1Q23 Supplemental Slides

U.S. Regulated Equity Markets (Alternative Disclosure) via PUBT

1Q23 Supplemental Slides1

John McCallion

Chief Financial Officer

These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Financial results in this presentation reflect LDTI accounting, pursuant to Financial Accounting Standards Board Accounting Standards Update No. 2018-12, which became effective on January 1, 2023. For more information, refer to "Explanatory Note on Non-GAAP and Other Financial Information."

Table of contents

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

Net income (loss) to adjusted earnings

(post-tax)

1Q23

$ in millions $ per share1

Net Income (Loss)

Less:

Net Investment Gains (Losses)

Net Derivative Gains (Losses)

Market Risk Benefit Gains (Losses)

Investment Hedge Adjustments

Other

Adjusted Earnings

$14 $0.02

(540)	(0.69)
(71)	(0.09)
(149)	(0.19)
(209)	(0.27)
(201)	(0.26)
$1,184	$1.52

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

Adjusted earnings, ex. total notable items, by segment

($ 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

1Q23 VII driven by lower venture capital and real estate returns1

($ in millions - pre-tax)

$1,185

$389

$24

$0 ($44)

($53)

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.

Attachments

Disclaimer

Metlife Inc. published this content on 03 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2023 07:09:00 UTC.