Core Insights - MetLife reported $17.92 billion in revenue for Q2 2025, a year-over-year decline of 4.1%, with EPS of $2.02 compared to $2.28 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $18.39 billion, resulting in a surprise of -2.58%, while the EPS also missed the consensus estimate of $2.19 by -7.76% [1] Financial Performance Metrics - Adjusted Revenue from EMEA for Universal life and investment-type product policy fees was $84 million, exceeding the average estimate of $79.75 million, marking a +9.1% year-over-year change [4] - Adjusted Revenue from Corporate & other for Premiums was $8 million, below the average estimate of $8.73 million, reflecting a -46.7% year-over-year decline [4] - Adjusted Revenue from EMEA for Other Revenues was $9 million, surpassing the estimated $8.44 million, showing a +12.5% year-over-year increase [4] - Adjusted Revenue from Corporate & other for Other Revenues was $118 million, exceeding the average estimate of $100.33 million, representing a +21.7% year-over-year change [4] - Revenue from Premiums was $10.81 billion, below the five-analyst average estimate of $11.29 billion, indicating a -7% year-over-year decline [4] - Revenue from Other Revenues was $679 million, slightly above the estimated $656.89 million, reflecting a +6.4% year-over-year increase [4] - Revenue from Universal life and investment-type product policy fees was $1.26 billion, slightly below the average estimate of $1.28 billion, showing a -1.7% year-over-year decline [4] - Net investment income was reported at $5.66 billion, exceeding the estimated $5.13 billion, marking an +8.8% year-over-year increase [4] - Adjusted Revenue from Retirement & Income Solutions for Premiums was $1.21 billion, significantly below the average estimate of $1.79 billion, reflecting a -50.6% year-over-year decline [4] - Adjusted Revenue from Retirement & Income Solutions for Universal life and investment-type product policy fees was $85 million, slightly below the average estimate of $90.7 million, showing a +16.4% year-over-year increase [4] - Adjusted Revenue from Retirement & Income Solutions for Net investment income was $2.15 billion, matching the average estimate, with a +1.3% year-over-year change [4] - Adjusted Revenue from Retirement & Income Solutions for Other Revenues was $60 million, slightly above the estimated $59.67 million, reflecting a -1.6% year-over-year decline [4] Stock Performance - MetLife's shares have returned -6% over the past month, contrasting with the Zacks S&P 500 composite's +0.5% change, indicating potential underperformance in the near term [3]

Core Insights - MetLife reported quarterly earnings of $2.02 per share, missing the Zacks Consensus Estimate of $2.19 per share, and down from $2.28 per share a year ago, representing an earnings surprise of -7.76% [1] - The company posted revenues of $17.92 billion for the quarter, missing the Zacks Consensus Estimate by 2.58%, and down from $18.68 billion year-over-year [2] - MetLife shares have declined approximately 8.5% year-to-date, contrasting with the S&P 500's gain of 7.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.36 on revenues of $18.65 billion, and for the current fiscal year, it is $8.96 on revenues of $74.8 billion [7] - The estimate revisions trend for MetLife was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Insurance - Multi line industry, to which MetLife belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting that companies in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

[GAAP Consolidated Statements of Operations](index=4&type=section&id=GAAP%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) MetLife's unaudited GAAP consolidated statements of operations detail revenues, expenses, and net income across periods [Summary of GAAP Consolidated Statements of Operations](index=4&type=section&id=GAAP%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS_Summary) MetLife's unaudited GAAP consolidated statements of operations detail revenues, expenses, and net income attributable to common shareholders Consolidated Statements of Operations (Unaudited, In millions) | Metric | Q2 2024 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------- | :------- | | Total revenues | $17,823 | $17,340 | $33,880 | $35,909 | | Total expenses | $16,621 | $16,360 | $31,633 | $33,575 | | Net income (loss) attributable to MetLife, Inc. | $946 | $729 | $1,813 | $1,674 | | Net income (loss) available to common shareholders | $912 | $698 | $1,712 | $1,577 | [Corporate Overview](index=5&type=section&id=CORPORATE%20OVERVIEW) This section provides a comprehensive overview of MetLife's adjusted earnings, per share data, book value, and return on equity metrics [Adjusted Earnings and Per Share Data](index=5&type=section&id=CORPORATE%20OVERVIEW_AdjustedEarningsAndPerShare) A reconciliation of net income to adjusted earnings available to common shareholders and presents per share data, highlighting adjustments for market volatility and other non-recurring items Adjusted Earnings Available to Common Shareholders (Unaudited, In millions, except per share data) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :---------------------------------------------------------------- | :------ | :------ | :------ | :------ | :------ | | Net income (loss) available to MetLife, Inc.'s common shareholders | $912 | $1,275 | $1,239 | $879 | $698 | | Adjusted earnings available to common shareholders | $1,628 | $1,375 | $1,459 | $1,349 | $1,362 | | Adjusted earnings available to common shareholders, excluding total notable items | $1,628 | $1,359 | $1,449 | $1,349 | $1,362 | | Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share | $1.28 | $1.81 | $1.78 | $1.28 | $1.03 | | Adjusted earnings available to common shareholders per diluted common share | $2.28 | $1.95 | $2.09 | $1.96 | $2.02 | | Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share | $2.28 | $1.93 | $2.08 | $1.96 | $2.02 | Notable Items Impacting Adjusted Earnings (Unaudited, In millions) | Item | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | | Actuarial assumption review and other insurance adjustments | $— | $16 | $— | $— | $— | | Litigation reserves and settlement costs | $— | $— | $(47) | $— | $— | | Tax adjustments | $— | $— | $57 | $— | $— | | Total notable items | $— | $16 | $10 | $— | $— | [Book Value and Return on Equity](index=6&type=section&id=CORPORATE%20OVERVIEW_BookValueAndReturnOnEquity) Key metrics on book value per common share and various return on equity measures, reflecting both GAAP and adjusted figures Book Value and Return on Equity (Unaudited, In millions, except per share data) | Metric | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :---------------------------------------------------- | :------------ | :----------------- | :---------------- | :------------- | :------------ | | Book value per common share | $33.30 | $39.02 | $34.28 | $35.16 | $35.79 | | Adjusted book value per common share | $53.12 | $54.72 | $54.81 | $55.01 | $56.23 | | Return on MetLife, Inc.'s Common stockholders' equity | 15.2 % | 20.2 % | 19.6 % | 14.9 % | 11.7 % | | Adjusted return on MetLife, Inc.'s Adjusted common stockholders' equity | 17.3 % | 14.6 % | 15.4 % | 14.4 % | 14.6 % | Common Shares Outstanding (Unaudited, In millions) | Metric | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :------------------------------------ | :------------ | :----------------- | :---------------- | :------------- | :------------ | | Common shares outstanding, end of period | 703.8 | 693.7 | 689.2 | 673.3 | 666.8 | | Weighted average common shares outstanding - diluted | 714.7 | 703.7 | 697.9 | 687.0 | 675.0 | [Key Adjusted Earnings Statement Line Items](index=7&type=section&id=KEY%20ADJUSTED%20EARNINGS%20STATEMENT%20LINE%20ITEMS) This section details MetLife's adjusted revenues, net investment income, expenses, and capitalization of DAC for core operational performance [Adjusted Revenues and Net Investment Income](index=7&type=section&id=KEY%20ADJUSTED%20EARNINGS%20STATEMENT%20LINE%20ITEMS_Revenues) The adjustments made to total revenues and net investment income to arrive at adjusted figures, providing a clearer view of core operational performance Adjusted Revenues (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Total revenues | $17,823 | $18,440 | $18,666 | $18,569 | $17,340 | $33,880 | $35,909 | | Total adjusted revenues | $18,683 | $17,614 | $19,738 | $18,827 | $17,921 | $35,699 | $36,748 | | Net investment income | $5,205 | $5,227 | $5,405 | $4,885 | $5,661 | $10,641 | $10,546 | | Adjusted net investment income | $5,160 | $5,143 | $5,301 | $5,213 | $5,202 | $10,228 | $10,415 | | Premiums, fees and other revenues | $13,547 | $12,523 | $14,475 | $13,639 | $12,748 | $25,522 | $26,387 | | Adjusted premiums, fees and other revenues | $13,523 | $12,471 | $14,437 | $13,614 | $12,719 | $25,471 | $26,333 | [Adjusted Expenses and Capitalization of DAC](index=8&type=section&id=KEY%20ADJUSTED%20EARNINGS%20STATEMENT%20LINE%20ITEMS_Expenses) The adjustments made to total expenses and other expenses, as well as the capitalization of Deferred Policy Acquisition Costs (DAC), to present adjusted expense figures Adjusted Expenses (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Total expenses | $16,621 | $16,446 | $17,285 | $17,215 | $16,360 | $31,633 | $33,575 | | Total adjusted expenses | $16,502 | $15,714 | $17,789 | $16,985 | $16,088 | $31,687 | $33,073 | | Capitalization of DAC | $(683) | $(691) | $(719) | $(698) | $(787) | $(1,423) | $(1,485) | | Adjusted capitalization of DAC | $(683) | $(691) | $(719) | $(698) | $(787) | $(1,423) | $(1,485) | | Other expenses | $3,113 | $3,188 | $3,300 | $3,271 | $3,309 | $6,304 | $6,580 | | Adjusted other expenses | $3,104 | $3,159 | $3,232 | $3,202 | $3,236 | $6,284 | $6,438 | [Expense Detail and Ratios](index=9&type=section&id=EXPENSE%20DETAIL%20AND%20RATIOS) This section provides a detailed breakdown of MetLife's expenses by category and presents various expense ratios [Overview of Expenses and Ratios](index=9&type=section&id=EXPENSE%20DETAIL%20AND%20RATIOS_Overview) A detailed breakdown of MetLife's expenses by major category and presents various expense ratios, including direct expense ratios and adjusted expense ratios, both with and without the impact of PRT and notable items Expense Ratios (Unaudited, In millions, except ratio data) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------------------------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Other expenses, net of capitalization of DAC | $2,430 | $2,497 | $2,581 | $2,573 | $2,522 | $4,881 | $5,095 | | Premiums, fees and other revenues | $13,547 | $12,523 | $14,475 | $13,639 | $12,748 | $25,522 | $26,387 | | Expense ratio | 17.9 % | 19.9 % | 17.8 % | 18.9 % | 19.8 % | 19.1 % | 19.3 % | | Adjusted other expenses, net of adjusted capitalization of DAC | $2,421 | $2,468 | $2,513 | $2,504 | $2,449 | $4,861 | $4,953 | | Adjusted expense ratio | 17.9 % | 19.8 % | 17.4 % | 18.4 % | 19.3 % | 19.1 % | 18.8 % | Adjusted Other Expenses by Major Category (Unaudited, In millions) | Category | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Direct expenses | $1,397 | $1,392 | $1,396 | $1,459 | $1,445 | $2,823 | $2,904 | | Commissions and other variable expenses | $1,471 | $1,519 | $1,512 | $1,513 | $1,567 | $2,984 | $3,080 | | Adjusted other expenses | $3,104 | $3,159 | $3,232 | $3,202 | $3,236 | $6,284 | $6,438 | [GAAP Consolidated Balance Sheets](index=10&type=section&id=GAAP%20CONSOLIDATED%20BALANCE%20SHEETS) This section presents MetLife's unaudited GAAP consolidated balance sheets, detailing assets, liabilities, and equity [Summary of GAAP Consolidated Balance Sheets](index=10&type=section&id=GAAP%20CONSOLIDATED%20BALANCE%20SHEETS_Summary) MetLife's unaudited GAAP consolidated balance sheets detail assets, liabilities, and equity for various quarterly periods Consolidated Balance Sheets (Unaudited, In millions) | Metric | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :---------------------------------------------------- | :------------ | :----------------- | :---------------- | :------------- | :------------ | | Total assets | $675,745 | $704,976 | $677,457 | $688,316 | $702,470 | | Fixed maturity securities available-for-sale, at estimated fair value | $277,736 | $293,779 | $281,043 | $291,735 | $298,737 | | Total liabilities | $648,205 | $673,812 | $649,754 | $660,561 | $674,543 | | Future policy benefits | $190,993 | $201,340 | $193,646 | $197,667 | $198,965 | | Policyholder account balances | $219,543 | $224,609 | $221,445 | $225,623 | $232,433 | | Total equity | $27,540 | $31,164 | $27,703 | $27,755 | $27,927 | [Summary of Adjusted Earnings Available to Common Shareholders](index=11&type=section&id=SUMMARY%20OF%20ADJUSTED%20EARNINGS%20AVAILABLE%20TO%20COMMON%20SHAREHOLDERS) This section summarizes MetLife's adjusted earnings available to common shareholders, broken down by business segment [Adjusted Earnings by Segment](index=11&type=section&id=SUMMARY%20OF%20ADJUSTED%20EARNINGS%20AVAILABLE%20TO%20COMMON%20SHAREHOLDERS_BySegment) A summary of adjusted earnings available to common shareholders by segment, both before and after provision for income tax, for various quarterly periods Adjusted Earnings Available to Common Shareholders by Segment (Unaudited, In millions) | Segment | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------ | :------ | :------ | :------ | :------ | :------ | | GROUP BENEFITS | $533 | $373 | $416 | $367 | $400 | | RIS | $410 | $472 | $386 | $401 | $368 | | ASIA | $449 | $306 | $443 | $374 | $350 | | LATIN AMERICA | $226 | $221 | $201 | $218 | $233 | | EMEA | $77 | $70 | $59 | $83 | $100 | | METLIFE HOLDINGS | $153 | $182 | $153 | $154 | $144 | | CORPORATE & OTHER | $(220) | $(249) | $(199) | $(248) | $(233) | | Total | $1,628 | $1,375 | $1,459 | $1,349 | $1,362 | [Group Benefits](index=12&type=section&id=Group%20Benefits) This section details the Group Benefits segment's adjusted earnings, revenues, expenses, and key performance indicators [Statements of Adjusted Earnings Available to Common Shareholders](index=12&type=section&id=Group%20Benefits_Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) The adjusted earnings for the Group Benefits segment, including a breakdown of adjusted revenues and expenses Group Benefits Adjusted Earnings (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Total adjusted revenues | $6,523 | $6,457 | $6,497 | $6,745 | $6,756 | $13,168 | $13,501 | | Total adjusted expenses | $5,849 | $5,985 | $5,971 | $6,281 | $6,249 | $12,135 | $12,530 | | Adjusted earnings available to common shareholders | $533 | $373 | $416 | $367 | $400 | $817 | $767 | [Other Expenses by Major Category and Other Information](index=13&type=section&id=Group%20Benefits_Other%20Expenses%20by%20Major%20Category%3B%20and%20Other%20Information) A breakdown of other expenses for Group Benefits by major category and presents key performance indicators for Group Life and Group Non-Medical Health products Group Benefits Other Expenses by Major Category (Unaudited, In millions) | Category | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | | Direct and allocated expenses | $490 | $486 | $519 | $524 | $503 | | Commissions and other variable expenses | $417 | $414 | $422 | $451 | $443 | | Adjusted other expenses | $1,016 | $1,007 | $1,041 | $1,071 | $1,048 | Group Benefits Other Information (Unaudited, In millions, except ratios) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | | Group Life Adjusted premiums, fees and other revenues | $2,309 | $2,293 | $2,289 | $2,352 | $2,371 | | Group Life Mortality ratio | 79.1 % | 85.6 % | 83.2 % | 84.8 % | 83.0 % | | Group Non-Medical Health Adjusted premiums, fees and other revenues | $2,742 | $2,718 | $2,771 | $2,850 | $2,876 | | Group Non-Medical Health Interest adjusted benefit ratio | 70.8 % | 72.4 % | 71.8 % | 74.1 % | 74.8 % | [RIS (Retirement and Income Solutions)](index=14&type=section&id=RIS) This section details the RIS segment's adjusted earnings, key balance sheet items, expenses, and general account spread [Statements of Adjusted Earnings Available to Common Shareholders](index=14&type=section&id=RIS_Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) The adjusted earnings for the RIS segment, detailing adjusted revenues and expenses, and highlighting the impact of Pension Risk Transfers (PRT) RIS Adjusted Earnings (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Total adjusted revenues | $4,699 | $3,712 | $5,763 | $4,597 | $3,500 | $7,601 | $8,097 | | Total adjusted expenses | $4,181 | $3,121 | $5,276 | $4,097 | $3,042 | $6,579 | $7,139 | | Adjusted earnings available to common shareholders | $410 | $472 | $386 | $401 | $368 | $809 | $769 | | Adjusted premiums, fees and other revenues | $2,582 | $1,579 | $3,620 | $2,430 | $1,355 | $3,395 | $3,785 | | Less: PRT | $1,752 | $529 | $2,593 | $1,476 | $328 | $1,727 | $1,804 | | Adjusted premiums, fees and other revenues, excluding PRT | $830 | $1,050 | $1,027 | $954 | $1,027 | $1,668 | $1,981 | [Future Policy Benefits, Policyholder Account Balances, Separate Account Liabilities, Synthetic GICs, and Longevity Reinsurance](index=15&type=section&id=RIS_Future%20Policy%20Benefits%3B%20Policyholder%20Account%20Balances%3B%20Separate%20Account%20Liabilities%3B%20Synthetic%20GICs%3B%20and%20Longevity%20Reinsurance) Key balance sheet details for the RIS segment, including future policy benefits, policyholder account balances, separate account liabilities, synthetic GICs, and longevity reinsurance RIS Key Balance Sheet Items (Unaudited, In millions) | Metric | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :------------------------------------------ | :------------ | :----------------- | :---------------- | :------------- | :------------ | | Future Policy Benefits (at balance sheet discount rate) | $69,385 | $72,914 | $71,510 | $73,415 | $73,506 | | Policyholder Account Balances | $84,270 | $85,410 | $84,923 | $87,191 | $89,205 | | Separate Account Liabilities | $50,033 | $52,537 | $51,420 | $49,452 | $47,993 | | Synthetic GICs | $48,982 | $49,081 | $49,599 | $53,796 | $53,740 | | Longevity Reinsurance | $24,422 | $25,699 | $25,121 | $27,369 | $30,087 | - Longevity Reinsurance balance increased significantly to **$30,087 million** at June 30, 2025, from **$24,422 million** at June 30, 2024, representing a **23.2% increase**[24](index=24&type=chunk) [Other Expenses by Major Category and Spread](index=16&type=section&id=RIS_Other%20Expenses%20by%20Major%20Category%3B%20and%20Spread) Other expenses for the RIS segment and presents the annualized general account spread, a key profitability metric RIS Other Expenses by Major Category (Unaudited, In millions) | Category | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | | Direct and allocated expenses | $74 | $75 | $80 | $85 | $80 | | Commissions and other variable expenses | $57 | $88 | $65 | $56 | $56 | | Adjusted other expenses | $145 | $183 | $166 | $149 | $143 | RIS Annualized General Account Spread (Unaudited) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :---------------------------------------------------- | :------ | :------ | :------ | :------ | :------ | | Total investment income yield | 5.30 % | 5.23 % | 5.26 % | 5.24 % | 5.14 % | | Total average crediting rate | 4.09 % | 4.17 % | 4.14 % | 4.10 % | 4.12 % | | Annualized general account spread | 1.21 % | 1.06 % | 1.12 % | 1.14 % | 1.02 % | [ASIA](index=17&type=section&id=ASIA) This section details Asia's adjusted earnings, revenues, expenses, sales performance, and general account assets under management [Statements of Adjusted Earnings Available to Common Shareholders](index=17&type=section&id=ASIA_Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) The adjusted earnings for the Asia segment, including a breakdown of adjusted revenues and expenses ASIA Adjusted Earnings (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Total adjusted revenues | $2,835 | $2,842 | $2,886 | $2,887 | $2,909 | $5,687 | $5,796 | | Total adjusted expenses | $2,210 | $2,411 | $2,273 | $2,351 | $2,414 | $4,480 | $4,765 | | Adjusted earnings available to common shareholders | $449 | $306 | $443 | $374 | $350 | $872 | $724 | [Adjusted Premiums, Fees and Other Revenues, Other Expenses, Sales, and Other Information](index=18&type=section&id=ASIA_Adjusted%20Premiums%2C%20Fees%20and%20Other%20Revenues%3B%20Other%20Expenses%20by%20Major%20Category%3B%20Sales%20on%20a%20Constant%20Currency%20Basis%3B%20and%20Other%20Information) Details on Asia's adjusted premiums, fees, and other revenues (including operating joint ventures on a constant currency basis), a breakdown of other expenses, and sales performance on a constant currency basis ASIA Adjusted Premiums, Fees and Other Revenues (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------------------------------------------------------------------------------------ | :------ | :------ | :------ | :------ | :------ | | Adjusted premiums, fees and other revenues | $1,668 | $1,710 | $1,635 | $1,681 | $1,699 | | Adjusted premiums, fees and other revenues, on a constant currency basis | $1,722 | $1,715 | $1,679 | $1,741 | $1,699 | | Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis | $2,368 | $2,249 | $2,088 | $2,764 | $2,431 | ASIA Sales on a Constant Currency Basis (Unaudited, In millions) | Region | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :----------- | :------ | :------ | :------ | :------ | :------ | | Total Japan | $354 | $355 | $306 | $331 | $456 | | Other Asia | $279 | $233 | $213 | $308 | $237 | | Total sales | $633 | $588 | $519 | $639 | $693 | - Total sales on a constant currency basis for Asia increased to **$693 million** in Q2 2025 from **$633 million** in Q2 2024, primarily driven by a significant increase in Japan's annuities sales from **$146 million** to **$226 million**[33](index=33&type=chunk) [Asia General Account Assets Under Management and Related Measures](index=19&type=section&id=ASIA_Asia%20General%20Account%20Assets%20Under%20Management%20and%20Related%20Measures) Details on Asia's General Account Assets Under Management (GA AUM), presented at both estimated fair value and amortized cost, including the impact of operating joint ventures on a constant currency basis ASIA General Account Assets Under Management (Unaudited, In millions) | Metric | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :------------------------------------------------------------------------------------------------ | :------------ | :----------------- | :---------------- | :------------- | :------------ | | GA AUM | $117,606 | $128,115 | $120,626 | $125,119 | $129,325 | | GA AUM (at amortized cost) | $126,997 | $135,107 | $129,959 | $134,352 | $139,158 | | GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis | $140,487 | $143,909 | $144,313 | $148,366 | $151,571 | [LATIN AMERICA](index=20&type=section&id=LATIN%20AMERICA) This section details Latin America's adjusted earnings, revenues, expenses, and sales performance on a constant currency basis [Statements of Adjusted Earnings Available to Common Shareholders](index=20&type=section&id=LATIN%20AMERICA_Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) The adjusted earnings for the Latin America segment, including a breakdown of adjusted revenues and expenses LATIN AMERICA Adjusted Earnings (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Total adjusted revenues | $1,904 | $1,931 | $1,869 | $1,920 | $2,079 | $3,786 | $3,999 | | Total adjusted expenses | $1,593 | $1,622 | $1,611 | $1,630 | $1,762 | $3,144 | $3,392 | | Adjusted earnings available to common shareholders | $226 | $221 | $201 | $218 | $233 | $459 | $451 | [Other Expenses by Major Category, Sales on a Constant Currency Basis, and Other Information](index=21&type=section&id=LATIN%20AMERICA_Other%20Expenses%20by%20Major%20Category%3B%20Sales%20on%20a%20Constant%20Currency%20Basis%3B%20and%20Other%20Information) A breakdown of other expenses for Latin America by major category, presents sales performance on a constant currency basis, and includes other relevant financial information LATIN AMERICA Other Expenses by Major Category (Unaudited, In millions) | Category | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | | Direct and allocated expenses | $145 | $129 | $146 | $135 | $143 | | Commissions and other variable expenses | $340 | $333 | $332 | $324 | $318 | | Adjusted other expenses | $505 | $485 | $505 | $483 | $485 | LATIN AMERICA Sales on a Constant Currency Basis (Unaudited, In millions) | Region | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :----------- | :------ | :------ | :------ | :------ | :------ | | Mexico | $189 | $187 | $137 | $209 | $183 | | Chile | $98 | $104 | $123 | $117 | $129 | | All other | $78 | $82 | $83 | $69 | $69 | | Total sales | $365 | $373 | $343 | $395 | $381 | - Total sales on a constant currency basis for Latin America increased to **$381 million** in Q2 2025 from **$365 million** in Q2 2024[38](index=38&type=chunk) [EMEA](index=22&type=section&id=EMEA) This section details EMEA's adjusted earnings, revenues, expenses, and sales performance on a constant currency basis [Statements of Adjusted Earnings Available to Common Shareholders](index=22&type=section&id=EMEA_Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) The adjusted earnings for the EMEA segment, including a breakdown of adjusted revenues and expenses EMEA Adjusted Earnings (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Total adjusted revenues | $675 | $710 | $711 | $726 | $780 | $1,349 | $1,506 | | Total adjusted expenses | $577 | $616 | $651 | $617 | $652 | $1,148 | $1,269 | | Adjusted earnings available to common shareholders | $77 | $70 | $59 | $83 | $100 | $154 | $183 | [Other Expenses by Major Category and Other Information](index=23&type=section&id=EMEA_Other%20Expenses%20by%20Major%20Category%3B%20and%20Other%20Information) A breakdown of other expenses for EMEA by major category and includes other key financial information, such as total sales on a constant currency basis EMEA Other Expenses by Major Category (Unaudited, In millions) | Category | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | | Direct and allocated expenses | $104 | $109 | $112 | $109 | $111 | | Commissions and other variable expenses | $217 | $225 | $246 | $239 | $253 | | Adjusted other expenses | $328 | $342 | $367 | $355 | $367 | - Total sales on a constant currency basis for EMEA increased to **$309 million** in Q2 2025 from **$273 million** in Q2 2024[40](index=40&type=chunk) [METLIFE HOLDINGS](index=24&type=section&id=METLIFE%20HOLDINGS) This section details MetLife Holdings' adjusted earnings, key balance sheet items, expenses, and lapse ratios [Statements of Adjusted Earnings Available to Common Shareholders](index=24&type=section&id=METLIFE%20HOLDINGS_Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders) The adjusted earnings for MetLife Holdings, detailing adjusted revenues and expenses METLIFE HOLDINGS Adjusted Earnings (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Total adjusted revenues | $1,839 | $1,774 | $1,793 | $1,769 | $1,704 | $3,690 | $3,473 | | Total adjusted expenses | $1,651 | $1,548 | $1,604 | $1,579 | $1,527 | $3,306 | $3,106 | | Adjusted earnings available to common shareholders | $153 | $182 | $153 | $154 | $144 | $312 | $298 | [Future Policy Benefits, Policyholder Account Balances, Market Risk Benefits, and Separate Account Liabilities](index=25&type=section&id=METLIFE%20HOLDINGS_Future%20Policy%20Benefits%3B%20Policyholder%20Account%20Balances%3B%20Market%20Risk%20Benefits%3B%20and%20Separate%20Account%20Liabilities) Key balance sheet items for MetLife Holdings, including future policy benefits, policyholder account balances, market risk benefits, and separate account liabilities, categorized by product type METLIFE HOLDINGS Key Balance Sheet Items (Unaudited, In millions) | Metric | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :------------------------------------------ | :------------ | :----------------- | :---------------- | :------------- | :------------ | | Future Policy Benefits (at balance sheet discount rate) | $69,306 | $70,359 | $68,970 | $68,793 | $68,637 | | Policyholder Account Balances | $22,050 | $21,721 | $21,274 | $20,845 | $20,474 | | Market Risk Benefits | $2,153 | $2,608 | $2,069 | $2,377 | $2,214 | | Separate Account Liabilities | $35,581 | $36,398 | $34,894 | $32,689 | $34,210 | [Other Expenses by Major Category and Other Information](index=26&type=section&id=METLIFE%20HOLDINGS_Other%20Expenses%20by%20Major%20Category%3B%20and%20Other%20Information) A breakdown of other expenses for MetLife Holdings by major category and presents lapse ratios for traditional life and variable annuity products METLIFE HOLDINGS Other Expenses by Major Category (Unaudited, In millions) | Category | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | | Direct and allocated expenses | $156 | $159 | $166 | $168 | $158 | | Commissions and other variable expenses | $38 | $35 | $35 | $31 | $27 | | Adjusted other expenses | $220 | $220 | $223 | $221 | $204 | METLIFE HOLDINGS Lapse Ratios (Unaudited) | Product | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :-------------- | :------ | :------ | :------ | :------ | :------ | | Traditional life | 5.9 % | 6.2 % | 5.8 % | 5.9 % | 6.0 % | | Variable annuity | 12.4 % | 12.8 % | 12.9 % | 12.8 % | 12.5 % | [CORPORATE & OTHER](index=27&type=section&id=CORPORATE%20%26%20OTHER) This section details Corporate & Other's adjusted earnings, revenues, expenses, and sources of adjusted earnings [Statements of Adjusted Earnings Available to Common Shareholders and by Source](index=27&type=section&id=CORPORATE%20%26%20OTHER_Statements%20of%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders%3B%20and%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders%20by%20Source) The adjusted earnings for the Corporate & Other segment, including a breakdown of adjusted revenues, expenses, and the sources of adjusted earnings available to common shareholders CORPORATE & OTHER Adjusted Earnings (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Total adjusted revenues | $208 | $188 | $219 | $183 | $193 | $418 | $376 | | Total adjusted expenses | $441 | $411 | $403 | $430 | $442 | $895 | $872 | | Adjusted earnings available to common shareholders | $(220) | $(249) | $(199) | $(248) | $(233) | $(461) | $(481) | Adjusted Earnings Available to Common Shareholders by Source (Unaudited, In millions) | Source | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :---------------------------------------------------- | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Business activities | $30 | $20 | $16 | $9 | $29 | $36 | $38 | | Net investment income | $92 | $96 | $126 | $78 | $73 | $194 | $151 | | Interest expense on debt | $(255) | $(256) | $(257) | $(258) | $(269) | $(520) | $(527) | | Preferred stock dividends | $(34) | $(67) | $(32) | $(66) | $(31) | $(101) | $(97) | [INVESTMENTS](index=28&type=section&id=INVESTMENTS) This section details MetLife's investment portfolio results, fixed maturity securities, mortgage loans, and related footnotes [Investment Portfolio Results by Asset Category and Annualized Yields](index=28&type=section&id=INVESTMENTS_Investment%20Portfolio%20Results%20by%20Asset%20Category%20and%20Annualized%20Yields) A detailed breakdown of investment portfolio results by asset category, including annualized yields, investment income, and investment gains/losses Investment Portfolio Results and Annualized Yields (Unaudited, In millions, except yields) | Asset Category | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------ | :-------------------- | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Fixed Maturity Securities | Yield | 4.38 % | 4.52 % | 4.47 % | 4.36 % | 4.61 % | 4.38 % | 4.49 % | | | Investment income | $3,206 | $3,357 | $3,326 | $3,259 | $3,517 | $6,406 | $6,776 | | Net Mortgage Loans | Yield | 5.30 % | 5.32 % | 5.28 % | 5.21 % | 5.12 % | 5.28 % | 5.17 % | | | Investment income | $1,096 | $1,097 | $1,085 | $1,056 | $1,026 | $2,196 | $2,082 | | Real Estate and Real Estate Joint Ventures | Yield | (0.97)% | 1.67 % | 1.47 % | 4.01 % | 3.47 % | (1.85)% | 3.74 % | | Total Investments | Investment income yield | 4.83 % | 4.75 % | 4.87 % | 4.82 % | 4.73 % | 4.79 % | 4.78 % | | | Net Investment Income Yield | 4.70 % | 4.62 % | 4.74 % | 4.67 % | 4.60 % | 4.65 % | 4.64 % | | Adjusted Net Investment Income | | $5,160 | $5,143 | $5,301 | $5,213 | $5,202 | $10,228 | $10,415 | | Investment Portfolio Gains (Losses) | | $(235) | $(203) | $(182) | $(461) | $(356) | $(381) | $(817) | | Derivative Gains (Losses) | | $(698) | $619 | $(1,159)| $344 | $(892) | $(1,873) | $(548) | [Summary of Fixed Maturity Securities Available-for-Sale and Gross Unrealized Gains and Losses](index=29&type=section&id=INVESTMENTS_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) A summary of fixed maturity securities available-for-sale by sector and quality distribution, along with gross unrealized gains and losses Fixed Maturity Securities Available-for-Sale by Sector (Unaudited, In millions, except ratios) | Sector | June 30, 2024 Amount | June 30, 2024 % of Total | June 30, 2025 Amount | June 30, 2025 % of Total | | :------------------------------------------ | :------------------- | :----------------------- | :------------------- | :----------------------- | | U.S. corporate | $80,678 | 29.1 % | $81,562 | 27.5 % | | Foreign corporate | $53,419 | 19.2 % | $58,792 | 19.9 % | | Foreign government | $40,054 | 14.4 % | $42,097 | 14.2 % | | Residential mortgage-backed | $32,616 | 11.7 % | $40,764 | 13.8 % | | U.S. government and agency | $33,238 | 12.0 % | $32,463 | 11.0 % | | Total Fixed Maturity Securities Available-For-Sale | $277,736 | 100.0 % | $298,737 | 100.0 % | Fixed Maturity Securities Available-for-Sale by Quality Distribution (Unaudited, In millions, except ratios) | NRSRO Rating Designation | June 30, 2024 Amount | June 30, 2024 % of Total | June 30, 2025 Amount | June 30, 2025 % of Total | | :------------------------------------------ | :------------------- | :----------------------- | :------------------- | :----------------------- | | Aaa / Aa / A | $192,239 | 69.2 % | $203,465 | 68.8 % | | Baa | $72,732 | 26.2 % | $80,262 | 27.1 % | | Ba | $9,189 | 3.3 % | $8,566 | 2.9 % | | B | $3,291 | 1.2 % | $3,260 | 1.1 % | | Caa and lower | $226 | 0.1 % | $204 | 0.1 % | | In or near default | $59 | — % | $80 | — % | | Total Fixed Maturity Securities Available-For-Sale | $277,736 | 100.0 % | $298,737 | 100.0 % | Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale (Unaudited, In millions) | Metric | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :------------------------------------------ | :------------ | :----------------- | :---------------- | :------------- | :------------ | | Gross unrealized gains | $5,096 | $8,093 | $4,965 | $5,398 | $6,192 | | Gross unrealized losses | $30,430 | $23,558 | $31,041 | $28,891 | $28,951 | | Net Unrealized Gains (Losses) | $(25,334) | $(15,465) | $(26,218) | $(23,602) | $(22,847) | [Summary of Net Mortgage Loans and Commercial Mortgage Loans](index=30&type=section&id=INVESTMENTS_Summary%20of%20Net%20Mortgage%20Loans%3B%20and%20Summary%20of%20Net%20Commercial%20Mortgage%20Loans%20by%20Region%20and%20Property%20Type) A summary of net mortgage loans by type and a detailed breakdown of net commercial mortgage loans by region and property type Summary of Net Mortgage Loans (Unaudited, In millions) | Type | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :-------------------------- | :------------ | :----------------- | :---------------- | :------------- | :------------ | | Commercial mortgage loans | $50,109 | $50,478 | $48,967 | $47,890 | $46,674 | | Agricultural mortgage loans | $19,383 | $19,210 | $19,030 | $18,779 | $18,993 | | Residential mortgage loans | $13,273 | $13,844 | $14,186 | $14,783 | $15,286 | | Total | $82,765 | $83,532 | $82,183 | $81,452 | $80,953 | | Allowance for credit loss | $(714) | $(759) | $(723) | $(871) | $(1,105) | | Net mortgage loans | $82,051 | $82,773 | $81,545 | $80,663 | $79,926 | Summary of Net Commercial Mortgage Loans by Region (Unaudited, In millions, except ratios) | Region | June 30, 2024 Amount | June 30, 2024 % of Total | June 30, 2025 Amount | June 30, 2025 % of Total | | :------------------ | :------------------- | :----------------------- | :------------------- | :----------------------- | | Pacific | $8,680 | 17.3 % | $8,611 | 18.4 % | | Non-U.S. | $8,385 | 16.7 % | $7,839 | 16.8 % | | Middle Atlantic | $7,250 | 14.5 % | $6,561 | 14.1 % | | South Atlantic | $6,517 | 13.0 % | $5,630 | 12.1 % | | Multi-Region and Other | $8,082 | 16.1 % | $7,560 | 16.2 % | | Total | $50,109 | 100.0 % | $46,674 | 100.0 % | Summary of Net Commercial Mortgage Loans by Property Type (Unaudited, In millions, except ratios) | Property Type | June 30, 2024 Amount | June 30, 2024 % of Total | June 30, 2025 Amount | June 30, 2025 % of Total | | :------------------ | :------------------- | :----------------------- | :------------------- | :----------------------- | | Office | $18,799 | 37.5 % | $17,912 | 38.4 % | | Apartment | $10,954 | 21.9 % | $9,899 | 21.2 % | | Retail | $7,443 | 14.8 % | $6,768 | 14.5 % | | Single Family Rental | $4,822 | 9.6 % | $4,780 | 10.2 % | | Industrial | $4,941 | 9.9 % | $3,942 | 8.5 % | | Hotel | $3,049 | 6.1 % | $3,285 | 7.0 % | | Other | $101 | 0.2 % | $88 | 0.2 % | | Total | $50,109 | 100.0 % | $46,674 | 100.0 % | [Footnotes for Investments](index=31&type=section&id=INVESTMENTS_Footnotes) Detailed footnotes explaining the methodologies and reconciliations for the investment portfolio results and related metrics - Annualized yields are calculated using adjusted net investment income as a percentage of average quarterly asset carrying values, excluding realized gains/losses and including foreign currency exchange rate impacts[55](index=55&type=chunk) - Fixed maturity securities available-for-sale are presented by NRSRO rating and NAIC designation, with internally developed ratings used if NRSRO ratings are unavailable[58](index=58&type=chunk) [APPENDIX](index=33&type=section&id=APPENDIX) This section provides detailed reconciliations, notable items, equity details, constant currency data, non-GAAP disclosures, and acronyms [Reconciliation Detail](index=33&type=section&id=APPENDIX_Reconciliation%20Detail) 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 Reconciliation to Adjusted Earnings Available to Common Shareholders (Unaudited, In millions) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :---------------------------------------------------- | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Net income (loss) available to MetLife, Inc.'s common shareholders | $912 | $1,275 | $1,239 | $879 | $698 | $1,712 | $1,577 | | Net investment gains (losses) | $(421) | $(77) | $(311) | $(387) | $(273) | $(796) | $(660) | | Net derivative gains (losses) | $(508) | $767 | $(903) | $432 | $(796) | $(1,487) | $(364) | | Market risk benefit remeasurement gains (losses) | $182 | $(531) | $764 | $(299) | $277 | $876 | $(22) | | Provision for income tax (expense) benefit | $270 | $(195) | $352 | $23 | $195 | $530 | $218 | | Adjusted earnings available to common shareholders | $1,628 | $1,375 | $1,459 | $1,349 | $1,362 | $2,962 | $2,711 | [Notable Items](index=34&type=section&id=APPENDIX_Notable%20Items) The impact of notable items on adjusted earnings available to common shareholders, both for MetLife total and by individual segments METLIFE TOTAL Notable Items (Unaudited, In millions) | Item | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | YTD 2024 | YTD 2025 | | :------------------------------------------ | :------ | :------ | :------ | :------ | :------ | :------- | :------- | | Actuarial assumption review and other insurance adjustments | $— | $16 | $— | $— | $— | $— | $— | | Litigation reserves and settlement costs | $— | $— | $(47) | $— | $— | $— | $— | | Tax adjustments | $— | $— | $57 | $— | $— | $— | $— | | Total notable items | $— | $16 | $10 | $— | $— | $— | $— | - Notable items reflect unexpected events affecting MetLife's results, including actuarial assumption reviews, litigation reserves, and tax adjustments, which can have both positive and negative impacts[63](index=63&type=chunk) [Equity Details, Book Value Details and Return on Equity](index=36&type=section&id=APPENDIX_Equity%20Details%2C%20Book%20Value%20Details%20and%20Return%20on%20Equity) Detailed information on MetLife's equity, book value per common share, and various return on equity metrics, including adjustments for unrealized gains/losses and other items Equity and Book Value Details (Unaudited, In millions) | Metric | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :---------------------------------------------------- | :------------ | :----------------- | :---------------- | :------------- | :------------ | | Total MetLife, Inc.'s stockholders' equity | $27,252 | $30,885 | $27,445 | $27,493 | $27,685 | | MetLife, Inc.'s common stockholders' equity | $23,434 | $27,067 | $23,627 | $23,675 | $23,867 | | Total MetLife, Inc.'s adjusted common stockholders' equity | $37,385 | $37,961 | $37,772 | $37,038 | $37,495 | | Book value per common share | $33.30 | $39.02 | $34.28 | $35.16 | $35.79 | | Adjusted book value per common share | $53.12 | $54.72 | $54.81 | $55.01 | $56.23 | Return on Equity (Unaudited, In millions, except ratios) | Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :---------------------------------------------------- | :------ | :------ | :------ | :------ | :------ | | Return on MetLife, Inc.'s Common stockholders' equity | 15.2 % | 20.2 % | 19.6 % | 14.9 % | 11.7 % | | Adjusted return on MetLife, Inc.'s Adjusted common stockholders' equity | 17.3 % | 14.6 % | 15.4 % | 14.4 % | 14.6 % | [Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis](index=37&type=section&id=APPENDIX_Adjusted%20Premiums%2C%20Fees%20and%20Other%20Revenues%2C%20Other%20Expenses%20and%20Adjusted%20Earnings%20Available%20to%20Common%20Shareholders%20-%20Constant%20Currency%20Basis) Adjusted premiums, fees, and other revenues, other expenses, and adjusted earnings available to common shareholders on a constant currency basis for various segments Adjusted Premiums, Fees and Other Revenues, on a Constant Currency Basis (Unaudited, In millions) | Segment | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------ | :------ | :------ | :------ | :------ | :------ | | GROUP BENEFITS | $6,210 | $6,146 | $6,184 | $6,430 | $6,446 | | RIS | $2,582 | $1,579 | $3,620 | $2,430 | $1,355 | | ASIA | $1,722 | $1,715 | $1,679 | $1,741 | $1,699 | | LATIN AMERICA | $1,386 | $1,459 | $1,475 | $1,561 | $1,634 | | EMEA | $631 | $659 | $668 | $691 | $719 | | METLIFE HOLDINGS | $823 | $793 | $815 | $780 | $740 | | CORPORATE & OTHER | $113 | $92 | $93 | $112 | $126 | | Total | $13,467 | $12,443 | $14,534 | $13,745 | $12,719 | Adjusted Earnings Available to Common Shareholders, on a Constant Currency Basis (Unaudited, In millions) | Segment | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | | :------------------ | :------ | :------ | :------ | :------ | :------ | | GROUP BENEFITS | $533 | $373 | $416 | $367 | $400 | | RIS | $410 | $472 | $386 | $401 | $368 | | ASIA | $449 | $303 | $447 | $380 | $350 | | LATIN AMERICA | $203 | $216 | $207 | $226 | $233 | | EMEA | $77 | $70 | $59 | $86 | $100 | | METLIFE HOLDINGS | $153 | $182 | $153 | $154 | $144 | | CORPORATE & OTHER | $(220) | $(249) | $(199) | $(248) | $(233) | | Total | $1,605 | $1,367 | $1,469 | $1,366 | $1,362 | [Non-GAAP and Other Financial Disclosures](index=38&type=section&id=APPENDIX_Non-GAAP%20and%20Other%20Financial%20Disclosures) MetLife's non-GAAP financial measures and other financial disclosures, explaining their purpose in enhancing investors' understanding of performance by highlighting underlying profitability drivers and excluding market volatility and non-economic accounting - Non-GAAP financial measures are used to enhance investors' understanding of MetLife's performance by highlighting the results of operations and underlying profitability drivers of its business[75](index=75&type=chunk) - Adjusted earnings is MetLife's GAAP measure of segment performance, used by the chief operating decision maker to evaluate performance and allocate resources[78](index=78&type=chunk) - Adjusted earnings excludes the impact of market volatility, asymmetrical and non-economic accounting, revenues and costs related to divested businesses, and other adjustments to focus on primary businesses[80](index=80&type=chunk) [Acronyms](index=41&type=section&id=APPENDIX_Acronyms) A list of acronyms used throughout the financial supplement for clarity and ease of reference Key Acronyms | Acronym | Definition | | :------ | :---------------------------------------------------- | | AOCI | Accumulated other comprehensive income (loss) | | DAC | Deferred policy acquisition costs | | EMEA | Europe, the Middle East and Africa | | GAAP | Accounting principles generally accepted in the United States of America | | PRT | Pension risk transfers | | RIS | Retirement and Income Solutions | | VOBA | Value of business acquired |

Core Insights - MetLife, Inc. is scheduled to report its second-quarter 2025 results on August 6, with earnings estimated at $2.19 per share and revenues at $18.4 billion [1] Earnings Estimates - The earnings estimate for the second quarter has improved over the past 30 days, but it reflects a year-over-year decline of 4%, while revenues are expected to decline by 1.5% year-over-year [2] - For the current year, MetLife's revenue estimate stands at $74.8 billion, indicating a 2.4% year-over-year increase, and the EPS estimate is $8.96, suggesting a 10.5% increase year-over-year [3] Earnings Prediction Model - The current model does not predict an earnings beat for MetLife, as it has an Earnings ESP of +0.67% and a Zacks Rank of 4 (Sell) [4] Factors Influencing Q2 Results - Rising adjusted group benefits revenues are expected to positively impact MetLife's second-quarter results, with significant contributions from operations in Asia and Latin America [5] - The Zacks Consensus Estimate for total adjusted group benefits suggests a 2.9% increase year-over-year, driven by improved profits from Asia and Latin America [6] - However, rising costs and a projected 1.4% decline in investment income may offset profit growth [6][8] Regional Performance - The Asia segment is likely to benefit from improved underwriting and variable investment income, while the Latin America business is expected to see growth from higher volumes, with adjusted earnings from Latin America projected to grow by 0.4% year-over-year [7]

Company Overview - MetLife (NYSE:MET) is expected to announce earnings on August 6, 2025, with projected earnings of approximately $2.16 per share, slightly lower than the previous year, and revenues around $18.50 billion, reflecting a decline of about 1% year-over-year [2] - The company has a current market capitalization of $53 billion, with total revenue for the past twelve months at $72 billion and net income reported at $4.5 billion [2] Earnings Performance - In the last quarter, MetLife experienced increased life underwriting margins, growth in volume, and variable investment income, although these were partially offset by negative impacts from foreign currency and lower recurring interest margins [2] - Historical data indicates that over the past five years, MetLife had 20 earnings data points with 8 positive and 12 negative one-day (1D) returns, resulting in positive 1D returns occurring roughly 40% of the time [5] - The median of the 8 positive returns was 2.2%, while the median of the 12 negative returns was -1.8% [5] Correlation Analysis - A strategy to analyze the correlation between short-term and medium-term returns following earnings can be effective, particularly if the correlation is strong [6] - Correlation data indicates that the relationship between 1D post-earnings returns and subsequent 5D returns can guide trading decisions [6][7] - The performance of peers can also impact MetLife's stock reaction following earnings, with historical data showing the influence of peer stock performance on MetLife's post-earnings returns [7][8]

Core Viewpoint - Analysts project that MetLife (MET) will report quarterly earnings of $2.19 per share, reflecting a 4% decline year over year, with revenues expected to reach $18.39 billion, down 1.5% from the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 0.2% over the past 30 days, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts forecast 'Revenue- Premiums' to be $11.29 billion, indicating a year-over-year decline of 2.9% [4]. - The consensus estimate for 'Revenue- Other Revenues' is $656.89 million, reflecting a 3% increase from the previous year [5]. - 'Revenue- Universal life and investment-type product policy fees' is expected to reach $1.28 billion, showing a slight decline of 0.4% year over year [5]. - 'Revenue- Net investment income' is projected at $5.13 billion, down 1.4% from the same quarter last year [5]. Adjusted Revenue Insights - Total Adjusted Revenue for Latin America is expected to be $1.94 billion, up 1.9% year over year [6]. - Total Adjusted Revenue for U.S. Business is projected at $10.80 billion, down 3.7% from the prior year [7]. - Total Adjusted Revenue for EMEA is estimated at $726.53 million, reflecting a 7.6% increase year over year [7]. - Total Adjusted Revenue for Asia is expected to be $2.92 billion, indicating a 2.9% increase from the previous year [7]. Net Investment Income Projections - Adjusted Revenue for Asia's Net investment income is projected at $1.17 billion, up 0.5% year over year [8]. - Adjusted Revenue for EMEA's Net investment income is expected to reach $57.66 million, reflecting a 6.8% increase [8]. - Adjusted Revenue for Latin America's Net investment income is projected at $412.51 million, indicating a 3.7% increase year over year [9]. Stock Performance - MetLife shares have decreased by 5.8% over the past month, contrasting with the Zacks S&P 500 composite's increase of 2.3% [9].

Group 1 - The article suggests considering preferred shares issued by MetLife (NYSE: MET) in a "higher for longer" interest rate environment, indicating a potential investment opportunity [1] - The investment group European Small Cap Ideas focuses on high-quality small-cap investment opportunities in Europe, emphasizing capital gains and dividend income [1] - The group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1] Group 2 - The analyst has a beneficial long position in the shares of MET.PR.A, indicating confidence in the investment [1] - There is a mention of the possibility of writing put options on MET, although it is unlikely to occur in the immediate future [2]

Market Performance - The US stock market saw significant gains on July 23, with the Dow Jones Industrial Average rising by 507.85 points, or 1.14%, closing at 45010.29 points. The Nasdaq Composite increased by 127.33 points, or 0.61%, closing at 21020.02 points, marking its first close above the 21000-point threshold. The S&P 500 index rose by 49.29 points, or 0.78%, closing at 6358.91 points [1][3][4]. Trade Agreements - President Trump announced a trade agreement between the US and Japan, which has heightened market expectations for further trade agreements before the August 1 tariff deadline. The agreement includes a reduction of the reciprocal tariff rate from 25% to 15% and Japan's commitment to invest $550 billion in the US [2][6][7]. Sector Performance - In the S&P 500, nine out of eleven sectors experienced gains, with the healthcare and industrial sectors leading with increases of 2.03% and 1.75%, respectively. The utilities and consumer staples sectors saw declines of 0.79% and 0.07% [8]. - Major technology stocks mostly rose, with AMD increasing over 3%, and other companies like NVIDIA, Boeing, and TSMC rising over 2%. Financial stocks also saw gains, with Mizuho Financial up over 6% and UBS Group up over 3% [8]. Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.75%, with notable increases in stocks such as iQIYI, which rose over 4%, and Tiger Brokers, which increased over 3%. However, some stocks like NIO and Li Auto saw declines of over 1% [9].

Core Viewpoint - Bank of America Global Research has raised the target price for MetLife Insurance from $94 to $102 [1] Summary by Category - **Target Price Adjustment** - The target price for MetLife Insurance has been increased from $94 to $102, indicating a positive outlook for the company's stock performance [1]

Core Insights - MetLife, Inc. has partnered with Sprout.ai to automate claims processes across the U.S., Asia, and Latin America, aiming for faster and more accurate claims while enhancing customer experience [1][10] - The AI-powered platform from Sprout.ai enables instant claims decisions and integrates smoothly with existing systems, improving operational efficiency while maintaining a human-centered approach [2][4] - Following a successful pilot in Latin America, MetLife plans to expand Sprout.ai's solutions to other markets, aligning with its global strategy to enhance customer engagement and digitize core processes [3][10] Industry Trends - The insurance industry is increasingly adopting digital transformation, with strategic tech-driven partnerships becoming essential for sustainable growth [5] - Automating claims processes is seen as a pathway to cost savings, service improvements, and competitive differentiation, as insurers face pressure to innovate [4][5]