MetLife, Inc. 2023 CEO Letter to Shareholders

A letter from

our CEO

2 CEO's Letter

A prime example of our disciplined approach to capital is our $19 billion risk transfer deal that closed last November. This transaction improved MetLife's enterprise risk profile, allowed for significant capital redeployment and further optimizes our business mix. Another positive feature of this innovative deal, MetLife Investment Management (MIM) - our growing institutional asset manager - is managing a portion of the transferred assets, providing a further source of fee- based revenue.

Simplify

By embracing an efficiency mindset, we have become a nimbler company, better positioned to generate long-term returns for our shareholders and deliver outstanding experiences for our customers. We have made progress in evolving how we work, strengthening cross-functional alignment and collaboration. Accelerating business process re-engineering and adopting agile ways of working have unlocked efficiencies, helping us beat our

aggressive direct expense ratioi targetsii - and lower our targets even further - most recently from 12.6% to 12.3%, all while improving our employee and customer experience.

The expense ratio is a powerful example of the discipline we apply in running our business. Driving process efficiencies, prudently managing expenses and leveraging technology for better outcomes play an important role. But the true operating leverage behind this measure is the capacity to grow revenues at a faster rate than expenses. Here at MetLife, we aim to do both - increase revenues and reduce expenses

- pushing to deliver on our newly lowered expense ratio target.

Differentiate

In order to continue to protect and grow our market-leading positions in a dynamic environment, we have prioritized further differentiating

ourselves. Our strong business performance and expense leverage supports this by freeing up resources to fund investments in initiatives and capabilities that benefit our customers. This includes developing new products to meet their evolving needs and digitizing our customer journey to provide a better end-to-end experience, resulting in greater customer satisfaction.

For example, we have expanded our digital platforms in Group Benefits and MIM to increase engagement and meet evolving customer expectations. In Latin America, we launched a new platform that integrates insurance solutions into the existing customer journeys of our distribution partners - such as banks, financial institutions, retailers, and others, transforming the way customers interact with us and meeting them where they are.

Gaining Momentum

While macroeconomic and geopolitical uncertainty were hallmarks of 2023, the underlying fundamentals of MetLife's business have never been stronger. We generated adjusted earningsiii of $5.6 billion and delivered an adjusted ROEiv of 13.8% - achieving our target for this critical metric. The unyielding execution of our strategy has been a force in driving momentum across our portfolio of exceptional businesses.

• In Group Benefits, we posted close to $24 billion in adjusted premiums, fees, and other revenues (PFO) - an all-time record - and generated adjusted earningsiii of more than $1.6 billion, another all-time record. We continue to invest in this flagship business with a focus on further differentiating the employee benefits experience to drive benefits engagement,

We continue to view the office environment as part of a positive, vital work experience. We believe that by bringing people together in the office, we lay the foundation for alignment, new ideas, strong and enduring working relationships and provide a place where our teams can do their best work. Our work model was designed with deep review and intention to allow for in- office connection while providing flexibility and driving employee engagement. We believe there is a clear link between this and our company performance.

A New Inflection Point

As I write to you now after five years leading MetLife, the company is again at an inflection point. This time, we are poised to build on our strong foundation with a growth mindset and a range of opportunities that would not have been possible just a few years ago.

We are engaged in a thoughtful process to articulate the next phase of our strategic journey. This will not be an abrupt departure from what has successfully served our stakeholders, but rather an evolution. As we've raised the bar during Next Horizon, asking more of ourselves than our stated goals, we've already started advancing toward the next phase of our strategy.

In my first CEO letter to you, I shared that we chose the name "Next Horizon" to emphasize our focus on long-term success. Our eyes were focused on what is "next" - and that's still true today.

That mindset, along with the core principles of Next Horizon, anchor our future actions and will remain embedded in our strategic thinking as we move ahead.

I want to thank our team for going above and beyond for our stakeholders over the past five years, at a time when they were also contending with many life challenges. I am energized by the passion and commitment of our teams and the resilience of our organization.

Sincerely,

Michel A. Khalaf

President and Chief Executive Officer

MetLife, Inc.

April 24, 2024

1. Excluding total notable items related to direct expenses and pension risk transfers.
2. One to three years.
3. Excluding total notable items.
4. Adjusted retuon equity (ROE) is excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA) and total notable items.

6 CEO's Letter

Forward-Looking Statements

The forward-looking statements in this disclosure, using words such as "ahead," "believe," "commit," "confident," "continue," "exceed," "expect," "future," "goal," "grow," "remain," "return," and "will" are based on assumptions and expectations that involve risks and uncertainties, including the "Risk Factors" MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements.

NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this CEO Letter, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable efforts to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income.

MetLife's definitions of non-GAAP and other financial measures discussed in this CEO Letter may differ from those used by other companies:

8 CEO's Letter

Adjusted earnings and related measures

• adjusted earnings;
• adjusted earnings available to common shareholders; and
• adjusted earnings available to common shareholders, excluding total notable items.

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife's GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management's and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.

Effective January 1, 2023, MetLife adopted ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended ("LDTI"), with a transition date of January 1, 2021, which impacted the calculation of adjusted earnings. Due to the adoption of LDTI, the measurement model was simplified for DAC and value of business acquired ("VOBA"), and most embedded derivatives were reclassified as market risk benefits. As a result, MetLife updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with market risk benefits, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

Adjusted revenues and adjusted expenses

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife's financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:

• Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments").
• Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
• Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity

business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

• Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total retuof a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.

Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Other adjustments are made to the line items indicated in calculating adjusted earnings:

• Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs").
• Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
• Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
• Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium which is reported as a reduction to net income (loss) available to MetLife, Inc.'s common shareholders.

Retuon equity and related measures

• Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: total MetLife, Inc.'s common stockholders' equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-

specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

• Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA): total MetLife, Inc.'s common stockholders' equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, and total notable items, net of income tax.
• Retuon MetLife, Inc.'s common stockholders' equity: net income (loss) available to MetLife, Inc.'s common shareholders divided by MetLife, Inc.'s average common stockholders' equity.
• Adjusted retuon MetLife, Inc.'s common stockholders' equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity.
• Adjusted retuon MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA.
• Adjusted retuon MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA).

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses.

Expense ratio, direct expense ratio, adjusted expense ratio and related measures

• Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
• Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of

employee-related costs, third-party staffing costs, and general and administrative expenses.

• Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
• Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
• Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.