MetLife(MET) - 2025 Q2 - Quarterly Results

GAAP Consolidated Statements of Operations MetLife's unaudited GAAP consolidated statements of operations detail revenues, expenses, and net income across periods Summary of GAAP Consolidated Statements of Operations 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 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 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 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 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 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 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 This section provides a detailed breakdown of MetLife's expenses by category and presents various expense ratios Overview of Expenses and Ratios 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 This section presents MetLife's unaudited GAAP consolidated balance sheets, detailing assets, liabilities, and equity Summary of GAAP Consolidated Balance Sheets 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 This section summarizes MetLife's adjusted earnings available to common shareholders, broken down by business segment Adjusted Earnings by Segment 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 This section details the Group Benefits segment's adjusted earnings, revenues, expenses, and key performance indicators Statements of Adjusted Earnings Available to Common Shareholders 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 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) 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 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 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] Other Expenses by Major Category and Spread 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 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 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 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] Asia General Account Assets Under Management and Related Measures 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 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 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 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] 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 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 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] METLIFE HOLDINGS This section details MetLife Holdings' adjusted earnings, key balance sheet items, expenses, and lapse ratios Statements of Adjusted Earnings Available to Common Shareholders 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 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 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 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 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 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 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 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 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 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] - 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] APPENDIX This section provides detailed reconciliations, notable items, equity details, constant currency data, non-GAAP disclosures, and acronyms Reconciliation Detail 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 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] Equity Details, Book Value Details and Return on Equity 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 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 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] - Adjusted earnings is MetLife's GAAP measure of segment performance, used by the chief operating decision maker to evaluate performance and allocate resources[78] - 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] 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 |