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February 2, 2023 Newswires
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4Q22 Supplemental Slides

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

4Q22 Supplemental Slides and Outlook1

John McCallion

Chief Financial Officer

  • These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

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

Direct expense ratio

7

Cash & capital

8

Outlook

9

Appendix

14

2

Net income (loss) to adjusted earnings

4Q22

(post-tax)

$ in millions

$ per share1

Net Income (Loss)

$1,314

$1.66

Less:

FY22

$ in millions $ per share1

$2,354 $2.91

Net Investment Gains (Losses)

Net Derivative Gains (Losses)2

Investment Hedge Adjustments

Actuarial Assumption Review2,3

Other2

Adjusted Earnings

Less Notable Items:

Actuarial Assumption Review3

Adjusted Earnings ex. Total Notable Items

280

0.35

128

0.16

(219)

(0.28)

-

-

(101)

(0.13)

$1,226

$1.55

--

$1,226 $1.55

(997)

(1.23)

(1,601)

(1.98)

(771)

(0.95)

20

0.02

158

0.20

$5,545

$6.85

1110.14

$5,434 $6.72

1The per share data for each item is calculated on a standalone basis and may not sum to the total. 2The full year 2022 Actuarial Assumption Review line item reflecting $20

3

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

Adjusted earnings, ex. total notable items, by segment

($ in millions - post-tax)

4Q22

4Q21

% Change

  • Change (Constant Rate)

Key Drivers1

Favorable

Unfavorable

Group Benefits

$400

$20

NM2

Underwriting Margins;

Expense Margins

Volume Growth

Retirement and Income Solutions

371

620

(40%)

Investment Margins

U.S.

771

640

20%

Asia

215

586

(63%)

(62%)

Investment Margins;

Taxes

Latin America

181

125

45%

51%

Underwriting Margins;

Volume Growth

EMEA

70

42

67%

112%

Underwriting Margins

Expense Margins

MetLife Holdings

208

482

(57%)

Investment Margins

Corporate & Other

(219)

(177)

Expenses

Taxes;

Investment Margins

Adjusted Earnings ex. Total Notable Items

$1,226

$1,698

(28%)

(26%)

Adjusted EPS ex. Total Notable Items

$1.55

$2.01

(23%)

(21%)

1To be discussed on MetLife, Inc.'s fourth quarter and full year 2022 earnings conference call and audio webcast. 2Not Meaningful.

4

2022 VII below guidance1driven by lower private equity returns

($ in millions - pre-tax)

$0

$1,545

$1,185

$389

$24

($53)

1Q22

2Q22

3Q22

4Q22

FY22

Private Equity

Other

1Quarterly VII range of $450 million - $500 million, based on full year 2022 guidance range of $1.8 - $2.0 billion.

5

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Disclaimer

Metlife Inc. published this content on 01 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2023 08:12:32 UTC.

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