Metlife, Inc. · NYSE:MET
Metlife — Q3 2026 Earnings Presentation
25 slides from Metlife's earnings presentation, Nov 4, 2026
Slide 1: 3Q26 Earnings Call Presentation
1 3Q26 Earnings Call Presentation1 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 Page No. Key 3Q26 highlights 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 High-quality hyperscaler and data center investments 10 Cas
Slide 3: Strong performance across key measures, exceeding our financial commitments
3 Strong performance across key measures, exceeding our financial commitments 3Q26 (post-tax) $ in millions $ per share4 Net Income (Loss) $2,351 $3.67 Adjusted Earnings $1,780 $2.78 Adjusted Earnings ex. Total Notable items $1,826 $2.85 1 Versus 3Q25. Adjusted earnings per share excluding total not
Slide 4: 3Q26 annual actuarial assumption review and other insurance adjustments
4 • RIS: Unfavorable impact from lower mortality • Asia: Favorable impacts driven by economic and mortality updates 3Q26 annual actuarial assumption review and other insurance adjustments HighlightsImpact ($ in millions post-tax) Adjusted Earnings Non-Adjusted Earnings Net Income Group Benefits $— $
Slide 5: Adjusted earnings, ex. total notable items, by segment and C&O
5 Adjusted earnings, ex. total notable items, by segment and C&O ($ in millions - except per share data) 3Q26 3Q25 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $523 $458 14% Underwriting Margins Retirement & Income Solutions 478 428 12% Investment Margins; Volu
Slide 6: Variable investment income
6 $483 $497 $518 $231 $720 3Q25 4Q25 1Q26 2Q26 3Q26 ($ in millions - pre-tax) Private Equity Other3 ¹ Quarterly target VII of $400 million, based on full-year 2026 guidance of approximately $1.6 billion, pre-tax. ² Preliminary 3Q26 VII results were projected to be at least $600 million, pre-tax, as
Slide 7: VII by segment and C&O
7 VII by segment and C&O Variable investment income 3Q25 4Q25 1Q26 2Q26 3Q26 Assets2 September 30, 2026 % of Total Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $5 $13 $5 $4 $7 $0.2 1% RIS 146 135 131 43 164 5.0 26% Asia 139 145 183 94 277 9.0 48% Latin America 2 6 10 7 1 0.3 2%
Slide 8: Direct expense ratio on track to beat annual target
8 11.7% 11.6% 11.9% FY25 3Q25 3Q26 1 Direct expense ratio, excluding total notable items related to direct expenses and PRT. 12.1% 2026 Target 3Q26 direct expense ratio1 of 11.9%, on track to beat annual target
Slide 9: Value of new business
91 Excludes MIM and C&O; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales. $2.8 $3.7 $3.6 $3.4 $3.8 $1.9 $2.3 $2.6 $2.6 $2.8 Capital Deployed Value of New Business 2021 2022 2023 2024 2025 ($ in billions) Internal Rat
Slide 10: High-quality hyperscaler and data center investments
10 High-quality hyperscaler and data center investments1 1 As of September 30, 2026, at estimated fair value. Moody's (October 2026 report) defines Hyperscalers as Alphabet, Amazon, Meta, Microsoft and Oracle. Fixed income includes corporates and asset based finance; real estate includes joint ventu
Slide 11: Cash & Capital
11 Holding Company Cash1 3Q25 4Q25 1Q26 2Q26 3Q26 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 periods. 3 National Ass
Slide 12: Appendix
Appendix MM MetLife
Slide 13: High quality commercial mortgage loans (CML) portfolio
13 1 As of September 30, 2026. All references to commercial mortgage loans in this earnings presentation exclude (i) commercial mortgage loans originated for third parties and (ii) commercial mortgage loans that are subject to ceded reinsurance arrangements with third parties and joint ventures. 2 A
Slide 14: Cautionary Statement on Forward-Looking Statements
14 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 15: Explanatory Note on Non-GAAP and Other Financial Information
15 Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP and Other Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss) (i) net income (loss) available to MetLife,
Slide 16: Definitions of non-GAAP and other financial measures
16 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 17: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
17 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 18: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
18 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 19: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
19 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 20: Reconciliation of Net Income to Adjusted Earnings
20 Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 3Q26 3Q25 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Inc
Slide 21: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
21 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 3Q26 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Investment Management1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 523
Slide 22: Reconciliation of Premiums, Fees and Other Revenues
22 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY25 3Q25 3Q26 (In millions) Premiums, fees and other revenues $ 57,609 $ 12,526 $ 14,056 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 256 78 143 O
Slide 23: Expense Detail and Ratios
23 Expense Detail and Ratios FY25 3Q25 3Q26 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (3,219) $ (852) $ (975) Less: Divested businesses — — — Adjusted capitalization of DAC $ (3,219) $ (852) $ (975) Reconciliati
Slide 24: Equity Details
24 Equity Details 1Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to reinsurers. 2Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife
Slide 25: MetLife
iy MetLife