Earnings Document

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES THIRD QUARTER 2022 RESULTS

NEW YORK, November 2, 2022 - MetLife, Inc. (NYSE: MET) today announced its third quarter 2022 results.

Third Quarter Results Summary

• Net income of $331 million, or $0.41 per share, compared to net income of $1.5 billion, or $1.77 per share, in the third quarter of 2021.
• Adjusted earnings of $966 million, or $1.21 per share, compared to adjusted earnings of $2.1 billion, or $2.39 per share, in the third quarter of 2021.
• Book value of $27.00 per share, down 65 percent from $77.24 per share at September 30, 2021.
• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $54.37 per share, down 5 percent from $57.29 per share at September 30, 2021.
• Retuon equity (ROE) of 4.9 percent.
• Adjusted ROE, excluding AOCI other than FCTA, of 8.9 percent.
• Holding company cash and liquid assets of $5.2 billion at September 30, 2022, which is above the target cash buffer of $3.0 - $4.0 billion.

"Against the current backdrop, we are pleased with the execution of our Next Horizon strategy, which continues to demonstrate its resilience," said MetLife President and CEO Michel Khalaf. "The strong underlying growth fundamentals of our diversified set of market-leading businesses position MetLife to perform well across a range of economic cycles."

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Total Company Discussion

MetLife reported third quarter 2022 premiums, fees and other revenues of $19.6 billion, up 68 percent from the third quarter of 2021. Adjusted premiums, fees and other revenues were $19.5 billion, up 71 percent on a reported basis and up 78 percent on a constant currency basis from the prior-year period.

Net investment income was $3.6 billion, down 36 percent from the third quarter of 2021, largely driven by lower variable investment income primarily due to lower private equity returns. Adjusted net investment income was $4.2 billion, down 27 percent from the prior-year period, driven by lower variable investment income primarily due to lower private equity returns.

Net derivative losses amounted to $480 million, or $379 million after tax during the quarter, primarily driven by an increase in long-term interest rates.

Net income was $331 million, compared to net income of $1.5 billion in the third quarter of 2021, primarily driven by derivative and investment losses in the current-year period. On a per share basis, net income was $0.41, compared to net income of $1.77 in the prior-year period.

MetLife reported adjusted earnings of $966 million, down 53 percent on a reported basis and down 52 percent on a constant currency basis from the third quarter of 2021. On a per share basis, adjusted earnings were $1.21, down 49 percent from the prior-year period.

Annual Actuarial Assumption Review and Other Insurance Adjustments

In the third quarter of 2022, MetLife performed the company's annual global actuarial assumption review. The actuarial assumption review and other insurance adjustments during the quarter increased net income by $54 million, of which $34 million positively impacted adjusted earnings.

Adjusted Earnings by Segment Summary*

• The percentages in this table are on a reported and constant currency basis, and do not exclude notable items.
• Not meaningful. For more information, refer to "Non-GAAP and Other Financial Disclosures".

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Business Discussions

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

U.S.

• Adjusted earnings were $744 million, down 17 percent, primarily driven by lower variable investment income partially offset by a decline in COVID-19 life insurance claims.
• Excluding notable items from both periods, adjusted earningswere down 27 percent.
• Adjusted retuon allocated equity was 26.1 percent, and adjusted retuon allocated tangible equity was 35.0 percent.
• Adjusted premiums, fees and other revenues were $15.0 billion, up 134 percent, primarily driven by higher pension risk transfer sales.

Group Benefits

• Adjusted earnings were $399 million, up 259 percent, primarily driven by favorable underwriting, including a decline in COVID-19 life insurance claims, and volume growth.
• Adjusted premiums, fees and other revenues were $5.7 billion, up 3 percent, primarily driven by solid growth across most products, including voluntary, partially offset by higher premiums in the prior year related to participating life contracts. Premiums, fees and other revenues from participating life contracts can fluctuate with claims experience.
• Sales were down 18 percent year-to-date due to lower jumbo case activity.

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Retirement and Income Solutions

• Adjusted earnings were $345 million, down 56 percent, largely driven by lower variable investment income. The notable item in the current-year period, related to a favorable reinsurance recapture, was a partial offset.
• Excluding notable items from both periods, adjusted earningswere down 68 percent.
• Adjusted premiums, fees and other revenues were $9.3 billion, compared to $891 million in the third quarter of 2021, primarily driven by a large pension risk transfer transaction.
• Excluding pension risk transfers, adjusted premiums, fees and other revenues were $793 million, down 13 percent, primarily due to higher single premium life insurance sales in the prior-year period.
• Sales were up 59 percent year-to-date, primarily driven by pension risk transfer transactions and stable value products.

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