4Q21 Supplemental Slides(opens in new window)

Topic

Page No.

Net income (loss) to adjusted earnings

3

Adjusted earnings, ex. total notable items, by segment

4

Group Benefits underwriting

5

Variable investment income (VII)

6

Direct expense ratio

8

Cash & capital

9

Outlook

10

Appendix

15

4Q21

FY21

$ in millions

$ per share1

$ in millions

$ per share1

(post-tax)

Net Income (Loss)

$1,176

$1.39

$6,353

$7.31

Less:

Net Investment Gains (Losses)

(100)

(0.12)

1,208

1.39

Net Derivative Gains (Losses)

(155)

(0.18)

(1,760)

(2.02)

Investment Hedge Adjustments

(186)

(0.22)

(707)

(0.81)

Actuarial Assumption Review

-

-

(76)

(0.09)

Other

(221)

(0.26)

(266)

(0.31)

Adjusted Earnings

$1,838

$2.17

$7,954

$9.15

Less Notable Items:

Actuarial Assumption Review

-

-

(140)

(0.16)

Litigation Reserves and Settlement Costs

-

-

66

0.08

Tax adjustments

140

0.17

140

0.16

Adjusted Earnings ex. Total Notable Items

$1,698

$2.01

$7,888

$9.07

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

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($ in millions - post-tax)

4Q21

4Q20

% Change

% Change

Key Drivers1

(Constant Rate)

Favorable

Unfavorable

Group Benefits

$20

$383

(95%)

Volume Growth

Underwriting Margins

Retirement and Income Solutions

620

526

18%

Investment Margins;

Volume Growth

Property & Casualty2

-

112

U.S.

640

1,021

(37%)

Asia

586

494

19%

21%

Investment Margins;

Underwriting Margins

Expense Margins;

Volume Growth

NM3

NM3

Underwriting Margins;

Latin America

125

14

Investment Margins;

Equity Markets

Volume Growth

EMEA

42

81

(48%)

(45%)

Volume Growth

Underwriting Margins;

Expense Margins

MetLife Holdings

482

426

13%

Investment Margins;

Underwriting Margins

Policyholder Dividends

Corporate & Other

(177)

(198)

Net Investment Income;

Expenses

Taxes

Adjusted Earnings ex. Total Notable

$1,698

$1,838

(8%)

(7%)

Items

Adjusted EPS ex. Total Notable Items

$2.01

$2.03

(1%)

-%

Farmers Group, Inc. in the second quarter of 2021. 3 Not Meaningful (NM) indicates a percentage change in a financial metric over a specified period of time and reflects

4

changes in factors that are subject to volatility, and should not, accordingly be viewed as representative of a reasonable trend currently or in the future.

dismemberment. 3 COVID-19 reported deaths.

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