EX-99.2 3 ex992qfsq225.htm EX-99.2 Document
Exhibit 99.2




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Second Quarter
Financial Supplement
June 30, 2025
2

METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe 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 its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Revenues
Premiums$11,628 $10,647 $12,617 $11,723 $10,810 $21,681 $22,533 
Universal life and investment-type product policy fees1,281 1,228 1,217 1,229 1,259 2,529 2,488 
Net investment income5,205 5,227 5,405 4,885 5,661 10,641 10,546 
Other revenues638 648 641 687 679 1,312 1,366 
Net investment gains (losses)(421)(77)(311)(387)(273)(796)(660)
Net derivative gains (losses)(508)767 (903)432 (796)(1,487)(364)
Total revenues17,823 18,440 18,666 18,569 17,340 33,880 35,909 
Expenses
Policyholder benefits and claims11,485 10,597 12,572 11,806 10,767 21,559 22,573 
Policyholder liability remeasurement (gains) losses(10)(132)(42)(31)5 (32)(26)
Market risk benefit remeasurement (gains) losses(182)531 (764)299 (277)(876)22 
Interest credited to policyholder account balances2,000 2,037 2,012 1,647 2,400 4,290 4,047 
Policyholder dividends148 150 150 144 146 295 290 
Amortization of DAC, VOBA and negative VOBA493 509 517 519 528 995 1,047 
Interest expense on debt257 257 259 258 269 521 527 
Other expenses, net of capitalization of DAC2,430 2,497 2,581 2,573 2,522 4,881 5,095 
Total expenses16,621 16,446 17,285 17,215 16,360 31,633 33,575 
Income (loss) before provision for income tax1,202 1,994 1,381 1,354 980 2,247 2,334 
Provision for income tax expense (benefit)249 653 106 404 245 419 649 
Net income (loss) 953 1,341 1,275 950 735 1,828 1,685 
Less: Net income (loss) attributable to noncontrolling interests7 (1)4 5 6 15 11 
Net income (loss) attributable to MetLife, Inc.946 1,342 1,271 945 729 1,813 1,674 
Less: Preferred stock dividends34 67 32 66 31 101 97 
Net income (loss) available to MetLife, Inc.'s common shareholders$912 $1,275 $1,239 $879 $698 $1,712 $1,577 
Premiums, fees and other revenues$13,547 $12,523 $14,475 $13,639 $12,748 $25,522 $26,387 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Net income (loss) available to MetLife, Inc.'s common shareholders$912 $1,275 $1,239 $879 $698 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (421)(77)(311)(387)(273)
Less: Net derivative gains (losses)(508)767 (903)432 (796)
Less: Market risk benefit remeasurement gains (losses)182 (531)764 (299)277 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(232)(65)(118)(234)(61)
Less: Provision for income tax (expense) benefit 270 (195)352 23 195 
Add: Net income (loss) attributable to noncontrolling interests7 (1)4 5 6 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,628 1,375 1,459 1,349 1,362 
Less: Total notable items (2)— 16 10 — — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,628 $1,359 $1,449 $1,349 $1,362 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.28 $1.81 $1.78 $1.28 $1.03 
Less: Net investment gains (losses)(0.59)(0.11)(0.45)(0.56)(0.40)
Less: Net derivative gains (losses)(0.71)1.09 (1.29)0.63 (1.18)
Less: Market risk benefit remeasurement gains (losses)0.25 (0.75)1.09 (0.44)0.41 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.32)(0.09)(0.15)(0.33)(0.10)
Less: Provision for income tax (expense) benefit0.38 (0.28)0.50 0.03 0.29 
Add: Net income (loss) attributable to noncontrolling interests0.01 — 0.01 0.01 0.01 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders per diluted common share 2.28 1.95 2.09 1.96 2.02 
Less: Total notable items per diluted common share (2)— 0.02 0.01 — — 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$2.28 $1.93 $2.08 $1.96 $2.02 
For the Three Months Ended
Unaudited (In millions, except per share data)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $16 $— $— $— 
Litigation reserves and settlement costs— — (47)— — 
Tax adjustments — — 57 — — 
Total notable items $— $16 $10 $— $— 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $0.02 $— $— $— 
Litigation reserves and settlement costs— — (0.07)— — 
Tax adjustments— — 0.08 — — 
Total notable items $— $0.02 $0.01 $— $— 
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Weighted average common shares outstanding - diluted714.7 703.7 697.9 687.0 675.0 
(1)See Pages A-1 and A-7 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. 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. See Pages A-2 and A-3 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3
METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedJune 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Book value per common share (1) $33.30 $39.02 $34.28 $35.16 $35.79 
Adjusted book value per common share (1)$53.12 $54.72 $54.81 $55.01 $56.23 
For the Three Months Ended
UnauditedJune 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Return on MetLife, Inc.'s (2):
Common stockholders' equity 15.2 %20.2 %19.6 %14.9 %11.7 %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity17.3 %14.6 %15.4 %14.4 %14.6 %
Adjusted common stockholders' equity, excluding total notable items (3)
17.3 %14.4 %15.3 %14.4 %14.6 %
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Common shares outstanding, beginning of period715.7 703.8 693.7 689.2 673.3 
Share repurchases (12.0)(10.5)(4.6)(17.0)(6.5)
Newly issued shares0.1 0.4 0.1 1.1 — 
Common shares outstanding, end of period 703.8 693.7 689.2 673.3 666.8 
Weighted average common shares outstanding - basic710.5 699.3 693.0 682.3 670.8 
Dilutive effect of the exercise or issuance of stock-based awards 4.2 4.4 4.9 4.7 4.2 
Weighted average common shares outstanding - diluted714.7 703.7 697.9 687.0 675.0 
MetLife Policyholder Trust Shares114.3 113.1 111.6 110.1 108.6 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.
(3)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 can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

4
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Total revenues$17,823 $18,440 $18,666 $18,569 $17,340 $33,880 $35,909 
Less: Adjustments to total revenues:
Net investment gains (losses)(421)(77)(311)(387)(273)(796)(660)
Net derivative gains (losses)(508)767 (903)432 (796)(1,487)(364)
Investment hedge adjustments(172)(129)(127)(103)(102)(348)(205)
Asymmetrical and non-economic accounting35 50 34 36 42 74 78 
Joint venture adjustments
(2)66 16 (42)16 — (26)
Unit-linked contract income and Reinsurance adjustments
219 147 214 (184)545 761 361 
Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments
(11)(14)(11)(15)(16)(23)(31)
Divested businesses
— 16 16 5 3 — 8 
Total adjusted revenues$18,683 $17,614 $19,738 $18,827 $17,921 $35,699 $36,748 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Net investment income$5,205 $5,227 $5,405 $4,885 $5,661 $10,641 $10,546 
Less: Adjustments to net investment income:
Investment hedge adjustments(172)(129)(127)(103)(102)(348)(205)
Joint venture adjustments
(2)66 16 (42)16 — (26)
Unit-linked contract income and Reinsurance adjustments
219 147 214 (184)545 761 361 
Divested businesses — — 1 1 — — 1 
Adjusted net investment income$5,160 $5,143 $5,301 $5,213 $5,202 $10,228 $10,415 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Variable investment income (Included in net investment income above)$298 $162 $293 $327 $195 $558 $522 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Premiums, fees and other revenues$13,547 $12,523 $14,475 $13,639 $12,748 $25,522 $26,387 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting35 50 34 36 42 74 78 
Other adjustments(11)(14)(11)(15)(16)(23)(31)
Divested businesses
— 16 15 4 3 — 7 
Adjusted premiums, fees and other revenues$13,523 $12,471 $14,437 $13,614 $12,719 $25,471 $26,333 
Adjusted premiums, fees and other revenues, on a constant currency basis$13,467 $12,443 $14,534 $13,745 $12,719 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Total expenses$16,621 $16,446 $17,285 $17,215 $16,360 $31,633 $33,575 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(182)531 (764)299 (277)(876)22 
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting166 72 46 139 31 204 170 
Market volatility(88)(52)(49)(44)(40)(155)(84)
Unit-linked contract costs and Reinsurance adjustments
214 143 215 (192)531 753 339 
Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments
5 12 25 19 21 12 40 
Divested businesses
4 26 23 9 6 8 15 
Total adjusted expenses$16,502 $15,714 $17,789 $16,985 $16,088 $31,687 $33,073 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Capitalization of DAC $(683)$(691)$(719)$(698)$(787)$(1,423)$(1,485)
Less: Divested businesses— — — — — — — 
Adjusted capitalization of DAC$(683)$(691)$(719)$(698)$(787)$(1,423)$(1,485)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Other expenses $3,113 $3,188 $3,300 $3,271 $3,309 $6,304 $6,580 
Less: Adjustments to other expenses:
Reinsurance adjustments
— — 30 42 45 — 87 
Other adjustments, excluding Reinsurance adjustments
5 12 25 19 21 12 40 
Divested businesses4 17 13 8 7 8 15 
Adjusted other expenses$3,104 $3,159 $3,232 $3,202 $3,236 $6,284 $6,438 
Adjusted other expenses, on a constant currency basis
$3,102 $3,154 $3,282 $3,261 $3,236 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Other expenses, net of capitalization of DAC$2,430 $2,497 $2,581 $2,573 $2,522 $4,881 $5,095 
Premiums, fees and other revenues$13,547 $12,523 $14,475 $13,639 $12,748 $25,522 $26,387 
Expense ratio17.9 %19.9 %17.8 %18.9 %19.8 %19.1 %19.3 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Adjusted other expenses by major category
Direct expenses$1,397 $1,392 $1,396 $1,459 $1,445 $2,823 $2,904 
Pension, postretirement and postemployment benefit costs65 65 71 70 66 130 136 
Premium taxes, other taxes, and licenses & fees171 183 253 160 158 347 318 
Commissions and other variable expenses1,471 1,519 1,512 1,513 1,567 2,984 3,080 
Adjusted other expenses
3,104 3,159 3,232 3,202 3,236 6,284 6,438 
Adjusted capitalization of DAC(683)(691)(719)(698)(787)(1,423)(1,485)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,421 $2,468 $2,513 $2,504 $2,449 $4,861 $4,953 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Employee-related costs$900 $891 $955 $991 $935 $1,850 $1,926 
Third-party staffing costs356 354 439 353 392 698 745 
General and administrative expenses141 147 2 115 118 275 233 
Direct expenses1,397 1,392 1,396 1,459 1,445 2,823 2,904 
Less: Total notable items related to direct expenses (1)— — (152)— — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,397 $1,392 $1,548 $1,459 $1,445 $2,823 $2,904 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,421 $2,468 $2,513 $2,504 $2,449 $4,861 $4,953 
Less: Total notable items related to adjusted other expenses (1)— — (85)— — — — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,421 $2,468 $2,598 $2,504 $2,449 $4,861 $4,953 
Adjusted premiums, fees and other revenues$13,523 $12,471 $14,437 $13,614 $12,719 $25,471 $26,333 
Less: PRT1,752 529 2,593 1,476 328 1,727 1,804 
Adjusted premiums, fees and other revenues, excluding PRT$11,771 $11,942 $11,844 $12,138 $12,391 $23,744 $24,529 
Direct expense ratio 10.3 %11.2 %9.7 %10.7 %11.4 %11.1 %11.0 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)11.9 %11.7 %13.1 %12.0 %11.7 %11.9 %11.8 %
Adjusted expense ratio17.9 %19.8 %17.4 %18.4 %19.3 %19.1 %18.8 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.6 %20.7 %21.9 %20.6 %19.8 %20.5 %20.2 %
(1)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 can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

7
METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$277,736 $293,779 $281,043 $291,735 $298,737 
Equity securities, at estimated fair value754 746 712 747 790 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,106 9,289 10,672 10,725 11,694 
Mortgage loans89,802 90,415 89,012 87,908 86,868 
Policy loans8,691 8,822 8,545 8,663 8,664 
Real estate and real estate joint ventures13,517 13,731 13,342 13,481 14,007 
Other limited partnership interests14,288 14,186 14,378 14,137 14,279 
Short-term investments, principally at estimated fair value3,804 4,609 5,156 5,543 5,300 
Other invested assets18,131 19,706 18,504 17,470 16,352 
Total investments436,829 455,283 441,364 450,409 456,691 
Cash and cash equivalents, principally at estimated fair value20,786 21,765 20,068 21,326 22,178 
Accrued investment income3,657 3,722 3,489 3,557 3,532 
Premiums, reinsurance and other receivables31,820 31,443 29,761 31,251 31,503 
Market risk benefits, at estimated fair value356 310 372 317 352 
Deferred policy acquisition costs and value of business acquired19,568 20,401 19,627 20,162 20,993 
Current income tax recoverable348 304 295 338 554 
Deferred income tax assets2,681 2,469 2,994 2,524 2,925 
Goodwill8,950 9,155 8,901 9,036 9,142 
Other assets11,043 11,315 11,082 11,253 11,425 
Separate account assets139,707 148,809 139,504 138,143 143,175 
Total assets$675,745 $704,976 $677,457 $688,316 $702,470 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$190,993 $201,340 $193,646 $197,667 $198,965 
Policyholder account balances219,543 224,609 221,445 225,623 232,433 
Market risk benefits, at estimated fair value2,618 3,117 2,581 2,844 2,709 
Other policy-related balances19,379 19,932 18,899 19,523 19,899 
Policyholder dividends payable365 381 385 356 367 
Payables for collateral under securities loaned and other transactions17,719 17,132 17,128 17,440 17,147 
Short-term debt390 404 465 381 379 
Long-term debt 14,809 15,278 15,086 14,695 15,374 
Collateral financing arrangement555 529 476 463 438 
Subordinated debt securities3,163 3,163 3,164 4,153 4,153 
Current income tax payable— — — — — 
Deferred income tax liability216 956 132 430 430 
Other liabilities 38,748 38,162 36,843 38,843 39,074 
Separate account liabilities139,707 148,809 139,504 138,143 143,175 
Total liabilities648,205 673,812 649,754 660,561 674,543 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,740 33,766 33,791 33,820 33,822 
Retained earnings40,873 41,765 42,626 43,131 43,447 
Treasury stock, at cost(26,637)(27,418)(27,798)(29,222)(29,737)
Accumulated other comprehensive income (loss)(20,736)(17,240)(21,186)(20,248)(19,859)
Total MetLife, Inc.'s stockholders' equity27,252 30,885 27,445 27,493 27,685 
Noncontrolling interests288 279 258 262 242 
Total equity27,540 31,164 27,703 27,755 27,927 
Total liabilities and equity$675,745 $704,976 $677,457 $688,316 $702,470 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Adjusted earnings before provision for income tax
GROUP BENEFITS$674 $472 $526 $464 $507 
RIS518 591 487 500 458 
ASIA625 431 613 536 495 
LATIN AMERICA311 309 258 290 317 
EMEA98 94 60 109 128 
METLIFE HOLDINGS188 226 189 190 177 
CORPORATE & OTHER(233)(223)(184)(247)(249)
Total adjusted earnings before provision for income tax
$2,181 $1,900 $1,949 $1,842 $1,833 
Provision for income tax expense (benefit)
GROUP BENEFITS$141 $99 $110 $97 $107 
RIS108 119 101 99 90 
ASIA176 125 170 162 145 
LATIN AMERICA85 88 57 72 84 
EMEA21 24 1 26 28 
METLIFE HOLDINGS35 44 36 36 33 
CORPORATE & OTHER(47)(41)(17)(65)(47)
Total provision for income tax expense (benefit)
$519 $458 $458 $427 $440 
Adjusted earnings available to common shareholders
GROUP BENEFITS$533 $373 $416 $367 $400 
RIS410 472 386 401 368 
ASIA449 306 443 374 350 
LATIN AMERICA226 221 201 218 233 
EMEA77 70 59 83 100 
METLIFE HOLDINGS153 182 153 154 144 
CORPORATE & OTHER (1)(220)(249)(199)(248)(233)
Total adjusted earnings available to common shareholders (1)$1,628 $1,375 $1,459 $1,349 $1,362 
(1)Includes impact of preferred stock dividends of $34 million, $67 million, $32 million, $66 million, and $31 million for the three months ended June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively.
9
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Adjusted revenues
Premiums$5,599 $5,538 $5,579 $5,763 $5,801 $11,310 $11,564 
Universal life and investment-type product policy fees229 231 227 233 240 451 473 
Net investment income313 311 313 315 310 628 625 
Other revenues382 377 378 434 405 779 839 
Total adjusted revenues6,523 6,457 6,497 6,745 6,756 13,168 13,501 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,780 4,927 4,881 5,183 5,161 10,016 10,344 
Policyholder liability remeasurement (gains) losses2 — — (18)(4)(1)(22)
Interest credited to policyholder account balances48 49 46 44 43 96 87 
Capitalization of DAC(5)(4)(5)(5)(7)(9)(12)
Amortization of DAC, VOBA and negative VOBA7 6 7 6 7 13 13 
Interest expense on debt1 — 1 — 1 1 1 
Other expenses1,016 1,007 1,041 1,071 1,048 2,019 2,119 
Total adjusted expenses5,849 5,985 5,971 6,281 6,249 12,135 12,530 
Adjusted earnings before provision for income tax674 472 526 464 507 1,033 971 
Provision for income tax expense (benefit)141 99 110 97 107 216 204 
Adjusted earnings533 373 416 367 400 817 767 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$533 $373 $416 $367 $400 $817 $767 
Adjusted premiums, fees and other revenues$6,210 $6,146 $6,184 $6,430 $6,446 $12,540 $12,876 
10
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Direct and allocated expenses$490 $486 $519 $524 $503 
Pension, postretirement and postemployment benefit costs14 14 14 13 14 
Premium taxes, other taxes, and licenses & fees95 93 86 83 88 
Commissions and other variable expenses417 414 422 451 443 
Adjusted other expenses$1,016 $1,007 $1,041 $1,071 $1,048 
OTHER INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Group Life (2)
Adjusted premiums, fees and other revenues$2,309 $2,293 $2,289 $2,352 $2,371 
Mortality ratio79.1 %85.6 %83.2 %84.8 %83.0 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,742 $2,718 $2,771 $2,850 $2,876 
Interest adjusted benefit ratio (4)70.8 %72.4 %71.8 %74.1 %74.8 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
11
RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Adjusted revenues
Premiums$2,448 $1,451 $3,460 $2,284 $1,210 $3,123 $3,494 
Universal life and investment-type product policy fees73 67 99 85 85 148 170 
Net investment income2,117 2,133 2,143 2,167 2,145 4,206 4,312 
Other revenues61 61 61 61 60 124 121 
Total adjusted revenues4,699 3,712 5,763 4,597 3,500 7,601 8,097 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends3,248 2,247 4,280 3,121 2,043 4,719 5,164 
Policyholder liability remeasurement (gains) losses(23)(148)— (15)1 (22)(14)
Interest credited to policyholder account balances838 874 863 859 878 1,634 1,737 
Capitalization of DAC(46)(53)(58)(37)(44)(107)(81)
Amortization of DAC, VOBA and negative VOBA16 14 21 17 18 31 35 
Interest expense on debt3 4 4 3 3 7 6 
Other expenses145 183 166 149 143 317 292 
Total adjusted expenses4,181 3,121 5,276 4,097 3,042 6,579 7,139 
Adjusted earnings before provision for income tax518 591 487 500 458 1,022 958 
Provision for income tax expense (benefit)108 119 101 99 90 213 189 
Adjusted earnings410 472 386 401 368 809 769 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$410 $472 $386 $401 $368 $809 $769 
Adjusted premiums, fees and other revenues$2,582 $1,579 $3,620 $2,430 $1,355 $3,395 $3,785 
Less: PRT
1,752 529 2,593 1,476 328 1,727 1,804 
Adjusted premiums, fees and other revenues, excluding PRT$830 $1,050 $1,027 $954 $1,027 $1,668 $1,981 
12
RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Balance, end of period (at balance sheet discount rate) (2), (3)$69,385 $72,914 $71,510 $73,415 $73,506 
Less: Accumulated other comprehensive (income) loss(2,952)297 (3,134)(2,627)(2,366)
Balance, end of period (at original discount rate)$72,337 $72,617 $74,644 $76,042 $75,872 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Balance, end of period$84,270 $85,410 $84,923 $87,191 $89,205 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Balance, end of period$50,033 $52,537 $51,420 $49,452 $47,993 
SYNTHETIC GICS (4), (5)
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Balance, end of period$48,982 $49,081 $49,599 $53,796 $53,740 
LONGEVITY REINSURANCE (6)
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Balance, end of period$24,422 $25,699 $25,121 $27,369 $30,087 
(1)Includes $3,830 million, $3,847 million, $3,872 million, $3,899 million and $3,910 million of DPL at June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)Includes $1,972 million, $2,081 million, $1,956 million, $2,287 million and $2,266 million of future policy benefits subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets at June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively.
(4)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(5)Includes $0, $0, $221 million, $1,242 million and $0 of transfers from separate account GICs to synthetic GICs at June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively.
(6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom PRT market.
13
RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Direct and allocated expenses$74 $75 $80 $85 $80 
Pension, postretirement and postemployment benefit costs3 4 3 3 4 
Premium taxes, other taxes, and licenses & fees11 16 18 5 3 
Commissions and other variable expenses57 88 65 56 56 
Adjusted other expenses$145 $183 $166 $149 $143 
SPREAD
For the Three Months Ended
UnauditedJune 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Investment income yield, excluding variable investment income yield
5.28 %5.25 %5.22 %5.11 %5.13 %
Variable investment income yield5.83 %4.58 %6.46 %8.95 %5.40 %
Total investment income yield5.30 %5.23 %5.26 %5.24 %5.14 %
Average crediting rate4.31 %4.38 %4.35 %4.31 %4.33 %
Amortization of DPL and losses at inception (1)(0.22)%(0.21)%(0.21)%(0.21)%(0.21)%
Total average crediting rate4.09 %4.17 %4.14 %4.10 %4.12 %
Annualized general account spread (2)
1.21 %1.06 %1.12 %1.14 %1.02 %
Annualized general account spread, excluding variable investment income yield
1.19 %1.08 %1.08 %1.01 %1.01 %
(1)Includes the amortization of DPL of (0.23)% for each of the three months ended June 30, 2024, September 30, 2024, December 31, 2024 , March 31, 2025 and June 30, 2025.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
14
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Adjusted revenues
Premiums$1,216 $1,272 $1,206 $1,260 $1,278 $2,513 $2,538 
Universal life and investment-type product policy fees434 420 410 406 399 860 805 
Net investment income1,167 1,132 1,251 1,206 1,210 2,275 2,416 
Other revenues18 18 19 15 22 39 37 
Total adjusted revenues2,835 2,842 2,886 2,887 2,909 5,687 5,796 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends988 1,035 993 1,037 1,051 2,055 2,088 
Policyholder liability remeasurement (gains) losses(4)60 (59)(11)(12)(36)(23)
Interest credited to policyholder account balances657 683 708 711 757 1,304 1,468 
Capitalization of DAC(335)(336)(348)(351)(418)(696)(769)
Amortization of DAC, VOBA and negative VOBA202 211 214 216 223 407 439 
Interest expense on debt— — — — — — — 
Other expenses702 758 765 749 813 1,446 1,562 
Total adjusted expenses2,210 2,411 2,273 2,351 2,414 4,480 4,765 
Adjusted earnings before provision for income tax625 431 613 536 495 1,207 1,031 
Provision for income tax expense (benefit)176 125 170 162 145 335 307 
Adjusted earnings449 306 443 374 350 872 724 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$449 $306 $443 $374 $350 $872 $724 
Adjusted premiums, fees and other revenues$1,668 $1,710 $1,635 $1,681 $1,699 $3,412 $3,380 
15
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Adjusted premiums, fees and other revenues$1,668 $1,710 $1,635 $1,681 $1,699 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,722 $1,715 $1,679 $1,741 $1,699 
Add: Operating joint ventures, on a constant currency basis (1)646 534 409 1,023 732 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,368 $2,249 $2,088 $2,764 $2,431 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Direct and allocated expenses$272 $303 $319 $306 $304 
Pension, postretirement and postemployment benefit costs15 15 19 13 14 
Premium taxes, other taxes, and licenses & fees28 31 26 29 33 
Commissions and other variable expenses387 409 401 401 462 
Adjusted other expenses$702 $758 $765 $749 $813 
Adjusted other expenses, net of adjusted capitalization of DAC$367 $422 $417 $398 $395 
Adjusted other expenses, on a constant currency basis
$735 $766 $792 $781 $813 
Add: Operating joint ventures, on a constant currency basis (2)106 118 93 126 113 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$841 $884 $885 $907 $926 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$445 $494 $494 $480 $466 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Japan:
Life$139 $143 $109 $114 $159 
Accident & Health67 63 83 71 69 
Annuities146 147 112 144 226 
Other2 2 2 2 2 
Total Japan354 355 306 331 456 
Other Asia279 233 213 308 237 
   Total sales$633 $588 $519 $639 $693 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Adjusted earnings available to common shareholders$449 $306 $443 $374 $350 
Adjusted earnings available to common shareholders, on a constant currency basis$449 $303 $447 $380 $350 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

16
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
GA AUM $117,606 $128,115 $120,626 $125,119 $129,325 
GA AUM (at amortized cost)$126,997 $135,107 $129,959 $134,352 $139,158 
GA AUM (at amortized cost), on a constant currency basis$131,264 $134,192 $134,197 $136,683 $139,158 
  Add: Operating joint ventures, on a constant currency basis (1)9,223 9,717 10,116 11,683 12,413 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$140,487 $143,909 $144,313 $148,366 $151,571 
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
17
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Adjusted revenues
Premiums$1,122 $1,141 $1,098 $1,164 $1,260 $2,237 $2,424 
Universal life and investment-type product policy fees373 346 330 340 371 743 711 
Net investment income398 435 431 407 445 784 852 
Other revenues11 9 10 9 3 22 12 
Total adjusted revenues1,904 1,931 1,869 1,920 2,079 3,786 3,999 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,018 1,091 1,035 1,091 1,216 2,001 2,307 
Policyholder liability remeasurement (gains) losses(3)(18)20 (3)— (11)(3)
Interest credited to policyholder account balances115 108 101 98 96 229 194 
Capitalization of DAC(175)(174)(177)(172)(176)(353)(348)
Amortization of DAC, VOBA and negative VOBA129 126 123 129 137 254 266 
Interest expense on debt4 4 4 4 4 7 8 
Other expenses505 485 505 483 485 1,017 968 
Total adjusted expenses1,593 1,622 1,611 1,630 1,762 3,144 3,392 
Adjusted earnings before provision for income tax311 309 258 290 317 642 607 
Provision for income tax expense (benefit)85 88 57 72 84 183 156 
Adjusted earnings226 221 201 218 233 459 451 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$226 $221 $201 $218 $233 $459 $451 
Adjusted premiums, fees and other revenues$1,506 $1,496 $1,438 $1,513 $1,634 $3,002 $3,147 
18
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Direct and allocated expenses$145 $129 $146 $135 $143 
Pension, postretirement and postemployment benefit costs1 1 3 1 2 
Premium taxes, other taxes, and licenses & fees19 22 24 23 22 
Commissions and other variable expenses340 333 332 324 318 
Adjusted other expenses$505 $485 $505 $483 $485 
Adjusted other expenses, net of adjusted capitalization of DAC$330 $311 $328 $311 $309 
Adjusted other expenses, on a constant currency basis
$466 $472 $519 $498 $485 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$306 $303 $337 $320 $309 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Mexico$189 $187 $137 $209 $183 
Chile98 104 123 117 129 
All other78 82 83 69 69 
Total sales$365 $373 $343 $395 $381 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Adjusted premiums, fees and other revenues$1,506 $1,496 $1,438 $1,513 $1,634 
Adjusted earnings available to common shareholders$226 $221 $201 $218 $233 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,386 $1,459 $1,475 $1,561 $1,634 
Adjusted earnings available to common shareholders, on a constant currency basis$203 $216 $207 $226 $233 

19
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Adjusted revenues
Premiums$536 $562 $568 $582 $626 $1,072 $1,208 
Universal life and investment-type product policy fees77 84 76 78 84 154 162 
Net investment income54 55 59 58 61 108 119 
Other revenues8 9 8 8 9 15 17 
Total adjusted revenues675 710 711 726 780 1,349 1,506 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends265 276 301 277 309 523 586 
Policyholder liability remeasurement (gains) losses1 9 (3)— 4 1 4 
Interest credited to policyholder account balances17 17 17 17 20 36 37 
Capitalization of DAC(115)(119)(124)(126)(136)(243)(262)
Amortization of DAC, VOBA and negative VOBA81 91 93 94 88 171 182 
Interest expense on debt— — — — — — — 
Other expenses328 342 367 355 367 660 722 
Total adjusted expenses577 616 651 617 652 1,148 1,269 
Adjusted earnings before provision for income tax98 94 60 109 128 201 237 
Provision for income tax expense (benefit)21 24 1 26 28 47 54 
Adjusted earnings77 70 59 83 100 154 183 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$77 $70 $59 $83 $100 $154 $183 
Adjusted premiums, fees and other revenues$621 $655 $652 $668 $719 $1,241 $1,387 
20
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Direct and allocated expenses$104 $109 $112 $109 $111 
Pension, postretirement and postemployment benefit costs2 2 2 1 (3)
Premium taxes, other taxes, and licenses & fees5 6 7 6 6 
Commissions and other variable expenses217 225 246 239 253 
Adjusted other expenses$328 $342 $367 $355 $367 
Adjusted other expenses, net of adjusted capitalization of DAC$213 $223 $243 $229 $231 
Adjusted other expenses, on a constant currency basis
$332 $342 $376 $367 $367 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$217 $223 $249 $236 $231 
OTHER INFORMATION
  For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Adjusted premiums, fees and other revenues$621 $655 $652 $668 $719 
Adjusted earnings available to common shareholders$77 $70 $59 $83 $100 
Adjusted premiums, fees and other revenues, on a constant currency basis$631 $659 $668 $691 $719 
Adjusted earnings available to common shareholders, on a constant currency basis$77 $70 $59 $86 $100 
Total sales, on a constant currency basis$273 $242 $250 $319 $309 
21
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Adjusted revenues
Premiums$692 $673 $702 $657 $624 $1,405 $1,281 
Universal life and investment-type product policy fees94 80 74 86 80 172 166 
Net investment income1,016 981 978 989 964 2,026 1,953 
Other revenues37 40 39 37 36 87 73 
Total adjusted revenues1,839 1,774 1,793 1,769 1,704 3,690 3,473 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,252 1,221 1,230 1,200 1,164 2,503 2,364 
Policyholder liability remeasurement (gains) losses17 (35)— 16 16 37 32 
Interest credited to policyholder account balances106 84 97 88 90 209 178 
Capitalization of DAC(4)(4)(4)(4)(3)(9)(7)
Amortization of DAC, VOBA and negative VOBA57 58 55 55 53 116 108 
Interest expense on debt3 4 3 3 3 7 6 
Other expenses220 220 223 221 204 443 425 
Total adjusted expenses1,651 1,548 1,604 1,579 1,527 3,306 3,106 
Adjusted earnings before provision for income tax188 226 189 190 177 384 367 
Provision for income tax expense (benefit)35 44 36 36 33 72 69 
Adjusted earnings153 182 153 154 144 312 298 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$153 $182 $153 $154 $144 $312 $298 
Adjusted premiums, fees and other revenues$823 $793 $815 $780 $740 $1,664 $1,520 
22
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Annuities$1,555 $1,606 $1,515 $1,493 $1,466 
Life and Other53,296 53,096 52,918 52,584 52,368 
Long-Term Care
14,455 15,657 14,537 14,716 14,803 
Balance, end of period (at balance sheet discount rate)
$69,306 $70,359 $68,970 $68,793 $68,637 
Less:
Annuities$(65)$(5)$(63)$(51)$(43)
Life and Other(27)31 (34)(26)(26)
Long-Term Care
(755)339 (919)(872)(922)
Accumulated other comprehensive (income) loss$(847)$365 $(1,016)$(949)$(991)
Annuities$1,620 $1,611 $1,578 $1,544 $1,509 
Life and Other53,323 53,065 52,952 52,610 52,394 
Long-Term Care
15,210 15,318 15,456 15,588 15,725 
Balance, end of period (at original discount rate)$70,153 $69,994 $69,986 $69,742 $69,628 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities$1,468 $1,505 $1,393 $1,370 $1,345 
Life and Other$2,372 $2,398 $2,410 $2,421 $2,455 
Long-Term Care
$— $— $— $— $— 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Annuities$10,747 $10,437 $10,142 $9,859 $9,625 
Life and Other11,303 11,284 11,132 10,986 10,849 
Balance, end of period$22,050 $21,721 $21,274 $20,845 $20,474 
Policyholder account balances subject to reinsurance (2)
Annuities$3,228 $3,124 $3,027 $2,930 $2,848 
Life and Other$6,467 $6,410 $6,357 $6,301 $6,240 
MARKET RISK BENEFITS
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Annuities$2,153 $2,608 $2,069 $2,377 $2,214 
Balance, end of period$2,153 $2,608 $2,069 $2,377 $2,214 
Market risk benefits subject to reinsurance (2)
$— $— $— $— $— 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Annuities$28,843 $29,349 $27,829 $26,296 $27,188 
Life and Other6,738 7,049 7,065 6,393 7,022 
Balance, end of period$35,581 $36,398 $34,894 $32,689 $34,210 
Separate account liabilities subject to reinsurance (3)
Annuities$82 $83 $79 $73 $77 
Life and Other$5,944 $6,226 $6,244 $5,852 $6,429 
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(3) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
23
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Direct and allocated expenses$156 $159 $166 $168 $158 
Pension, postretirement and postemployment benefit costs7 6 7 6 7 
Premium taxes, other taxes, and licenses & fees19 20 15 16 12 
Commissions and other variable expenses38 35 35 31 27 
Adjusted other expenses$220 $220 $223 $221 $204 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Lapse Ratio (1)
Traditional life5.9 %6.2 %5.8 %5.9 %6.0 %
Variable annuity12.4 %12.8 %12.9 %12.8 %12.5 %
(1) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

24
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Adjusted revenues
Premiums$15 $(6)$(11)$9 $8 $21 $17 
Universal life and investment-type product policy fees1 — 1 1 — 1 1 
Net investment income95 96 126 71 67 201 138 
Other revenues97 98 103 102 118 195 220 
Total adjusted revenues208 188 219 183 193 418 376 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends9 — (10)9 9 17 18 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(3)(1)(3)(3)(3)(6)(6)
Amortization of DAC, VOBA and negative VOBA1 3 4 2 2 3 4 
Interest expense on debt246 245 247 248 258 499 506 
Other expenses188 164 165 174 176 382 350 
Total adjusted expenses441 411 403 430 442 895 872 
Adjusted earnings before provision for income tax(233)(223)(184)(247)(249)(477)(496)
Provision for income tax expense (benefit)(47)(41)(17)(65)(47)(117)(112)
Adjusted earnings(186)(182)(167)(182)(202)(360)(384)
Preferred stock dividends34 67 32 66 31 101 97 
Adjusted earnings available to common shareholders$(220)$(249)$(199)$(248)$(233)$(461)$(481)
Adjusted premiums, fees and other revenues$113 $92 $93 $112 $126 $217 $238 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Business activities$30 $20 $16 $9 $29 $36 $38 
Net investment income92 96 126 78 73 194 151 
Interest expense on debt(255)(256)(257)(258)(269)(520)(527)
Corporate initiatives and projects(7)(8)(12)(10)(13)(13)(23)
Other(93)(75)(57)(66)(69)(174)(135)
Provision for income tax (expense) benefit and other tax-related items47 41 17 65 47 117 112 
Preferred stock dividends(34)(67)(32)(66)(31)(101)(97)
Adjusted earnings available to common shareholders$(220)$(249)$(199)$(248)$(233)$(461)$(481)
25
INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance adjustments have been excluded from the amounts within this table.
At or For the Three Months Ended
At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Fixed Maturity Securities
Yield (1)4.38 %4.52 %4.47 %4.36 %4.61 %4.38 %4.49 %
Investment income (2), (3)$3,206 $3,357 $3,326 $3,259 $3,517 $6,406 $6,776 
Investment gains (losses)(246)(157)(245)(244)(124)(331)(368)
Ending carrying value (4)279,170 295,460 280,227 290,416 297,565 279,170 297,565 
Net Mortgage Loans
Yield (1)5.30 %5.32 %5.28 %5.21 %5.12 %5.28 %5.17 %
Investment income (3)1,096 1,097 1,085 1,056 1,026 2,196 2,082 
Investment gains (losses)6 (156)(53)(159)(288)(76)(447)
Ending carrying value (5)82,051 82,773 81,460 80,581 79,848 82,051 79,848 
Real Estate and Real Estate Joint Ventures
Yield (1)(0.97)%1.67 %1.47 %4.01 %3.47 %(1.85)%3.74 %
Investment income(32)57 50 134 120 (122)254 
Investment gains (losses)12 128 70 (40)3 47 (37)
Ending carrying value13,517 13,731 13,342 13,481 14,007 13,517 14,007 
Policy Loans
Yield (1)5.44 %5.72 %5.67 %5.38 %5.64 %5.50 %5.51 %
Investment income110 116 114 107 113 223 220 
Ending carrying value8,691 8,822 8,545 8,663 8,664 8,691 8,664 
Equity Securities
Yield (1)5.50 %3.47 %3.23 %6.16 %2.30 %5.49 %4.24 %
Investment income7 4 5 9 3 14 12 
Investment gains (losses)(19)(31)4 (12)45 9 33 
Ending carrying value754 746 712 747 790 754 790 
Other Limited Partnership Interests
Yield (1)9.10 %2.45 %7.05 %6.22 %3.46 %8.68 %4.84 %
Investment income325 87 252 222 122 626 344 
Investment gains (losses)(9)3 1 (1)21 (59)20 
Ending carrying value (6)14,288 14,186 14,367 14,125 14,265 14,288 14,265 
Cash and Cash Equivalents and Short-term Investments
Yield (1)4.61 %5.23 %4.97 %4.42 %4.19 %4.97 %4.30 %
Investment income209 257 249 224 232 455 456 
Investment gains (losses)37 (46)18 (9)(38)62 (47)
Ending carrying value (7)24,590 26,374 25,018 26,862 27,432 24,590 27,432 
Other Invested Assets
Investment income 386 312 368 365 218 734 583 
Investment gains (losses)(16)56 23 4 25 (33)29 
Ending carrying value (8)18,131 19,706 18,504 17,470 16,350 18,131 16,350 
Total Investments
Investment income yield (1)4.83 %4.75 %4.87 %4.82 %4.73 %4.79 %4.78 %
Investment fees and expenses yield (1)(0.13)%(0.13)%(0.13)%(0.15)%(0.13)%(0.14)%(0.14)%
Net Investment Income Yield (1)4.70 %4.62 %4.74 %4.67 %4.60 %4.65 %4.64 %
Investment income$5,307 $5,287 $5,449 $5,376 $5,351 $10,532 $10,727 
Investment fees and expenses(147)(144)(147)(162)(149)(304)(311)
Net investment income including divested businesses5,160 5,143 5,302 5,214 5,202 10,228 10,416 
Less: Net investment income from divested businesses— — 1 1 — — 1 
Adjusted Net Investment Income (9)$5,160 $5,143 $5,301 $5,213 $5,202 $10,228 $10,415 
Ending Carrying Value$441,192 $461,798 $442,175 $452,345 $458,921 $441,192 $458,921 
Investment Portfolio Gains (Losses) (10)$(235)$(203)$(182)$(461)$(356)$(381)$(817)
Gross investment gains245 368 316 142 204 576 346 
Gross investment losses(458)(417)(386)(423)(264)(893)(687)
Net credit loss (provision) release and (impairments)(22)(154)(112)(180)(296)(64)(476)
Investment Portfolio Gains (Losses) (10)(235)(203)(182)(461)(356)(381)(817)
Investment portfolio gains (losses) income tax (expense) benefit57 56 59 116 94 98 210 
Investment Portfolio Gains (Losses), Net of Income Tax$(178)$(147)$(123)$(345)$(262)$(283)$(607)
Derivative Gains (Losses) (10)(698)619 (1,159)344 (892)(1,873)(548)
Derivative gains (losses) income tax (expense) benefit193 (206)314 (99)181 497 82 
Derivative Gains (Losses), Net of Income Tax$(505)$413 $(845)$245 $(711)$(1,376)$(466)
See footnotes on Page 29.

26
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$80,678 29.1 %$84,851 28.9 %$78,584 28.2 %$80,316 27.7 %$81,562 27.5 %
Foreign corporate53,419 19.2 %56,752 19.3 %53,354 19.1 %55,083 19.1 %58,792 19.9 %
Foreign government40,054 14.4 %44,132 15.0 %39,895 14.3 %40,892 14.2 %42,097 14.2 %
Residential mortgage-backed32,616 11.7 %35,264 12.0 %34,135 12.3 %39,083 13.5 %40,764 13.8 %
U.S. government and agency33,238 12.0 %34,676 11.8 %33,350 12.0 %33,535 11.6 %32,463 11.0 %
Asset-backed securities and collateralized loan obligations17,775 6.4 %17,520 6.0 %20,390 7.3 %20,748 7.2 %20,929 7.1 %
Municipals10,470 3.8 %10,798 3.7 %9,762 3.5 %9,764 3.4 %9,802 3.3 %
Commercial mortgage-backed9,486 3.4 %9,786 3.3 %9,182 3.3 %9,388 3.3 %9,428 3.2 %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance adjustments
$277,736 100.0 %$293,779 100.0 %$278,652 100.0 %$288,809 100.0 %$295,837 100.0 %
Reinsurance adjustments— — 2,391 2,926 2,900 
Fixed Maturity Securities Available-For-Sale$277,736 $293,779 $281,043 $291,735 $298,737 
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$192,239 69.2 %$203,560 69.3 %$192,099 68.9 %$199,468 69.1 %$203,465 68.8 %
Baa272,732 26.2 %77,031 26.2 %74,345 26.7 %77,112 26.7 %80,262 27.1 %
Ba39,189 3.3 %9,666 3.3 %8,680 3.1 %8,674 3.0 %8,566 2.9 %
B43,291 1.2 %3,131 1.1 %3,035 1.1 %3,198 1.1 %3,260 1.1 %
Caa and lower5226 0.1 %331 0.1 %425 0.2 %291 0.1 %204 0.1 %
In or near default659 — %60 — %68 — %66 — %80 — %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance adjustments
$277,736 100.0 %$293,779 100.0 %$278,652 100.0 %$288,809 100.0 %$295,837 100.0 %
Reinsurance adjustments— — 2,391 2,926 2,900 
Fixed Maturity Securities Available-For-Sale (11)
$277,736 $293,779 $281,043 $291,735 $298,737 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Gross unrealized gains$5,096 $8,093 $4,965 $5,398 $6,192 
Gross unrealized losses30,430 23,558 31,041 28,891 28,951 
Net Unrealized Gains (Losses), excluding Reinsurance adjustments
$(25,334)$(15,465)$(26,076)$(23,493)$(22,759)
Reinsurance adjustments— — (142)(109)(88)
Net Unrealized Gains (Losses)$(25,334)$(15,465)$(26,218)$(23,602)$(22,847)
See footnotes on Page 29.
27
INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
          
Commercial mortgage loans$50,109 $50,478 $48,967 $47,890 $46,674 
Agricultural mortgage loans 19,383 19,210 19,030 18,779 18,993 
Residential mortgage loans13,273 13,844 14,186 14,783 15,286 
Total82,765 83,532 82,183 81,452 80,953 
Allowance for credit loss(714)(759)(723)(871)(1,105)
Net mortgage loans, excluding Reinsurance adjustments
$82,051 $82,773 $81,460 $80,581 $79,848 
Reinsurance adjustments— — 85 82 78 
Net Mortgage Loans$82,051 $82,773 $81,545 $80,663 $79,926 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$8,680 17.3 %$8,745 17.3 %$8,738 17.8 %$8,677 18.1 %$8,611 18.4 %
Non-U.S.8,385 16.7 %8,593 17.0 %7,901 16.1 %7,802 16.3 %7,839 16.8 %
Middle Atlantic7,250 14.5 %6,999 13.9 %6,938 14.2 %6,877 14.4 %6,561 14.1 %
South Atlantic6,517 13.0 %6,459 12.8 %5,890 12.0 %5,796 12.1 %5,630 12.1 %
West South Central3,386 6.8 %3,455 6.9 %3,228 6.6 %3,214 6.7 %3,274 7.0 %
Mountain2,264 4.5 %2,217 4.4 %2,317 4.7 %2,455 5.1 %2,470 5.3 %
New England2,821 5.6 %2,838 5.6 %2,680 5.5 %2,501 5.2 %2,386 5.1 %
East North Central1,600 3.2 %1,543 3.1 %1,453 3.0 %1,453 3.0 %1,460 3.1 %
East South Central652 1.3 %608 1.2 %481 1.0 %481 1.0 %476 1.0 %
West North Central472 1.0 %472 0.9 %410 0.8 %408 0.9 %407 0.9 %
Multi-Region and Other8,082 16.1 %8,549 16.9 %8,931 18.3 %8,226 17.2 %7,560 16.2 %
Total, excluding Reinsurance adjustments
$50,109 100.0 %$50,478 100.0 %$48,967 100.0 %$47,890 100.0 %$46,674 100.0 %
Reinsurance adjustments— — 82 82 78 
Total
$50,109 $50,478 $49,049 $47,972 $46,752 
Office$18,799 37.5 %$18,861 37.4 %$18,269 37.3 %$18,134 37.9 %$17,912 38.4 %
Apartment10,954 21.9 %10,750 21.3 %10,472 21.4 %10,549 22.0 %9,899 21.2 %
Retail7,443 14.8 %7,273 14.4 %6,612 13.5 %6,502 13.6 %6,768 14.5 %
Single Family Rental4,822 9.6 %5,141 10.2 %5,355 10.9 %4,844 10.1 %4,780 10.2 %
Industrial4,941 9.9 %5,313 10.5 %4,999 10.2 %4,506 9.4 %3,942 8.5 %
Hotel3,049 6.1 %3,051 6.0 %3,178 6.5 %3,268 6.8 %3,285 7.0 %
Other101 0.2 %89 0.2 %82 0.2 %87 0.2 %88 0.2 %
Total, excluding Reinsurance adjustments
$50,109 100.0 %$50,478 100.0 %$48,967 100.0 %$47,890 100.0 %$46,674 100.0 %
Reinsurance adjustments— — 82 82 78 
Total
$50,109 $50,478 $49,049 $47,972 $46,752 
See footnotes on Page 29.
28
INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, Reinsurance adjustments, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of $22 million, $76 million, $22 million, ($20) million and $107 million for the three months ended June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, respectively, and $107 million and $87 million for the year-to-date period ended June 30, 2024 and June 30, 2025, respectively.
(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Fixed maturity securities available-for-sale$277,736 $293,779 $281,043 $291,735 $298,737 
Less: Reinsurance adjustments— — 2,391 2,926 2,900 
Fixed maturity securities available-for-sale, excluding Reinsurance adjustments$277,736 $293,779 $278,652 $288,809 $295,837 
Fair value option securities1,434 1,681 1,575 1,607 1,728 
Fixed maturity securities, excluding Reinsurance adjustments$279,170 $295,460 $280,227 $290,416 $297,565 
(5)The following table presents a reconciliation to ending carrying value presented for net mortgage loans.
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Mortgage Loans$89,802 $90,415 $89,012 $87,908 $86,868 
Less: Mortgage loans originated for third parties, net of ACL7,751 7,642 7,467 7,245 6,942 
Net mortgage loans$82,051 $82,773 $81,545 $80,663 $79,926 
Less: Reinsurance adjustments— — 85 82 78 
Net mortgage loans, excluding Reinsurance adjustments$82,051 $82,773 $81,460 $80,581 $79,848 
(6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Other limited partnership interests$14,288 $14,186 $14,378 $14,137 $14,279 
Less: Reinsurance adjustments— — 11 12 14 
Other limited partnership interests, excluding Reinsurance adjustments$14,288 $14,186 $14,367 $14,125 $14,265 
(7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Cash and cash equivalents and short-term investments$24,590 $26,374 $25,224 $26,869 $27,478 
Less: Reinsurance adjustments— — 206 7 46 
Cash and cash equivalents and short-term investments, excluding Reinsurance adjustments$24,590 $26,374 $25,018 $26,862 $27,432 
(8)The following table presents a reconciliation to ending carrying value presented for other invested assets.
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Other invested assets$18,131 $19,706 $18,504 $17,470 $16,352 
Less: Reinsurance adjustments— — — — 2 
Other invested assets, excluding Reinsurance adjustments
$18,131 $19,706 $18,504 $17,470 $16,350 
(9)Adjusted net investment income reflects the adjustments as presented on Page 5.
(10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year-to-Date Period Ended
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Net investment gains (losses) $(421)$(77)$(311)$(387)$(273)$(796)$(660)
Less: Non-investment portfolio gains (losses)(176)188 (122)65 86 (402)151 
Less: Provision for credit loss on certain mortgage loans originated for third parties(15)4 11 (34)20 (19)(14)
Less: Other adjustments5 (66)(18)43 (23)6 20 
Investment portfolio gains (losses) $(235)$(203)$(182)$(461)$(356)$(381)$(817)
For the Three Months EndedFor the Year-to-Date Period Ended
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Net derivative gains (losses) $(508)$767 $(903)$432 $(796)$(1,487)$(364)
Less: Investment hedge adjustments172 129 127 103 102 348 205 
Less: Reinsurance adjustments— — 110 (35)(22)— (57)
Less: Other adjustments, excluding Reinsurance adjustments18 19 19 20 16 38 36 
Derivative gains (losses) $(698)$619 $(1,159)$344 $(892)$(1,873)$(548)
(11)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
29
imagk06.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$912 $1,275 $1,239 $879 $698 $1,712 $1,577 
Add: Preferred stock dividends34 67 32 66 31 101 97 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net income (loss) attributable to noncontrolling interests7 (1)4 5 6 15 11 
Net income (loss) 953 1,341 1,275 950 735 1,828 1,685 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(421)(77)(311)(387)(273)(796)(660)
Net derivative gains (losses)(508)767 (903)432 (796)(1,487)(364)
Market risk benefit remeasurement gains (losses)182 (531)764 (299)277 876 (22)
Premiums - Divested businesses
— 16 15 4 3 — 7 
Universal life and investment-type product policy fees - Divested businesses
— — — — — — — 
Net investment income
Investment hedge adjustments(172)(129)(127)(103)(102)(348)(205)
Unit-linked contract income and Reinsurance adjustments219 147 214 (184)545 761 361 
Joint venture adjustments(2)66 16 (42)16 — (26)
Divested businesses— — 1 1 — — 1 
Other revenues
Asymmetrical and non-economic accounting35 50 34 36 42 74 78 
Other adjustments(11)(14)(11)(15)(16)(23)(31)
Divested businesses— — — — — — — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(161)7 (51)(75)(1)(175)(76)
Market volatility88 52 49 44 40 155 84 
Divested businesses— (9)(10)(1)1 — — 
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting— — — — — — — 
Divested businesses— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting(5)(79)5 (64)(30)(29)(94)
Unit-linked contract costs(214)(143)(185)234 (486)(753)(252)
Divested businesses— — — — — — — 
Capitalization of DAC - Divested businesses
— — — — — — — 
Amortization of DAC, VOBA and negative VOBA - Divested businesses
— — — — — — — 
Interest expense on debt - Divested businesses
— — — — — — — 
Other expenses
Reinsurance adjustments
— — (30)(42)(45)— (87)
Other adjustments, excluding Reinsurance adjustments(5)(12)(25)(19)(21)(12)(40)
Divested businesses(4)(17)(13)(8)(7)(8)(15)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit270 (195)352 23 195 530 218 
Adjusted earnings1,662 1,442 1,491 1,415 1,393 3,063 2,808 
Less: Preferred stock dividends34 67 32 66 31 101 97 
Adjusted earnings available to common shareholders$1,628 $1,375 $1,459 $1,349 $1,362 $2,962 $2,711 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Actuarial assumption review and other insurance adjustments$— $16 $— $— $— $— $— 
Litigation reserves and settlement costs— — (47)— — — — 
Tax adjustments— — 57 — — — — 
Total notable items$— $16 $10 $— $— $— $— 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Actuarial assumption review and other insurance adjustments $— $(58)$— $— $— $— $— 
Total notable items $— $(58)$— $— $— $— $— 
RIS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Actuarial assumption review and other insurance adjustments $— $104 $— $— $— $— $— 
Total notable items $— $104 $— $— $— $— $— 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. 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.
A-2
APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED)
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Actuarial assumption review and other insurance adjustments
$— $(41)$— $— $— $— $— 
Total notable items
$— $(41)$— $— $— $— $— 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Actuarial assumption review and other insurance adjustments
$— $4 $— $— $— $— $— 
Total notable items
$— $4 $— $— $— $— $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Actuarial assumption review and other insurance adjustments
$— $(5)$— $— $— $— $— 
Total notable items
$— $(5)$— $— $— $— $— 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Actuarial assumption review and other insurance adjustments
$— $12 $— $— $— $— $— 
Total notable items
$— $12 $— $— $— $— $— 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025June 30, 2024June 30, 2025
Litigation reserves and settlement costs$— $— $(47)$— $— $— $— 
Tax adjustments— — 57 — — — — 
Total notable items$— $— $10 $— $— $— $— 
A-3
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Total MetLife, Inc.'s stockholders' equity$27,252 $30,885 $27,445 $27,493 $27,685 
Less: Preferred stock3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 23,434 27,067 23,627 23,675 23,867 
Less: Unrealized investment gains (losses), net of related offsets and income tax(19,187)(11,239)(19,402)(17,329)(16,484)
Deferred gains (losses) on derivatives, net of income tax
99 (292)370 179 (1,466)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax6,606 2,004 6,529 5,334 5,876 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(73)4 (71)(31)(64)
  Defined benefit plans adjustment, net of income tax(1,396)(1,371)(1,442)(1,416)(1,407)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
— — (129)(100)(83)
Total MetLife, Inc.'s adjusted common stockholders' equity
37,385 37,961 37,772 37,038 37,495 
Less: Accumulated year-to-date total notable items, net of income tax (2)
— 16 26 — — 
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
$37,385 $37,945 $37,746 $37,038 $37,495 
Unaudited (In millions, except per share data)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Book value per common share $33.30 $39.02 $34.28 $35.16 $35.79 
Less: Unrealized investment gains (losses), net of related offsets and income tax(27.26)(16.20)(28.15)(25.74)(24.72)
  Deferred gains (losses) on derivatives, net of income tax
0.14 (0.42)0.54 0.27 (2.20)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax9.38 2.89 9.46 7.92 8.81 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.10)0.01 (0.10)(0.05)(0.10)
  Defined benefit plans adjustment, net of income tax(1.98)(1.98)(2.09)(2.10)(2.11)
  Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
— — (0.19)(0.15)(0.12)
Adjusted book value per common share
$53.12 $54.72 $54.81 $55.01 $56.23 
Common shares outstanding, end of period 703.8 693.7 689.2 673.3 666.8 
For the Three Months Ended (3)
Unaudited (In millions, except ratios)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Return on MetLife, Inc.'s:
Common stockholders' equity 15.2 %20.2 %19.6 %14.9 %11.7 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
17.3 %14.6 %15.4 %14.4 %14.6 %
Adjusted common stockholders' equity, excluding total notable items (2)
17.3 %14.4 %15.3 %14.4 %14.6 %
Average common stockholders' equity $24,076 $25,251 $25,347 $23,651 $23,771 
Average adjusted common stockholders' equity
$37,704 $37,673 $37,867 $37,405 $37,267 
Average adjusted common stockholders' equity, excluding total notable items (2)
$37,704 $37,665 $37,846 $37,405 $37,267 
(1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to third-party reinsurers.
(2)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 can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.
(3) Annualized using quarter-to-date results.
A-4
APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
 ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
GROUP BENEFITS (1)$6,210 $6,146 $6,184 $6,430 $6,446 
RIS (1)2,582 1,579 3,620 2,430 1,355 
ASIA 1,722 1,715 1,679 1,741 1,699 
LATIN AMERICA1,386 1,459 1,475 1,561 1,634 
EMEA 631 659 668 691 719 
METLIFE HOLDINGS (1)823 793 815 780 740 
CORPORATE & OTHER (1)113 92 93 112 126 
Adjusted premiums, fees and other revenues, on a constant currency basis$13,467 $12,443 $14,534 $13,745 $12,719 
Adjusted premiums, fees and other revenues$13,523 $12,471 $14,437 $13,614 $12,719 
ASIA (including operating joint ventures) (2), (3)$2,368 $2,249 $2,088 $2,764 $2,431 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
GROUP BENEFITS (1)$1,016 $1,007 $1,041 $1,071 $1,048 
RIS (1)145 183 166 149 143 
ASIA 735 766 792 781 813 
LATIN AMERICA466 472 519 498 485 
EMEA332 342 376 367 367 
METLIFE HOLDINGS (1)220 220 223 221 204 
CORPORATE & OTHER (1)188 164 165 174 176 
Adjusted other expenses, on a constant currency basis
$3,102 $3,154 $3,282 $3,261 $3,236 
Adjusted other expenses$3,104 $3,159 $3,232 $3,202 $3,236 
ASIA (including operating joint ventures) (2), (4)$841 $884 $885 $907 $926 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
GROUP BENEFITS (1)$533 $373 $416 $367 $400 
RIS (1)410 472 386 401 368 
ASIA 449 303 447 380 350 
LATIN AMERICA203 216 207 226 233 
EMEA 77 70 59 86 100 
METLIFE HOLDINGS (1)153 182 153 154 144 
CORPORATE & OTHER (1)(220)(249)(199)(248)(233)
Adjusted earnings available to common shareholders, on a constant currency basis$1,605 $1,367 $1,469 $1,366 $1,362 
Adjusted earnings available to common shareholders$1,628 $1,375 $1,459 $1,349 $1,362 
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses for operating joint ventures are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
A-5
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:Comparable GAAP financial measures:
(i)total adjusted revenues(i)total revenues
(ii)total adjusted expenses(ii)total expenses
(iii)adjusted premiums, fees and other revenues(iii)premiums, fees and other revenues
(iv)adjusted premiums, fees and other revenues, excluding PRT (iv)premiums, fees and other revenues
(v)adjusted net investment income(v)net investment income
(vi)adjusted earnings(vi)net income (loss)
(vii)adjusted earnings available to common shareholders(vii)net income (loss) available to MetLife, Inc.’s common shareholders
(viii)adjusted earnings available to common shareholders, excluding total notable items(viii)net income (loss) available to MetLife, Inc.’s common shareholders
(ix)adjusted earnings available to common shareholders per diluted common share(ix)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x)adjusted earnings available to common shareholders, excluding total notable items, per diluted common share(x)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi)adjusted return on equity(xi)return on equity
(xii)
adjusted return on equity, excluding total notable items
(xii)
return on equity
(xiii)
investment portfolio gains (losses)
(xiii)
net investment gains (losses)
(xiv)
derivative gains (losses)
(xiv)
net derivative gains (losses)
(xv)
adjusted capitalization of DAC
(xv)
capitalization of DAC
(xvi)
total MetLife, Inc.’s adjusted common stockholders’ equity
(xvi)
total MetLife, Inc.’s stockholders’ equity
(xvii)
total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items
(xvii)
total MetLife, Inc.’s stockholders’ equity
(xviii)
adjusted book value per common share
(xviii)
book value per common share
(xix)
adjusted other expenses
(xix)
other expenses
(xx)
adjusted other expenses, net of adjusted capitalization of DAC
(xx)
other expenses, net of capitalization of DAC
(xxi)
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses
(xxi)
other expenses, net of capitalization of DAC
(xxii)
adjusted expense ratio
(xxii)
expense ratio
(xxiii)
adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
(xxiii)
expense ratio
(xxiv)
direct expenses
(xxiv)
other expenses
(xxv)
direct expenses, excluding total notable items related to direct expenses
(xxv)
other expenses
(xxvi)
direct expense ratio
(xxvi)
expense ratio
(xxvii)
direct expense ratio, excluding total notable items related to direct expenses and PRT
(xxvii)
expense ratio
(xxviii)
future policy benefits at original discount rate
(xxviii)
future policy benefits at balance sheet discount rate
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period ("constant currency basis").
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at MetLife's Investor Relations webpage (https://investor.metlife.com).
A-6
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

Adjusted earnings and related measures
•adjusted earnings;
•adjusted earnings available to common shareholders;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders 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 on, a constant currency basis.
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:
•
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) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) 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.
•
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:
•
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").
•
Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
•Net investment income and other expenses also exclude Reinsurance adjustments (as defined below).
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•
"Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third-parties, including (i) the related investment returns and expenses which are passed through to the third-party 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 are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
A-7

APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity and related measures
•
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) and defined benefit plans adjustment components of AOCI and the estimated fair value of certain ceded reinsurance-related embedded derivatives, 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) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives 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: adjusted 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: adjusted 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.
Asia general account assets under management and related measures
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, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including 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 net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance:
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Statistical sales information for 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.
•
PRT includes UK funded reinsurance.
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APPENDIX
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
NAICNational Association of Insurance Commissioners
NRSRONationally Recognized Statistical Rating Organization
PRTPension risk transfers
QFSQuarterly financial supplement
RISRetirement and Income Solutions
VOBAValue of business acquired
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