Metlife, Inc. · NYSE:MET
Metlife — Q4 2025 Earnings Presentation
34 slides from Metlife's earnings presentation, Feb 4, 2026
Slide 1: 4Q25 Earnings Call Presentation
1 4Q25 Earnings Call Presentation1 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. Exhibit 99.4 1 These slides highlight infor
Slide 2: Table of contents
22 Page No. Key 2025 highlights 3 Adjusted earnings by segment and Corporate & Other (C&O) 4 Variable investment income (VII) 5 Direct expense ratio 7 Cash & capital 8 Outlook 9 Appendix 18 Table of contents
Slide 3: Delivering on our financial commitments
33 Delivering on our financial commitments 10%1 16.0%1 81%3 Adjusted EPS growth (Achieved double-digit EPS target) Adjusted ROE2 (In-line with 15-17% target) FCF Ratio4 (Exceeded 65-75% target) Key 2025 highlights 4Q25 FY25 (post-tax) $ in millions $ per share6 $ in millions $ per share6 Net Income
Slide 4: Adjusted earnings, ex. total notable items, by segment and C&O
4 Adjusted earnings, ex. total notable items, by segment and C&O ($ in millions - except per share data) 4Q25 4Q24 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $ 465 $ 416 12% Underwriting Margins Retirement & Income Solutions 454 386 18% Investment Margins Asi
Slide 5: 4Q25 VII above guidance due to higher private equity returns
5 4Q25 VII above guidance1 due to higher private equity returns ($ in millions - pre-tax) Private Equity Other2 1 Quarterly target VII of $425 million, based on full year 2025 guidance of ~ $1.7 billion (pre-tax). 2 Other includes Real Estate and Other Funds and Prepayment Fees. $0
Slide 6: VII by segment and C&O
66 VII by segment and C&O Variable investment income 1Q25 2Q25 3Q25 4Q25 FY25 Assets2 December 31, 2025 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $3 $5 $13 $24 $0.2 1% RIS 99 60 146 135 440 5.5 29% Asia 94 64 139 145 442 8.4 44% Latin America 3 7 2 6 18 0.3 2%
Slide 7: Direct expense ratio beats 2025 target
71 Direct expense ratio, excluding total notable items related to direct expenses and PRT. 12.1% 2025 Target Direct expense ratio1 of 11.7% beats 12.1% 2025 target
Slide 8: Cash & Capital
8 Holding Company Cash1 Cash & Capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Excludes total notable items. 3 National Association of Insurance Commissioners. 4 Based on estimate and includes MetLife, Inc’s principal U.S. insurance subsidiari
Slide 9: Outlook
Outlook MM MetLife
Slide 10: Targets, corporate guidance and key sensitivities
10 1 One to three years. 2 Excluding total notable items. 3 2-year average excluding total notable items. 4 Excluding total notable items related to direct expenses and PRT. 5 Pre-tax. 6 Post-tax. Includes MetLife Holdings. 7 See pages 20 and 21 in the Appendix for more information. 8 Increase/decre
Slide 11: VII average asset balances and key drivers
11 VII average asset balances and key drivers ($ in billions) Private Equity Real Estate and Other Funds Average Asset Balance • Near-term annual return assumptions: – Private equity: 9% – Real estate and other funds: 7% • VII includes prepayment fees on fixed maturity securities and mortgage loans
Slide 12: Group Benefits
1212 Group Benefits • Adjusted premiums, fees and other revenues (PFOs) expected to grow 4-7% • Group Life mortality ratio of 83.1% in 2025; target of 83-88%1 • Group Non-Medical Health interest adjusted benefit ratio of 73.4% in 2025; target of 70-75%1 • Adjusted earnings excluding total notable it
Slide 13: RIS
1313 RIS Near-term Guidance Key Sensitivities • $1 billion of PRT premium translates to $8-10 million of annual adjusted earnings3 Impact on $ in millions Change Adjusted Earnings3 SOFR4, 5 +10 bps -$2 -10 bps +$2 U.S. Treasury6 +10 bps +$3 -10 bps -$3 1 Includes future policy benefits, policyholder
Slide 14: Asia
1414 Asia • Sales growth of mid-to-high single digits • General account assets under management2 to grow mid single-digits • Adjusted earnings excluding total notable items to grow mid single-digits3 Near-term Guidance1 Key Sensitivities . Annual Impact on $ in millions Change Adjusted Earnings Para
Slide 15: Latin America
1515 Latin America • Adjusted PFOs expected to grow high single digits2 • Adjusted earnings excluding total notable items to grow 6-8% in 2026 and high-single digits thereafter • Mexico value-added tax expected to reduce adjusted earnings by ~$50 million in 2026, mostly in the first half of the year
Slide 16: EMEA
1616 EMEA • Adjusted PFOs expected to grow high single digits • Adjusted earnings run rate of $90M-$100M per quarter in 2026 • Adjusted earnings expected to grow mid-to-high single digits in 2027 and 2028 Near-term Guidance1 Key Sensitivities Annual Impact on $ in millions Change Adjusted Earnings E
Slide 17: MIM
1717 MIM • Revenues expected to grow ~30% in 2026 and mid-single digits thereafter • Adjusted earnings expected to be between $240 million-$280 million in 2026 • Adjusted earnings expected to grow 15-20% in 2027 and 2028 • Projected operating margin1 of ~32% in 2028 Near-term Guidance Key Sensitivit
Slide 18: Appendix
Appendix MM MetLife
Slide 19: High quality commercial mortgage loans portfolio
19 1At December 31, 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. High quality comm
Slide 20: Interest Rates: Base vs. Declining Rate Scenario
201 Base rates based on forward curve as of December 31, 2025. Interest Rates: Base vs. Declining Rate Scenario 12/31/2025 12/31/2026 12/31/2027 12/31/2028 Base Declining Rate Base Declining Rate Base Declining Rate Base Declining Rate SOFR1 3.87% 3.87% 3.11% 2.61% 3.19% 2.69% 3.31% 2.81% 10-Year U.
Slide 21: Interest Rates: Base vs. Rising Rate Scenario
21 Interest Rates: Base vs. Rising Rate Scenario 12/31/2025 12/31/2026 12/31/2027 12/31/2028 Base Rising Rate Base Rising Rate Base Rising Rate Base Rising Rate SOFR1 3.87% 3.87% 3.11% 3.61% 3.19% 3.69% 3.31% 3.81% 10-Year U.S. Treasury1 4.17% 4.17% 4.40% 4.90% 4.63% 5.13% 4.84% 5.34% 30-Year U.S. T
Slide 22: Cautionary Statement on Forward-Looking Statements
22 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 23: Explanatory Note on Non-GAAP and Other Financial Information
23 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 co
Slide 24: Definitions of non-GAAP and other financial measures
24 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 25: Explanatory Note on Non-GAAP (Continued)
25 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 26: Explanatory Note on Non-GAAP (Continued)
26 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 27: Explanatory Note on Non-GAAP (Continued)
27 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 28: Reconciliation of Net Income to Adjusted Earnings
28 Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 4Q25 4Q24 FY25 FY24 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Comm
Slide 29: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
29 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q25 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 465
Slide 30: Reconciliation of Premiums, Fees and Other Revenues
30 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues 4Q24 FY24 4Q25 FY25 (In millions) Premiums, fees and other revenues $ 14,475 $ 52,520 $ 18,696 $ 57,609 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accountin
Slide 31: Expense Detail and Ratios 4Q25 FY25
31 Expense Detail and Ratios 4Q25 FY25 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (882) $ (3,219) Less: Divested businesses — — Adjusted capitalization of DAC $ (882) $ (3,219) Reconciliation of Other Expenses to
Slide 32: Expense Detail and Ratios 4Q24 FY24
32 Expense Detail and Ratios 4Q24 FY24 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (719) $ (2,833) Less: Divested businesses — — Adjusted capitalization of DAC $ (719) $ (2,833) Reconciliation of Other Expenses to
Slide 33: Reconciliation of Operating Cash Flow to Free Cash Flow
33 Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies FY25 FY24 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $ 2.8 $ 4.7 Adjustments from net cash provided by
Slide 34: i MetLife
i MetLife