1 3Q23 Supplemental Slides 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 ...

MetLife, Inc. (NYSE:MET) Q3 2023 Earnings Conference Call November 2, 2023 9:00 AM ET Company Participants John Hall - Head of Investor Relations Michel Khalaf - President & Chief Executive Officer John McCallion - Chief Financial Officer Ramy Tadros - President, U.S. Business Eric Clurfain - Regional President, Latin America Lyndon Oliver - Regional President, Asia Conference Call Participants Ryan Krueger - KBW Tom Gallagher - Evercore ISI Jimmy Bhullar - JPMorgan Suneet Kamath - Jefferies Wes Carmichael ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-15787 _____________________________________ MetLife, Inc. (Exact name of registrant ...

Financial Data and Key Metrics Changes - Adjusted earnings for Q2 2023 were reported at $1.5 billion, or $1.94 per share, down from $1.7 billion, or $2.13 per share a year ago, reflecting a 10% decrease [6][20] - Net income for the quarter was $370 million, impacted by accounting adjustments related to a pending reinsurance transaction [7][19] - The adjusted return on equity was 14.6%, meeting the target range of 13% to 15% [6] Business Line Performance Changes - U.S. group benefits adjusted earnings totaled $372 million, down 8% year-over-year, with year-to-date sales up 13% and adjusted PFOs up 5% [8][20] - Retirement and income solutions (RIS) adjusted earnings were $417 million, up 11% from the prior year, driven by higher recurring investment margins [10][22] - Asia adjusted earnings were $431 million, down 11% year-over-year, but sales on a constant currency basis were up 34%, led by Japan [11][24] - Latin America adjusted earnings totaled $219 million, down 13%, with adjusted PFOs up 23% on a constant currency basis [12][25] Market Data and Key Metrics Changes - The company reported strong sales across various regions, with Asia and Latin America showing significant growth [10][11] - In Japan, sales increased by 42% year-over-year, driven by the introduction of a foreign currency life insurance product [11][24] - The EMEA region saw adjusted earnings of $70 million, up 6%, with adjusted PFOs up 4% on a constant currency basis [25] Company Strategy and Industry Competition - The company is focused on accelerating the runoff of its legacy business while maintaining strong risk management capabilities [5] - MetLife aims to sustain growth in capital-light businesses, leveraging strong relationships with national accounts and expanding its product portfolio [9] - The company is committed to returning capital to shareholders while investing in responsible growth [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the investment portfolio and the effectiveness of asset liability matching [5] - The company anticipates reaching a trough in variable investment income contributions to adjusted earnings [7][35] - Management highlighted the importance of disciplined underwriting and expense management in maintaining strong business fundamentals [35] Other Important Information - The company repurchased $672 million of its common stock in Q2 and an additional $300 million in July, with approximately $3.5 billion remaining on the repurchase authorization [13][14] - The company held $4.2 billion in cash at the end of the quarter, above its liquidity buffer target [15][32] - Steve Goulart, the Chief Investment Officer, announced his retirement, with leadership changes to follow [16][17] Q&A Session Summary Question: Further opportunities for risk transfer in MetLife holdings - Management indicated ongoing exploration of optimization opportunities, emphasizing the need for value-creative and risk-reducing transactions [38] Question: Details on office loans resolved year-to-date - 69% of loans scheduled to mature this year have been resolved, with 31% paid off and 57% extended, indicating a healthy portfolio [40] Question: Normalization of group benefits earnings - Management confirmed that the unfavorable items impacting earnings are not expected to recur, allowing for normalization in future earnings [44] Question: Buyback levels and subsidiary dividends - Management noted that July's buyback levels reflect a catch-up due to a blackout period, with expectations for continued buybacks post-transaction [46] Question: Non-medical health underwriting results - Favorable results were reported in disability, while dental claims costs have increased, prompting pricing adjustments [50] Question: Competitive dynamics in Japan - Strong sales in Japan were attributed to foreign currency products, with management optimistic about sustaining market position despite potential regulatory changes [52][61] Question: Long-term care claims trends - Management acknowledged some elevated claims but viewed them as a short-term aberration, with ongoing rate increases being implemented [64] Question: Update on commercial mortgage loans and credit migration - The portfolio remains well-positioned with minimal expected losses, and no material credit migration was reported in the CNBS portfolio [66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-15787 _____________________________________ MetLife, Inc. (Exact name of registrant as sp ...

Financial Performance - MetLife's net income for 2Q23 was $370 million, or $0.48 per share[3] - Adjusted earnings for 2Q23 were $1492 million, or $1.94 per share[3] - Adjusted earnings ex total notable items for 2Q23 were $1492 million, or $1.94 per share[5] - Total net investment losses in 2Q23 were $821 million post-tax, including adjustments of $699 million related to the pending reinsurance transaction with Global Atlantic Financial Group[3] Segment Performance (Adjusted Earnings) - Group Benefits: $372 million in 2Q23, a decrease of 8% compared to $406 million in 2Q22[5] - Retirement and Income Solutions: $417 million in 2Q23, an increase of 11% compared to $374 million in 2Q22[5] - Asia: $431 million in 2Q23, a decrease of 11% (9% on a constant rate basis) compared to $486 million in 2Q22[5] - Latin America: $219 million in 2Q23, a decrease of 13% (21% on a constant rate basis) compared to $251 million in 2Q22[5] - EMEA: $70 million in 2Q23, an increase of 6% (15% on a constant rate basis) compared to $66 million in 2Q22[5] - MetLife Holdings: $211 million in 2Q23, a decrease of 31% compared to $305 million in 2Q22[5] - Corporate & Other: $(228) million in 2Q23, compared to $(227) million in 2Q22[5] Variable Investment Income (VII) - Total Variable Investment Income for 2Q23 was $175 million[9] Investment Portfolio - Commercial Mortgage Loan (CML) portfolio is $52.7 billion[15] - 89% of the CML portfolio has Loan-to-Value (LTV) ratios less than 80%[16] - 93% of the CML portfolio has Debt Service Coverage Ratios (DSCR) greater than 1x[16] Capital Management - Share repurchases of $0.7 billion in 2Q23[24]

1 1Q23 Supplemental Slides 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 ...

MetLife, Inc. (NYSE:MET) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants John Hall - Head of IR Michel Khalaf - President & CEO John McCallion - EVP & CFO Steven Goulart - EVP & Chief Investment Officer Eric Clurfain - Regional President, Latin America Ramy Tadros - President, U.S. Business Lyndon Oliver - Regional President, Asia Conference Call Participants Tom Gallagher - Evercore Erik Bass - Autonomous Research Tracy Benguigui - Barclays Ryan Krueger - KBW John Barnidge - Pi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-15787 _____________________________________ MetLife, Inc. (Exact name of registrant as s ...

Market Position and Business Strategy - MetLife holds leading market positions in the U.S., Japan, Latin America, Asia, Europe, and the Middle East, and is one of the largest institutional investors in the U.S. with a general account portfolio primarily invested in fixed income securities and mortgage loans[13]. - The company aims to generate strong free cash flow by deploying capital to high-value opportunities, simplify its business for operational efficiency, and differentiate through brand, scale, talent, and innovation[14]. - MetLife's diversified business model and financial strength are expected to drive future growth and mitigate risks associated with economic uncertainties[13]. - The company emphasizes the importance of operational efficiency and customer experience in its strategy to enhance shareholder value[14]. Product Offerings - MetLife's U.S. segment offers a broad range of protection products, including life, dental, disability, and accident & health insurance, with a focus on voluntary products to enhance sales[16]. - The Group Benefits business has established a leading position in the U.S. group insurance market, emphasizing relationships with large corporate employers and expanding product offerings[17]. - Retirement and Income Solutions (RIS) provides funding and financing solutions to institutional customers, helping them manage liabilities associated with employee benefit programs[20]. - Major products in Asia include whole and term life, endowments, universal and variable life, as well as group life products[31]. - Major products in EMEA include traditional and non-traditional life insurance, personal accident, and supplemental health products[37]. Regulatory Environment - Regulatory approval is generally required for rates on individual life insurance products, which are highly regulated and renewed annually[47]. - The regulatory environment is expected to continue to increase in scope and oversight, which could materially harm the company's results of operations[51]. - The NAIC's updated model acts and regulations focus on capital requirements, corporate governance, risk management, and liquidity stress testing, impacting MetLife's financial regulation[62]. - The New York Department of Financial Services (NYDFS) is prioritizing diversity in corporate governance for insurers, collecting data from companies like MetLife to measure progress in leadership diversity[72]. Financial Performance and Risks - Net income available to common shareholders decreased by $4.0 billion, primarily due to an unfavorable change in net investment gains of $2.8 billion and a decrease in adjusted earnings available to common shareholders by $2.4 billion[200]. - The company faces various economic risks, including interest rate fluctuations, which may impact revenue growth and investment opportunities[118]. - Interest rate risks could reduce investment spreads and net income, particularly during periods of rapidly increasing rates[120]. - The company may experience increased defaults, downgrades, and volatility in its investment portfolio due to economic downturns or public health issues[148]. Environmental and Social Governance - The company announced a goal to achieve net zero greenhouse gas emissions for its global operations and investment portfolio by 2050 or sooner[143]. - The New York Department of Financial Services (NYDFS) expects insurers to integrate climate-related financial risks into governance and risk management processes[91]. - The SEC proposed rules requiring additional climate-related disclosures in financial statements, impacting how the company reports its risks[92]. Workforce and Diversity - The company had approximately 45,000 employees as of December 31, 2022, emphasizing talent attraction, retention, and holistic well-being[105]. - The company aims for top-quartile performance in workforce diversity, with women representing 25% of the Executive Leadership Team and 20% of the Board of Directors[107]. - The company has committed $5 million over three years to advance racial equity in the U.S., alongside other diversity and inclusion initiatives[107]. Investment and Capital Management - The company expects to maintain a two-year average annual ratio of free cash flow to adjusted earnings at 65% to 75%[207]. - The investment portfolio is highly diversified and positioned to perform well in various economic scenarios[205]. - The company has implemented targeted improvements to the accounting for long-duration contracts (LDTI)[204]. Challenges and Uncertainties - The company may face challenges in paying dividends or repurchasing stock due to legal and regulatory restrictions, cash buffer needs, and market conditions[144]. - The cessation of U.S. Dollar LIBOR settings is scheduled for June 30, 2023, with the transition to alternative reference rates being actively monitored and managed by the company[99]. - The company may struggle to find adequate reinsurance, which could increase its risk exposure and affect future business writing capabilities[136].