2Q23 Supplemental Slides

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

2Q23 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	9


Cash & capital	10


Appendix	11

Net income (loss) to adjusted earnings

(post-tax)

Net Income (Loss)

Less:

2Q23

$ in millions $ per share1

$370 $0.48

Intent to Transfer Mark-to-Market Impact2

Net Investment Gains (Losses)2

Net Derivative Gains (Losses)

Market Risk Benefit Remeasurement Gains (Losses) Investment Hedge Adjustments

Other

Adjusted Earnings

(699)	(0.91)
(122)	(0.16)
(788)	(1.02)
645	0.84
(208)	(0.27)
50	0.06
$1,492	$1.94

1 The per share data for each item is calculated on a standalone basis and may not sum to the total. 2 Total net investment losses in 2Q23 are $821 million post-tax, including	3
adjustments of $699 million related to the pending reinsurance transaction with Global Atlantic Financial Group.

Adjusted earnings, ex. total notable items, by segment

($ in millions - except per share data)	2Q23	2Q22	% Change	% Change	Key Drivers1
(Constant Rate)	Favorable	Unfavorable

Group Benefits	$372	$406	(8%)		Volume Growth	Expense Margins;
	Underwriting Margins

Retirement and Income Solutions	417	374	11%		Investment Margins;
	Volume Growth

U.S.	789	780	1%

Asia	431	486	(11%)	(9%)		Investment Margins

Latin America	219	251	(13%)	(21%)	Volume Growth	Underwriting Margins;
Investment Margins


EMEA	70	66	6%	15%	Investment Margins

MetLife Holdings	211	305	(31%)			Investment Margins

Corporate & Other	(228)	(227)

Adjusted Earnings ex. Total Notable Items	$1,492	$1,661	(10%)	(11%)
Adjusted EPS ex. Total Notable Items	$1.94	$2.04	(5%)	(5%)

1 To be discussed on MetLife, Inc.'s second quarter 2023 earnings conference call and audio webcast.	4

2Q23 VII driven by private equity returns1

($ in millions - pre-tax)

$389

$221

$24

$0 ($44)

($53)

2Q22	3Q22	4Q22	1Q23	2Q23
		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 02 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 07:11:24 UTC.