Slide 1: Investor Day 2024
iy! MetLife Investor Day 2024 NEW FRONTIER
Slide 2: Introduction
INVESTOR DAY 2024 Introduction John Hall 2
Slide 3: Agenda for today
Agenda for today Introduction John Hall Break Treasurer and Head of Investor Relations Eric Clurfain New Frontier Michel Khalaf Expand in Regional President, Latin America Strategic President and Chief Executive Officer High Growth Lyndon Oliver Overview Regional President, Asia International Naomi
Slide 4: Strategic Overview
STRATEGIC OVERVIEW New Frontier Strategy Michel Khalaf 4
Slide 5: Always with you, building a more confident future.
Our People Always with you, Our Our building a more Shareholders Customers confident future. Our Communities 5
Slide 6: By delivering for our stakeholders…
By delivering for our stakeholders… Our People Our Customers Our Communities #13 on list of World’s By driving superior $170M+ MetLife Foundation grants 3 25 Best Workplaces® +23pts customer experience in 20241 rNPS2 FORTUNE Magazine $220B+ Benefits delivered to Named to America’s Most 22 participat
Slide 7: We deliver for our shareholders
We deliver for our shareholders S&P 500 ~100% > & 5-year TSR1 ~68% of S&P 500 companies2 7
Slide 8: The power of our business
The power of our business Trusted global brand Diversified & resilient Leader in attractive markets Delivered across economic cycles for over 150 years ~120M 90+ MetLife #1 #1 customers of Fortune 100 Holdings 11% Asia US Group Benefit Life insurer in companies1 21% provider4 Latin America5 Retireme
Slide 9: 'All-weather' Next Horizon strategy
‘All-weather’ Next Horizon strategy Focus Simplify Differentiate Generate strong free Simplify our business Drive competitive cash flow by deploying to deliver operational advantage through our capital and resources to efficiency and an brand, scale, talent, the highest value outstanding customer an
Slide 10: Disciplined capital allocation focused on value
Disciplined capital allocation focused on value1 Focus High-teens IRRs New business2 ~$16B Short payback periods ~$2B Grew high-value businesses Acquisitions3 Group, MIM, India Exited non-strategic businesses Divestitures3 ~$8B P&C, Legacy block risk transfer, Russia, Argentina, Poland, Greece Buyba
Slide 11: Consistent capital return across environments
Consistent capital return across environments Focus Capital returned to shareholders, $B Common Stock Dividend $6.0 Share Repurchases $4.9 $4.7 1.7 $3.9 $2.8 1.6 1.6 1.1 1.6 4.3 3.3 3.1 2.8 1.2 2020 2021 2022 2023 3Q2024 YTD Payout Ratio 78% 86% 84% 91% 48% 2020 1 2021 2022 2023 3Q2024 YTD 11
Slide 12: Optimizing business mix to improve value to risk
Optimizing business mix to improve value to risk Focus Grew capital light Reduced contribution Reduced Variable businesses of MetLife Holdings Annuity Balances Group Benefits, Latin America MLH contribution to VA Balances, $B adjusted earnings, $B enterprise adjusted earnings1 -26% -47% +32% MLH adj
Slide 13: Unlocking capacity to invest in our leading businesses
Unlocking capacity to invest in our leading businesses ~80bps $1.2B Reduced Direct Expense Ratio1 Created operating leverage2 while absorbing impact of divesting to reinvest in growth initiatives lower expense ratio businesses 13
Slide 14: Making strong franchises even stronger
Making strong franchises even stronger Differentiate Expanding leadership position Outpacing market in in largest businesses high growth businesses Group Benefits Japan Mexico Widened #1 position with 16% Won share to reach #4 position Widened #1 position with 17% share, growing above market1 by gro
Slide 15: Beat all of our Next Horizon commitments
Beat all of our Next Horizon commitments Accretive Strong Free Positive Operating Returns Cash Flow Leverage Generate ~$20B of Create ~$1B additional Deliver 12–14% distributable cash2 capacity to accelerate Adjusted ROE1 over 5 years growth over 5 years 15.1% $21B $1.2B 3Q YTD 2024 2020-2024E 2020-
Slide 16: MET's superior value proposition: higher returns, lower risk
MET’s superior value proposition: higher returns, lower risk 1.75 MET 1.50 2017-2019 1.25 Average industry 3 Beta 2022-2024=1.055 Raw beta1 1.00 0.75 MET 2022-3Q2024 0.50 0.25 Average industry 3 ROE 2022-3Q2024=10.5% 8% 12% 16% ROE2 16
Slide 17: Powerful macro trends driving opportunities
Powerful macro trends driving opportunities Global demographic shifts …fueling retirement, health & protection needs Democratization of …expanding our addressable market financial services AI reshaping customer …advantaging scaled players investing in technology for growth & efficiency expectations
Slide 18: How does ChatGPT define New Frontier?
How does ChatGPTSM define New Frontier? “New Frontier refers to areas of opportunity that a company can explore for growth and innovation, pushing beyond the status quo and taking calculated risks in search of significant competitive advantages and potentially high rewards.” 18
Slide 19: New Frontier: Building from a position of strength
NEW FRONTIER Building from a position of strength In highly attractive With deep Poised to capitalize markets competitive moats on strong tailwinds To deliver growth and attractive returns with lower risk 19
Slide 20: New Frontier strategic priorities
New Frontier strategic priorities 1 Extend leadership in Group Benefits Power of SCALE 2 Strategic Capitalize on unique retirement platform DIVERSIFICATION Distribution 3 Accelerate growth in asset management INNOVATION Cutting-edge 4 Expand in high growth international markets TECHNOLOGY 20
Slide 21: Extend Leadership in Group Benefits
EXTEND LEADERSHIP IN GROUP BENEFITS Scale, technology, and discipline will carry the day 21
Slide 22: Best positioned to win in most attractive segment of US life
Best positioned to win in most attractive segment of US life #1 Growing 1.5x faster $1.9B+ tech 3x next competitor1 than market2 investment since 20193 GDP growth4 More Employers, Greater Employee More Products4 Participation4 ~2-3% ~1-2% ~1-2% 22
Slide 23: Capitalize on Unique Retirement Platform
CAPITALIZE ON UNIQUE RETIREMENT PLATFORM Playing to our strengths in high-value segments with significant potential 23
Slide 24: Strong platform to capitalize on trends
Strong platform to capitalize on trends The Power of our Business Our approach is differentiated Deliberate focus on highly Diversified sources attractive segments: material markets of liabilities with stable, predictable growth ~$240B That play to our strengths and Inflows over last 5 years1 discip
Slide 25: Unique capabilities drive superior risk adjusted returns
Unique capabilities drive superior risk adjusted returns CA PITAL LIABILITY ORIGINATION Robust and consistent flow ASSET LIAB ILITY ASSET MANAGEMENT MANAGEMENT ORIGINA TION Strong track record across cycles CAPITAL Extensive access to capital 25
Slide 26: Accelerate Growth in Asset Management
ACCELERATE GROWTH IN ASSET MANAGEMENT MetLife Investment Management at inflection point, on path to $1T Total AUM 26
Slide 27: Contributes to higher enterprise returns
Contributes to higher enterprise returns Scale across asset classes and client types $609B Total AUM1 Top player across fixed income and private capital $177B Multi-decade outperformance Institutional Client AUM1 since 3rd party business launch The power of MetLife brings unique advantages 27
Slide 28: Expand in High Growth International Markets
EXPAND IN HIGH GROWTH INTERNATIONAL MARKETS Valuable contributors today, major contributors tomorrow 28
Slide 29: Differentiated international earnings power
Differentiated international earnings power 2023 Adjusted Earnings1 • Our international businesses drive ~40% of adjusted earnings MetLife Holdings Asia 11% 21% • With access to highly attractive growth markets: Mexico, India, China, Brazil Retirement & Income $6.5B Latin America Solutions 13% • The
Slide 30: Massive opportunity in high growth international markets
Massive opportunity in high growth international markets 40% $0.5T ~8% of global population1 Life market2 GWP growth forecast3 CHINA MEXICO INDIA BRAZIL 30
Slide 31: New Frontier Commitments
NEW FRONTIER Commitments 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 METLIFE’S SUPERIOR VALUE PROPOSITION 31
Slide 32: New Frontier
NEW FRONTIER In highly attractive With deep Poised to capitalize markets competitive moats on strong tailwinds Growth, attractive returns, lower risk
Slide 33: Extend Leadership in Group Benefits
EXTEND LEADERSHIP IN GROUP BENEFITS Market leader best positioned to drive growth and expand margins Ramy Tadros Missy Plohr-Memming Michael Roberts 33
Slide 34: MetLife best positioned to capitalize on market forces
MetLife best positioned to capitalize on market forces Employers expanding Consumers remain benefits via workplace highly underinsured ~60% ~50% er Em oy p pl lo Em ye employers expect to offer more employees are confused e benefits to their workforce 1 when choosing their benefits 2 SCALE + TECHNOL
Slide 35: Large and expanding market opportunity
Large and expanding market opportunity Our Share1 The Opportunity National Accounts Regional Business More $18B $6B More Employee Products 25% 8% Participation Market size in Total Premiums1 Addressable Current Market of ~$150B ~$35B ~$100B Market $24B ~$285B 35
Slide 36: Market leader with scale advantage
Market leader with scale advantage Largest non-medical carrier, Market leader across most Outpacing market 3 times next competitor diverse industry portfolio growth rate by 1.5x Group Benefits in Force Premiums 1,3 Our Market Position 2,3 Growth Rate in PFOs (2023) (2023) (CAGR 2019-2024E4) Voluntar
Slide 37: Next Horizon laid foundation for continued outperformance
Next Horizon laid foundation for continued outperformance Adjusted PFO growth1 Adjusted Earnings growth1 $6.5B+ $300M+ Disciplined Capital light, Significant product underwriting investment heavy expansions leading to responsible growth +$1.9B in tech2 & capabilities Vision, Leave & Absence, Pet Ins
Slide 38: Driving Growth and Expanding Margins
NEW FRONTIER Driving Growth and Expanding Margins National Accounts Regional Business More Products, More Employers, More Employee Participation More Products Margin Expansion Mix of Business, Efficiencies 38
Slide 39: More Products with employers
More Products with employers National Accounts (5,000+ employees) High persistency, Rising demand for More products strategic customer base Leave Management Build on loyal customer base, Add new coverages via Industry-best capability & delivery, strategic relationships industry’s widest portfolio dr
Slide 40: My Leave Navigator
My Leave Navigator Simplifying the way employees plan and manage leave 1 in 5 Employees on leave annually 1 42% Employers that do not outsource leave administration 2 98% Leave business quoted with 3 other products 40
Slide 41: Poised to grow More Employees with large employers
Poised to grow More Employees with large employers National Accounts (5,000+ employees) Growing employee participation ..by demystifying benefits 16% Employee participation rates1 on coverages issued in 2019 21.1% average participation per customer 1 13.8% Employee Pain Points Accident & Health 12.8
Slide 42: UpWise
if MetLife) UpWise Simplifyi t Choices NEW FRONTIER
Slide 43: Poised to grow More Employees with large employers
Poised to grow More Employees with large employers National Accounts (5,000+ employees) Growing employee participation ..by demystifying benefits 16% Employee participation rates1 on coverages issued in 2019 21.1% average participation per customer 1 13.8% Employee Pain Points Accident & Health 12.8
Slide 44: Accelerating growth in fragmented market
Accelerating growth in fragmented market Regional Market (Below 5,000 employees) Fragmented market Distribution advantage Product whitespace Significant room to grow Partnering for strategic growth Down-market access to from our current position in consolidating market full enterprise product suite
Slide 45: Expanding margins through mix shift and efficiencies
Expanding margins through mix shift and efficiencies Diversified portfolio Mix of business Efficiencies Driving operating leverage Discipline drives underwriting Focused growth in via digitization and automation stability through cycles higher margin segments enabled by AI 45
Slide 46: Extend Leadership in Group Benefits
NEW FRONTIER EXTEND LEADERSHIP IN GROUP BENEFITS Market leader with unmatched scale and technology Sustainable growth trajectory Levers to expand margins METLIFE’S SUPERIOR VALUE PROPOSITION 46
Slide 47: Capitalize on Unique Retirement Platform
CAPITALIZE ON UNIQUE RETIREMENT PLATFORM Playing to our strengths in high-value segments with significant potential Ramy Tadros Lyndon Oliver Adora Whitaker 47
Slide 48: Scaled liability and asset origination platform
Scaled liability and asset origination platform Diversified sources of liabilities ~$240B UK Inflows over last 5 years1 US JAPAN ~$380B Retirement balances2 48
Slide 49: Competitive advantages drive sustainable value creation
Competitive advantages drive sustainable value creation Competitive advantages Driving value for MetLife Diversified liability Dynamic allocation of capital origination across retail and institutional channels to attractive markets Focus on segments that play Robust risk-adjusted spreads to our stre
Slide 50: Retirement and Income Solutions: diversified set of market leading businesses
Retirement and Income Solutions: diversified set of market leading businesses RIS Product Market Position1 Liability Balances 2 Pension risk transfer #2 Annuities Structured settlements #1 ~$95B Income annuities #1 Corporate owned life insurance #1 Risk Solutions Longevity reinsurance #4 ~$59B Post-
Slide 51: Strong Next Horizon performance
Strong Next Horizon performance Grew balances above targets … across our diverse businesses Balance growth 3Q2019-3Q2024 (CAGR) US Pension #2 in market2 with $33B US PRT Risk Transfer of sales over 5 years 3 Spread balances 6.0% Fee balances 3.6% UK Longevity Went from standing start in 2020 to Rein
Slide 52: Market forces fueling demand for our RIS business
Market forces fueling demand for our RIS business Large and well-funded Tailwinds across diversified markets Defined Benefits plans Liabilities Funding level Continued institutional demand for de-risking $3.2T 104% 1 2 Established role of capital preservation in Defined Contribution plans £1.4T 115%
Slide 53: Leverage unique global retirement platform
NEW FRONTIER Leverage unique global retirement platform 1 2 3 Disciplined growth Expand new liability Enhance capital in the core origination flexibility 53
Slide 54: Current markets provide significant source of growth
Current markets provide significant source of growth 1 Disciplined growth in core markets UK Longevity Structured US Jumbo PRT Reinsurance Settlements $50B £50B $8B annual market flows1 annual market flows2 annual market flows3 ~80% UK insurers seek high quality Large settlements and higher of defin
Slide 55: Strong growth potential in adjacent markets
Strong growth potential in adjacent markets 2 Expand new liability origination UK Funded Reinsurance Retail Annuity Reinsurance £50B $300B+ primary market1 looking for reinsurance solutions annual sales2 Local carrier capacity Opportunity exists in simple, low-risk is constrained products (RILA, FA,
Slide 56: Track record of outperforming the Japanese market
Track record of outperforming the Japanese market #4 Leading market position 51-year from #6 in 20191 track-record in the market Scaled multi-channel distribution 5% GA AUM growth 2019-20232 #1 General Agency4 • Top 10 across all channels4 Comprehensive 1.7x New Business ANP growth vs market3 market
Slide 57: Changing environment fueling retirement opportunity
Changing environment fueling retirement opportunity Growth after decades Aging population Shift from cash to of stagnation driving retirement gap2 longer-term investment GDP1 Aging population 2 (65+) Household financial assets 4 1.1% 29% 2022 38% 2050 $7.9T of financial assets in cash and deposits -
Slide 58: Best positioned to win in the changing environment
Best positioned to win in the changing environment 1 Disciplined growth in the core 2 Expand new liability origination Breadth of Distribution Product Innovation • Broad agency coverage • Leadership in FX, expanding in single premium Yen • Extensive bancassurance partnerships • Technology enabled va
Slide 59: Leverage unique global retirement platform
NEW FRONTIER Leverage unique global retirement platform 1 2 3 Disciplined growth Expand liability Enhance capital in the core origination flexibility 59
Slide 60: Capital as a force multiplier
Capital as a force multiplier 60
Slide 61: Sidecar to enhance capital flexibility and drive growth
Sidecar to enhance capital flexibility and drive growth Retirement trends driving significant liability growth 1 2 3 opportunity… Capital flexibility Growth Value Access third-party Expand liability Drive AUM growth and capital to fuel growth origination beyond recurring fee-income balance sheet cap
Slide 62: Capitalize on Unique Retirement Platform
NEW FRONTIER CAPITALIZE ON UNIQUE RETIREMENT PLATFORM Focus on high-value segments that play to our strengths Trends enhancing market attractiveness Leverage third party capital to fuel growth METLIFE’S SUPERIOR VALUE PROPOSITION 62
Slide 63: Accelerate Growth in Asset Management
ACCELERATE GROWTH IN ASSET MANAGEMENT World-class platform positioned to capitalize on growing demand for fixed income and private market access John McCallion 63
Slide 64: World-class asset manager at inflection point
• World-class asset manager at inflection point, on path to $1T in Total AUM • Attractive fee-based, capital-light, and high-quality cash flow business model • Accretive to enterprise ROE 64
Slide 65: Top 25 institutional investment manager globally
Top 25 institutional investment manager globally1 Growing global asset management platform with scale across asset classes and investor type $609B 455 Total AUM3 Institutional mandates4 150+ years insurance asset management heritage $177B 40 Institutional Client AUM Markets served Multi-decade fixed
Slide 66: Scaled fixed income, private credit and real estate manager
Scaled fixed income, private credit and real estate manager Total AUM1 Institutional Client AUM1 By core capability By client type 11% 8% 18% 18% 38% $609B 49% $177B 22% 36% Public Fixed Income Private Credit Real Estate Other2 Insurance Pension Sub-Advisory Other3 66
Slide 67: Scaled public fixed income positioned for growth
Scaled public fixed income positioned for growth Risk adjusted return1 Public fixed income AUM Strong performance over multiple cycles Institutional Client AUM2 ($B) # strategies 18 $79.7 16 11% 14 CAGR 12 10 8 $38.5 6 4 2 0 1-Year 3-Year 5-Year 10-Year First Quartile Second Quartile Third Quartile
Slide 68: Industry leader across major private asset classes
Industry leader across major private asset classes #1 infrastructure debt #1 real estate investment manager investment manager based on worldwide assets1 based on worldwide assets2 1st in private fixed income #1 US agricultural assets managed for third-party general mortgage lender accounts3 outside
Slide 69: High-quality and scaled Private Credit origination platform
High-quality and scaled Private Credit origination platform $117B A3 111 bps 3 bps Cumulative private Weighted average Weighted average Weighted average credit origination1 rating at origination2 excess spread3 loss rate4 69
Slide 70: Leading global Real Estate origination platform
Leading global Real Estate origination platform $96B Cumulative A 174 bps 7 bps CML/AML Average CML/AML Weighted average Weighted average origination and rating at CML/AML excess CML/AML loss Real Estate Equity origination1,4 spread1,2,4 rate3,4 acquisitions 70
Slide 71: Positioned to capture industry trends
Positioned to capture industry trends Trends Growth opportunities Rise of Non-Bank Lenders Drives flows into private credit origination Significant Global Leverage MIM’s leading market position1 in infrastructure debt Infrastructure Needs Insurance Outsourcing 150+ year insurance asset manager teste
Slide 72: New Frontier
NEW FRONTIER Expand product Accelerate growth Harness the power offerings & in core segments of MetLife channels Enabled by talent and culture, investment excellence and strategic relationships 72
Slide 73: Insurance Asset Management
Insurance Asset Management Accelerate growth in core segments 150+ years of managing the MetLife General Account Global insurance industry AUM managed by third party investment managers1 Asset liability management expertise By region, $T 7% $6.9 CAGR Customized portfolio solutions support 2.2 $5.0 A
Slide 74: Leveraging our capabilities for the broadest set of investor needs
Leveraging our capabilities for the broadest set of Expand product offerings & channels investor needs Capabilities at scale Adjacency-driven growth Investment grade / core Higher risk / yield products 150+ years of insurance asset management Expanding higher yield product capabilities Leveraging hi
Slide 75: Size and scale strengthen key competitive advantages
Size and scale strengthen key competitive Harness the power of MetLife advantages Liability origination capabilities Strategic capital for organic and inorganic growth Operating leverage Institutional relationships 75
Slide 76: Accelerate Growth in Asset Management
NEW FRONTIER ACCELERATE GROWTH IN ASSET MANAGEMENT Scaled global fixed income, real estate manager with 150+ year history Differentiated performance and private origination Poised to capture market trends, including industry consolidation METLIFE’S SUPERIOR VALUE PROPOSITION 76
Slide 77: Expand in High Growth International Markets
EXPAND IN HIGH GROWTH INTERNATIONAL MARKETS Valuable contributors today, major contributors tomorrow Eric Clurfain Lyndon Oliver Naomi Johnson 77
Slide 78: Large and attractive market growth opportunities…
Large and attractive market growth opportunities… 40% $0.5T 24% of global population1 Life market2 of global GDP3 CHINA MEXICO INDIA BRAZIL 78
Slide 79: …amplified by secular trends
…amplified by secular trends Fast growing Growing middle class Low insurance penetration insurance markets Growth of median wealth per adult 2023 Life insurance penetration2 Life insurance GWP forecast CAGR3 2020-20261 Mexico 7.2% 1.1% 6.0% India 10.5% 2.8% 9.0% China 11.0% 2.1% 8.0% Brazil 10.0% 0.
Slide 80: Mexico: Large growing market with significant runway
Mexico: Large growing market with significant runway Large growing market Low penetration driving insurance growth $1.8T 1.1% Insurance penetration GDP1 $26B GWP in 20232 #1 ~10% Life insurance market in Latin America, of total population has growing at 6%3 health insurance4 80
Slide 81: Market leader with a highly attractive growing business
Market leader with a highly attractive growing business $1.8B 5-year dividends1 Largest Life Insurance company 17.2% market share3 13M+ Customers2 Well-diversified distribution in group and retail 8k+ agents • 700+ government entity agreements 15% Sales growth (2019-2023 CAGR) 17 distribution partne
Slide 82: Grew flagship government and doubled private business
Grew flagship government and doubled private business Mexico Adjusted PFOs Continued to grow flagship government business +13% CAGR $3.1B Capitalized on our brand, expertise and scale 47% to fuel growth in private business… $1.9B Government 58% 53% …now over 50% of our total Mexico business Private
Slide 83: Poised to further capture significant opportunity in private business
Poised to further capture significant opportunity in private business Private business opportunity (GWP) 1 $23B market • Continue to expand agency Top-5 Carriers Market Share Carrier A 17% Carrier B 13% • Extend leadership in group benefits #3 11% Carrier C 9% Carrier D 8% • Rapidly scale digital di
Slide 84: India: Massive, growing untapped market
India: Massive, growing untapped market Demographics Low penetration driving Fastest growing economy fueling demand insurance growth 5th 1.4B ~3% Largest economy, $3.5T GDP1 Most populated country Insurance penetration3 in the world2 7% 47% #5 2023-2029 avg. YoY GDP growth 4 Growing middle-class Lif
Slide 85: Meaningful value creation while outpacing the market
Meaningful value creation while outpacing the market #5 Among foreign players1 Leading JV with Punjab National Bank (PNB) 2nd largest public sector bank.5 Access to 117M customers Strategically increased ownership of JV to 49% 1.5x Sales growth vs industry 2019-20232 From 26% Broad, multi-channel di
Slide 86: Significant upside to PNB partnership
Significant upside to PNB partnership Opportunity through PNB • Double sales force productivity via digital capabilities and new ~50% customer solutions of PNB MetLife sales 1 • Grow active branches with emphasis on urban and metro areas 10k 52% 117M 1.5% • Further deepen integration with PNB Number
Slide 87: China: Business outpacing the market, valuable option for future growth
China: Business outpacing the market, valuable option for future growth 20-year history 1.5x GWP growth vs market 2019-20231 leading foreign JV with 50% ownership Extensive footprint with access to 54% of China GDP 4 across 29 cities and 11 provinces $3.3B Embedded Value 2023, at 100% ownership2 Div
Slide 88: Brazil: Disruptive forces unlocking insurance potential
Brazil: Disruptive forces unlocking insurance potential Large growing market Leapfrogged digital adoption $2.2T ~90% internet and mobile penetration 2 GDP1 8% ~80% Life insurance market average of all banking transactions annual growth3 are digital4 88
Slide 89: Innovation allowed us to capitalize on market disruption
Innovation allowed us to capitalize on market disruption Banks Number of customers 1 Nubank 94M Significant disruption in financial services Original 57M Mercado Pago 54M Digital banks/ wallets Inter 32M C6 30M Led by digital native financial banks and ecosystems Neon 24M 120% Stone 9M CAGR XP 6M St
Slide 90: Fastest growing insurer fueled by distribution innovation
Fastest growing insurer fueled by distribution innovation 26% Sales growth 2019-2023 CAGR Fastest growing life insurer over the past 3 years1 ~$300M 2023 Sales Diversified portfolio of 20+ distribution partners including traditional and native digital players 2.4x Outpacing the market GWP 2019-20231
Slide 91: MetLife Accelerator
UY MetLit€] aX colerator NEW _ FRONTIER
Slide 92: Rapidly deploying across new geographies and industries
Rapidly deploying across new geographies and industries • Significant growth in 1 year since launch1 14 +4M $100M Partners Customers Adjusted PFOs • Rapid expansion across geographies and industries supported by market trends 92
Slide 93: Expand in High Growth International Markets
NEW FRONTIER EXPAND IN HIGH GROWTH INTERNATIONAL MARKETS Well-established businesses in highly attractive growth markets In strong position to capitalize on secular trends Valuable contributors today, major contributors tomorrow METLIFE’S SUPERIOR VALUE PROPOSITION 93
Slide 94: Financial Perspective
FINANCIAL PERSPECTIVE New Frontier is a clear strategy to accelerate growth and deliver attractive returns through all-weather performance John McCallion 94
Slide 95: Beat all of our Next Horizon commitments
Beat all of our Next Horizon commitments Accretive Strong Free Positive Operating Returns Cash Flow Leverage Generate ~$20B of Create ~$1B additional Deliver 12–14% distributable cash2 capacity to accelerate Adjusted ROE1 over 5 years growth over 5 years 15.1% $21B $1.2B 3Q YTD 2024 2020-2024E 2020-
Slide 96: New Frontier Commitments
NEW FRONTIER Commitments 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 ~$20B METLIFE’S SUPERIOR VALUE PROPOSITION 96
Slide 97: Double-digit adjusted EPS growth driven by organic growth and capital management
Double-digit adjusted EPS growth driven by organic growth and capital management Organic growth Capital management 6%+ 4%+ Business growth driven by topline High cashflow conversion growth and margin expansion drives payout ratio 97
Slide 98: Enhancing ROE through operational, financial and business mix initiatives
Enhancing ROE through operational, financial and business mix initiatives Generating attractive Adjusted ROE targets New Business IRR 15-17% Accelerating 12-14% MLH run-off Next Horizon New Frontier Driving expense target1 target efficiency 98
Slide 99: Deploying capital at attractive IRR and shorter payback periods
Deploying capital at attractive IRR and shorter payback periods Internal Rate of Return 19% 17% 17% 17% 15% 2019 2020 2021 2022 2023 Capital Deployed ($B) $3.8 $3.2 $2.8 $3.7 $3.6 VNB1 ($B) $1.8 $1.9 $1.9 $2.3 $2.6 Payback (years) 7 6 6 6 5 99
Slide 100: Reducing contribution of MetLife Holdings
Reducing contribution of MetLife Holdings MLH contribution to enterprise adjusted earnings1 (%) -47% Normal run-off of business MLH adjusted earnings 2023 reinsurance transaction 19% 10% Lower variable investment income 3Q2019 YTD 3Q2024 YTD 100
Slide 101: Expense discipline drives Direct Expense Ratio improvement
Expense discipline drives Direct Expense Ratio improvement Driving operational excellence and Direct Expense Ratio targets enhancing customer experience 12.3% 11.3% Leveraging technology and business process re-engineering to drive significant efficiencies ~20% average efficiency 2 across major proc
Slide 102: Disciplined investment strategy supports a narrower range of outcomes
Disciplined investment strategy supports a narrower range of outcomes Disciplined asset liability management for Diversified, high quality portfolio resiliency across market cycles General Account AUM1 3.6% 2.2% 3.9% Investment Grade Corporate Net Mortgage Loans2 6.0% Highly diversified portfolio su
Slide 103: Disciplined capital allocation strategy
Disciplined capital allocation strategy Return excess Support Strategic and capital to organic growth disciplined M&A shareholders Deploy capital to Compelling M&A Tactical share continue growing in our transactions that will repurchases and core businesses and high further differentiate our growing
Slide 104: Free cash flow growth is a key differentiator
Free cash flow growth is a key differentiator Cumulative 5-year Sustained growth in free cash flow1 Free cash flow1 targets High free cash flow conversion (65-75%) Disciplined capital allocation strategy ~$20B $25B+ Next Horizon New Frontier (2019-2024) (2024-2029) Well-established track record of c
Slide 105: Financial Perspective: Well positioned to drive growth
NEW FRONTIER FINANCIAL PERSPECTIVE Well positioned to drive growth Committed to strong returns, delivering 15-17% adjusted ROE Delivering $25B+ in free cash flow1 105
Slide 106: Closing Remarks
CLOSING REMARKS New Frontier Strategy Michel Khalaf 106
Slide 107: New Frontier Commitments
NEW FRONTIER Commitments 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 METLIFE’S SUPERIOR VALUE PROPOSITION 107
Slide 108: MetLife's executive leadership team
MetLife’s executive leadership team An experienced, diverse, and engaged set of insurance and financial services leaders Michel Khalaf President & Chief Executive Officer Over 30 years in the industry Ramy Tadros Regional President, U.S. Business Eric Clurfain Head of MetLife Holdings Regional Presi
Slide 109: New Frontier
NEW FRONTIER In highly attractive With deep Poised to capitalize markets competitive moats on strong tailwinds Growth, attractive returns, lower risk
Slide 110: MetLife
7 iy MetLife
Slide 111: Appendix
Appendix • Endnotes • Safe Harbor for forward-looking statements • Explanatory note on non-GAAP and other financial information and reconciliations • Glossary of acronyms 111
Slide 112: Endnotes
Endnotes Slide 1 World’s Best Workplaces list (2024). 2 Relationship Net Promoter Score (rNPS) gain across priority markets from 2019 to 3Q2024. 3 6 Total giving between January 2020 through 3Q2024. 4 Great Place to Work (2024). 5 Benefits to policyholders including claim and reserve related activit
Slide 113: Endnotes
Endnotes Slide 18 All third-party product names, brands and marks shown or mentioned are the property of their respective owners and their use does not imply affiliation, sponsorship or endorsement by such owners. 1 Based on PFOs 2023. Reflects MetLife internal analysis of in-force, industry marke
Slide 114: Endnotes
Endnotes Slide 1 Excluding dental equivalents. Reflects MetLife internal analysis of in-force, industry market data self reported to LIMRA. 2 MetLife internal analysis of sales data for 2023. 3 Product definitions: life includes term life, group universal life/group variable universal life, whole li
Slide 115: Endnotes
Endnotes Slide 1 LIMRA Secure Retirement Institute®, US Group Annuity Risk Transfer Survey (1Q2022 to 2Q2024). 2 Hymans Robertson Longevity Reinsurer Volumes Survey (2024). 54 3 LIMRA Structured Settlements Report, Participants’ report (2023). 4 As of 3Q2023 Pension & Investments List of US Plan Spo
Slide 116: Endnotes
Endnotes Slide Note: Reflects 2019 to 3Q2024. 1 Includes Corporate Private Placements, Infrastructure Debt, Private Structured Credit, Residential Credit and Middle Market Private Capital for both MII and unaffiliated clients. Does not include Private Equity. 2 Includes Corporate Private Placement,
Slide 117: Endnotes
Endnotes Slide 1 World Bank website. GDP as of 2023. 2 United Nations Population Division for 2023. 3 Insurance penetration for 2023. Swiss Re Institute World Insurance 2024 report. 84 4 IMF website estimates. 5 People Research on India’s Consumer Economy, 2023 report. 6 Swiss Re Institute World Ins
Slide 118: Endnotes
Endnotes Slide Note: All New Frontier 2024-2029 commitments are shown as compared to Next Horizon commitments made at Investor Day 2019, except as otherwise indicated. 1 Not a Next Horizon commitment. Adjusted EPS growth of 6% from 2019 to 2024, includes annualized results for 2024 based on 3Q2024 Y
Slide 119: Safe Harbor for forward-looking statements
Confidential – for internal use only Safe Harbor for forward-looking statements This pre sen tation may contain or incorpo rate by refere nce information that includes or is based upo n forward-looking sta temen ts with in the meanin g of the Private Securities Litigation Reform Act of 199 5. Forwar
Slide 120: 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) adjusted earnings; (i) adjusted earnings available to common sha
Slide 121: Explanatory note on non-GAAP and other financial information
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 (continued): Non-GAAP financial measures: Comparable GAAP fina
Slide 122: Explanatory note on non-GAAP and other financial information
Explanatory note on non-GAAP and other financial information (continued) 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
Slide 123: Explanatory note on non-GAAP and other financial information
Explanatory note on non-GAAP and other financial information (continued) 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 derivative
Slide 124: Explanatory note on non-GAAP and other financial information
Explanatory note on non-GAAP and other financial information (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 g
Slide 125: Explanatory note on non-GAAP and other financial information
Explanatory note on non-GAAP and other financial information (continued) Total Assets Under Management (“Total AUM”) is comprised of GA AUM plus Institutional Client AUM (each, as defined below). General Account AUM ("GA AUM") GA AUM is used by MetLife to describe assets in its general account ("GA"
Slide 126: Explanatory note on non-GAAP and other financial information
Explanatory note on non-GAAP and other financial information (continued) Statistical sales information: ◦ 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 and Income So
Slide 127: Reconciliation of Net Income (Loss) to Adjusted Earnings
Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 3Q2019 YTD FY2023 3Q2024 YTD (In millions) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 5,185 $ 1,380 $ 2,987 Adjustments from net income
Slide 128: Equity Details
Equity Details 4Q2023 1Q2024 2Q2024 3Q2024 (In millions, except ratio data) Equity Details Total MetLife, Inc.'s stockholders' equity $ 30,015 $ 28,535 $ 27,252 $ 30,885 Less: Preferred stock 3,818 3,818 3,818 3,818 MetLife, Inc.'s common stockholders' equity 26,197 24,717 23,434 27,067 Less: Net un
Slide 129: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items FY2023 Group Latin MetLife Corporate Benefits RIS Asia America EMEA Holdings & Other (In millions) Adjusted earnings available to common shareholders $ 1,655 $ 1,708 $ 1,282 $ 840 $ 265 $ 733 $ (958)
Slide 130: Reconciliation of Premiums, Fees and Other Revenues to Adjusted
Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY2019 3Q2024 YTD (In millions) Group Benefits Premiums, fees and other revenues $ 18,275 $ 18,702 Less: Adjustments to premiums, fees and other revenues: Divested businesses — 16 Adjusted premiums, fee
Slide 131: Glossary of acronyms
Glossary of acronyms • AI – artificial intelligence • FIA – fixed indexed annuities • MIM – MetLife Investment Management • AML – agriculture mortgage loans • FCTA – foreign currency translation adjustments • P&C – Property & Casualty • ANP – annualized new premium • FX – foreign exchange • PFO – pr