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].

Financial Performance - MetLife's adjusted earnings were $1.226 billion in 4Q22[3], and $5.434 billion for the full year 2022, excluding total notable items[3] - MetLife's share repurchases amounted to $0.6 billion in 4Q22 and $3.3 billion for the full year 2022[16] - The company expects total U S Statutory Adjusted Capital of $18.3 billion as of December 31, 2022, a 3% decrease from September 30, 2022[16] Segment Results (Adjusted Earnings ex Total Notable Items) - Group Benefits generated $400 million in 4Q22, a significant increase compared to $20 million in 4Q21[5] - Retirement and Income Solutions contributed $371 million in 4Q22[5] - U S segment earned $771 million in 4Q22, a 20% increase from $640 million in 4Q21[5] - Asia generated $215 million in 4Q22, a 62% decrease from $586 million in 4Q21[5] - Latin America reported $181 million in 4Q22, a 45% increase from $125 million in 4Q21[5] - EMEA earned $70 million in 4Q22, a 67% increase from $42 million in 4Q21[5] - MetLife Holdings contributed $208 million in 4Q22, a 57% decrease from $482 million in 4Q21[5] - Corporate & Other reported a loss of $219 million in 4Q22, compared to a loss of $177 million in 4Q21[5] Outlook and Targets - MetLife targets an adjusted return on equity of 13-15%[20] - The company aims for a free cash flow ratio of 65-75% of adjusted earnings[20] - MetLife targets a direct expense ratio of 12.6%[20] - The company anticipates variable investment income of approximately $2.0 billion for 2023[21] - MetLife expects a corporate & other adjusted loss of $650 – $750 million for 2023[21]

Financial Data and Key Metrics Changes - In Q4 2022, adjusted earnings were $1.2 billion or $1.55 per share, down 28% year-over-year from $1.8 billion or $2.17 per share [8][17] - For the full year 2022, adjusted return on equity was 12.3%, meeting the target, and the target range has been increased to 13% to 15% [6][7] - Free cash flow generation for 2022 was strong, enabling a return of $4.9 billion to shareholders [6][12] Business Line Data and Key Metrics Changes - U.S. Group Benefits adjusted earnings were $400 million in Q4 2022, significantly up from $20 million in Q4 2021, driven by improved underwriting margins and lower COVID claims [17] - Retirement and Income Solutions (RIS) adjusted earnings were down 40% year-over-year, primarily due to lower variable investment income [19] - Asia segment adjusted earnings decreased by 63% year-over-year, impacted by lower variable investment income and a write-down of a deferred tax asset [20][21] - Latin America adjusted earnings increased by 45%, driven by favorable underwriting and solid volume growth [22] Market Data and Key Metrics Changes - Group Benefits PFOs grew approximately 5% year-over-year, bringing full year PFOs to about $23 billion [9] - Asia sales grew 11% year-over-year, exceeding guidance, while Latin America sales were up 22% on a constant currency basis [11][22] - EMEA adjusted earnings were up 67%, reflecting favorable underwriting compared to elevated COVID claims in the prior year [23] Company Strategy and Development Direction - The Next Horizon strategy has proven resilient, with commitments to generate $20 billion in free cash flow over five years, expected to be exceeded [5][7] - The company is focused on responsible growth and capital deployment, with a commitment to return excess capital to shareholders [12][62] - Investments in digital transformation and product diversification are expected to drive future growth [68] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from rising inflation and a potential recession but expressed confidence in the company's resilience and growth prospects [5][31] - The outlook for 2023 includes expectations for interest rates to rise and continued uncertainty around inflation [31][32] - The company anticipates maintaining a free cash flow ratio of 65% to 75% of adjusted earnings [32] Other Important Information - The effective tax rate on adjusted earnings was approximately 19% for Q4 2022, influenced by favorable tax benefits [24] - The company has a strong capital position, with cash and liquid assets at holding companies totaling $5.4 billion [27][28] Q&A Session Summary Question: Impact of layoffs on group business and PFO growth outlook - Management noted no current impact from layoffs, citing a tight labor market and strong sales momentum [41][42][44] Question: Resilience of MetLife Holdings earnings despite PFO decline - Management explained that earnings resilience is due to LDTI accounting changes and optimization efforts [47][48] Question: Update on VA risk transfer deals - Management stated no change in strategy regarding VA risk transfer deals, focusing on internal optimization [51][52] Question: Mortality experience compared to pre-pandemic levels - Management indicated a shift to an endemic environment with reduced COVID-related mortality impacts [54] Question: RIS spread outlook beyond 2023 - Management discussed the contribution of interest rate caps and the expectation for healthy spreads in 2023 [57][58] Question: Capital deployment strategy amid recession risks - Management confirmed no change in capital deployment philosophy, emphasizing support for organic growth and shareholder returns [60][62] Question: LatAm growth influenced by macro environment - Management highlighted strong franchise strength and low insurance penetration as key growth drivers in Latin America [66][68]

MetLife, Inc. (NYSE:MET) Q3 2022 Earnings Conference Call November 3, 2022 9:00 AM ET Company Participants John Hall - Head of Investor Relations Michel Khalaf - President & Chief Executive Officer John McCallion - Executive Vice President & Chief Financial Officer Steven Goulart - Executive Vice President & Chief Investment Officer Ramy Tadros - President, U.S. Business Eric Clurfain - Regional President, Latin America Conference Call Participants Jimmy Bhullar - JPMorgan Ryan Krueger - KBW Tom Gallagher - ...

MetLife, Inc. (NYSE:MET) Q2 2022 Earnings Conference Call August 4, 2022 9:00 AM ET Company Participants John McCallion - EVP & CFO Michel Khalaf - CEO, President & Director Steven Goulart - EVP & CIO Ramy Tadros - President, U.S. Business John Hall - SVP & Head, IR Eric Clurfain - Regional President, Latin America Conference Call Participants Ryan Krueger - KBW Thomas Gallagher - Evercore ISI Jamminder Bhullar - JPMorgan Chase & Co. Elyse Greenspan - Wells Fargo Securities Suneet Kamath - Jefferies Alexand ...