less: Reinsurance adjustments | — |  | — |  | — |  | 2,391 |  | 2,926 |  |  |  |  |
| Fixed maturity securities available-for-sale excluding Reinsurance adjustments | $ | 278,409 |  | $ | 277,736 |  | $ | 293,779 |  | $ | 278,652 |  | $ | 288,809 |  |  |  |  |
| Fair value option securities | 1,446 |  | 1,434 |  | 1,681 |  | 1,575 |  | 1,607 |  |  |  |  |
| Fixed maturity securities excluding Reinsurance adjustments | $ | 279,855 |  | $ | 279,170 |  | $ | 295,460 |  | $ | 280,227 |  | $ | 290,416 |  |  |  |  |
| (5)The following table presents a reconciliation to ending carrying value presented for net mortgage loans.
|  | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |  |  |  |
| Mortgage Loans | $ | 91,458 |  | $ | 89,802 |  | $ | 90,415 |  | $ | 89,012 |  | $ | 87,908 |  |  |  |  |
| Less: Mortgage loans originated for third parties, net of ACL | 8,006 |  | 7,751 |  | 7,642 |  | 7,467 |  | 7,245 |  |  |  |  |
| Net mortgage loans | $ | 83,452 |  | $ | 82,051 |  | $ | 82,773 |  | $ | 81,545 |  | $ | 80,663 |  |  |  |  |
| Less: Reinsurance adjustments | — |  | — |  | — |  | 85 |  | 82 |  |  |  |  |
| Net mortgage loans excluding Reinsurance adjustments | $ | 83,452 |  | $ | 82,051 |  | $ | 82,773 |  | $ | 81,460 |  | $ | 80,581 |  |  |  |  |
| (6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests. |
|  | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |  |  |  |
| Other limited partnership interests | $ | 17,301 |  | $ | 14,288 |  | $ | 14,186 |  | $ | 14,378 |  | $ | 14,137 |  |  |  |  |
| Less: Reinsurance adjustments | — |  | — |  | — |  | 11 |  | 12 |  |  |  |  |
| Other limited partnership interests excluding Reinsurance adjustments | $ | 17,301 |  | $ | 14,288 |  | $ | 14,186 |  | $ | 14,367 |  | $ | 14,125 |  |  |  |  |
| (7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments. |
|  | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |  |  |  |
| Cash and cash equivalents and short-term investments | $ | 24,724 |  | $ | 24,590 |  | $ | 26,374 |  | $ | 25,224 |  | $ | 26,869 |  |  |  |  |
| Less: Reinsurance adjustments | — |  | — |  | — |  | 206 |  | 7 |  |  |  |  |
| Cash and cash equivalents and short-term investments excluding Reinsurance adjustments | $ | 24,724 |  | $ | 24,590 |  | $ | 26,374 |  | $ | 25,018 |  | $ | 26,862 |  |  |  |  |
| (8)Adjusted net investment income reflects the adjustments as presented on Page 5.
| (9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
|  | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |  | March 31, 2024 | March 31, 2025 |
| Net investment gains (losses) | $ | (375) |  | $ | (421) |  | $ | (77) |  | $ | (311) |  | $ | (387) |  |  | $ | (375) |  | $ | (387) |  |
| Less: Non-investment portfolio gains (losses) | (226) |  | (176) |  | 188 |  | (122) |  | 65 |  |  | (226) |  | 65 |  |
| Less: Provision for credit loss on certain mortgage loans originated for third parties | (4) |  | (15) |  | 4 |  | 11 |  | (34) |  |  | (4) |  | (34) |  |
| Less: Other adjustments | 1 |  | 5 |  | (66) |  | (18) |  | 43 |  |  | 1 |  | 43 |  |
| Investment portfolio gains (losses) | $ | (146) |  | $ | (235) |  | $ | (203) |  | $ | (182) |  | $ | (461) |  |  | $ | (146) |  | $ | (461) |  |
|  | For the Three Months Ended |  | For the Year-to-Date Period Ended |
|  | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |  | March 31, 2024 | March 31, 2025 |
| Net derivative gains (losses) | $ | (979) |  | $ | (508) |  | $ | 767 |  | $ | (903) |  | $ | 432 |  |  | $ | (979) |  | $ | 432 |  |
| Less: Investment hedge adjustments | 176 |  | 172 |  | 129 |  | 127 |  | 103 |  |  | 176 |  | 103 |  |
| Less: Reinsurance adjustments | — |  | — |  | — |  | 110 |  | (35) |  |  | — |  | (35) |  |
| Less: Other adjustments | 20 |  | 18 |  | 19 |  | 19 |  | 20 |  |  | 20 |  | 20 |  |
| Derivative gains (losses) | $ | (1,175) |  | $ | (698) |  | $ | 619 |  | $ | (1,159) |  | $ | 344 |  |  | $ | (1,175) |  | $ | 344 |  |
| (10)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 residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“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.

29

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Appendix

Table of Contents

| APPENDIX METLIFE RECONCILIATION DETAIL |
|  |  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  | March 31, 2024 |  | March 31, 2025 |
| Reconciliation to Adjusted Earnings Available to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income (loss) available to MetLife, Inc.'s common shareholders |  | $ | 800 |  |  | $ | 912 |  |  | $ | 1,275 |  |  | $ | 1,239 |  |  |  | $ | 879 |  |  |  | $ | 800 |  |  | $ | 879 |  |
| Add: Preferred stock dividends |  | 67 |  |  | 34 |  |  | 67 |  |  | 32 |  |  |  | 66 |  |  |  | 67 |  |  | 66 |  |
| Add: Preferred stock redemption premium |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Add: Net income (loss) attributable to noncontrolling interests |  | 8 |  |  | 7 |  |  | (1) |  |  | 4 |  |  |  | 5 |  |  |  | 8 |  |  | 5 |  |
| Net income (loss) |  | 875 |  |  | 953 |  |  | 1,341 |  |  | 1,275 |  |  |  | 950 |  |  |  | 875 |  |  | 950 |  |
| Less: adjustments from net income (loss) to adjusted earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net investment gains (losses) |  | (375) |  |  | (421) |  |  | (77) |  |  | (311) |  |  |  | (387) |  |  |  | (375) |  |  | (387) |  |
| Net derivative gains (losses) |  | (979) |  |  | (508) |  |  | 767 |  |  | (903) |  |  |  | 432 |  |  |  | (979) |  |  | 432 |  |
| Market risk benefit remeasurement gains (losses) |  | 694 |  |  | 182 |  |  | (531) |  |  | 764 |  |  |  | (299) |  |  |  | 694 |  |  | (299) |  |
| Premiums - Divested businesses |  | — |  |  | — |  |  | 16 |  |  | 15 |  |  |  | 4 |  |  |  | — |  |  | 4 |  |
| Universal life and investment-type product policy fees - Divested businesses |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment hedge adjustments |  | (176) |  |  | (172) |  |  | (129) |  |  | (127) |  |  |  | (103) |  |  |  | (176) |  |  | (103) |  |
| Unit-linked contract income and Reinsurance adjustments |  | 542 |  |  | 219 |  |  | 147 |  |  | 214 |  |  |  | (184) |  |  |  | 542 |  |  | (184) |  |
| Joint venture adjustments |  | 2 |  |  | (2) |  |  | 66 |  |  | 16 |  |  |  | (42) |  |  |  | 2 |  |  | (42) |  |
| Divested businesses |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  | 1 |  |
| Other revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asymmetrical and non-economic accounting |  | 39 |  |  | 35 |  |  | 50 |  |  | 34 |  |  |  | 36 |  |  |  | 39 |  |  | 36 |  |
| Other adjustments |  | (12) |  |  | (11) |  |  | (14) |  |  | (11) |  |  |  | (15) |  |  |  | (12) |  |  | (15) |  |
| Divested businesses |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Policyholder benefits and claims and policyholder dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asymmetrical and non-economic accounting |  | (14) |  |  | (161) |  |  | 7 |  |  | (51) |  |  |  | (75) |  |  |  | (14) |  |  | (75) |  |
| Market volatility |  | 67 |  |  | 88 |  |  | 52 |  |  | 49 |  |  |  | 44 |  |  |  | 67 |  |  | 44 |  |
| Divested businesses |  | — |  |  | — |  |  | (9) |  |  | (10) |  |  |  | (1) |  |  |  | — |  |  | (1) |  |
| Policyholder liability remeasurement (gains) losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asymmetrical and non-economic accounting |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Divested businesses |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Interest credited to policyholder account balances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asymmetrical and non-economic accounting |  | (24) |  |  | (5) |  |  | (79) |  |  | 5 |  |  |  | (64) |  |  |  | (24) |  |  | (64) |  |
| Unit-linked contract costs |  | (539) |  |  | (214) |  |  | (143) |  |  | (185) |  |  |  | 234 |  |  |  | (539) |  |  | 234 |  |
| Divested businesses |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Capitalization of DAC - Divested businesses |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Amortization of DAC, VOBA and negative VOBA - Divested businesses |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Interest expense on debt - Divested businesses |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reinsurance adjustments |  | — |  |  | — |  |  | — |  |  | (30) |  |  |  | (42) |  |  |  | — |  |  | (42) |  |
| Other adjustments |  | (7) |  |  | (5) |  |  | (12) |  |  | (25) |  |  |  | (19) |  |  |  | (7) |  |  | (19) |  |
| Divested businesses |  | (4) |  |  | (4) |  |  | (17) |  |  | (13) |  |  |  | (8) |  |  |  | (4) |  |  | (8) |  |
| Goodwill impairment |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
| Provision for income tax (expense) benefit |  | 260 |  |  | 270 |  |  | (195) |  |  | 352 |  |  |  | 23 |  |  |  | 260 |  |  | 23 |  |
| Adjusted earnings |  | 1,401 |  |  | 1,662 |  |  | 1,442 |  |  | 1,491 |  |  |  | 1,415 |  |  |  | 1,401 |  |  | 1,415 |  |
| Less: Preferred stock dividends |  | 67 |  |  | 34 |  |  | 67 |  |  | 32 |  |  |  | 66 |  |  |  | 67 |  |  | 66 |  |
| Adjusted earnings available to common shareholders |  | $ | 1,334 |  |  | $ | 1,628 |  |  | $ | 1,375 |  |  | $ | 1,459 |  |  |  | $ | 1,349 |  |  |  | $ | 1,334 |  |  | $ | 1,349 |  |

A-1

Table of Contents

| APPENDIX METLIFE NOTABLE ITEMS (1) |  |  |
| METLIFE TOTAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  | March 31, 2025 |  |  |
| Actuarial assumption review and other insurance adjustments |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |
| Litigation reserves and settlement costs |  | — |  |  | — |  |  | — |  |  | (47) |  |  |  | — |  |  |  |  | — |  |  | — |  |  |  |
| Tax adjustments |  | — |  |  | — |  |  | — |  |  | 57 |  |  |  | — |  |  |  |  | — |  |  | — |  |  |  |
| Total notable items |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | 10 |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |
| GROUP BENEFITS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  | March 31, 2025 |  |  |
| Actuarial assumption review and other insurance adjustments |  | $ | — |  |  | $ | — |  |  | $ | (58) |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |
| Total notable items |  | $ | — |  |  | $ | — |  |  | $ | (58) |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |
| RIS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |  |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  | March 31, 2025 |  |  |
| Actuarial assumption review and other insurance adjustments |  | $ | — |  |  | $ | — |  |  | $ | 104 |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |
| Total notable items |  | $ | — |  |  | $ | — |  |  | $ | 104 |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |
| (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

Table of Contents

| APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) |  |
| ASIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  |  | March 31, 2025 |
| Actuarial assumption review and other insurance adjustments |  | $ | — |  |  | $ | — |  |  | $ | (41) |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |
| Total notable items |  | $ | — |  |  | $ | — |  |  | $ | (41) |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |
| LATIN AMERICA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  |  | March 31, 2025 |
| Actuarial assumption review and other insurance adjustments |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |
| Total notable items |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |
| EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  |  | March 31, 2025 |
| Actuarial assumption review and other insurance adjustments |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |
| Total notable items |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |
| METLIFE HOLDINGS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  |  | March 31, 2025 |
| Actuarial assumption review and other insurance adjustments |  | $ | — |  |  | $ | — |  |  | $ | 12 |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |
| Total notable items |  | $ | — |  |  | $ | — |  |  | $ | 12 |  |  | $ | — |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |
| CORPORATE & OTHER |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Year-to-Date Period Ended |
| Unaudited (In millions) |  | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  |  | March 31, 2025 |  |  |  | March 31, 2024 |  |  | March 31, 2025 |
| Litigation reserves and settlement costs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (47) |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |
| Tax adjustments |  | — |  |  | — |  |  | — |  |  | 57 |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
| Total notable items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | $ | — |  |

A-3

Table of Contents

| APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited (In millions) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  |  |  |  |
| Total MetLife, Inc.'s stockholders' equity | $ | 28,535 |  |  | $ | 27,252 |  |  | $ | 30,885 |  |  | $ | 27,445 |  |  | $ | 27,493 |  |  |  |  |  |  |
| Less: Preferred stock | 3,818 |  |  | 3,818 |  |  | 3,818 |  |  | 3,818 |  |  | 3,818 |  |  |  |  |  |  |
| MetLife, Inc.'s common stockholders' equity | 24,717 |  |  | 23,434 |  |  | 27,067 |  |  | 23,627 |  |  | 23,675 |  |  |  |  |  |  |
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (16,813) |  |  | (19,187) |  |  | (11,239) |  |  | (19,402) |  |  | (17,329) |  |  |  |  |  |  |
| Deferred gains (losses) on derivatives, net of income tax | 202 |  |  | 99 |  |  | (292) |  |  | 370 |  |  | 179 |  |  |  |  |  |  |
| Future policy benefits discount rate remeasurement gains (losses), net of income tax | 4,773 |  |  | 6,606 |  |  | 2,004 |  |  | 6,529 |  |  | 5,334 |  |  |  |  |  |  |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (47) |  |  | (73) |  |  | 4 |  |  | (71) |  |  | (31) |  |  |  |  |  |  |
| Defined benefit plans adjustment, net of income tax | (1,421) |  |  | (1,396) |  |  | (1,371) |  |  | (1,442) |  |  | (1,416) |  |  |  |  |  |  |
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1) | — |  |  | — |  |  | — |  |  | (129) |  |  | (100) |  |  |  |  |  |  |
| Total MetLife, Inc.'s adjusted common stockholders' equity | 38,023 |  |  | 37,385 |  |  | 37,961 |  |  | 37,772 |  |  | 37,038 |  |  |  |  |  |  |
| Less: Accumulated year-to-date total notable items, net of income tax (2) | — |  |  | — |  |  | 16 |  |  | 26 |  |  | — |  |  |  |  |  |  |
| Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2) | $ | 38,023 |  |  | $ | 37,385 |  |  | $ | 37,945 |  |  | $ | 37,746 |  |  | $ | 37,038 |  |  |  |  |  |  |
| Unaudited (In millions, except per share data) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  |  |  |  |
| Book value per common share | $ | 34.54 |  |  | $ | 33.30 |  |  | $ | 39.02 |  |  | $ | 34.28 |  |  | $ | 35.16 |  |  |  |  |  |  |
| Less: Unrealized investment gains (losses), net of related offsets and income tax | (23.49) |  |  | (27.26) |  |  | (16.20) |  |  | (28.15) |  |  | (25.74) |  |  |  |  |  |  |
| Deferred gains (losses) on derivatives, net of income tax | 0.28 |  |  | 0.14 |  |  | (0.42) |  |  | 0.54 |  |  | 0.27 |  |  |  |  |  |  |
| Future policy benefits discount rate remeasurement gains (losses), net of income tax | 6.68 |  |  | 9.38 |  |  | 2.89 |  |  | 9.46 |  |  | 7.92 |  |  |  |  |  |  |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (0.07) |  |  | (0.10) |  |  | 0.01 |  |  | (0.10) |  |  | (0.05) |  |  |  |  |  |  |
| Defined benefit plans adjustment, net of income tax | (1.99) |  |  | (1.98) |  |  | (1.98) |  |  | (2.09) |  |  | (2.10) |  |  |  |  |  |  |
| Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1) | — |  |  | — |  |  | — |  |  | (0.19) |  |  | (0.15) |  |  |  |  |  |  |
| Adjusted book value per common share | $ | 53.13 |  |  | $ | 53.12 |  |  | $ | 54.72 |  |  | $ | 54.81 |  |  | $ | 55.01 |  |  |  |  |  |  |
| Common shares outstanding, end of period | 715.7 |  |  | 703.8 |  |  | 693.7 |  |  | 689.2 |  |  | 673.3 |  |  |  |  |  |  |
|  | For the Three Months Ended (3) |  |  |
| Unaudited (In millions, except ratios) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024 |  | March 31, 2025 |  |  |  |  |  |
| Return on MetLife, Inc.'s: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common stockholders' equity | 12.6 | % |  | 15.2 | % |  | 20.2 | % |  | 19.6 | % |  | 14.9 | % |  |  |  |  |  |
| Adjusted return on MetLife, Inc.'s: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Adjusted common stockholders' equity | 13.8 | % |  | 17.3 | % |  | 14.6 | % |  | 15.4 | % |  | 14.4 | % |  |  |  |  |  |
| Adjusted common stockholders' equity, excluding total notable items (2) | 13.8 | % |  | 17.3 | % |  | 14.4 | % |  | 15.3 | % |  | 14.4 | % |  |  |  |  |  |
| Average common stockholders' equity | $ | 25,457 |  |  | $ | 24,076 |  |  | $ | 25,251 |  |  | $ | 25,347 |  |  | $ | 23,651 |  |  |  |  |  |  |
| Average adjusted common stockholders' equity | $ | 38,652 |  |  | $ | 37,704 |  |  | $ | 37,673 |  |  | $ | 37,867 |  |  | $ | 37,405 |  |  |  |  |  |  |
| Average adjusted common stockholders' equity, excluding total notable items (2) | $ | 38,652 |  |  | $ | 37,704 |  |  | $ | 37,665 |  |  | $ | 37,846 |  |  | $ | 37,405 |  |  |  |  |  |  |
| (1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to third-party reinsurers (see "Reinsurance adjustments"). |
| (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 detail. |
| (3) Annualized using quarter-to-date results. |

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Table of Contents

| APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS |
| ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS |
|  |  |  | For the Three Months Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| GROUP BENEFITS (1) |  |  | $ | 6,330 |  |  |  | $ | 6,210 |  |  |  | $ | 6,146 |  |  |  | $ | 6,184 |  |  |  | $ | 6,430 |  |
| RIS (1) |  |  | 813 |  |  |  | 2,582 |  |  |  | 1,579 |  |  |  | 3,620 |  |  |  | 2,430 |  |
| ASIA |  |  | 1,682 |  |  |  | 1,661 |  |  |  | 1,654 |  |  |  | 1,618 |  |  |  | 1,681 |  |
| LATIN AMERICA |  |  | 1,322 |  |  |  | 1,342 |  |  |  | 1,413 |  |  |  | 1,428 |  |  |  | 1,513 |  |
| EMEA |  |  | 594 |  |  |  | 608 |  |  |  | 635 |  |  |  | 645 |  |  |  | 668 |  |
| METLIFE HOLDINGS (1) |  |  | 841 |  |  |  | 823 |  |  |  | 793 |  |  |  | 815 |  |  |  | 780 |  |
| CORPORATE & OTHER (1) |  |  | 104 |  |  |  | 113 |  |  |  | 92 |  |  |  | 93 |  |  |  | 112 |  |
| Adjusted premiums, fees and other revenues, on a constant currency basis |  |  | $ | 11,686 |  |  |  | $ | 13,339 |  |  |  | $ | 12,312 |  |  |  | $ | 14,403 |  |  |  | $ | 13,614 |  |
| Adjusted premiums, fees and other revenues |  |  | $ | 11,948 |  |  |  | $ | 13,523 |  |  |  | $ | 12,471 |  |  |  | $ | 14,437 |  |  |  | $ | 13,614 |  |
| ASIA (including operating joint ventures) (2), (3) |  |  | $ | 2,199 |  |  |  | $ | 2,303 |  |  |  | $ | 2,185 |  |  |  | $ | 2,024 |  |  |  | $ | 2,698 |  |
| OTHER EXPENSES ON A CONSTANT CURRENCY BASIS |
|  |  |  | For the Three Months Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| GROUP BENEFITS (1) |  |  | $ | 1,003 |  |  |  | $ | 1,016 |  |  |  | $ | 1,007 |  |  |  | $ | 1,041 |  |  |  | $ | 1,071 |  |
| RIS (1) |  |  | 172 |  |  |  | 145 |  |  |  | 183 |  |  |  | 166 |  |  |  | 149 |  |
| ASIA |  |  | 720 |  |  |  | 704 |  |  |  | 736 |  |  |  | 759 |  |  |  | 749 |  |
| LATIN AMERICA |  |  | 451 |  |  |  | 452 |  |  |  | 459 |  |  |  | 503 |  |  |  | 483 |  |
| EMEA |  |  | 317 |  |  |  | 320 |  |  |  | 331 |  |  |  | 363 |  |  |  | 355 |  |
| METLIFE HOLDINGS (1) |  |  | 223 |  |  |  | 220 |  |  |  | 220 |  |  |  | 223 |  |  |  | 221 |  |
| CORPORATE & OTHER (1) |  |  | 194 |  |  |  | 188 |  |  |  | 164 |  |  |  | 165 |  |  |  | 174 |  |
| Adjusted other expenses, on a constant currency basis |  |  | $ | 3,080 |  |  |  | $ | 3,045 |  |  |  | $ | 3,100 |  |  |  | $ | 3,220 |  |  |  | $ | 3,202 |  |
| Adjusted other expenses |  |  | $ | 3,180 |  |  |  | $ | 3,104 |  |  |  | $ | 3,159 |  |  |  | $ | 3,232 |  |  |  | $ | 3,202 |  |
| ASIA (including operating joint ventures) (2), (4) |  |  | $ | 833 |  |  |  | $ | 809 |  |  |  | $ | 853 |  |  |  | $ | 851 |  |  |  | $ | 874 |  |
| ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS |
|  |  |  | For the Three Months Ended |
| Unaudited (In millions) |  |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | March 31, 2025 |
| GROUP BENEFITS (1) |  |  | $ | 284 |  |  |  | $ | 533 |  |  |  | $ | 373 |  |  |  | $ | 416 |  |  |  | $ | 367 |  |
| RIS (1) |  |  | 399 |  |  |  | 410 |  |  |  | 472 |  |  |  | 386 |  |  |  | 401 |  |
| ASIA |  |  | 411 |  |  |  | 444 |  |  |  | 300 |  |  |  | 440 |  |  |  | 374 |  |
| LATIN AMERICA |  |  | 204 |  |  |  | 196 |  |  |  | 209 |  |  |  | 200 |  |  |  | 218 |  |
| EMEA |  |  | 73 |  |  |  | 74 |  |  |  | 67 |  |  |  | 57 |  |  |  | 83 |  |
| METLIFE HOLDINGS (1) |  |  | 159 |  |  |  | 153 |  |  |  | 182 |  |  |  | 153 |  |  |  | 154 |  |
| CORPORATE & OTHER (1) |  |  | (241) |  |  |  | (220) |  |  |  | (249) |  |  |  | (199) |  |  |  | (248) |  |
| Adjusted earnings available to common shareholders, on a constant currency basis |  |  | $ | 1,289 |  |  |  | $ | 1,590 |  |  |  | $ | 1,354 |  |  |  | $ | 1,453 |  |  |  | $ | 1,349 |  |
| Adjusted earnings available to common shareholders |  |  | $ | 1,334 |  |  |  | $ | 1,628 |  |  |  | $ | 1,375 |  |  |  | $ | 1,459 |  |  |  | $ | 1,349 |  |
| (1) Amounts on a reported basis, as constant currency impact is not significant. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (2) Adjusted premiums, fees and other revenues as well as other expenses for operating joint ventures are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16. |
| (3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP. |
| (4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP. |

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Table of Contents

| APPENDIX METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
| Non-GAAP financial measures: | Comparable GAAP financial measures:
| (i) | total adjusted revenues | (i) | total revenues
| (ii) | total adjusted expenses | (ii) | total expenses
| (iii) | adjusted premiums, fees and other revenues | (iii) | premiums, fees and other revenues
| (iv) | adjusted premiums, fees and other revenues, excluding PRT | (iv) | premiums, fees and other revenues
| (v) | adjusted net investment income | (v) | net investment income
| (vi) | adjusted earnings | (vi) | net income (loss)
| (vii) | adjusted earnings available to common shareholders | (vii) | net income (loss) available to MetLife, Inc.’s common shareholders
| (viii) | adjusted earnings available to common shareholders, excluding total notable items | (viii) | net income (loss) available to MetLife, Inc.’s common shareholders
| (ix) | adjusted earnings available to common shareholders per diluted common share | (ix) | net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
| (x) | adjusted earnings available to common shareholders, excluding total notable items, per diluted common share | (x) | net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
| (xi) | adjusted return on equity | (xi) | return on equity
| (xii) | adjusted return on equity, excluding total notable items | (xii) | return on equity
| (xiii) | investment portfolio gains (losses) | (xiii) | net investment gains (losses)
| (xiv) | derivative gains (losses) | (xiv) | net derivative gains (losses)
| (xv) | adjusted capitalization of DAC | (xv) | capitalization of DAC
| (xvi) | total MetLife, Inc.’s adjusted common stockholders’ equity | (xvi) | total MetLife, Inc.’s stockholders’ equity
| (xvii) | total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items | (xvii) | total MetLife, Inc.’s stockholders’ equity
| (xviii) | adjusted book value per common share | (xviii) | book value per common share
| (xix) | adjusted other expenses | (xix) | other expenses
| (xx) | adjusted other expenses, net of adjusted capitalization of DAC | (xx) | other expenses, net of capitalization of DAC
| (xxi) | adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses | (xxi) | other expenses, net of capitalization of DAC
| (xxii) | adjusted expense ratio | (xxii) | expense ratio
| (xxiii) | adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT | (xxiii) | expense ratio
| (xxiv) | direct expenses | (xxiv) | other expenses
| (xxv) | direct expenses, excluding total notable items related to direct expenses | (xxv) | other expenses
| (xxvi) | direct expense ratio | (xxvi) | expense ratio
| (xxvii) | direct expense ratio, excluding total notable items related to direct expenses and PRT | (xxvii) | expense ratio
| (xxviii) | future policy benefits at original discount rate | (xxviii) | future policy benefits at balance sheet discount rate
| Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period ("constant currency basis").
| Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at MetLife's Investor Relations webpage (https://investor.metlife.com).

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Table of Contents

| 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 benefits 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 to the line items indicated in calculating adjusted earnings:
| • | 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) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) 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.
| "Reinsurance adjustments" relate to balances subject to ceded reinsurance arrangements with third parties and the related investment returns and other expenses which are passed through to the third-party reinsurers.
| Other adjustments are made in calculating adjusted earnings:
| • | Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs"). Net investment income also excludes Reinsurance adjustments.
| • | Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
| • | Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
| • | Other expenses exclude (i) Reinsurance adjustments, (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 attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
| Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

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| APPENDIX METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
| Investment portfolio gains (losses) and derivative gains (losses)
| These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
| Return on equity and related measures
| • | Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI and the estimated fair value of certain ceded reinsurance-related embedded derivatives (see "Reinsurance adjustments"), all net of income tax.
| • | Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives (see "Reinsurance adjustments") 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 (see "Reinsurance adjustments"), 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: adjusted 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: adjusted 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.
| Asia general account assets under management and related measures
| 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, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including 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 net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential 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 results:
| • | 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 UK funded reinsurance.

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| APPENDIX METLIFE ACRONYMS
| AOCI | Accumulated other comprehensive income (loss)
| DAC | Deferred policy acquisition costs
| DPL | Deferred profit liabilities
| EMEA | Europe, the Middle East and Africa
| FCTA | Foreign currency translation adjustments
| GA | General account
| GA AUM | General account assets under management
| GAAP | Accounting principles generally accepted in the United States of America
| GICs | Guaranteed interest contracts
| NAIC | National Association of Insurance Commissioners
| NRSRO | Nationally Recognized Statistical Rating Organization
| PRT | Pension risk transfers
| QFS | Quarterly financial supplement
| RIS | Retirement and Income Solutions
| VOBA | Value of business acquired

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