MetLife Announces Full Year and 4Q 2025 Results

NEW YORK--( BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2025 results.

Return

Per Share

on Equity (ROE

4Q 2025

Net Income

$1.17

ROE

12.0%

Adjusted Earnings

$2.49

Adjusted ROE

17.6%

Full Year Results

Fourth Quarter Results

Comment from Michel Khalaf, President and Chief Executive Officer:

MetLife delivered record fourth quarter results, underscoring the strength of our diversified businesses and the disciplined execution of our all-weather New Frontier strategy.

For the full year, we achieved 10% adjusted earnings per share growth, 16% adjusted return on equity, and beat our direct expense and free cash flow ratio targets, while returning nearly $4.4 billion to shareholders. We made significant progress in advancing our New Frontier priorities, completing key strategic transactions and entering new partnerships to extend our market leadership, expand our global reach, and enhance capital flexibility.

We are confident that the foundation built in 2025 positions MetLife to accelerate growth responsibly and deploy capital prudently to deliver on our New Frontier commitments.

1 In this news release, all comparisons of results for the fourth quarter of 2025 are with the fourth quarter of 2024, unless otherwise noted. All comparisons of results for the full year of 2025 are with the full year of 2024, unless otherwise noted. 2 Direct expense ratio, excluding total notable items related to direct expenses and PRT.

Fourth Quarter and Full Year 2025 Summary

($ in millions, except per share data)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

Change

2025

2024

Change

Premiums, fees and other revenues

18,696

14,475

57,609

52,520

Net investment income

5,924

5,405

22,559

21,273

Net investment gains (losses)

(160

)

(311

)

(1,145

)

(1,184

)

Net derivative gains (losses)

(646

)

(903

)

(1,939

)

(1,623

)

Total revenues

23,814

18,666

77,084

70,986

Adjusted premiums, fees and other revenues

18,614

14,437

57,408

52,379

Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)

12,839

11,844

49,839

47,530

Market risk benefit remeasurement gains (losses)

267

764

508

1,109

Net income (loss)

778

1,239

(37

3,173

4,226

(25

Net income (loss) per share

1.17

1.78

(34

4.71

5.94

(21

Adjusted earnings

1,648

1,459

5,943

5,796

Adjusted earnings per share

2.49

2.09

8.83

8.15

Adjusted earnings, excluding total notable items

1,709

1,449

5,986

5,770

Adjusted earnings, excluding total notable items per share

2.58

2.08

8.89

8.11

Book value per share

39.02

34.28

39.02

34.28

Adjusted book value per share

57.07

54.81

57.07

54.81

Expense ratio

15.4

17.8

18.5

19.0

Direct expense ratio, excluding total notable items related to direct expenses and PRT

11.6

13.1

11.7

12.1

Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT

20.3

21.9

20.1

20.9

ROE

12.0

19.6

12.9

16.9

Adjusted ROE

17.6

15.4

15.9

15.2

Adjusted ROE, excluding total notable items

18.3

15.3

16.0

15.2

Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP and Other Financial Disclosures” below and in the tables that accompany this news release.

Supplemental slides for the fourth quarter of 2025, titled “4Q25 Earnings Call Presentation,” are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Supplemental information about MetLife's diversified global investment portfolio is contained in the "4Q25 - General Account Assets Under Management Fact Sheet," available on the above-mentioned website. Additionally, further information is available under the heading "Consolidated Company Outlook" in Item 8.01 of the Form 8-K.

Total Company Discussion

MetLife reported fourth quarter 2025 premiums, fees and other revenues of $18.7 billion, up 29 percent compared with the prior-year quarter. Adjusted premiums, fees and other revenues, excluding pension risk transfers, were $12.8 billion, up 8 percent.

Net investment income was $5.9 billion, up 10 percent, primarily due to higher variable investment income and increases in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.6 billion, up 5 percent, mainly driven by higher variable investment income.

Net investment losses were $160 million, or $126 million after tax, reflecting normal trading activity and a stable credit environment. Net derivative losses amounted to $646 million, or $510 million after tax, due to higher long-term interest rates, stronger equity markets and strengthening of the U.S. dollar.

Net income decreased 37 percent to $778 million. Net derivative losses and net investment losses were the primary drivers, partially offset by market risk benefit remeasurement gains and higher adjusted earnings. On a per-share basis, net income decreased 34 percent to $1.17.

Adjusted earnings were $1.6 billion, up 13 percent on a reported basis and 12 percent on a constant currency basis. On a per-share basis, adjusted earnings were $2.49, up 19 percent.

MetLife's direct expense ratio, excluding total notable items related to direct expenses and PRT, was 11.6 percent in the fourth quarter and 11.7 percent for the full year, compared to 13.1 percent in the prior-year quarter and 12.1 percent for the full year 2024.

Adjusted Earnings by Segment Summary

Three Months Ended

December 31, 2025

Year Ended

December 31, 2025

Segment

Change from

prior-year period

(on a reported

basis)

Change from

prior-year period

(on a constant

currency basis)

Change from

prior year

(on a reported

basis)

Change from

prior year

(on a constant

currency basis)

Group Benefits

12%

Retirement and Income Solutions (RIS)

18%

—%

Asia

—%

Latin America

(1)%

(9)%

(6)%

Europe, the Middle East and Africa (EMEA)

64%

30%

31%

MetLife Investment Management (MIM)

275%

264%

Business Discussions

GROUP BENEFITS

($ in millions)

Three Months Ended

December 31, 2025

Three Months Ended

December 31, 2024

Change

Adjusted earnings

$465

$416

12%

Notable item(s)

Adjusted earnings ex. notables

$465

$416

12%

Adjusted PFOs

$6,287

$6,184

RIS

($ in millions)

Three Months Ended

December 31, 2025

Three Months Ended

December 31, 2024

Change

Adjusted earnings

$454

$386

18%

Notable item(s)

Adjusted earnings ex. notables

$454

$386

18%

Adjusted PFOs

$7,209

$3,620

99%

Adjusted PFOs, excluding PRT

$1,434

$1,027

40%

ASIA

($ in millions)

Three Months Ended

December 31, 2025

Three Months Ended

December 31, 2024

Change

Constant

currency

change

Adjusted earnings

$444

$443

—%

Notable item(s)

Adjusted earnings ex. notables

$444

$443

—%

Adjusted PFOs

$1,671

$1,635

Asia general account assets under management (at amortized cost)

$140,168

$129,959

LATIN AMERICA

($ in millions)

Three Months Ended

December 31, 2025

Three Months Ended

December 31, 2024

Change

Constant

currency

change

Adjusted earnings

$198

$201

(1)%

(9)%

Notable item(s)

$(29)

Adjusted earnings ex. notables

$227

$201

13%

Adjusted PFOs

$1,796

$1,438

25%

16%

EMEA

($ in millions)

Three Months Ended

December 31, 2025

Three Months Ended

December 31, 2024

Change

Constant

currency

change

Adjusted earnings

$97

$59

64%

Notable item(s)

Adjusted earnings ex. notables

$97

$59

64%

Adjusted PFOs

$787

$652

21%

17%

METLIFE INVESTMENT MANAGEMENT

($ in millions)

Three Months Ended

December 31, 2025

Three Months Ended

December 31, 2024

Change

Adjusted earnings

$60

$16

275%

Notable item(s)

Adjusted earnings ex. notables

$60

$16

275%

Other revenues

$239

$181

32%

Total assets under management

$741,674

$585,729

27%

Institutional net flows

$5,612

$5,118

10%

CORPORATE & OTHER

($ in millions)

Three Months Ended

December 31, 2025

Three Months Ended

December 31, 2024

Change

Adjusted earnings

$(70)

$(62)

Notable item(s)

$(32)

$10

Adjusted earnings ex. notables

$(38)

$(72)

INVESTMENTS

($ in millions)

Three Months Ended

December 31, 2025

Three Months Ended

December 31, 2024

Change

Adjusted net investment income

$5,577

$5,301

FOURTH QUARTER 2025 NOTABLE ITEMS

Adjusted Earnings

Three Months Ended December 31, 2025

Group

Benefits

RIS

Asia

Latin

America

EMEA

MIM

Corporate

Other

Total

Litigation reserves and settlement costs

$(32)

Tax adjustments

$(29)

Total notable items

$(29)

$(32)

$(61)

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit www.metlife.com.

Conference Call

MetLife will hold its combined fourth quarter and full year 2025 earnings and outlook conference call on Thursday, February 5, 2026, from 9-10 a.m. (ET). The conference call will be available live via the internet. To listen to the conference call, click the following link to register ( https://events.q4inc.com/attendee/951205562).

The conference call will be available for replay via telephone and the internet beginning at 11:00 a.m. (ET) on Thursday, February 5, 2026, until Thursday, February 12, 2026, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or 647-362-9199 (outside the U.S.). The Conference ID for the replay is 11336 followed by the # key. To access the replay of the conference call via the internet, visit the MetLife Investor Relations webpage ( https://investor.metlife.com).

Non-GAAP and Other Financial Disclosures

Any references in this news release (except in this section and the tables that accompany this release) to:

Should be read as, respectively:

(i)

net income (loss)

(i)

net income (loss) available to MetLife, Inc.’s common shareholders

(ii)

net income (loss) per share

(ii)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share

(iii)

adjusted earnings

(iii)

adjusted earnings available to common shareholders

(iv)

adjusted earnings per share

(iv)

adjusted earnings available to common shareholders per diluted common share

(v)

book value per share

(v)

book value per common share

(vi)

adjusted book value per share

(vi)

adjusted book value per common share

(vii)

return on equity

(vii)

return on MetLife, Inc.’s common stockholders’ equity

(viii)

adjusted return on equity

(viii)

adjusted return on MetLife, Inc.’s common stockholders’ equity

In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance our investors’ understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:

Comparable GAAP financial measures:

(i)

total adjusted revenues

(i)

total revenues

(ii)

total adjusted expenses

(ii)

total expenses

(iii)

adjusted premiums, fees and other revenues

(iii)

premiums, fees and other revenues

(iv)

adjusted premiums, fees and other revenues, excluding PRT

(iv)

premiums, fees and other revenues

(v)

adjusted net investment income

(v)

net investment income

(vi)

adjusted earnings available to common shareholders

(vi)

net income (loss) available to MetLife, Inc.’s common shareholders

(vii)

adjusted earnings available to common shareholders, excluding total notable items

(vii)

net income (loss) available to MetLife, Inc.’s common shareholders

(viii)

adjusted earnings available to common shareholders per diluted common share

(viii)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share

(ix)

adjusted earnings available to common shareholders, excluding total notable items, per diluted common share

(ix)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share

(x)

adjusted return on equity

(x)

return on equity

(xi)

adjusted return on equity, excluding total notable items

(xi)

return on equity

(xii)

investment portfolio gains (losses)

(xii)

net investment gains (losses)

(xiii)

derivative gains (losses)

(xiii)

net derivative gains (losses)

(xiv)

adjusted capitalization of deferred policy acquisition costs (DAC)

(xiv)

capitalization of DAC

(xv)

total MetLife, Inc.’s adjusted common stockholders’ equity

(xv)

total MetLife, Inc.’s stockholders’ equity

(xvi)

total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items

(xvi)

total MetLife, Inc.’s stockholders’ equity

(xvii)

adjusted book value per common share

(xvii)

book value per common share

(xviii)

adjusted other expenses

(xviii)

other expenses

(xix)

adjusted other expenses, net of adjusted capitalization of DAC

(xix)

other expenses, net of capitalization of DAC

(xx)

adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses

(xx)

other expenses, net of capitalization of DAC

(xxi)

adjusted expense ratio

(xxi)

expense ratio

(xxii)

adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT

(xxii)

expense ratio

(xxiii)

direct expenses

(xxiii)

other expenses

(xxiv)

direct expenses, excluding total notable items related to direct expenses

(xxiv)

other expenses

(xxv)

direct expense ratio

(xxv)

expense ratio

(xxvi)

direct expense ratio, excluding total notable items related to direct expenses and PRT

(xxvi)

expense ratio

(xxvii)

future policy benefits at original discount rate

(xxvii)

future policy benefits at balance sheet discount rate

(xxviii)

free cash flow of all holding companies

(xxviii)

MetLife, Inc. (parent company only) net cash provided by (used in) operating activities

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income.

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period (“constant currency basis”).

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings news release and in this period’s quarterly financial supplement, which is available at MetLife’s Investor Relations webpage ( https://investor.metlife.com).

MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:

Adjusted earnings and related measures

Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:

“Divested businesses” are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Other adjustments are made in calculating adjusted earnings:

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

Investment portfolio gains (losses) and derivative gains (losses)

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

Return on equity and related measures

The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.

Expense ratio, direct expense ratio, adjusted expense ratio and related measures

Assets Under Management (“AUM”):

Other items

The following additional information is relevant to an understanding of MetLife’s performance:

Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1)

economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, changes in the value of assets under management, real estate, obligors and counterparties, government default or shutdown, currency exchange rates, derivatives, climate change, public health, terrorism and security;

(2)

global capital and credit market adversity;

(3)

credit facility inaccessibility;

(4)

financial strength or credit ratings downgrades;

(5)

unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

(6)

statutory life insurance reserve financing costs or limited market capacity;

(7)

legal, regulatory, and supervisory and enforcement policy changes;

(8)

changes in tax rates, tax laws or interpretations;

(9)

litigation and regulatory investigations;

(10)

unsuccessful efforts to meet all sustainability standards or to enhance our sustainability;

(11)

MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(12)

MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;

(13)

investment defaults, downgrades, or volatility;

(14)

investment sales or lending difficulties;

(15)

collateral or derivative-related payments;

(16)

investment valuations, allowances, or impairments changes;

(17)

claims or other results that differ from our estimates, assumptions, or models;

(18)

global political, legal, or operational risks;

(19)

business competition;

(20)

technological changes;

(21)

catastrophes;

(22)

climate changes or responses to it;

(23)

deficiencies in our closed block;

(24)

goodwill or other asset impairment, or deferred income tax asset allowance;

(25)

impairment of VOBA, value of distribution agreements acquired or value of customer relationships acquired;

(26)

product guarantee volatility, costs, and counterparty risks;

(27)

risk management failures;

(28)

insufficient protection from operational risks;

(29)

failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;

(30)

accounting standards changes;

(31)

excessive risk-taking;

(32)

marketing and distribution difficulties;

(33)

pension and other postretirement benefit assumption changes;

(34)

inability to protect our intellectual property or avoid infringement claims;

(35)

acquisition, integration, growth, disposition, or reorganization difficulties;

(36)

Brighthouse Financial, Inc. separation risks;

(37)

MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(38)

legal- and corporate governance-related effects on business combinations.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

MetLife, Inc.

GAAP Consolidated Statements of Operations

(In millions)

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Revenues

Premiums

16,691

12,617

49,779

44,945

Universal life and investment-type product policy fees

1,268

1,217

5,003

4,974

Net investment income

5,924

5,405

22,559

21,273

Other revenues

737

641

2,827

2,601

Net investment gains (losses)

(160

)

(311

)

(1,145

)

(1,184

)

Net derivative gains (losses)

(646

)

(903

)

(1,939

)

(1,623

)

Total revenues

23,814

18,666

77,084

70,986

Expenses

Policyholder benefits and claims

16,776

12,572

49,718

44,728

Policyholder liability remeasurement (gains) losses

(42

)

(150

)

(206

)

Market risk benefit remeasurement (gains) losses

(267

)

(764

)

(508

)

(1,109

)

Interest credited to policyholder account balances

2,342

2,012

8,950

8,339

Policyholder dividends

129

150

553

595

Amortization of DAC, VOBA and negative VOBA

545

517

2,114

2,021

Interest expense on debt

263

259

1,061

1,037

Other expenses, net of capitalization of DAC

2,874

2,581

10,685

9,959

Total expenses

22,697

17,285

72,423

65,364

Income (loss) before provision for income tax

1,117

1,381

4,661

5,622

Provision for income tax expense (benefit)

301

106

1,258

1,178

Net income (loss)

816

1,275

3,403

4,444

Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests

Net income (loss) attributable to MetLife, Inc.

809

1,271

3,379

4,426

Less: Preferred stock dividends

194

200

Preferred stock redemption premium

—

Net income (loss) available to MetLife, Inc.'s common shareholders

778

1,239

3,173

4,226

See footnotes on last page.

MetLife, Inc.

(In millions, except per share data)

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Reconciliation to Adjusted Earnings Available to Common Shareholders

Earnings Per

Weighted

Average

Common Share

Diluted (1)

Earnings Per

Weighted

Average

Common Share

Diluted (1)

Earnings Per

Weighted

Average

Common Share

Diluted (1)

Earnings Per

Weighted

Average

Common Share

Diluted (1)

Net income (loss) available to MetLife, Inc.'s common shareholders

778

1.17

1,239

1.78

3,173

4.71

4,226

5.94

Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:

Less: Net investment gains (losses)

(160

)

(0.24

)

(311

)

(0.45

)

(1,145

)

(1.70

)

(1,184

)

(1.67

)

Net derivative gains (losses)

(646

)

(0.98

)

(903

)

(1.29

)

(1,939

)

(2.88

)

(1,623

)

(2.28

)

Market risk benefit remeasurement gains (losses)

267

0.40

764

1.09

508

0.75

1,109

1.56

Goodwill impairment

—

Other adjustments to net income (loss)

(514

)

(0.78

)

(118

)

(0.15

)

(789

)

(1.17

)

(541

)

(0.76

)

Provision for income tax (expense) benefit

190

0.29

352

0.50

631

0.94

687

0.97

Add: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests

0.01

0.04

0.03

Preferred stock redemption premium

—

0.02

—

Adjusted earnings available to common shareholders

1,648

2.49

1,459

2.09

5,943

8.83

5,796

8.15

Less: Total notable items

(61

)

(0.09

)

0.01

(43

)

(0.06

)

0.04

Adjusted earnings available to common shareholders, excluding total notable items

1,709

2.58

1,449

2.08

5,986

8.89

5,770

8.11

Adjusted earnings available to common shareholders on a constant currency basis

1,648

2.49

1,473

2.11

5,943

8.83

5,742

8.07

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

1,709

2.58

1,463

2.10

5,986

8.89

5,716

8.04

Weighted average common shares outstanding - diluted

662.2

697.9

673.3

711.1

See footnotes on last page.

MetLife, Inc.

(In millions)

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Premiums, Fees and Other Revenues

Premiums, fees and other revenues

18,696

14,475

57,609

52,520

Less: Adjustments to premiums, fees and other revenues:

Asymmetrical and non-economic accounting

100

256

158

Other

(17

)

(11

)

(63

)

(48

)

Divested businesses

)

Adjusted premiums, fees and other revenues

18,614

14,437

57,408

52,379

Adjusted premiums, fees and other revenues, on a constant currency basis

18,614

14,545

57,408

52,178

Less: PRT

5,775

2,593

7,569

4,849

Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis

12,839

11,952

49,839

47,329

Net Investment Income

Net investment income

5,924

5,405

22,559

21,273

Less: Adjustments to net investment income:

Investment hedge adjustments

(105

)

(127

)

(410

)

(604

)

Depreciation of wholly-owned real estate and real estate joint ventures

(72

)

(72

)

Joint venture adjustments

(64

)

(98

)

Unit-linked contract income

366

183

1,217

1,091

Reinsurance activity

222

489

Divested businesses

—

Adjusted net investment income

5,577

5,301

21,432

20,672

Revenues and Expenses

Total revenues

23,814

18,666

77,084

70,986

Less: Adjustments to total revenues:

Net investment gains (losses)

(160

)

(311

)

(1,145

)

(1,184

)

Net derivative gains (losses)

(646

)

(903

)

(1,939

)

(1,623

)

Investment hedge adjustments

(105

)

(127

)

(410

)

(604

)

Depreciation of wholly-owned real estate and real estate joint ventures

(72

)

(72

)

Asymmetrical and non-economic accounting, excluding Investment hedge adjustments

100

256

158

Unit-linked contract costs

366

183

1,217

1,091

Reinsurance activity

222

489

Other

(81

)

(161

)

Divested businesses

)

Total adjusted revenues

24,191

19,738

78,840

73,051

Total expenses

22,697

17,285

72,423

65,364

Less: Adjustments to total expenses:

Market risk benefit remeasurement (gains) losses

(267

)

(764

)

(508

)

(1,109

)

Goodwill impairment

—

Asymmetrical and non-economic accounting

458

646

322

Market volatility

(76

)

(49

)

(209

)

(256

)

Unit-linked contract costs

366

185

1,196

1,081

Reinsurance activity

166

388

Other

Divested businesses

Total adjusted expenses

22,021

17,789

70,814

65,190

See footnotes on last page.

MetLife, Inc.

(In millions, except per share and ratio data)

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Expense Detail and Ratios

Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC

Capitalization of DAC

(882

)

(719

)

(3,219

)

(2,833

)

Less: Divested businesses

—

Adjusted capitalization of DAC

(882

)

(719

)

(3,219

)

(2,833

)

Reconciliation of Other Expenses to Adjusted Other Expenses

Other expenses

3,756

3,300

13,904

12,792

Less: Reinsurance activity

166

388

Less: Other adjustments, excluding reinsurance activity

Less: Divested businesses

Adjusted other expenses

3,563

3,232

13,423

12,675

Other Detail and Ratios

Other expenses, net of capitalization of DAC

2,874

2,581

10,685

9,959

Premiums, fees and other revenues

18,696

14,475

57,609

52,520

Expense ratio

15.4

17.8

18.5

19.0

Direct expenses

1,528

1,396

5,875

5,611

Less: Total notable items related to direct expenses

(152

)

(152

)

Direct expenses, excluding total notable items related to direct expenses

1,488

1,548

5,835

5,763

Adjusted other expenses

3,563

3,232

13,423

12,675

Adjusted capitalization of DAC

(882

)

(719

)

(3,219

)

(2,833

)

Adjusted other expenses, net of adjusted capitalization of DAC

2,681

2,513

10,204

9,842

Less: Total notable items related to adjusted other expenses

(85

)

183

(85

)

Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses

2,600

2,598

10,021

9,927

Adjusted premiums, fees and other revenues

18,614

14,437

57,408

52,379

Less: PRT

5,775

2,593

7,569

4,849

Adjusted premiums, fees and other revenues, excluding PRT

12,839

11,844

49,839

47,530

Direct expense ratio

8.2

9.7

10.2

10.7

Direct expense ratio, excluding total notable items related to direct expenses and PRT

11.6

13.1

11.7

12.1

Adjusted expense ratio

14.4

17.4

17.8

18.8

Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT

20.3

21.9

20.1

20.9

See footnotes on last page.

MetLife, Inc.

(In millions, except per share data)

December 31,

Equity Details

2025

2024

Total MetLife, Inc.'s stockholders' equity

28,398

27,445

Less: Preferred stock

2,830

3,818

MetLife, Inc.'s common stockholders' equity

25,568

23,627

Less: Unrealized investment gains (losses), net of related offsets and income tax

(15,614

)

(19,402

)

Deferred gains (losses) on derivatives, net of income tax

(1,588

)

370

Future policy benefits discount rate remeasurement gain (losses), net of income tax

6,871

6,529

Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax

(97

)

(71

)

Defined benefit plans adjustment, net of income tax

(1,393

)

(1,442

)

Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax

)

(129

)

Total MetLife, Inc.'s adjusted common stockholders' equity

37,397

37,772

Less: Accumulated year-to-date total notable items, net of income tax

(43

)

Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items

37,440

37,746

December 31,

Book Value (2)

2025

2024

Book value per common share

39.02

34.28

Less: Unrealized investment gains (losses), net of related offsets and income tax

(23.83

)

(28.15

)

Deferred gains (losses) on derivatives, net of income tax

(2.42

)

0.54

Future policy benefits discount rate remeasurement gain (losses), net of income tax

10.49

9.46

Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax

(0.15

)

(0.10

)

Defined benefit plans adjustment, net of income tax

(2.13

)

(2.09

)

Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax

(0.01

)

(0.19

)

Adjusted book value per common share

57.07

54.81

Common shares outstanding, end of period (3)

655.3

689.2

For the Three Months Ended

For the Year Ended

December 31, (4)

December 31,

Return on Equity

2025

2024

2025

2024

Return on MetLife, Inc.'s:

Common stockholders' equity

12.0

19.6

12.9

16.9

Adjusted return on MetLife, Inc.'s:

Adjusted common stockholders' equity

17.6

15.4

15.9

15.2

Adjusted common stockholders' equity, excluding total notable items

18.3

15.3

16.0

15.2

For the Three Months Ended

For the Year Ended

December 31,

Average Common Stockholders' Equity

2025

2024

2025

2024

Average common stockholders' equity

25,841

25,347

24,570

25,008

Average adjusted common stockholders' equity

37,385

37,867

37,415

38,084

Average adjusted common stockholders' equity, excluding total notable items

37,398

37,846

37,420

38,076

See footnotes on last page.

MetLife, Inc.

Adjusted Earnings Available to Common Shareholders

(In millions)

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

Group Benefits (5):

Adjusted earnings available to common shareholders

465

416

1,692

1,606

Less: Total notable items

—

)

(58

)

Adjusted earnings available to common shareholders, excluding total notable items

465

416

1,694

1,664

Adjusted premiums, fees and other revenues

6,287

6,184

25,469

24,870

RIS (5):

Adjusted earnings available to common shareholders

454

386

1,671

1,667

Less: Total notable items

—

104

Adjusted earnings available to common shareholders, excluding total notable items

454

386

1,658

1,563

Adjusted premiums, fees and other revenues

7,209

3,620

12,262

8,594

Less: PRT

5,775

2,593

7,569

4,849

Adjusted premiums, fees and other revenues, excluding PRT

1,434

1,027

4,693

3,745

Asia:

Adjusted earnings available to common shareholders

444

443

1,702

1,621

Less: Total notable items

—

(41

)

Adjusted earnings available to common shareholders, excluding total notable items

444

443

1,632

1,662

Adjusted earnings available to common shareholders on a constant currency basis

444

440

1,702

1,605

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

444

440

1,632

1,646

Adjusted premiums, fees and other revenues

1,671

1,635

6,768

6,757

Adjusted premiums, fees and other revenues, on a constant currency basis

1,671

1,615

6,768

6,723

Latin America:

Adjusted earnings available to common shareholders

198

201

798

881

Less: Total notable items

(29

)

—

(104

)

Adjusted earnings available to common shareholders, excluding total notable items

227

201

902

877

Adjusted earnings available to common shareholders on a constant currency basis

198

218

798

846

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

227

218

902

842

Adjusted premiums, fees and other revenues

1,796

1,438

6,606

5,936

Adjusted premiums, fees and other revenues, on a constant currency basis

1,796

1,545

6,606

5,751

See footnotes on last page.

MetLife, Inc.

Adjusted Earnings Available to Common Shareholders (Continued)

(In millions)

For the Three Months Ended

For the Year Ended

December 31,

2025

2024

2025

2024

EMEA:

Adjusted earnings available to common shareholders

367

283

Less: Total notable items

—

)

Adjusted earnings available to common shareholders, excluding total notable items

368

288

Adjusted earnings available to common shareholders on a constant currency basis

367

280

Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis

368

285

Adjusted premiums, fees and other revenues

787

652

2,901

2,548

Adjusted premiums, fees and other revenues, on a constant currency basis

787

673

2,901

2,566

MIM (5):

Adjusted earnings available to common shareholders

200

Less: Total notable items

—

Adjusted earnings available to common shareholders, excluding total notable items

200

Corporate & Other (5):

Adjusted earnings available to common shareholders

(70

)

(62

)

(487

)

(317

)

Less: Total notable items

(32

)

(19

)

Adjusted earnings available to common shareholders, excluding total notable items

(38

)

(72

)

(468

)

(339

)

Adjusted premiums, fees and other revenues

625

727

2,470

2,956

See footnotes on last page.

MetLife, Inc.

For the Three Months Ended

For the Year Ended

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

Variable investment income

(post-tax, in millions) (6)

Assets ($ in billions)

Group Benefits

0.2

RIS

146

135

440

5.5

Asia

139

145

442

8.4

Latin America

0.3

EMEA

—

MIM

—

Corporate & Other

262

4.5

Total

258

154

382

393

1,187

18.9

See footnotes on last page.

Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.

to Free Cash Flow of All Holding Companies

(In billions, except ratios)

For the Year Ended December 31,

2025

2024

MetLife, Inc. (parent company only) net cash provided by operating activities

2.8

4.7

Adjustments from net cash provided by operating activities to free cash flow:

Add: Incremental debt to be at or below target leverage ratios

0.4

—

Add: Adjustments from net cash provided by operating activities to free cash flow (7)

0.5

(0.1

)

MetLife, Inc. (parent company only) free cash flow

3.7

4.6

Other MetLife, Inc. holding companies free cash flow (8)

1.2

—

Free cash flow of all holding companies

4.9

4.6

Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:

MetLife, Inc. (parent company only) net cash provided by operating activities

2.8

4.7

Consolidated net income (loss) available to MetLife, Inc.'s common shareholders

3.2

4.2

Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (9)

112

Ratio of free cash flow to adjusted earnings available to common shareholders:

Free cash flow of all holding companies (10)

4.9

4.6

Consolidated adjusted earnings available to common shareholders (10)

5.9

5.8

Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (10)

See footnotes on last page.

MetLife, Inc.

December 31, 2025

Cash & Capital (11), (12), (13) (in billions)

Holding Companies Cash & Liquid Assets

3.6

Footnotes

(1)

Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

(2)

Book values exclude $2,830 million and $3,818 million of equity related to preferred stock at December 31, 2025 and December 31, 2024, respectively.

(3)

There were share repurchases of approximately $0.4 billion and $2.9 billion for the three months and year ended December 31, 2025, respectively. There were share repurchases of approximately $200 million in January 2026.

(4)

Annualized using quarter-to-date results.

(5)

Results on a constant currency basis are not included as constant currency impact is not significant.

(6)

Assumes a 21% tax rate.

(7)

Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments (issuances) of loans to subsidiaries, net; and (iv) investment portfolio and derivative changes and other, net.

(8)

Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments (issuances) of loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net.

(9)

Including the free cash flow of other MetLife, Inc. holding companies of $1.2 billion and $0 for the years ended December 31, 2025 and 2024, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 126% and 112%, respectively.

(10)

i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2025, was negatively impacted by notable items, primarily related to tax adjustments of ($0.1) billion, net of income tax, and litigation reserves and settlement costs of ($0.03) billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.09 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2025, would be 82%.

ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2024, was positively impacted by notable items, primarily related to tax adjustments of $0.1 billion, net of income tax, and actuarial assumption review and other insurance adjustments of $0.02 billion, net of income tax, offset by litigation reserves and settlement costs of ($0.05) billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2024, would be 79%.

(11)

The 2025 combined U.S. risk based capital (RBC) ratio is estimated to be above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end.

(12)

The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $17.2 billion at December 31, 2025, up 1% from $17.1 billion at September 30, 2025. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.

(13)

The expected Japan solvency margin ratio at December 31, 2025 is approximately 770%.