Earnings Document

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES SECOND QUARTER 2023 RESULTS

NEW YORK, August 2, 2023 - MetLife, Inc. (NYSE: MET) today announced its second quarter 2023 results.

Second Quarter Results Summary*

• Net income of $370 million, or $0.48 per share, compared to net income of $881 million, or $1.08 per share, in the second quarter of 2022.
• Adjusted earnings of $1.5 billion, or $1.94 per share, compared to adjusted earnings of $1.7 billion, or $2.13 per share, in the second quarter of 2022.
• Book value of $34.92 per share, down 7 percent from $37.52 per share at June 30, 2022.
• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $53.55 per share, up 2 percent from $52.30 per share at June 30, 2022.
• Retuon equity (ROE) of 5.4 percent.
• Adjusted ROE, excluding AOCI other than FCTA, of 14.6 percent.
• Holding company cash and liquid assets of $4.2 billion at June 30, 2023, which is above the target cash buffer of $3.0 - $4.0 billion.

Commenting on the company's results, MetLife President and CEO Michel Khalaf said: "The resilience of our all-weather strategy and our focus on what we can control - how we execute, how we invest, and how we deploy capital - were on full display in the quarter. The momentum of our market-leading businesses is driving strong underlying growth."

*Long-Duration Targeted Improvements (LDTI)

Financial results presented in this news release reflect LDTI accounting, pursuant to Financial Accounting Standards Board Accounting Standards Update No. 2018-12, which became effective on January 1, 2023. For more information, refer to "Non-GAAP and Other Financial Disclosures."

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Total Company Discussion

MetLife reported second quarter 2023 premiums, fees and other revenues of $13.6 billion, essentially flat compared to the second quarter of 2022. Adjusted premiums, fees and other revenues were $13.6 billion, up 1 percent on a reported basis and up 1 percent on a constant currency basis from the prior-year period.

Net investment income was $5.1 billion, up 42 percent from the second quarter of 2022, driven by increases 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, up 12 percent from the prior-year period, largely driven by higher interest rates and asset growth.

Net investment losses were $1.0 billion, or $821 million after tax during the quarter, primarily the result of certain required accounting adjustments associated with the pending reinsurance transaction with Global Atlantic Financial Group. Net derivative losses amounted to $997 million, or $788 million after tax during the quarter, primarily driven by changes in currency rates, stronger equity markets and higher interest rates. Net derivative losses were mostly offset by market risk benefit (MRB) remeasurement gains, also due to higher equity markets and interest rates.

Net income was $370 million, primarily driven by net investment losses associated with the pending reinsurance transaction, compared to net income of $881 million in the second quarter of 2022. On a per share basis, net income was $0.48, compared to net income of $1.08 in the prior-year period.

MetLife reported adjusted earnings of $1.5 billion, down 14 percent on a reported basis and down 15 percent on a constant currency basis from the second quarter of 2022. On a per share basis, adjusted earnings were $1.94, down 9 percent from the prior-year period.

Adjusted Earnings by Segment Summary*

*The percentages in this table are on a reported and constant currency basis.

Business Discussions

All comparisons of the results for the second quarter of 2023 in the business discussions that follow are with the second quarter of 2022, unless otherwise noted. There were no notable items in the second quarter of 2023, as indicated in the notable items table which follows the Business Discussions section of this release.

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U.S.

• Adjusted earnings were $789 million, up 1 percent, primarily driven by higher recurring interest margins and volume growth, partially offset by less favorable underwriting margins and variable expenses.
• Adjusted premiums, fees and other revenues were $8.8 billion, up 1 percent, primarily driven by growth in Group Benefits and strong structured settlement sales in RIS, partially offset by higher pension risk transfer sales in the prior-year period.

Group Benefits

• Adjusted earnings were $372 million, down 8 percent, primarily driven by less favorable underwriting margins and variable expenses, partially offset by volume growth.
• Adjusted premiums, fees and other revenues were $6.0 billion, up 4 percent, driven by solid underlying growth across most products, including voluntary.
• Sales were up 13 percent year-to-date, driven by strong growth across all market segments.

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Retirement and Income Solutions

• Adjusted earnings were $417 million, up 11 percent, largely driven by higher recurring interest margins and volume growth, partially offset by lower variable investment income.
• Adjusted premiums, fees and other revenues were $2.8 billion, down 7 percent, as a result of pension risk transfer sales of $2.0 billion compared to $2.6 billion in the prior-year period.
• Excluding pension risk transfers, adjusted premiums, fees and other revenues were $799 million, up 73 percent, primarily driven by strong structured settlement sales and growth in UK longevity reinsurance.
• Sales were down 28 percent year-to-date, primarily due to higher stable value sales in the prior-year period, partially offset by strong structured settlement sales in the current-year period.

ASIA

• Adjusted earnings were $431 million, down 11 percent on a reported basis, and down 9 percent on a constant currency basis, largely driven by lower variable investment income.
• Adjusted premiums, fees and other revenues were $1.7 billion, down 6 percent, and down 1 percent on a constant currency basis.
• Asia general account assets under management (at amortized cost) were $125.3 billion, up 2 percent, and up 5 percent on a constant currency basis.
• Sales were $622 million, up 34 percent on a constant currency basis, driven by strong sales across the region, particularly in Japan.

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