MetLife, Inc. · NYSE:MET
MetLife — Q4 2025 Earnings Presentation
34 slides from MetLife's earnings presentation, February 2026
Slide 1: 4Q25 Earnings Call Presentation
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. 1 1 These slides highlight information in Met
Slide 2: Table of contents
Table of contents 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 22
Slide 3: Delivering on our financial commitments
Delivering on our financial commitments 10%1 16.0%1 81%3 11.7% Key 2025 highlights Adjusted EPS growth Adjusted ROE2 FCF Ratio4 Direct Expense Ratio5 (Achieved double-digit EPS (In-line with 15-17% (Exceeded 65-75% target) (Beat 12.1% target) target) target) 4Q25 FY25 (post-tax) $ in millions $ per
Slide 4: 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) 4Q25 4Q24 % Change (Constant Rate) Favorable Unfavorable Group Benefits $ 465 $ 416 12% Underwriting Margins Retirement & Income Solutions 454 386 18% Investment Margins Asia
Slide 5: 4Q25 VII above guidance due to higher private equity returns
4Q25 VII above guidance1 due to higher private equity returns ($ in millions - pre-tax) $0 Private Equity Other2 1 Quarterly target VII of $425 million, based on full year 2025 guidance of ~ $1.7 billion (pre-tax). 2 Other includes Real Estate and Other Funds and Prepayment Fees. 5
Slide 6: VII by segment and C&O
VII by segment and C&O Assets2 % of Total Variable investment income 1Q25 2Q25 3Q25 4Q25 FY25 December 31, 2025 Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $3 $5 $13 $24 $0.2 1% RIS 99 60 146 135 440 5.5 29% Asia 94 64 139 145 442 8.4 44% Latin America 3 7 2 6 18 0.3 2% EME
Slide 7: Direct expense ratio of 11.7% beats 12.1% 2025 target
Direct expense ratio1 of 11.7% beats 12.1% 2025 target 12.1% 2025 Target 1 Direct expense ratio, excluding total notable items related to direct expenses and PRT. 7
Slide 8: Cash & Capital
Cash & Capital MetLife remains strongly capitalized, maintaining robust liquidity Holding Company Cash1 Capital ($ in billions) • Total cash return to shareholders of ~$800 million in 4Q25 – Share repurchases of ~$430 million in 4Q25, FY25 of ~$2.9 billion; ~$200 million in January 2026 – Common sto
Slide 9: Outlook
Outlook hi MetLife
Slide 10: Overview
Overview • U.S. Dollar relatively stable 2026 vs 2025 Macro • Long-term interest rates moderately rise with yield curve steepening Assumptions • S&P 500 annual return of 5% Near-term1 annual targets: • Double-digit adjusted EPS growth • Adjusted return on equity2 of 15-17% Near-Term1 • Free cash flo
Slide 11: VII average asset balances and key drivers
VII average asset balances and key drivers Average Asset Balance Key Drivers ($ in billions) • Near-term annual return assumptions: $18.9 $18.7 $18.3 – Private equity: 9% – Real estate and other funds: 7% • VII includes prepayment fees on fixed maturity $14.3 $14.4 $14.0 securities and mortgage loan
Slide 12: Group Benefits
Group Benefits • Adjusted premiums, fees and other revenues (PFOs) expected to grow 4-7% Near-term • Group Life mortality ratio of 83.1% in 2025; target of 83-88%1 Guidance • Group Non-Medical Health interest adjusted benefit ratio of 73.4% in 2025; target of 70-75%1 • Adjusted earnings excluding to
Slide 13: RIS
RIS • Shifting focus to average retained liability exposures1 expected to grow 3-5% Near-term • Adjusted earnings expected to be $1.6B-$1.8B in 2026 Guidance • General account investment spread2 of 115 bps in 2025; expected to be 100-120 bps in 2026 Impact on $ in millions Change Adjusted Earnings3
Slide 14: Asia
Asia • Sales growth of mid-to-high single digits Near-term • General account assets under management2 to grow mid single-digits Guidance1 • Adjusted earnings excluding total notable items to grow mid single-digits3 Annual Impact on $ in millions Change Adjusted Earnings . Parallel shift in yield cur
Slide 15: Latin America
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 Near-term thereafter Guidance1 • Mexico value-added tax expected to reduce adjusted earnings by ~$50 million in 2026, mostly in the first h
Slide 16: EMEA
EMEA • Adjusted PFOs expected to grow high single digits Near-term • Adjusted earnings run rate of $90M-$100M per quarter in 2026 Guidance1 • Adjusted earnings expected to grow mid-to-high single digits in 2027 and 2028 Annual Impact on $ in millions Change Adjusted Earnings Key Euro to U.S. Dollar
Slide 17: MIM
MIM • Revenues expected to grow ~30% in 2026 and mid-single digits thereafter Near-term • Adjusted earnings expected to be between $240 million-$280 million in 2026 Guidance • Adjusted earnings expected to grow 15-20% in 2027 and 2028 • Projected operating margin1 of ~32% in 2028 Key • Expect 1Q26 a
Slide 18: Appendix
Appendix hi MetLife
Slide 19: High quality commercial mortgage loans (CML) portfolio
High quality commercial mortgage loans (CML) portfolio1 • Concentrated in high-quality assets and in larger, LTV and DSCR Matrix primary markets $42.4 Billion • 68% average Loan-to-Value (LTV) Ratio and 2.1x DSCR average Debt Service Coverage Ratio (DSCR) LTV >1.2x 1.0-1.2x <1.0x Total • 77% of CML
Slide 20: Interest Rates: Base vs. Declining Rate Scenario
Interest Rates: Base vs. Declining Rate Scenario 12/31/2025 12/31/2026 12/31/2027 12/31/2028 Declining Declining Declining Declining Base Rate Base Rate Base Rate Base Rate SOFR1 3.87% 3.87% 3.11% 2.61% 3.19% 2.69% 3.31% 2.81% 10-Year U.S. Treasury1 4.17% 4.17% 4.40% 3.90% 4.63% 4.13% 4.84% 4.34% 30
Slide 21: Interest Rates: Base vs. Rising Rate Scenario
Interest Rates: Base vs. Rising Rate Scenario 12/31/2025 12/31/2026 12/31/2027 12/31/2028 Rising Rising Rising Rising Base Rate Base Rate Base Rate Base 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. Trea
Slide 22: 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 23: 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 commo
Slide 24: 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 25: 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: • Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance. • Ne
Slide 26: 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 27: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
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 GA
Slide 28: Reconciliation of Net Income (Loss) to Adjusted Earnings
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 Earnings Per Earnings Per Earnings Per Weighted Weighted Weighted Weighted Average Average Average Average Common Common Common
Slide 29: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q25 Retirement & MetLife Group Income Latin Investment Corporate & Benefits1 Solutions1 Asia America EMEA Management1 Other1 (In millions) Adjusted earnings available to common shareholders $ 465 $ 4
Slide 30: 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 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 accounting 3
Slide 31: Expense Detail and Ratios
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 Ad
Slide 32: Expense Detail and Ratios
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 Ad
Slide 33: Condensed Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
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 ope
Slide 34: MetLife
M4 MetLife