EX-99.2 3 ex992qfsq325.htm EX-99.2 Document
Exhibit 99.2




 image0a45.jpg
Third Quarter
Financial Supplement
September 30, 2025
3

METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Revenues
Premiums$10,647 $12,617 $11,723 $10,810 $10,555 $32,328 $33,088 
Universal life and investment-type product policy fees1,228 1,217 1,229 1,259 1,247 3,757 3,735 
Net investment income5,227 5,405 4,885 5,661 6,089 15,868 16,635 
Other revenues648 641 687 679 724 1,960 2,090 
Net investment gains (losses)(77)(311)(387)(273)(325)(873)(985)
Net derivative gains (losses)767 (903)432 (796)(929)(720)(1,293)
Total revenues18,440 18,666 18,569 17,340 17,361 52,320 53,270 
Expenses
Policyholder benefits and claims10,597 12,572 11,806 10,767 10,369 32,156 32,942 
Policyholder liability remeasurement (gains) losses(132)(42)(31)5 (159)(164)(185)
Market risk benefit remeasurement (gains) losses531 (764)299 (277)(263)(345)(241)
Interest credited to policyholder account balances2,037 2,012 1,647 2,400 2,561 6,327 6,608 
Policyholder dividends150 150 144 146 134 445 424 
Amortization of DAC, VOBA and negative VOBA509 517 519 528 522 1,504 1,569 
Interest expense on debt257 259 258 269 271 778 798 
Other expenses, net of capitalization of DAC2,497 2,581 2,573 2,522 2,716 7,378 7,811 
Total expenses16,446 17,285 17,215 16,360 16,151 48,079 49,726 
Income (loss) before provision for income tax1,994 1,381 1,354 980 1,210 4,241 3,544 
Provision for income tax expense (benefit)653 106 404 245 308 1,072 957 
Net income (loss) 1,341 1,275 950 735 902 3,169 2,587 
Less: Net income (loss) attributable to noncontrolling interests(1)4 5 6 6 14 17 
Net income (loss) attributable to MetLife, Inc.1,342 1,271 945 729 896 3,155 2,570 
Less: Preferred stock dividends67 32 66 31 66 168 163 
 Preferred stock redemption premium — — — — 12 — 12 
Net income (loss) available to MetLife, Inc.'s common shareholders$1,275 $1,239 $879 $698 $818 $2,987 $2,395 
Premiums, fees and other revenues$12,523 $14,475 $13,639 $12,748 $12,526 $38,045 $38,913 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Net income (loss) available to MetLife, Inc.'s common shareholders$1,275 $1,239 $879 $698 $818 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (77)(311)(387)(273)(325)
Less: Net derivative gains (losses)767 (903)432 (796)(929)
Less: Market risk benefit remeasurement gains (losses)(531)764 (299)277 263 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(65)(118)(234)(61)20 
Less: Provision for income tax (expense) benefit (195)352 23 195 223 
Add: Net income (loss) attributable to noncontrolling interests(1)4 5 6 6 
Add: Preferred stock redemption premium— — — — 12 
Adjusted earnings available to common shareholders1,375 1,459 1,349 1,362 1,584 
Less: Total notable items (2)16 10 — — 18 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,359 $1,449 $1,349 $1,362 $1,566 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.81 $1.78 $1.28 $1.03 $1.22 
Less: Net investment gains (losses)(0.11)(0.45)(0.56)(0.40)(0.49)
Less: Net derivative gains (losses)1.09 (1.29)0.63 (1.18)(1.39)
Less: Market risk benefit remeasurement gains (losses)(0.75)1.09 (0.44)0.41 0.39 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.09)(0.15)(0.33)(0.10)0.04 
Less: Provision for income tax (expense) benefit(0.28)0.50 0.03 0.29 0.33 
Add: Net income (loss) attributable to noncontrolling interests— 0.01 0.01 0.01 0.01 
Add: Preferred stock redemption premium— — — — 0.02 
Adjusted earnings available to common shareholders per diluted common share 1.95 2.09 1.96 2.02 2.37 
Less: Total notable items per diluted common share (2)0.02 0.01 — — 0.03 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$1.93 $2.08 $1.96 $2.02 $2.34 
For the Three Months Ended
Unaudited (In millions, except per share data)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$16 $— $— $— $89 
Litigation reserves and settlement costs— (47)— — — 
Tax adjustments — 57 — — (71)
Total notable items $16 $10 $— $— $18 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$0.02 $— $— $— $0.13 
Litigation reserves and settlement costs— (0.07)— — — 
Tax adjustments— 0.08 — — (0.11)
Total notable items $0.02 $0.01 $— $— $0.03 
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Weighted average common shares outstanding - diluted703.7 697.9 687.0 675.0 669.1 
(1)See Pages A-1 and A-7 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Pages A-2 and A-3 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3
METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedSeptember 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Book value per common share (1) $39.02 $34.28 $35.16 $35.79 $39.52 
Adjusted book value per common share (1)$54.72 $54.81 $55.01 $56.23 $56.57 
For the Three Months Ended
UnauditedSeptember 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Return on MetLife, Inc.'s (2):
Common stockholders' equity 20.2 %19.6 %14.9 %11.7 %13.1 %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity14.6 %15.4 %14.4 %14.6 %16.9 %
Adjusted common stockholders' equity, excluding total notable items (3)
14.4 %15.3 %14.4 %14.6 %16.7 %
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Common shares outstanding, beginning of period703.8 693.7 689.2 673.3 666.8 
Share repurchases (10.5)(4.6)(17.0)(6.5)(6.3)
Newly issued shares0.4 0.1 1.1 — 0.2 
Common shares outstanding, end of period 693.7 689.2 673.3 666.8 660.7 
Weighted average common shares outstanding - basic699.3 693.0 682.3 670.8 664.7 
Dilutive effect of the exercise or issuance of stock-based awards 4.4 4.9 4.7 4.2 4.4 
Weighted average common shares outstanding - diluted703.7 697.9 687.0 675.0 669.1 
MetLife Policyholder Trust Shares113.1 111.6 110.1 108.6 107.4 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

4
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Total revenues$18,440 $18,666 $18,569 $17,340 $17,361 $52,320 $53,270 
Less: Adjustments to total revenues:
Net investment gains (losses)(77)(311)(387)(273)(325)(873)(985)
Net derivative gains (losses)767 (903)432 (796)(929)(720)(1,293)
Investment hedge adjustments(129)(127)(103)(102)(100)(477)(305)
Asymmetrical and non-economic accounting50 34 36 42 78 124 156 
Joint venture adjustments
66 16 (42)16 (8)66 (34)
Unit-linked contract income
147 183 (227)498 580 908 851 
Reinsurance adjustments
— 31 43 47 177 — 267 
Other adjustments, excluding Unit-linked contract income and Reinsurance adjustments
(14)(11)(15)(16)(15)(37)(46)
Divested businesses
16 16 5 3 2 16 10 
Total adjusted revenues$17,614 $19,738 $18,827 $17,921 $17,901 $53,313 $54,649 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Net investment income$5,227 $5,405 $4,885 $5,661 $6,089 $15,868 $16,635 
Less: Adjustments to net investment income:
Investment hedge adjustments(129)(127)(103)(102)(100)(477)(305)
Joint venture adjustments
66 16 (42)16 (8)66 (34)
Unit-linked contract income
147 183 (227)498 580 908 851 
Reinsurance adjustments
— 31 43 47 177 — 267 
Divested businesses — 1 1 — — — 1 
Adjusted net investment income$5,143 $5,301 $5,213 $5,202 $5,440 $15,371 $15,855 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Variable investment income (Included in net investment income above)$162 $293 $327 $195 $483 $720 $1,005 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Premiums, fees and other revenues$12,523 $14,475 $13,639 $12,748 $12,526 $38,045 $38,913 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting50 34 36 42 78 124 156 
Other adjustments(14)(11)(15)(16)(15)(37)(46)
Divested businesses
16 15 4 3 2 16 9 
Adjusted premiums, fees and other revenues$12,471 $14,437 $13,614 $12,719 $12,461 $37,942 $38,794 
Adjusted premiums, fees and other revenues, on a constant currency basis$12,480 $14,569 $13,779 $12,751 $12,461 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Total expenses$16,446 $17,285 $17,215 $16,360 $16,151 $48,079 $49,726 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses531 (764)299 (277)(263)(345)(241)
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting72 46 139 31 18 276 188 
Market volatility(52)(49)(44)(40)(49)(207)(133)
Unit-linked contract costs
143 185 (234)486 578 896 830 
Reinsurance adjustments
— 30 42 45 135 — 222 
Other adjustments, excluding Unit-linked contract costs and Reinsurance adjustments
12 25 19 21 2 24 42 
Divested businesses
26 23 9 6 10 34 25 
Total adjusted expenses$15,714 $17,789 $16,985 $16,088 $15,720 $47,401 $48,793 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Capitalization of DAC $(691)$(719)$(698)$(787)$(852)$(2,114)$(2,337)
Less: Divested businesses— — — — — — — 
Adjusted capitalization of DAC$(691)$(719)$(698)$(787)$(852)$(2,114)$(2,337)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Other expenses $3,188 $3,300 $3,271 $3,309 $3,568 $9,492 $10,148 
Less: Adjustments to other expenses:
Reinsurance adjustments
— 30 42 45 135 — 222 
Other adjustments, excluding Reinsurance adjustments
12 25 19 21 2 24 42 
Divested businesses17 13 8 7 9 25 24 
Adjusted other expenses$3,159 $3,232 $3,202 $3,236 $3,422 $9,443 $9,860 
Adjusted other expenses, on a constant currency basis
$3,165 $3,292 $3,271 $3,243 $3,422 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Other expenses, net of capitalization of DAC$2,497 $2,581 $2,573 $2,522 $2,716 $7,378 $7,811 
Premiums, fees and other revenues$12,523 $14,475 $13,639 $12,748 $12,526 $38,045 $38,913 
Expense ratio19.9 %17.8 %18.9 %19.8 %21.7 %19.4 %20.1 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Adjusted other expenses by major category
Direct expenses$1,392 $1,396 $1,459 $1,445 $1,443 $4,215 $4,347 
Pension, postretirement and postemployment benefit costs65 71 70 66 69 195 205 
Premium taxes, other taxes, and licenses & fees183 253 160 158 272 530 590 
Commissions and other variable expenses1,519 1,512 1,513 1,567 1,638 4,503 4,718 
Adjusted other expenses
3,159 3,232 3,202 3,236 3,422 9,443 9,860 
Adjusted capitalization of DAC(691)(719)(698)(787)(852)(2,114)(2,337)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,468 $2,513 $2,504 $2,449 $2,570 $7,329 $7,523 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Employee-related costs$891 $955 $991 $935 $962 $2,741 $2,888 
Third-party staffing costs354 439 353 392 374 1,052 1,119 
General and administrative expenses147 2 115 118 107 422 340 
Direct expenses1,392 1,396 1,459 1,445 1,443 4,215 4,347 
Less: Total notable items related to direct expenses (1)— (152)— — — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,392 $1,548 $1,459 $1,445 $1,443 $4,215 $4,347 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,468 $2,513 $2,504 $2,449 $2,570 $7,329 $7,523 
Less: Total notable items related to adjusted other expenses (1)— (85)— — 102 — 102 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,468 $2,598 $2,504 $2,449 $2,468 $7,329 $7,421 
Adjusted premiums, fees and other revenues$12,471 $14,437 $13,614 $12,719 $12,461 $37,942 $38,794 
Less: PRT529 2,593 1,476 328 (10)2,256 1,794 
Adjusted premiums, fees and other revenues, excluding PRT$11,942 $11,844 $12,138 $12,391 $12,471 $35,686 $37,000 
Direct expense ratio 11.2 %9.7 %10.7 %11.4 %11.6 %11.1 %11.2 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)11.7 %13.1 %12.0 %11.7 %11.6 %11.8 %11.7 %
Adjusted expense ratio19.8 %17.4 %18.4 %19.3 %20.6 %19.3 %19.4 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.7 %21.9 %20.6 %19.8 %19.8 %20.5 %20.1 %
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

7
METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$293,779 $281,043 $291,735 $298,737 $304,645 
Equity securities, at estimated fair value746 712 747 790 788 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 9,289 10,672 10,725 11,694 12,270 
Mortgage loans90,415 89,012 87,908 86,868 85,843 
Policy loans8,822 8,545 8,663 8,664 8,589 
Real estate and real estate joint ventures13,731 13,342 13,481 14,007 13,932 
Other limited partnership interests14,186 14,378 14,137 14,279 14,741 
Short-term investments, principally at estimated fair value4,609 5,156 5,543 5,300 5,962 
Other invested assets19,706 18,504 17,470 16,352 16,932 
Total investments455,283 441,364 450,409 456,691 463,702 
Cash and cash equivalents, principally at estimated fair value21,765 20,068 21,326 22,178 20,233 
Accrued investment income3,722 3,489 3,557 3,532 3,791 
Premiums, reinsurance and other receivables31,443 29,761 31,251 31,503 40,329 
Market risk benefits, at estimated fair value310 372 317 352 392 
Deferred policy acquisition costs and value of business acquired20,401 19,627 20,162 20,993 21,175 
Current income tax recoverable304 295 338 554 374 
Deferred income tax assets2,469 2,994 2,524 2,925 2,719 
Goodwill9,155 8,901 9,036 9,142 9,095 
Other assets11,315 11,082 11,253 11,425 11,572 
Separate account assets148,809 139,504 138,143 143,175 146,344 
Total assets$704,976 $677,457 $688,316 $702,470 $719,726 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$201,340 $193,646 $197,667 $198,965 $199,169 
Policyholder account balances224,609 221,445 225,623 232,433 235,312 
Market risk benefits, at estimated fair value3,117 2,581 2,844 2,709 2,585 
Other policy-related balances19,932 18,899 19,523 19,899 20,361 
Policyholder dividends payable381 385 356 367 369 
Payables for collateral under securities loaned and other transactions17,132 17,128 17,440 17,147 17,139 
Short-term debt404 465 381 379 378 
Long-term debt 15,278 15,086 14,695 15,374 15,300 
Collateral financing arrangement529 476 463 438 398 
Subordinated debt securities3,163 3,164 4,153 4,153 4,154 
Deferred income tax liability956 132 430 430 574 
Other liabilities 38,162 36,843 38,843 39,074 48,452 
Separate account liabilities148,809 139,504 138,143 143,175 146,344 
Total liabilities673,812 649,754 660,561 674,543 690,535 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,766 33,791 33,820 33,822 32,855 
Retained earnings41,765 42,626 43,131 43,447 43,887 
Treasury stock, at cost(27,418)(27,798)(29,222)(29,737)(30,244)
Accumulated other comprehensive income (loss)(17,240)(21,186)(20,248)(19,859)(17,566)
Total MetLife, Inc.'s stockholders' equity30,885 27,445 27,493 27,685 28,944 
Noncontrolling interests279 258 262 242 247 
Total equity31,164 27,703 27,755 27,927 29,191 
Total liabilities and equity$704,976 $677,457 $688,316 $702,470 $719,726 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted earnings before provision for income tax
GROUP BENEFITS$472 $526 $464 $507 $576 
RIS591 487 500 458 546 
ASIA431 613 536 495 755 
LATIN AMERICA309 258 290 317 206 
EMEA94 60 109 128 116 
METLIFE HOLDINGS226 189 190 177 252 
CORPORATE & OTHER(223)(184)(247)(249)(270)
Total adjusted earnings before provision for income tax
$1,900 $1,949 $1,842 $1,833 $2,181 
Provision for income tax expense (benefit)
GROUP BENEFITS$99 $110 $97 $107 $121 
RIS119 101 99 90 110 
ASIA125 170 162 145 212 
LATIN AMERICA88 57 72 84 59 
EMEA24 1 26 28 28 
METLIFE HOLDINGS44 36 36 33 49 
CORPORATE & OTHER(41)(17)(65)(47)(48)
Total provision for income tax expense (benefit)
$458 $458 $427 $440 $531 
Adjusted earnings available to common shareholders
GROUP BENEFITS$373 $416 $367 $400 $455 
RIS472 386 401 368 436 
ASIA306 443 374 350 543 
LATIN AMERICA221 201 218 233 147 
EMEA70 59 83 100 88 
METLIFE HOLDINGS182 153 154 144 203 
CORPORATE & OTHER (1)(249)(199)(248)(233)(288)
Total adjusted earnings available to common shareholders (1)$1,375 $1,459 $1,349 $1,362 $1,584 
(1)Includes impact of preferred stock dividends of $67 million, $32 million, $66 million, $31 million, and $66 million for the three months ended September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively.
9
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Adjusted revenues
Premiums$5,538 $5,579 $5,763 $5,801 $5,662 $16,848 $17,226 
Universal life and investment-type product policy fees231 227 233 240 227 682 700 
Net investment income311 313 315 310 321 939 946 
Other revenues377 378 434 405 417 1,156 1,256 
Total adjusted revenues6,457 6,497 6,745 6,756 6,627 19,625 20,128 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,927 4,881 5,183 5,161 4,982 14,943 15,326 
Policyholder liability remeasurement (gains) losses— — (18)(4)(9)(1)(31)
Interest credited to policyholder account balances49 46 44 43 45 145 132 
Capitalization of DAC(4)(5)(5)(7)(7)(13)(19)
Amortization of DAC, VOBA and negative VOBA6 7 6 7 7 19 20 
Interest expense on debt— 1 — 1 — 1 1 
Other expenses1,007 1,041 1,071 1,048 1,033 3,026 3,152 
Total adjusted expenses5,985 5,971 6,281 6,249 6,051 18,120 18,581 
Adjusted earnings before provision for income tax472 526 464 507 576 1,505 1,547 
Provision for income tax expense (benefit)99 110 97 107 121 315 325 
Adjusted earnings373 416 367 400 455 1,190 1,222 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders373 416 367 400 455 1,190 1,222 
Less: Total notable items

(58)— — — (2)(58)(2)
Adjusted earnings available to common shareholders, excluding total notable items
$431 $416 $367 $400 $457 $1,248 $1,224 
Adjusted premiums, fees and other revenues$6,146 $6,184 $6,430 $6,446 $6,306 $18,686 $19,182 
10
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$486 $519 $524 $503 $498 
Pension, postretirement and postemployment benefit costs14 14 13 14 14 
Premium taxes, other taxes, and licenses & fees93 86 83 88 87 
Commissions and other variable expenses414 422 451 443 434 
Adjusted other expenses$1,007 $1,041 $1,071 $1,048 $1,033 
OTHER INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Group Life (2)
Adjusted premiums, fees and other revenues$2,293 $2,289 $2,352 $2,371 $2,328 
Mortality ratio85.6 %83.2 %84.8 %83.0 %83.4 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,718 $2,771 $2,850 $2,876 $2,814 
Interest adjusted benefit ratio (4)72.4 %71.8 %74.1 %74.8 %72.5 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
11
RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Adjusted revenues
Premiums$1,451 $3,460 $2,284 $1,210 $1,045 $4,574 $4,539 
Universal life and investment-type product policy fees67 99 85 85 80 215 250 
Net investment income2,133 2,143 2,167 2,145 2,166 6,339 6,478 
Other revenues61 61 61 60 61 185 182 
Total adjusted revenues3,712 5,763 4,597 3,500 3,352 11,313 11,449 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends2,247 4,280 3,121 2,043 1,835 6,966 6,999 
Policyholder liability remeasurement (gains) losses(148)— (15)1 (14)(170)(28)
Interest credited to policyholder account balances874 863 859 878 864 2,508 2,601 
Capitalization of DAC(53)(58)(37)(44)(50)(160)(131)
Amortization of DAC, VOBA and negative VOBA14 21 17 18 18 45 53 
Interest expense on debt4 4 3 3 3 11 9 
Other expenses183 166 149 143 150 500 442 
Total adjusted expenses3,121 5,276 4,097 3,042 2,806 9,700 9,945 
Adjusted earnings before provision for income tax591 487 500 458 546 1,613 1,504 
Provision for income tax expense (benefit)119 101 99 90 110 332 299 
Adjusted earnings472 386 401 368 436 1,281 1,205 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders472 386 401 368 436 1,281 1,205 
Less: Total notable items
104 — — — 13 104 13 
Adjusted earnings available to common shareholders, excluding total notable items
$368 $386 $401 $368 $423 $1,177 $1,192 
Adjusted premiums, fees and other revenues$1,579 $3,620 $2,430 $1,355 $1,186 $4,974 $4,971 
Less: PRT
529 2,593 1,476 328 (10)2,256 1,794 
Adjusted premiums, fees and other revenues, excluding PRT$1,050 $1,027 $954 $1,027 $1,196 $2,718 $3,177 
12
RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period (at balance sheet discount rate) (2), (3)
$72,914 $71,510 $73,415 $73,506 $74,263 
Less: Accumulated other comprehensive (income) loss297 (3,134)(2,627)(2,366)(1,209)
Balance, end of period (at original discount rate)$72,617 $74,644 $76,042 $75,872 $75,472 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period (4)
$85,410 $84,923 $87,191 $89,205 $89,385 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period$52,537 $51,420 $49,452 $47,993 $48,568 
SYNTHETIC GICS (5), (6)
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period$49,081 $49,599 $53,796 $53,740 $51,920 
LONGEVITY REINSURANCE (7)
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Balance, end of period$25,699 $25,121 $27,369 $30,087 $29,293 
(1)Includes $3,847 million, $3,872 million, $3,899 million, $3,910 million and $3,964 million of DPL at September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)Includes $2,081 million, $1,956 million, $2,287 million, $2,266 million and $7,750 million of future policy benefits subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets at September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively.
(4)Includes $3,327 million of policyholder account balances subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheet at September 30, 2025.
(5)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(6)Includes $0, $221 million, $1,242 million, $0 and $0 of transfers from separate account GICs to synthetic GICs at September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively.
(7)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom PRT market.
13
RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$75 $80 $85 $80 $77 
Pension, postretirement and postemployment benefit costs4 3 3 4 4 
Premium taxes, other taxes, and licenses & fees16 18 5 3 7 
Commissions and other variable expenses88 65 56 56 62 
Adjusted other expenses$183 $166 $149 $143 $150 
SPREAD
For the Three Months Ended
UnauditedSeptember 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Investment income yield, excluding variable investment income yield
5.25 %5.22 %5.11 %5.13 %5.13 %
Variable investment income yield4.58 %6.46 %8.95 %5.40 %13.31 %
Total investment income yield5.23 %5.26 %5.24 %5.14 %5.42 %
Average crediting rate4.38 %4.35 %4.31 %4.33 %4.35 %
Amortization of DPL and losses at inception (1)(0.21)%(0.21)%(0.21)%(0.21)%(0.24)%
Total average crediting rate4.17 %4.14 %4.10 %4.12 %4.11 %
Annualized general account spread (2)
1.06 %1.12 %1.14 %1.02 %1.31 %
Annualized general account spread, excluding variable investment income yield
1.08 %1.08 %1.01 %1.01 %1.02 %
(1)Includes the amortization of DPL of (0.23)% for each of the three months ended September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, and (0.24)% for the three months ended September 30, 2025.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
14
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Adjusted revenues
Premiums$1,272 $1,206 $1,260 $1,278 $1,290 $3,785 $3,828 
Universal life and investment-type product policy fees420 410 406 399 407 1,280 1,212 
Net investment income1,132 1,251 1,206 1,210 1,377 3,407 3,793 
Other revenues18 19 15 22 20 57 57 
Total adjusted revenues2,842 2,886 2,887 2,909 3,094 8,529 8,890 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,035 993 1,037 1,051 1,074 3,090 3,162 
Policyholder liability remeasurement (gains) losses60 (59)(11)(12)(141)24 (164)
Interest credited to policyholder account balances683 708 711 757 804 1,987 2,272 
Capitalization of DAC(336)(348)(351)(418)(435)(1,032)(1,204)
Amortization of DAC, VOBA and negative VOBA211 214 216 223 207 618 646 
Interest expense on debt— — — — — — — 
Other expenses758 765 749 813 830 2,204 2,392 
Total adjusted expenses2,411 2,273 2,351 2,414 2,339 6,891 7,104 
Adjusted earnings before provision for income tax431 613 536 495 755 1,638 1,786 
Provision for income tax expense (benefit)125 170 162 145 212 460 519 
Adjusted earnings306 443 374 350 543 1,178 1,267 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders306 $443 $374 $350 543 1,178 1,267 
Less: Total notable items
(41)— — — 70 (41)70 
Adjusted earnings available to common shareholders, excluding total notable items
$347 $443 $374 $350 $473 $1,219 $1,197 
Adjusted premiums, fees and other revenues$1,710 $1,635 $1,681 $1,699 $1,717 $5,122 $5,097 
15
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted premiums, fees and other revenues$1,710 $1,635 $1,681 $1,699 $1,717 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,704 $1,666 $1,728 $1,685 $1,717 
Add: Operating joint ventures, on a constant currency basis (1)536 409 1,031 737 831 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,240 $2,075 $2,759 $2,422 $2,548 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$303 $319 $306 $304 $303 
Pension, postretirement and postemployment benefit costs15 19 13 14 13 
Premium taxes, other taxes, and licenses & fees31 26 29 33 33 
Commissions and other variable expenses409 401 401 462 481 
Adjusted other expenses$758 $765 $749 $813 $830 
Adjusted other expenses, net of adjusted capitalization of DAC$422 $417 $398 $395 $395 
Adjusted other expenses, on a constant currency basis
$758 $783 $773 $802 $830 
Add: Operating joint ventures, on a constant currency basis (2)118 93 126 113 135 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$876 $876 $899 $915 $965 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$489 $490 $476 $463 $481 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Japan:
Life$143 $108 $113 $159 $216 
Accident & Health61 81 69 67 66 
Annuities147 113 145 226 178 
Other2 2 2 2 1 
Total Japan353 304 329 454 461 
Other Asia233 213 309 238 325 
   Total sales$586 $517 $638 $692 $786 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted earnings available to common shareholders$306 $443 $374 $350 $543 
Adjusted earnings available to common shareholders, excluding total notable items
$347 $443 $374 $350 $473 
Adjusted earnings available to common shareholders, on a constant currency basis$305 $446 $380 $349 $543 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$346 $446 $380 $349 $473 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
16
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
GA AUM $128,115 $120,626 $125,119 $129,325 $131,751 
GA AUM (at amortized cost)$135,107 $129,959 $134,352 $139,158 $140,892 
GA AUM (at amortized cost), on a constant currency basis$132,970 $132,972 $135,452 $137,926 $140,892 
  Add: Operating joint ventures, on a constant currency basis (1)9,694 10,088 11,658 12,388 13,043 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$142,664 $143,060 $147,110 $150,314 $153,935 
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
17
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Adjusted revenues
Premiums$1,141 $1,098 $1,164 $1,260 $1,288 $3,378 $3,712 
Universal life and investment-type product policy fees346 330 340 371 377 1,089 1,088 
Net investment income435 431 407 445 414 1,219 1,266 
Other revenues9 10 9 3 (2)31 10 
Total adjusted revenues1,931 1,869 1,920 2,079 2,077 5,717 6,076 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,091 1,035 1,091 1,216 1,218 3,092 3,525 
Policyholder liability remeasurement (gains) losses(18)20 (3)— (4)(29)(7)
Interest credited to policyholder account balances108 101 98 96 92 337 286 
Capitalization of DAC(174)(177)(172)(176)(203)(527)(551)
Amortization of DAC, VOBA and negative VOBA126 123 129 137 149 380 415 
Interest expense on debt4 4 4 4 4 11 12 
Other expenses485 505 483 485 615 1,502 1,583 
Total adjusted expenses1,622 1,611 1,630 1,762 1,871 4,766 5,263 
Adjusted earnings before provision for income tax309 258 290 317 206 951 813 
Provision for income tax expense (benefit)88 57 72 84 59 271 215 
Adjusted earnings221 201 218 233 147 680 598 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$221 $201 $218 $233 $147 $680 $598 
Less: Total notable items
4 — — — (75)4 (75)
Adjusted earnings available to common shareholders, excluding total notable items
$217 $201 $218 $233 $222 $676 $673 
Adjusted premiums, fees and other revenues$1,496 $1,438 $1,513 $1,634 $1,663 $4,498 $4,810 
18
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$129 $146 $135 $143 $147 
Pension, postretirement and postemployment benefit costs1 3 1 2 1 
Premium taxes, other taxes, and licenses & fees22 24 23 22 123 
Commissions and other variable expenses333 332 324 318 344 
Adjusted other expenses$485 $505 $483 $485 $615 
Adjusted other expenses, net of adjusted capitalization of DAC$311 $328 $311 $309 $412 
Adjusted other expenses, on a constant currency basis
$486 $534 $513 $499 $615 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$311 $346 $329 $318 $412 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Mexico$195 $144 $219 $191 $213 
Chile102 122 115 127 121 
All other87 86 72 73 107 
Total sales$384 $352 $406 $391 $441 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted premiums, fees and other revenues$1,496 $1,438 $1,513 $1,634 $1,663 
Adjusted earnings available to common shareholders$221 $201 $218 $233 $147 
Adjusted earnings available to common shareholders, excluding total notable items
$217 $201 $218 $233 $222 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,498 $1,515 $1,600 $1,672 $1,663 
Adjusted earnings available to common shareholders, on a constant currency basis$222 $213 $233 $241 $147 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$218 $213 $233 $241 $222 

19
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Adjusted revenues
Premiums$562 $568 $582 $626 $638 $1,634 $1,846 
Universal life and investment-type product policy fees84 76 78 84 82 238 244 
Net investment income55 59 58 61 67 163 186 
Other revenues9 8 8 9 7 24 24 
Total adjusted revenues710 711 726 780 794 2,059 2,300 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends276 301 277 309 333 799 919 
Policyholder liability remeasurement (gains) losses9 (3)— 4 3 10 7 
Interest credited to policyholder account balances17 17 17 20 21 53 58 
Capitalization of DAC(119)(124)(126)(136)(151)(362)(413)
Amortization of DAC, VOBA and negative VOBA91 93 94 88 85 262 267 
Interest expense on debt— — — — — — — 
Other expenses342 367 355 367 387 1,002 1,109 
Total adjusted expenses616 651 617 652 678 1,764 1,947 
Adjusted earnings before provision for income tax94 60 109 128 116 295 353 
Provision for income tax expense (benefit)24 1 26 28 28 71 82 
Adjusted earnings70 59 83 100 88 224 271 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders70 59 83 100 88 224 271 
Less: Total notable items
(5)— — — (1)(5)(1)
Adjusted earnings available to common shareholders, excluding total notable items
$75 $59 $83 $100 $89 $229 $272 
Adjusted premiums, fees and other revenues$655 $652 $668 $719 $727 $1,896 $2,114 
20
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$109 $112 $109 $111 $111 
Pension, postretirement and postemployment benefit costs2 2 1 (3)2 
Premium taxes, other taxes, and licenses & fees6 7 6 6 7 
Commissions and other variable expenses225 246 239 253 267 
Adjusted other expenses$342 $367 $355 $367 $387 
Adjusted other expenses, net of adjusted capitalization of DAC$223 $243 $229 $231 $236 
Adjusted other expenses, on a constant currency basis
$347 $380 $370 $371 $387 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$226 $252 $238 $233 $236 
OTHER INFORMATION
  For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Adjusted premiums, fees and other revenues$655 $652 $668 $719 $727 
Adjusted earnings available to common shareholders$70 $59 $83 $100 $88 
Adjusted earnings available to common shareholders, excluding total notable items
$75 $59 $83 $100 $89 
Adjusted premiums, fees and other revenues, on a constant currency basis$668 $676 $699 $727 $727 
Adjusted earnings available to common shareholders, on a constant currency basis$71 $60 $87 $101 $88 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis
$76 $60 $87 $101 $89 
Total sales, on a constant currency basis$243 $251 $320 $310 $301 
21
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Adjusted revenues
Premiums$673 $702 $657 $624 $621 $2,078 $1,902 
Universal life and investment-type product policy fees80 74 86 80 74 252 240 
Net investment income981 978 989 964 1,025 3,007 2,978 
Other revenues40 39 37 36 34 127 107 
Total adjusted revenues1,774 1,793 1,769 1,704 1,754 5,464 5,227 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,221 1,230 1,200 1,164 1,152 3,724 3,516 
Policyholder liability remeasurement (gains) losses(35)— 16 16 4 2 36 
Interest credited to policyholder account balances84 97 88 90 89 293 267 
Capitalization of DAC(4)(4)(4)(3)(1)(13)(8)
Amortization of DAC, VOBA and negative VOBA58 55 55 53 53 174 161 
Interest expense on debt4 3 3 3 3 11 9 
Other expenses220 223 221 204 202 663 627 
Total adjusted expenses1,548 1,604 1,579 1,527 1,502 4,854 4,608 
Adjusted earnings before provision for income tax226 189 190 177 252 610 619 
Provision for income tax expense (benefit)44 36 36 33 49 116 118 
Adjusted earnings182 153 154 144 203 494 501 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders182 153 154 144 203 494 501 
Less: Total notable items
12 — — — 13 12 13 
Adjusted earnings available to common shareholders, excluding total notable items
$170 $153 $154 $144 $190 $482 $488 
Adjusted premiums, fees and other revenues$793 $815 $780 $740 $729 $2,457 $2,249 
22
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Annuities$1,606 $1,515 $1,493 $1,466 $1,457 
Life and Other53,096 52,918 52,584 52,368 52,085 
Long-Term Care
15,657 14,537 14,716 14,803 15,309 
Balance, end of period (at balance sheet discount rate)
$70,359 $68,970 $68,793 $68,637 $68,851 
Less:
Annuities$(5)$(63)$(51)$(43)$(26)
Life and Other31 (34)(26)(26)(10)
Long-Term Care
339 (919)(872)(922)(547)
Accumulated other comprehensive (income) loss$365 $(1,016)$(949)$(991)$(583)
Annuities$1,611 $1,578 $1,544 $1,509 $1,483 
Life and Other53,065 52,952 52,610 52,394 52,095 
Long-Term Care
15,318 15,456 15,588 15,725 15,856 
Balance, end of period (at original discount rate)$69,994 $69,986 $69,742 $69,628 $69,434 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities$1,505 $1,393 $1,370 $1,345 $1,326 
Life and Other$2,398 $2,410 $2,421 $2,455 $2,474 
Long-Term Care
$— $— $— $— $— 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Annuities$10,437 $10,142 $9,859 $9,625 $9,451 
Life and Other11,284 11,132 10,986 10,849 10,716 
Balance, end of period$21,721 $21,274 $20,845 $20,474 $20,167 
Policyholder account balances subject to reinsurance (2)
Annuities$3,124 $3,027 $2,930 $2,848 $2,761 
Life and Other$6,410 $6,357 $6,301 $6,240 $6,178 
MARKET RISK BENEFITS
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Annuities$2,608 $2,069 $2,377 $2,214 $2,114 
Balance, end of period$2,608 $2,069 $2,377 $2,214 $2,114 
Market risk benefits subject to reinsurance (2)
$— $— $— $— $— 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Annuities$29,349 $27,829 $26,296 $27,188 $27,355 
Life and Other7,049 7,065 6,393 7,022 7,317 
Balance, end of period$36,398 $34,894 $32,689 $34,210 $34,672 
Separate account liabilities subject to reinsurance (3)
Annuities$83 $79 $73 $77 $77 
Life and Other$6,226 $6,244 $5,852 $6,429 $6,688 
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(3) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
23
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Direct and allocated expenses$159 $166 $168 $158 $154 
Pension, postretirement and postemployment benefit costs6 7 6 7 7 
Premium taxes, other taxes, and licenses & fees20 15 16 12 14 
Commissions and other variable expenses35 35 31 27 27 
Adjusted other expenses$220 $223 $221 $204 $202 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Lapse Ratio (1)
Traditional life6.2 %5.8 %5.9 %6.0 %6.0 %
Variable annuity12.8 %12.9 %12.8 %12.5 %12.3 %
(1) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

24
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Adjusted revenues
Premiums$(6)$(11)$9 $8 $11 $15 $28 
Universal life and investment-type product policy fees— 1 1 — — 1 1 
Net investment income96 126 71 67 70 297 208 
Other revenues98 103 102 118 122 293 342 
Total adjusted revenues188 219 183 193 203 606 579 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends— (10)9 9 9 17 27 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(1)(3)(3)(3)(5)(7)(11)
Amortization of DAC, VOBA and negative VOBA3 4 2 2 3 6 7 
Interest expense on debt245 247 248 258 261 744 767 
Other expenses164 165 174 176 205 546 555 
Total adjusted expenses411 403 430 442 473 1,306 1,345 
Adjusted earnings before provision for income tax(223)(184)(247)(249)(270)(700)(766)
Provision for income tax expense (benefit)(41)(17)(65)(47)(48)(158)(160)
Adjusted earnings(182)(167)(182)(202)(222)(542)(606)
Preferred stock dividends67 32 66 31 66 168 163 
Adjusted earnings available to common shareholders(249)(199)(248)(233)(288)(710)(769)
Less: Total notable items
— 10 — — — — — 
Adjusted earnings available to common shareholders, excluding total notable items
$(249)$(209)$(248)$(233)$(288)$(710)$(769)
Adjusted premiums, fees and other revenues$92 $93 $112 $126 $133 $309 $371 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Business activities$20 $16 $9 $29 $38 $56 $76 
Net investment income96 126 78 73 74 290 225 
Interest expense on debt(256)(257)(258)(269)(271)(776)(798)
Corporate initiatives and projects(8)(12)(10)(13)(11)(21)(34)
Other(75)(57)(66)(69)(100)(249)(235)
Provision for income tax (expense) benefit and other tax-related items41 17 65 47 48 158 160 
Preferred stock dividends(67)(32)(66)(31)(66)(168)(163)
Adjusted earnings available to common shareholders$(249)$(199)$(248)$(233)$(288)$(710)$(769)
25
INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. Reinsurance adjustments have been excluded from the amounts within this table.
At or For the Three Months Ended
At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Fixed Maturity Securities
Yield (1)4.52 %4.47 %4.36 %4.61 %4.61 %4.43 %4.53 %
Investment income (2), (3)$3,357 $3,326 $3,259 $3,517 $3,485 $9,763 $10,261 
Investment gains (losses)(157)(245)(244)(124)(150)(488)(518)
Ending carrying value (4)295,460 280,227 290,416 297,565 296,663 295,460 296,663 
Net Mortgage Loans
Yield (1)5.32 %5.28 %5.21 %5.12 %5.22 %5.29 %5.18 %
Investment income (3)1,097 1,085 1,056 1,026 1,009 3,293 3,091 
Investment gains (losses)(156)(53)(159)(288)(65)(232)(512)
Ending carrying value (5)82,773 81,460 80,581 79,848 76,896 82,773 76,896 
Real Estate and Real Estate Joint Ventures
Yield (1)1.67 %1.47 %4.01 %3.47 %1.83 %(0.65)%3.09 %
Investment income57 50 134 120 63 (65)317 
Investment gains (losses)128 70 (40)3 47 175 10 
Ending carrying value13,731 13,342 13,481 14,007 13,932 13,731 13,932 
Policy Loans
Yield (1)5.72 %5.67 %5.38 %5.64 %5.76 %5.57 %5.59 %
Investment income116 114 107 113 115 339 335 
Ending carrying value8,822 8,545 8,663 8,664 8,589 8,822 8,589 
Equity Securities
Yield (1)3.47 %3.23 %6.16 %2.30 %3.46 %4.79 %3.98 %
Investment income4 5 9 3 4 18 16 
Investment gains (losses)(31)4 (12)45 17 (22)50 
Ending carrying value746 712 747 790 788 746 788 
Other Limited Partnership Interests
Yield (1)2.45 %7.05 %6.22 %3.46 %11.89 %6.62 %7.22 %
Investment income87 252 222 122 431 713 775 
Investment gains (losses)3 1 (1)21 4 (56)24 
Ending carrying value (6)14,186 14,367 14,125 14,265 14,726 14,186 14,726 
Cash and Cash Equivalents and Short-term Investments
Yield (1)5.23 %4.97 %4.42 %4.19 %4.36 %5.06 %4.32 %
Investment income257 249 224 232 239 712 695 
Investment gains (losses)(46)18 (9)(38)13 16 (34)
Ending carrying value (7)26,374 25,018 26,862 27,432 25,853 26,374 25,853 
Other Invested Assets
Investment income 312 368 365 218 241 1,046 824 
Investment gains (losses)56 23 4 25 (76)23 (47)
Ending carrying value (8)19,706 18,504 17,470 16,350 16,871 19,706 16,871 
Total Investments
Investment income yield (1)4.75 %4.87 %4.82 %4.73 %4.99 %4.77 %4.85 %
Investment fees and expenses yield (1)(0.13)%(0.13)%(0.15)%(0.13)%(0.13)%(0.14)%(0.14)%
Net Investment Income Yield (1)4.62 %4.74 %4.67 %4.60 %4.86 %4.63 %4.71 %
Investment income$5,287 $5,449 $5,376 $5,351 $5,587 $15,819 $16,314 
Investment fees and expenses(144)(147)(162)(149)(147)(448)(458)
Net investment income including divested businesses5,143 5,302 5,214 5,202 5,440 15,371 15,856 
Less: Net investment income from divested businesses— 1 1 — — — 1 
Adjusted Net Investment Income (9)$5,143 $5,301 $5,213 $5,202 $5,440 $15,371 $15,855 
Ending Carrying Value$461,798 $442,175 $452,345 $458,921 $454,318 $461,798 $454,318 
Investment Portfolio Gains (Losses) (10)$(203)$(182)$(461)$(356)$(210)$(584)$(1,027)
Gross investment gains368 316 142 204 373 944 719 
Gross investment losses(417)(386)(423)(264)(269)(1,310)(956)
Net credit loss (provision) release and (impairments)(154)(112)(180)(296)(314)(218)(790)
Investment Portfolio Gains (Losses) (10)(203)(182)(461)(356)(210)(584)(1,027)
Investment portfolio gains (losses) income tax (expense) benefit56 59 116 94 41 154 251 
Investment Portfolio Gains (Losses), Net of Income Tax$(147)$(123)$(345)$(262)$(169)$(430)$(776)
Derivative Gains (Losses) (10)619 (1,159)344 (892)(746)(1,254)(1,294)
Derivative gains (losses) income tax (expense) benefit(206)314 (99)181 193 291 275 
Derivative Gains (Losses), Net of Income Tax$413 $(845)$245 $(711)$(553)$(963)$(1,019)
See footnotes on Page 29.

26
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$84,851 28.9 %$78,584 28.2 %$80,316 27.7 %$81,562 27.5 %$81,720 27.7 %
Foreign corporate56,752 19.3 %53,354 19.1 %55,083 19.1 %58,792 19.9 %57,798 19.6 %
Foreign government44,132 15.0 %39,895 14.3 %40,892 14.2 %42,097 14.2 %41,610 14.1 %
Residential mortgage-backed35,264 12.0 %34,135 12.3 %39,083 13.5 %40,764 13.8 %41,292 14.0 %
U.S. government and agency34,676 11.8 %33,350 12.0 %33,535 11.6 %32,463 11.0 %32,315 11.0 %
Asset-backed securities and collateralized loan obligations17,520 6.0 %20,390 7.3 %20,748 7.2 %20,929 7.1 %20,313 6.9 %
Municipals10,798 3.7 %9,762 3.5 %9,764 3.4 %9,802 3.3 %10,486 3.6 %
Commercial mortgage-backed9,786 3.3 %9,182 3.3 %9,388 3.3 %9,428 3.2 %9,245 3.1 %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance adjustments
$293,779 100.0 %$278,652 100.0 %$288,809 100.0 %$295,837 100.0 %$294,779 100.0 %
Reinsurance adjustments— 2,391 2,926 2,900 9,866 
Fixed Maturity Securities Available-For-Sale$293,779 $281,043 $291,735 $298,737 $304,645 
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$203,560 69.3 %$192,099 68.9 %$199,468 69.1 %$203,465 68.8 %$202,215 68.7 %
Baa277,031 26.2 %74,345 26.7 %77,112 26.7 %80,262 27.1 %80,465 27.3 %
Ba39,666 3.3 %8,680 3.1 %8,674 3.0 %8,566 2.9 %8,364 2.8 %
B43,131 1.1 %3,035 1.1 %3,198 1.1 %3,260 1.1 %3,379 1.1 %
Caa and lower5331 0.1 %425 0.2 %291 0.1 %204 0.1 %258 0.1 %
In or near default660 — %68 — %66 — %80 — %98 — %
Fixed Maturity Securities Available-For-Sale, excluding Reinsurance adjustments
$293,779 100.0 %$278,652 100.0 %$288,809 100.0 %$295,837 100.0 %$294,779 100.0 %
Reinsurance adjustments— 2,391 2,926 2,900 9,866 
Fixed Maturity Securities Available-For-Sale (11)
$293,779 $281,043 $291,735 $298,737 $304,645 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Gross unrealized gains$8,093 $4,965 $5,398 $6,192 $7,130 
Gross unrealized losses23,558 31,041 28,891 28,951 26,495 
Net Unrealized Gains (Losses), excluding Reinsurance adjustments
$(15,465)$(26,076)$(23,493)$(22,759)$(19,365)
Reinsurance adjustments— (142)(109)(88)(575)
Net Unrealized Gains (Losses)$(15,465)$(26,218)$(23,602)$(22,847)$(19,940)
See footnotes on Page 29.
27
INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
          
Commercial mortgage loans$50,478 $48,967 $47,890 $46,674 $44,953 
Agricultural mortgage loans 19,210 19,030 18,779 18,993 18,045 
Residential mortgage loans13,844 14,186 14,783 15,286 14,968 
Total83,532 82,183 81,452 80,953 77,966 
Allowance for credit loss(759)(723)(871)(1,105)(1,070)
Net mortgage loans, excluding Reinsurance adjustments
$82,773 $81,460 $80,581 $79,848 $76,896 
Reinsurance adjustments— 85 82 78 2,270 
Net Mortgage Loans$82,773 $81,545 $80,663 $79,926 $79,166 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$8,745 17.3 %$8,738 17.8 %$8,677 18.1 %$8,611 18.4 %$8,617 19.2 %
Non-U.S.8,593 17.0 %7,901 16.1 %7,802 16.3 %7,839 16.8 %7,555 16.8 %
Middle Atlantic6,999 13.9 %6,938 14.2 %6,877 14.4 %6,561 14.1 %6,369 14.2 %
South Atlantic6,459 12.8 %5,890 12.0 %5,796 12.1 %5,630 12.1 %5,321 11.8 %
West South Central3,455 6.9 %3,228 6.6 %3,214 6.7 %3,274 7.0 %3,195 7.1 %
Mountain2,217 4.4 %2,317 4.7 %2,455 5.1 %2,470 5.3 %2,369 5.3 %
New England2,838 5.6 %2,680 5.5 %2,501 5.2 %2,386 5.1 %2,340 5.2 %
East North Central1,543 3.1 %1,453 3.0 %1,453 3.0 %1,460 3.1 %1,398 3.1 %
East South Central608 1.2 %481 1.0 %481 1.0 %476 1.0 %453 1.0 %
West North Central472 0.9 %410 0.8 %408 0.9 %407 0.9 %405 0.9 %
Multi-Region and Other8,549 16.9 %8,931 18.3 %8,226 17.2 %7,560 16.2 %6,931 15.4 %
Total, excluding Reinsurance adjustments
$50,478 100.0 %$48,967 100.0 %$47,890 100.0 %$46,674 100.0 %$44,953 100.0 %
Reinsurance adjustments— 82 82 78 735 
Total
$50,478 $49,049 $47,972 $46,752 $45,688 
Office$18,861 37.4 %$18,269 37.3 %$18,134 37.9 %$17,912 38.4 %$17,253 38.4 %
Apartment10,750 21.3 %10,472 21.4 %10,549 22.0 %9,899 21.2 %9,713 21.6 %
Retail7,273 14.4 %6,612 13.5 %6,502 13.6 %6,768 14.5 %6,505 14.5 %
Single Family Rental5,141 10.2 %5,355 10.9 %4,844 10.1 %4,780 10.2 %4,481 9.9 %
Industrial5,313 10.5 %4,999 10.2 %4,506 9.4 %3,942 8.5 %3,764 8.4 %
Hotel3,051 6.0 %3,178 6.5 %3,268 6.8 %3,285 7.0 %3,151 7.0 %
Other89 0.2 %82 0.2 %87 0.2 %88 0.2 %86 0.2 %
Total, excluding Reinsurance adjustments
$50,478 100.0 %$48,967 100.0 %$47,890 100.0 %$46,674 100.0 %$44,953 100.0 %
Reinsurance adjustments— 82 82 78 735 
Total
$50,478 $49,049 $47,972 $46,752 $45,688 
See footnotes on Page 29.
28
INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, Reinsurance adjustments, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of $76 million, $22 million, ($20) million, $107 million and $99 million for the three months ended September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, respectively, and $183 million and $186 million for the year-to-date period ended September 30, 2024 and September 30, 2025, respectively.
(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Fixed maturity securities available-for-sale$293,779 $281,043 $291,735 $298,737 $304,645 
Less: Reinsurance adjustments— 2,391 2,926 2,900 9,866 
Fixed maturity securities available-for-sale, excluding Reinsurance adjustments$293,779 $278,652 $288,809 $295,837 $294,779 
Add: Fair value option securities1,681 1,575 1,607 1,728 1,884 
Fixed maturity securities, excluding Reinsurance adjustments$295,460 $280,227 $290,416 $297,565 $296,663 
(5)The following table presents a reconciliation to ending carrying value presented for net mortgage loans.
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Mortgage Loans$90,415 $89,012 $87,908 $86,868 $85,843 
Less: Mortgage loans originated for third parties, net of ACL7,642 7,467 7,245 6,942 6,677 
Net mortgage loans$82,773 $81,545 $80,663 $79,926 $79,166 
Less: Reinsurance adjustments— 85 82 78 2,270 
Net mortgage loans, excluding Reinsurance adjustments$82,773 $81,460 $80,581 $79,848 $76,896 
(6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Other limited partnership interests$14,186 $14,378 $14,137 $14,279 $14,741 
Less: Reinsurance adjustments— 11 12 14 15 
Other limited partnership interests, excluding Reinsurance adjustments$14,186 $14,367 $14,125 $14,265 $14,726 
(7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Cash and cash equivalents and short-term investments$26,374 $25,224 $26,869 $27,478 $26,195 
Less: Reinsurance adjustments— 206 7 46 342 
Cash and cash equivalents and short-term investments, excluding Reinsurance adjustments$26,374 $25,018 $26,862 $27,432 $25,853 
(8)The following table presents a reconciliation to ending carrying value presented for other invested assets.
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Other invested assets$19,706 $18,504 $17,470 $16,352 $16,932 
Less: Reinsurance adjustments— — — 2 61 
Other invested assets, excluding Reinsurance adjustments
$19,706 $18,504 $17,470 $16,350 $16,871 
(9)Adjusted net investment income reflects the adjustments as presented on Page 5.
(10)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year-to-Date Period Ended
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Net investment gains (losses) $(77)$(311)$(387)$(273)$(325)$(873)$(985)
Less: Non-investment portfolio gains (losses)188 (122)65 86 (88)(214)63 
Less: Provision for credit loss on certain mortgage loans originated for third parties4 11 (34)20 (75)(15)(89)
Add: Joint venture adjustments (12)66 16 (42)16 (53)66 (79)
Less: Reinsurance adjustments— — — — (1)— (1)
Less: Other adjustments, excluding Reinsurance adjustments (12)— (2)1 (7)(4)6 (10)
Investment portfolio gains (losses) $(203)$(182)$(461)$(356)$(210)$(584)$(1,027)
For the Three Months EndedFor the Year-to-Date Period Ended
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Net derivative gains (losses) $767 $(903)$432 $(796)$(929)$(720)$(1,293)
Less: Investment hedge adjustments129 127 103 102 100 477 305 
Add: Joint venture adjustments (12)— — — — 45 — 45 
Less: Reinsurance adjustments— 110 (35)(22)(247)— (304)
Less: Other adjustments, excluding Reinsurance adjustments (12)19 19 20 16 9 57 45 
Derivative gains (losses) $619 $(1,159)$344 $(892)$(746)$(1,254)$(1,294)
(11)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
(12)Certain amounts in prior periods are reclassified to conform to current period presentation.
29
image0a45.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$1,275 $1,239 $879 $698 $818 $2,987 $2,395 
Add: Preferred stock dividends67 32 66 31 66 168 163 
Add: Preferred stock redemption premium— — — — 12 — 12 
Add: Net income (loss) attributable to noncontrolling interests(1)4 5 6 6 14 17 
Net income (loss) 1,341 1,275 950 735 902 3,169 2,587 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(77)(311)(387)(273)(325)(873)(985)
Net derivative gains (losses)767 (903)432 (796)(929)(720)(1,293)
Market risk benefit remeasurement gains (losses)(531)764 (299)277 263 345 241 
Premiums - Divested businesses
16 15 4 3 — 16 7 
Universal life and investment-type product policy fees - Divested businesses
— — — — — — — 
Net investment income
Investment hedge adjustments(129)(127)(103)(102)(100)(477)(305)
Joint venture adjustments66 16 (42)16 (8)66 (34)
Unit-linked contract income147 183 (227)498 580 908 851 
Reinsurance adjustments
— 31 43 47 177 — 267 
Divested businesses— 1 1 — — — 1 
Other revenues
Asymmetrical and non-economic accounting50 34 36 42 78 124 156 
Other adjustments(14)(11)(15)(16)(15)(37)(46)
Divested businesses— — — — 2 — 2 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting7 (51)(75)(1)52 (168)(24)
Market volatility52 49 44 40 49 207 133 
Divested businesses(9)(10)(1)1 (1)(9)(1)
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting— — — — (2)— (2)
Divested businesses— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting(79)5 (64)(30)(68)(108)(162)
Unit-linked contract costs(143)(185)234 (486)(578)(896)(830)
Divested businesses— — — — — — — 
Capitalization of DAC - Divested businesses
— — — — — — — 
Amortization of DAC, VOBA and negative VOBA - Divested businesses
— — — — — — — 
Interest expense on debt - Divested businesses
— — — — — — — 
Other expenses
Reinsurance adjustments
— (30)(42)(45)(135)— (222)
Other adjustments, excluding Reinsurance adjustments(12)(25)(19)(21)(2)(24)(42)
Divested businesses(17)(13)(8)(7)(9)(25)(24)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit(195)352 23 195 223 335 441 
Adjusted earnings1,442 1,491 1,415 1,393 1,650 4,505 4,458 
Less: Preferred stock dividends67 32 66 31 66 168 163 
Adjusted earnings available to common shareholders$1,375 $1,459 $1,349 $1,362 $1,584 $4,337 $4,295 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Actuarial assumption review and other insurance adjustments$16 $— $— $— $89 $16 $89 
Litigation reserves and settlement costs— (47)— — — — — 
Tax adjustments— 57 — — (71)— (71)
Total notable items$16 $10 $— $— $18 $16 $18 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Actuarial assumption review and other insurance adjustments $(58)$— $— $— $(2)$(58)$(2)
Total notable items $(58)$— $— $— $(2)$(58)$(2)
RIS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Actuarial assumption review and other insurance adjustments $104 $— $— $— $13 $104 $13 
Total notable items $104 $— $— $— $13 $104 $13 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-2
APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED)
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Actuarial assumption review and other insurance adjustments
$(41)$— $— $— $70 $(41)$70 
Total notable items
$(41)$— $— $— $70 $(41)$70 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Actuarial assumption review and other insurance adjustments
$4 $— $— $— $(4)$4 $(4)
Tax adjustments
— — — — (71)— (71)
Total notable items
$4 $— $— $— $(75)$4 $(75)
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Actuarial assumption review and other insurance adjustments
$(5)$— $— $— $(1)$(5)$(1)
Total notable items
$(5)$— $— $— $(1)$(5)$(1)
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Actuarial assumption review and other insurance adjustments
$12 $— $— $— $13 $12 $13 
Total notable items
$12 $— $— $— $13 $12 $13 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025September 30, 2024September 30, 2025
Litigation reserves and settlement costs$— $(47)$— $— $— $— $— 
Tax adjustments— 57 — — — — — 
Total notable items$— $10 $— $— $— $— $— 
A-3
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Total MetLife, Inc.'s stockholders' equity$30,885 $27,445 $27,493 $27,685 $28,944 
Less: Preferred stock3,818 3,818 3,818 3,818 2,830 
MetLife, Inc.'s common stockholders' equity 27,067 23,627 23,675 23,867 26,114 
Less: Unrealized investment gains (losses), net of related offsets and income tax(11,239)(19,402)(17,329)(16,484)(14,667)
Deferred gains (losses) on derivatives, net of income tax
(292)370 179 (1,466)(1,239)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax2,004 6,529 5,334 5,876 6,028 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax4 (71)(31)(64)(83)
  Defined benefit plans adjustment, net of income tax(1,371)(1,442)(1,416)(1,407)(1,390)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
— (129)(100)(83)92 
Total MetLife, Inc.'s adjusted common stockholders' equity
37,961 37,772 37,038 37,495 37,373 
Less: Accumulated year-to-date total notable items, net of income tax (2)
16 26 — — 18 
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
$37,945 $37,746 $37,038 $37,495 $37,355 
Unaudited (In millions, except per share data)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Book value per common share $39.02 $34.28 $35.16 $35.79 $39.52 
Less: Unrealized investment gains (losses), net of related offsets and income tax(16.20)(28.15)(25.74)(24.72)(22.20)
  Deferred gains (losses) on derivatives, net of income tax
(0.42)0.54 0.27 (2.20)(1.88)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax2.89 9.46 7.92 8.81 9.12 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax0.01 (0.10)(0.05)(0.10)(0.13)
  Defined benefit plans adjustment, net of income tax(1.98)(2.09)(2.10)(2.11)(2.10)
  Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
— (0.19)(0.15)(0.12)0.14 
Adjusted book value per common share
$54.72 $54.81 $55.01 $56.23 $56.57 
Common shares outstanding, end of period 693.7 689.2 673.3 666.8 660.7 
For the Three Months Ended (3)
Unaudited (In millions, except ratios)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
Return on MetLife, Inc.'s:
Common stockholders' equity 20.2 %19.6 %14.9 %11.7 %13.1 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
14.6 %15.4 %14.4 %14.6 %16.9 %
Adjusted common stockholders' equity, excluding total notable items (2)
14.4 %15.3 %14.4 %14.6 %16.7 %
Average common stockholders' equity $25,251 $25,347 $23,651 $23,771 $24,991 
Average adjusted common stockholders' equity
$37,673 $37,867 $37,405 $37,267 $37,434 
Average adjusted common stockholders' equity, excluding total notable items (2)
$37,665 $37,846 $37,405 $37,267 $37,425 
(1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to the reinsurers.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.
(3) Annualized using quarter-to-date results.
A-4
APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
 ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
GROUP BENEFITS (1)$6,146 $6,184 $6,430 $6,446 $6,306 
RIS (1)1,579 3,620 2,430 1,355 1,186 
ASIA 1,704 1,666 1,728 1,685 1,717 
LATIN AMERICA1,498 1,515 1,600 1,672 1,663 
EMEA 668 676 699 727 727 
METLIFE HOLDINGS (1)793 815 780 740 729 
CORPORATE & OTHER (1)92 93 112 126 133 
Adjusted premiums, fees and other revenues, on a constant currency basis$12,480 $14,569 $13,779 $12,751 $12,461 
Adjusted premiums, fees and other revenues$12,471 $14,437 $13,614 $12,719 $12,461 
ASIA (including operating joint ventures) (2), (3)$2,240 $2,075 $2,759 $2,422 $2,548 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
GROUP BENEFITS (1)$1,007 $1,041 $1,071 $1,048 $1,033 
RIS (1)183 166 149 143 150 
ASIA 758 783 773 802 830 
LATIN AMERICA486 534 513 499 615 
EMEA347 380 370 371 387 
METLIFE HOLDINGS (1)220 223 221 204 202 
CORPORATE & OTHER (1)164 165 174 176 205 
Adjusted other expenses, on a constant currency basis
$3,165 $3,292 $3,271 $3,243 $3,422 
Adjusted other expenses$3,159 $3,232 $3,202 $3,236 $3,422 
ASIA (including operating joint ventures) (2), (4)$876 $876 $899 $915 $965 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2024December 31, 2024March 31, 2025June 30, 2025September 30, 2025
GROUP BENEFITS (1)$373 $416 $367 $400 $455 
RIS (1)472 386 401 368 436 
ASIA 305 446 380 349 543 
LATIN AMERICA222 213 233 241 147 
EMEA 71 60 87 101 88 
METLIFE HOLDINGS (1)182 153 154 144 203 
CORPORATE & OTHER (1)(249)(199)(248)(233)(288)
Adjusted earnings available to common shareholders, on a constant currency basis$1,376 $1,475 $1,374 $1,370 $1,584 
Adjusted earnings available to common shareholders$1,375 $1,459 $1,349 $1,362 $1,584 
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses for operating joint ventures are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
A-5
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding 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:
Non-GAAP financial measures:Comparable GAAP financial measures:
(i)total adjusted revenues(i)total revenues
(ii)total adjusted expenses(ii)total expenses
(iii)adjusted premiums, fees and other revenues(iii)premiums, fees and other revenues
(iv)adjusted premiums, fees and other revenues, excluding PRT (iv)premiums, fees and other revenues
(v)adjusted net investment income(v)net investment income
(vi)adjusted earnings(vi)net income (loss)
(vii)adjusted earnings available to common shareholders(vii)net income (loss) available to MetLife, Inc.’s common shareholders
(viii)adjusted earnings available to common shareholders, excluding total notable items(viii)net income (loss) available to MetLife, Inc.’s common shareholders
(ix)adjusted earnings available to common shareholders per diluted common share(ix)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x)adjusted earnings available to common shareholders, excluding total notable items, per diluted common share(x)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi)adjusted return on equity(xi)return on equity
(xii)
adjusted return on equity, excluding total notable items
(xii)
return on equity
(xiii)
investment portfolio gains (losses)
(xiii)
net investment gains (losses)
(xiv)
derivative gains (losses)
(xiv)
net derivative gains (losses)
(xv)
adjusted capitalization of DAC
(xv)
capitalization of DAC
(xvi)
total MetLife, Inc.’s adjusted common stockholders’ equity
(xvi)
total MetLife, Inc.’s stockholders’ equity
(xvii)
total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items
(xvii)
total MetLife, Inc.’s stockholders’ equity
(xviii)
adjusted book value per common share
(xviii)
book value per common share
(xix)
adjusted other expenses
(xix)
other expenses
(xx)
adjusted other expenses, net of adjusted capitalization of DAC
(xx)
other expenses, net of capitalization of DAC
(xxi)
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses
(xxi)
other expenses, net of capitalization of DAC
(xxii)
adjusted expense ratio
(xxii)
expense ratio
(xxiii)
adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
(xxiii)
expense ratio
(xxiv)
direct expenses
(xxiv)
other expenses
(xxv)
direct expenses, excluding total notable items related to direct expenses
(xxv)
other expenses
(xxvi)
direct expense ratio
(xxvi)
expense ratio
(xxvii)
direct expense ratio, excluding total notable items related to direct expenses and PRT
(xxvii)
expense ratio
(xxviii)
future policy benefits at original discount rate
(xxviii)
future policy benefits at balance sheet discount rate
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and applied to the comparable prior period ("constant currency basis").
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at MetLife's Investor Relations webpage (https://investor.metlife.com).
A-6
APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife’s definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

Adjusted earnings and related measures
•adjusted earnings;
•adjusted earnings available to common shareholders;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders per diluted common share;
•adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•
adjusted earnings available to common shareholders, on a constant currency basis.
Adjusted earnings is used by MetLife’s chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and 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, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related 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 benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and 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 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.
•
Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•
Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of 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 in calculating adjusted earnings:
•
Net investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities ("Unit-linked contract income" and "Unit-linked contract costs").
•
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.
•Net investment income and other expenses also exclude Reinsurance adjustments (as defined below).
•
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.
•"Reinsurance adjustments" relate to amounts subject to ceded reinsurance arrangements with third parties and joint ventures, including (i) the related investment returns and expenses which are passed through to the reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.
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.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity and related measures
•
Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, 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 and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.
•
Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, 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, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax.
•
Return on 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 return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.’s average adjusted common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.’s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.
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: 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: 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.
Asia general account assets under management and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, and excludes policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third parties and joint ventures, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance:
•
Statistical sales information for Asia, Latin America and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
•
PRT includes UK funded reinsurance.
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APPENDIX
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
NAICNational Association of Insurance Commissioners
NRSRONationally Recognized Statistical Rating Organization
PRTPension risk transfers
QFSQuarterly financial supplement
RISRetirement and Income Solutions
VOBAValue of business acquired
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