Earnings Document

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES FIRST QUARTER 2022 RESULTS

NEW YORK, May 4, 2022 -MetLife, Inc. (NYSE: MET) today announced its first quarter 2022 results.

First Quarter Results Summary

• •Net income of $606 million, or $0.73 per share, compared to net income of $290 million, or $0.33 per share, in the first quarter of 2021.

• •Adjusted earnings of $1.7 billion, or $2.08 per share, compared to adjusted earnings of $2.0 billion, or $2.20 per share, in the first quarter of 2021.

  

• •Book value of $61.55 per share, down 12 percent from $70.08 per share at March 31, 2021.

• •Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $57.12 per share, up 7 percent from $53.16 per share at March 31, 2021.

• •Retuon equity (ROE) of 4.3 percent.

• •Adjusted ROE, excluding AOCI other than FCTA, of 14.7 percent.

• •Holding company cash and liquid assets of $4.2 billion atMarch 31, 2022, which is above the target cash buffer of $3.0 - $4.0 billion.

"Building on our outstanding performance in 2021, MetLife delivered strong financial results in the first quarter of 2022," said MetLife President and CEO Michel Khalaf. "While global uncertainty persists, we remain laser focused on consistent execution."

First Quarter 2022 Summary

Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in "Non-GAAPand Other Financial Disclosures" below and in the tables that accompany this news release.

Supplemental slides for the first quarter of 2022, titled "1Q22 Supplemental Slides," areavailable on the MetLife Investor Relations website athttps://investor.metlife.comand in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release.

Total Company Discussion

MetLife reported first quarter 2022 premiums, fees and other revenues of $12.8 billion, up 4 percent from the first quarter of 2021. Adjusted premiums, fees and other revenues were $12.7 billion, up 12 percent on a reported basis and up 14 percent on a constant currency basis from the prior-year period.

Net investment income was $4.3 billion, down 19 percent from the first quarter of 2021. The decline in net investment income was driven by unfavorable changes in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.0 billion, down 6 percent from the prior-year period, largely driven by lower variable investment income.

Net derivative losses amounted to $859 million, or $679 million after tax during the quarter, driven by an increase in long-term interest rates.

Net income was $606 million, compared to net income of $290 million in the first quarter of 2021, primarily driven by higher derivative losses in the prior-year period. On a per share basis, net income was $0.73, compared to net income of $0.33 in the prior-year period.

MetLife reported adjusted earnings of $1.7 billion, down 12 percent on a reported basis and down 10 percent on a constant currency basis from the first quarter of 2021. On a per share basis, adjusted earnings were $2.08, down 5 percent from the prior-year period.

Adjusted Earnings by Segment Summary*

* The percentages in this table are on a reported and constant currency basis, and do not exclude notable items.

Business Discussions

All comparisons of the results for the first quarter of 2022 in the business discussions that follow are with the first quarter of 2021, unless otherwise noted. The first quarter of 2022 notable items table follows the Business Discussions section of this release.

U.S.

• •Adjusted earningswere $693 million, down 12 percent, primarily driven by lower variable investment income. A decline in COVID-19 life insurance claims and favorable volume growth were partial offsets.

• •Adjusted retuon allocated equitywas 24.3 percent, and adjusted retuon allocated tangible equity was 32.6 percent.

• •Adjusted premiums, fees and other revenueswere $7.9 billion, up 23 percent, driven byhigher pension risk transfer sales and solid growth across Group Benefits.

Group Benefits

• •Adjusted earningswere $112 million, up 20 percent, primarily driven by a decline in COVID-19 life insurance claims and favorable volume growth.

• •Adjusted premiums, fees and other revenueswere $6.0 billion, up 7 percent, primarily driven by solid growth across most products, including voluntary, and the impact of participating contracts, where premiums, fees and other revenues can fluctuate with claims experience.

• •Saleswere down 31 percent due to higher jumbo case activity in the prior-year period.

Retirement and Income Solutions

• •Adjusted earningswere $581 million, down 16 percent, largely driven by lower variable investment income, partially offset by volume growth.

• •Adjusted premiums, fees and other revenueswere $1.9 billion, up 149 percent, largely driven by higher pension risk transfer sales.

• •Excluding pension risk transfers, adjusted premiums, fees and other revenueswere $625 million, down 17 percent, primarily due to higher single-premium annuity and life insurance sales in the prior-year period.

• •Saleswere up 6 percent, primarily driven by stable value products and pension risk transfers.

ASIA

• •Adjusted earningswere $580 million, down 7 percent on a reported basis, and down 4 percent on a constant currency basis, largely driven by lower recurring interest margins and less favorable equity markets. Volume growth was a partial offset.

• •Adjusted retuon allocated equitywas 16.1 percent, and adjusted retuon allocated tangible equity was 24.1 percent.

• •Adjusted premiums, fees and other revenueswere $2.0 billion, down 6 percent, and up 1 percent on a constant currency basis.

• •Asia general account assets under management (at amortized cost)were $129.9 billion, up 2 percent, and up 7 percent on a constant currency basis.

• •Saleswere $582 million, up 2 percent on a constant currency basis, primarily driven by strong sales in Japan.

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Metlife Inc. published this content on 04 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2022 20:50:01 UTC.