Part I - Financial Information [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents MetLife, Inc.'s unaudited interim condensed consolidated financial statements as of June 30, 2024, including balance sheets, statements of operations, equity, and cash flows, with explanatory notes [Interim Condensed Consolidated Balance Sheets](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) MetLife's total assets decreased to **$675.7 billion** by June 30, 2024, from **$687.6 billion** at year-end 2023, driven by reduced investments, with total liabilities and equity also declining Consolidated Balance Sheet Highlights (in millions USD) | Balance Sheet Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$675,745** | **$687,584** | | Total Investments | $436,829 | $446,137 | | **Total Liabilities** | **$648,205** | **$657,331** | | Future policy benefits | $190,993 | $196,406 | | Policyholder account balances | $219,543 | $219,269 | | **Total Equity** | **$27,540** | **$30,253** | | Retained Earnings | $40,873 | $40,146 | | Treasury Stock | $(26,637) | $(24,591) | [Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) MetLife's net income available to common shareholders significantly increased to **$912 million** in Q2 2024 and **$1.71 billion** for H1 2024, primarily due to reduced net investment and derivative losses Key Performance Indicators (in millions USD, except per share data) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $17,823 | $16,623 | $33,880 | $32,011 | | **Net Income (Loss)** | $953 | $408 | $1,828 | $493 | | **Net Income Available to Common Shareholders** | $912 | $370 | $1,712 | $384 | | **Diluted EPS** | $1.28 | $0.48 | $2.37 | $0.50 | [Interim Condensed Consolidated Statements of Equity](index=9&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Equity) Total MetLife, Inc. stockholders' equity decreased from **$30.0 billion** at year-end 2023 to **$27.3 billion** at June 30, 2024, influenced by treasury stock repurchases and negative AOCI changes, partially offset by net income Changes in Stockholders' Equity (Six Months Ended June 30, 2024, in millions USD) | Item | Amount | | :--- | :--- | | **Balance at Dec 31, 2023** | **$30,015** | | Net Income (loss) | $1,813 | | Other comprehensive income (loss) | $(1,494) | | Treasury stock acquired | $(2,046) | | Dividends on common stock | $(766) | | Dividends on preferred stock | $(101) | | **Balance at June 30, 2024** | **$27,252** | [Interim Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2024, net cash provided by operating activities increased to **$5.8 billion**, while net cash used in investing activities decreased to **$4.0 billion**, and financing activities used **$1.5 billion** Cash Flow Summary (Six Months Ended June 30, in millions USD) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | **$5,818** | **$5,064** | | **Net cash provided by (used in) investing activities** | **$(3,967)** | **$(7,850)** | | **Net cash provided by (used in) financing activities** | **$(1,466)** | **$(1,916)** | | Effect of foreign currency exchange rates | $(238) | $(76) | | **Change in cash and cash equivalents** | **$147** | **$(4,778)** | [Notes to the Interim Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section details the accounting policies and methodologies for the financial statements, covering segment information, dispositions, liabilities, investments, derivatives, fair value measurements, debt, equity, and contingencies - The company is organized into **six segments**: Group Benefits, Retirement and Income Solutions (RIS), Asia, Latin America, Europe, the Middle East and Africa (EMEA), and MetLife Holdings[28](index=28&type=chunk) - The adoption of ASU 2023-02 regarding investments in tax credit structures resulted in a decrease to retained earnings of **$219 million**, net of income tax, as of January 1, 2024[35](index=35&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=107&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses MetLife's financial condition and results of operations, providing context for the financial statements, including industry trends, accounting estimates, segment performance, investments, and capital resources - Net income available to common shareholders increased to **$912 million** in Q2 2024 from **$370 million** in Q2 2023, primarily due to favorable changes in net investment gains (losses) and net derivative gains (losses)[463](index=463&type=chunk)[466](index=466&type=chunk) - Adjusted earnings available to common shareholders increased to **$1.6 billion** in Q2 2024 from **$1.5 billion** in Q2 2023, driven by favorable underwriting results and volume growth, partially offset by market factors[463](index=463&type=chunk)[482](index=482&type=chunk) [Industry Trends](index=108&type=section&id=Industry%20Trends) MetLife's performance is materially affected by global financial conditions and geopolitical events, with increasing regulatory focus on AI in underwriting and the DOL's new fiduciary rule - The company is closely monitoring political and economic conditions, including global inflation, supply chain disruptions, and acts of war, which could impact its business and investment portfolio[448](index=448&type=chunk) - Regulatory focus on AI and consumer data is increasing, with New York issuing a final circular letter in July 2024 and the EU AI Act entering into force in August 2024[454](index=454&type=chunk) - The DOL's new fiduciary rule, which could impact sales of insurance and annuity products to retirement investors, has been stayed by two federal district courts as of July 2024[455](index=455&type=chunk) [Results of Operations](index=111&type=section&id=Results%20of%20Operations) Consolidated and segment-level financial performance for Q2 2024 shows a **$542 million** increase in net income available to common shareholders, driven by favorable investment and derivative changes, while adjusted earnings rose by **$136 million** due to strong underwriting Adjusted Earnings by Segment (in millions USD) | Segment | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Group Benefits | $533 | $372 | $817 | $679 | | RIS | $410 | $417 | $809 | $817 | | Asia | $449 | $431 | $872 | $711 | | Latin America | $226 | $219 | $459 | $434 | | EMEA | $77 | $70 | $154 | $130 | | MetLife Holdings | $153 | $211 | $312 | $369 | | **Total Adjusted Earnings** | **$1,662** | **$1,524** | **$3,063** | **$2,774** | [Investments](index=132&type=section&id=Investments) MetLife maintains a diversified global general account investment portfolio, primarily in fixed income, with **$277.7 billion** in fixed maturity securities AFS and **$82.8 billion** in net mortgage loans as of June 30, 2024 Fixed Maturity Securities AFS by Credit Quality (Amortized Cost, net of ACL) | NRSRO Rating | June 30, 2024 (in millions) | % of Total | | :--- | :--- | :--- | | **Investment grade (Aaa/Aa/A/Baa)** | **$289,653** | **95.4%** | | Below investment grade (Ba and lower) | $13,417 | 4.6% | | **Total** | **$303,070** | **100.0%** | - The commercial mortgage loan portfolio's average Loan-to-Value (LTV) ratio was **66%** and the average Debt Service Coverage Ratio (DSCR) was **2.2x** as of June 30, 2024[550](index=550&type=chunk) [Liquidity and Capital Resources](index=147&type=section&id=Liquidity%20and%20Capital%20Resources) MetLife maintains a strong liquidity position with **$4.4 billion** in holding company liquid assets as of June 30, 2024, supported by subsidiary dividends and capital markets access, with **$2.7 billion** unused on its revolving credit facility - MetLife holding companies held **$4.4 billion** in liquid assets as of June 30, 2024, down from **$5.2 billion** at year-end 2023[588](index=588&type=chunk) - The company's primary U.S. insurance subsidiaries have the capacity to pay **$3.48 billion** in dividends in 2024 without prior regulatory approval, of which **$2.0 billion** was paid by MLIC in the first six months[591](index=591&type=chunk)[592](index=592&type=chunk) [Non-GAAP and Other Financial Disclosures](index=154&type=section&id=Non-GAAP%20and%20Other%20Financial%20Disclosures) This section defines non-GAAP financial measures like adjusted earnings and adjusted premiums, fees, and other revenues, which management uses to evaluate performance and highlight underlying profitability drivers - The company uses non-GAAP measures like 'adjusted earnings' and 'adjusted premiums, fees and other revenues' to evaluate performance and allocate resources, as they are believed to better reflect the underlying profitability of the business[598](index=598&type=chunk)[602](index=602&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=157&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes to MetLife's market risk exposures, including interest rate, equity market price, and foreign currency exchange rate risks, since the 2023 Annual Report on Form 10-K - There have been no material changes to the company's market risk exposures related to interest rates, equity markets, and foreign currency exchange rates since the 2023 Annual Report[609](index=609&type=chunk) [Item 4. Controls and Procedures](index=158&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that MetLife's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO have concluded that the company's disclosure controls and procedures are effective as of the end of the reporting period[611](index=611&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=159&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 19 of the financial statements for information regarding MetLife's legal proceedings - For details on legal proceedings, the report directs readers to Note 19 of the financial statements[613](index=613&type=chunk) [Item 1A. Risk Factors](index=159&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to MetLife's risk factors since those disclosed in its 2023 Annual Report on Form 10-K - There have been no material changes to the company's risk factors since the filing of the 2023 Annual Report[614](index=614&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=159&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) MetLife repurchased approximately **12.0 million** common shares in Q2 2024, with the Board authorizing an additional **$3.0 billion** for repurchases, leaving **$3.1 billion** available as of June 30, 2024 Issuer Purchases of Equity Securities (Q2 2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2024 | 4,560,454 | $71.92 | | May 2024 | 3,357,900 | $72.35 | | June 2024 | 4,056,400 | $70.10 | | **Total** | **11,974,754** | **N/A** | - In May 2024, the Board of Directors authorized an additional **$3.0 billion** for common stock repurchases, with **$3.1 billion** remaining under authorizations as of June 30, 2024[615](index=615&type=chunk) [Item 5. Other Information](index=160&type=section&id=Item%205.%20Other%20Information) No Section 16 officers or directors adopted or terminated any Rule 10b5-1 trading plans or arrangements during the three months ended June 30, 2024 - No Section 16 officers or directors adopted or terminated any Rule 10b5-1 trading plans during the second quarter of 2024[618](index=618&type=chunk) [Item 6. Exhibits](index=161&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - Exhibits filed include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as XBRL data files[621](index=621&type=chunk)[626](index=626&type=chunk)

MetLife, Inc. (MET) reported second-quarter 2024 adjusted operating earnings of $2.28 per share, which surpassed the Zacks Consensus Estimate by 7%. The bottom line advanced 18% year over year.Adjusted operating revenues of $18.7 billion inched up 0.3% year over year. The top line beat the consensus mark by 2.7%.Favorable underwriting results, particularly in Group Benefits and Asia, along with higher net investment income, due to rising rates, contributed positively to the quarterly results. However, the u ...

Financial Data and Key Metrics Changes - MetLife reported adjusted earnings of $1.6 billion or $2.28 per share, up 18% from the prior year, driven by favorable underwriting, good volume growth, and higher variable investment income [7][20] - Net income for the quarter was $912 million, significantly higher than $370 million in the prior year period [7] - The adjusted return on equity was 17.3%, exceeding the target range of 13% to 15% [8] - The direct expense ratio improved to 11.9%, below the annual target of 12.3% [8][28] Business Segment Data and Key Metrics Changes - Group Benefits adjusted earnings reached $533 million, a record high, with a benefit ratio of 79.1%, well below the annual target range of 84% to 89% [11][20] - Retirement and Income Solutions (RIS) adjusted earnings were $410 million, down 2% year-over-year, impacted by lower recurring interest margins [21] - Asia adjusted earnings were $449 million, up 4% year-over-year, with sales growth of 4% on a constant currency basis [23] - Latin America adjusted earnings rose to $226 million, up 3% on a reported basis, with adjusted PFOs up 9% or 12% on a constant currency basis [24] Market Data and Key Metrics Changes - In Asia, assets under management grew by 5% on a constant currency basis, while sales outside Japan increased by 60% [13][23] - EMEA adjusted earnings rose 10% year-over-year, driven by strong volume growth and higher recurring interest margins [24] - The U.S. statutory operating earnings were approximately $1.9 billion, essentially flat year-over-year [30] Company Strategy and Development Direction - MetLife's Next Horizon strategy focuses on freeing up $1 billion of expense capacity to invest in growth initiatives and technology [9] - The company is developing a new five-year strategy called New Frontier, aimed at accelerating growth and boosting returns [17] - MetLife emphasizes the use of artificial intelligence (AI) to enhance customer experiences and improve decision-making [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's core strengths and the predictability of performance achieved through consistent execution [6] - The competitive environment in the Group Benefits market is characterized as rational, with no significant impact from new entrants [38] - Management anticipates that mortality rates will moderate back to historical levels, affecting future earnings in the Group Benefits segment [42] Other Important Information - MetLife paid common stock dividends of approximately $400 million, reflecting a 4.8% increase per share [15] - The company repurchased around $900 million of common shares in the second quarter, with a total of about $2.3 billion repurchased year-to-date [15] - The company has $4.4 billion in cash and liquid assets at its holding companies, above the target cash buffer [29] Q&A Session Summary Question: Can you unpack the non-medical health results? - The overall ratio for non-medical health was 70.8%, normalized for a one-off reserve adjustment to about 72.2. Dental utilization rates decreased due to seasonality, while pricing remains disciplined [34][35] Question: How do you feel about the level of competition in the market? - The market is competitive but largely rational, with no significant impact on margins from new entrants [38] Question: Is the earnings power of the Group Benefits business sustainable? - The Group Life ratio is at a historical low, driven by lower volume, and management expects mortality to moderate back to historical levels [42] Question: What is the outlook for RIS spreads? - Spreads are expected to decline by 8 to 10 basis points in Q3 due to the expiration of interest rate caps, with stabilization anticipated in Q4 [46][66] Question: Can you provide an update on the sales environment in Japan? - Sales in Japan were impacted by a weaker yen and tough year-over-year comparisons, but the company maintains its market position [49][63]

| --- | --- | |-------------------------------------------------------------------------------------------------------------|-------| | | | | | | | 1Q24 Supplemental Slides 1 John McCallion Chief Financial Officer and Head of MetLife Investment Management | | 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Table of contents Topic Page No. | --- | --- | |--------------------------------------------------------|------ ...

For the quarter ended June 2024, MetLife (MET) reported revenue of $18.68 billion, up 0.3% over the same period last year. EPS came in at $2.28, compared to $1.94 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $18.19 billion, representing a surprise of +2.69%. The company delivered an EPS surprise of +7.04%, with the consensus EPS estimate being $2.13.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expecta ...

Table of Contents Exhibit 99.2 Second Quarter Financial Supplement June 30, 2024 2 Table of Contents 1 METLIFE TABLE OF CONTENTS GAAP CONSOLIDATED STATEMENTS OF OPERATIONS 2 CORPORATE OVERVIEW 3 KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS 5 EXPENSE DETAIL AND RATIOS 7 GAAP CONSOLIDATED BALANCE SHEETS 8 SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 9 Group Benefits | --- | --- | |------------------------------------------------------------------------------------------------------------------- ...

MetLife, Inc. (MET) is slated to release second-quarter 2024 results on Jul 31, after the closing bell. Estimates The Zacks Consensus Estimate for MET's second-quarter earnings per share is pegged at $2.13, which indicates an improvement of 9.8% from the year-ago quarter's reported figure. The estimate was revised downward by one analyst in the past month against five in the opposite direction, resulting in a decrease of 4 cents from $2.17 per share. The consensus mark for revenues is $18.2 billion, indicat ...

The upcoming report from MetLife (MET) is expected to reveal quarterly earnings of $2.13 per share, indicating an increase of 9.8% compared to the year-ago period. Analysts forecast revenues of $18.19 billion, representing a decrease of 2.4% year over year.The current level reflects a downward revision of 1.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Prio ...

MetLife, Inc.’s (MET) institutional asset management arm, MetLife Investment Management (“MIM”), recently launched its second private equity fund, MetLife Investment Private Equity Partners II, securing around $1.2 billion in commitments. This new fund, aimed at institutional clients, includes a portfolio of about $860 million in private equity and co-investment interests. Combined with funded and unfunded commitments, the total reaches $975 million.The transaction was anchored by Lexington Partners L.P., t ...

MetLife, Inc. (MET) recently teamed up with the international health solutions provider for the Blue Cross Blue Shield companies, GeoBlue, to introduce Globaline. GeoBlue is supported by 15 Blue Cross Blue Shield companies and Bupa.Being an expatriate benefits solution, Globaline has been devised with the collective expertise of two global benefits leaders and combines health and ancillary insurance under a single roof. While medical, dental, vision, prescription, wellness, an international employee assista ...