Company Performance - MetLife's stock gained 28% over the last year, outperforming the S&P 500 index, which returned 23% [1] - Prudential Financial, a peer company, saw a 19% stock increase over the same period [1] - Q3 adjusted operating revenues declined 3.4% year-over-year to $17.6 billion [1] - Premiums, fees, and other revenues decreased by approximately 5%, while investment-related income rose 8% [1] - Adjusted earnings were $1.93 per share, impacted by a 7.3% year-over-year increase in expenses due to higher interest credited to policyholder account balances [1] - The group benefits business underperformed, particularly in non-medical health underwriting and actuarial assumption review [1] Market Trends and Outlook - The U.S. Federal Reserve's slower path toward monetary easing could benefit MetLife, as life insurers are more sensitive to interest rates due to their long-term bond-heavy investment strategies [2] - Potential regulatory and tax changes under the Trump administration may improve profitability for insurers like MetLife [2] - MetLife has been growing its dividend yield and maintains a strong share buyback program, which could drive long-term gains [2] - At $82 per share, MetLife's stock is trading 5% below Trefis' estimated valuation of $86 per share [2] Comparative Analysis - The Trefis High Quality Portfolio, consisting of 30 stocks, has provided better returns with less risk compared to the S&P 500 index over the last four years [2]

Company Overview - MetLife Investment Management (MIM) has entered into a definitive agreement to acquire PineBridge Investments, which has approximately $100 billion in assets under management. The deal includes $800 million in cash at closing, with additional contingent payments based on financial metrics and earnouts [6] - The acquisition aligns with MetLife's New Frontier strategy aimed at accelerating asset management growth and enhancing MIM's competitiveness through PineBridge's global footprint and investment expertise [1][6] Financial Impact - Upon completion, MIM's total assets under management (AUM) are expected to exceed $700 billion, significantly enhancing its scale and broadening its global offerings. MIM's AUM was $609.3 billion as of September 30, 2024 [2] - The transaction is anticipated to be neutral to earnings per share in the first year and accretive thereafter, supported by potential expense synergies and a capital-light structure [1][6] Market Context - The asset management industry is facing intense competition due to evolving client needs and increased regulations, prompting companies to strengthen their positions through expansion [7] - The acquisition is expected to enhance MIM's product offerings and attract a larger customer base, particularly as over half of the client assets acquired are owned by investors outside the United States, with one-third owned by investors in Asia [1][7] Performance Metrics - MetLife's shares have gained 14.4% in the past six months, outperforming the industry growth of 3.1% [8] - MetLife currently holds a Zacks Rank 4 (Sell), indicating a need for cautious evaluation despite recent performance [9]

Core Insights - MetLife has launched a new five-year strategy called "New Frontier" aimed at enhancing long-term growth and profitability [1][2] - The plan targets double-digit adjusted earnings per share (EPS) growth, a 15% to 17% adjusted return on equity, a one-percentage-point reduction in direct expense ratio, and $25 billion in free cash flow [1] - Following the announcement, MetLife's shares increased by 5% [1] Group 1: Strategy Overview - The "New Frontier" strategy builds on the previous "Next Horizon" plan, which focused on simplifying and differentiating the company [2] - CEO Michel Khalaf emphasized that MetLife operates in attractive markets with strong competitive advantages, allowing for growth with lower risk [2] Group 2: Key Focus Areas - The "New Frontier" strategy will concentrate on four main areas: enhancing leadership in group benefits, leveraging a unique retirement platform, accelerating asset management growth, and expanding in high-growth international markets [2]

Core Insights - MetLife, Inc. and General Atlantic are launching Chariot Reinsurance, Ltd., a Bermuda-based life and annuity reinsurer, set to commence operations in 2025, backed by over $1 billion in equity investment [1][2] - The formation of Chariot Re will allow MetLife to transfer approximately $10 billion in liabilities, optimizing its balance sheet and enhancing financial flexibility [2] - MetLife will manage Chariot Re's investment portfolio exclusively, creating a new revenue stream and leveraging its expertise in complex asset management [3] Financial Implications - The transfer of liabilities to Chariot Re will reduce MetLife's risk exposure and free up capital for reinvestment in higher return areas [2] - MetLife's shares have increased by 9.4% over the past three months, outperforming the industry growth of 5.3% [5] Market Context - The launch of Chariot Re is timely, as there is a rising global demand for life insurance, reinsurance, and retirement solutions, which MetLife can capitalize on through innovative reinsurance offerings [4] - The collaboration with General Atlantic is expected to support sustainable growth for Chariot Re in the long term [4]

Core Insights - Albert Anthony is a Croatian-American media personality and financial contributor, reaching over 1 million investors globally since 2023 [1] - His content on Seeking Alpha averages over 25,000 views monthly, focusing on stock analysis and dividend income portfolio building [1] - In addition to financial media, he has participated in city council politics in Croatia and ran for Parliament in 2024 [1] Company and Industry Analysis - Albert Anthony provides curated analysis of stocks trading on major US exchanges, offering a forward-looking perspective on stock performance [1] - He has experience in financial services, having worked at Charles Schwab and completed certifications from various prestigious institutions [1] - His involvement in the Croatian Economic Association indicates a commitment to economic discourse and policy development [1]

Financial Performance - Total revenues for Q3 2024 were $18,440 million, an increase of 16% compared to $15,866 million in Q3 2023[16]. - Net investment income rose to $5,227 million in Q3 2024, up 8.4% from $4,825 million in Q3 2023[16]. - Net income attributable to MetLife, Inc. for Q3 2024 was $1,342 million, significantly higher than $489 million in Q3 2023, representing a 174% increase[16]. - Basic earnings per share for Q3 2024 were $1.82, compared to $0.56 in Q3 2023, reflecting a 225% increase[16]. - Comprehensive income for Q3 2024 was $4,838 million, a recovery from a loss of $3,373 million in Q3 2023[16]. - Total revenues for the three months ended September 30, 2024, were $18,440 million, an increase from $17,614 million in the previous period, representing a growth of 4.7%[44]. - Adjusted earnings for the quarter were $1,442 million, showing a decrease from $1,624 million, which is a decline of 11.2%[44]. - Total revenues for the nine months ended September 30, 2024, amounted to $53.313 billion, a decrease of $993 million compared to the previous period[48]. - Adjusted earnings for the period were $4.505 billion, with a decrease of $542 million compared to the previous year[48]. - The company reported net income of $3.169 billion for the period[48]. Investment and Assets - Total investments increased to $455.283 billion as of September 30, 2024, compared to $446.137 billion at December 31, 2023, reflecting a growth of approximately 2.57%[14]. - Total assets reached $704.976 billion, compared to $687.584 billion, marking an increase of about 2.00%[14]. - Cash and cash equivalents rose to $21.765 billion, up from $20.639 billion, indicating an increase of approximately 5.46%[14]. - The total balance of separate accounts at the end of September 30, 2024, was $40,448 million, a decrease from $48,265 million at the beginning of the period[121]. - Total fixed maturity securities amounted to $64,250 million as of September 30, 2024, compared to $62,193 million in the previous year, reflecting an increase of approximately 3.3%[123]. - The total amount of U.S. government and agency bonds was $19,611 million, while foreign government bonds reached $5,388 million[125]. - The total amount of corporate bonds in the energy sector was $1,018 million, highlighting investment in this industry[125]. Policyholder Accounts and Benefits - Policyholder account balances increased to $224.609 billion from $219.269 billion, representing a growth of approximately 2.00%[14]. - Policyholder benefits and claims decreased to $10,597 million in Q3 2024 from $11,130 million in Q3 2023, a decline of 4.8%[16]. - Policyholder benefits and claims totaled $32.601 billion, with a slight decrease of $30 million from the previous period[48]. - The total policyholder account balances increased to $224,609 million as of September 30, 2024, up from $219,269 million at the end of December 2023, representing a growth of about 2.9%[82]. Liabilities and Equity - The company reported a decrease in total liabilities to $673.812 billion from $657.331 billion, a reduction of approximately 2.53%[14]. - MetLife, Inc.'s stockholders' equity grew to $30.885 billion from $30.015 billion, reflecting an increase of approximately 2.89%[14]. - Retained earnings increased to $41.765 billion from $40.146 billion, showing a growth of about 4.03%[14]. - The market risk benefits at estimated fair value were $3.117 billion, slightly down from $3.179 billion, indicating a decrease of about 1.95%[14]. Segment Performance - The company is organized into six segments: Group Benefits, Retirement and Income Solutions, Asia, Latin America, EMEA, and MetLife Holdings, indicating a diversified operational structure[24]. - The Group Benefits segment offers a range of products including life insurance, dental, and disability insurance, targeting corporations and their employees[33]. - The RIS segment provides life and annuity-based insurance and investment products, including pension risk transfer products and structured settlements[34]. - The Asia segment offers life insurance, accident & health insurance, and retirement savings products to individuals and corporations[35]. - The Latin America segment includes life insurance, retirement savings, and credit insurance products for individuals and corporations[36]. - The EMEA segment provides life insurance and retirement products to individuals and corporations[37]. Cash Flow and Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2024, was $9,987 million, compared to $8,539 million for the same period in 2023, representing an increase of 17.0%[22]. - Net cash used in investing activities was $(6,129) million for the nine months ended September 30, 2024, compared to $(10,822) million in 2023, indicating a reduction in cash outflow of 43.0%[22]. Derivatives and Risk Management - The total gross notional amount of derivatives was $290,446 million, with estimated assets of $8,172 million and fair value liabilities of $6,357 million[194]. - The company utilized derivatives to hedge variable annuity guarantees, with a gross notional amount of $9,092 million and estimated assets of $13 million as of September 30, 2024[196]. - The estimated fair value of interest rate swaps designated as hedging instruments was $1,654 million in assets and $1,062 million in liabilities as of September 30, 2024[194]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[44]. - The company is focusing on market expansion and new product development to enhance future growth prospects[46].

Core Insights - MetLife, Inc. reported third-quarter 2024 adjusted operating earnings of $1.93 per share, missing the Zacks Consensus Estimate by 10.7%, and a 1% decline year over year [1] - Adjusted operating revenues were $17.6 billion, down 3.4% year over year, also missing the consensus mark by 4.7% [1] Financial Performance - Total expenses increased to $16.4 billion, up 7.3% year over year, primarily due to higher interest credited to policyholder account balances [4] - Adjusted net investment income rose 2% year over year to $5.1 billion, supported by rising rates and asset growth [3] - Net income more than doubled year over year to $1.3 billion, while adjusted return on equity decreased by 30 basis points to 14.6% [5] Segment Analysis - Group Benefits segment adjusted earnings fell 27% year over year to $373 million, missing the consensus estimate [6] - RIS segment adjusted earnings increased 0.4% year over year to $472 million, beating the consensus mark [7] - Asia segment adjusted earnings grew 11% year over year to $306 million but missed the consensus estimate [8] - Latin America segment adjusted earnings rose 11% year over year to $221 million, lagging the consensus mark [9] - EMEA segment adjusted earnings declined 20% year over year to $70 million, exceeding the consensus estimate [10] - MetLife Holdings segment adjusted earnings dropped 13% year over year to $182 million, beating the consensus mark [11] - Corporate & Other segment incurred an adjusted loss of $249 million, an improvement from the prior year's loss [12] Balance Sheet and Capital Deployment - As of September 30, 2024, MetLife had cash and cash equivalents of $14.9 billion, down 27.7% from the end of 2023 [13] - Total assets decreased by 5.2% to $652.1 billion, while total equity fell 14.4% to $25.9 billion [13] - The company repurchased shares worth $0.8 billion in the third quarter and plans additional repurchases of approximately $130 million in October 2024 [15] 2024 Outlook - Management anticipates variable investment income of $1.5 billion for 2024, with adjusted losses in Corporate & Other expected between $750 million and $850 million [16] - Adjusted earnings in the Asia segment are projected to grow by 20% [17] - Near-term targets include a 4-6% increase in adjusted PFOs for Group Benefits and MetLife Holdings segments over the next three years [18] - The company aims for an adjusted return on equity of 13-15% and a free cash flow ratio of 65-75% of adjusted earnings [19]

Core Insights - MetLife reported revenue of $17.61 billion for the quarter ended September 2024, a decrease of 3.4% year-over-year, and EPS of $1.93, down from $1.97 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $18.47 billion by 4.66%, and the EPS was 10.65% below the consensus estimate of $2.16 [1] Financial Performance Metrics - Total Adjusted Revenue for Latin America was $1.93 billion, slightly below the estimated $1.98 billion, reflecting a year-over-year increase of 4.4% [3] - Adjusted Revenue for Corporate & Other Premiums reported a loss of $6 million, significantly lower than the estimated $16.67 million, marking a year-over-year decline of 166.7% [3] - Total Adjusted Revenue for Asia was $2.84 billion, below the estimated $3.02 billion, with a year-over-year increase of 2.8% [3] - Net investment income was reported at $5.23 billion, exceeding the estimated $5.13 billion, with a year-over-year increase of 6.9% [3] - Revenue from Universal life and investment-type product policy fees was $1.23 billion, below the estimated $1.33 billion, representing a year-over-year decline of 8% [3] - Adjusted Revenue for MetLife Holdings Premiums was $673 million, below the estimated $688.58 million, with a year-over-year decrease of 1.8% [3] - Adjusted Revenue for MetLife Holdings Net investment income was $981 million, below the estimated $1.01 billion, reflecting a year-over-year decline [3] Stock Performance - MetLife shares have returned +1.3% over the past month, compared to the Zacks S&P 500 composite's +1.8% change, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3]

Core Insights - MetLife reported quarterly earnings of $1.93 per share, missing the Zacks Consensus Estimate of $2.16 per share, and showing a decrease from $1.97 per share a year ago, resulting in an earnings surprise of -10.65% [1] - The company posted revenues of $17.61 billion for the quarter ended September 2024, which was 4.66% below the Zacks Consensus Estimate and down from $18.24 billion year-over-year [2] - MetLife's stock has increased by approximately 25.3% since the beginning of the year, outperforming the S&P 500's gain of 22.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.30, with expected revenues of $19.17 billion, and for the current fiscal year, the EPS estimate is $8.58 on revenues of $73.34 billion [7] - The estimate revisions trend for MetLife is mixed, leading to a Zacks Rank 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Industry Context - The Insurance - Multi line industry, to which MetLife belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - American International Group (AIG), another company in the same industry, is expected to report a quarterly earnings decline of 29.8% year-over-year, with revenues anticipated to drop by 41.7% from the previous year [9][10]

[GAAP CONSOLIDATED STATEMENTS OF OPERATIONS](index=3&type=section&id=GAAP%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Presents GAAP consolidated total revenues, net income, and premiums, fees, and other revenues for various periods Total Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $15,866 | $19,028 | $16,057 | $17,823 | $18,440 | | Year-to-Date Period Ended | $47,877 | | | | $52,320 | Net Income (Loss) Attributable to MetLife, Inc. (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $489 | $607 | $867 | $946 | $1,342 | | Year-to-Date Period Ended | $971 | | | | $3,155 | Premiums, Fees and Other Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $13,170 | $13,687 | $11,975 | $13,547 | $12,523 | | Year-to-Date Period Ended | $38,274 | | | | $38,045 | [CORPORATE OVERVIEW](index=4&type=section&id=CORPORATE%20OVERVIEW) Provides key corporate financial metrics including adjusted earnings, book value per share, and adjusted return on common stockholders' equity Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,488 | $1,361 | $1,334 | $1,628 | $1,375 | Adjusted Earnings Available to Common Shareholders Per Diluted Common Share (Unaudited, $) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1.97 | $1.83 | $1.83 | $2.28 | $1.95 | Book Value Per Common Share (Unaudited, $) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Book Value ($) | $29.34 | $35.85 | $34.54 | $33.30 | $39.02 | | Book Value (excluding AOCI other than FCTA) ($) | $53.00 | $53.75 | $53.13 | $53.12 | $54.72 | Adjusted Return on MetLife, Inc.'s Common Stockholders' Equity (excluding AOCI other than FCTA) (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | 14.9 % | 13.8 % | 13.8 % | 17.3 % | 14.6 % | Weighted Average Common Shares Outstanding - Diluted (Unaudited, millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Shares (millions) | 755.5 | 743.4 | 728.4 | 714.7 | 703.7 | [KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS](index=6&type=section&id=KEY%20ADJUSTED%20EARNINGS%20STATEMENT%20LINE%20ITEMS) Details key adjusted earnings statement line items, including total adjusted revenues, net investment income, and total adjusted expenses Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $18,237 | $18,718 | $17,016 | $18,683 | $17,614 | | Year-to-Date Period Ended | $52,997 | | | | $53,313 | Adjusted Net Investment Income (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $5,056 | $5,047 | $5,068 | $5,160 | $5,143 | | Year-to-Date Period Ended | $14,702 | | | | $15,371 | Adjusted Premiums, Fees and Other Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $13,181 | $13,671 | $11,948 | $13,523 | $12,471 | | Year-to-Date Period Ended | $38,295 | | | | $37,942 | Total Adjusted Expenses (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $16,214 | $16,991 | $15,185 | $16,502 | $15,714 | | Year-to-Date Period Ended | $47,407 | | | | $47,401 | [EXPENSE DETAIL AND RATIOS](index=8&type=section&id=EXPENSE%20DETAIL%20AND%20RATIOS) Analyzes expense ratios, adjusted other expenses, and direct expenses, including a ratio adjusted for notable items Expense Ratio (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | 18.6 % | 18.6 % | 20.5 % | 17.9 % | 19.9 % | | Year-to-Date Period Ended | 18.8 % | | | | 19.4 % | Adjusted Other Expenses (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $3,159 | $3,261 | $3,180 | $3,104 | $3,159 | | Year-to-Date Period Ended | $9,302 | | | | $9,443 | Direct Expenses (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,447 | $1,559 | $1,426 | $1,397 | $1,392 | | Year-to-Date Period Ended | $4,249 | | | | $4,215 | Adjusted Expense Ratio (excluding total notable items related to adjusted other expenses and PRT) (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | 20.6 % | 20.6 % | 20.4 % | 20.6 % | 20.7 % | | Year-to-Date Period Ended | 20.4 % | | | | 20.5 % | [GAAP CONSOLIDATED BALANCE SHEETS](index=9&type=section&id=GAAP%20CONSOLIDATED%20BALANCE%20SHEETS) Presents GAAP consolidated balance sheet data, including total assets, liabilities, equity, and fixed maturity securities Total Assets (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Total Assets ($ millions) | $652,120 | $687,584 | $677,576 | $675,745 | $704,976 | Total Liabilities (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Total Liabilities ($ millions) | $626,225 | $657,331 | $648,780 | $648,205 | $673,812 | Total MetLife, Inc.'s Stockholders' Equity (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Total Equity ($ millions) | $25,658 | $30,015 | $28,535 | $27,252 | $30,885 | Fixed Maturity Securities Available-for-Sale, at Estimated Fair Value (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Value ($ millions) | $270,982 | $281,412 | $278,409 | $277,736 | $293,779 | [SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS](index=10&type=section&id=SUMMARY%20OF%20ADJUSTED%20EARNINGS%20AVAILABLE%20TO%20COMMON%20SHAREHOLDERS) Summarizes adjusted earnings available to common shareholders, broken down by business segment and specific income sources [Group Benefits Statements of Adjusted Earnings Available to Common Shareholders](index=11&type=section&id=Group%20Benefits%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section details the adjusted earnings for the Group Benefits segment, including a breakdown of adjusted revenues (premiums, policy fees, net investment income, other revenues) and adjusted expenses (policyholder benefits, interest credited, DAC amortization, other expenses) It also provides key statistical information for Group Life and Group Non-Medical Health products Group Benefits Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $510 | $466 | $284 | $533 | $373 | Group Benefits Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $6,196 | $6,335 | $6,645 | $6,523 | $6,457 | Group Life Adjusted Premiums, Fees and Other Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,215 | $2,199 | $2,340 | $2,309 | $2,293 | | Mortality Ratio (%) | 83.6 % | 83.5 % | 90.2 % | 79.1 % | 85.6 % | Group Non-Medical Health Adjusted Premiums, Fees and Other Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,620 | $2,689 | $2,773 | $2,742 | $2,718 | | Interest Adjusted Benefit Ratio (%) | 69.0 % | 70.7 % | 73.9 % | 70.8 % | 72.4 % | [RIS Statements of Adjusted Earnings Available to Common Shareholders](index=13&type=section&id=RIS%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section outlines the adjusted earnings for the Retirement and Income Solutions (RIS) segment, presenting adjusted revenues and expenses It also provides details on future policy benefits, policyholder account balances, separate account liabilities, synthetic GICs, longevity reinsurance, and a spread analysis for the general account RIS Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $470 | $421 | $399 | $410 | $472 | RIS Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $4,487 | $4,915 | $2,902 | $4,699 | $3,712 | RIS Adjusted Premiums, Fees and Other Revenues, excluding PRT (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,017 | $1,023 | $838 | $830 | $1,050 | RIS Future Policy Benefits (at balance sheet discount rate) (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Balance ($ millions) | $61,947 | $69,407 | $67,402 | $69,385 | $72,914 | RIS Policyholder Account Balances (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Balance ($ millions) | $80,929 | $82,405 | $83,049 | $84,270 | $85,410 | RIS Annualized General Account Spread (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Spread (%) | 1.30 % | 1.21 % | 1.27 % | 1.21 % | 1.06 % | [ASIA Statements of Adjusted Earnings Available to Common Shareholders](index=16&type=section&id=ASIA%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section presents the adjusted earnings for the Asia segment, including a breakdown of adjusted revenues and expenses It also provides detailed information on adjusted premiums, fees and other revenues (including operating joint ventures and constant currency basis), other expenses by major category, sales on a constant currency basis for Japan and other Asia regions, and Asia General Account Assets Under Management (GA AUM) ASIA Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $275 | $296 | $423 | $449 | $306 | ASIA Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,766 | $2,708 | $2,852 | $2,835 | $2,842 | ASIA Adjusted Premiums, Fees and Other Revenues, including operating joint ventures, on a constant currency basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,132 | $2,057 | $2,264 | $2,368 | $2,251 | ASIA Total Sales on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $595 | $610 | $581 | $639 | $590 | ASIA GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| GA AUM ($ millions) | $135,540 | $137,450 | $139,741 | $141,616 | $145,037 | [LATIN AMERICA Statements of Adjusted Earnings Available to Common Shareholders](index=19&type=section&id=LATIN%20AMERICA%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section details the adjusted earnings for the Latin America segment, including adjusted revenues and expenses It also provides a breakdown of other expenses by major category, sales on a constant currency basis for Mexico, Chile, and other regions, and other statistical information such as adjusted premiums, fees and other revenues and adjusted earnings available to common shareholders on a constant currency basis LATIN AMERICA Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $199 | $207 | $233 | $226 | $221 | LATIN AMERICA Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,849 | $1,968 | $1,882 | $1,904 | $1,931 | LATIN AMERICA Total Sales on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $342 | $322 | $383 | $373 | $373 | LATIN AMERICA Adjusted Premiums, Fees and Other Revenues, on a constant currency basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,349 | $1,393 | $1,400 | $1,422 | $1,496 | [EMEA Statements of Adjusted Earnings Available to Common Shareholders](index=21&type=section&id=EMEA%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section presents the adjusted earnings for the EMEA segment, detailing adjusted revenues and expenses It also includes a breakdown of other expenses by major category and other statistical information, such as adjusted premiums, fees and other revenues, adjusted earnings available to common shareholders, and total sales, all on a constant currency basis EMEA Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $88 | $47 | $77 | $77 | $70 | EMEA Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $639 | $649 | $674 | $675 | $710 | EMEA Total Sales on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $189 | $201 | $282 | $278 | $249 | EMEA Adjusted Premiums, Fees and Other Revenues, on a constant currency basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $573 | $586 | $613 | $626 | $655 | [METLIFE HOLDINGS Statements of Adjusted Earnings Available to Common Shareholders](index=23&type=section&id=METLIFE%20HOLDINGS%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) This section outlines the adjusted earnings for the MetLife Holdings segment, including adjusted revenues and expenses It also provides detailed information on future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, other expenses by major category, and statistical information such as lapse ratios for traditional life and variable annuity products METLIFE HOLDINGS Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $208 | $156 | $159 | $153 | $182 | METLIFE HOLDINGS Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $2,063 | $1,945 | $1,851 | $1,839 | $1,774 | METLIFE HOLDINGS Future Policy Benefits (at balance sheet discount rate) (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Balance ($ millions) | $68,463 | $70,780 | $70,026 | $69,306 | $70,359 | METLIFE HOLDINGS Policyholder Account Balances (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Balance ($ millions) | $23,850 | $23,178 | $22,615 | $22,050 | $21,721 | METLIFE HOLDINGS Lapse Ratio (Unaudited, %) | Product | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Traditional life | 5.1 % | 5.4 % | 5.7 % | 5.9 % | 6.2 % | | Variable annuity | 10.5 % | 11.1 % | 11.6 % | 12.4 % | 12.8 % | [CORPORATE & OTHER Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source](index=26&type=section&id=CORPORATE%20%26%20OTHER%20Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders%3B%20and%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders%20by%20Source) This section presents the adjusted earnings for the Corporate & Other segment, detailing adjusted revenues and expenses It also provides a breakdown of adjusted earnings available to common shareholders by source, including business activities, net investment income, interest expense on debt, corporate initiatives, and other items CORPORATE & OTHER Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $(262) | $(232) | $(241) | $(220) | $(249) | CORPORATE & OTHER Total Adjusted Revenues (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $237 | $198 | $210 | $208 | $188 | CORPORATE & OTHER Adjusted Earnings Available to Common Shareholders by Source (Unaudited, in millions) - September 30, 2024 | Source | Amount ($ millions) | |:---|:---|\n| Business activities | $20 | | Net investment income | $96 | | Interest expense on debt | $(256) | | Corporate initiatives and projects | $(8) | | Other | $(75) | | Provision for income tax (expense) benefit and other tax-related items | $41 | | Preferred stock dividends | $(67) | | **Total Adjusted Earnings Available to Common Shareholders** | **$(249)** | [INVESTMENTS](index=27&type=section&id=INVESTMENTS) Details investment portfolio performance, asset category yields, fixed maturity securities, and mortgage loan composition [Investment Portfolio Results by Asset Category and Annualized Yields](index=27&type=section&id=Investment%20Portfolio%20Results%20by%20Asset%20Category%20and%20Annualized%20Yields) This sub-section details the investment income, gains/losses, and ending carrying values for various asset categories, including fixed maturity securities, net mortgage loans, real estate, policy loans, equity securities, other limited partnership interests, and cash/short-term investments, along with their respective annualized yields Total Investments - Net Investment Income Yield (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Yield (%) | 4.57 % | 4.56 % | 4.61 % | 4.70 % | 4.62 % | Adjusted Net Investment Income (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $5,056 | $5,047 | $5,068 | $5,160 | $5,143 | | Year-to-Date Period Ended | $14,702 | | | | $15,371 | Fixed Maturity Securities - Investment Income and Yield (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Investment Income ($ millions) | $3,123 | $3,241 | $3,200 | $3,206 | $3,357 | | Yield (%) | 4.19 % | 4.39 % | 4.38 % | 4.38 % | 4.52 % | Net Mortgage Loans - Investment Income and Yield (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Investment Income ($ millions) | $1,094 | $1,127 | $1,100 | $1,096 | $1,097 | | Yield (%) | 5.18 % | 5.36 % | 5.25 % | 5.30 % | 5.32 % | [Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale](index=28&type=section&id=Summary%20of%20Fixed%20Maturity%20Securities%20Available-for-Sale%20by%20Sector%20and%20Quality%20Distribution%3B%20and%20Gross%20Unrealized%20Gains%20and%20Losses%3A%20Fixed%20Maturity%20Securities%20Available-for-Sale) This sub-section provides a breakdown of fixed maturity securities available-for-sale by sector (e.g., U.S corporate, foreign corporate, government) and credit quality (NRSRO/NAIC rating) It also presents gross unrealized gains and losses for these securities Fixed Maturity Securities Available-for-Sale by Sector (Unaudited, in millions) - September 30, 2024 | Sector | Amount ($ millions) | % of Total | |:---|:---|:---|\n| U.S. corporate | $84,851 | 28.9 % | | Foreign corporate | $56,752 | 19.3 % | | Foreign government | $44,132 | 15.0 % | | Residential mortgage-backed | $35,264 | 12.0 % | | U.S. government and agency | $34,676 | 11.8 % | | Asset-backed securities and collateralized loan obligations | $17,520 | 6.0 % | | Municipals | $10,798 | 3.7 % | | Commercial mortgage-backed | $9,786 | 3.3 % | | **Total** | **$293,779** | **100.0 %** | Fixed Maturity Securities Available-for-Sale by NRSRO/NAIC Rating (Unaudited, in millions) - September 30, 2024 | Rating | Amount ($ millions) | % of Total | |:---|:---|:---|\n| Aaa / Aa / A (NAIC 1) | $203,560 | 69.3 % | | Baa (NAIC 2) | $77,031 | 26.2 % | | Ba (NAIC 3) | $9,666 | 3.3 % | | B (NAIC 4) | $3,131 | 1.1 % | | Caa and lower (NAIC 5) | $331 | 0.1 % | | In or near default (NAIC 6) | $60 | 0.0 % | | **Total** | **$293,779** | **100.0 %** | Gross Unrealized Gains and Losses on Fixed Maturity Securities Available-for-Sale (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Gross unrealized gains ($ millions) | $3,685 | $6,876 | $6,021 | $5,096 | $8,093 | | Gross unrealized losses ($ millions) | $38,702 | $25,835 | $28,122 | $30,430 | $23,558 | | Net Unrealized Gains (Losses) ($ millions) | $(35,017) | $(18,959) | $(22,101) | $(25,334) | $(15,465) | [Summary of Net Mortgage Loans; and Summary of Net Commercial Mortgage Loans by Region and Property Type](index=29&type=section&id=Summary%20of%20Net%20Mortgage%20Loans%3B%20and%20Summary%20of%20Net%20Commercial%20Mortgage%20Loans%20by%20Region%20and%20Property%20Type) This sub-section details the composition of net mortgage loans by type (commercial, agricultural, residential) and provides a further breakdown of net commercial mortgage loans by geographic region and property type Summary of Net Mortgage Loans (Unaudited, in millions) | Type | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Commercial mortgage loans ($ millions) | $52,053 | $52,111 | $51,527 | $50,109 | $50,478 | | Agricultural mortgage loans ($ millions) | $19,658 | $19,559 | $19,461 | $19,383 | $19,210 | | Residential mortgage loans ($ millions) | $12,986 | $13,096 | $13,201 | $13,273 | $13,844 | | Total ($ millions) | $84,697 | $84,766 | $84,189 | $82,765 | $83,532 | | Allowance for credit loss ($ millions) | $(639) | $(648) | $(737) | $(714) | $(759) | | **Net Mortgage Loans** ($ millions) | **$84,058** | **$84,118** | **$83,452** | **$82,051** | **$82,773** | Summary of Net Commercial Mortgage Loans by Region (Unaudited, in millions) - September 30, 2024 | Region | Amount ($ millions) | % of Total | |:---|:---|:---|\n| Pacific | $8,745 | 17.3 % | | Non-U.S. | $8,593 | 17.0 % | | Middle Atlantic | $6,999 | 13.9 % | | South Atlantic | $6,459 | 12.8 % | | West South Central | $3,455 | 6.9 % | | New England | $2,838 | 5.6 % | | Mountain | $2,217 | 4.4 % | | East North Central | $1,543 | 3.1 % | | East South Central | $608 | 1.2 % | | West North Central | $472 | 0.9 % | | Multi-Region and Other | $8,549 | 16.9 % | | **Total** | **$50,478** | **100.0 %** | Summary of Net Commercial Mortgage Loans by Property Type (Unaudited, in millions) - September 30, 2024 | Property Type | Amount ($ millions) | % of Total | |:---|:---|:---|\n| Office | $18,861 | 37.4 % | | Apartment | $10,750 | 21.3 % | | Retail | $7,273 | 14.4 % | | Industrial | $5,313 | 10.5 % | | Single Family Rental | $5,141 | 10.2 % | | Hotel | $3,051 | 6.0 % | | Other | $89 | 0.2 % | | **Total** | **$50,478** | **100.0 %** | [Footnotes](index=30&type=section&id=Footnotes) This section provides detailed footnotes explaining the calculation methodologies for annualized yields, components of investment income, adjustments to net mortgage loans, and the presentation of fixed maturity securities by NRSRO rating and NAIC designation It also reconciles net investment gains/losses and net derivative gains/losses to their adjusted counterparts - Annualized yields are calculated using adjusted net investment income as a percentage of average quarterly asset carrying values, excluding realized gains and losses from sales and disposals, and including the impact of changes in foreign currency exchange rates[44](index=44&type=chunk) Reconciliation of Net Investment Gains (Losses) to Investment Portfolio Gains (Losses) (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Net investment gains (losses) ($ millions) | $(927) | $(174) | $(375) | $(421) | $(77) | | Less: Non-investment portfolio gains (losses) ($ millions) | $(63) | $64 | $(226) | $(176) | $188 | | Less: Provision for credit loss on certain mortgage loans originated for third parties ($ millions) | $7 | $(7) | $(4) | $(15) | $4 | | Less: Other adjustments ($ millions) | — | $9 | $1 | $5 | $(66) | | **Investment portfolio gains (losses)** ($ millions) | **$(871)** | **$(240)** | **$(146)** | **$(235)** | **$(203)** | - Fixed maturity securities available-for-sale are presented by NRSRO rating and NAIC designation, with specific considerations for non-agency RMBS and CMBS, and securities rated Ca or C by NRSROs[45](index=45&type=chunk) [APPENDIX](index=31&type=section&id=APPENDIX) Provides detailed reconciliations, notable items, equity metrics, constant currency disclosures, and non-GAAP financial definitions [Reconciliation Detail](index=31&type=section&id=Reconciliation%20Detail) This section provides a detailed reconciliation from GAAP net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders, outlining all specific adjustments made for market volatility, asymmetrical and non-economic accounting, divested businesses, and other items Reconciliation to Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Net income (loss) available to MetLife, Inc.'s common shareholders ($ millions) | $422 | $574 | $800 | $912 | $1,275 | | Add: Preferred stock dividends ($ millions) | $67 | $33 | $67 | $34 | $67 | | Add: Net income (loss) attributable to noncontrolling interests ($ millions) | $6 | $7 | $8 | $7 | $(1) | | Less: Net investment gains (losses) ($ millions) | $(927) | $(174) | $(375) | $(421) | $(77) | | Less: Net derivative gains (losses) ($ millions) | $(1,202) | $149 | $(979) | $(508) | $767 | | Less: Market risk benefit remeasurement gains (losses) ($ millions) | $796 | $(431) | $694 | $182 | $(531) | | Less: Provision for income tax (expense) benefit ($ millions) | $429 | $6 | $260 | $270 | $(195) | | **Adjusted earnings available to common shareholders** ($ millions) | **$1,488** | **$1,361** | **$1,334** | **$1,628** | **$1,375** | [Notable Items](index=33&type=section&id=Notable%20Items) This section details the impact of "notable items" on adjusted earnings available to common shareholders, broken down by segment (Total, Group Benefits, RIS, Asia, Latin America, EMEA, MetLife Holdings, Corporate & Other) Notable items primarily include actuarial assumption reviews, other insurance adjustments, and litigation reserves Total Notable Items Impacting Adjusted Earnings Available to Common Shareholders (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Actuarial assumption review and other insurance adjustments ($ millions) | $14 | — | — | — | $16 | | Litigation reserves and settlement costs ($ millions) | — | $(76) | — | — | — | | **Total notable items** ($ millions) | **$14** | **$(76)** | **—** | **—** | **$16** | Group Benefits Notable Items (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Actuarial assumption review and other insurance adjustments ($ millions) | $27 | — | — | — | $(58) | | **Total notable items** ($ millions) | **$27** | **—** | **—** | **—** | **$(58)** | RIS Notable Items (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Actuarial assumption review and other insurance adjustments ($ millions) | $61 | — | — | — | $104 | | **Total notable items** ($ millions) | **$61** | **—** | **—** | **—** | **$104** | ASIA Notable Items (Unaudited, in millions) | Item | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Actuarial assumption review and other insurance adjustments ($ millions) | $(94) | — | — | — | $(41) | | **Total notable items** ($ millions) | **$(94)** | **—** | **—** | **—** | **$(41)** | [Equity Details, Book Value Details and Return on Equity](index=35&type=section&id=Equity%20Details%2C%20Book%20Value%20Details%20and%20Return%20on%20Equity) This section provides detailed information on MetLife's equity, including common stockholders' equity, book value per common share (both GAAP and excluding AOCI other than FCTA), and various return on equity metrics (GAAP and adjusted) MetLife, Inc.'s Common Stockholders' Equity (Unaudited, in millions) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Equity ($ millions) | $21,840 | $26,197 | $24,717 | $23,434 | $27,067 | Book Value Per Common Share, excluding AOCI other than FCTA (Unaudited, $) | Date | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Book Value ($) | $53.00 | $53.75 | $53.13 | $53.12 | $54.72 | Adjusted Return on MetLife, Inc.'s Common Stockholders' Equity, excluding AOCI other than FCTA (Unaudited, %) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Return (%) | 14.9 % | 13.8 % | 13.8 % | 17.3 % | 14.6 % | [Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis](index=36&type=section&id=Adjusted%20Premiums%2C%20Fees%20and%20Other%20Revenues%2C%20Other%20Expenses%20and%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders%20-%20Constant%20Currency%20Basis) This section presents adjusted premiums, fees and other revenues, other expenses, and adjusted earnings available to common shareholders on a constant currency basis, broken down by segment This provides insight into underlying business performance without the impact of foreign exchange rate fluctuations Adjusted Premiums, Fees and Other Revenues, on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $12,992 | $13,554 | $11,838 | $13,490 | $12,471 | Adjusted Other Expenses on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $3,085 | $3,215 | $3,139 | $3,105 | $3,159 | Adjusted Earnings Available to Common Shareholders on a Constant Currency Basis (Unaudited, in millions) | Period | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |:---|:---|:---|:---|:---|:---|\n| Three Months Ended | $1,463 | $1,344 | $1,318 | $1,614 | $1,375 | [Non-GAAP and Other Financial Disclosures](index=37&type=section&id=Non-GAAP%20and%20Other%20Financial%20Disclosures) This section provides detailed definitions and explanations of the non-GAAP financial measures used throughout the report, such as adjusted earnings, adjusted revenues, adjusted expenses, investment portfolio gains/losses, derivative gains/losses, return on equity, and expense ratios It clarifies the adjustments made to GAAP measures to enhance understanding of MetLife's underlying business performance - Non-GAAP financial measures are used by management to evaluate performance and allocate resources, highlighting the results of operations and underlying profitability drivers of the business[56](index=56&type=chunk)[58](index=58&type=chunk) - Adjusted earnings excludes the impact of market volatility (e.g., net investment gains/losses, net derivative gains/losses, market risk benefits remeasurement gains/losses, goodwill impairments), asymmetrical and non-economic accounting, and revenues/costs related to divested businesses, non-core products, and certain consolidated entities[59](index=59&type=chunk) - Return on equity and related measures are presented to reflect a level of equity consistent with the view that MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses[61](index=61&type=chunk) - Statistical sales information for Latin America, Asia, and EMEA is calculated using a combination of single premium deposits and annualized full-year premiums and fees from recurring-premium policy sales, serving as a relevant measure of business activity rather than GAAP revenues[64](index=64&type=chunk) [Acronyms](index=40&type=section&id=Acronyms) This section provides a glossary of acronyms used within the Quarterly Financial Supplement, aiding readers in understanding the terminology - Key acronyms include AOCI (Accumulated other comprehensive income (loss)), DAC (Deferred policy acquisition costs), GAAP (Accounting principles generally accepted in the United States), RIS (Retirement and Income Solutions), and VOBA (Value of business acquired)[65](index=65&type=chunk)