MetLife : 2025 CEO Letter to Shareholders

About this update from Metlife, Inc.

A L ETTER FROM OUR Chief Executive O cer MetLife's Superior Value Proposition: Strong Growth, Attractive Returns, Lower Risk 10% 16% adjusted adjusted Earnings Per Share 1 Return on Equity 1 growth vs. 2024 11.7% $4.9B Direct Expense Ratio 2 in a 40 basis point reduction Free Cash Flow 3 vs. 2024 MetLife's Superior Value Proposition: Strong Growth, Attractive Returns, Lower Risk 10% adjusted Earnings Per Share 1 growth vs. 2024 16% adjusted Return on Equity 1 11.7% Direct Expense Ratio 2 a 40 basis point reduction vs. 2024 $4.9B in Free Cash Flow 3 DEAR FELL O W S HAREHOLDERS : In 2025, we embarked on New Frontier, a targeted five-year strategy designed to deliver a differentiated value proposition: stronger growth and attractive returns with lower risk. We identified clear strategic priorities that capitalize on our market leadership, balance sheet strength, and recurring revenue model. We set ambitious financial commitments to hold ourselves accountable. And we anchored our efforts in a belief that has defined MetLife for 158 years: purpose and performance reinforce each other. This virtuous circle creates long-term value for our shareholders, customers, people, and communities. One year into New Frontier, we've built the engine to deliver on our five-year commitments. We advanced our strategic priorities, deployed capital soundly, and operated with speed and discipline in a dynamic economic and market environment. As we look ahead, New Frontier shifts from launch to acceleration As we look ahead, New Frontier shifts from launch to acceleration. We're focused on driving high-impact execution across more than 40 global markets where we serve more than 100 million customers. And throughout, our North Star remains MetLife's purpose: Always with you, building a more confident future. New Frontier: Strengthening the Earnings Power of MetLife We entered New Frontier with broad-based business momentum, a proven track record of execution, and a diversified, all-weather platform. Our 2025 results reflect that foundation - and the early impact of New Frontier. We delivered adjusted earnings of $6.5 billion 4 , with adjusted premiums, fees, and other revenues totaling $57.4 billion. We also made significant progress toward achieving our New Frontier five-year financial commitments by generating: 10 percent adjusted earnings per share 1 growth vs. 2024, placing us on track for our double-digit target 16 percent adjusted return on equity 1 , within our target range of 15 to 17 percent 40 basis point reduction in direct expense ratio 2 to 11.7 percent, beating our 2025 target of 12.1 percent $4.9 billion in free cash flow 3 , toward our $25 billion five-year commitment This scorecard shows the powerful growth across our businesses, underpinned by MetLife's resilient recurring revenue model, where most of our earnings are generated from renewing existing business and investing assets already on our balance sheet. CEOʼS LETTER 1 When combined with our financial strength, MetLife performs as a quality compounder, generating and accruing value consistently across a range of macro environments. Durable Earnings Power That Can Deliver Across Cycles MetLife Investment Management Progress Across Our Strategic Priorities In addition to meeting our financial commitments, we're also demonstrating significant momentum Latin America EMEA 14% 6% 3% 26% Group Benefits executing on the strategic priorities that underpin New Frontier. Our performance in 2025 showcased MetLife's competitive strengths of scale and diversification, as well as our deep risk and investment management expertise. Extending Leadership in Group Benefiits Asia 25% $6.5B 4 Adjusted Earnings 2025 26% MetLife is the leading provider of group benefits in the U.S., offering life insurance, dental, disability, accident and critical illness insurance, vision coverage, and other benefits. Our customers include 95 of the top 100 Fortune 500® companies, and more than 85 percent of all Fortune 500® companies. Our scale and enduring relationships position us well to drive growth in an attractive sector with a large and growing addressable market and strong returns on equity. Employers continue to invest in benefits beyond medical coverage as they look for cost-effective ways to support their employees' health, financial security, and productivity in a pressured economic environment. We continue differentiating ourselves to support this demand. In 2026, our proprietary digital solution, My Leave Navigator, will be available to nearly 6 million employees to help them navigate their disability and absence benefits. This gives employees a clear view of the options available to them, while reducing the administrative burden on employers. Our approach is allowing us to deliver tailored advice at the right time, driving higher customer satisfaction while improving the efficiency of our operations. Against this backdrop, our Group Benefits business delivered solid growth, generating approximately $600 million of new adjusted premiums, fees, and other revenues (PFOs) in 2025. Results were driven by acquiring new customers, adding products and coverages to existing customers, and higher adoption of voluntary benefits, with voluntary PFOs up 10 percent year over year. Capitalizing on Our Unique Retirement Platfiorm MetLife's global retirement platform encompasses a diverse set of market-leading businesses. Our U.S.-based Retirement and Income Solutions segment includes defined benefit pension risk obligations, stable value products for defined contribution plans, and annuity reinsurance solutions in both the U.S. and the U.K. In Japan, we have a leading retail retirement franchise that features life insurance, annuities, and endowment solutions, which we deliver through a diversified and scaled set of distribution channels. Across these global markets, our size, financial strength, capital capacity, and investment capabilities are key competitive differentiators. The global long-term retirement opportunity is substantial, fueled by demographic shifts as more individuals reach retirement age and seek reliable ways to turn their Retirement & Income Solutions 2 CEOʼS LETTER savings into steady income. Additionally, in the U.S. and the U.K., defined benefit plan sponsors representing more than $4 trillion in pension liabilities 5 are actively looking to transfer these risks to insurers over time. In 2025, we enhanced our capital flexibility and strengthened our ability to meet the growing demand for retirement products through the launch of Chariot Re. This allows us to expand liability origination - beyond our own balance sheet capacity - by accessing third-party capital to fuel growth. In doing so, it also drives assets under management (AUM) and recurring fee income for our asset management business, MetLife Investment Management (MIM). This integrated approach translated into record results across our retirement platform in 2025. We generated more than $14 billion of pension risk transfer transactions last year and $11 billion of U.K. longevity reinsurance - both record highs - underscoring our leadership and expertise in these markets. In addition, retail Unique Capabilities Drive Superior Risk-Adjusted Returns CAPITAL ASSET MANAGEMENT LIABILITY ORIGINATION demand was strong in Japan. Favorable interest rates and increasing demand for investment products boosted sales of both foreign-currency and yen-denominated products. On a constant-currency basis, this drove an 18 percent increase in annual sales in Asia, while Asia general account AUM 6 rose 7 percent from 2024. Accelerating Growth in Asset Management It was a year of significant expansion for MIM, which provides asset management and advisory services to institutional investors worldwide, with expertise in fixed income, real estate, equity, and alternatives. MIM continued to grow organically - with $22 billion in net inflows in 2025 - while also adding meaningful scale through the acquisition of PineBridge Investments. As a top 25 asset manager 7 , MIM entered 2026 with an expanded global presence and a deeper bench of investment expertise. As a result of this growth, MIM's AUM increased to $742 billion 8 in 2025 from roughly $600 billion at the end of 2024. Last year, we also established MIM as a standalone reporting segment, increasing its visibility as an important contributor to our New Frontier strategy. MIM is capitalizing on two strong trends. We deliver specialized solutions to life insurers, pensions, sovereign wealth funds, and bank and wealth platforms that are consolidating their investments among fewer managers. And, for the growing global pool of insurance assets, MIM provides expertise across a wide range of capital and regulatory regimes, while offering access to a scaled private asset origination platform. Expanding in High Growth International Markets In key international markets, our established leadership positions and modern technology stack are enabling us to capture rapid growth. In Asia, our operations span a mix of developed and emerging markets, and we distribute life insurance, accident and health, and retirement and savings products through proprietary and third-party channels. Across these markets, low insurance penetration and a growing middle class present a significant opportunity. For example, our India operation offers a long runway for growth. We are steadily expanding our presence through our PNB MetLife joint venture, where our ownership has increased over time - from 32 percent in 2021 to nearly 50 percent in 2025 -reflecting our long-term commitment to the market. Likewise in China, we have built CEOʼS LETTER 3

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