RETIREMENT ASSET MANAGEMENT BENEFITS & PROTECTION Fourth Quarter 2025 Earnings and 2026 Outlook PRINCIPAL FINANCIAL GROUP February 9, 2026 Audience disclosure Key takeaways | | 12% | 92% | 15.7% | | --- | --- | --- | --- | | Delivered on 2025 outlook | FY EPS growth1 | FY FCF %2 | ROE3 | | | (9-12% target) | (75-85% target) | (14-16% target) | | | | 2025 Highlights4 Capital • Returned $448M capital to shareholders during 4Q25, including $275M of share repurchases and $172M of common stock dividends; bringin ...

Financial Data and Key Metrics Changes - In Q4 2025, adjusted earnings were reported at $1.6 billion or $2.49 per share, with an adjusted EPS of $2.58, up 24% from $2.08 a year ago, marking MetLife's highest single EPS quarter [11][20] - For the full year 2025, adjusted earnings, excluding notable items, totaled $6 billion or $8.89 per share, reflecting a growth of approximately 10% [12][20] - The company achieved a 10% adjusted EPS growth and an adjusted return on equity (ROE) of 16%, within the target range [9][20] Business Line Data and Key Metrics Changes - Group Benefits adjusted earnings for Q4 were $465 million, up 12% year-over-year, driven by favorable underwriting in life and dental, despite weaker disability results [24] - Retirement and Income Solutions (RIS) adjusted earnings were $454 million for Q4, up 18%, benefiting from record origination in pension risk transfers and U.K. longevity reinsurance [14][25] - Asia adjusted earnings were $444 million, essentially flat year-over-year, with sales growth of 18% on a constant currency basis, primarily driven by Japan and Korea [26] - Latin America adjusted earnings were $227 million, up 13%, with adjusted PFOs rising 25% [27] Market Data and Key Metrics Changes - Asia saw constant currency sales jump 18% in 2025, while Latin America sales rose by 12%, with Mexico leading the growth [7] - EMEA adjusted earnings increased by 64%, driven by robust volume growth and favorable underwriting margins [27] Company Strategy and Development Direction - The company launched the "New Frontier" strategy focusing on growth, capital deployment, and operational efficiency [5] - MetLife Investment Management (MIM) was established as a new business segment following the acquisition of PineBridge Investments, with $742 billion in assets under management [6][28] - The company aims to achieve double-digit adjusted EPS growth and maintain a direct expense ratio target of 11.3% over five years [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changing economic environments, emphasizing the importance of disciplined capital management and operational efficiency [10][18] - The outlook for 2026 includes expectations for double-digit adjusted EPS growth and a stable U.S. dollar, with a projected increase in long-term interest rates [35] Other Important Information - MetLife returned approximately $4.4 billion to shareholders through stock repurchases and dividends in 2025 [8] - The company reported a total of $50 billion in policyholder benefits and claims paid in 2025 [19] Q&A Session Summary Question: Comments on Group Benefits renewal season and pricing - Management noted robust results in persistency, particularly in dental, with good sales growth across the business, including disability [47] Question: Impact of macroeconomic volatility in Japan - Management acknowledged short-term impacts on sales due to macroeconomic fluctuations but maintained a strong value proposition and diversified product portfolio [48][49] Question: Change in GAAP earnings for real estate accounting - Management explained the change aimed to better reflect annual cash flows and returns, aligning with overall economics of the asset class [52][54] Question: Outlook for U.S. retail retirement space - Management highlighted successful execution of flow reinsurance deals, enhancing liability origination and capital flexibility [62] Question: Surrender activity in Japan - Management reported a slight increase in surrender trends in Q4 but expected surrenders to return to long-term assumptions in 2026 [64] Question: Employment actions and their impact on Group Benefits - Management indicated that employment actions were considered in the outlook, but strong sales growth and persistency were also observed [68]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted earnings were reported at $1.6 billion or $2.49 per share, with an adjusted EPS of $2.58, up 24% from $2.08 a year ago, marking MetLife's highest single EPS quarter [11][20] - For the full year 2025, adjusted earnings, excluding notable items, reached $6 billion or $8.89 per share, reflecting a growth of approximately 10% [12][20] - The company achieved a 10% adjusted EPS growth and a 16% adjusted return on equity (ROE) for the year, aligning with its five-year financial commitments [9][20] Business Line Data and Key Metrics Changes - Group Benefits adjusted earnings for Q4 totaled $465 million, up 12% year-over-year, driven by favorable underwriting in life and dental, despite weaker disability results [13][24] - Retirement and Income Solutions (RIS) adjusted earnings were $454 million for Q4, up 18%, benefiting from record origination in pension risk transfers and UK longevity reinsurance [14][25] - Asia adjusted earnings were $444 million, essentially flat year-over-year, with sales growth of 18% on a constant currency basis, primarily driven by Japan and Korea [26] - Latin America adjusted earnings reached $227 million, up 13%, with adjusted PFOs increasing by 25% [27] Market Data and Key Metrics Changes - Asia saw constant currency sales jump 18% in 2025, while Latin America sales rose by 12%, with Mexico leading the growth [7][27] - EMEA adjusted earnings increased by 64%, driven by robust volume growth and favorable underwriting margins [27] Company Strategy and Development Direction - The company launched the "New Frontier" strategy emphasizing growth, capital deployment, and operational discipline, with a focus on enhancing market leadership [5][10] - MetLife Investment Management (MIM) was established as a new business segment following the acquisition of PineBridge Investments, with $742 billion in assets under management at year-end [6][28] - The company aims to achieve double-digit adjusted EPS growth and maintain a direct expense ratio target of 11.3% over five years, despite a projected increase in 2026 due to the acquisition [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt and succeed in various economic environments, highlighting strong business momentum and market leadership [10][18] - The outlook for 2026 includes expectations for double-digit adjusted EPS growth and a stable US dollar, with a focus on maintaining capital flexibility [35][41] Other Important Information - The company returned approximately $4.4 billion to shareholders through stock repurchases and dividends in 2025 [8] - MetLife paid roughly $50 billion in policyholder benefits and claims, emphasizing its commitment to building a confident future for its stakeholders [19] Q&A Session Summary Question: Comments on Group Benefits renewal season and pricing - Management noted robust results in persistency, particularly in dental, with good sales growth across the business, including disability [47] Question: Impact of macroeconomic variables in Japan - Management acknowledged macroeconomic volatility affecting sales but maintained a strong value proposition and optimistic outlook for the market [48][49] Question: Change in GAAP earnings for real estate accounting - The change was made to better reflect annual cash flows and returns, aligning with the company's operational cash flow [52][53] Question: Impact of Brighthouse acquisition on MIM - Management expressed excitement about the PineBridge acquisition and its potential to enhance service offerings, with minimal expected impact on EPS from Brighthouse [55][58] Question: Surrender activity in Japan - Management reported a slight increase in surrenders in Q4 but expected them to return to long-term assumptions in 2026 [65]

Financial Data and Key Metrics Changes - In Q4 2025, MetLife reported adjusted earnings of $1.6 billion or $2.49 per share, with adjusted EPS excluding notable items at $2.58, a 24% increase from $2.08 a year ago, marking the highest single EPS quarter for the company [10][19] - For the full year 2025, adjusted earnings excluding notable items reached $6 billion or $8.89 per share, up roughly 10% [11][19] - The company achieved 10% adjusted EPS growth and an adjusted return on equity (ROE) of 16%, within the target range of 15%-17% [8][19] Business Line Data and Key Metrics Changes - Group Benefits adjusted earnings for Q4 were $465 million, contributing to full-year adjusted earnings of $1.7 billion, with life mortality trends improving [12][22] - Retirement and Income Solutions (RIS) adjusted earnings were $454 million for Q4, up 18%, with full-year earnings also at $1.7 billion, benefiting from record origination in pension risk transfers [13][24] - Asia adjusted earnings were $444 million for Q4, essentially flat year-over-year, while Latin America adjusted earnings rose 13% to $227 million [25][26] Market Data and Key Metrics Changes - Asia saw constant currency sales jump 18% in 2025, with Japan contributing significantly, while Latin America sales rose by 12%, led by Mexico [5][26] - EMEA adjusted earnings increased 64%, driven by robust volume growth and favorable underwriting margins [26] Company Strategy and Development Direction - MetLife's "New Frontier" strategy emphasizes growth, capital deployment, and operational discipline, with a focus on enhancing market leadership in group benefits and asset management [4][17] - The acquisition of PineBridge Investments established a new business segment, MetLife Investment Management, which had $742 billion in assets under management by year-end [5][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving five-year commitments for adjusted EPS, adjusted ROE, and free cash flow, despite evolving macroeconomic conditions [9][34] - The company anticipates continued growth in 2026, with adjusted EPS growth expected to remain in double digits and adjusted ROE targeted at 15%-17% [34] Other Important Information - MetLife returned approximately $4.4 billion to shareholders in 2025 through stock repurchases and dividends, while also funding acquisitions and investments totaling about $1.2 billion [6][15] - The company paid roughly $50 billion in policyholder benefits and claims in 2025, highlighting its commitment to customer service [18] Q&A Session Summary Question: Comments on Group Benefits renewal season and pricing - Management noted robust results in persistency, particularly in dental, with good sales growth across the business, including strength in disability [46] Question: Impact of macroeconomic volatility in Japan - Management acknowledged short-term impacts on sales due to macroeconomic fluctuations but emphasized a solid value proposition and strong sales results [48][49] Question: Changes in GAAP earnings for real estate accounting - Management explained the change aimed to better reflect cash flows and returns, aligning with overall economics of the asset class [52][54] Question: Outlook for U.S. retail retirement space - Management highlighted successful execution of flow reinsurance deals, enhancing liability origination and capital flexibility [61][64] Question: Trends in surrender activity in Japan - Management reported a slight increase in surrenders in Q4 but expected them to return to long-term assumptions in 2026 [65] Question: Group disability experience and outlook - Management indicated pressure in disability results but did not expect this to indicate a trend into 2026, citing strong full-year performance [78]

Financial Performance - The company's Non-GAAP operating earnings were $474 million, a 15% increase compared to Q3 2024[9] - Non-GAAP EPS, excluding significant variances, was $2.32, up 13% from Q3 2024[9] - The company returned $398 million of excess capital to shareholders in Q3 2025, including $225 million in share repurchases and $173 million in common stock dividends[2] - The company's total AUM reached $784 billion, a 4% increase compared to Q2 2025[10] Segment Performance - Retirement and Income Solutions pre-tax operating earnings increased 8% due to 4% higher net revenue[4, 14] - Investment Management pre-tax operating earnings increased 9% due to 5% higher management fees[4] - Specialty Benefits record pre-tax operating earnings increased 28% due to strong underwriting results[4] Growth & Sales - Investment Management's private net cash flow was +$1.7 billion[6] - Investment Management's active ETF net cash flow was +$0.5 billion[6] - International Pension's record reported AUM was $151 billion, a 9% increase from the year-ago quarter[20] - Sales of Retirement and Income Solutions increased 8% to $7 billion[14] Capital Management - The company's excess and available capital position was $1.6 billion[4, 9] - The company's debt to capital ratio was 22%[4, 9]

Financial Performance - The company's non-GAAP operating earnings were $489 million, a 27% increase compared to Q2 2024[3] - Non-GAAP EPS reached $2.16, up 33% from Q2 2024[3] - Investment Management revenue increased 6% over 2Q24, with operating margin improving 250 bps to 36%[2] - Specialty Benefits incurred loss ratio improved 130 basis points from 2Q24[2] Capital Management - The company returned $320 million of excess capital to shareholders, including $150 million in share repurchases and $170 million in common stock dividends during 2Q25[2, 4] - The common stock dividend was raised to $0.78 for 3Q25, an 8% increase from both 3Q24 and TTM[2] - Excess and available capital position stands at $1.4 billion[2, 3] Business Segment Highlights - Retirement and Income Solutions (RIS) saw pre-tax operating earnings increase by 8%[9] - Principal Asset Management's AUM increased to $723 billion, up 8% year-over-year[18] - Life Insurance premium and fees growth of 5% over 2Q24 driven by 17% growth in the business market segment[2] Investment Performance - 56% of fund-level AUM has a 4 or 5-star rating from Morningstar[26]