MetLife, Inc. 2022 CEO Letter to Shareholders

Dear Fellow Shareholders:

When MetLife sold its first insurance policy in 1868, our aspiration was clear: always deliver on the promises we make to our customers. Today, 155 years later, we are still living our purpose by helping millions of people around the world build a more confident future.

We exist to be there for our stakeholders, serving as a source of stability. Throughout our rich history, we have faced many challenges, forging strength through adversity by learning and adapting along the way to become a more efficient and nimble company - but never wavering from our core mission.

The last few years, in particular, clearly illustrate this dynamic, and we are better for it. Our shareholders are benefiting from our "all-weather" strategy and focus continuous improvement.

During these early months of 2023, economic uncertainty has been compounded by recent events across the financial system. Our strong risk management capabilities are the bedrock of MetLife, enabling us to weather economic storms for more than a century and a half. We have consistently evolved and emerged stronger through these times - and today is no different.

We remain focused on managing risk across economic cycles and controlling the things we can control to deliver for our shareholders and our other stakeholders. And as expectations continue to rise, we will not stand still. We are raising the bar further, taking MetLife to the next level.

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In 2022, MetLife's U.S. Group Benefits business was a clear leader in this attractive segment of the life insurance industry. We also saw strong performances from Retirement and Income Solutions - including its best year of pension risk transfer deals in our history - Asia, and Latin America.

As a result of consistently executing and delivering profitable growth, our performance in 2022 enabled a substantial retuof $4.9 billion of cash to our shareholders.

With our diverse set of market-leading businesses, attractive growth prospects around the world, balance sheet strength, and strong free cash flow generation, we are optimistic about MetLife's future.

I recently announced that we are increasing our adjusted ROE targetiv to 13% to 15%, reflecting our growth, as well as our sustained discipline

in pricing and capital management. We put capital to its highest and best use, reinforced by our deployment of approximately $3.8 billion of capital to support organic new business in 2022. And we are committed to responsible growth, aided by powerful analytical tools such as value of new business to produce mid-teen internal rates of retuand mid-single-digit payback periods.

Simplify our business to generate operational efficiency and an outstanding customer experience

Throughout 2022, we continued to simplify our business. As a nimbler company, MetLife is better positioned to both generate strong long-term returns for our shareholders and provide superior customer experiences.

By embracing an efficiency mindset, we have consistently operated under our rigorous expense target ratios. Our expense discipline has allowed us to generate higher earnings and has freed up our capacity to make important investments to support growth and differentiation.

In 2022, we continued our efforts to re-engineer our most complex processes and digitally enable our operations. The objective is to make it easier and more efficient for our employees to deliver for our customers. This is part of a digital technology transformation across the end-to- end customer journey to meet our customers how, where, and when they want. Our progress is reflected in rising customer satisfaction across multiple platforms.

Differentiate to drive a competitive advantage

The progress we have made to focus and simplify has enabled MetLife to drive sustainable, differentiated growth into the future.

Our ability to leverage MetLife's scale in key parts of our business sets us apart. Our U.S. Group Benefits business is a prime example. We are strategically well-positioned to drive differentiation in this industry given our scale, distribution reach, broad product portfolio, enrollment capabilities, and thought leadership.

MetLife has strong industry-leading positions in businesses and markets that generate growth and cash year after year. Our Retirement and Income Solutions business leverages our outstanding investment capabilities to put capital to work at attractive internal rates of returns in a number of businesses, including pension risk transfer, structured settlements, stable value, and capital markets investment products. Our business in Japan successfully navigated the distribution challenges presented by the pandemic to generate strong sales in 2022, laying an even sturdier foundation for future cash flow. And, in Mexico, delivering for our customers at the height of the pandemic is being rewarded in the current market with strong sales, growing PFOs, and rising persistency, accelerating our already robust growth in this key market.

Furthermore, we're well-positioned for growth in markets with more attractive secular trends, including Brazil, China, and India, where we boosted our ownership in our joint venture PNB MetLife to 47%. In the aggregate, MetLife's diverse portfolio of businesses can perform across a range of economic conditions, which we believe represents a true differentiator while underscoring our resilience.

Growing MetLife Investment Management

From a standing start 10 years ago, we have built our asset management business, MetLife Investment Management (MIM), into a leading institutional manager of public fixed income, private credit, and real estate with $162.9 billion of unaffiliated assets under managementv . We've grown MIM by leveraging our core investment strengths to build a high-return, capital- light business capable of generating a diversified stream of growing free cash flow well into the future. Growth has come organically - MIM's strong private asset and real estate origination capabilities are attractive to the market - as well as through acquisitions, initially to jumpstart our public fixed income business.

More recently, we have further supplemented our growth through two more strategic acquisitions: Affirmative Investment Management, an impact fixed income manager; and Raven Capital Management, an alternative investment manager specializing in direct asset- based investments. These acquisitions illustrate MetLife's strategic M&A capabilities while adding important investment product adjacencies that we expect to scale over time. In doing so, we will continue to grow MIM while meeting our investment clients' expanding needs with a broader array of differentiated products.

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Living our Purpose

Our Next Horizon strategy is grounded in our purpose: "Always with you, building a more confident future." By energizing our employees, we deliver for our customers and communities, which creates long-term value for our shareholders. It's a virtuous circle of driving value for all our stakeholders.

Our employees are intently focused on meeting and exceeding the ever-rising needs of our customers. Our innovative products and services provide stability during challenging times and help support our customers' financial and holistic well-being.

Last year, our employees committed to over 100,000 hours of community service globally, more than doubling our 2021 hours. MetLife Foundation also announced a strategy aimed at driving the inclusive economic mobility of underserved and underrepresented communities around the globe. This builds on MetLife's 2030 DEI commitments, through which the Foundation pledged $150 million in funding.

Raising the Bar (again)

In my shareholders letter last year, I wrote about setting the bar higher and asking more of ourselves as stewards of your capital. Twelve months later, change is the new normal and only accelerating as the world continues to be shaped by dynamic macro-economic and geopolitical forces.

The success we've accomplished over these last three years - a total shareholder retuof 61.6% compared to 24.7% for the S&P 500vi - gives us the foundation to take our current strategy to the next level and push to exceed evolving expectations. We have the runway to keep building lasting competitive differentiation, scaling our excellence while making key investments to fuel growth.

Pushing the bar higher and demanding even more from ourselves is part of the culture of excellence and efficiency mindset that we have fostered at MetLife. If we focus on what we can control, and work even smarter, we can stay ahead of the curve.