Metlife, Inc. · NYSE:MET
Metlife — Q2 2026 Earnings Presentation
22 slides from Metlife's earnings presentation, Aug 6, 2026
Slide 1: 2Q26 Earnings Call Presentation
2Q26 Earnings Call Presentation1 John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.
Slide 2: Table of contents
Table of contents Page No. Key 2Q26 highlights 3 Adjusted earnings by segment and Corporate & Other (C&O) 4 Variable investment income (VII) 5 Direct expense ratio 7 Cash & Capital 8 Appendix 9 2
Slide 3: Strong year-over-year performance, continuing to deliver on our financial commitments
Strong year-over-year performance, continuing to deliver on our financial commitments Key 2Q'26 highlights 2Q26 20% 17.0% 12.1% (post-tax) $ in millions $ per share4 Adjusted EPS Adjusted ROE2 Direct Expense Net Income (Loss) $705 $1.09 growth1 Ratio3 Adjusted Earnings $1,573 $2.43 Well above double
Slide 4: Adjusted earnings, by segment and C&O
Adjusted earnings, by segment and C&O % Change Key Drivers1 ($ in millions - except per share data) 2Q26 2Q25 % Change (Constant Rate) Favorable Unfavorable Underwriting Margins; Group Benefits $503 $401 25% Volume Growth Recurring Interest Margins; Retirement & Income Solutions 377 370 2% VII Volum
Slide 5: 2Q26 VII below guidance due to lower private equity returns
2Q26 VII below guidance1 due to lower private equity returns; In-line with preliminary disclosure2 ($ in millions - pre-tax) $518 $497 $483 $231 $195 $0 2Q25 3Q25 4Q25 1Q26 2Q26 Private Equity Other3 ¹ Quarterly target VII of $400 million, based on full-year 2026 guidance of approximately $1.6 billi
Slide 6: VII by segment and C&O
VII by segment and C&O Assets2 % of Total Variable investment income 2Q25 3Q25 4Q25 1Q26 2Q26 June 30, 2026 Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $5 $13 $5 $4 $0.2 1% RIS 60 146 135 131 43 5.0 27% Asia 64 139 145 183 94 8.6 48% Latin America 7 2 6 10 7 0.3 2% EMEA — —
Slide 7: 2Q26 direct expense ratio of 12.1%, on track to beat annual target
2Q26 direct expense ratio1 of 12.1%, on track to beat annual target 12.1% 12.1% 2026 Target 11.7% 11.7% FY25 2Q25 2Q26 1 Direct expense ratio, excluding total notable items related to direct expenses and PRT. 7
Slide 8: Cash & Capital
Cash & Capital MetLife remains strongly capitalized, maintaining robust liquidity Holding Company Cash1 Capital ($ in billions) • Total cash return to shareholders of ~$1.1 billion in 2Q26 $5.2 – Share repurchases of ~$700 million in 2Q26, year-to- $4.9 date of ~$1.7 billion, including ~$225 million
Slide 9: Appendix
Appendix MM MetLife
Slide 10: High quality commercial mortgage loans (CML) portfolio
High quality commercial mortgage loans (CML) portfolio1 LTV and DSCR Matrix $39.6 Billion • Concentrated in high-quality assets and in larger, primary markets DSCR • 69% average Loan-to-Value (LTV) Ratio and 2.1x LTV >1.2x 1.0-1.2x <1.0x Total average Debt Service Coverage Ratio (DSCR) <65% 53.3% 1.
Slide 11: Cautionary Statement on Forward-Looking Statements
Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “targe
Slide 12: Explanatory Note on Non-GAAP and Other Financial Information
Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP and Other Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss) (i) net income (loss) available to MetLife, In
Slide 13: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
Explanatory Note on Non-GAAP and Other Financial Information (Continued) Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a ra
Slide 14: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: • Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance. • Ne
Slide 15: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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, defe
Slide 16: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
Explanatory Note on Non-GAAP and Other Financial Information (Continued) Assets Under Management (Continued) • Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA
Slide 17: Reconciliation of Net Income Available to Common Shareholders to Adjusted Earnings
Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2Q26 2Q25 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Diluted1 Share Diluted1 (In millions, except per share data) Net Income
Slide 18: Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q26 Retirement & MetLife Group Income Latin Investment Corporate & Benefits1 Solutions1 Asia America EMEA Management1 Other1 (In millions) Adjusted earnings available to common shareholders $ 503 $ 3
Slide 19: Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues
Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY25 2Q25 2Q26 (In millions) Premiums, fees and other revenues $ 57,609 $ 12,748 $ 13,652 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 256 42 131 Othe
Slide 20: Expense Detail and Ratios
Expense Detail and Ratios FY25 2Q25 2Q26 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (3,219) $ (787) $ (950) Less: Divested businesses — — — Adjusted capitalization of DAC $ (3,219) $ (787) $ (950) Reconciliation
Slide 21: Equity Details
Equity Details 2Q26 (In millions, except ratio data) Equity Details Total MetLife, Inc.'s stockholders' equity $ 27,441 Less: Preferred stock 2,830 MetLife, Inc.'s common stockholders' equity 24,611 Less: Unrealized investment gains (losses), net of related offsets and income tax (18,677) Deferred g
Slide 22: MetLife
iy) MetLife