NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that it has declared the following preferred stock dividends: Semi-annual dividend of $29.375 per share on the company’s 5.875% fixed-to-floating rate non-cumulative preferred stock, Series D, with a liquidation preference of $1,000 per share. Quarterly dividend of $351.5625 per share on the company’s 5.625% non-cumulative preferred stock, Series E, with a liquidation preference of $25,000 per share, represented by depositary shares e ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) MetLife is a global financial services company offering insurance, annuities, employee benefits, and asset management, operating through six segments under its 'Next Horizon' strategy - MetLife is a leading global financial services company with significant market positions in the U.S., Japan, Latin America, Asia, Europe, and the Middle East[13](index=13&type=chunk) - The company's 'Next Horizon' strategy is built on three pillars: Focus (deploying capital to high-value opportunities), Simplify (enhancing operational efficiency and customer experience), and Differentiate (leveraging brand, scale, and talent)[14](index=14&type=chunk)[15](index=15&type=chunk) - In Q4 2023, MetLife reorganized its business into six segments: Group Benefits, Retirement and Income Solutions (RIS), Asia, Latin America, EMEA, and MetLife Holdings, splitting the former U.S. segment[16](index=16&type=chunk) [Business Overview & Strategy](index=5&type=section&id=Business%20Overview%20%26%20Strategy) MetLife is a premier global provider of insurance, annuities, employee benefits, and asset management, guided by its 'Next Horizon' strategy and a recent six-segment reorganization [Segments and Corporate & Other](index=7&type=section&id=Segments%20and%20Corporate%20%26%20Other) MetLife's operations are structured into six distinct segments, each focusing on specific product offerings and geographic markets, alongside a Corporate & Other category Overview of MetLife Segments | Segment | Description | | :--- | :--- | | **Group Benefits** | Offers life, dental, disability, vision, and accident & health insurance primarily to U.S. employers | | **Retirement and Income Solutions (RIS)** | Provides funding and financing solutions like stable value products and pension risk transfers to U.S. institutional customers | | **Asia** | Operates in nine jurisdictions, with Japan as the largest market, offering life, accident & health, and retirement products | | **Latin America** | Largest operations in Mexico and Chile, providing life, retirement, accident & health, and credit insurance | | **EMEA** | Operates in developed and emerging markets across Europe, the Middle East, and Africa, offering a range of insurance products | | **MetLife Holdings** | Manages products no longer actively marketed in the U.S., such as certain life insurance, annuities, and long-term care | | **Corporate & Other** | Contains start-up businesses, excess capital, unallocated corporate expenses, and the institutional investment management business | [Policyholder Liabilities](index=11&type=section&id=Policyholder%20Liabilities) MetLife establishes actuarially determined liabilities for future policy obligations based on estimates and assumptions, adhering to both GAAP and statutory accounting principles - Actuarially determined liabilities are established to meet obligations from policy maturity, surrender, death, or disability, based on estimates of future benefits and claims[36](index=36&type=chunk) - Statutory reserves, required by insurance laws, are established to ensure policy and contract obligations can be met, and generally differ from actuarial liabilities reported under GAAP[36](index=36&type=chunk) [Underwriting and Pricing](index=12&type=section&id=Underwriting%20and%20Pricing) MetLife's Global Risk Management department oversees disciplined underwriting and pricing, based on risk assessment and expected benefit payouts using actuarial assumptions - The Global Risk Management department develops product pricing standards and oversees underwriting practices across MetLife's insurance businesses[39](index=39&type=chunk) - Product pricing is based on expected benefit payouts, calculated using assumptions for mortality, longevity, morbidity, expenses, persistency, and investment returns[41](index=41&type=chunk) [Reinsurance Activity](index=13&type=section&id=Reinsurance%20Activity) MetLife uses reinsurance to limit losses, manage significant risks, and increase growth capacity, both purchasing and providing it for third parties and affiliates - The company enters into reinsurance agreements to limit losses, minimize exposure to significant risks, and provide additional capacity for future growth[44](index=44&type=chunk) - Reinsurance is also utilized for risk and capital management among affiliates, including U.S. captive reinsurers and non-U.S. reinsurers[45](index=45&type=chunk) [Regulation](index=13&type=section&id=Regulation) MetLife operates under a complex regulatory framework, primarily state-level in the U.S. with federal oversight, and international local authorities, with increasing focus on emerging risks like AI and climate - In the U.S., MetLife's insurance companies are primarily regulated by state authorities, with additional federal regulation for some products and services[46](index=46&type=chunk) - The Dodd-Frank Act increased the potential federal role in regulation, including the FSOC's ability to designate non-bank Systemically Important Financial Institutions (SIFIs)[48](index=48&type=chunk) - Most U.S. insurance subsidiaries are subject to Risk-Based Capital (RBC) requirements, an early warning tool used by regulators to identify potentially undercapitalized insurers[56](index=56&type=chunk) - International insurance businesses are subject to various solvency regimes, such as Solvency II in the EEA, and similar frameworks in Mexico, Japan, and other key markets[65](index=65&type=chunk) - There is growing regulatory scrutiny on cybersecurity, data privacy, the use of AI in underwriting, climate risk management, and standards of conduct for providing investment advice[69](index=69&type=chunk)[75](index=75&type=chunk)[80](index=80&type=chunk) [Competition](index=26&type=section&id=Competition) The highly competitive life insurance industry sees MetLife competing globally on service, product features, price, financial strength, and technology, with adaptability and agility as key differentiators - Competition is based on factors including service, product features, scale, price, financial strength, ratings, e-business capabilities, and name recognition[97](index=97&type=chunk) - MetLife competes with a large number of domestic and foreign-owned life insurance companies, as well as non-insurance financial services firms like banks and asset managers[97](index=97&type=chunk) [Human Capital Resources](index=27&type=section&id=Human%20Capital%20Resources) As of December 31, 2023, MetLife employed approximately 45,000 people, prioritizing a supportive culture, global diversity, equity, and inclusion (DEI), talent development, and fair compensation - MetLife employed approximately **45,000** people as of December 31, 2023[103](index=103&type=chunk) - Key human capital priorities include fostering a supportive culture, promoting diversity, equity and inclusion (DEI), developing talent, and ensuring competitive benefits and compensation[104](index=104&type=chunk) - As of year-end 2023, women represented **30%** of the Executive Leadership Team and **36%** of the Board of Directors globally. In the U.S., ethnically and racially diverse employees represented **13%** of the Executive Leadership Team and **36%** of the Board[104](index=104&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) MetLife faces diverse risks including economic and capital market volatility, regulatory and legal changes, capital and investment challenges, and business and operational risks from assumptions, competition, and technology - **Economic & Capital Markets Risks:** The company is exposed to difficult economic conditions, including risks from interest rates, credit spreads, equity markets, real estate, currency exchange rates, and counterparty defaults[116](index=116&type=chunk)[117](index=117&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - **Regulatory & Legal Risks:** Changes in laws, regulations, or tax policies could reduce profitability. The company also faces risks from increasing litigation and regulatory investigations, and challenges in meeting evolving ESG standards[130](index=130&type=chunk)[134](index=134&type=chunk) - **Business & Operational Risks:** Key risks include actual claims differing from estimates, global political and economic instability, intense competition, failure to adapt to technological changes, catastrophes, and potential failures in risk management, cybersecurity, and data protection[143](index=143&type=chunk)[144](index=144&type=chunk)[147](index=147&type=chunk)[159](index=159&type=chunk) - **Capital & Investment Risks:** The company may be unable to pay dividends or repurchase stock due to restrictions. Investment risks include defaults, downgrades, volatility, and difficulty selling assets in a timely manner[135](index=135&type=chunk)[139](index=139&type=chunk) [Cybersecurity](index=44&type=section&id=Item%201C.%20Cybersecurity) MetLife manages cybersecurity risk via a comprehensive Information Security Program, overseen by the Board and CISO, based on the NIST framework, and has identified no material threats - The company's Information Security Program aims to protect data and technology assets through physical, technical, and administrative safeguards, guided by the NIST cybersecurity framework[171](index=171&type=chunk) - Key features of the program include an incident response team, annual response plan testing, regular network surveillance, risk assessments, and robust vendor management procedures[171](index=171&type=chunk) - Cybersecurity governance is overseen by the Board of Directors' Audit Committee, with the CISO providing quarterly updates. The company operates under a 'Three Lines of Defense' risk management model[173](index=173&type=chunk) - During the reporting period, MetLife has not identified any cybersecurity risks that have materially affected or are reasonably likely to materially affect the company's business, strategy, or financial condition[171](index=171&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=46&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) MetLife's common stock trades on the NYSE under 'MET', with **13.67 million** shares repurchased in Q4 2023 and **$2.1 billion** remaining in repurchase authorization Issuer Purchases of Common Stock (Q4 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 1 - Oct 31, 2023 | 4,187,473 | $61.64 | | Nov 1 - Nov 30, 2023 | 4,802,596 | $61.64 | | Dec 1 - Dec 31, 2023 | 4,676,556 | $65.00 | | **Total Q4 2023** | **13,666,625** | **~$62.76** | - As of December 31, 2023, MetLife had **$2.1 billion** remaining under its common stock repurchase authorization, which was initially approved for **$4.0 billion** in May 2023[177](index=177&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MetLife anticipates 2024 economic uncertainty but expects strong investment portfolio performance, maintaining robust liquidity and key financial targets despite a significant 2023 net income decrease - The company's 2024 outlook reflects uncertainty around inflation and unemployment, but it expects its diversified investment portfolio to perform well across various economic scenarios[187](index=187&type=chunk)[188](index=188&type=chunk) - MetLife maintains a strong liquidity position, with **$5.2 billion** in cash and liquid assets at its holding companies as of year-end 2023, exceeding the target range of **$3.0 billion to $4.0 billion**[189](index=189&type=chunk) - Key near-term financial targets include maintaining a two-year average free cash flow to adjusted earnings ratio of **65% to 75%** and an adjusted return on equity of **13% to 15%**[191](index=191&type=chunk)[192](index=192&type=chunk) Key Financial Results (Years Ended Dec 31) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Net Income Available to Common Shareholders** | $1.4 billion | $5.1 billion | $6.7 billion | | **Adjusted Earnings Available to Common Shareholders** | $5.5 billion | $5.8 billion | $7.9 billion | [Consolidated Company Outlook](index=49&type=section&id=Consolidated%20Company%20Outlook) MetLife's 2024 outlook anticipates economic uncertainty but expects stable long-term interest rates, maintaining strong liquidity and financial targets while lowering its direct expense ratio target [Industry Trends](index=50&type=section&id=Industry%20Trends) MetLife's performance is significantly influenced by global financial trends, especially interest rates, intense competition, and an evolving regulatory landscape impacting capital and sales practices [Summary of Critical Accounting Estimates](index=56&type=section&id=Summary%20of%20Critical%20Accounting%20Estimates) MetLife's financial statements depend on critical accounting estimates requiring significant judgment, particularly for future policy benefits and market risk benefits, further impacted by the 2023 LDTI standard adoption [Acquisitions and Dispositions](index=64&type=section&id=Acquisitions%20and%20Dispositions) MetLife actively manages its portfolio through acquisitions, including Raven Capital Management in 2023, and dispositions, such as pending sales in Malaysia and completed sales in Poland and Greece [Results of Operations](index=65&type=section&id=Results%20of%20Operations) MetLife's 2023 net income available to common shareholders significantly decreased to **$1.4 billion** from **$5.1 billion** in 2022, primarily due to unfavorable investment gains and market risk benefit remeasurements [Investments](index=89&type=section&id=Investments) MetLife maintains a diversified global investment portfolio, primarily fixed income and mortgage loans, with **$281.4 billion** in fixed maturity securities and **$84.8 billion** in mortgage loans as of December 31, 2023 [Derivatives](index=105&type=section&id=Derivatives) MetLife utilizes various derivative instruments to manage interest rate, foreign currency, credit, and equity market risks, employing both specific and macro hedges for capital protection [Liquidity and Capital Resources](index=106&type=section&id=Liquidity%20and%20Capital%20Resources) MetLife maintains a strong liquidity and capital position, with **$5.2 billion** in holding company liquid assets as of December 31, 2023, and robust statutory surplus in its U.S. insurance subsidiaries [Risk Management](index=121&type=section&id=Risk%20Management) MetLife employs an integrated risk management process, guided by a Board-approved Risk Appetite Statement and a 'Three Lines of Defense' model, to manage market, credit, insurance, non-financial, and liquidity risks [Quantitative and Qualitative Disclosures About Market Risk](index=124&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) MetLife is exposed to market risks from interest rates, foreign currency, and equity markets, managed through ALM and derivatives, with sensitivity analysis showing potential losses of **$8.6 billion** for interest rates and **$2.3 billion** for currency - The company's primary market risk exposures are to interest rates, foreign currency exchange rates, and equity market prices, affecting both its investment portfolio and insurance liabilities[443](index=443&type=chunk) - Risk management strategies include product design, ALM, and extensive use of derivatives (swaps, futures, options) to hedge specific risks and for macro portfolio protection[447](index=447&type=chunk)[449](index=449&type=chunk)[453](index=453&type=chunk) Market Risk Sensitivity Analysis (Potential Loss in Fair Value at Dec 31, 2023) | Risk Exposure | Scenario | Potential Loss (in millions USD) | | :--- | :--- | :--- | | **Interest rate risk** | 100 bps increase in rates | $8,610 | | **Foreign currency exchange rate risk** | 10% strengthening of USD | $2,322 | | **Equity market risk** | 10% decrease in equity prices | $131 | [Financial Statements and Supplementary Data](index=129&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents MetLife's consolidated financial statements for FY2023, with an unqualified auditor's opinion, highlighting the impact of LDTI adoption and three critical audit matters related to valuations - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion on the Company's consolidated financial statements for the year ended December 31, 2023[465](index=465&type=chunk) - The company adopted a new accounting standard (ASU 2018-12, or LDTI) for long-duration insurance contracts, which significantly changed the accounting and presentation for these contracts effective January 1, 2023, with a transition date of January 1, 2021[467](index=467&type=chunk) - The audit identified three Critical Audit Matters: 1) Fair value of Level 3 fixed maturity securities valued using internal models; 2) Valuation of future policy benefits for long-term care insurance due to significant management judgment in assumptions; and 3) Valuation of Market Risk Benefits for the MetLife Holdings segment, also due to high-judgment assumptions[472](index=472&type=chunk)[475](index=475&type=chunk)[480](index=480&type=chunk) [Notes to the Consolidated Financial Statements](index=139&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on MetLife's accounting policies and financial results, including the impact of LDTI, the new segment structure, key liabilities, reinsurance, investments, and equity activities

NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that Michelleta ("Mich") Razon will join the company as Head of Data Enablement. She will report to Robin Gordon, MetLife Chief Data and Analytics Officer. In this role, Mich and her team will work directly with the businesses across MetLife's 40+ markets driving alignment to enterprise data solutions and capabilities, resulting in an environment where data is readily accessible, well managed and used effectively to drive decision making a ...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the members of Metropolitan Life Insurance Group (collectively referred to as MetLife or the group). Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and the Long- and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of MetLife, Inc. (headquartered in New York, NY) [NYSE: MET]. The outlook ...

Core Viewpoint - MetLife, Inc. will participate in a fireside chat at the Bank of America Securities 2024 Financial Services Conference on February 20, 2024, featuring key executives [1] Group 1: Company Overview - MetLife, Inc. is a leading global financial services company providing insurance, annuities, employee benefits, and asset management [2] - The company was founded in 1868 and operates in over 40 markets worldwide, holding significant positions in the United States, Japan, Latin America, Asia, Europe, and the Middle East [2]

Core Viewpoint - The establishment of the NC TECH | MetLife Center for Technology Workforce Innovation aims to enhance North Carolina's technology sector by providing resources and fostering collaboration among tech employers and employees [1][2]. Group 1: Partnership and Objectives - The Center is a collaboration between NC TECH and MetLife, focusing on workforce development and innovation in the technology sector [1][2]. - MetLife's global technology hub in Cary, NC, employs 2,600 individuals and contributes significantly to the Center's knowledge base [2]. - NC TECH represents over 700 member companies and organizations, employing more than 250,000 workers in North Carolina, emphasizing its role in advocating for the tech community [4]. Group 2: Economic Impact and Growth - North Carolina's technology sector employs over 293,000 individuals and generates an economic impact exceeding $47 billion [1]. - The region is recognized as one of the fastest-growing states for technology innovation, driven by advancements in generative AI and other emerging technologies [1]. Group 3: Leadership and Development - The partnership aims to support the tech community by fostering thought leadership and innovation, as stated by MetLife's Head of Global Technology and Operations [3]. - The online presence for the Center is being developed collaboratively and will be accessible through the NC TECH website [3].

NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced that for the fourth consecutive year it’s earned a spot on JUST Capital’s JUST 100 list, as part of their 2024 Rankings of America’s Most JUST Companies. The JUST 100 reflects companies doing the best job of creating value for all their stakeholders, including colleagues, customers, communities, and shareholders. “We are honored to be named one of America’s Most JUST Companies, which recognizes how we care for our employees and deliver ...

Core Insights - MetLife, Inc. reported fourth-quarter 2023 adjusted operating earnings of $1.93 per share, a 21% year-over-year improvement, but fell short of the Zacks Consensus Estimate by 1% [1] - Adjusted operating revenues increased by 21.5% year over year to $18.7 billion, exceeding the consensus mark by 3.6% [1] - The results were impacted by high expense levels, market risk benefit remeasurement losses, and weak contributions from the EMEA segment, although offset by improved investment returns and solid performances in Group Benefits and RIS businesses [1] Financial Performance - Adjusted premiums, fees, and other revenues (PFOs), excluding pension risk transfer (PRT), were $11.8 billion, an 8% year-over-year increase [2] - Adjusted net investment income grew 11% year over year to $5 billion, driven by increased returns from the private equity portfolio [2] - Total expenses rose 33.2% year over year to $18.1 billion, primarily due to higher policyholder benefits and claims [2] - Net income dropped 63% year over year to $574 million, while adjusted return on equity improved by 170 basis points to 13.8% [2] Segment Performance - Group Benefits segment adjusted earnings increased 19% year over year to $466 million, surpassing the consensus estimate [4] - RIS segment recorded adjusted earnings of $421 million, a 10% year-over-year rise, driven by improved investment and underwriting margins [4] - Asia segment adjusted earnings were $296 million, a 12% year-over-year improvement, but missed the consensus estimate [4] - Latin America segment adjusted earnings rose 13% year over year to $207 million, although it lagged the consensus mark [5] - EMEA segment adjusted earnings declined 27% year over year to $47 million, below the consensus estimate [5] - MetLife Holdings segment adjusted earnings fell 15% year over year to $156 million, also missing the consensus mark [6] Financial Position - As of December 31, 2023, MetLife had cash and cash equivalents of $20.6 billion, a 2.2% increase from the end of 2022 [7] - Total assets increased by 3.7% to $687.6 billion, while total equity inched up 0.4% to $30.3 billion [7] - Long-term debt rose 6.2% to $15.5 billion, and net cash from operations for 2023 was $4.2 billion, down 4.5% year over year [7] Capital Deployment - MetLife repurchased shares worth approximately $900 million in the fourth quarter and an additional $500 million in January 2024 [8] Full-Year Update - Adjusted earnings per share for 2023 were $7.33, a 4% increase from 2022, while adjusted revenues decreased by 3.5% to $71.7 billion [9] - Adjusted PFOs, excluding PRT, improved by 6% year over year to $46.6 billion, but net income plunged 73% to $1.4 billion [9] 2024 Outlook - Management anticipates variable investment income of around $1.5 billion for 2024 and expects adjusted losses in Corporate & Other to be between $750 million and $850 million [10] - Adjusted earnings in the Asia segment are projected to grow around 20%, while EMEA unit earnings are expected to remain within $60-$65 million per quarter [10] Near-Term Targets - Over the next three years, MetLife projects adjusted PFOs in Group Benefits to rise by 4-6% and anticipates similar growth in MetLife Holdings [11] - The company aims for an adjusted return on equity within 13-15% and a free cash flow ratio of 65-75% of adjusted earnings [11]

Financial Data and Key Metrics Changes - The company reported quarterly adjusted earnings of $1.4 billion, or $1.83 per share, with adjusted earnings per share, excluding notable items, at $1.93, up 21% from $1.59 a year ago [8][19] - For the full year 2023, adjusted earnings, excluding notable items, reached $5.6 billion, with adjusted net investment income growing 9% year-over-year to almost $20 billion [8][9] - The adjusted return on equity for the year was 13.8%, achieving the target for this key metric [6][11] Business Line Data and Key Metrics Changes - Group Benefits posted adjusted earnings of $1.6 billion, up 22% from the prior year, with sales gaining 9% and adjusted PFOs rising approximately 5% [9][20] - Retirement and Income Solutions (RIS) adjusted earnings were $421 million, up 10% year-over-year, with adjusted PFOs, excluding pension risk transfers, up 75% year-over-year [21][22] - Asia's adjusted earnings were $296 million, up 12%, with full-year sales up 13%, exceeding guidance [22][24] - Latin America adjusted earnings were $207 million, up 13%, with adjusted PFOs up 29% [24][25] Market Data and Key Metrics Changes - The company ended the year with $5.2 billion of cash and liquid assets, comfortably above the target cash buffer of $3 billion to $4 billion [13][31] - The RBC ratio for U.S. companies is expected to be approximately 400%, above the target of 360% [32][34] - The company anticipates continued strong performance in the pension risk transfer market, with a strong pipeline for 2024 [10][70] Company Strategy and Development Direction - The company emphasized its "Next Horizon" strategy, which aims for an adjusted return on equity of 13% to 15% and a direct expense ratio target of 12.3% for 2024 [12][34] - The company plans to maintain a disciplined approach to capital management, focusing on responsible growth and returning capital to shareholders when organic growth opportunities are not available [13][16] - The company is adjusting its investment strategy to consider higher yielding assets in response to the current rate environment [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to navigate uncertainties, including inflation and geopolitical events [14][42] - The outlook for 2024 includes expectations for continued growth in Group Benefits and a strong performance in Asia and Latin America [40][41] - Management acknowledged the challenges posed by a changing interest rate environment but remains optimistic about the company's diversified portfolio and cash flow generation [42] Other Important Information - The company returned $4.7 billion to shareholders through dividends and share repurchases in 2023 [6][12] - The effective tax rate on adjusted earnings was approximately 19%, reflecting favorable tax benefits [26] Q&A Session Summary Question: ROE target and potential upside - Management acknowledged that current trends suggest the possibility of exceeding the upper end of the ROE target range but prefers to reassess after a year [44][45] Question: RBC ratio expectations - Management explained that while the reinsurance transaction was expected to improve the RBC ratio, other factors such as growth and fungibility also influenced the final figure [46][47] Question: Consolidated recurring NII outlook for 2024 - Management indicated that while NII is a helpful metric, they are cautious about providing specific targets due to the variability of different products [49][50] Question: Impact of interest rate caps and VII - Management suggested that the impact of rolling off interest rate caps and the emergence of VII will likely offset each other, leading to relatively flat spreads [52][53] Question: Group Benefits margin improvement - Management attributed the margin improvement to a favorable business mix and strong growth in voluntary products, while noting that the favorable life ratio in Q4 was not expected to be a long-term trend [58][60]

1 4Q23 Supplemental Slides and Outlook John McCallion Chief Financial Officer 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Financial results in this presentation reflect LDTI accounting, pursuant to Financial Accounting Standa ...