1Q23 Supplemental Slides

Topic

Page No.

Net income (loss) to adjusted earnings

3

Adjusted earnings, ex. total notable items, by segment

4

Variable investment income (VII)

5

Investments

7

Direct expense ratio

11

Cash & capital

12

Appendix

13

1 The per share data for each item is calculated on a standalone basis and may not sum to the total.

3

($ in millions - except per share data)

1Q23

1Q22

% Change

% Change

Key Drivers1

(Constant Rate)

Favorable

Unfavorable

Group Benefits

$307

$117

162%

Underwriting Margins

Retirement and Income Solutions

400

546

(27%)

Investment Margins

U.S.

707

663

7%

Asia

280

599

(53%)

(52%)

Investment Margins

Latin America

215

135

59%

51%

Underwriting Margins;

Volume Growth

EMEA

60

55

9%

30%

Investment Margins;

Volume Growth

MetLife Holdings

158

348

(55%)

Investment Margins

Corporate & Other

(236)

(105)

Investment Margins

Adjusted Earnings ex. Total Notable Items

$1,184

$1,695

(30%)

(29%)

Adjusted EPS ex. Total Notable Items

$1.52

$2.04

(25%)

(25%)

1 To be discussed on MetLife, Inc.'s first quarter 2023 earnings conference call and audio webcast.

4

1Q22

2Q22

3Q22

4Q22

1Q23

Private Equity

Other

1 Quarterly target VII range of $500 million, based on full year 2023 guidance range of ~ $2.0 billion.

5