First Quarter 2024 Presentation

Topic

Page No.

Net income (loss) to adjusted earnings

3

Adjusted earnings, ex. total notable items, by segment

4

Variable investment income (VII)

5

Investments

7

Direct expense ratio

8

Cash & capital

9

Appendix

10

1 The per share data for each item is calculated on a standalone basis and may not sum to the total.

3

($ in millions - except per share data)

1Q24

1Q23

% Change

% Change

Key Drivers1

(Constant Rate)

Favorable

Unfavorable

Group Benefits

$284

$307

(7%)

Underwriting Margins

Retirement and Income Solutions

399

400

-%

Investment Margins

Underwriting Margins

Asia

423

280

51%

57%

Investment Margins;

Underwriting Margins;

Tax Items

Equity Markets;

Latin America

233

215

8%

5%

Volume Growth;

Underwriting Margins

EMEA

77

60

28%

35%

Underwriting Margins;

Expense Margins

Volume Growth;

Investment Margins

MetLife Holdings

159

158

1%

Investment Margins

Foregone earnings2

Corporate & Other

(241)

(236)

Investment Margins

Interest on Debt;

Taxes

Adjusted Earnings ex. Total Notable Items

$1,334

$1,184

13%

13%

1 To be discussed on MetLife, Inc.'s first quarter 2024 earnings conference call and audio webcast. 2 As a result of the reinsurance transaction with Global Atlantic Financial

4

Group being effective in November 2023.

1Q23

2Q23

3Q23

4Q23

1Q24

1 Quarterly target VII range of $375 million, based on full year 2024 guidance range of ~ $1.5 billion.

5

($ in millions - post-tax1)

1Q23

2Q23

3Q23

4Q23

1Q24

Group Benefits

$-

$4

$1

$1

$4

Retirement and Income Solutions

(3)

29

35

23

73

Asia

(25)

84

37

10

56

Latin America

(2)

4

5

4

1

EMEA

-

-

-

-

-

MetLife Holdings

2

41

35

23

55

Corporate & Other

(7)

13

28

(11)

16

Total Variable Investment Income

$(35)

$175

$141

$50

$205

1 Assumes a 21% U.S. statutory tax rate.

6

1 As reported, on an adjusted basis.

7

12.3%

12.2%

Annual

Target

11.9%

FY23

1Q24

1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT).

8

Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year

9

end. 3 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods.