Metlife, Inc. · NYSE:MET
Metlife — Q3 2025 Earnings Presentation
23 slides from Metlife's earnings presentation, Nov 6, 2025
Slide 1: 3Q25 Supplemental Slides
3Q25 Supplemental Slides 1 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 Annual actuarial assumption review & other insurance adjustments 4 Adjusted earnings by segment and Corporate & Other (C&O) 5 Variable investment income (VII) 6 Direct expense ratio 8 Value of new business 9 Cash & capital 10
Slide 3: Net income (loss) to adjusted earnings
Net income (loss) to adjusted earnings 3Q25 (post-tax) $ in millions $ per share1 Net Income (Loss) $818 $1.22 Less: Net Investment Gains (Losses) Not Attributable to Ceded Reinsurance Arrangements (256) (0.38) Net Derivative Gains (Losses) Not Attributable to Ceded Reinsurance Arrangements2 (540) (
Slide 4: 3Q25 annual actuarial assumption review and other insurance adjustments
3Q25 annual actuarial assumption review and other insurance adjustments Impact Highlights • RIS: Small increase in payout Non-Adjusted ($ in millions post-tax) Adjusted Earnings Earnings Net Income annuity business due to higher mortality Group Benefits ($2) $— ($2) RIS1 13 — 13 • Asia: Improvement
Slide 5: Adjusted earnings, ex. total notable items, by segment and C&O
Adjusted earnings, ex. total notable items, by segment and C&O % Change Key Drivers1 ($ in millions - except per share data) 3Q25 3Q24 % Change (Constant Rate) Favorable Unfavorable Expense Margins; Group Benefits $457 $431 6% Underwriting Margins Volume Growth RIS 423 368 15% Investment Margins Inv
Slide 6: 3Q25 VII above guidance due to higher private equity returns
3Q25 VII above guidance1 due to higher private equity returns ($ in millions - pre-tax) $483 $327 $293 $195 $162 $0 3Q24 4Q24 1Q25 2Q25 3Q25 Private Equity Other2 1 Quarterly target VII of $425 million, based on full year 2025 guidance of ~ $1.7 billion (pre-tax). 2 Other includes Real Estate and Ot
Slide 7: VII by segment and C&O
VII by segment and C&O Assets2 % of Total Variable investment income 3Q24 4Q24 1Q25 2Q25 3Q25 September 30, 2025 Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $2 $1 $3 $3 $5 $0.2 1% RIS 50 71 99 60 146 5.6 30% Asia 44 121 94 64 139 8.3 44% Latin America 8 4 3 7 2 0.3 2% EMEA — —
Slide 8: 3Q25 direct expense ratio of 11.6%, below 12.1% annual target
3Q25 direct expense ratio1 of 11.6%, below 12.1% annual target 12.3% 12.1% Annual 12.1% Annual Target Target (2024) 11.7% (2025) 11.6% FY24 3Q24 3Q25 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 8
Slide 9: Value of new business
Value of new business1 ($ in billions) $3.7 $3.6 $3.4 $3.2 $2.8 $2.6 $2.6 $2.3 $1.9 $1.9 2020 2021 2022 2023 2024 Capital Deployed Value of New Business Internal Rate of Return 17% 17% 17% 19% 19% Payback Period 6 Years 6 Years 6 Years 5 Years 5 Years 1 Excludes MetLife Holdings; Value of New Busine
Slide 10: Cash & capital
Cash & capital Holding Company Cash1 Capital ($ in billions) • Total cash return to shareholders of ~$875 million in 3Q25 – Share repurchases of ~$500 million in 3Q25, year-to-date of ~$2.6 billion through October, including ~$150 million in October 2025 $5.1 $5.2 – Common stock dividends of ~$375 m
Slide 11: Appendix
Appendix Mid MetLife
Slide 12: High quality commercial mortgage loans (CML) portfolio
High quality commercial mortgage loans (CML) portfolio1 • Concentrated in high-quality assets and in larger, primary LTV and DSCR Matrix markets $45.0 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% 50.0% 1.9% 1.3% 53.2% Service Coverage
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 in calculating adjusted earnings: • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investm
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 (Loss) Available to Common Shareholders to Adjusted Earnings
Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 3Q25 3Q24 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 Available to Common Shareholders, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 3Q25 Retirement Group & Income Latin MetLife Corporate Benefits1 Solutions1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 455 $ 436 $ 543 $ 14
Slide 21: Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues
Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY24 3Q24 3Q25 (In millions) Premiums, fees and other revenues $ 52,520 $ 12,523 $ 12,526 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 158 50 78 Other
Slide 22: Expense Detail and Ratios
Expense Detail and Ratios FY24 3Q24 3Q25 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (2,833) $ (691) $ (852) Less: Divested businesses — — — Adjusted capitalization of DAC $ (2,833) $ (691) $ (852) Reconciliation
Slide 23: MetLife
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