Metlife, Inc. · NYSE:MET
Metlife — Q4 2025 Earnings Presentation
48 slides from Metlife's earnings presentation, Feb 5, 2026
Slide 1: MetLife 4Q25 Investor Presentation
MetLife 4Q25 Investor Presentation
Slide 2: Grounded in our purpose
Grounded in our purpose Our People Always with you, Our Our Shareholders Customers building a more confident future. Our Communities 2
Slide 3: MetLife's superior value proposition
MetLife’s superior value proposition Strong Attractive All-Weather Growth Returns Performance 3
Slide 4: MET's superior value proposition: higher returns, lower risk
MET’s superior value proposition: higher returns, lower risk Since 2019, MET adjusted ROE1 expands nearly 300 basis points while beta down ~20% 2.00 20.0% 1.75 18.0% 16.0% 1.50 14.0% 1.25 12.0% 1.00 10.0% 0.75 8.0% 6.0% 0.50 4.0% 0.25 2.0% 0.00 0.0% 2019 2020 2021 2022 2023 2024 2025 Raw Beta 2 Adju
Slide 5: MetLife fulfilling customer commitments for over years
MetLife fulfilling customer commitments for over 150 years A portfolio of market-leading businesses in over 40 markets globally Group Benefits Retirement & Income Solutions MetLife Investment Management #1 ~$430B $742B Voluntary and life group benefits2 Retirement balances globally3 Total AUM4 Provi
Slide 6: Multiple ways to win, already the leader
Multiple ways to win, already the leader Diversified and resilient Winning in attractive markets EMEA2 Latin America 6% MetLife Investment #1 #1 14% Management 3% U.S. Group Life insurer Benefits provider3 in Latin America4 Asia 25% $6.5B Adjusted Group Benefits 26% Earnings 20251 Top 2 #4 U.S. reti
Slide 7: Capitalizing on powerful macro forces
Capitalizing on powerful macro forces Convergence of Global Democratization AI reshaping asset Higher demographic of financial customer management & interest rates shifts services expectations insurance . . . fueling . . . expanding . . . advantaging . . . creating . . . increasing retirement, healt
Slide 8: Guided by our New Frontier strategy
Guided by our New Frontier strategy 1 Extend leadership in Group Benefits Power of SCALE 2 Capitalize on unique retirement platform Strategic DIVERSIFICATION Distribution 3 Accelerate growth in asset management INNOVATION Cutting-edge 4 Expand in high growth international markets TECHNOLOGY 8
Slide 9: Extending our leadership in Group Benefits
Extending our leadership in Group Benefits 1. Scale, technology, and discipline will carry the day Positioned to Win #1 3x next 1.5x faster growing $2.3B+ tech investment competitor1 than market2 since 20193 Delivering Above Market Growth ~2-3%GDP growth4 + ~1-2% more employers, + ~1-2% greater empl
Slide 10: Capitalizing on our unique retirement platform
Capitalizing on our unique retirement platform 2. Playing to our strengths in high-value segments with significant potential The power of our business Our approach is differentiated Diversified sources Deliberate focus on highly attractive segments: of liabilities material markets with stable, predi
Slide 11: Accelerating growth in asset management
Accelerating growth in asset management 3. MetLife Investment Management on a path to $1T Total AUM Scale across asset classes, geographies, and client types $742B Total AUM1 Top player across public and private fixed income and real estate Multi-decade outperformance $319B Institutional client AUM1
Slide 12: Expanding in high growth international markets
Expanding in high growth international markets 4. Valuable contributors today, major contributors tomorrow 40% of global population1 $0.6T life market2 ~8% GWP growth forecast3 Note: Includes certain information previously published in MetLife's December 2024 Investor Day presentation, available at
Slide 13: New Frontier commitments
New Frontier commitments MetLife's Superior Value Proposition Strong Attractive All-weather growth returns performance double-digit 15-17% -100bps $25B+ Adjusted EPS Growth Adjusted ROE Direct Expense Ratio Free Cash Flow4 from 6%1 from 12-14%2 from 12.3%3 from ~$20B Note: All New Frontier 2024-2029
Slide 14: New Frontier: Year 1 – 2025 achievements
New Frontier: Year 1 – 2025 achievements Strong execution and delivering on financial targets Executed on key strategic initiatives • Launched Chariot Re on July 1, 2025 • Closed variable annuity risk transfer transaction with Talcott Re on December 1, 2025 • Closed PineBridge acquisition on Decembe
Slide 15: Financial Overview
Financial Overview hd MetLife
Slide 16: Adjusted earnings snapshot
Adjusted earnings snapshot MetLife delivered a strong quarter to close out another strong year Adjusted earnings ex. total notable items, by segment and C&O ($ in millions, except per share data) 4Q25 4Q24 % change FY25 FY24 % change Group Benefits $465 $416 12% $1,694 $1,664 2% Retirement & Income
Slide 17: Group Benefits
Group Benefits1 Market leader in employee benefits with scale advantage and growing faster than the market over time ($ in millions) 4Q25 4Q24 % FY25 FY24 % Overview3 change change Provides financial products and services to 95 of Adjusted Earnings2 $465 $416 12% $1,694 $1,664 2% Product offerings:
Slide 18: Retirement & Income Solutions (RIS)
Retirement & Income Solutions (RIS)1 Diversified set of market leading businesses % % Overview ($ in millions) 4Q25 4Q24 FY25 FY24 change change Broad set of market leading Provides funding and financing Adjusted Earnings2 $454 $386 18% $1,658 $1,563 6% businesses: solutions that help institutional
Slide 19: Asia
Asia1 Achieving disciplined growth through a diversified and differentiated business model – a market leader in Japan, well-positioned to win across both mature and growth markets % % ($ in millions) 4Q25 4Q24 change FY25 FY24 change Overview3 Diverse set of product offerings: protection, #4 multina
Slide 20: Latin America
Latin America1 #1 life insurer2 in the region – Competitive positioning, strength of franchise and innovative digital capabilities accelerating growth % % ($ in millions) 4Q25 4Q24 change FY25 FY24 change Overview4 Serving almost 30 million #1 life insurer in Mexico5 and Chile6, and fast- Adjusted E
Slide 21: Europe, the Middle East and Africa (EMEA)
Europe, the Middle East and Africa (EMEA)1 Geographically diverse set of market-segmented protection businesses focused on cash generation % % ($ in millions) 4Q25 4Q24 FY25 FY24 change change Overview3 Adjusted Earnings2 $97 $59 64% $368 $288 28% Strong presence across face-to-face EMEA is MetLife’
Slide 22: MetLife Investment Management (MIM)
MetLife Investment Management (MIM)1 Top-tier global investment management platform backed by robust fundamental research, consistent investment discipline, and differentiated capabilities ($ in millions) 4Q25 4Q24 % FY25 FY24 % Overview change change Long-established global expertise – MetLife Inve
Slide 23: Corporate & Other (C&O)
Corporate & Other (C&O)1 ($ in millions) 4Q25 4Q24 FY25 FY24 Overview 2025 Key Highlights3 Adjusted Corporate & Other includes various expenses such as ($38) ($72) ($468) ($339) Earnings2 corporate overhead, interest expense, and pension • C&O adjusted loss of ($468) versus an adjusted loss of ($339
Slide 24: Investments & Capital
Investments & Capital hd MetLife
Slide 25: Disciplined investment strategy supports a narrower range of outcomes
Disciplined investment strategy supports a narrower range of outcomes General Account AUM1 1.9% 0.4% 0.7% Disciplined asset liability management for resiliency across market cycles 3.4% Investment Grade Corporate 4.1% Mortgage Loans 5.6% Structured Products 33.0% Foreign Government Diversified, high
Slide 26: Deploying capital at attractive IRR and shorter payback periods
Deploying capital at attractive IRR and shorter payback periods Internal Rate of Return (IRR) 17% 17% 17% 19% 19% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Capital Deployed ($B) $3.2 $2.8 $3.7 $3.6 $3.4 VNB1 ($B) $1.9 $1.9 $2.3 $2.6 $2.6 Payback (years) 6 6 6 5 5 1 Excludes MetLife Holdings;
Slide 27: Consistent capital return across environments
Consistent capital return across environments $6.0 1.7 $4.9 $4.7 $4.7 $4.4 1.6 1.6 1.5 1.5 Capital returned to shareholders, $B 4.3 3.3 3.1 3.2 2.9 2021 2022 2023 2024 2025 Share Repurchases Common Stock Dividends Payout Ratio 78% 86% 84% 81% 73% 2021 2022 2023 2024 2025 27
Slide 28: Strong capital, liquidity and ratings
Strong capital, liquidity and ratings Our robust balance sheet gives us the financial flexibility to weather storms and take advantage of market opportunities Holding Company Cash1 Capital • Total cash return to shareholders of ~$800 million in 4Q25 • Share repurchases of ~$430 million in 4Q25 ($ in
Slide 29: Purpose & Culture
Purpose & Culture hd MetLife
Slide 30: Living our purpose
Living our purpose Delivering for our people, our customers, our communities, and our shareholders Sustainability1 at MetLife: Energizing our Caring for our Supporting our Delivering for our People Customers Communities Shareholders 83% — 2025 Favorability for 80% — 2025 Favorability for Named to Fo
Slide 31: Deep and experienced executive leadership team
Michel Khalaf Deep and President and Chief Executive Officer Over 35 years in the industry experienced executive Eric Clurfain Lyndon Oliver leadership team Regional President, Latin America Over 25 years in the industry Regional President, Asia Over 35 years in the industry A diverse and engaged se
Slide 32: Appendix
Appendix hd MetLife
Slide 33: 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 34: 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 Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss) (i) net income (loss) available to MetLife, Inc.’s commo
Slide 35: 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 36: 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 37: 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 38: 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 39: Reconciliation of Net Income to Adjusted Earnings
Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 4Q25 4Q24 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Diluted1 Share Diluted1 (In millions, except per share data) Net Income
Slide 40: Reconciliation of Net Income to Adjusted Earnings
Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders FY25 FY24 FY191 Earnings Per Earnings Per Earnings Per Weighted Weighted Weighted Average Average Average Common Common Common Share Diluted2 Share Diluted2 Shar
Slide 41: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q25 Group Latin Corporate Benefits RIS Asia America EMEA MIM & Other (In millions) Adjusted earnings available to common shareholders $ 465 $ 454 $ 444 $ 198 $ 97 $ 60 $ (70) Less: Total notable item
Slide 42: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items FY25 Group Latin Corporate Benefits1 RIS1 Asia America EMEA MIM1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 1,692 $ 1,671 $ 1,702 $ 798 $ 367 $ 200 $ (487) Less: Total
Slide 43: Equity Details
Equity Details FY25 FY24 (In millions) Equity Details Total MetLife, Inc.'s stockholders' equity $ 28,398 $ 27,445 Less: Preferred stock 2,830 3,818 MetLife, Inc.'s common stockholders' equity 25,568 23,627 Less: Unrealized investment gains (losses), net of related offsets and income tax (15,614) (1
Slide 44: Book Value and Return on Equity
Book Value and Return on Equity FY25 FY24 Book Value1 Book value per common share $ 39.02 $ 34.28 Less: Unrealized investment gains (losses), net of related offsets and income tax (23.83) (28.15) Deferred gains (losses) on derivatives, net of income tax (2.42) 0.54 Future policy benefits discount ra
Slide 45: Adjusted Premiums, Fees and Other Revenues
Adjusted Premiums, Fees and Other Revenues 4Q25 4Q24 FY25 FY24 (In millions) RIS Adjusted premiums, fees and other revenues $ 7,209 $ 3,620 $ 12,262 $ 8,594 Less: PRT 5,775 2,593 7,569 4,849 Adjusted premiums, fees and other revenues, excluding PRT $ 1,434 $ 1,027 $ 4,693 $ 3,745 Latin America Adjus
Slide 46: Expense Detail and Ratios
Expense Detail and Ratios FY25 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (3,219) Less: Divested businesses — Adjusted capitalization of DAC $ (3,219) Reconciliation of Other Expenses to Adjusted Other Expenses O
Slide 47: Reconciliation of Operating Cash Flow to Free Cash Flow
Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies FY25 FY24 (In billions) MetLife, Inc. (parent company only) net cash provided by operating activities $ 2.8 $ 4.7 Adjustments from net cash provided by operating activiti
Slide 48: MetLife
i MetLife