MetLife : Quarterly Report for Quarter Ending MARCH 31, 2026 (Form 10-Q)

About this update from Metlife, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations Index to Management's Discussion and Analysis of Financial Condition and Results of Operations Page Forward-Looking Statements and Other Financial Information 91 Business Overview 91 Industry Trends 91 Summary of Critical Accounting Estimates 93 Acquisitions and Dispositions 93 Results of Operations 94 Investments 108 Derivatives 125 Liquidity and Capital Resources 126 Adopted Accounting Pronouncements 133 Future Adoption of Accounting Pronouncements 133 Non-GAAP and Other Financial Disclosures 133 Risk Management 136 Forward-Looking Statements and Other Financial Information For purposes of this discussion, "MetLife," the "Company," "we," "our" and "us" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. This discussion should be read in conjunction with MetLife, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report"), the cautionary language regarding forward-looking statements included below, the "Risk Factors" set forth in Part II, Item 1A, and the additional risk factors referred to therein, "Quantitative and Qualitative Disclosures About Market Risk" and the Company's interim condensed consolidated financial statements included elsewhere herein. This Management's Discussion and Analysis of Financial Condition and Results of Operations may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See "Note Regarding Forward-Looking Statements" for cautionary language regarding forward-looking statements. This Management's Discussion and Analysis of Financial Condition and Results of Operations includes references to our performance measures, adjusted earnings and adjusted earnings available to common shareholders, that are not based on accounting principles generally accepted in the United States of America ("GAAP"). See "- Non-GAAP and Other Financial Disclosures" for definitions and a discussion of these and other financial measures, and "- Results of Operations" and "- Investments" for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures. Business Overview MetLife is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2025, MetLife executed a reorganization to align with its strategic initiative to accelerate growth in asset management. As part of this reorganization, the Company adjusted its segment structure. MetLife Investment Management, the Company's institutional asset management business ("MIM"), which was previously reported in Corporate & Other, became a reportable segment. MetLife Holdings was removed as a reportable segment, and its business is now primarily reported in Corporate & Other. Additionally, certain products formerly reported in MetLife Holdings were moved to Group Benefits and Retirement and Income Solutions ("RIS"). These changes were applied retrospectively for all periods presented, did not have an impact on prior period consolidated net income (loss) or consolidated adjusted earnings, and are collectively referred to as the "Strategic Reorganization." As a result of the Strategic Reorganization, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; Europe, the Middle East and Africa ("EMEA"); and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See "Business - Segments and Corporate & Other" included in the 2025 Annual Report and Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company's segments and Corporate & Other and the Strategic Reorganization. Industry Trends We continue to be impacted by the changing global financial and economic environment that has been affecting the industry. Financial and Economic Environment Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, our large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors. Governments and central banks around the world use fiscal and monetary policies to address uncertain economic conditions. In the United States ("U.S."), the Federal Open Market Committee took various actions in 2025 to promote employment and combat inflation, including lowering interest rates in the second half of the year and ending the process of quantitative tightening. While rates have remained steady in 2026, labor market conditions, inflation, and financial and international developments, as well as other factors, could result in policy adjustments later this year. Other central banks have recently diverged on monetary policies, reflecting differing local economic conditions and views on the impact of the foregoing factors. We are closely monitoring these and other political and economic conditions that might contribute to global market volatility and impact our business operations, investment portfolio, value of our assets under management ("AUM"), and derivatives, such as global inflation, supply chain disruptions, acts of war, banking sector volatility and employment and work policies of the federal government. We are also monitoring the imposition of tariffs, sanctions or other barriers to international trade, changes to international trade agreements, and their potential impacts on our business, results of operations and financial condition. See "- Investments - Current Environment," as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations - Industry Trends - Impact of Market Interest Rates - Effects of Inflation" in the 2025 Annual Report. Impact of Market Interest Rates Market interest rates are a key driver of our results. Increases and decreases in such rates, as well as extended periods of stagnation, may impact our business and investments in various ways. In our institutional asset management business, interest rate movements, as well as other changes to market factors such as credit spreads and equity prices, can impact the value of the AUM on which fees are earned. For a discussion of the potential impact of low and rising interest rates, and inflation, as well as management actions taken in response to the changing U.S. interest rate environment, see "Management's Discussion and Analysis of Financial Condition and Results of Operations - Industry Trends - Impact of Market Interest Rates" and "Risk Factors - Economic Environment and Capital Markets Risks" included in the 2025 Annual Report. Competitive Pressures The life insurance and institutional asset management industries are highly competitive. See "Business - Competition," "Business - Regulation," "Risk Factors - Business Risks - We May Face Competition for Business," "Risk Factors - Economic Environment and Capital Markets Risks - We May Face Difficult Economic Conditions" and "Risk Factors - Regulatory and Legal Risks - Changes in Laws or Regulation, or in Supervisory and Enforcement Policies, May Reduce Our Profitability, Limit Our Growth, or Otherwise Adversely Affect Us" in the 2025 Annual Report. Regulatory Developments The following discussion on regulatory developments should be read in conjunction with "Business - Regulation" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Industry Trends - Regulatory Developments" included in the 2025 Annual Report, as amended or supplemented here. Standards of Conduct, ERISA, Fiduciary Considerations, and Other Pension and Retirement Regulation In 2021, the U.S. Department of Labor's ("DOL") final version of the prohibited transaction exemption ("PTE") 2020-02 went into effect, which allows investment advice fiduciaries to receive compensation without violating the Employee Retirement Income Security Act of 1974 ("ERISA"), subject to impartial conduct standards and disclosure obligations aligned with U.S. Securities and Exchange Commission rules. In the preamble to PTE 2020-02, the DOL also provided its interpretation of the five-part test used to determine whether a person is acting as an ERISA investment advice fiduciary. In April 2024, the DOL finalized and published a regulation to change the definition of "fiduciary" for purposes of ERISA and parallel provisions of the Code, when a financial professional, including an insurance producer, provides investment advice, and to amend various existing PTEs that financial professionals rely on when making recommendations. Shortly thereafter, litigation commenced challenging these changes and two federal district courts have since issued orders vacating the 2024 definition of an investment advice fiduciary and vacated the associated 2024 PTE amendments. Both of these orders were unopposed by the DOL. In light of the litigation, the DOL released a final rule vacating (i) the preamble to PTE 2020-02 (while leaving the original PTE intact) and (ii) its 2024 changes to the definition of an investment advice fiduciary as well as its associated 2024 changes to various PTEs. As a result, the DOL has officially reinstated the original 1975 five-part regulatory test defining an investment advice fiduciary. Summary of Critical Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. The most critical estimates include those used in determining: (i) future policy benefit liabilities, market risk benefits ("MRBs") and reinsurance recoverables; (ii) estimated fair values of investments in the absence of quoted market values; (iii) investment allowance for credit loss ("ACL") and impairments; (iv) estimated fair values of freestanding derivatives; (v) measurement of goodwill and related impairment; (vi) measurement of employee benefit plan liabilities; (vii) measurement of income taxes and the valuation of deferred tax assets; and (viii) liabilities for litigation and regulatory matters. In addition, the application of acquisition accounting requires the use of estimation techniques in determining the estimated fair values of assets acquired and liabilities assumed. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates. The Company's critical accounting estimates are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Summary of Critical Accounting Estimates" and Note 1 of the Notes to the Consolidated Financial Statements in the 2025 Annual Report. Acquisitions and Dispositions Acquisition of PineBridge Investments For information regarding the Company's acquisition of PineBridge Investments ("PineBridge"), a global asset manager, see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements. Results of Operations Overview In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. In conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees. See Notes 1 and 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Strategic Reorganization and the Company's segments and Corporate & Other. Reinsurance Transactions In 2025, the Company entered into a number of reinsurance agreements. See Note 9 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information on these reinsurance transactions. Key Financial Highlights • Net income available to MetLife, Inc.'s common shareholders was $1.1 billion for the three months ended March 31, 2026, compared to $879 million for the three months ended March 31, 2025. • Adjusted earnings available to common shareholders was $1.6 billion for the three months ended March 31, 2026, compared to $1.3 billion for the three months ended March 31, 2025. Consolidated Results Three Months Ended March 31, 2026 2025 (In millions) Revenues Premiums $ 12,120 $ 11,723 Universal life and investment-type product policy fees 1,343 1,229 Net investment income 5,355 4,885 Other revenues 852 687 Net investment gains (losses) (670) (387) Net derivative gains (losses) 74 432 Total revenues 19,074 18,569 Expenses Policyholder benefits and claims and policyholder dividends 11,988 11,950 Policyholder liability remeasurement (gains) losses (13) (31) Market risk benefit remeasurement (gains) losses 120 299 Interest credited to policyholder account balances 1,674 1,647 Amortization of deferred policy acquisition costs, value of business acquired and negative value of business acquired 568 519 Interest expense on debt 265 258 Other expenses, net of capitalization of deferred policy acquisition costs 2,965 2,573 Total expenses 17,567 17,215 Income (loss) before provision for income tax 1,507 1,354 Provision for income tax expense (benefit) 345 404 Net income (loss) 1,162 950 Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests (23) 5 Net income (loss) attributable to MetLife, Inc. 1,185 945 Less: Preferred stock dividends 45 66 Net income (loss) available to MetLife, Inc.'s common shareholders $ 1,140 $ 879 Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025 Net income (loss) available to MetLife, Inc.'s common shareholders - Increased $261 million primarily due to the following: Net Investment Gains (Losses) (1) - Unfavorable change of $283 million ($224 million, net of income tax): • Losses on foreign currency transactions in the current period compared to gains in the prior period • Higher impairments on real estate investments • Higher losses on sales of private equity investments Partially offset by: • Lower losses on sales of fixed maturity securities Net Derivative Gains (Losses) (2) - Unfavorable change of $358 million ($283 million, net of income tax) (3) : • The U.S. dollar strengthened against the Japanese yen in the current period compared to weakened in the prior period - unfavorable impact on the estimated fair value of sell-U.S. dollar currency forwards • Long-term swap rates increased in the current period compared to decreased in the prior period - unfavorable impact on the estimated fair value of receiver forwards and swaps • Certain key equity indexes increased more significantly in the current period than in the prior period - unfavorable impact on the estimated fair value of short futures Partially offset by: • Changes in the estimated fair value of the underlying assets - favorable impact on the estimated fair value of embedded derivatives related to funds withheld on reinsurance agreements Market Risk Benefit Remeasurement (Gains) Losses (4) - Favorable change of $179 million ($141 million, net of income tax): • U.S. long-term interest rates increased in the current period compared to decreased in the prior period Adjusted Earnings Available to Common Shareholders (5) - Favorable change of $237 million. See "- Consolidated Results - Adjusted Earnings Available to Common Shareholders." Taxes - Favorable change in effective tax rate - 23% in the current period compared to 30% in the prior period: • Current period effective tax rate on income before provision for income tax was 23% compared to the U.S. statutory rate of 21% primarily due to tax charges from: ◦ Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates ◦ U.S. state and local taxes Partially offset by tax benefits from: ◦ Non-taxable investment income ◦ Low income housing and other tax credits, partially offset by the impact of tax equity investments • Prior period effective tax rate on income before provision for income tax was 30% compared to the U.S. statutory rate of 21% primarily due to tax charges from: ◦ Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates ◦ Non-deductible losses ◦ Tax rate change in Japan Partially offset by tax benefits from: ◦ Non-taxable investment income ◦ Low income housing and other tax credits, partially offset by the impact of tax equity investments ◦ Corporate tax deduction for stock compensation __________________ (1) See "- Investments - Overview" and "- Investments - Investment Portfolio Results - Net Investment Gains (Losses)" for information regarding management of our investment portfolio. (2) See "- Derivatives - Net Derivative Gains (Losses)" for information regarding the use of derivatives to hedge market risk. (3) Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings available to common shareholders. See "- Investments - Investment Portfolio Results" for additional information. (4) See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company's MRBs. (5) See "- Non-GAAP and Other Financial Disclosures" for information regarding adjusted earnings available to common shareholders and related measures. Table of Contents Reconciliations of net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues Three Months Ended March 31, 2026 Group Benefits RIS Asia Latin America EMEA MIM Corporate & Other Total (In millions) Net income (loss) available to MetLife, Inc.'s common shareholders $ 418 $ 580 $ 2 $ 238 $ 110 $ 30 $ (238) $ 1,140 Add: Preferred stock dividends - - - - - - 45 45 Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests - - - 2 (27) - 2 (23) Net income (loss) 418 580 2 240 83 30 (191) 1,162 Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: Revenues: Net investment gains (losses) (36) (137) (283) (38) (10) (18) (148) (670) Net derivative gains (losses) 22 271 (440) 46 3 - 172 74 Premiums - - - - - - - - Universal life and investment-type product policy fees - - - - - - 25 25 Net investment income (13) 210 (169) (20) (184) - 32 (144) Other revenues - 36 - 20 - 14 37 107 Expenses: Policyholder benefits and claims and policyholder dividends - 17 74 2 - - 16 109 Policyholder liability remeasurement (gains) losses - 1 - - - - - 1 Market risk benefit remeasurement gains (losses) - (18) (1) - 1 - (102) (120) Interest credited to policyholder account balances ("PABs") - (48) 149 9 158 - (23) 245 Capitalization of deferred policy acquisition costs ("DAC") - - - - - - - - Amortization of DAC, value of business acquired ("VOBA") and negative VOBA - - - - - - (3) (3) Interest expense on debt - - - - - - - - Other expenses - (169) - 1 - (19) (76) (263) Goodwill impairment - - - - - - - - Provision for income tax (expense) benefit 6 (34) 185 (9) 5 6 11 170 Adjusted earnings $ 439 $ 451 $ 487 $ 229 $ 110 $ 47 $ (132) $ 1,631 Less: Preferred stock dividends - - - - - - 45 45 Adjusted earnings available to common shareholders $ 439 $ 451 $ 487 $ 229 $ 110 $ 47 $ (177) $ 1,586 Premiums, fees and other revenues $ 6,539 $ 2,426 $ 1,738 $ 1,917 $ 797 $ 328 $ 570 $ 14,315 Less: adjustments to premiums, fees and other revenues - 36 - 20 - 14 62 132 Adjusted premiums, fees and other revenues $ 6,539 $ 2,390 $ 1,738 $ 1,897 $ 797 $ 314 $ 508 $ 14,183 Table of Contents Three Months Ended March 31, 2025 Group Benefits RIS Asia Latin America EMEA MIM Corporate & Other Total (In millions) Net income (loss) available to MetLife, Inc.'s common shareholders $ 291 $ 109 $ 489 $ 228 $ 75 $ (1) $ (312) $ 879 Add: Preferred stock dividends - - - - - - 66 66 Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests - - - 2 1 - 2 5 Net income (loss) 291 109 489 230 76 (1) (244) 950 Less: adjustments from net income (loss) to adjusted earnings available to common shareholders: Revenues: Net investment gains (losses) (27) (213) 34 3 (3) (35) (146) (387) Net derivative gains (losses) (58) (59) 170 158 (11) - 232 432 Premiums 4 - - - - - - 4 Universal life and investment-type product policy fees - - - - - - - - Net investment income (14) 2 (137) (42) (96) - (41) (328) Other revenues - (19) - - - - 40 21 Expenses: Policyholder benefits and claims and policyholder dividends (1) (24) 44 (67) - - 16 (32) Policyholder liability remeasurement (gains) losses - - - - - - - - Market risk benefit remeasurement gains (losses) - (29) (1) - 1 - (270) (299) Interest credited to PABs - - 142 (41) 96 - (27) 170 Capitalization of DAC - - - - - - - - Amortization of DAC, VOBA and negative VOBA - - - - - - - - Interest expense on debt - - - - - - - - Other expenses (3) (35) - 2 (1) (4) (28) (69) Goodwill impairment - - - - - - - - Provision for income tax (expense) benefit 20 80 (135) (2) 7 10 43 23 Adjusted earnings $ 370 $ 406 $ 372 $ 219 $ 83 $ 28 $ (63) $ 1,415 Less: Preferred stock dividends - - - - - - 66 66 Adjusted earnings available to common shareholders $ 370 $ 406 $ 372 $ 219 $ 83 $ 28 $ (129) $ 1,349 Adjusted earnings available to common shareholders on a constant currency basis (1) $ 370 $ 406 $ 372 $ 251 $ 86 $ 28 $ (129) $ 1,384 Premiums, fees and other revenues $ 6,434 $ 2,438 $ 1,681 $ 1,513 $ 668 $ 218 $ 687 $ 13,639 Less: adjustments to premiums, fees and other revenues 4 (19) - - - - 40 25 Adjusted premiums, fees and other revenues $ 6,430 $ 2,457 $ 1,681 $ 1,513 $ 668 $ 218 $ 647 $ 13,614 Adjusted premiums, fees and other revenues on a constant currency basis (1) $ 6,430 $ 2,457 $ 1,662 $ 1,704 $ 695 $ 218 $ 647 $ 13,813 __________________ (1) Amounts for Group Benefits, RIS, MIM and Corporate & Other are shown on a reported basis, as constant currency impact is not significant. Table of Contents Consolidated Results - Adjusted Earnings Available to Common Shareholders Business Overview . Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $569 million, or 4%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $370 million, or 3%, compared to the prior period, primarily due to strong sales and solid persistency in the Latin America segment, growth in both voluntary and core products in the Group Benefits segment, growth across the region in the EMEA segment, and the PineBridge acquisition that was completed in December 2025 in the MIM segment, partially offset by a decline in Corporate & Other from business run-off. Three Months Ended March 31, 2026 2025 (In millions) Group Benefits $ 439 $ 370 RIS 451 406 Asia 487 372 Latin America 229 219 EMEA 110 83 MIM 47 28 Corporate & Other (177) (129) Adjusted earnings available to common shareholders $ 1,586 $ 1,349 Adjusted earnings available to common shareholders on a constant currency basis $ 1,586 $ 1,384 Adjusted premiums, fees and other revenues $ 14,183 $ 13,614 Adjusted premiums, fees and other revenues on a constant currency basis $ 14,183 $ 13,813 Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025 Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items. Adjusted Earnings Available to Common Shareholders - Increased $237 million on a reported basis, primarily due to the following business drivers: Foreign Currency - Increased adjusted earnings available to common shareholders by $35 million, primarily in the Latin America segment Strategic Transactions - Decreased adjusted earnings available to common shareholders by $33 million, primarily as a result of reinsurance transactions in Corporate & Other that closed in December 2025 Market Factors - Increased adjusted earnings available to common shareholders by $102 million: • Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds Partially offset by: • Interest credited expenses increased - higher average interest crediting rates on investment-type and certain insurance products in the Asia segment, partially offset by lower average interest crediting rates on investment-type products in the Latin America segment Volume Growth - Increased adjusted earnings available to common shareholders by $70 million: • Higher average invested assets, primarily in the Asia and Latin America segments • Higher sales and business growth in the EMEA, Asia and Group Benefits segments Table of Contents Partially offset by: • Increase in interest credited expenses on investment-type and certain insurance products, primarily in the Asia segment Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $40 million: • Favorable mortality results, primarily in the Group Benefits segment Largely offset by: • Unfavorable change from refinements to certain insurance liabilities in both periods • Unfavorable morbidity results, primarily in the Group Benefits segment Table of Contents Segment Results and Corporate & Other Group Benefits Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $109 million, or 2%, compared to the prior period, primarily driven by growth in both voluntary and core products, partially offset by a decrease in premiums related to our participating contracts, which can fluctuate with claims experience. Three Months Ended March 31, 2026 2025 (In millions) Adjusted earnings $ 439 $ 370 Adjusted premiums, fees and other revenues $ 6,539 $ 6,430 Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025 Unless otherwise stated, all amounts discussed below are net of income tax. Adjusted Earnings - Increased $69 million primarily due to the following business drivers: Volume Growth - Increased adjusted earnings by $15 million: • Growth in both voluntary and core products Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $42 million: • Favorable mortality - primarily due to favorable prior period development, as well as lower claims incidence and severity in the life business in the current period Partially offset by: • Unfavorable morbidity - primarily due to higher claims incidence and severity in the disability business and unfavorable prior period development in the accident & health business, partially offset by favorable rate actions within the dental business • Unfavorable change from refinements to certain insurance liabilities in the prior period Expenses - Increased adjusted earnings by $15 million: • Higher commissions and direct expenses, partially offset by lower legal plan utilization, were more than offset by a corresponding increase in adjusted premiums, fees and other revenues Table of Contents Retirement & Income Solutions Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 decreased $67 million, or 3%, compared to the prior period. The decrease was primarily due to lower premiums from our pension risk transfer business, substantially offset by growth in our United Kingdom ("U.K.") funded reinsurance, U.K. longevity reinsurance, postretirement benefit, and structured settlement businesses. Changes in premiums were largely offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance. Three Months Ended March 31, 2026 2025 (In millions) Adjusted earnings $ 451 $ 406 Adjusted premiums, fees and other revenues $ 2,390 $ 2,457 Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025 Unless otherwise stated, all amounts discussed below are net of income tax. Adjusted Earnings - Increased $45 million primarily due to the following business drivers: Market Factors - Increased adjusted earnings by $34 million: • Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds • Recurring investment income increased - positive flows from pension risk transfer transactions and funding agreement issuances, higher yields on fixed income securities and higher income on real estate investments, partially offset by the impact from a reinsurance transaction Partially offset by: • Interest credited expenses increased - growth in certain insurance products and investment-type products, partially offset by the impact from a reinsurance transaction and lower average interest crediting rates on investment-type products Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $11 million: • Favorable mortality - mainly in pension risk transfer and benefit funding solutions businesses Table of Contents Asia Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $57 million, or 3%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $76 million, or 5%, compared to the prior period, as increases in premiums in life products in Korea and Australia, and higher fee income from Japan's yen-denominated life and foreign currency annuity products, were partially offset by lower fee income from Japan's foreign currency-denominated life products. Three Months Ended March 31, 2026 2025 (In millions) Adjusted earnings $ 487 $ 372 Adjusted earnings on a constant currency basis $ 487 $ 372 Adjusted premiums, fees and other revenues $ 1,738 $ 1,681 Adjusted premiums, fees and other revenues on a constant currency basis $ 1,738 $ 1,662 Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025 Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items. Adjusted Earnings - Increased $115 million on a reported basis, primarily due to the following business drivers: Foreign Currency - No change to adjusted earnings Market Factors - Increased adjusted earnings by $ 81 million: • Variable investment income increased - higher returns on private equity funds • Recurring investment income increased - higher yields on fixed income securities Partially offset by: • Interest credited expenses increased - higher average interest crediting rates on investment-type and certain insurance products Volume Growth - Increased adjusted earnings by $ 19 million: • Higher sales and business growth across the region, driven by higher fee income and higher positive net flows, which resulted in higher average invested assets Largely offset by: • Increase in interest credited expenses on investment-type and certain insurance products Expenses - Increased adjusted earnings by $ 12 million: • Lower direct expenses Table of Contents Latin America Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $384 million, or 25%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $193 million, or 11%, compared to the prior period, mainly driven by strong sales and solid persistency across the region. Three Months Ended March 31, 2026 2025 (In millions) Adjusted earnings $ 229 $ 219 Adjusted earnings on a constant currency basis $ 229 $ 251 Adjusted premiums, fees and other revenues $ 1,897 $ 1,513 Adjusted premiums, fees and other revenues on a constant currency basis $ 1,897 $ 1,704 Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025 Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items. Adjusted Earnings - Increased $10 million on a reported basis, primarily due to the following business drivers: Foreign Currency - Increased adjusted earnings by $32 million • Mexican and Chilean peso strengthened against the U.S. dollar Market Factors - Decreased adjusted earnings by $14 million: • Recurring investment income decreased - lower yields on fixed income securities and lower returns on our Chilean encaje within fair value option ("FVO") securities, driven by a decrease in bond index returns • Other revenues decreased - settlement of foreign currency hedges Largely offset by: • Interest credited expenses decreased - lower average interest crediting rates on investment-type products Volume Growth - Increased adjusted earnings by $14 million: • Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets • Higher sales and higher average invested assets primarily in Mexico Partially offset by: • Increase in interest credited expenses on investment-type and certain insurance products Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $11 million: • Unfavorable impact related to higher value-added tax in Mexico Partially offset by: • Favorable mortality - lower claim experience and higher fees primarily in Mexico Expenses - Increased adjusted earnings by $5 million: • An increase in adjusted premiums, fees and other revenues combined with a favorable change in certain other expenses, primarily in Mexico and Brazil Taxes - Decreased adjusted earnings by $15 million: • Income tax refund in Chile in the prior period • Tax adjustments in both periods - recurring tax item related to inflation primarily in Chile Table of Contents EMEA Business Overview. Adjusted premiums, fees and other revenues for the three months ended March 31, 2026 increased $129 million, or 19%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $102 million, or 15%, compared to the prior period primarily due to increases in our (i) accident & health, variable life and ordinary life businesses across the region, (ii) corporate solutions business in the U.K., the Gulf and Egypt, and (iii) credit life and pension businesses in Turkey and Romania. Three Months Ended March 31, 2026 2025 (In millions) Adjusted earnings $ 110 $ 83 Adjusted earnings on a constant currency basis $ 110 $ 86 Adjusted premiums, fees and other revenues $ 797 $ 668 Adjusted premiums, fees and other revenues on a constant currency basis $ 797 $ 695 Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025 Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items. Adjusted Earnings - Increased $27 million on a reported basis, primarily due to the following business drivers: Foreign Currency - Increased adjusted earnings by $3 million: • Euro and British pound strengthened against the U.S. dollar Largely offset by: • Turkish lira weakened against the U.S. dollar Market Factors - Increased adjusted earnings by $5 million: • Recurring investment income increased - higher yields on fixed income securities Volume Growth - Increased adjusted earnings by $24 million: • Increase in sales and business growth: ◦ Accident & health, variable life and ordinary life businesses across the region ◦ Credit life and pension businesses in Turkey and Romania ◦ Corporate solutions business in the Gulf and Egypt Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $11 million: • Unfavorable underwriting experience across the region Partially offset by: • Favorable change from refinements to certain insurance liabilities in the current period Expenses - Increased adjusted earnings by $2 million: • An increase in adjusted premiums, fees and other revenues exceeded the corresponding increase in expenses Table of Contents MetLife Investment Management Business Overview . Other revenues for the three months ended March 31, 2026 increased $96 million, or 44%, compared to the prior period, primarily as a result of the PineBridge acquisition that was completed in December 2025, which increased Institutional Client AUM. Organic business growth across public fixed income and private fixed income also contributed to the increase in Institutional Client revenues. Three Months Ended March 31, 2026 2025 (In millions) Adjusted earnings $ 47 $ 28 Other revenues by client segment: Institutional Client $ 172 $ 77 General Account 142 141 Other revenues $ 314 $ 218 Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025 Unless otherwise stated, all amounts discussed below are net of income tax. Adjusted Earnings - Increased $19 million primarily due to the following business drivers: Volume Growth • PineBridge acquisition that was completed in December 2025 • Higher Institutional Client revenues - higher Institutional Client AUM from organic business growth across public fixed income and private fixed income Operating Margin Expansion • Primarily due to expense management Table of Contents Corporate & Other Three Months Ended March 31, 2026 2025 (In millions) Adjusted earnings available to common shareholders $ (177) $ (129) Adjusted premiums, fees and other revenues $ 508 $ 647 Three Months Ended March 31, 2026 Compared with the Three Months Ended March 31, 2025 Unless otherwise stated, all amounts discussed below are net of income tax. Adjusted Earnings Available to Common Shareholders - Decreased $48 million primarily due to the following business drivers: Strategic Transactions - Decreased adjusted earnings available to common shareholders by $33 million as a result of reinsurance transactions that closed in December 2025 Market Factors - Decreased adjusted earnings available to common shareholders by $1 million: • Recurring investment income decreased - lower average invested assets due to business run-off, lower returns on FVO securities and lower yields on fixed income securities Largely offset by: • Variable investment income increased - higher returns on private equity funds, partially offset by lower returns on real estate funds Volume Growth - Decreased adjusted earnings available to common shareholders by $6 million: • Decline due to business run-off Underwriting and Other Insurance Adjustments - Increased adjusted earnings available to common shareholders by $4 million: • Lower dividend expense due to business run-off Substantially offset by: • Unfavorable claims experience in our long-term care business • Unfavorable reserve refinements in the current period Interest Expense on Debt - Decreased adjusted earnings available to common shareholders by $5 million: • Subordinated debt securities issuances in March 2025 and February 2026 • Senior note issuances in June 2025 Partially offset by: • Senior note repayments at maturity in March 2025 and November 2025 • Decreased interest expense on surplus notes Other Expenses - Decreased adjusted earnings available to common shareholders by $29 million: • Higher corporate-related and employee-related expenses Partially offset by: • Lower expenses consistent with business run-off Preferred Stock Dividends - Increased adjusted earnings available to common shareholders by $21 million: • Redemption of Series G preferred stock in September 2025 Table of Contents Investments Overview We maintain a diversified global general account investment portfolio to support our mix of liabilities in our global businesses. We position our portfolio based on relative value and our view of the economy and financial markets. We maintain our focus on the appropriate level of diversification and asset quality. We manage our investment portfolio using disciplined asset/liability management ("ALM") principles, focusing on cash flow and duration to support our current and future liabilities. Our intent is to match the timing and amount of liability cash outflows with invested assets that have cash inflows of comparable timing and amount, while optimizing risk-adjusted investment income and risk-adjusted total return. Our investment portfolio is heavily weighted toward fixed income investments, with most of our portfolio invested in fixed maturity securities available-for-sale ("AFS") and mortgage loans. These securities and loans have varying maturities and other characteristics which cause them to be generally well suited for matching the cash flow and duration of insurance liabilities. Invested Assets and Cash and Cash Equivalents Subject to Ceded Reinsurance The Company maintains invested assets and cash and cash equivalents that are subject to ceded reinsurance arrangements with third parties and joint ventures. "Reinsurance activity" relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. Reinsurance activity, unless otherwise stated, has been excluded from the amounts within the Investments section of Management's Discussion and Analysis of Financial Condition and Results of Operations. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements and Note 9 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for more information about Reinsurance activity and reinsurance, respectively. Table of Contents The following table presents the carrying value of invested assets and cash and cash equivalents subject to ceded reinsurance at: March 31, 2026 December 31, 2025 (In millions) Fixed maturity securities AFS: U.S. corporate $ 5,692 $ 4,911 Foreign corporate 2,331 2,329 Foreign government 798 720 Residential mortgage-backed securities ("RMBS") 2,438 2,987 Asset-backed securities and collateralized loan obligations (collectively, "ABS & CLO") 2,795 2,139 Commercial mortgage-backed securities ("CMBS") 740 812 Municipals 468 486 U.S. government and agency 2,745 3,816 Total fixed maturity securities AFS 18,007 18,200 Equity securities 123 105 Mortgage loans: Agricultural 897 910 Commercial 792 829 Residential 821 720 Total mortgage loans 2,510 2,459 Policy loans 358 - Real estate and real estate joint ventures ("REJVs") 80 9 Other limited partnership interests ("OLPI") 309 205 Other invested assets - derivatives 124 25 Other invested assets - other 109 114 Short-term investments, cash and cash equivalents 1,029 1,314 Total invested assets and cash and cash equivalents subject to ceded reinsurance $ 22,649 $ 22,431 Mortgage Loans Originated for Third Parties The Company originates and acquires mortgage loans and, in certain cases, transfers proportional rights to cash flows from certain mortgage loans to third parties under participation agreements, which are recorded as secured borrowings. "Third-party mortgage loan activity" relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. Third-party mortgage loan activity, unless otherwise stated, has been excluded from the amounts within the Investments section of Management's Discussion and Analysis of Financial Condition and Results of Operations. The following table presents the information of mortgage loan assets originated and acquired and transferred to third parties: March 31, 2026 December 31, 2025 Portfolio Segment Carrying Value (In millions) Commercial $ 5,570 $ 6,017 Agricultural 356 350 Total mortgage loan assets originated and acquired and transferred to third parties $ 5,926 $ 6,367 Table of Contents Current Environment As a global financial services company, we continue to be impacted by the changing global financial and economic environment, the fiscal and monetary policy of governments and central banks around the world and other governmental measures. Global inflation, supply chain disruptions and acts of war continue to impact the global economy and financial markets and have caused volatility in the global equity, credit and real estate markets. See "- Industry Trends - Financial and Economic Environment" for further information regarding conditions in the global financial markets and the economy generally which may affect us. These factors may persist for some time and may continue to impact pricing levels of risk-bearing investments, as well as our business operations, investment portfolio and derivatives. See "- Results of Operations - Consolidated Results" and "- Results of Operations - Consolidated Results - Adjusted Earnings Available to Common Shareholders" for impacts on our derivatives and analysis of the period over period changes in investment portfolio results and "Investments - Fixed Maturity Securities AFS - Evaluation of Fixed Maturity Securities AFS for Credit Loss - Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position" in Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for impacts on the net unrealized gain (loss) on our fixed maturity securities AFS. Selected Country Investments We have a market presence in numerous countries and, therefore, our investment portfolio, which supports our insurance operations and related policyholder liabilities, as well as our global portfolio diversification objectives, is exposed to risks posed by local political and economic conditions. The countries included in the following table have been the most affected by these risks. The table below presents a summary of selected country fixed maturity securities AFS, at estimated fair value, on a "country of risk basis" (i.e., where the issuer primarily conducts business). Selected Country Fixed Maturity Securities AFS at March 31, 2026 Country Sovereign (1) Non-Financial Services Total (2) (Dollars in millions) Ukraine $ 18 $ 2 $ 20 Russian Federation 14 - 14 Total $ 32 $ 2 $ 34 Investment grade % - % - % - % __________________ (1) Sovereign includes government and agency. (2) The par value and amortized cost, net of ACL, of these securities were $66 million and $35 million, respectively, at March 31, 2026. We manage direct and indirect investment exposure in the selected countries through fundamental analysis and we continually monitor and adjust our level of investment exposure. We do not e xpect that our general account investments in these countries will have a material adverse effect on our results of operations or financial condition. Investment Portfolio Results See "- Overview" for a discussion of our investment portfolio and a summary of how we manage our investment portfolio. Below is a reconciliation of net investment income under GAAP to adjusted net investment income and our yield table. The yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Table of Contents Reconciliation of Net Investment Income under GAAP to Adjusted Net Investment Income Three Months Ended March 31, 2026 2025 (In millions) Net investment income - GAAP $ 5,355 $ 4,885 Investment hedge adjustments 84 103 Unit-linked investment income 318 227 Reinsurance activity (301) (43) Depreciation of wholly-owned real estate and REJVs 61 Other (18) 41 Adjusted net investment income (1) $ 5,499 $ 5,213 __________________ (1) See "Financial Measure and Segment Accounting Policies" in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of the adjustments made to net investment income under GAAP in calculating adjusted net investment income. Yield Table Three Months Ended March 31, 2026 2025 Asset Class Yield % (1) Amount Yield % (1) Amount (Dollars in millions) Fixed maturity securities (2), (3) 4.50 % $ 3,491 4.36 % $ 3,259 Mortgage loans (3) 5.19 979 5.21 1,056 Real estate and REJVs 3.64 120 4.01 134 Policy loans 5.67 109 5.38 107 Equity securities 4.36 6 6.16 9 OLPI 11.75 436 6.22 222 Cash and short-term investments 4.04 206 4.42 224 Other invested assets - 341 - 365 Investment income 5.03 5,688 4.82 5,376 Investment fees and expenses (0.17) (189) (0.15) (162) Net investment income including divested businesses (4) 4.86 % 5,499 4.67 % 5,214 Less: net investment income from divested businesses (4) - 1 Adjusted net investment income $ 5,499 $ 5,213 __________________ (1) We calculate annualized yields using adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), Third-party mortgage loan activity, Reinsurance activity collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, contractholder-directed equity securities and FVO securities held by collateralized financing entities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. (2) Fixed maturity securities in the yield table includes FVO securities; accordingly, investment income (loss) from fixed maturity securities includes amounts from FVO securities of ($30) million and ($20) million for the three months ended March 31, 2026 and 2025, respectively. Asset carrying values of FVO securities are included in the calculation of average quarterly fixed maturity securities asset carrying values in the yield calculation. (3) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. Table of Contents (4) See "Financial Measure and Segment Accounting Policies" in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for discussion of divested businesses. See "- Results of Operations - Consolidated Results - Adjusted Earnings Available to Common Shareholders" for an analysis of the period over period changes in investment portfolio results. Net Investment Gains (Losses) We purchase investments to support our insurance liabilities and not to generate net investment gains and losses. However, net investment gains and losses are incurred and can change significantly from period to period due to changes in external influences, including changes in market factors such as interest rates, foreign currency exchange rates, credit spreads and equity markets; counterparty specific factors such as financial performance, credit rating and collateral valuation; and internal factors such as portfolio rebalancing. Changes in these factors from period to period can significantly impact the levels of provision for credit loss and impairments on our investment portfolio, as well as realized gains and losses on investments sold. See "- Results of Operations - Consolidated Results" for an analysis of the period-over-period changes in realized gains (losses) on investments sold, provision (release) for credit loss and impairments and non-investment portfolio gains (losses). Fixed Maturity Securities AFS and Equity Securities The following table presents public and private fixed maturity securities AFS and equity securities held at: March 31, 2026 December 31, 2025 Securities by Type Estimated Fair Value % of Total Estimated Fair Value % of Total (Dollars in millions) Fixed maturity securities AFS Publicly traded $ 213,071 71.5 % $ 213,182 71.6 % Privately-placed 85,032 28.5 84,549 28.4 Total fixed maturity securities AFS, excluding Reinsurance activity $ 298,103 100.0 % $ 297,731 100.0 % Reinsurance activity 18,007 18,200 Total fixed maturity securities AFS $ 316,110 $ 315,931 Percentage of cash and invested assets, excluding Reinsurance activity 63.0 % 63.1 % Equity securities Publicly traded $ 580 72.1 % $ 543 72.1 % Privately-held 224 27.9 210 27.9 Total equity securities, excluding Reinsurance activity $ 804 100.0 % $ 753 100.0 % Reinsurance activity 123 105 Total equity securities $ 927 $ 858 Percentage of cash and invested assets, excluding Reinsurance activity 0.2 % 0.2 % See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities, continuous gross unrealized losses and equity securities by security type and the related cost, net unrealized gains (losses) and estimated fair value of these securities; as well as realized gains (losses) on sales and disposals and unrealized net gains (losses) recognized in earnings. Included within fixed maturity securities AFS are structured securities, including RMBS, ABS & CLO, and CMBS (collectively, "Structured Products"). See "- Structured Products" for further information. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Investments - Fixed Maturity Securities AFS and Equity Securities - Valuation of Securities" included in the 2025 Annual Report for further information on the processes used to value securities and the related controls. Table of Contents Fair Value of Fixed Maturity Securities AFS and Equity Securities Fixed maturity securities AFS and equity securities measured at estimated fair value on a recurring basis and their corresponding fair value pricing sources were as follows: March 31, 2026 Level Fixed Maturity Securities AFS Equity Securities (Dollars in millions) Level 1 Quoted prices in active markets for identical assets $ 14,782 5.0 % $ 436 54.2 % Level 2 Independent pricing sources $ 250,749 84.1 % $ 140 17.4 % Internal matrix pricing or discounted cash flow techniques - - 3 0.4 Significant other observable inputs $ 250,749 84.1 % $ 143 17.8 % Level 3 Independent pricing sources $ 31,098 10.4 % $ 108 13.4 % Internal matrix pricing or discounted cash flow techniques 1,055 0.4 110 13.7 Independent broker quotations 419 0.1 7 0.9 Significant unobservable inputs $ 32,572 10.9 % $ 225 28.0 % Total fixed maturity securities AFS and equity securities at estimated fair value, excluding Reinsurance activity $ 298,103 100.0 % $ 804 100.0 % Reinsurance activity 18,007 123 Total fixed maturity securities AFS and equity securities at estimated fair value $ 316,110 $ 927 See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for the fixed maturity securities AFS and equity securities fair value hierarchy; a rollforward of the fair value measurements for securities measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs; transfers into and/or out of Level 3; and further information about the valuation approaches and inputs by level by major classes of invested assets that affect the amounts reported above. The majority of the Level 3 fixed maturity securities AFS and equity securities were concentrated in four sectors at March 31, 2026: foreign corporate securities, U.S. corporate securities, RMBS and ABS & CLO. During the three months ended March 31, 2026, Level 3 fixed maturity securities AFS increased by $1.3 billion, or 4.2%. The increase was driven by purchases in excess of sales, offset by transfers out of Level 3 in excess of transfers into Level 3 and a decrease in estimated fair value recognized in other comprehensive income (loss). See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Investments - Fixed Maturity Securities AFS and Equity Securities - Valuation of Securities" included in the 2025 Annual Report for further information on the estimates and assumptions that affect the amounts reported above. Fixed Maturity Securities AFS See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities and continuous gross unrealized losses. Fixed Maturity Securities AFS Credit Quality - Ratings See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Investments - Fixed Maturity Securities AFS and Equity Securities - Fixed Maturity Securities AFS Credit Quality - Ratings" included in the 2025 Annual Report for a discussion of the credit quality ratings assigned by Nationally Recognized Statistical Rating Organizations ("NRSRO"), credit quality designations and designation categories assigned by the Securities Valuation Office of the National Association of Insurance Commissioners ("NAIC") for fixed maturity securities AFS and modeling methodologies adopted by the NAIC for non-agency RMBS and CMBS that estimate security level expected losses under a variety of economic scenarios. Table of Contents NRSRO ratings and NAIC designations are as of the dates shown below. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings. The following table presents total fixed maturity securities AFS by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. March 31, 2026 December 31, 2025 NRSRO Rating NAIC Designation Amortized Cost net of ACL Unrealized Gains (Losses) Estimated Fair Value % of Total Amortized Cost net of ACL Unrealized Gains (Losses) Estimated Fair Value % of Total (Dollars in millions) Aaa/Aa/A 1 $ 226,323 $ (21,960) $ 204,363 68.6 % $ 222,728 $ (18,870) $ 203,858 68.5 % Baa 2 84,700 (2,739) 81,961 27.5 83,314 (1,437) 81,877 27.5 Subtotal investment grade 311,023 (24,699) 286,324 96.1 306,042 (20,307) 285,735 96.0 Ba 3 8,176 (73) 8,103 2.7 8,212 61 8,273 2.8 B 4 3,342 (91) 3,251 1.1 3,460 (81) 3,379 1.1 Caa and lower 5 299 - 299 0.1 284 (35) 249 0.1 In or near default 6 146 (20) 126 - 110 (15) 95 - Subtotal below investment grade 11,963 (184) 11,779 3.9 12,066 (70) 11,996 4.0 Total fixed maturity securities AFS, excluding Reinsurance activity $ 322,986 $ (24,883) $ 298,103 100.0 % $ 318,108 $ (20,377) $ 297,731 100.0 % Reinsurance activity 18,932 (925) 18,007 18,844 (644) 18,200 Total fixed maturity securities AFS $ 341,918 $ (25,808) $ 316,110 $ 336,952 $ (21,021) $ 315,931 Table of Contents The following tables present total fixed maturity securities AFS, at estimated fair value, by sector and by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. Fixed Maturity Securities AFS - by Sector & Credit Quality Rating NRSRO Rating Aaa/Aa/A Baa Ba B Caa and Lower In or Near Default Total Estimated Fair Value NAIC Designation 1 2 3 4 5 6 (Dollars in millions) March 31, 2026 U.S. corporate $ 43,934 $ 34,859 $ 2,951 $ 1,364 $ 128 $ 43 $ 83,279 Foreign corporate 19,541 34,758 2,849 439 91 49 57,727 RMBS 41,655 1,312 122 19 3 4 43,115 Foreign government 28,715 7,163 1,896 1,424 32 19 39,249 U.S. government and agency 32,889 315 - - - - 33,204 ABS & CLO 18,882 3,059 261 5 32 2 22,241 Municipals 9,941 398 24 - - - 10,363 CMBS 8,806 97 - - 13 9 8,925 Total fixed maturity securities AFS, excluding Reinsurance activity $ 204,363 $ 81,961 $ 8,103 $ 3,251 $ 299 $ 126 $ 298,103 Percentage of total 68.6 % 27.5 % 2.7 % 1.1 % 0.1 % - % 100.0 % Reinsurance activity 12,264 5,404 258 23 53 5 18,007 Total fixed maturity securities AFS $ 216,627 $ 87,365 $ 8,361 $ 3,274 $ 352 $ 131 $ 316,110 December 31, 2025 U.S. corporate $ 43,731 $ 34,802 $ 2,930 $ 1,451 $ 88 $ 46 $ 83,048 Foreign corporate 19,541 35,132 3,038 470 71 8 58,260 RMBS 40,736 1,502 166 19 4 4 42,431 Foreign government 30,069 6,679 1,828 1,398 34 20 40,028 U.S. government and agency 33,387 319 - - - - 33,706 ABS & CLO 17,455 2,944 285 41 31 1 20,757 Municipals 10,161 392 26 - - - 10,579 CMBS 8,778 107 - - 21 16 8,922 Total fixed maturity securities AFS, excluding Reinsurance activity $ 203,858 $ 81,877 $ 8,273 $ 3,379 $ 249 $ 95 $ 297,731 Percentage of total 68.5 % 27.5 % 2.8 % 1.1 % 0.1 % - % 100.0 % Reinsurance activity 13,134 4,684 206 96 80 - 18,200 Total fixed maturity securities AFS $ 216,992 $ 86,561 $ 8,479 $ 3,475 $ 329 $ 95 $ 315,931 Table of Contents U.S. and Foreign Corporate Fixed Maturity Securities AFS We maintain a broadly diversified portfolio of corporate fixed maturity securities AFS across many industries and issuers. This portfolio did not have any exposure to any single issuer in excess of 1% of total investments at either March 31, 2026 or December 31, 2025. The top 10 holdings comprised 1% of total investments at both March 31, 2026 and December 31, 2025. The table below presents our U.S. and foreign corporate securities portfolios by industry at: March 31, 2026 December 31, 2025 Industry Estimated Fair Value % of Total Estimated Fair Value % of Total (Dollars in millions) Finance $ 32,979 23.4 % $ 33,265 23.5 % Consumer (cyclical and non-cyclical) 28,291 20.1 28,297 20.0 Utility 26,837 19.0 26,853 19.0 Industrial (basic, capital goods and other) 14,700 10.4 15,085 10.7 Transportation 13,486 9.6 13,572 9.6 Communications 9,618 6.8 9,651 6.8 Energy 8,414 6.0 8,160 5.8 Technology 5,073 3.6 4,907 3.5 Other 1,608 1.1 1,518 1.1 Total U.S. and foreign corporate fixed maturity securities AFS, excluding Reinsurance activity $ 141,006 100.0 % $ 141,308 100.0 % Reinsurance activity 8,022 7,240 Total U.S. and foreign corporate fixed maturity securities AFS $ 149,028 $ 148,548 Structured Products Our investments in Structured Products are collateralized by residential mortgages, commercial mortgages, bank loans and other assets. Our investment selection criteria and monitoring include review of credit ratings, characteristics of the assets underlying the securities, borrower characteristics and the level of credit enhancement. We held $74.3 billion and $72.1 billion of Structured Products at estimated fair value, at March 31, 2026 and December 31, 2025, respectively, as presented in the RMBS, ABS & CLO, and CMBS sections below. Table of Contents RMBS Our RMBS portfolio is broadly diversified by security type and risk profile. The following table presents our RMBS portfolio by security type, risk profile and ratings profile at: March 31, 2026 December 31, 2025 Estimated Fair Value % of Total Net Unrealized Gains (Losses) Estimated Fair Value % of Total Net Unrealized Gains (Losses) (Dollars in millions) Security type Collateralized mortgage obligations $ 26,118 60.6 % $ (646) $ 25,704 60.6 % $ (468) Pass-through mortgage-backed securities 16,997 39.4 (763) 16,727 39.4 (669) Total RMBS, excluding Reinsurance activity $ 43,115 100.0 % $ (1,409) $ 42,431 100.0 % $ (1,137) Reinsurance activity 2,438 (36) 2,987 (11) Total RMBS $ 45,553 $ (1,445) $ 45,418 $ (1,148) Risk profile Agency $ 27,027 62.7 % $ (1,187) $ 27,064 63.8 % $ (972) Non-Agency Prime and prime investor 8,856 20.5 (165) 8,303 19.6 (119) Nonqualified residential mortgage ("NQM") and alternative residential mortgage loans ("Alt-A") 1,896 4.4 11 1,780 4.2 11 Reperforming and sub-prime 3,279 7.6 (70) 3,355 7.9 (67) Other (1) 2,057 4.8 2 1,929 4.5 10 Subtotal Non-Agency 16,088 37.3 % (222) 15,367 36.2 % (165) Total RMBS, excluding Reinsurance activity $ 43,115 100.0 % $ (1,409) $ 42,431 100.0 % $ (1,137) Reinsurance activity 2,438 (36) 2,987 (11) Total RMBS $ 45,553 $ (1,445) $ 45,418 $ (1,148) Ratings profile Rated Aaa and Aa $ 38,438 89.2 % $ 37,374 88.1 % Designated NAIC 1 $ 41,655 96.6 % $ 40,736 96.0 % __________________ (1) Other Non-Agency RMBS are broadly diversified across several subsectors and issuers, including securities collateralized by the following mortgage loan types: single family rental, early buyout securitization and small business commercial. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Investments - Fixed Maturity Securities AFS and Equity Securities - Structured Products - RMBS" included in the 2025 Annual Report for further information about collateralized mortgage obligations and pass-through mortgage-backed securities, as well as agency, prime, prime investor, NQM, Alt-A, reperforming and sub-prime mortgage-backed securities. We manage our exposure to reperforming and sub-prime RMBS holdings by focusing primarily on senior tranche securities, stress testing the portfolio with severe loss assumptions and closely monitoring the performance of the portfolio. Our reperforming RMBS are generally newer vintage securities and higher quality at purchase, and most are investment grade under NAIC designations (e.g., NAIC 1 and NAIC 2). Our sub-prime RMBS portfolio consists predominantly of securities that were purchased at significant discounts to par value and discounts to the expected principal recovery value of these securities, and most are investment grade under NAIC designations. Table of Contents ABS & CLO Our non-mortgage loan-backed structured securities are comprised of two broad categories of securitizations: ABS and CLO. These portfolios are broadly diversified by collateral type and issuer. The following table presents our ABS & CLO portfolios by collateral type and ratings profile at: March 31, 2026 December 31, 2025 Estimated Fair Value % of Total Net Unrealized Gains (Losses) Estimated Fair Value % of Total Net Unrealized Gains (Losses) (Dollars in millions) ABS Collateral type Digital infrastructure $ 2,400 10.8 % $ (21) $ 2,070 10.0 % $ (8) Consumer loans 1,106 5.0 (5) 1,203 5.8 (2) Student loans 1,068 4.8 (23) 896 4.3 (19) Vehicle and equipment loans 989 4.4 6 886 4.3 8 Credit card 945 4.2 10 855 4.1 15 Franchise 736 3.3 (28) 739 3.6 (16) Other (1) 7,798 35.1 (215) 7,103 34.2 (123) Total 15,042 67.6 % (276) 13,752 66.3 % (145) CLO (2) 7,199 32.4 % (14) 7,005 33.7 % 8 Total ABS & CLO, excluding Reinsurance activity $ 22,241 100.0 % $ (290) $ 20,757 100.0 % $ (137) Reinsurance activity 2,795 (15) 2,140 12 Total ABS & CLO $ 25,036 $ (305) $ 22,897 $ (125) ABS ratings profile Rated Aaa and Aa $ 4,469 29.7 % $ 3,781 27.5 % Designated NAIC 1 $ 12,159 80.8 % $ 10,945 79.6 % CLO ratings profile Rated Aaa and Aa $ 5,235 72.7 % $ 5,137 73.3 % Designated NAIC 1 $ 6,729 93.5 % $ 6,555 93.6 % ABS & CLO ratings profile Rated Aaa and Aa $ 9,704 43.6 % $ 8,918 43.0 % Designated NAIC 1 $ 18,888 84.9 % $ 17,500 84.3 % _________________ (1) Other ABS are broadly diversified across several subsectors and issuers, including securities with the following collateral types: foreign residential loans, transportation equipment and renewable energy. (2) Includes primarily securities collateralized by broadly syndicated bank loans. Table of Contents CMBS Our CMBS portfolio is comprised primarily of conduit, single asset and single borrower securities. Conduit securities are collateralized by many commercial mortgage loans and are broadly diversified by property type, borrower and geography. The following tables present our CMBS portfolio by collateral type and ratings profile at: March 31, 2026 December 31, 2025 Estimated Fair Value % of Total Net Unrealized Gains (Losses) Estimated Fair Value % of Total Net Unrealized Gains (Losses) (Dollars in millions) Collateral type Conduit $ 4,324 48.4 % $ (157) $ 4,314 48.4 % $ (124) Single asset and single borrower 2,247 25.2 (32) 2,259 25.3 (35) Agency 1,213 13.6 (109) 1,206 13.5 (100) Commercial real estate collateralized loan obligations 179 2.0 1 150 1.7 1 Other 962 10.8 (14) 993 11.1 (4) Total CMBS, excluding Reinsurance activity $ 8,925 100.0 % $ (311) $ 8,922 100.0 % $ (262) Reinsurance activity 740 (8) 812 - Total CMBS $ 9,665 $ (319) $ 9,734 $ (262) Ratings profile Rated Aaa and Aa $ 7,103 79.6 % $ 7,017 78.6 % Designated NAIC 1 $ 8,805 98.7 % $ 8,779 98.4 % Evaluation of Fixed Maturity Securities AFS for Credit Loss, Rollforward of Allowance for Credit Loss and Credit Loss on Fixed Maturity Securities AFS Recognized in Earnings See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information about the evaluation of fixed maturity securities AFS for credit loss, rollforward of the ACL, net credit loss provision (release) and impairment (losses), as well as realized gross gains (losses) on sales and disposals of fixed maturity securities AFS at and for the three months ended March 31, 2026. Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs We participate in securities lending transactions, repurchase agreements and third-party custodian administered programs with unaffiliated financial institutions in the normal course of business for the purpose of enhancing the total return on our investment portfolio. Securities lending transactions and repurchase agreements: We account for these arrangements as secured borrowings and record a liability in the amount of the cash received. We obtain collateral, usually cash, from the borrower, which must be returned to the borrower when the securities are returned to us. Through these arrangements, we were liable for cash collateral under our control of $15.6 billion and $15.2 billion at March 31, 2026 and December 31, 2025, respectively, including a portion that may require the immediate return of cash collateral we hold. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as "Summary of Significant Accounting Policies - Investments - Securities Lending Transactions and Repurchase Agreements" in Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for further information about the secured borrowings accounting and the classification of revenues and expenses. Third-party custodian administered programs: The estimated fair value of securities we own which are loaned in connection with these programs was $638 million and $640 million at March 31, 2026 and December 31, 2025, respectively. The estimated fair value of the related non-cash collateral on deposit with third-party custodians on our behalf, which is not reflected in our interim condensed consolidated financial statements and cannot be sold or re-pledged, was $660 million and $658 million at March 31, 2026 and December 31, 2025, respectively. Table of Contents Mortgage Loans Our mortgage loan investments are principally collateralized by commercial, agricultural and residential properties. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as Note 1 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report, for further information. Mortgage loans carried at amortized cost and the related ACL are summarized as follows at: March 31, 2026 December 31, 2025 Portfolio Segment Amortized Cost % of Total ACL ACL as % of Amortized Cost Amortized Cost % of Total ACL ACL as % of Amortized Cost (Dollars in millions) Commercial $ 41,509 54.4 % $ 727 1.8 % $ 42,406 55.2 % $ 659 1.6 % Agricultural 18,095 23.7 101 0.6 % 18,284 23.8 108 0.6 % Residential 16,682 21.9 203 1.2 % 16,060 20.9 251 1.6 % Mortgage loans held-for-sale 35 - - - % 35 0.1 - - % Mortgage loans, excluding Reinsurance activity and Third-party mortgage loan activity $ 76,321 100.0 % $ 1,031 1.4 % $ 76,785 100.0 % $ 1,018 1.3 % Reinsurance activity 2,535 25 2,487 28 Third-party mortgage loan activity 6,083 157 6,514 147 Mortgage loans $ 84,939 $ 1,213 $ 85,786 $ 1,193 We diversify our mortgage loan investments by both geographic region and property type to reduce the risk of concentration. Of our commercial and agricultural mortgage loans carried at amortized cost, 87% are collateralized by properties located in the U.S., with the remaining 13% collateralized by properties located primarily in Mexico, the U.K. and Chile at March 31, 2026. The carrying values of our commercial and agricultural mortgage loans collateralized by properties located in California, New York and Texas were 17%, 8% and 7%, respectively, of total commercial and agricultural mortgage loans at March 31, 2026. Additionally, we manage risk when originating commercial and agricultural mortgage loan investments by generally lending up to 75% of the estimated fair value of the underlying real estate collateral. We manage our residential mortgage loans carried at amortized cost in a similar manner to reduce risk of concentration, with 91% collateralized by properties located in the U.S., and the remaining 9% collateralized by properties located in Chile, at March 31, 2026. The carrying values of our residential mortgage loans collateralized by properties located in California, Florida and New York were 33%, 11% and 7%, respectively, of total residential mortgage loans at March 31, 2026. Table of Contents Commercial Mortgage Loans by Geographic Region and Property Type. Commercial mortgage loans are the largest mortgage loan portfolio segment. The tables below present, at amortized cost, the diversification of these investments across geographic regions and property types: March 31, 2026 December 31, 2025 Amount % of Total Amount % of Total (Dollars in millions) Region Pacific $ 8,466 20.4 % $ 8,395 19.8 % Non-U.S. 6,824 16.5 7,076 16.7 Middle Atlantic 5,385 13.0 5,699 13.4 South Atlantic 4,988 12.0 5,205 12.3 West South Central 3,122 7.5 3,260 7.7 Mountain 2,341 5.6 2,348 5.5 New England 2,248 5.4 2,249 5.3 East North Central 1,148 2.8 1,185 2.8 East South Central 430 1.0 451 1.1 West North Central 399 1.0 401 0.9 Multi-Region and Other 6,158 14.8 6,137 14.5 Total amortized cost, excluding Reinsurance activity and Third-party mortgage loan activity $ 41,509 100.0 % $ 42,406 100.0 % Reinsurance activity 795 832 Third-party mortgage loan activity 5,725 6,162 Total amortized cost $ 48,029 $ 49,400 Less: ACL 885 807 Carrying value, net of ACL $ 47,144 $ 48,593 Property Type Office (1) $ 15,474 37.3 % $ 16,088 38.0 % Apartment (1) 7,895 19.0 7,669 18.1 Retail 5,975 14.4 6,013 14.2 Single Family Rental 4,160 10.0 4,221 9.9 Industrial (1) 3,353 8.1 3,611 8.5 Hotel 2,851 6.9 3,134 7.4 Warehouse Revolvers (1) 1,712 4.1 1,578 3.7 Other 89 0.2 92 0.2 Total amortized cost, excluding Reinsurance activity and Third-party mortgage loan activity 41,509 100.0 % 42,406 100.0 % Reinsurance activity 795 832 Third-party mortgage loan activity 5,725 6,162 Total amortized cost $ 48,029 $ 49,400 Less: ACL 885 807 Carrying value, net of ACL $ 47,144 $ 48,593 _________________ (1) Certain amounts in prior periods are reclassified to conform to current period presentation. Our commercial mortgage loan investments are well positioned with exposures concentrated in high quality underlying properties located in primary markets typically with institutional investors who are better positioned to manage their assets during periods of market volatility. Our portfolio is comprised primarily of lower risk loans with higher debt service coverage ratios ("DSCR") and lower loan-to-value ("LTV") ratios, as shown below. Table of Contents Credit Quality - Monitoring Process. We monitor our mortgage loan investments on an ongoing basis, including a review by credit quality indicator and by the performance indicators of current, past due, restructured and under foreclosure. See below for further information on mortgage loans by credit quality indicator. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for further information by performance indicator. We review our commercial mortgage loan investments on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. The monitoring process for agricultural mortgage loan investments is generally similar, with a focus on higher risk loans, such as loans with higher LTV ratios. Agricultural mortgage loan investments are reviewed on an ongoing basis which include property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, including reviews on a geographic and property-type basis. We review our residential mortgage loan investments on an ongoing basis, with a focus on higher risk loans, such as nonperforming loans. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on our evaluation of residential mortgage loan investments and related ACL methodology. LTV ratios and DSCR are common measures in the assessment of the quality of commercial mortgage loan investments. LTV ratios are a common measure in the assessment of the quality of agricultural mortgage loan investments. LTV ratios compare the amount of the loan to the estimated fair value of the underlying collateral. An LTV ratio greater than 100% indicates that the loan amount is greater than the collateral value. An LTV ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR compares a property's net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. For our commercial mortgage loans, our average LTV ratio was 68% at both March 31, 2026 and December 31, 2025, and our average DSCR was 2.1x at both March 31, 2026 and December 31, 2025. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of our ongoing review of our commercial mortgage loan investments. For our agricultural mortgage loans, our average LTV ratio was 45% and 46% at March 31, 2026 and December 31, 2025, respectively. The values utilized in calculating the LTV ratio of our agricultural mortgage loan investments are developed in connection with the ongoing review of our portfolio and are routinely updated. The distribution of our commercial mortgage loan portfolios totaling $41.5 billion at amortized cost at March 31, 2026 by key credit quality indicators of LTV and DSCR was as follows: March 31, 2026 DSCR LTV > 1.2x 1.0-1.2x < 1.0x Total <65% 54.0 % 0.7 % 1.6 % 56.3 % 65% - 75% 11.9 % 2.1 % 1.5 % 15.5 % 76% - 80% 4.8 % 0.2 % 0.4 % 5.4 % >80% 11.6 % 6.7 % 4.5 % 22.8 % Total 82.3 % 9.7 % 8.0 % 100.0 % The distribution of our agricultural mortgage loan portfolios totaling $18.1 billion at amortized cost at March 31, 2026 by the key credit quality indicator of LTV was as follows: March 31, 2026 LTV Total <65% 91.8 % 65% - 75% 6.9 % 76% - 80% 0.3 % >80% 1.0 % Total 100.0 % Table of Contents Mortgage Loan Allowance for Credit Loss. Our ACL is established for both pools of loans with similar risk characteristics and for mortgage loan investments with dissimilar risk characteristics, such as collateral dependent loans, individually and on a loan specific basis. We record an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loan investments that the Company does not expect to collect, resulting in mortgage loan investments being presented at the net amount expected to be collected. In determining our ACL, management (i) pools mortgage loans that share similar risk characteristics, (ii) considers expected lifetime credit loss over contractual terms of mortgage loans, as adjusted for expected prepayments and any extensions, and (iii) considers past events and current and forecasted economic conditions. Actual credit loss realized could be different from the amount of the ACL recorded. These evaluations and assessments are revised as conditions change and new information becomes available, which can cause the ACL to increase or decrease over time as such evaluations are revised. Negative credit migration, including an actual or expected increase in the level of problem loans, will result in an increase in the ACL. Positive credit migration, including an actual or expected decrease in the level of problem loans, will result in a decrease in the ACL. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on how the ACL is established and monitored, and activity in and balances of the ACL. Real Estate and REJVs Our real estate investments are comprised of wholly-owned properties, and interests in both REJVs and real estate funds which invest in a wide variety of properties and property types, consisting of single and multi-property projects, and are broadly diversified across multiple property types and geographies. The carrying value of our real estate investments was $13.3 billion and $13.4 billion at March 31, 2026 and December 31, 2025, respectively, or 2.8% of cash and invested assets at both March 31, 2026 and December 31, 2025. Our real estate investments are typically stabilized properties that we intend to hold for the longer-term for portfolio diversification and long-term appreciation. Our real estate investment portfolio had appreciated to a $3.4 billion unrealized gain position at March 31, 2026. We continuously monitor and assess our real estate investments for impairment when facts and circumstances indicate that the real estate may be impaired. As a result of our impairment analysis, we recorded an impairment l oss of $136 million and $1 million for the three months ended March 31, 2026 and 2025, respectively. We diversify our real estate investments by property type, form of equity interest (wholly-owned, joint venture and funds) and geographic region to reduce risk of concentration. See Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for a summary of our real estate investments, by income type, as well as income earned. OLPI OLPI are comprised of investments in private funds, including private equity funds. At March 31, 2026 and December 31, 2025, the carrying value of OLPI was $14.2 billion and $14.7 billion, respectively. OLPI were 3.0% and 3.1% of cash and invested assets at March 31, 2026 and December 31, 2025, respectively. Cash distributions on these investments are generated from investment gains, operating income from the underlying investments of the funds and liquidation of the underlying investments of the funds. We use the equity method of accounting for most of our private equity funds. We generally recognize our share of a private equity fund's earnings in net investment income on a three-month lag, which is when the information is reported to us. Accordingly, changes in equity market levels, which can impact the underlying results of these private equity funds, are recognized in earnings within our net investment income on a three-month lag. Table of Contents Other Invested Assets The following table presents the carrying value of our other invested assets by type at: March 31, 2026 December 31, 2025 Asset Type Carrying Value % of Total Carrying Value % of Total (Dollars in millions) Freestanding derivatives with positive estimated fair values $ 7,541 43.4 % $ 7,020 43.4 % Company-owned life insurance policies ("COLI") 1,839 10.6 1,832 11.3 Direct financing leases 1,280 7.4 1,333 8.2 Annuities funding structured settlement claims 1,243 7.1 1,244 7.7 Operating joint ventures 1,341 7.7 1,235 7.6 Federal Home Loan Bank of New York ("FHLBNY") common stock 700 4.0 700 4.3 Tax credit and renewable energy partnerships 935 5.4 676 4.2 Funds withheld 459 2.6 478 3.0 Leveraged leases 306 1.8 365 2.3 Other 1,747 10.0 1,310 8.0 Total other invested assets, excluding Reinsurance activity $ 17,391 100.0 % $ 16,193 100.0 % Reinsurance activity 233 139 Total other invested assets $ 17,624 $ 16,332 Percentage of cash and invested assets, excluding Reinsurance activity 3.7 % 3.4 % __________________ See Notes 1, 11 and 12 of the Notes to the Consolidated Financial Statements included in the 2025 Annual Report for information regarding freestanding derivatives with positive estimated fair values, COLI , direct financing and leveraged leases, annuities funding structured settlement claims, operating joint ventures, FHLBNY common stock, tax credit and renewable energy partnerships, and funds withheld. Investment Commitments We enter into the following commitments in the normal course of business for the purpose of enhancing the total return on our investment portfolio: mortgage loan commitments and commitments to fund partnership investments, bank credit facilities and private corporate bond investments. See Note 18 of the Notes to the Interim Condensed Consolidated Financial Statements for the amount of our unfunded investment commitments at March 31, 2026 and December 31, 2025. See "Net Investment Income" and "Net Investment Gains (Losses)" in Note 9 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the investment income, investment expense, gains and losses from such investments and the liability for credit loss for unfunded mortgage loan commitments. See also "- Fixed Maturity Securities AFS and Equity Securities," "- Mortgage Loans," "- Real Estate and REJVs" and "- OLPI." Table of Contents Derivatives Overview We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. We use a variety of strategies to manage these risks, including the use of derivatives, such as market standard purchased and written credit default swap contracts. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for: • A comprehensive description of the nature of our derivatives, including the strategies for which derivatives are used in managing various risks. • Information about the primary underlying risk exposure, gross notional amount, and estimated fair value of our derivatives by type of hedge designation, excluding embedded derivatives held at March 31, 2026 and December 31, 2025. • The statement of operations effects of derivatives in net investments in foreign operations, cash flow, fair value, or nonqualifying hedging relationships for the three months ended March 31, 2026 and 2025. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Summary of Critical Accounting Estimates - Freestanding Derivatives" in the 2025 Annual Report for further information on the estimates and assumptions that affect derivatives. See also "Quantitative and Qualitative Disclosures About Market Risk - Management of Market Risk Exposures - Hedging Activities" in the 2025 Annual Report for more information about our use of derivatives by major hedge program. Net Derivative Gains (Losses) A portion of our derivatives are designated and qualify as accounting hedges, which reduce volatility in earnings. For those derivatives not designated as accounting hedges, changes in market factors lead to the recognition of fair value changes in net derivative gains (losses) generally without an offsetting gain or loss recognized in earnings for the item being hedged, which creates volatility in earnings. We actively evaluate market risk hedging needs and strategies to ensure our free cash flow and capital objectives are met under a range of market conditions. Certain variable annuity products with guaranteed minimum benefits are accounted for as MRBs and measured at estimated fair value. We use freestanding derivatives to hedge the market risks inherent in these variable annuity guarantees. We continuously review and refine our hedging strategy in light of changing economic and market conditions, evolving NAIC and the New York Department of Financial Services statutory requirements, and accounting rule changes. As a part of our current hedging strategy, we maintain portfolio level derivatives in our macro hedge program. These macro hedge program derivatives mitigate the potential deterioration in our capital positions from significant adverse economic conditions. See "- Results of Operations - Consolidated Results" for an analysis of the period over period changes in net derivative gains (losses). Table of Contents Liquidity and Capital Resources Overview Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors. Such conditions may affect our financing costs and market interest for our debt or equity securities. For further information regarding market factors that could affect our ability to meet liquidity and capital needs, see "- Industry Trends" and "- Investments - Current Environment." This discussion should be read in conjunction with the following sections included elsewhere herein for additional information regarding the topics noted below: Notes to the Interim Condensed Consolidated Financial Statements: Note Topic 3 Acquisition 12 Subordinated debt securities issuance 13 Preferred stock, including the calculation and timing of dividend payments, and MetLife, Inc.'s common stock repurchase authorizations Additionally, this discussion should be read in conjunction with the following sections included in the 2025 Annual Report for additional information regarding the topics noted below: Notes to the Consolidated Financial Statements: Note Topic 3 Acquisition 5 Funding agreements, reported in PABs and the related pledged collateral 16 Long-term debt, short-term debt, credit and committed facilities, debt and facility covenants and facility agreement for senior debt issuances 17 Collateral financing arrangement and the related pledged collateral 18 Subordinated debt securities and the related replacement capital covenant 19 Preferred stock and common stock, including the calculation and timing of dividend payments, restrictions on dividends, "dividend stopper" provisions, and MetLife, Inc.'s common stock repurchase authorizations Notes to the MetLife, Inc. (Parent Company Only) Condensed Financial Information included in Schedule II of the Financial Statement Schedules: Note Topic 3 Affiliated long-term debt 4 Support agreements Risk Factors: "- Capital Risks" "- Investment Risks - We May Have Difficulty Selling Holdings in Our Investment Portfolio or in Our Securities Lending Program in a Timely Manner to Realize Their Full Value" "- Economic Environment and Capital Markets Risks - We May Lose Business Due to a Downgrade or a Potential Downgrade in Our Financial Strength or Credit Ratings" "- Economic Environment and Capital Markets Risks - We May Not Meet Our Liquidity Needs, Access Capital, or May Face Significantly Increased Cost of Capital Due to Adverse Capital and Credit Market Conditions" Liquidity Management Liquidity refers to the ability to generate adequate amounts of cash to meet our needs. Based upon our trusted global brand, diversified and resilient businesses, strong financial fundamentals and the substantial funding sources available to us as described herein, we continue to believe we have access to ample liquidity to meet business requirements under current market conditions and reasonably possible stress scenarios. We continuously monitor and adjust our liquidity and capital plans for MetLife, Inc. and its subsidiaries in light of market conditions, as well as changing needs and opportunities. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - The Company - Liquidity" included in the 2025 Annual Report. Table of Contents Short-term Liquidity and Liquid Assets At March 31, 2026 and December 31, 2025, our short-term liquidity position was $18.7 billion and $18.1 billion, respectively, while liquid assets were $181.8 billion and $184.5 billion, respectively. Short-term liquidity consists of cash and cash equivalents and short-term investments. Liquid assets includes these short-term liquidity amounts, plus publicly traded securities. Both short-term liquidity and liquid assets exclude assets pledged or otherwise committed, such as amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block. Capital Management We have established several senior management committees as part of our capital management process. These committees, including the Capital Management Committee and the Enterprise Risk Committee ("ERC"), regularly review actual and projected capital levels (under a variety of scenarios including stress scenarios) and our annual capital plan in accordance with our capital policy. The Capital Management Committee is comprised of members of senior management, including MetLife, Inc.'s Chief Financial Officer ("CFO"), Treasurer, and Chief Risk Officer ("CRO"). The ERC is also comprised of members of senior management, including MetLife, Inc.'s CFO, CRO and Chief Investment Officer. MetLife, Inc.'s Board of Directors ("Board of Directors") and senior management are directly involved in the development and maintenance of our capital policy. The capital policy sets forth, among other things, minimum and target capital levels and the governance of the capital management process. All capital actions, including proposed changes to the annual capital plan, capital targets or capital policy, are reviewed by the Finance and Risk Committee of the Board of Directors prior to obtaining full Board of Directors approval. The Board of Directors approves the capital policy and the annual capital plan and authorizes capital actions, as required. The Company Liquidity In the event of significant cash requirements beyond anticipated liquidity needs, we have various alternatives available depending on market conditions and the amount and timing of the liquidity need. These available alternatives include cash flows from operations, sales of liquid assets, global funding sources including commercial paper and various credit and committed facilities. Capital We manage our capital position to maintain our financial strength and credit ratings. Our capital position is supported by our ability to generate strong cash flows within our operating companies and borrow funds at competitive rates, as well as by our demonstrated ability to raise additional capital to meet operating and growth needs despite adverse market and economic conditions. Table of Contents Summary of the Company's Primary Sources and Uses of Liquidity and Capital Our primary sources and uses of liquidity and capital are summarized as follows: Three Months Ended March 31, 2026 2025 (In millions) Sources: Operating activities, net $ 2,687 $ 4,262 Net change in PABs 3,226 1,776 Net change in payables for collateral under securities loaned and other transactions 1,068 233 Long-term debt issued 61 89 Subordinated debt securities issued 1,000 1,000 Effect of change in foreign currency exchange rates on cash and cash equivalents - 98 Total sources 8,042 7,458 Uses: Investing activities, net 5,455 3,322 Long-term debt repaid 53 555 Collateral financing arrangement repaid 53 13 Derivatives with certain financing elements and other derivative-related transactions, net 71 71 Net change in mortgage loan secured financing 380 189 Treasury stock acquired in connection with share repurchases 755 1,411 Dividends on preferred stock 45 66 Dividends on common stock 372 374 Other, net 67 199 Effect of change in foreign currency exchange rates on cash and cash equivalents 136 - Total uses 7,387 6,200 Net increase (decrease) in cash and cash equivalents $ 655 $ 1,258 Cash Flows from Operations The principal cash inflows from our insurance activities come from insurance premiums, net investment income, annuity considerations and deposit funds. The principal cash outflows are the result of various life insurance, annuity and pension products, operating expenses and income tax, as well as interest expense. Cash Flows from Investments The principal cash inflows from our investment activities come from repayments of principal, proceeds from maturities and sales of investments and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. In addition, cash inflows and outflows relate to sales and purchases of businesses. We typically have a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with our ALM discipline to fund insurance liabilities. We closely monitor and manage these risks through our comprehensive investment risk management process. Cash Flows from Financing The principal cash inflows from our financing activities come from issuances of debt and other securities, deposits of funds associated with PABs and lending of securities. The principal cash outflows come from repayments of debt and the collateral financing arrangement, p...

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