Slide 1: 1Q26 Earnings Call Presentation
1 1Q26 Earnings Call Presentation1 John McCallion Chief Financial Officer and Head of MetLife Investment Management Exhibit 99.4 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 2 Page No. Key 1Q26 highlights 3 Adjusted earnings by segment and Corporate & Other (C&O) 4 Variable investment income (VII) 5 Investments 7 Direct expense ratio 9 Cash & Capital 10 Appendix 11 Table of contents
Slide 3: A strong start to the year, delivering on our financial commitments
3 3 A strong start to the year, delivering on our financial commitments 1Q26 (post-tax) $ in millions $ per share4 Net Income (Loss) $1,140 $1.74 Adjusted Earnings $1,586 $2.42 1 Versus 1Q25. 2 Adjusted return on equity. 3 Excluding total notable items related to direct expenses and pension risk tra
Slide 4: Adjusted earnings, by segment and C&O
4 Adjusted earnings, by segment and C&O ($ in millions - except per share data) 1Q26 1Q25 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $439 $370 19% Underwriting Margins; Volume Growth Retirement & Income Solutions 451 406 11% Investment Margins; Underwriting M
Slide 5: Strong private equity returns fuel 1Q26 VII
5 $327 $195 $483 $497 $518 1Q25 2Q25 3Q25 4Q25 1Q26 ($ in millions - pre-tax) Private Equity Other2 1 $518 million generated towards our full year 2026 guidance of ~ $1.6 billion (pre-tax). 2 Other includes Real Estate and Other Funds and Prepayment Fees. $0 Strong private equity returns fuel 1Q26 V
Slide 6: VII by segment and C&O
6 6 VII by segment and C&O Variable investment income 1Q25 2Q25 3Q25 4Q25 1Q26 Assets2 March 31, 2026 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $3 $5 $13 $5 $0.2 1% RIS 99 60 146 135 131 5.1 28% Asia 94 64 139 145 183 8.6 47% Latin America 3 7 2 6 10 0.3 2% EME
Slide 7: High quality private fixed income portfolio
7 7 7 High quality private fixed income portfolio1 1 As of March 31, 2026. At estimated fair value.2 $437 billion as of March 31, 2026. At estimated fair value. 3 Business Development Company. ~$85B Private Placements and Infrastructure $77B Asset Based Finance $7B Middle Market Lending $1B • Proven
Slide 8: High quality software and software-related investments
8 8 8 1 As of March 31, 2026. 2 Venture Capital. Total portfolio of $3.5 billion as of March 31, 2026. At estimated fair value. High quality software and software-related investments Sector Carrying Value1 Commentary ($ in billions) D ire ct Investment grade corporates $2.3 • High-quality tech compa
Slide 9: 1Q26 direct expense ratio of 11.9%, ahead of 12.1% annual target
9 11.7% 12.0% 11.9% FY25 1Q25 1Q26 1 Direct expense ratio, excluding total notable items related to direct expenses and PRT. 12.1% 2026 Target 1Q26 direct expense ratio1 of 11.9%, ahead of 12.1% annual target
Slide 10: MetLife remains strongly capitalized, maintaining robust liquidity
10 Holding Company Cash1 1Q25 2Q25 3Q25 4Q25 1Q26 Cash & Capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 National Association of Insurance Commissioners. 3 Includes MetLife, Inc.’s principal U.S. insurance subsidiaries, excluding American Life
Slide 11: Appendix
Appendix MM MetLife
Slide 12: High quality commercial mortgage loans (CML) portfolio
12 1 As of March 31, 2026. All references to commercial mortgage loans in this earnings presentation exclude (i) commercial mortgage loans originated for third parties and (ii) commercial mortgage loans that are subject to ceded reinsurance arrangements with third parties and joint ventures. 2 As of
Slide 13: Cautionary Statement on Forward-Looking Statements
13 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,” “ta
Slide 14: Explanatory Note on Non-GAAP and Other Financial Information
14 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,
Slide 15: MetLife's definitions of non-GAAP and other financial measures
15 MetLife’s definitions of non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to common shareholders; • adjusted earnings available to common sh
Slide 16: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
16 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. •
Slide 17: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
17 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, d
Slide 18: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
18 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
Slide 19: Reconciliation of Net Income to Adjusted Earnings
19 Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 1Q26 1Q25 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Inc
Slide 20: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
20 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 1Q26 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 439
Slide 21: Reconciliation of Premiums, Fees and Other Revenues to Adjusted
21 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY25 1Q25 1Q26 (In millions) Premiums, fees and other revenues $ 57,609 $ 13,639 $ 14,315 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 256 36 132 O
Slide 22: Expense Detail and Ratios
22 Expense Detail and Ratios FY25 1Q25 1Q26 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (3,219) $ (698) $ (959) Less: Divested businesses — — — Adjusted capitalization of DAC $ (3,219) $ (698) $ (959) Reconciliati
Slide 23: Equity Details
23 Equity Details 1Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to reinsurers. 2Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife
Slide 24: MetLife
hd MetLife