Metlife, Inc. · NYSE:MET
Metlife — Q1 2025 Earnings Presentation
23 slides from Metlife's earnings presentation, May 1, 2025
Slide 1: 1Q25 Supplemental Slides
1 1Q25 Supplemental Slides John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.
Slide 2: Table of contents
Table of contents 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 Variable annuity (VA) risk transfer transaction 9 Appendix 11 2
Slide 3: Net income (loss) to adjusted earnings
Net income (loss) to adjusted earnings 1Q25 (post-tax) $ in millions $ per share1 Net Income (Loss) $879 $1.28 Less: Net Investment Gains (Losses) (306) (0.45) Net Derivative Gains (Losses) 341 0.50 Market Risk Benefit Remeasurement Gains (Losses) (236) (0.34) Investment Hedge Adjustments (81) (0.12
Slide 4: Adjusted earnings by segment and C&O
Adjusted earnings by segment and C&O % Change Key Drivers1 ($ in millions - except per share data) 1Q25 1Q24 % Change (Constant Rate) Favorable Unfavorable Group Benefits $367 $284 29% Underwriting Margins RIS 401 399 1% Underwriting Margins Investment Margins Underwriting Margins; Asia 374 423 (12%
Slide 5: 1Q25 VII below guidance due to lower private equity returns
1Q25 VII below guidance1 due to lower private equity returns; higher real estate returns drive improvement YoY ($ in millions - pre-tax) $298 $327 $260 $293 $162 $0 1Q24 2Q24 3Q24 4Q24 1Q25 Private Equity Other2 1 Quarterly target VII range of $425 million, based on full year 2025 guidance range of
Slide 6: VII by segment and C&O
VII by segment and C&O ($ in millions - post-tax1) 1Q24 2Q24 3Q24 4Q24 1Q25 Group Benefits $4 $3 $2 $1 $3 RIS 73 64 50 71 99 Asia 56 99 44 121 94 Latin America 1 2 8 4 3 EMEA — — — — — MetLife Holdings 55 46 29 29 53 Corporate & Other 16 21 (5) 6 6 Total Variable Investment Income $205 $235 $128 $23
Slide 7: 1Q25 direct expense ratio of 12.0%, below 12.1% annual target
1Q25 direct expense ratio1 of 12.0%, below 12.1% annual target 12.3% 12.1% Annual 12.1% Annual Target 12.0% 11.9% Target (2024) (2025) FY24 1Q24 1Q25 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 7
Slide 8: Cash & capital
Cash & capital Holding Company Cash1 Capital ($ in billions) • Share repurchases of ~$1.4 billion in 1Q25 – ~$150 million shares repurchased in April 2025 – New $3.0 billion buyback authorization in April 2025 $5.2 $5.1 • 2024 Combined NAIC Risk-Based Capital (RBC) ratio2 of $4.5 $4.5 388% above 360
Slide 9: MetLife announces ~$10B retail VA risk transfer with Talcott
MetLife announces ~$10B retail VA risk transfer with Talcott1 • Transfers ~$10B of U.S. retail VA and rider reserves via funds withheld and modified Transaction coinsurance Scope • Significantly reduces retail VA tail risk with exposure to account values dropping ~40% Financial • Total expected valu
Slide 10: Lower VA Balances Aligned with New Frontier
Lower VA Balances Aligned with New Frontier Reducing Variable Annuity Balances ($ in billions) VA Balances $51 (52%) $38 $24.5 Retail Living Benefits Retail Death Benefits Group 10
Slide 11: Appendix
Appendix iif MetLife
Slide 12: High quality commercial loans (CML) portfolio
High quality commercial loans (CML) portfolio1 • Concentrated in high-quality assets and in larger, primary LTV and DSCR Matrix markets $47.9 Billion DSCR LTV >1.2x 1.0-1.2x <1.0x Total • 69% average Loan-to-Value (LTV) Ratio and 2.1x average Debt <65% 46.5% 2.9% 1.4% 50.8% Service Coverage Ratio (D
Slide 13: 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 14: 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 15: 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 16: 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 to the line items indicated in calculating adjusted earnings: • Net investment income includes earned income on derivatives and amortization of premium on derivative
Slide 17: 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 18: 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 Sol
Slide 19: 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 1Q25 1Q24 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Diluted1 Share Diluted1 (In millions, except per share data) Net Income
Slide 20: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 1Q25 Retirement Group & Income Latin MetLife Corporate Benefits1 Solutions1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 367 $ 401 $ 374 $ 21
Slide 21: Reconciliation of Premiums, Fees and Other Revenues
Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY24 1Q24 1Q25 (In millions) Premiums, fees and other revenues $ 52,520 $ 11,975 $ 13,639 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 158 39 36 Other
Slide 22: Expense Detail and Ratios
Expense Detail and Ratios FY24 1Q24 1Q25 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (2,833) $ (740) $ (698) Less: Divested businesses — — — Adjusted capitalization of DAC $ (2,833) $ (740) $ (698) Reconciliation
Slide 23: iy’ MetLife
iy’ MetLife