MetLife, Inc. · NYSE:MET
MetLife — Q2 2025 Earnings Presentation
21 slides from MetLife's earnings presentation, Oct 28, 2025
Slide 1: 2Q25 Supplemental Slides
1 2Q25 Supplemental Slides John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.
Slide 2: Table of contents
Table of contents Topic Page No. Net income (loss) to adjusted earnings 3 Adjusted earnings by segment and Corporate & Other (C&O) 4 Variable investment income (VII) 5 Direct expense ratio 7 Cash & capital 8 Appendix 9 2
Slide 3: Net income (loss) to adjusted earnings
Net income (loss) to adjusted earnings 2Q25 (post-tax) $ in millions $ per share1 Net Income (Loss) $698 $1.03 Less: Net Investment Gains (Losses) (216) (0.32) Net Derivative Gains (Losses) (629) (0.93) Market Risk Benefit Remeasurement Gains (Losses) 219 0.32 Investment Hedge Adjustments (81) (0.12
Slide 4: Adjusted earnings by segment and C&O
Adjusted earnings by segment and C&O % Change Key Drivers1 ($ in millions - except per share data) 2Q25 2Q24 % Change (Constant Rate) Favorable Unfavorable Group Benefits $400 $533 (25%) Underwriting Margins RIS 368 410 (10%) Investment Margins Investment Margins; Asia 350 449 (22%) (22%) Volume Gro
Slide 5: 2Q25 VII below guidance due to lower private equity returns
2Q25 VII below guidance1 due to lower private equity returns; In-line with preliminary disclosure2 ($ in millions - pre-tax) $298 $327 $293 $195 $162 $0 2Q24 3Q24 4Q24 1Q25 2Q25 Private Equity Other3 1 Quarterly target VII of $425 million, based on full year 2025 guidance of ~ $1.7 billion (pre-tax)
Slide 6: VII by segment and C&O
VII by segment and C&O Assets2 % of Total Variable investment income 2Q24 3Q24 4Q24 1Q25 2Q25 June 30, 2025 Assets3 ($ in millions - post-tax1) ($ in billions) Group Benefits $3 $2 $1 $3 $3 $0.2 1% RIS 64 50 71 99 60 5.6 30% Asia 99 44 121 94 64 8.0 43% Latin America 2 8 4 3 7 0.3 2% EMEA — — — — —
Slide 7: 2Q25 direct expense ratio of 11.7%, below 12.1% annual target
2Q25 direct expense ratio1 of 11.7%, below 12.1% annual target 12.3% 12.1% Annual 12.1% Annual Target 11.9% Target (2024) 11.7% (2025) FY24 2Q24 2Q25 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 7
Slide 8: Cash & capital
Cash & capital Holding Company Cash1 Capital ($ in billions) • Total cash return to shareholders of $892 million in 2Q25 – Share repurchases of $510 million in 2Q25, year-to-date of ~$2.1 billion, including ~$140 million in July 2025 $5.1 $5.2 – Common stock dividends of $382 million in 2Q25 $4.4 $4
Slide 9: Appendix
Appendix iif MetLife
Slide 10: High quality commercial mortgage loans (CML) portfolio
High quality commercial mortgage loans (CML) portfolio1 • Concentrated in high-quality assets and in larger, primary LTV and DSCR Matrix markets $46.7 Billion DSCR LTV >1.2x 1.0-1.2x <1.0x Total • 69% average Loan-to-Value (LTV) Ratio and 2.0x average Debt <65% 46.7% 3.0% 1.6% 51.3% Service Coverage
Slide 11: Cautionary Statement on Forward-Looking Statements
Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “targe
Slide 12: Explanatory Note on Non-GAAP and Other Financial Information
Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s comm
Slide 13: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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 ra
Slide 14: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings: • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investm
Slide 15: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
Explanatory Note on Non-GAAP and Other Financial Information (Continued) Return on equity and related measures • Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, defe
Slide 16: Explanatory Note on Non-GAAP and Other Financial Information (Continued)
Explanatory Note on Non-GAAP and Other Financial Information (Continued) Statistical sales information • Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. • Retirement and Income Sol
Slide 17: Reconciliation of Net Income to Adjusted Earnings Available to Common Shareholders
Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2Q25 2Q24 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Diluted1 Share Diluted1 (In millions, except per share data) Net Income
Slide 18: Reconciliation to Adjusted Earnings, Excluding Total Notable Items
Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q25 Retirement Group & Income Latin MetLife Corporate Benefits1 Solutions1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 400 $ 368 $ 350 $ 23
Slide 19: Reconciliation of Premiums, Fees and Other Revenues to Adjusted
Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY24 2Q24 2Q25 (In millions) Premiums, fees and other revenues $ 52,520 $ 13,547 $ 12,748 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 158 35 42 Other
Slide 20: Expense Detail and Ratios
Expense Detail and Ratios FY24 2Q24 2Q25 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (2,833) $ (683) $ (787) Less: Divested businesses — — — Adjusted capitalization of DAC $ (2,833) $ (683) $ (787) Reconciliation
Slide 21: ii MetLife
ii MetLife