Slide 1: 2Q22 Supplemental Slides
2Q22 Supplemental Slides1 John McCallion Chief Financial Officer Exhibit 99.3 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.
Slide 2: Table of contents
2 Table of contents Topic Page No. Net income (loss) to adjusted earnings 3 Adjusted earnings, ex. total notable items, by segment 4 Variable investment income (VII) 5 Direct expense ratio 7 Cash & capital 8 Long Duration Targeted Improvements (LDTI) 9 Appendix 10
Slide 3: Net income (loss) to adjusted earnings
3 Net income (loss) to adjusted earnings 2Q22 (post-tax) $ in millions $ per share1 Net Income (Loss) $103 $0.13 Less: Net Investment Gains (Losses) (541) (0.66) Net Derivative Gains (Losses) (944) (1.16) Investment Hedge Adjustments (183) (0.22) Other 145 0.18 Adjusted Earnings $1,626 $2.00 Less No
Slide 4: Adjusted earnings, ex. total notable items, by segment
4 ($ in millions - post-tax) 2Q22 2Q21 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $400 $248 61% Underwriting Margins; Volume Growth Retirement and Income Solutions 388 654 (41%) Volume Growth Investment Margins U.S. 788 902 (13%) Asia 386 520 (26%) (22%) Volu
Slide 5: Variable investment income driven by private equity returns
5 $1,202 $1,789 $1,269 $1,185 $389 2Q21 3Q21 4Q21 1Q22 2Q22 2Q22 VII driven by private equity returns1 ($ in millions - pre-tax) Private Equity Other 1 Quarterly VII range of $450 million - $500 million, based on full year 2022 guidance range of $1.8 - $2.0 billion.
Slide 6: VII by segment
6 ($ in millions - post-tax1) 2Q21 3Q21 4Q21 1Q22 2Q22 Group Benefits $14 $17 $17 $12 $7 Retirement and Income Solutions 351 449 324 277 75 U.S. 365 466 341 289 82 Asia 218 373 307 288 101 Latin America 22 22 17 16 16 EMEA — — — — — MetLife Holdings 301 487 266 208 85 Corporate & Other 44 65 72 135
Slide 7: Direct expense ratio below 12.3% target
7 11.4% 11.1% 12.9% 11.7% 11.9% 2Q21 3Q21 4Q21 1Q22 2Q22 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.3% Target 2Q22 direct expense ratio1 of 11.9%, below 12.3% target
Slide 8: Cash & capital
8 Holding Company Cash1 $6.5 $5.1 $5.4 $4.2 $4.5 2Q21 3Q21 4Q21 1Q22 2Q22 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both
Slide 9: LDTI: Expected initial transition balances
9 LDTI1: Expected initial transition balances ($ in billions (post-tax) - except per share data2) Balance at December 31, 2020 Expected Initial Transition Balance7 Key Drivers Total Equity3 excluding AOCI4 other than FCTA5 $48.4 $42.9 - $43.9 • Market risk benefit adjustment AOCI excluding FCTA $21.
Slide 10: Appendix
Appendix i! MetLife
Slide 11: Group Benefits underwriting impacted by COVID-19 mortality
11 Group Benefits underwriting impacted by COVID-19 mortality 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 COVID-19 reported deaths. 4 Includes an IBNR release rel
Slide 12: Cautionary Statement on Forward-Looking Statements
12 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, which contain words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” and
Slide 13: Explanatory Note on Non-GAAP and Other Financial Information
13 Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s c
Slide 14: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
14 Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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 mea
Slide 15: Any of these financial measures shown on a constant currency basis reflect the impact
15 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 most recent period and applied to the comparable prior period. Reconciliations of these
Slide 16: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
16 Explanatory Note on Non-GAAP and Other Financial Information (Continued) The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue
Slide 17: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
17 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Statistical sales information: • U.S.: ◦ Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. ◦ Retirement an
Slide 18: Reconciliation of Net Income to Adjusted Earnings Available to Common Shareholders
18 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2Q22 2Q21 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Inc
Slide 19: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
19 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q22 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 788 $ 400 $
Slide 20: Expense Detail and Ratios
20 Expense Detail and Ratios (In millions, except ratio data) 2Q21 3Q21 4Q21 1Q22 2Q22 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (642) $ (635) $ (666) $ (650) $ (622) Less: Divested businesses — (15) (15) (11) — Adjusted capitalization of DAC $
Slide 21: Premiums, Fees and Other Revenues
21 Premiums, Fees and Other Revenues 2Q21 3Q21 4Q21 1Q22 2Q22 Total Company - Premiums, Fees and Other Revenues (In millions) Premiums, fees and other revenues $ 11,218 $ 11,639 $ 15,178 $ 12,849 $ 13,853 Less: Unearned revenue adjustments 12 46 13 (8) (11) Less: GMIB fees 24 25 24 23 22 Less: TSA f
Slide 22: Equity and Book Value
22 Equity and Book Value December 31, 2020 (In millions, except per share data) Equity Details Total MetLife, Inc.'s stockholders' equity $ 74,558 Less: Preferred stock 4,312 MetLife, Inc.'s common stockholders' equity 70,246 Less: Net unrealized investment gains (losses), net of income tax 23,730 D
Slide 23: MetLife - Navigating life together
iy’ MetLife Navigating life together i! MetLife