Earnings Document

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES SECOND QUARTER 2022 RESULTS

NEW YORK, Aug. 3, 2022 - MetLife, Inc. (NYSE: MET) today announced its second quarter 2022 results.

Second Quarter Results Summary

• Net income of $103 million, or $0.13 per share, compared to net income of $3.4 billion, or $3.83 per share, in the second quarter of 2021.
• Adjusted earnings of $1.6 billion, or $2.00 per share, compared to adjusted earnings of $2.1 billion, or $2.37 per share, in the second quarter of 2021.
• Book value of $41.73 per share, down 45 percent from $75.86 per share at June 30, 2021.
• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $55.54 per share, down 1 percent from $56.38 per share at June 30, 2021.
• Retuon equity (ROE) of 1.0 percent.
• Adjusted ROE, excluding AOCI other than FCTA, of 14.3 percent.
• Holding company cash and liquid assets of $4.5 billion at June 30, 2022, which is above the target cash buffer of $3.0 - $4.0 billion.

"MetLife reported strong financial results in the second quarter despite a challenging environment," said MetLife President and CEO Michel Khalaf. "Underlying business performance remains robust, supported by solid capitalization and ample liquidity."

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Total Company Discussion

MetLife reported second quarter 2022 premiums, fees and other revenues of $13.9 billion, up 23 percent from the second quarter of 2021. Adjusted premiums, fees and other revenues were $13.8 billion, up 24 percent on a reported basis and up 28 percent on a constant currency basis from the prior-year period.

Net investment income was $3.6 billion, down 32 percent from the second quarter of 2021, driven by unfavorable changes in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP and lower variable investment income primarily due to lower private equity returns. Adjusted net investment income was $4.5 billion, down 12 percent from the prior-year period, largely driven by lower variable investment income primarily due to lower private equity returns.

Net derivative losses amounted to $1.2 billion, or $944 million after tax during the quarter, driven by an increase in long-term interest rates and foreign currency exchange rate changes.

Net income was $103 million, compared to net income of $3.4 billion in the second quarter of 2021, primarily driven by derivative and investment losses in the current-year period and a gain from the sale of the Property & Casualty business in the prior-year period. On a per share basis, net income was $0.13, compared to net income of $3.83 in the prior-year period.

MetLife reported adjusted earnings of $1.6 billion, down 22 percent on a reported basis and down 20 percent on a constant currency basis from the second quarter of 2021. On a per share basis, adjusted earnings were $2.00, down 16 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 second quarter of 2022 in the business discussions that follow are with the second quarter of 2021, unless otherwise noted. The second quarter of 2022 notable items table follows the Business Discussions section of this release.

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U.S.

• Adjusted earnings were $788 million, down 13 percent, primarily driven by lower variable investment income. Favorable underwriting and volume growth were partial offsets.
• Adjusted retuon allocated equity was 27.6 percent, and adjusted retuon allocated tangible equity was 37.0 percent.
• Adjusted premiums, fees and other revenues were $8.9 billion, up 46 percent, primarily driven by higher pension risk transfer sales.

Group Benefits

• Adjusted earnings were $400 million, up 61 percent, primarily driven by favorable underwriting, including a decline in COVID-19 life insurance claims, and volume growth.
• Adjusted premiums, fees and other revenueswere $5.8 billion, up 3 percent, primarily driven by solid growth across most products, including voluntary, partially offset by the impact of participating contracts, where premiums, fees and other revenues can fluctuate with claims experience.
• Sales were down 22 percent year-to-date due to lower jumbo case activity.

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Retirement and Income Solutions

*Not meaningful. For more information, refer to "Non-GAAP and Other Financial Disclosures".

• Adjusted earnings were $388 million, down 41 percent, largely driven by lower variable investment income.
• Adjusted premiums, fees and other revenues were $3.2 billion, compared to $537 million in the second quarter of 2021, primarily driven by higher pension risk transfer sales.
• Excluding pension risk transfers, adjusted premiums, fees and other revenues were $623 million, up 13 percent, primarily due to growth in UK longevity reinsurance.
• Sales were up 30 percent year-to-date, primarily driven by pension risk transfers and stable value products.

ASIA

• Adjusted earnings were $386 million, down 26 percent on a reported basis, and down 22 percent on a constant currency basis, largely driven by lower variable investment income and unfavorable underwriting, partially offset by volume growth.
• Adjusted retuon allocated equity was 10.7 percent, and adjusted retuon allocated tangible equity was 16.1 percent.
• Adjusted premiums, fees and other revenues were $1.9 billion, down 6 percent, and up 7 percent on a constant currency basis.
• Asia general account assets under management (at amortized cost) were $122.3 billion, down 6 percent, and up 5 percent on a constant currency basis.
• Sales were $481 million, up 2 percent on a constant currency basis, primarily driven by sales in Japan.

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