Core Insights - MetLife, Inc. reported second-quarter 2025 adjusted operating earnings per share (EPS) of $2.02, missing the Zacks Consensus Estimate by 7.8% and declining 11% year over year [1][11] - Adjusted operating revenues decreased 4.1% year over year to $17.9 billion, also missing the consensus mark by 2.6% [1][11] Financial Performance - Weaker quarterly results were attributed to poor performance in Asia, lower underwriting results, less favorable investments, and declining earnings in group benefits, RIS, and MetLife Holdings [2][11] - Adjusted PFOs, excluding pension risk transfer (PRT), were $12.4 billion, growing 5% year over year [3] - Adjusted net investment income increased by 1% year over year to $5.2 billion due to asset growth [3] - Total expenses were $16.4 billion, down 1.6% year over year, driven by decreased policyholder benefits and claims [4] - Net income fell 23% year over year to $698 million, with adjusted return on equity deteriorating 270 basis points to 14.6% [4] Segment Performance - Group Benefits: Adjusted earnings declined 25% year over year to $400 million, below the consensus estimate of $468.6 million [5] - RIS: Adjusted earnings totaled $368 million, down 10% year over year, missing the consensus mark of $376.2 million [6] - Asia: Adjusted earnings fell 22% year over year to $350 million, lagging behind the consensus estimate of $397.6 million [7] - Latin America: Adjusted earnings rose 3% year over year to $233 million, exceeding the consensus mark of $227 million [8] - EMEA: Adjusted earnings advanced 30% year over year to $100 million, surpassing the consensus estimate of $76.1 million [9] - MetLife Holdings: Adjusted earnings decreased 5.9% year over year to $144 million, beating the consensus mark of $142.1 million [10] Financial Position - As of June 30, 2025, MetLife had cash and cash equivalents of $22.2 billion, up from $20.1 billion at the end of 2024 [13] - Total assets increased to $702.5 billion from $677.5 billion at the end of 2024 [13] - Long-term debt rose to $15.4 billion from $15.1 billion as of December 31, 2024 [13] - Total equity was $27.9 billion, up from $27.7 billion at the end of 2024 [13] - Book value per share grew 7.5% year over year to $35.79 [14] Capital Deployment - MetLife repurchased shares worth approximately $510 million in the second quarter and an additional $140 million in July 2025 [15] - The company paid a dividend of $382 million during the quarter [15] Future Outlook - Management expects variable investment income of around $1.7 billion for 2025 and anticipates Corporate & Other adjusted losses between $850 million and $950 million [16] - Adjusted PFOs in Group Benefits are projected to rise 4-7% annually over the next three years [17] - MetLife aims for an adjusted return on equity in the range of 15-17% and expects free cash flow to exceed $25 billion [18]

Financial Data and Key Metrics Changes - Adjusted earnings for Q2 2025 were reported at $1.4 billion or $2.2 per share, reflecting a 16% decrease year-over-year due to less favorable underwriting and lower investment margins [8][21] - The adjusted return on equity was 14.6%, above the cost of capital and near the mid-teen target range [9] - Free cash flow allowed the company to return approximately $900 million to shareholders through dividends and share repurchases [9][18] Business Segment Data and Key Metrics Changes - Group Benefits adjusted earnings were $400 million, down 25% from the previous year due to less favorable life and non-medical health underwriting [10][22] - Retirement and Income Solutions (RIS) reported adjusted earnings of $368 million, down 10% year-over-year, primarily due to lower recurring interest margins [12][24] - Asia adjusted earnings were $350 million, down 22% year-over-year, with sales up 9% on a constant currency basis [14][26] - Latin America adjusted earnings totaled $233 million, up 3% and 15% on a constant currency basis, driven by volume growth [28] - EMEA posted adjusted earnings of $100 million, up 30% year-over-year, primarily due to strong volume growth [29] Market Data and Key Metrics Changes - Total liability exposures increased by 6% year-over-year, driven by growth in UK longevity reinsurance [13] - General account assets under management in Asia rose by 6% year-over-year on a constant currency basis [14][27] - Adjusted premiums, fees, and other revenues in Group Benefits grew by 4% from a year ago [10][23] Company Strategy and Development Direction - The company is executing its "new frontier growth strategy," focusing on managing expenses, returning capital to shareholders, and capitalizing on market trends [7][19] - Strategic partnerships, such as with Workday, aim to enhance the benefits experience and drive sales growth [11] - Recent acquisitions and strategic transactions, including Pinebridge Investments and Chariot Re, are expected to support growth in investment management [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on commitments despite the current economic environment [7] - The company anticipates improvements in underwriting and investment margins in the upcoming quarters [39] - Management noted that the current quarter's earnings do not fully reflect the company's earnings power, with expectations for better performance in the second half of the year [36] Other Important Information - The company repurchased approximately $500 million of its common stock in Q2, bringing the total year-to-date repurchases to over $2 billion [18][34] - Cash and liquid assets at holding companies were reported at $5.2 billion, exceeding the target buffer range [18][34] - The effective tax rate on adjusted earnings was approximately 24%, at the bottom end of the guidance range [30] Q&A Session Summary Question: Observations on elevated claims in the non-medical health sector - Management indicated that the elevated claims were not surprising and attributed them to normal fluctuations, expecting improvements in the third and fourth quarters [38][39] Question: Outlook for Chariot Re and sidecars - Management sees Chariot Re as a growth vehicle, focusing on MetLife-originated liabilities and expects more transactions in the future [44][46] Question: Strong sales in Japan and Korea - Management highlighted strong sales performance driven by new product launches and expects this momentum to continue [49][50] Question: Stability of retirement spreads - Management expects core spreads to remain stable, with some seasonal impacts anticipated in Q3 [54][56] Question: Analysis of disability claims - Management clarified that the pressure on disability claims was due to specific high-value claims and not indicative of broader trends [61][63] Question: Update on the PRT market - Management noted a lighter quarter for PRT but expects jumbo cases to transact in the second half of the year, maintaining a disciplined pricing approach [95][97] Question: Implementation of Gen AI - Management expressed excitement about AI's potential, emphasizing ongoing investments in technology to enhance efficiency and drive growth [100][102]

Financial Data and Key Metrics Changes - Adjusted earnings for the second quarter were reported at $1.4 billion or $2.2 per share, reflecting a 16% decrease year-over-year due to less favorable underwriting and investment margins [7][21] - The adjusted return on equity was 14.6%, well above the cost of capital and near the mid-teen target range [8] - Free cash flow allowed the company to return approximately $900 million to shareholders through dividends and share repurchases [8][18] Business Segment Data and Key Metrics Changes - Group Benefits adjusted earnings were $400 million, down 25% from the previous year due to less favorable life and non-medical health underwriting [8][22] - Retirement and Income Solutions (RIS) reported adjusted earnings of $368 million, down 10% year-over-year, primarily due to lower recurring interest margins [11][24] - Asia adjusted earnings were $350 million, down 22% year-over-year, with sales up 9% on a constant currency basis [13][26] - Latin America adjusted earnings totaled $233 million, up 3% and 15% on a constant currency basis, driven by volume growth [14][28] - EMEA adjusted earnings were $100 million, up 30% on both a reported and constant currency basis, primarily due to strong volume growth [15][29] Market Data and Key Metrics Changes - Total liability exposures increased by 6% year-over-year, exceeding the 2025 outlook range of 3% to 5% [12] - In Japan, sales increased by 29% on a constant currency basis, while Korea saw a 36% increase year-over-year [13][50] - EMEA's quarterly run rate is expected to remain above its 2025 guidance of $70 million to $75 million for the remainder of the year [29] Company Strategy and Development Direction - The company is executing its "New Frontier" growth strategy, focusing on managing expenses, returning capital to shareholders, and capitalizing on market trends [6][19] - Strategic partnerships, such as with Workday, are aimed at enhancing the benefits experience and driving sales growth [10][15] - Recent acquisitions and partnerships, including Pinebridge Investments and Chariot Re, are expected to support growth in the investment management platform [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on commitments despite the current economic environment [6] - The company anticipates improvements in underwriting and investment margins in the upcoming quarters [39][72] - Management noted that the current quarter's results do not fully reflect the company's earnings power, with expectations for better performance in the second half of the year [19][36] Other Important Information - The company has repurchased approximately $2 billion of its common stock year-to-date, with a total of nearly $16 billion repurchased since 2021 [18][34] - Cash and liquid assets at holding companies were reported at $5.2 billion, exceeding the target buffer range [18][34] - The effective tax rate on adjusted earnings was approximately 24%, at the bottom end of the 2025 guidance range [30] Q&A Session Summary Question: Observations on elevated claims in the sector - Management indicated that the elevated claims were not surprising and expected improvements in the non-medical health ratio in the upcoming quarters [38][39] Question: Outlook for Chariot Re and growth opportunities - Management views Chariot Re as a vehicle for growth, focusing on MetLife-originated liabilities and anticipating more transactions [44][46] Question: Strong sales in Japan and Korea - Management reported strong sales performance driven by new product launches and expects to remain at the top end of guidance for Asia sales [49][52] Question: Stability of retirement spreads - Management expects core spreads to remain stable, with some seasonality anticipated in Q3 [53][56] Question: Analysis of disability claims - Management clarified that the pressure on disability claims was related to specific clients and not indicative of broader trends [61][62] Question: Update on commercial mortgage loan reserves - Management acknowledged an increase in reserves for commercial mortgages, indicating it reflects stabilization in the market [65][66] Question: Implementation of Gen AI - Management expressed excitement about the potential of AI, highlighting ongoing investments and improvements in processes to leverage emerging technologies [98][100]

2Q25 Supplemental Slides1 John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Table of contents | Topic | Page No. | | --- | --- | | Net income (loss) to adjusted earnings | 3 | | Adjusted earnings by segment and Corporate & Other (C&O) | 4 | | Variable investment income (VII) | 5 | | Direct expense ratio | 7 | | Cash & capital | 8 | | Appe ...

Core Insights - MetLife Pet Insurance has been awarded "Pet Insurance of the Year" at the 2025 Pet Innovation Awards, recognizing its innovative contributions to the pet care industry [1][6]. Company Features - MetLife offers comprehensive pet insurance that includes optional preventive care coverage, covering services such as flea and tick control, spay/neuter, heartworm prevention, teeth cleaning, and vaccinations [2]. - The insurance plans are highly customizable, allowing pet owners to select deductibles, annual benefit limits, and reimbursement percentages tailored to their needs [2]. - Unique to MetLife is the family plan feature, which allows up to three pets to be covered under the same policy and share a deductible, a service not offered by other providers [3]. Technological Integration - MetLife provides a mobile app for policy management, health record tracking, claims submission, and access to a 24/7 vet chat, enhancing the customer experience [4]. - The company also has a rewards program that offers discounts and promotions on pet care-related purchases for eligible policyholders [4]. Industry Context - The total expenditure in the US pet industry is $157 billion, reflecting a growing trend of pet humanization where owners seek products and services that promote their pets' health and well-being [5]. - The Pet Innovation Awards highlight innovative solutions and products in the pet care sector, covering areas such as nutrition, wellness, grooming, and safety [5][7].

Core Insights - MetLife reported Q2 2025 results that fell short of Wall Street expectations, with non-GAAP earnings per share at $2.02 compared to the anticipated $2.15, and GAAP revenue at $17.34 billion versus the expected $18.53 billion [1][5] - The company experienced a decline in net income, which dropped to $698 million from $912 million in Q2 2024, reflecting a 23.4% year-over-year decrease [2][5] - Despite profitability pressures, book value per share increased by 7% to $35.79, and adjusted book value per share rose by 6% to $56.23, indicating strength in capital management [1][13] Financial Performance - Non-GAAP EPS was $2.02, missing estimates by 6%, while revenue of $17.34 billion was 2.7% lower than the previous year [2][5] - Net income (GAAP) decreased by 23.4% year-over-year, highlighting challenges in profitability [2][5] - The overall expense ratio increased to 19.8% from 17.9% in the previous year, although the direct expense ratio remained steady at 11.7% [11] Segment Analysis - Group Benefits segment saw adjusted earnings drop 25% to $400 million due to unfavorable underwriting conditions, despite a 4% growth in premium and fee revenue [6] - Retirement and Income Solutions segment's adjusted earnings fell 10% to $368 million, attributed to lower recurring interest margins, although premium revenue excluding pension risk transfer rose by 24% [7] - International operations showed mixed results, with Asia's adjusted earnings declining 22% to $350 million, while Latin America and EMEA segments reported gains of 3% and 30% respectively [8] Strategic Initiatives - MetLife's strategic focus includes international expansion, risk transfer arrangements, and technology investments, with the "New Frontier" strategy aimed at enhancing group benefits and asset management operations [4] - The company entered an agreement with Talcott Financial Group to reinsure variable annuity reserves, reducing market risk exposure [12] - Shareholder returns remained strong, with $900 million returned through buybacks and dividends, reflecting confidence in the company's financial health [12][15] Outlook - Management did not provide explicit financial guidance for the remainder of fiscal 2025 but expressed confidence in the company's strategic direction [14] - Key areas for investors to monitor include trends in variable investment income, underwriting results in core segments, and the success of the New Frontier strategic plan [15]

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]