For Immediate Release | Global Communications | MetLife, Inc. MetLife Announces
For Immediate Release | Global Communications | MetLife, Inc. MetLife Announces 3Q 2026 Results Record company performance, and top-line growth in every business segment. Earnings Per Share 3Q 2026 Net Income $3.67 Adjusted Earnings $2.78 Return on Equity (ROE) 3Q 2026 ROE 42.7% Adjusted ROE 19.2% • Net income increased 187% 1 to $2.4 billion , or $3.67 per share. • Adjusted earnings increased 12% to $1.8 billion , driven by higher variable investment income, broad-based volume growth and favorable underwriting. • Adjusted earnings per share up 22% to $2.85 , excluding total notable items — highest-ever quarter for MetLife. • Adjusted return on equity of 19.6% , excluding total notable items. • Premiums, fees and other revenues (PFOs) increased 12% to $14.1 billion . • Adjusted PFOs, excluding pension risk transfers (PRT), increased 8% to $13.5 billion — with growth in all si x business segments. • Book value per share (BVPS) down 22% to $30.73 . Adjusted BVPS up 5% to $59.41 . • Returned approximately $1 billion to shareholders via share repurchases and common stock dividends. • Holding company cash and liquid assets totaled $3.4 billion at quarter end, within our target range. • On track to deliver against free cash flow ratio and direct expense ratio 2 targets for the year. Comment from Michel Khalaf, President and Chief Executive Officer: We delivered the highest quarterly adjusted earnings per share in MetLife’s history in the third quarter, demonstrating the strength of our New Frontier strategy and discipline of our execution. Revenue rose in every business segment, and solid underwriting, volume growth and higher investment returns lifted earnings. We’re turning that into strong free cash flow , reinvesting for responsible growth and returning capital to shareholders. We are firing on all cylinders in year two of New Frontier, and we remain confident in our strategy and its ability to drive repeatable results. 1 In this news release, all comparisons of results for the third quarter of 2026 are with the third quarter of 2025 , unless otherwise noted. All year-to-date comparisons are to the first three quarters of 2025. 2 Direct expense ratio, excluding total notable items related to direct expenses and PRT .
($ in millions, except Three Months per share data) EndedSeptember 30, 2026 2025 Change Premiums, fees and other $14,056 $12,526 12% revenues Net investment income 6,198 6,089 2% Net investment gains -430 -325 (losses) Net derivative gains 698 -929 (losses) Total revenues $20,522 $17,361 Adjusted premiums, fees and other $13,919 $12,461 12% revenues Adjusted premiums, fees and other revenues, excluding $13,525 $12,471 8% pension risktransfers (PRT) Market risk benefit remeasurement gains $320 $263 22% (losses) Net income (loss) $2,351 $818 187% Net income (loss) per $3.67 $1.22 201% share Adjusted earnings $1,780 $1,584 12% Adjusted earnings per $2.78 $2.37 17% share Adjusted earnings, excluding total $1,826 $1,566 17% notable items Adjusted earnings, excluding total $2.85 $2.34 22% notable items per share Book value per share $30.73 $39.52 (22)% Adjusted book value per $59.41 $56.57 5% share Expense ratio 21.3% 21.7% Direct expense ratio, excluding total notable items related to 11.9% 11.6% directexpenses and PRT Adjusted expense ratio, excluding total notable items related 20.2% 19.8% toadjusted other expenses and PRT ROE 42.7% 13.1% Adjusted ROE 19.2% 16.9% Adjusted ROE, excluding total notable 19.6% 16.7% items
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 third quarter of 2026 , titled “ 3Q26 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 " 3Q26 - General Account Assets Under Management Fact Sheet," available on the above- mentioned website.
Total Company Discussion Premiums, fees and other revenues were $14.1 billion , up 12 percent compared with the prior-year quarter. Adjusted premiums, fees and other revenues, excluding PRT, were $13.5 billion , up 8 percent . Net investment income was $6.2 billion , up 2 percent , due to higher variable investment income (VII) and asset growth, partially offset by declines in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was $6.0 billion , up 10 percent , reflecting higher VII , asset growth, and investing in a higher-rate environment . Net investment losses were $340 million after tax, reflecting normal trading activity and a stable credit environment. Net derivative gains amounted to $ 551 million after tax, driven by gains on embedded derivatives associated with ceded reinsurance, as a result of higher U.S. interest rates . Net income was $2.4 billion , driven by net derivative gains and higher adjusted earnings. On a per-share basis, net income increased 201 percent to $3.67 . Adjusted earnings were $1.8 billion , up 12 percent on a reported basis and 13 percent on a constant currency basis, driven by higher VII, broad-based volume growth, and favorable underwriting. On a per-share basis, adjusted earnings were $2.78 , up 17 percent . Direct expense ratio , excluding total notable items related to direct expenses and PRT, was 11.9 percent , compared to 11.6 percent in the prior-year quarter, and on track for our yearly target. THIRD QUARTER 2026 NOTABLE ITEMS
Annual Actuarial Assumption Review and Other Insurance Adjustments In the third quarter of 2026, MetLife performed its annual global actuarial assumption review. The actuarial assumption review and other insurance adjustments during the quarter reduced net income by $56 million and adjusted earnings by $46 million.
Three Months EndedSeptember 30, 2026 ────────────────────────────────────────────────────────────────────────────── Change fromprior-year Change fromprior-year Segment period(on a period(on a reportedbasis) constantcurrency basis) Group Benefits 15% Retirement and Income (6)% Solutions (RIS) Asia 11% 14% Latin America 45% 30% Europe, the Middle East and Africa 24% 32% (EMEA) MetLife Investment 9% Management (MIM)
• Adjusted earnings were $523 million , up 15 percent . • Excluding notable items, adjusted earnings were $523 million, up 14 percent , primarily driven by favorable underwriting. • Adjusted PFOs were $6.5 billion . • Adjusted PFOs, excluding participating contracts, were $5.1 billion , up 5 percent , reflecting growth in core and voluntary products . • S ales were up 12 percent year-to- date, with strong performance in both National Accounts and Regional Business. RIS
• Adjusted earnings were $413 million , down 6 percent , reflecting the impact of notable items from the annual actuarial assumption review.
• Excluding notable items, adjusted earnings were $478 million, up 12 percent , driven by higher VII and volume growth. • Adjusted PFOs were $2.0 billion . • Adjusted PFOs, excluding PRT, were $1.6 billion , up 33 percent , mainly driven by higher sales of post-retirement benefits and U.K. longevity reinsurance. • Total retained liability exposure grew 7 percent . ASIA
• Adjusted earnings were $602 million , up 11 percent on a reported basis and up 14 percent on a constant currency basis, reflecting the impact of the annual actuarial assumption review and other insurance adjustments. • Excluding notable items, adjusted earnings were $550 million, up 17 percent on a reported basis and up 21 percent on a constant currency basis, driven by higher VII, strong equity markets and volume growth, partially offset by less favorable underwriting. • Adjusted PFOs were $1.7 billion , up 1 percent on a reported basis and up 5 percent on a constant currency basis. • Asia general account assets under management (at amortized cost) were $145.0 billion , up 4 percent on a constant currency basis. • Sales were $728 million , down 6 percent on a constant currency basis against a strong prior-year quarter. Year-to-date sales were up 10 percent on a constant currency basis , led by Japan and Korea. LATIN AMERICA
• Adjusted earnings were $215 million , up 45 percent on a reported basis and up 30 percent on a constant currency basis, reflecting the impact of the annual actuarial assumption review and other insurance adjustments, and the value-added tax charge in Mexico from the prior- year period. • Excluding notable items, adjusted earnings were $229 million, up 3 percent on a reported basis and down 5 percent on a constant currency basis, as volume growth was largely offset by lower encaje returns. • Adjusted PFOs were $2.0 billion , up 22 percent on a reported basis and up 14 percent on a co nstant currency basis, due to strong growth across the region.
• Sales were $501 million , up 6 percent on a constant currency bas is, driven by solid performance in the region. EMEA
• Adjusted earnings were $108 million , up 24 percent on a reported basis and up 32 percent on a constant currency basis. • Excluding notable items, adjusted earnings were $114 million, up 30 percent on a reported basis and up 37 percent on a constant currency basis, driven by broad-based volume growth. • Adjusted PFOs were $832 million , up 14 percent on a reported basis and up 17 percent on a constant currency basis , with strong sales momentum and solid renewal activity across the region . • Sales were $331 million , up 16 percent on a constant currency basis . METLIFE INVESTMENT MANAGEMENT
• Adjusted earnings were $63 million , up 9 percent , reflecting business growth, including the addition of PineBridge Investments . • Other revenues were $319 million , up 34 percent . • Total assets under management were $723.4 billion , up 14 percent . CORPORATE & OTHER
• Adjusted loss of $144 million , compared to an adjusted loss of $146 million .
• Adjusted net investment income was $6.0 billion , up 10 percent . VII increased 49 percent to $720 million . Contacts: For Media: Steve LaMarca (646) 884-3840, Steve.LaMarca@metlife.com For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com 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 third quarter 2026 earnings conference call on Thursday, November 5, 2026 , from 9-10 a.m. (ET) via a live webcast. Please click on the following link to register: https:// events.q4inc.com/attendee/435085807. A replay of the webcast will be available at investor.metlife.com for seven days following the call. ###
Any references in this news release (except inthis Should be read section and the as, respectively: tables that accompany thisrelease) to: net income (loss) available to (i) net income (loss) -i MetLife,Inc.’s common shareholders net income (loss) available to net income (loss) MetLife,Inc.’s (ii) per share -ii common shareholders per dilutedcommon share adjusted earnings (iii) adjusted earnings -iii available to commonshareholders adjusted earnings adjusted earnings available to (iv) per share -iv commonshareholders per diluted commonshare (v) book value per -v book value per share common share adjusted book adjusted book (vi) value per share -vi value per commonshare return on MetLife, (vii) return on equity -vii Inc.’s commonstockholder… equity adjusted return on adjusted return MetLife, (viii) on equity -viii Inc.’scommon 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 Comparable GAAP financial financial measures: measures: (i) total adjusted -i total revenues revenues (ii) total adjusted -ii total expenses expenses adjusted premiums, fees and (iii) premiums, fees -iii other revenues and otherrevenues adjusted premiums, fees premiums, fees and (iv) and -iv other revenues otherrevenues, excluding PRT adjusted premiums, fees and premiums, fees and (v) otherrevenues, -v other revenues excluding participating contracts (vi) adjusted net -vi net investment investment income income net income (loss) adjusted earnings available to (vii) available to -vii MetLife,Inc.’s commonshareholde… common shareholders adjusted earnings net income (loss) available to available to (viii) commonshareholde… -viii MetLife,Inc.’s excluding total common notable items shareholders net income (loss) adjusted earnings available to available to MetLife,Inc.’s (ix) commonshareholde… -ix common per diluted shareholders per common share dilutedcommon share adjusted earnings net income (loss) available to available to commonshareholde… MetLife,Inc.’s (x) excluding total -x common notableitems, per shareholders per diluted common dilutedcommon share share (xi) adjusted return -xi return on equity on equity
adjusted return on equity, (xii) excluding totalnotable -xii return on equity items (xiii) investment portfolio gains -xiii net investment gains (losses) (losses) (xiv) derivative gains (losses) -xiv net derivative gains (losses) adjusted capitalization of (xv) deferred policyacquisition -xv capitalization of DAC costs (DAC) total MetLife, Inc.’s total MetLife, Inc.’s (xvi) adjusted -xvi stockholders’ equity commonstockholders’ equity total MetLife, Inc.’s adjusted total MetLife, Inc.’s (xvii) commonstockholders’ equity, -xvii stockholders’ equity excluding totalnotable items (xviii) adjusted book value per -xviii book value per common common share share (xix) adjusted other expenses -xix other expenses adjusted other expenses, (xx) net of -xx other expenses, net of adjustedcapitalization of capitalization ofDAC DAC adjusted other expenses, net of (xxi) adjustedcapitalization of -xxi other expenses, net of DAC, excluding totalnotable capitalization ofDAC items related to adjusted otherexpenses (xxii) adjusted expense ratio -xxii expense ratio adjusted expense ratio, (xxiii) excluding totalnotable -xxiii expense ratio items related to adjusted otherexpenses and PRT (xxiv) direct expenses -xxiv other expenses direct expenses, excluding (xxv) total notableitems related -xxv other expenses to direct expenses (xxvi) direct expense ratio -xxvi expense ratio direct expense ratio, (xxvii) excluding totalnotable -xxvii expense ratio items related to direct expensesand PRT (xxviii) future policy benefits at -xxviii future policy benefits at original discountrate balance sheetdiscount rate MetLife, Inc. (parent (xxix) free cash flow of all -xxix company only) netcash holding companies provided by (used in) operatingactivities
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 (loss). Any 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 earnings materials, which are 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:
Page 10 of 25 Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders, on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders, on a constant currency basis per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items, per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. 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: • Universal life and investment-type product policy fees exclude asymmetrical accounting associated with in-force reinsurance. • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”). • Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance . • Policyholder benefits and claims excludes (i) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (ii) asymmetrical accounting associated with in- force reinsurance, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. Page 11 of 25 • Policyholder liability remeasurement (gains) losses excludes asymmetrical accounting associated with in-force reinsurance. • Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance . “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: • Beginning in the fourth quarter of 2025, net investment income excludes depreciation of wholly- owned real estate and real estate joint ventures. • Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities (“Unit-linked contract income” and “Unit-linked contract costs”) . • Net investment income and other expenses exclude Reinsurance activity (as defined below). • Net investment income and interest expense on debt exclude amounts related to collateralized financing entities that are consolidated variable interest entities (“Consolidated collateralized financing entities”). • Other revenues and other expenses exclude asset management distribution fees on funds that are passed through to distribution partners. • Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives. • Other expenses exclude (i) amortization and impairment of asset management intangible assets, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. • “Reinsurance activity” relates to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents. 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 is 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 Page 12 of 25 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 • Total MetLife, Inc.’s adjusted common stockholders’ equity : total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers), all net of income tax. • Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items : total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, the embedded derivatives related to funds withheld on ceded reinsurance (representing unrealized investment gains (losses) passed through to reinsurers) and total notable items, all net of income tax. • Return on MetLife, Inc.’s common stockholders’ equity : net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity : adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items : adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items. 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 • Expense ratio : other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio : direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. • Direct expense ratio, excluding total notable items related to direct expenses and PRT : direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio : adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT : adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. Page 13 of 25 Assets Under Management ( “ AUM ” ) • Total Assets Under Management (“Total AUM”) is comprised of MIM GA AUM plus Institutional Client AUM (each, as defined below). • MIM General Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM (as defined below) that MetLife Investment Management, LLC and certain of its affiliates (“MIM”) manages or advises. • General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account (“GA”) investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate and real estate joint ventures and include them as commercial mortgage loans. • Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages or advises Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement. ◦ Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios, which are managed or advised by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. ◦ Reinsurance AUM is comprised of GA assets subject to ceded reinsurance arrangements with third parties and joint ventures, which are managed or advised by MIM and are generally included in MetLife, Inc.’s consolidated financial statements at estimated fair value, as well as accrued investment income on such assets. ◦ Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed or advised by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value, as well as accrued investment income on such assets. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements. • Asia General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, certain contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans and real estate and real estate joint ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM. Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at amortized Page 14 of 25 cost) is presented net of related allowance for credit loss. Other items The following additional information is relevant to an understanding of MetLife’s performance: • 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. • RIS: calculated using 10% of single premium contracts, on and off- balance sheet deposits, and the contract value for new U.K. longevity reinsurance contracts, and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance. • Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring- premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. • Volume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • PRT includes U.K. funded reinsurance. • Institutional net flows reflect Institutional Client AUM total fund additions less withdrawals. • “Third-party mortgage loan activity” relates to amounts associated with mortgage loans originated and acquired for third parties, including (i) the related investment returns and expenses which are passed through to the third-party lenders and (ii) the corresponding mortgage loan assets. • We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results. • Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife’s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. • Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short-term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating Page 15 of 25 subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. 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; Page 16 of 25 (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 value of business acquired ("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. Corporate Information MetLife, Inc. encourages investors and others to frequently visit its website (www.metlife.com), including its Investor Relations web pages (https://investor.metlife.com). MetLife announces significant financial and other information to its investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission filings, news releases, public conference calls and webcasts, fact sheets, social media posts, including of its senior executives, and other documents and media. The information found on MetLife’s website, including MetLife’s Sustainability Report, is not incorporated by reference into this earnings release or in any other report or document MetLife submits to the U.S. Securities and Exchange Commission, and any references to its website are intended to be inactive textual references only.
MetLife, Inc. GAAP Consolidated Statements of Operations (In millions) For the Three Months Ended September 30, 2026 2025 Revenues Premiums $11,818 $10,555 Universal life and investment-type 1,385 1,247 product policy fees Net investment income 6,198 6,089 Other revenues 853 724 Net investment gains (losses) -430 -325 Net derivative gains (losses) 698 -929 Total revenues 20,522 17,361 Expenses Policyholder benefits and claims 11,474 10,369 Policyholder liability remeasurement 138 -159 (gains) losses Market risk benefit remeasurement -320 -263 (gains) losses Interest credited to policyholder 2,201 2,561 account balances Policyholder dividends 136 134 Amortization of DAC, VOBA and negative 612 522 VOBA Interest expense on debt 291 271 Other expenses, net of capitalization of 2,990 2,716 DAC Total expenses 17,522 16,151 Income (loss) before provision for 3,000 1,210 income tax Provision for income tax expense 588 308 (benefit) Net income (loss) 2,412 902 Less: Net income (loss) attributable to noncontrolling interests and 15 6 redeemable noncontrolling interests Net income (loss) attributable to 2,397 896 MetLife, Inc. Less: Preferred stock dividends 46 66 Preferred stock redemption premium — 12 Net income (loss) available to MetLife, $2,351 $818 Inc.'s common shareholders See footnotes on last page.
MetLife, Inc. (In millions) For the Three Months Ended September 30, 2026 2025 Premiums, Fees and Other Revenues Premiums, fees and other revenues $14,056 $12,526 Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic 143 78 accounting Other -6 -15 Divested businesses — 2 Adjusted premiums, fees and other $13,919 $12,461 revenues Adjusted premiums, fees and other revenues, $13,919 $12,489 on a constant currency basis Less: PRT 394 -10 Adjusted premiums, fees and other revenues, $13,525 $12,499 excluding PRT, on a constant currency basis Net Investment Income Net investment income $6,198 $6,089 Less: Adjustments to net investment income: Investment hedge adjustments -72 -100 Depreciation of wholly-owned real estate and -56 real estate joint ventures Joint venture adjustments -139 -8 Unit-linked contract income 125 580 Reinsurance activity 327 177 Consolidated collateralized financing 25 — entities Divested businesses — — Adjusted net investment income $5,988 $5,440 Revenues and Expenses Total revenues $20,522 $17,361 Less: Adjustments to total revenues: Net investment gains (losses) -430 -325 Net derivative gains (losses) 698 -929 Investment hedge adjustments -72 -100 Depreciation of wholly-owned real estate and -56 real estate joint ventures Asymmetrical and non-economic accounting, 143 78 excluding Investment hedge adjustments Joint venture adjustments -139 -8 Unit-linked contract income 125 580 Reinsurance activity 327 177 Consolidated collateralized financing 25 — entities Other -6 -15 Divested businesses — 2 Total adjusted revenues $19,907 $17,901 Total expenses $17,522 $16,151 Less: Adjustments to total expenses: Market risk benefit remeasurement (gains) -320 -263 losses Goodwill impairment — — Asymmetrical and non-economic 55 18 accounting Market volatility -72 -49 Unit-linked contract costs 62 578 Reinsurance activity 214 135 Consolidated collateralized financing 19 — entities Other 36 2 Divested businesses 4 10 Total adjusted expenses $17,524 $15,720 See footnotes on last page.
MetLife, Inc. (In millions, except per share and ratio data) For the Three Months Ended September 30, 2026 2025 Expense Detail and Ratios Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $(975) $(852) Less: Divested businesses — — Adjusted capitalization of DAC $(975) $(852) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $3,965 $3,568 Less: Reinsurance activity 214 135 Other 36 2 Divested businesses 4 9 Adjusted other expenses $3,711 $3,422 Other Detail and Ratios Other expenses, net of capitalization of $2,990 $2,716 DAC Premiums, fees and other revenues $14,056 $12,526 Expense ratio 21.3% 21.7% Direct expenses $1,605 $1,443 Less: Total notable items related to — — direct expenses Direct expenses, excluding total notable $1,605 $1,443 items related to direct expenses Adjusted other expenses $3,711 $3,422 Adjusted capitalization of DAC -975 -852 Adjusted other expenses, net of adjusted 2,736 2,570 capitalization of DAC Less: Total notable items related to — 102 adjusted other expenses Adjusted other expenses, net of adjusted capitalization of DAC, excluding total $2,736 $2,468 notable items related toadjusted other expenses Adjusted premiums, fees and other $13,919 $12,461 revenues Less: PRT 394 -10 Adjusted premiums, fees and other $13,525 $12,471 revenues, excluding PRT Direct expense ratio 11.5% 11.6% Direct expense ratio, excluding total notable items related to direct 11.9% 11.6% expenses and PRT Adjusted expense ratio 19.7% 20.6% Adjusted expense ratio, excluding total notable items related to adjusted 20.2% 19.8% other expenses and PRT See footnotes on last page.
MetLife, Inc. (In millions, except per share data) September 30, Equity Details 2026 2025 Total MetLife, Inc.'s stockholders' $22,226 $28,944 equity Less: Preferred stock 2,830 2,830 MetLife, Inc.'s common stockholders' 19,396 26,114 equity Less: Unrealized investment gains (losses), -30,681 -14,667 net of related offsets and income tax Deferred gains (losses) on derivatives, -1,749 -1,239 net of income tax Future policy benefits discount rate remeasurement gains (losses), net of 14,844 6,028 income tax Market risk benefits instrument-specific credit risk remeasurement gains -110 -83 (losses), net of income tax Defined benefit plans adjustment, net of -1,336 -1,390 income tax Embedded derivatives - funds withheld on 936 92 ceded reinsurance, net of income tax Total MetLife, Inc.'s adjusted common 37,492 37,373 stockholders' equity Less: Accumulated year-to-date total notable -46 18 items, net of income tax Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total $37,538 $37,355 notable items September 30, Book Value (2) 2026 2025 Book value per common share $30.73 $39.52 Less: Unrealized investment gains (losses), -48.62 -22.20 net of related offsets and income tax Deferred gains (losses) on derivatives, -2.77 -1.88 net of income tax Future policy benefits discount rate remeasurement gains (losses), net of 23.52 9.12 income tax Market risk benefits instrument-specific credit risk remeasurement gains -0.17 -0.13 (losses), net of income tax Defined benefit plans adjustment, net of -2.12 -2.10 income tax Embedded derivatives - funds withheld on 1.48 0.14 ceded reinsurance, net of income tax Adjusted book value per common share $59.41 $56.57 Common shares outstanding, end of period 631.1 660.7 (3)
For the Three For the Nine Months Months Ended Ended September 30, September 30, Return on Equity 2026 2025 2026 (4) Return on MetLife, Inc.'s: Common stockholders' 42.7% 13.1% 23.8% equity Adjusted return on MetLife, Inc.'s: Adjusted common stockholders' 19.2% 16.9% 17.7% equity Adjusted common stockholders' equity, 19.6% 16.7% 17.8% excluding total notable items For the Three For the Nine Months Months Ended Ended September 30, September 30, Average Common Stockholders' 2026 2025 2026 Equity Average common stockholders' $22,004 $24,991 $23,517 equity Average adjusted common $37,149 $37,434 $37,196 stockholders' equity Average adjusted common stockholders' $37,172 $37,425 $37,207 equity, excluding total notable items See footnotes on last page.
MetLife, Inc. Adjusted Earnings Available to Common Shareholders (In millions) For the Three Months Ended September 30, 2026 2025 Group Benefits (5): Adjusted earnings available to common $523 $456 shareholders Less: Total notable — -2 items Adjusted earnings available to common shareholders, $523 $458 excluding total notable items Adjusted premiums, fees and other $6,513 $6,306 revenues Less: Participating 1,430 1,442 contracts Adjusted premiums, fees and other revenues, excluding $5,083 $4,864 participating contracts RIS (5): Adjusted earnings available to common $413 $441 shareholders Less: Total notable -65 13 items Adjusted earnings available to common shareholders, $478 $428 excluding total notable items Adjusted premiums, fees and other $2,018 $1,214 revenues Less: PRT 394 -10 Adjusted premiums, fees and other $1,624 $1,224 revenues, excluding PRT Asia: Adjusted earnings available to common $602 $540 shareholders Less: Total notable 52 70 items Adjusted earnings available to common shareholders, $550 $470 excluding total notable items Adjusted earnings available to common shareholders on a $602 $526 constant currency basis Adjusted earnings available to common shareholders, excluding total $550 $456 notable items, on a constant currency basis Adjusted premiums, fees and other $1,739 $1,717 revenues Adjusted premiums, fees and other revenues, on a $1,739 $1,655 constant currency basis Latin America: Adjusted earnings available to common $215 $148 shareholders Less: Total notable -14 -75 items Adjusted earnings available to common shareholders, $229 $223 excluding total notable items Adjusted earnings available to common shareholders on a $215 $165 constant currency basis Adjusted earnings available to common shareholders, excluding total $229 $240 notable items, on a constant currency basis Adjusted premiums, fees and other $2,023 $1,663 revenues Adjusted premiums, fees and other revenues, on a $2,023 $1,769 constant currency basis See footnotes on last page.
MetLife, Inc. Adjusted Earnings Available to Common Shareholders (Continued) (In millions) For the Three Months Ended September 30, 2026 2025 EMEA: Adjusted earnings available to common $108 $87 shareholders Less: Total notable -6 -1 items Adjusted earnings available to common shareholders, $114 $88 excluding total notable items Adjusted earnings available to common shareholders on a $108 $82 constant currency basis Adjusted earnings available to common shareholders, excluding total $114 $83 notable items, on a constant currency basis Adjusted premiums, fees and other $832 $727 revenues Adjusted premiums, fees and other revenues, on a $832 $711 constant currency basis MIM (5): Adjusted earnings available to common $63 $58 shareholders Less: Total notable — — items Adjusted earnings available to common shareholders, $63 $58 excluding total notable items Corporate & Other (5): Adjusted earnings available to common $(144) $(146) shareholders Less: Total notable -13 13 items Adjusted earnings available to common shareholders, $(131) $(159) excluding total notable items Adjusted premiums, fees and other $475 $596 revenues See footnotes on last page.
MetLife, Inc. Variable Investment Income For the ThreeMonths Ended September September 30, 30, 2026 2026 VariableInv… Income(post… Assets (in inmillions) billions) (6) Group $7 $0.2 Benefits RIS 164 5.0 Asia 277 9.0 Latin 1 0.3 America EMEA 2 0.1 MIM — — Corporate & 118 4.2 Other Total $569 $18.8 Value of New Business Segments: Group Benefits, RIS, Asia, Latin America and EMEA (7) Capital Value of Internal Payback Deployed NewBusiness Rate (Years) ofReturn ($ in billions) 2025 $3.8 $2.8 19% 5 2024 $3.4 $2.6 19% 5 2023 $3.6 $2.6 19% 5 2022 $3.7 $2.3 17% 6 2021 $2.8 $1.9 17% 6
MetLife, Inc. Footnotes Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated (1) on a standalone basis and may notequal (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 of equity related to preferred stock at both September 30, 2026 and 2025. There were share repurchases of $650 million for the three months ended September 30, 2026. Year to date, there were (3) share repurchases of $2.4 billion,including $265 million of share repurchases in October 2026. Common stock dividends of $380 million were paid for the three months ended September 30,2026. (4) Annualized using quarter-to-date and year-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. Excluding MIM and C&O; Value of New Business is the present (7) value of future profits net of the cost of capital and time value of guarantees from new sales. The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to (8) be approximately $17.0 billion atSeptember 30, 2026, up 3% from $16.4 billion at June 30, 2026. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excludingAmerican Life Insurance Company. (9) The Japan Economic Solvency Ratio is 192% for the fiscal year ended March 31, 2026, as filed.
Full text with the tables
Page 1 of 25 Exhibit 99.1
For Immediate Release | Global Communications | MetLife, Inc. MetLife Announces
3Q 2026 Results Record company performance, and top-line growth in every
business segment. Earnings Per Share 3Q 2026 Net Income $3.67 Adjusted Earnings
$2.78 Return on Equity (ROE) 3Q 2026 ROE 42.7% Adjusted ROE 19.2% • Net income
increased 187% 1 to $2.4 billion , or $3.67 per share. • Adjusted earnings
increased 12% to $1.8 billion , driven by higher variable investment income,
broad-based volume growth and favorable underwriting. • Adjusted earnings per
share up 22% to $2.85 , excluding total notable items — highest-ever quarter for
MetLife. • Adjusted return on equity of 19.6% , excluding total notable items. •
Premiums, fees and other revenues (PFOs) increased 12% to $14.1 billion . •
Adjusted PFOs, excluding pension risk transfers (PRT), increased 8% to $13.5
billion — with growth in all si x business segments. • Book value per share
(BVPS) down 22% to $30.73 . Adjusted BVPS up 5% to $59.41 . • Returned
approximately $1 billion to shareholders via share repurchases and common stock
dividends. • Holding company cash and liquid assets totaled $3.4 billion at
quarter end, within our target range. • On track to deliver against free cash
flow ratio and direct expense ratio 2 targets for the year.
Comment from Michel Khalaf, President and Chief Executive Officer: We delivered
the highest quarterly adjusted earnings per share in MetLife’s history in the
third quarter, demonstrating the strength of our New Frontier strategy and
discipline of our execution. Revenue rose in every business segment, and solid
underwriting, volume growth and higher investment returns lifted earnings. We’re
turning that into strong free cash flow , reinvesting for responsible growth and
returning capital to shareholders. We are firing on all cylinders in year two of
New Frontier, and we remain confident in our strategy and its ability to drive
repeatable results. 1 In this news release, all comparisons of results for the
third quarter of 2026 are with the third quarter of 2025 , unless otherwise
noted. All year-to-date comparisons are to the first three quarters of 2025. 2
Direct expense ratio, excluding total notable items related to direct expenses
and PRT .
Page 2 of 25
Third Quarter 2026 Summary
($ in millions, except Three Months
per share data) EndedSeptember 30,
2026 2025 Change
Premiums, fees and other $14,056 $12,526 12%
revenues
Net investment income 6,198 6,089 2%
Net investment gains -430 -325
(losses)
Net derivative gains 698 -929
(losses)
Total revenues $20,522 $17,361
Adjusted premiums, fees
and other $13,919 $12,461 12%
revenues
Adjusted premiums, fees
and other
revenues, excluding $13,525 $12,471 8%
pension
risktransfers (PRT)
Market risk benefit
remeasurement gains $320 $263 22%
(losses)
Net income (loss) $2,351 $818 187%
Net income (loss) per $3.67 $1.22 201%
share
Adjusted earnings $1,780 $1,584 12%
Adjusted earnings per $2.78 $2.37 17%
share
Adjusted earnings,
excluding total $1,826 $1,566 17%
notable items
Adjusted earnings,
excluding total $2.85 $2.34 22%
notable items per share
Book value per share $30.73 $39.52 (22)%
Adjusted book value per $59.41 $56.57 5%
share
Expense ratio 21.3% 21.7%
Direct expense ratio,
excluding total
notable items related to 11.9% 11.6%
directexpenses
and PRT
Adjusted expense ratio,
excluding total
notable items related 20.2% 19.8%
toadjusted other
expenses and PRT
ROE 42.7% 13.1%
Adjusted ROE 19.2% 16.9%
Adjusted ROE, excluding
total notable 19.6% 16.7%
items
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 third
quarter of 2026 , titled “ 3Q26 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 " 3Q26 -
General Account Assets Under Management Fact Sheet," available on the above-
mentioned website.
Page 3 of 25
Total Company Discussion Premiums, fees and other revenues were $14.1 billion ,
up 12 percent compared with the prior-year quarter. Adjusted premiums, fees and
other revenues, excluding PRT, were $13.5 billion , up 8 percent . Net
investment income was $6.2 billion , up 2 percent , due to higher variable
investment income (VII) and asset growth, partially offset by declines in the
estimated fair value of certain securities that do not qualify as separate
accounts under GAAP. Adjusted net investment income was $6.0 billion , up 10
percent , reflecting higher VII , asset growth, and investing in a higher-rate
environment . Net investment losses were $340 million after tax, reflecting
normal trading activity and a stable credit environment. Net derivative gains
amounted to $ 551 million after tax, driven by gains on embedded derivatives
associated with ceded reinsurance, as a result of higher U.S. interest rates .
Net income was $2.4 billion , driven by net derivative gains and higher adjusted
earnings. On a per-share basis, net income increased 201 percent to $3.67 .
Adjusted earnings were $1.8 billion , up 12 percent on a reported basis and 13
percent on a constant currency basis, driven by higher VII, broad-based volume
growth, and favorable underwriting. On a per-share basis, adjusted earnings were
$2.78 , up 17 percent . Direct expense ratio , excluding total notable items
related to direct expenses and PRT, was 11.9 percent , compared to 11.6 percent
in the prior-year quarter, and on track for our yearly target. THIRD QUARTER
2026 NOTABLE ITEMS
($ in
millions)
Three
Months
Ended
September Adjusted
30, 2026 Earnings
──────────────────────────────────────────────────────────────────────────────
Notable GroupBene… RIS Asia LatinAmer… EMEA MIM Corporate… Total
Items
Actuaria…
and $0 $(65) $52 $(14) $(6) $0 $(13) $(46)
otherins…
Total
notable $0 $(65) $52 $(14) $(6) $0 $(13) $(46)
items
Annual Actuarial Assumption Review and Other Insurance Adjustments In the third
quarter of 2026, MetLife performed its annual global actuarial assumption
review. The actuarial assumption review and other insurance adjustments during
the quarter reduced net income by $56 million and adjusted earnings by $46
million.
Page 4 of 25
Adjusted Earnings by Segment Summary
Three Months
EndedSeptember 30, 2026
──────────────────────────────────────────────────────────────────────────────
Change fromprior-year Change fromprior-year
Segment period(on a period(on a
reportedbasis) constantcurrency basis)
Group Benefits 15%
Retirement and Income (6)%
Solutions (RIS)
Asia 11% 14%
Latin America 45% 30%
Europe, the Middle East
and Africa 24% 32%
(EMEA)
MetLife Investment 9%
Management (MIM)
Business Discussions GROUP BENEFITS
Three Months Three Months
EndedSeptember EndedSeptember
($ in millions) 30, 2026 30, 2025 Change
──────────────────────────────────────────────────────────────────────────────
Adjustedearnings $523 $456 15%
Notable item(s) $0 $(2)
Adjusted earnings ex. $523 $458 14%
notables
Adjusted PFOs $6,513 $6,306 3%
Adjusted PFOs,
excludingparticipati… $5,083 $4,864 5%
contracts
• Adjusted earnings were $523 million , up 15 percent . • Excluding notable
items, adjusted earnings were $523 million, up 14 percent , primarily driven by
favorable underwriting. • Adjusted PFOs were $6.5 billion . • Adjusted PFOs,
excluding participating contracts, were $5.1 billion , up 5 percent , reflecting
growth in core and voluntary products . • S ales were up 12 percent year-to-
date, with strong performance in both National Accounts and Regional Business.
RIS
Three Months Three Months
EndedSeptember 30, EndedSeptember 30,
($ in millions) 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Adjustedearnings $413 $441 (6)%
Notable item(s) $(65) $13
Adjusted earnings ex. $478 $428 12%
notables
Adjusted PFOs $2,018 $1,214 66%
Adjusted PFOs, $1,624 $1,224 33%
excluding PRT
• Adjusted earnings were $413 million , down 6 percent , reflecting the impact
of notable items from the annual actuarial assumption review.
Page 5 of 25
• Excluding notable items, adjusted earnings were $478 million, up 12 percent ,
driven by higher VII and volume growth. • Adjusted PFOs were $2.0 billion . •
Adjusted PFOs, excluding PRT, were $1.6 billion , up 33 percent , mainly driven
by higher sales of post-retirement benefits and U.K. longevity reinsurance. •
Total retained liability exposure grew 7 percent . ASIA
Three Months Three Months
EndedSeptember EndedSeptember
($ in millions) 30, 2026 30, 2025 Change Constantcurren…
──────────────────────────────────────────────────────────────────────────────
Adjusted $602 $540 11% 14%
earnings
Notable item(s) $52 $70
Adjusted
earnings ex. $550 $470 17% 21%
notables
Adjusted PFOs $1,739 $1,717 1% 5%
Asia general
account assets
undermanagement $144,969 $140,892 3% 4%
(at amortized
cost)
• Adjusted earnings were $602 million , up 11 percent on a reported basis and up
14 percent on a constant currency basis, reflecting the impact of the annual
actuarial assumption review and other insurance adjustments. • Excluding notable
items, adjusted earnings were $550 million, up 17 percent on a reported basis
and up 21 percent on a constant currency basis, driven by higher VII, strong
equity markets and volume growth, partially offset by less favorable
underwriting. • Adjusted PFOs were $1.7 billion , up 1 percent on a reported
basis and up 5 percent on a constant currency basis. • Asia general account
assets under management (at amortized cost) were $145.0 billion , up 4 percent
on a constant currency basis. • Sales were $728 million , down 6 percent on a
constant currency basis against a strong prior-year quarter. Year-to-date sales
were up 10 percent on a constant currency basis , led by Japan and Korea. LATIN
AMERICA
Three Months Three Months
EndedSeptember EndedSeptember
($ in millions) 30, 2026 30, 2025 Change Constantcurren…
──────────────────────────────────────────────────────────────────────────────
Adjusted $215 $148 45% 30%
earnings
Notable item(s) $(14) $(75)
Adjusted
earnings ex. $229 $223 3% (5)%
notables
Adjusted PFOs $2,023 $1,663 22% 14%
• Adjusted earnings were $215 million , up 45 percent on a reported basis and up
30 percent on a constant currency basis, reflecting the impact of the annual
actuarial assumption review and other insurance adjustments, and the value-added
tax charge in Mexico from the prior- year period. • Excluding notable items,
adjusted earnings were $229 million, up 3 percent on a reported basis and down 5
percent on a constant currency basis, as volume growth was largely offset by
lower encaje returns. • Adjusted PFOs were $2.0 billion , up 22 percent on a
reported basis and up 14 percent on a co nstant currency basis, due to strong
growth across the region.
Page 6 of 25
• Sales were $501 million , up 6 percent on a constant currency bas is, driven
by solid performance in the region. EMEA
Three Months Three Months
EndedSeptember EndedSeptember
($ in millions) 30, 2026 30, 2025 Change Constantcurren…
──────────────────────────────────────────────────────────────────────────────
Adjusted $108 $87 24% 32%
earnings
Notable item(s) $(6) $(1)
Adjusted
earnings ex. $114 $88 30% 37%
notables
Adjusted PFOs $832 $727 14% 17%
• Adjusted earnings were $108 million , up 24 percent on a reported basis and up
32 percent on a constant currency basis. • Excluding notable items, adjusted
earnings were $114 million, up 30 percent on a reported basis and up 37 percent
on a constant currency basis, driven by broad-based volume growth. • Adjusted
PFOs were $832 million , up 14 percent on a reported basis and up 17 percent on
a constant currency basis , with strong sales momentum and solid renewal
activity across the region . • Sales were $331 million , up 16 percent on a
constant currency basis . METLIFE INVESTMENT MANAGEMENT
Three Months Three Months
EndedSeptember 30, EndedSeptember 30,
($ in millions) 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Adjusted earnings $63 $58 9%
Notable item(s) $0 $0
Adjusted earnings ex. $63 $58 9%
notables
Other revenues $319 $238 34%
Total assets under $723,441 $632,594 14%
management
• Adjusted earnings were $63 million , up 9 percent , reflecting business
growth, including the addition of PineBridge Investments . • Other revenues were
$319 million , up 34 percent . • Total assets under management were $723.4
billion , up 14 percent . CORPORATE & OTHER
Three Months Three Months
EndedSeptember 30, EndedSeptember 30,
($ in millions) 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Adjusted earnings $(144) $(146)
Notable item(s) $(13) $13
Adjusted earnings ex. $(131) $(159)
notables
• Adjusted loss of $144 million , compared to an adjusted loss of $146 million .
Page 7 of 25
INVESTMENTS
Three Months Three Months
EndedSeptember 30, EndedSeptember 30,
($ in millions) 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Adjusted net $5,988 $5,440 10%
investment income
• Adjusted net investment income was $6.0 billion , up 10 percent . VII
increased 49 percent to $720 million . Contacts: For Media: Steve LaMarca (646)
884-3840, Steve.LaMarca@metlife.com For Investors: John Hall (212) 578-7888,
John.A.Hall@metlife.com 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 third quarter 2026 earnings conference call on
Thursday, November 5, 2026 , from 9-10 a.m. (ET) via a live webcast. Please
click on the following link to register: https://
events.q4inc.com/attendee/435085807. A replay of the webcast will be available
at investor.metlife.com for seven days following the call. ###
Page 8 of 25
Non-GAAP and Other Financial Disclosures
Any references
in this news
release
(except inthis Should be read
section and the as, respectively:
tables
that accompany
thisrelease) to:
net income (loss)
available to
(i) net income (loss) -i MetLife,Inc.’s
common
shareholders
net income (loss)
available to
net income (loss) MetLife,Inc.’s
(ii) per share -ii common
shareholders per
dilutedcommon
share
adjusted earnings
(iii) adjusted earnings -iii available to
commonshareholders
adjusted earnings
adjusted earnings available to
(iv) per share -iv commonshareholders
per diluted
commonshare
(v) book value per -v book value per
share common share
adjusted book adjusted book
(vi) value per share -vi value per
commonshare
return on MetLife,
(vii) return on equity -vii Inc.’s
commonstockholder…
equity
adjusted return on
adjusted return MetLife,
(viii) on equity -viii Inc.’scommon
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 Comparable GAAP
financial financial
measures: measures:
(i) total adjusted -i total revenues
revenues
(ii) total adjusted -ii total expenses
expenses
adjusted premiums, fees and
(iii) premiums, fees -iii other revenues
and otherrevenues
adjusted
premiums, fees premiums, fees and
(iv) and -iv other revenues
otherrevenues,
excluding PRT
adjusted
premiums, fees
and premiums, fees and
(v) otherrevenues, -v other revenues
excluding
participating
contracts
(vi) adjusted net -vi net investment
investment income income
net income (loss)
adjusted earnings available to
(vii) available to -vii MetLife,Inc.’s
commonshareholde… common
shareholders
adjusted earnings net income (loss)
available to available to
(viii) commonshareholde… -viii MetLife,Inc.’s
excluding total common
notable items shareholders
net income (loss)
adjusted earnings available to
available to MetLife,Inc.’s
(ix) commonshareholde… -ix common
per diluted shareholders per
common share dilutedcommon
share
adjusted earnings net income (loss)
available to available to
commonshareholde… MetLife,Inc.’s
(x) excluding total -x common
notableitems, per shareholders per
diluted common dilutedcommon
share share
(xi) adjusted return -xi return on equity
on equity
Page 9 of 25
adjusted return on equity,
(xii) excluding totalnotable -xii return on equity
items
(xiii) investment portfolio gains -xiii net investment gains
(losses) (losses)
(xiv) derivative gains (losses) -xiv net derivative gains
(losses)
adjusted capitalization of
(xv) deferred policyacquisition -xv capitalization of DAC
costs (DAC)
total MetLife, Inc.’s total MetLife, Inc.’s
(xvi) adjusted -xvi stockholders’ equity
commonstockholders’ equity
total MetLife, Inc.’s
adjusted total MetLife, Inc.’s
(xvii) commonstockholders’ equity, -xvii stockholders’ equity
excluding totalnotable
items
(xviii) adjusted book value per -xviii book value per common
common share share
(xix) adjusted other expenses -xix other expenses
adjusted other expenses,
(xx) net of -xx other expenses, net of
adjustedcapitalization of capitalization ofDAC
DAC
adjusted other expenses,
net of
(xxi) adjustedcapitalization of -xxi other expenses, net of
DAC, excluding totalnotable capitalization ofDAC
items related to adjusted
otherexpenses
(xxii) adjusted expense ratio -xxii expense ratio
adjusted expense ratio,
(xxiii) excluding totalnotable -xxiii expense ratio
items related to adjusted
otherexpenses and PRT
(xxiv) direct expenses -xxiv other expenses
direct expenses, excluding
(xxv) total notableitems related -xxv other expenses
to direct expenses
(xxvi) direct expense ratio -xxvi expense ratio
direct expense ratio,
(xxvii) excluding totalnotable -xxvii expense ratio
items related to direct
expensesand PRT
(xxviii) future policy benefits at -xxviii future policy benefits at
original discountrate balance sheetdiscount rate
MetLife, Inc. (parent
(xxix) free cash flow of all -xxix company only) netcash
holding companies provided by (used in)
operatingactivities
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 (loss). Any 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 earnings materials, which are
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:
Page 10 of 25 Adjusted earnings and related measures • adjusted earnings; •
adjusted earnings available to common shareholders; • adjusted earnings
available to common shareholders, on a constant currency basis; • adjusted
earnings available to common shareholders, excluding total notable items; •
adjusted earnings available to common shareholders, excluding total notable
items, on a constant currency basis; • adjusted earnings available to common
shareholders per diluted common share; • adjusted earnings available to common
shareholders, on a constant currency basis per diluted common share; • adjusted
earnings available to common shareholders, excluding total notable items, per
diluted common share; and • adjusted earnings available to common shareholders,
excluding total notable items, on a constant currency basis per diluted common
share. 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: •
Universal life and investment-type product policy fees exclude asymmetrical
accounting associated with in-force reinsurance. • Net investment income
includes earned income on derivatives and amortization of premium on derivatives
that are hedges of investments or that are used to replicate certain
investments, but do not qualify for hedge accounting treatment (“Investment
hedge adjustments”). • Other revenues include settlements of foreign currency
earnings hedges and exclude asymmetrical accounting associated with in-force
reinsurance . • Policyholder benefits and claims excludes (i) inflation-indexed
benefit adjustments associated with contracts backed by inflation-indexed
investments, (ii) asymmetrical accounting associated with in- force reinsurance,
and (iii) non-economic losses incurred at contract inception for certain single
premium annuity business. These losses are amortized into adjusted earnings
within policyholder benefits and claims over the estimated lives of the
contracts. Page 11 of 25 • Policyholder liability remeasurement (gains) losses
excludes asymmetrical accounting associated with in-force reinsurance. •
Interest credited to policyholder account balances excludes amounts associated
with periodic crediting rate adjustments based on the total return of a
contractually referenced pool of assets and other pass-through adjustments and
asymmetrical accounting associated with in-force reinsurance . “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: • Beginning in the fourth
quarter of 2025, net investment income excludes depreciation of wholly- owned
real estate and real estate joint ventures. • Net investment income and interest
credited to policyholder account balances exclude certain amounts related to
contractholder-directed equity securities (“Unit-linked contract income” and
“Unit-linked contract costs”) . • Net investment income and other expenses
exclude Reinsurance activity (as defined below). • Net investment income and
interest expense on debt exclude amounts related to collateralized financing
entities that are consolidated variable interest entities (“Consolidated
collateralized financing entities”). • Other revenues and other expenses exclude
asset management distribution fees on funds that are passed through to
distribution partners. • Other revenues include fee revenue on synthetic
guaranteed interest contracts (“GICs”) accounted for as freestanding
derivatives. • Other expenses exclude (i) amortization and impairment of asset
management intangible assets, (ii) implementation of new insurance regulatory
requirements and other costs, and (iii) acquisition, integration and other
related costs. Other expenses include (i) deductions for net income (loss)
attributable to noncontrolling interests and redeemable noncontrolling
interests, and (ii) benefits accrued on synthetic GICs accounted for as
freestanding derivatives. • “Reinsurance activity” relates to amounts subject to
ceded reinsurance arrangements with third parties and joint ventures, including
(i) the related investment returns and expenses which are passed through to the
reinsurers and (ii) the corresponding invested assets and cash and cash
equivalents. 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 is
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 Page 12 of 25 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 • Total MetLife, Inc.’s adjusted common
stockholders’ equity : total MetLife, Inc.’s common stockholders’ equity,
excluding unrealized investment gains (losses), net of related offsets, deferred
gains (losses) on derivatives, future policy benefits discount rate
remeasurement gains (losses), market risk benefits instrument-specific credit
risk remeasurement gains (losses), defined benefit plans adjustment components
of accumulated other comprehensive income (loss) (“AOCI”) and the embedded
derivatives related to funds withheld on ceded reinsurance (representing
unrealized investment gains (losses) passed through to reinsurers), all net of
income tax. • Total MetLife, Inc.’s adjusted common stockholders’ equity,
excluding total notable items : total MetLife, Inc.’s common stockholders’
equity, excluding unrealized investment gains (losses), net of related offsets,
deferred gains (losses) on derivatives, future policy benefits discount rate
remeasurement gains (losses), market risk benefits instrument-specific credit
risk remeasurement gains (losses), defined benefit plans adjustment components
of AOCI, the embedded derivatives related to funds withheld on ceded reinsurance
(representing unrealized investment gains (losses) passed through to reinsurers)
and total notable items, all net of income tax. • Return on MetLife, Inc.’s
common stockholders’ equity : net income (loss) available to MetLife, Inc.’s
common shareholders divided by MetLife, Inc.’s average common stockholders’
equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity :
adjusted earnings available to common shareholders divided by MetLife, Inc.’s
average adjusted common stockholders’ equity. • Adjusted return on MetLife,
Inc.’s common stockholders’ equity, excluding total notable items : adjusted
earnings available to common shareholders, excluding total notable items,
divided by MetLife, Inc.’s average adjusted common stockholders’ equity,
excluding total notable items. 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 • Expense ratio : other expenses, net of
capitalization of DAC, divided by premiums, fees and other revenues. • Direct
expense ratio : direct expenses divided by adjusted premiums, fees and other
revenues. Direct expenses are comprised of employee-related costs, third-party
staffing costs, and general and administrative expenses. • Direct expense ratio,
excluding total notable items related to direct expenses and PRT : direct
expenses, excluding total notable items related to direct expenses, divided by
adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense
ratio : adjusted other expenses, net of adjusted capitalization of DAC, divided
by adjusted premiums, fees and other revenues. • Adjusted expense ratio,
excluding total notable items related to adjusted other expenses and PRT :
adjusted other expenses, net of adjusted capitalization of DAC, excluding total
notable items related to adjusted other expenses, divided by adjusted premiums,
fees and other revenues, excluding PRT. Page 13 of 25 Assets Under Management (
“ AUM ” ) • Total Assets Under Management (“Total AUM”) is comprised of MIM GA
AUM plus Institutional Client AUM (each, as defined below). • MIM General
Account AUM (“MIM GA AUM”) is used by MetLife to describe the portion of GA AUM
(as defined below) that MetLife Investment Management, LLC and certain of its
affiliates (“MIM”) manages or advises. • General Account AUM (“GA AUM”) is used
by MetLife to describe assets in its general account (“GA”) investment
portfolio. GA AUM is stated at estimated fair value and is comprised of GA total
investments, the portion of the GA investment portfolio classified within assets
held-for-sale, cash and cash equivalents, and accrued investment income on such
assets, and excludes policy loans, certain contractholder-directed equity
securities, fair value option securities, mortgage loans originated for third
parties, assets subject to ceded reinsurance arrangements with third parties and
joint ventures, and certain other invested assets. Mortgage loans and real
estate and real estate joint ventures included in GA AUM (at net asset value,
net of deduction for encumbering debt) have been adjusted from carrying value to
estimated fair value. Classification of GA AUM by sector is based on the nature
and characteristics of the underlying investments which can vary from how they
are classified under GAAP. Accordingly, the underlying investments within
certain real estate and real estate joint ventures that are primarily commercial
mortgage loans (at net asset value, net of deduction for encumbering debt) have
been reclassified to exclude them from real estate and real estate joint
ventures and include them as commercial mortgage loans. • Institutional Client
AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined
below). MIM manages or advises Institutional Client AUM in accordance with
client guidelines contained in each investment advisory agreement. ◦ Separate
Account AUM (“SA AUM”) is comprised of separate account investment portfolios,
which are managed or advised by MIM and included in MetLife, Inc.’s consolidated
financial statements at estimated fair value, as well as accrued investment
income on such assets. ◦ Reinsurance AUM is comprised of GA assets subject to
ceded reinsurance arrangements with third parties and joint ventures, which are
managed or advised by MIM and are generally included in MetLife, Inc.’s
consolidated financial statements at estimated fair value, as well as accrued
investment income on such assets. ◦ Third-Party AUM (“TP AUM”) is comprised of
non-proprietary assets managed or advised by MIM on behalf of
unaffiliated/third-party clients, which are stated at estimated fair value, as
well as accrued investment income on such assets. Such non-proprietary assets
are owned by unaffiliated/third-party clients and, accordingly, are generally
not included in MetLife, Inc.’s consolidated financial statements. • Asia
General Account AUM (“Asia GA AUM”) is used by MetLife to describe assets in its
Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and
is comprised of Asia GA total investments, the portion of the Asia GA investment
portfolio classified within assets held-for-sale, cash and cash equivalents, and
accrued investment income on such assets, and excludes policy loans, certain
contractholder-directed equity securities, fair value option securities,
mortgage loans originated for third parties, assets subject to ceded reinsurance
arrangements with third parties and joint ventures, and certain other invested
assets. Mortgage loans and real estate and real estate joint ventures included
in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have
been adjusted from carrying value to estimated fair value. At the segment level,
intersegment balances (intercompany activity, primarily related to investments
in subsidiaries that eliminate at the MetLife consolidated level) are excluded
from Asia GA AUM. Asia GA AUM (at amortized cost) excludes the following
adjustments: (i) unrealized gain (loss) on investments carried at estimated fair
value and (ii) adjustments from carrying value to estimated fair value on
mortgage loans and real estate and real estate joint ventures. Asia GA AUM (at
amortized Page 14 of 25 cost) is presented net of related allowance for credit
loss. Other items The following additional information is relevant to an
understanding of MetLife’s performance: • 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. • RIS: calculated using 10% of single premium contracts, on and off-
balance sheet deposits, and the contract value for new U.K. longevity
reinsurance contracts, and 100% of annualized full-year premiums and fees only
from recurring premium policy sales of specialized benefit resources and
corporate-owned life insurance. • Asia, Latin America and EMEA: calculated using
10% of single premium deposits (mainly from retirement products such as variable
annuity, fixed annuity and pensions), 20% of single premium deposits from credit
insurance and 100% of annualized full-year premiums and fees from recurring-
premium policy sales of all products (mainly from risk and protection products
such as individual life, accident & health and group). Sales statistics do not
correspond to revenues under GAAP, but are used as relevant measures of business
activity. • Volume growth, where cited, represents the change in certain
measures of our segment results, including adjusted earnings, attributable to
business growth, applying a model in which certain margins and factors are held
constant, the most significant of which are underwriting margins, investment
margins, changes in equity market performance, expense margins and the impact of
changes in foreign currency exchange rates. • PRT includes U.K. funded
reinsurance. • Institutional net flows reflect Institutional Client AUM total
fund additions less withdrawals. • “Third-party mortgage loan activity” relates
to amounts associated with mortgage loans originated and acquired for third
parties, including (i) the related investment returns and expenses which are
passed through to the third-party lenders and (ii) the corresponding mortgage
loan assets. • We refer to observable forward yield curves as of a particular
date in connection with making our estimates for future results. The observable
forward yield curves at a given time are based on implied future interest rates
along a range of interest rate durations. This includes the 10-year U.S.
Treasury rate which we use as a benchmark rate to describe longer-term interest
rates used in our estimates for future results. • Notable items reflect the
unexpected impact of events that affect MetLife’s results, but that were unknown
and that MetLife could not anticipate when it devised its business plan. Notable
items also include certain items regardless of the extent anticipated in the
business plan, to help investors have a better understanding of MetLife’s
results and to evaluate and forecast those results. Notable items represent a
positive (negative) impact to adjusted earnings available to common
shareholders. • Holding company cash and liquid assets are held by MetLife, Inc.
collectively with other MetLife holding companies and include cash and cash
equivalents, short-term investments and publicly traded securities excluding
assets that are pledged or otherwise committed. Assets pledged or otherwise
committed include amounts received in connection with securities lending,
repurchase agreements, derivatives, regulatory deposits, the collateral
financing arrangement, funding agreements and secured borrowings, as well as
amounts held in the closed block. • MetLife uses a measure of free cash flow to
facilitate an understanding of its ability to generate cash for reinvestment
into its businesses or use in non-mandatory capital actions. MetLife defines
free cash flow as the sum of cash available at MetLife’s holding companies from
dividends from operating Page 15 of 25 subsidiaries, expenses and other net
flows of the holding companies (including capital contributions to
subsidiaries), and net contributions from debt to be at or below target leverage
ratios. This measure of free cash flow is prior to capital actions, such as
common stock dividends and repurchases, debt reduction and mergers and
acquisitions. Free cash flow should not be viewed as a substitute for net cash
provided by (used in) operating activities calculated in accordance with GAAP.
The free cash flow ratio is typically expressed as a percentage of annual
adjusted earnings available to common shareholders. 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; Page
16 of 25 (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 value of business
acquired ("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. Corporate Information
MetLife, Inc. encourages investors and others to frequently visit its website
(www.metlife.com), including its Investor Relations web pages
(https://investor.metlife.com). MetLife announces significant financial and
other information to its investors and the public on the Investor Relations web
pages, as well as in U.S. Securities and Exchange Commission filings, news
releases, public conference calls and webcasts, fact sheets, social media posts,
including of its senior executives, and other documents and media. The
information found on MetLife’s website, including MetLife’s Sustainability
Report, is not incorporated by reference into this earnings release or in any
other report or document MetLife submits to the U.S. Securities and Exchange
Commission, and any references to its website are intended to be inactive
textual references only.
Page 17 of 25
MetLife, Inc.
GAAP Consolidated Statements of
Operations
(In millions)
For the Three Months Ended
September 30,
2026 2025
Revenues
Premiums $11,818 $10,555
Universal life and investment-type 1,385 1,247
product policy fees
Net investment income 6,198 6,089
Other revenues 853 724
Net investment gains (losses) -430 -325
Net derivative gains (losses) 698 -929
Total revenues 20,522 17,361
Expenses
Policyholder benefits and claims 11,474 10,369
Policyholder liability
remeasurement 138 -159
(gains) losses
Market risk benefit remeasurement -320 -263
(gains) losses
Interest credited to policyholder 2,201 2,561
account balances
Policyholder dividends 136 134
Amortization of DAC, VOBA and
negative 612 522
VOBA
Interest expense on debt 291 271
Other expenses, net of
capitalization of 2,990 2,716
DAC
Total expenses 17,522 16,151
Income (loss) before provision for 3,000 1,210
income tax
Provision for income tax expense 588 308
(benefit)
Net income (loss) 2,412 902
Less: Net income (loss)
attributable to
noncontrolling interests and 15 6
redeemable
noncontrolling interests
Net income (loss) attributable to 2,397 896
MetLife, Inc.
Less: Preferred stock dividends 46 66
Preferred stock redemption premium — 12
Net income (loss) available to
MetLife, $2,351 $818
Inc.'s common shareholders
See footnotes on last page.
Page 18 of 25
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Page 19 of 25
MetLife, Inc.
(In millions)
For the Three Months Ended
September 30,
2026 2025
Premiums, Fees and Other Revenues
Premiums, fees and other revenues $14,056 $12,526
Less:
Adjustments to premiums, fees and
other
revenues:
Asymmetrical and non-economic 143 78
accounting
Other -6 -15
Divested businesses — 2
Adjusted premiums, fees and other $13,919 $12,461
revenues
Adjusted premiums, fees and other
revenues, $13,919 $12,489
on a constant currency basis
Less: PRT 394 -10
Adjusted premiums, fees and other
revenues, $13,525 $12,499
excluding PRT, on a constant currency
basis
Net Investment Income
Net investment income $6,198 $6,089
Less: Adjustments to net investment
income:
Investment hedge adjustments -72 -100
Depreciation of wholly-owned real
estate and -56
real estate joint ventures
Joint venture adjustments -139 -8
Unit-linked contract income 125 580
Reinsurance activity 327 177
Consolidated collateralized financing 25 —
entities
Divested businesses — —
Adjusted net investment income $5,988 $5,440
Revenues and Expenses
Total revenues $20,522 $17,361
Less: Adjustments to total revenues:
Net investment gains (losses) -430 -325
Net derivative gains (losses) 698 -929
Investment hedge adjustments -72 -100
Depreciation of wholly-owned real
estate and -56
real estate joint ventures
Asymmetrical and non-economic
accounting, 143 78
excluding Investment hedge
adjustments
Joint venture adjustments -139 -8
Unit-linked contract income 125 580
Reinsurance activity 327 177
Consolidated collateralized financing 25 —
entities
Other -6 -15
Divested businesses — 2
Total adjusted revenues $19,907 $17,901
Total expenses $17,522 $16,151
Less: Adjustments to total expenses:
Market risk benefit remeasurement
(gains) -320 -263
losses
Goodwill impairment — —
Asymmetrical and non-economic 55 18
accounting
Market volatility -72 -49
Unit-linked contract costs 62 578
Reinsurance activity 214 135
Consolidated collateralized financing 19 —
entities
Other 36 2
Divested businesses 4 10
Total adjusted expenses $17,524 $15,720
See footnotes on last page.
Page 20 of 25
MetLife, Inc.
(In millions, except per share and
ratio
data)
For the Three Months Ended
September 30,
2026 2025
Expense Detail and Ratios
Reconciliation of Capitalization of
DAC
to Adjusted Capitalization of DAC
Capitalization of DAC $(975) $(852)
Less: Divested businesses — —
Adjusted capitalization of DAC $(975) $(852)
Reconciliation of Other Expenses to
Adjusted Other Expenses
Other expenses $3,965 $3,568
Less: Reinsurance activity 214 135
Other 36 2
Divested businesses 4 9
Adjusted other expenses $3,711 $3,422
Other Detail and Ratios
Other expenses, net of
capitalization of $2,990 $2,716
DAC
Premiums, fees and other revenues $14,056 $12,526
Expense ratio 21.3% 21.7%
Direct expenses $1,605 $1,443
Less: Total notable items related
to — —
direct expenses
Direct expenses, excluding total
notable $1,605 $1,443
items related to direct expenses
Adjusted other expenses $3,711 $3,422
Adjusted capitalization of DAC -975 -852
Adjusted other expenses, net of
adjusted 2,736 2,570
capitalization of DAC
Less: Total notable items related
to — 102
adjusted other expenses
Adjusted other expenses, net of
adjusted
capitalization of DAC, excluding
total $2,736 $2,468
notable items related toadjusted
other
expenses
Adjusted premiums, fees and other $13,919 $12,461
revenues
Less: PRT 394 -10
Adjusted premiums, fees and other $13,525 $12,471
revenues, excluding PRT
Direct expense ratio 11.5% 11.6%
Direct expense ratio, excluding
total
notable items related to direct 11.9% 11.6%
expenses
and PRT
Adjusted expense ratio 19.7% 20.6%
Adjusted expense ratio, excluding
total
notable items related to adjusted 20.2% 19.8%
other
expenses and PRT
See footnotes on last page.
Page 21 of 25
MetLife, Inc.
(In millions, except per share data)
September 30,
Equity Details 2026 2025
Total MetLife, Inc.'s stockholders' $22,226 $28,944
equity
Less: Preferred stock 2,830 2,830
MetLife, Inc.'s common stockholders' 19,396 26,114
equity
Less:
Unrealized investment gains (losses), -30,681 -14,667
net of related offsets and income tax
Deferred gains (losses) on derivatives, -1,749 -1,239
net of income tax
Future policy benefits discount rate
remeasurement gains (losses), net of 14,844 6,028
income tax
Market risk benefits instrument-specific
credit risk remeasurement gains -110 -83
(losses), net of income tax
Defined benefit plans adjustment, net of -1,336 -1,390
income tax
Embedded derivatives - funds withheld on 936 92
ceded reinsurance, net of income tax
Total MetLife, Inc.'s adjusted common 37,492 37,373
stockholders' equity
Less:
Accumulated year-to-date total notable -46 18
items, net of income tax
Total MetLife, Inc.'s adjusted common
stockholders' equity, excluding total $37,538 $37,355
notable items
September 30,
Book Value (2) 2026 2025
Book value per common share $30.73 $39.52
Less:
Unrealized investment gains (losses), -48.62 -22.20
net of related offsets and income tax
Deferred gains (losses) on derivatives, -2.77 -1.88
net of income tax
Future policy benefits discount rate
remeasurement gains (losses), net of 23.52 9.12
income tax
Market risk benefits instrument-specific
credit risk remeasurement gains -0.17 -0.13
(losses), net of income tax
Defined benefit plans adjustment, net of -2.12 -2.10
income tax
Embedded derivatives - funds withheld on 1.48 0.14
ceded reinsurance, net of income tax
Adjusted book value per common share $59.41 $56.57
Common shares outstanding, end of period 631.1 660.7
(3)
For the Three For the Nine Months
Months Ended Ended
September 30, September 30,
Return on Equity 2026 2025 2026
(4)
Return on MetLife,
Inc.'s:
Common
stockholders' 42.7% 13.1% 23.8%
equity
Adjusted return on
MetLife, Inc.'s:
Adjusted common
stockholders' 19.2% 16.9% 17.7%
equity
Adjusted common
stockholders'
equity, 19.6% 16.7% 17.8%
excluding total
notable items
For the Three For the Nine Months
Months Ended Ended
September 30, September 30,
Average Common
Stockholders' 2026 2025 2026
Equity
Average common
stockholders' $22,004 $24,991 $23,517
equity
Average adjusted
common $37,149 $37,434 $37,196
stockholders'
equity
Average adjusted
common
stockholders' $37,172 $37,425 $37,207
equity, excluding
total notable
items
See footnotes on
last page.
Page 22 of 25
MetLife, Inc.
Adjusted Earnings
Available to Common
Shareholders
(In millions)
For the Three Months
Ended
September 30,
2026 2025
Group Benefits (5):
Adjusted earnings
available to common $523 $456
shareholders
Less: Total notable — -2
items
Adjusted earnings
available to common
shareholders, $523 $458
excluding total
notable items
Adjusted premiums,
fees and other $6,513 $6,306
revenues
Less: Participating 1,430 1,442
contracts
Adjusted premiums,
fees and other
revenues, excluding $5,083 $4,864
participating
contracts
RIS (5):
Adjusted earnings
available to common $413 $441
shareholders
Less: Total notable -65 13
items
Adjusted earnings
available to common
shareholders, $478 $428
excluding total
notable items
Adjusted premiums,
fees and other $2,018 $1,214
revenues
Less: PRT 394 -10
Adjusted premiums,
fees and other $1,624 $1,224
revenues, excluding
PRT
Asia:
Adjusted earnings
available to common $602 $540
shareholders
Less: Total notable 52 70
items
Adjusted earnings
available to common
shareholders, $550 $470
excluding total
notable items
Adjusted earnings
available to common
shareholders on a $602 $526
constant currency
basis
Adjusted earnings
available to common
shareholders,
excluding total $550 $456
notable items, on a
constant currency
basis
Adjusted premiums,
fees and other $1,739 $1,717
revenues
Adjusted premiums,
fees and other
revenues, on a $1,739 $1,655
constant currency
basis
Latin America:
Adjusted earnings
available to common $215 $148
shareholders
Less: Total notable -14 -75
items
Adjusted earnings
available to common
shareholders, $229 $223
excluding total
notable items
Adjusted earnings
available to common
shareholders on a $215 $165
constant currency
basis
Adjusted earnings
available to common
shareholders,
excluding total $229 $240
notable items, on a
constant currency
basis
Adjusted premiums,
fees and other $2,023 $1,663
revenues
Adjusted premiums,
fees and other
revenues, on a $2,023 $1,769
constant currency
basis
See footnotes on
last page.
Page 23 of 25
MetLife, Inc.
Adjusted Earnings
Available to Common
Shareholders
(Continued)
(In millions)
For the Three Months
Ended
September 30,
2026 2025
EMEA:
Adjusted earnings
available to common $108 $87
shareholders
Less: Total notable -6 -1
items
Adjusted earnings
available to common
shareholders, $114 $88
excluding total
notable items
Adjusted earnings
available to common
shareholders on a $108 $82
constant currency
basis
Adjusted earnings
available to common
shareholders,
excluding total $114 $83
notable items, on a
constant currency
basis
Adjusted premiums,
fees and other $832 $727
revenues
Adjusted premiums,
fees and other
revenues, on a $832 $711
constant currency
basis
MIM (5):
Adjusted earnings
available to common $63 $58
shareholders
Less: Total notable — —
items
Adjusted earnings
available to common
shareholders, $63 $58
excluding total
notable items
Corporate & Other
(5):
Adjusted earnings
available to common $(144) $(146)
shareholders
Less: Total notable -13 13
items
Adjusted earnings
available to common
shareholders, $(131) $(159)
excluding total
notable items
Adjusted premiums,
fees and other $475 $596
revenues
See footnotes on
last page.
Page 24 of 25
MetLife,
Inc.
Variable
Investment
Income
For the
ThreeMonths
Ended
September September 30,
30, 2026 2026
VariableInv…
Income(post… Assets (in
inmillions) billions)
(6)
Group $7 $0.2
Benefits
RIS 164 5.0
Asia 277 9.0
Latin 1 0.3
America
EMEA 2 0.1
MIM — —
Corporate & 118 4.2
Other
Total $569 $18.8
Value of
New
Business
Segments:
Group
Benefits,
RIS, Asia,
Latin
America and
EMEA (7)
Capital Value of Internal Payback
Deployed NewBusiness Rate (Years)
ofReturn
($ in
billions)
2025 $3.8 $2.8 19% 5
2024 $3.4 $2.6 19% 5
2023 $3.6 $2.6 19% 5
2022 $3.7 $2.3 17% 6
2021 $2.8 $1.9 17% 6
Cash & Capital September 30, 2026
─────────────────────────────────────────────────────────────────
-in billions) (8), (9
Holding Companies Cash & Liquid Assets $3.4
See footnotes on last page.
Page 25 of 25
MetLife, Inc.
Footnotes
Adjusted earnings available to common shareholders, excluding
total notable items, per diluted common share is calculated
(1) on a standalone basis and may notequal (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 of equity related to
preferred stock at both September 30, 2026 and 2025.
There were share repurchases of $650 million for the three
months ended September 30, 2026. Year to date, there were
(3) share repurchases of $2.4 billion,including $265 million of
share repurchases in October 2026. Common stock dividends of
$380 million were paid for the three months ended September
30,2026.
(4) Annualized using quarter-to-date and year-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.
Excluding MIM and C&O; Value of New Business is the present
(7) value of future profits net of the cost of capital and time
value of guarantees from new sales.
The total U.S. statutory adjusted capital, on a National
Association of Insurance Commissioners basis, is expected to
(8) be approximately $17.0 billion atSeptember 30, 2026, up 3%
from $16.4 billion at June 30, 2026. This balance includes
MetLife, Inc.'s principal U.S. insurance subsidiaries,
excludingAmerican Life Insurance Company.
(9) The Japan Economic Solvency Ratio is 192% for the fiscal year
ended March 31, 2026, as filed.