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February 10, 2025 Reinsurance

4Q24 Investor Presentation

U.S. Markets via PUBT

MetLife

Market-leading, diversified global insurer

Growing and established markets around the world

MetLife at a Glance1

Diversified by Geography and Business

156 years of operation

~45,000 employees

More than 40 markets served

Top established markets:

$596.9 billion

Total Assets Under Management (AUM)2

$58 billion

Market capitalization3

$83.67

Stock price3

2024 Adjusted Earnings5,6

MetLife

Holdings7

10%Asia

25%

Retirement

& Income $6.7

Solutions

U.S., Japan, Mexico, Chile, Korea

Top emerging markets:

China, India, Brazil

15.2%

Adjusted Retuon Equity (ROE)4

$4.7 billion

23%

billion Latin

America

13%

60 on the 2024 Fortune 500® list

Capital returned in 2024

$3.2 billion

Share repurchases

$1.5 billion

Common stock dividends

Group

Benefits

25%	EMEA8

	4%

1 As of 12/31/2024, unless otherwise noted. 2 As 12/31/2024. At estimated fair value. Includes all assets managed by MetLife Investment Management. See MetLife's 4Q 2024 Total Assets Under Management Fact Sheet for further information. 3 As of 2/6/2025. 4 Adjusted ROE, excluding total notable items. "Adjusted ROE" refers to ROE, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA)

and certain ceded reinsurance-related embedded derivatives. 5 As of 12/31/2024. Excludes Corporate & Other losses of $919 million. 6 Adjusted earnings available to common shareholders, excluding total notable items.7 MetLife	2
Holdings is a legacy business. 8 Europe, the Middle East, and Africa (EMEA).

The power of our business1

Trusted global brand

~120M	90+
customers	of Fortune 100
companies2

40+	~80%
markets	covering world
premiums3

Diversified & resilient

Delivered across economic cycles

for over 150 years

	MetLife
	Holdings
	10%	Asia

		25%
Retirement	$6.7B
Solutions
& Income
23%	Adjusted Earnings

	20244	Latin
		America
		13%

GroupEMEA

Benefits4%

25%

Leader in attractive markets

#1	#1
US Group Benefit	Life insurer in
provider5	Latin America6
Top 2	#3
US Retirement	Multinational
Business markets7	insurer in Asia8

As of 12/31/2024, unless otherwise indicated.2 MetLife Book of Business analysis (2024). 3 MetLife presence in countries representing ~80% of world GWP. MetLife internal analysis based on Swiss Re Sri Sigma report No. 3/2024.

Excludes Corporate & Other losses of $919 million.5 Based on PFOs. MetLife internal analysis of in-force, industry market data self-reported to LIMRA (2023). 6 Based on GWP. Latino Insurance (2023). 7 Based on (i) sales of PRT,

Structured Settlements, and Institutional Income Annuities as of 2Q2024 (LIMRA Secure Retirement Institute®); (ii) sales of COLI as of 2Q2024 (IBIS Associates and MetLife market intelligence); (iii) sales of Post Retirement Benefits	3
and Capital Markets as of 2Q2024 (MetLife internal analysis); and (iv) in-force for Stable Value as of 2Q2024 (Valerian Capital Group). 8 As of 12/31/2023. Based on GWP. MetLife internal analysis of publicly available information.

At a glance

Diversified set of businesses and product offerings

Group Benefits

Retirement &

Income Solutions

Asia	Latin America

EMEA

Provides financial products and services to 94 of the top 100 Fortune 500® and over 80% of all Fortune 500® companies

Serving more than 55,000 U.S.

group customers and

50 million U.S. employees

and their dependents

Product offerings:

Life, Dental, Disability, Accidental

Death & Dismemberment (AD&D),

Vision, Accident & Health,

Legal Plans, Pet

Largest non-medical,

commercial carrier in the U.S. group insurance industry

$19.8 billion in policyholder benefits and claims in 2024

Provides funding and financing solutions that help institutional customers mitigate and manage liabilities

Generates a combination of

spread, fee-based earnings,

and underwriting

Broad set of market leading

businesses:

Stable Value,

Pension Risk Transfer (PRT),

Structured Settlements,

Institutional Income Annuities,

Risk Solutions1, and Capital Markets

Investments Products (CMIP)

Diverse set of product offerings: protection, health and savings products to ~19 million customers

in 8 markets

Japan is MetLife's

second largest market Leading foreign insurer in Korea

Building presence in growth markets:

China and India

#3 multinational insurer in the region2

180 bank partners around the region

57,000 career agents and

239,000 general agents

Serving almost 30 million customers

across Mexico, Chile, Brazil,

Colombia, and Uruguay

#1 life insurer in Mexico3 and

Chile4, and fast-growing

presence in Brazil

Diverse set of product offerings:

life insurance, retirement,

savings, personal accident and

health products

Well-diversified distribution,

positioned to capture growth opportunities

EMEA is MetLife's most diverse

region, with a presence in

23 markets across

3 different continents

EMEA is divided into 4 geographies:

Europe, Gulf, Levant,

and Turkey

Leading provider of

Bancassurance & Direct Insurance distribution with ~150 partnerships

Strong presence across face- to-face distribution networks:

Over 4,000 captive agents Circa 1,400 brokers and 3rd party networks

1 Includes Longevity Reinsurance and Benefit Funding Solutions. 2 Based on gross written premiums (GWP) 2023.

3 AMIS (Asociación Mexicana de Instituciones de Seguros), GWP 2023.

4 AACH (Asociación de Aseguradoras

de Chile), GWP 2023.

Beat all of our Next Horizon commitments

Accretive

Returns

Deliver 12-14% Adjusted ROE1

15.2%3

FY 2024

Strong Free

Cash Flow

Generate ~$20B of distributable cash2 over 5 years

$20.7B

2020-2024

Positive Operating

Leverage

Create ~$1B additional capacity to accelerate growth over 5 years

$1.2B

2020-2024

1 Excluding total notable items. Next Horizon target of 12-14% communicated at 2019 Investor Day, was updated to 13-15% in 4Q2022 earnings call. 2 Represents free cash flow of all holding companies. 3 Beginning with fourth	5
quarter and full year 2024 results and going forward, "adjusted ROE" refers to retuon equity, excluding AOCI other than FCTA and certain ceded reinsurance-related embedded derivatives.

NEW FRONTIER Commitments

STRONG	ATTRACTIVE	ALL-WEATHER
GROWTH	RETURNS	PERFORMANCE

Double-digit

Adjusted EPS Growth

from 6%1

15-17%

Adjusted ROE

from 12-14%2

-100bps

Direct Expense Ratio

from 12.3%3

$25B+

Free Cash Flow4

from ~$20B

METLIFE'S SUPERIOR VALUE PROPOSITION

Note: All New Frontier 2024-2029 commitments are shown as compared to Next Horizon commitments made at Investor Day 2019, except as otherwise indicated. 1 Not a Next Horizon commitment. Adjusted EPS growth of 6%
from 2019 to 2024, includes annualized results for 2024 based on 3Q2024 YTD. 2 Next Horizon target of 12-14% communicated at Investor Day 2019, was updated to 13-15% in 4Q2022 earnings call. 3 Direct expense ratio	6
target communicated at Investor Day 2019 (adjusted for LDTI approximately +30bps), was updated to 12.3% in 4Q2023 earnings call. 4 Represents free cash flow of all holding companies.

Powerful macro trends driving New Frontier opportunities

Global demographic shifts

…fueling retirement, health & protection needs

Democratization of	…expanding our addressable market
financial services

AI reshaping customer	…advantaging scaled players investing in technology for growth & efficiency
expectations

Convergence of asset	…creating greater opportunity for integrated business models
management & insurance

Higher interest rates

…increasing the attractiveness of fixed rate products

New Frontier strategic priorities

Extend leadership inGroup Benefits
Capitalize on uniqueretirement platform
Accelerate growth inasset management
Expand in high growth international markets

Power of

SCALE

Strategic

DIVERSIFICATION

Distribution

INNOVATION

Cutting-edge

TECHNOLOGY

NEW FRONTIER

In highly attractive

markets

With deep

competitive moats

Poised to capitalize on strong tailwinds

Growth, attractive returns, lower risk

Financial Overview

Attachments

Disclaimer

Metlife Inc. published this content on February 10, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 10, 2025 at 21:55:32.770.