Metlife, Inc. · NYSE:MET
Metlife — Q2 2025 Earnings Presentation
39 slides from Metlife's earnings presentation, Aug 7, 2025
Slide 1: MetLife 2Q25 Investor Presentation
MetLife MetLife 2Q24Investor 2Q24 2Q25 InvestorPresentation Presentation
Slide 2: Market-leading, diversified global insurer
Market-leading, diversified global insurer Growing and established markets around the world MetLife at a Glance1 Diversified by Geography and Business 157 years of operation2 $624 billion 2024 Adjusted Earnings6,7 Total Assets Under Management (AUM)3 ~45,000 employees $50 billion MetLife Holdings8 M
Slide 3: At a glance
At a glance Diversified set of businesses and product offerings Retirement & Group Benefits Asia Latin America EMEA Income Solutions Provides financial products and Provides funding and financing Diverse set of product offerings: Serving almost 30 million customers EMEA is MetLife’s most diverse ser
Slide 4: 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 15.2% $20.7B $1.2B FY 2024 2020-2024 2020-202
Slide 5: 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 ~$20B METLIFE’S SUPERIOR VALUE PROPOSITION Note: All New Frontier 2024-2029
Slide 6: Powerful macro trends driving New Frontier opportunities
Powerful macro trends driving New Frontier opportunities Global demographic shifts …fueling retirement, health & protection needs Democratization of …expanding our addressable market financial services AI reshaping customer …advantaging scaled players investing in technology for growth & efficiency
Slide 7: New Frontier strategic priorities
New Frontier strategic priorities 1 Extend leadership in Group Benefits Power of SCALE 2 Strategic Capitalize on unique retirement platform DIVERSIFICATION Distribution 3 Accelerate growth in asset management INNOVATION Cutting-edge 4 Expand in high growth international markets TECHNOLOGY 7
Slide 8: NEW FRONTIER
NEW FRONTIER In highly attractive With deep Poised to capitalize markets competitive moats on strong tailwinds Growth, attractive returns, lower risk 8
Slide 9: Financial Overview
Financial Overview if MetLife
Slide 10: Adjusted earnings snapshot
Adjusted earnings snapshot Continue to deliver across economic cycles - favorable volume growth and expense margins more than offset by less favorable underwriting and lower investment margins Adjusted Earnings ex. Total Notable Items % % 2Q25 2Q24 FY24 FY23 ($ in millions, except per share data) Ch
Slide 11: Group Benefits
Group Benefits1 Market leader in Employee Benefits with scale advantage and growing faster than the market % % ($ in millions) 2Q25 2Q24 change FY24 FY23 change Overview3 Provides financial products and services to Product offerings: Adjusted Earnings2 $400 $533 (25%) $1,664 $1,628 2% 94 of the top
Slide 12: Retirement & Income Solutions (RIS)
Retirement & Income Solutions (RIS)1 Diversified set of market leading businesses $ (in millions) 2Q25 2Q24 % change FY24 FY23 % change Overview Provides funding and financing solutions that help institutional Adjusted Earnings2 $368 $410 (10%) $1,563 $1,647 (5%) customers mitigate and manage liabil
Slide 13: Asia
Asia1 Achieving disciplined growth through a diversified and differentiated business model – A market leader in Japan, well-positioned to win across both mature and growth markets ($ in millions) 2Q25 2Q24 % change FY24 FY23 % change Overview3 Diverse set of product offerings: Adjusted Earnings2 $35
Slide 14: Latin America
Latin America1 #1 life insurer2 in the region – Competitive positioning, strength of franchise and innovative digital capabilities accelerating growth % % $ (in millions) 2Q25 2Q24 change FY24 FY23 change Overview4 Serving almost 30 million customers across Adjusted Earnings3 $233 $226 3% $877 $840
Slide 15: Europe, the Middle East and Africa (EMEA)
Europe, the Middle East and Africa (EMEA)1 Geographically diverse set of market-segmented protection businesses focused on cash generation Overview3 % % ($ in millions) 2Q25 2Q24 FY24 FY23 change change EMEA is MetLife’s most diverse region, Leading provider of Adjusted Earnings2 $100 $77 30% $288 $
Slide 16: MetLife Holdings (MLH)
MetLife Holdings (MLH)1 High quality legacy block; cash generation supports EPS accretion ($ in millions) 2Q25 2Q24 % change FY24 FY23 % change Overview Key Highlights3 MetLife Holdings represents MetLife’s • Contributed 10% of total company adjusted earnings Adjusted Earnings2 $144 $153 (6%) $635 $
Slide 17: MetLife Investment Management on path to $1T AUM
MetLife Investment Management on path to $1T AUM Scale across asset classes and client types $624B Total AUM1 Top player across fixed income and private capital Multi-decade outperformance $201B Institutional Client AUM1 The power of MetLife brings unique advantages 1As of 6/30/2025. At estimated fa
Slide 18: Disciplined investment strategy supports a narrower range of outcomes
Disciplined investment strategy supports a narrower range of outcomes Diversified, high quality portfolio Disciplined asset liability management for resiliency across market cycles General Account AUM1 1.9% 0.7% 3.6% Investment Grade Corporate 4.0% Net Mortgage Loans² Highly diversified portfolio su
Slide 19: Deploying capital at attractive IRR and shorter payback periods
Deploying capital at attractive IRR and shorter payback periods Internal Rate of Return 19% 17% 17% 17% 15% 2019 2020 2021 2022 2023 Capital Deployed ($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 1 VNB is the present value of future profits net of the cos
Slide 20: Consistent capital return across environments
Consistent capital return across environments Capital returned to shareholders, $B Common Stock Dividend $6.0 Share Repurchases $4.9 1.7 $4.7 $4.7 $2.8 1.6 1.6 1.5 1.6 4.3 3.3 3.2 3.1 1.2 2020 2021 2022 2023 2024 Payout Ratio 78% 86% 84% 81% 48% 2020 1 2021 2022 2023 2024 1 Paused shareholder buybac
Slide 21: Strong capital, liquidity and ratings
Strong capital, liquidity and ratings Our robust balance sheet gives us the financial flexibility to weather storms and take advantage of market opportunities Holding Company Cash1 Capital ($ in billions) • Total cash return to shareholders of $892 million in 2Q25 $5.1 $5.2 ̶ Share repurchases of $5
Slide 22: Living our purpose
Living our purpose Sustainability1 at MetLife Highlights from our 2024 Sustainability Report: Energizing Caring For Supporting Our Delivering For Our People Our Customers Communities Our Shareholders 82% — 2024 77% — 2024 Named to America's Outpaced ~2/3 Favorability for Favorability for Most JUST o
Slide 23: 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 35 years in the industry Ramy Tadros Regional President, U.S. Business Eric Clurfain Head of MetLife Holdings Regional Presi
Slide 24: Appendix
Appendix
Slide 25: 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 26: 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 comm
Slide 27: 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 28: 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: • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investm
Slide 29: 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 30: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
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 31: 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 2Q25 2Q24 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Diluted1 Share Diluted1 (In millions, except per share data) Net Income
Slide 32: 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 FY24 FY23 FY191 Earnings Per Earnings Per Earnings Per Weighted Weighted Weighted Average Average Average Common Common Common Share Share Diluted2 Share Diluted
Slide 33: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q25 Group Latin MetLife Corporate Benefits1 RIS1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 400 $ 368 $ 350 $ 233 $ 100 $ 144 $ (233) Less
Slide 34: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items FY24 Group Latin MetLife Corporate Benefits RIS Asia America EMEA Holdings & Other (In millions) Adjusted earnings available to common shareholders $ 1,606 $ 1,667 $ 1,621 $ 881 $ 283 $ 647 $ (909) Le
Slide 35: Equity Details
Equity Details FY24 FY23 (In millions) Equity Details Total MetLife, Inc.'s stockholders' equity $ 27,445 $ 30,015 Less: Preferred stock 3,818 3,818 MetLife, Inc.'s common stockholders' equity 23,627 26,197 Less: Net unrealized investment gains (losses), net of income tax (19,402) (14,506) Deferred
Slide 36: Book Value and Return on Equity
Book Value and Return on Equity 2Q25 2Q24 FY24 FY23 Book Value1 Book value per common share $ 35.79 $ 33.30 $ 34.28 $ 35.85 Less: Unrealized investment gains (losses), net of related offsets and income tax (24.72) (27.26) (28.15) (19.85) Deferred gains (losses) on derivatives, net of income tax (2.2
Slide 37: Adjusted Premiums, Fees and Other Revenues
Adjusted Premiums, Fees and Other Revenues 2Q25 2Q24 FY24 FY23 (In millions) RIS Adjusted premiums, fees and other revenues $ 1,355 $ 2,582 $ 8,594 $ 8,832 Less: PRT 328 1,752 4,849 5,324 Adjusted premiums, fees and other revenues, excluding PRT $ 1,027 $ 830 $ 3,745 $ 3,508 Latin America Adjusted p
Slide 38: Reconciliation of Operating Cash Flow to Free Cash Flow of All Holding Companies
Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies FY24 FY23 FY22 FY21 FY20 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $ 4.7 $ 4.2 $ 4.4 $ 3.8 $ 3.5 Adjustme
Slide 39: iyi MetLife
iyi MetLife