Metlife, Inc. · NYSE:MET
Metlife — Q2 2025 Earnings Presentation
21 slides from Metlife's earnings presentation, Aug 6, 2025
Slide 1: 2Q25 Supplemental Slides
2Q25 Supplemental Slides1 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 Topic Page No. Net income (loss) to adjusted earnings 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 Table of contents
Slide 3: Net income (loss) to adjusted earnings
3 Net income (loss) to adjusted earnings 2Q25 (post-tax) $ in millions $ per share1 Net Income (Loss) $698 $1.03 Less: Net Investment Gains (Losses) (216) (0.32) Net Derivative Gains (Losses) (629) (0.93) Market Risk Benefit Remeasurement Gains (Losses) 219 0.32 Investment Hedge Adjustments (81) (0.
Slide 4: Adjusted earnings by segment and C&O
4 1 To be discussed on MetLife, Inc.'s second quarter 2025 earnings conference call and audio webcast. ($ in millions - except per share data) 2Q25 2Q24 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $400 $533 (25%) Underwriting Margins RIS 368 410 (10%) Investme
Slide 5: 2Q25 VII below guidance
5 $298 $162 $293 $327 $195 2Q24 3Q24 4Q24 1Q25 2Q25 2Q25 VII below guidance1 due to lower private equity returns; In-line with preliminary disclosure2 ($ in millions - pre-tax) Private Equity Other3 1 Quarterly target VII of $425 million, based on full year 2025 guidance of ~ $1.7 billion (pre-tax).
Slide 6: VII by segment and C&O
6 Variable investment income 2Q24 3Q24 4Q24 1Q25 2Q25 Assets2 June 30, 2025 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $2 $1 $3 $3 $0.2 1% RIS 64 50 71 99 60 5.6 30% Asia 99 44 121 94 64 8.0 43% Latin America 2 8 4 3 7 0.3 2% EMEA — — — — — — — MetLife Holdings
Slide 7: Direct expense ratio
7 12.1% 11.9% 11.7% FY24 2Q24 2Q25 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.1% Annual Target (2025) 2Q25 direct expense ratio1 of 11.7%, below 12.1% annual target 12.3% Annual Target (2024)
Slide 8: Cash & capital
8 Holding Company Cash1 $4.4 $4.5 $5.1 $4.5 $5.2 2Q24 3Q24 4Q24 1Q25 2Q25 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both
Slide 9: Appendix
Appendix Wil MetLife
Slide 10: High quality commercial mortgage loans (CML) portfolio
10 1At June 30, 2025. All references to commercial mortgage loans in this earnings presentation are to net commercial mortgage loans, consisting of commercial mortgage loans, excluding commercial mortgage loans originated for third parties and related allowance for credit loss. • Concentrated in hig
Slide 11: Cautionary Statement on Forward-Looking Statements
11 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 12: Explanatory Note on Non-GAAP and Other Financial Information
12 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 c
Slide 13: MetLife's definitions of non-GAAP and other financial measures
13 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 14: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
14 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 inve
Slide 15: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
15 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 16: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
16 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
Slide 17: Reconciliation of Net Income to Adjusted Earnings Available to Common Shareholders
17 Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2Q25 2Q24 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Inc
Slide 18: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
18 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q25 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 400 $ 368 $ 350 $
Slide 19: Reconciliation of Premiums, Fees and Other Revenues to Adjusted
19 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY24 2Q24 2Q25 (In millions) Premiums, fees and other revenues $ 52,520 $ 13,547 $ 12,748 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 158 35 42 Ot
Slide 20: Expense Detail and Ratios
20 Expense Detail and Ratios FY24 2Q24 2Q25 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (2,833) $ (683) $ (787) Less: Divested businesses — — — Adjusted capitalization of DAC $ (2,833) $ (683) $ (787) Reconciliati
Slide 21: MetLife
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