Earnings Document

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES FULL YEAR AND FOURTH QUARTER

2022 RESULTS

NEW YORK, February 1, 2023 - MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2022 results.

Full Year Results Summary

• Net income of $2.4 billion, compared to net income of $6.4 billion for the full year 2021. Net income of $2.91 per share, down 60 percent from the prior year.
• Adjusted earnings of $5.5 billion, compared to adjusted earnings of $8.0 billion for the full year 2021. Adjusted earnings of $6.85 per share, down 25 percent from the prior year.
• Adjusted earnings, excluding total notable items, of $5.4 billion, compared to $7.9 billion for the full year 2021. On a per share basis, adjusted earnings, excluding total notable items, of $6.72, down 26 percent from $9.07 for the full year 2021.
• Book value of $29.81 per share, down 61 percent from $77.12 per share at December 31, 2021.
• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $56.34 per share, down 2 percent from $57.65 per share at December 31, 2021.
• Retuon equity (ROE) of 6.1 percent.
• Adjusted ROE, excluding AOCI other than FCTA, of 12.3 percent.
• Holding company cash and liquid assets of $5.4 billion at December 31, 2022, which is above the target cash buffer of $3.0 - $4.0 billion.

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Fourth Quarter Results Summary

• Net income of $1.3 billion, or $1.66 per share, compared to net income of $1.2 billion, or $1.39 per share, in the fourth quarter of 2021.
• Adjusted earnings of $1.2 billion, or $1.55 per share, compared to adjusted earnings of $1.8 billion, or $2.17 per share, in the fourth quarter of 2021.
• Adjusted earnings, excluding total notable items, of $1.2 billion, or $1.55 per share, compared to adjusted earnings, excluding total notable items, of $1.7 billion, or $2.01 per share, in the fourth quarter of 2021.
• ROE of 23.6 percent.
• Adjusted ROE, excluding AOCI other than FCTA, of 11.3 percent.

Commenting on the company's results, MetLife President and CEO Michel Khalaf said: "MetLife's strong underlying fundamentals were on full display in the fourth quarter and full year of 2022. With our great set of market-leading businesses, good growth prospects around the world, and the strength of our balance sheet and our free cash flow, I believe MetLife is very well-positioned for the future. As we begin 2023, we are raising the bar and setting our standards higher as we focus on creating value for all of our stakeholders."

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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-GAAP and Other Financial Disclosures" below and in the tables that accompany this news release.

Supplemental slides for the fourth quarter of 2022, titled "4Q22 Supplemental Slides and Outlook," are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Additionally, further information is available under the heading "Consolidated Company Outlook" in Item 8.01 of the Form 8-K.

Total Company Discussion

MetLife reported fourth quarter 2022 premiums, fees and other revenues of $11.3 billion, down 25 percent from the fourth quarter of 2021. Adjusted premiums, fees and other revenues were $11.3 billion, down 25 percent on a reported basis and down 23 percent on a constant currency basis from the prior-year period.

Net investment income was $4.5 billion, down 15 percent from the fourth quarter of 2021, largely driven by lower variable investment income primarily due to lower private equity returns. Adjusted net investment income was $4.5 billion, down 13 percent from the prior-year period, driven by lower variable investment income primarily due to lower private equity returns.

Net derivative gains amounted to $162 million, or $128 million after tax during the quarter, primarily driven by a weakening of the U.S. dollar.

Net income was $1.3 billion, compared to net income of $1.2 billion in the fourth quarter of 2021, primarily driven by net investment and net derivative gains. On a per share basis, net income was $1.66, compared to net income of $1.39 in the prior-year period.

MetLife reported adjusted earnings of $1.2 billion, down 33 percent on a reported basis and down 32 percent on a constant currency basis from the fourth quarter of 2021. On a per share basis, adjusted earnings were $1.55, down 29 percent from the prior-year period.

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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 fourth quarter of 2022 in the business discussions that follow are with the fourth quarter of 2021, unless otherwise noted. There were no notable items in the fourth quarter of 2022, as indicated in the notable items table which follows the Business Discussions section of this release.

U.S.

• Adjusted earnings were $771 million, up 20 percent, primarily driven by favorable underwriting and volume growth, partially offset by lower variable investment income.
• Adjusted retuon allocated equity was 27.0 percent, and adjusted retuon allocated tangible equity was 36.2 percent.
• Adjusted premiums, fees and other revenues were $6.7 billion, down 34 percent, primarily driven by higher pension risk transfer sales in the prior-year period.

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