3Q22 Supplemental Slides

Topic

Page No.

Net income (loss) to adjusted earnings

3

Actuarial assumption review & other insurance adjustments

4

Adjusted earnings, ex. total notable items, by segment

5

Variable investment income (VII)

6

Direct expense ratio

8

Value of new business (VNB)

9

Cash & capital

10

Appendix

11

3Q22

(post-tax)

$ in millions

$ per share1

Net Income (Loss)

$331

$0.41

Less:

Net Investment Gains (Losses)

(327)

(0.41)

Net Derivative Gains (Losses)2

(106)

(0.13)

Investment Hedge Adjustments

(199)

(0.25)

Actuarial Assumption Review2,3

20

0.02

Other2

(23)

(0.03)

Adjusted Earnings

$966

$1.21

Less Notable Items: Actuarial Assumption Review3

34

0.04

Adjusted Earnings ex. Total Notable Items

$932

$1.16

after-tax gains includes $273 million after-tax derivative losses and $293 million of other after-tax gains. These amounts are therefore not included in the Net Derivative

3

Gains (Losses) or Other line items. 3 Includes other insurance adjustments.

1 Retirement and Income Solutions. 2 The per share data for each item is calculated on a standalone basis and may not sum to the total.

4

($ in millions - post-tax)

3Q22

3Q21

% Change

% Change

Key Drivers1

(Constant Rate)

Favorable

Unfavorable

Group Benefits

$399

$111

259%

Underwriting Margins;

Expense Margins;

Volume Growth

Investment Margins

Retirement and Income Solutions

254

784

(68%)

Volume Growth

Investment Margins;

Underwriting Margins

U.S.

653

895

(27%)

Asia

174

648

(73%)

(73%)

Volume Growth

Investment Margins;

Underwriting Margins

Latin America

164

31

NM2

NM2

Underwriting Margins;

Volume Growth

EMEA

56

100

(44%)

(31%)

Underwriting Margins

MetLife Holdings

150

659

(77%)

Underwriting Margins

Investment Margins;

Equity Markets

Corporate & Other

(265)

(131)

Taxes;

Investment Margins;

Expenses

Adjusted Earnings ex. Total Notable Items

$932

$2,202

(58%)

(57%)

Adjusted EPS ex. Total Notable Items

$1.16

$2.56

(55%)

(54%)