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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 30, 2024
METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| | | | | | | | | | | | | | | | | | | | |
| 1-15787 | | 13-4075851 |
| (Commission File Number) | | (IRS Employer Identification No.) |
| | | | | |
| 200 Park Avenue, | New York, | NY | | | 10166-0188 |
| (Address of Principal Executive Offices) | | (Zip Code) |
(212) 578-9500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | | | | |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | | | | |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | | | | |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 | MET | New York Stock Exchange |
Floating Rate Non-Cumulative Preferred Stock,
Series A, par value $0.01 | MET PRA | New York Stock Exchange |
Depositary Shares, each representing a 1/1,000th
interest in a share of 5.625% Non-Cumulative
Preferred Stock, Series E | MET PRE | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | MET PRF
| New York Stock Exchange
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 30, 2024, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended September 30, 2024 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended September 30, 2024 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference and (iii) a fact sheet setting forth its total assets under management as of September 30, 2024 (the "Total AUM Fact Sheet"), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.
The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K. The foregoing description of the Total AUM Fact Sheet is not complete and is qualified in its entirety by reference to the Total AUM Fact Sheet, which is filed as Exhibit 99.3.
Item 7.01 Regulation FD Disclosure.
On October 30, 2024, MetLife, Inc. issued a supplemental slide presentation for the quarter ended September 30, 2024, (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.4 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement, as well as other prior public disclosures. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.
Item 8.01 Other Events.
The text of Item 2.02 above with respect to the Total AUM Fact Sheet is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
| | | | | |
| 101 | Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language) |
| | | | | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | | |
| METLIFE, INC. |
| |
| By: | | /s/ Tamara L. Schock |
| | Name: | | Tamara L. Schock |
| | Title: | | Executive Vice President and
Chief Accounting Officer |
Date: October 30, 2024
For Immediate Release İ Global Communications İ MetLife, Inc.
METLIFE ANNOUNCES THIRD QUARTER 2024 RESULTS
NEW YORK, October 30, 2024 - MetLife, Inc. (NYSE: MET) today announced its third quarter 2024 results.
Third Quarter Results Summary
•Net income of $1.3 billion, or $1.81 per share, compared to net income of $422 million, or $0.56 per share, in the third quarter of 2023.
•Adjusted earnings of $1.4 billion, or $1.95 per share, compared to adjusted earnings of $1.5 billion, or $1.97 per share, in the third quarter of 2023.
•Book value of $39.02 per share, up 33 percent from $29.34 per share at September 30, 2023.
•Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $54.72 per share, up 3 percent from $53.00 per share at September 30, 2023.
•Return on equity (ROE) of 20.2 percent.
•Adjusted ROE, excluding AOCI other than FCTA, of 14.6 percent.
•Holding company cash and liquid assets of $4.5 billion at September 30, 2024, which is above the target cash buffer of $3.0 - $4.0 billion.
"Despite lower variable investment income, MetLife demonstrated the financial attractiveness of our business in the third quarter, including an adjusted return on equity of 14.6%," said MetLife President and Chief Executive Officer Michel Khalaf. "Our unyielding focus on execution continues to drive strong momentum across our market-leading businesses."
Third Quarter 2024 Summary
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions, except per share data) | | Three Months Ended
September 30, | | | | |
| | 2024 | | 2023 | | Change | | | | | | | | |
| Premiums, fees and other revenues | | $ | 12,523 | | $ | 13,170 | | (5)% | | | | | | | | |
Net investment income | | 5,227 | | 4,825 | | 8% | | | | | | | | |
Net investment gains (losses) | | (77) | | (927) | | | | | | | | | | |
Net derivative gains (losses) | | 767 | | (1,202) | | | | | | | | | | |
Total revenues | | $ | 18,440 | | $ | 15,866 | | | | | | | | | | |
| | | | | | | | | | | | | | |
Adjusted premiums, fees and other revenues | | $ | 12,471 | | $ | 13,181 | | (5)% | | | | | | | | |
| Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT) | | $ | 11,942 | | $ | 11,720 | | 2% | | | | | | | | |
| | | | | | | | | | | | | | |
| Market risk benefit remeasurement gains (losses) | | $ | (531) | | $ | 796 | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income (loss) | | $ | 1,275 | | $ | 422 | | 202% | | | | | | | | |
Net income (loss) per share | | $ | 1.81 | | $ | 0.56 | | 223% | | | | | | | | |
| | | | | | | | | | | | | | |
Adjusted earnings | | $ | 1,375 | | $ | 1,488 | | (8)% | | | | | | | | |
Adjusted earnings per share | | $ | 1.95 | | $ | 1.97 | | (1)% | | | | | | | | |
Adjusted earnings, excluding total notable items | | $ | 1,359 | | $ | 1,474 | | (8)% | | | | | | | | |
Adjusted earnings, excluding total notable items per share | | $ | 1.93 | | $ | 1.95 | | (1)% | | | | | | | | |
| | | | | | | | | | | | | | |
Book value per share | | $ | 39.02 | | $ | 29.34 | | 33% | | | | | | | | |
Book value per share, excluding AOCI other than FCTA | | $ | 54.72 | | $ | 53.00 | | 3% | | | | | | | | |
| | | | | | | | | | | | | | |
Expense ratio | | 19.9 | % | | 18.6 | % | | | | | | | | | | |
Direct expense ratio, excluding total notable items related to direct expenses and PRT | | 11.7 | % | | 12.3 | % | | | | | | | | | | |
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT | | 20.7 | % | | 20.6 | % | | | | | | | | | | |
| | | | | | | | | | | | | | |
ROE | | 20.2 | % | | 7.0 | % | | | | | | | | | | |
Adjusted ROE, excluding AOCI other than FCTA | | 14.6 | % | | 14.9 | % | | | | | | | | | | |
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA) | | 14.4 | % | | 14.7 | % | | | | | | | | | | |
Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP and Other Financial Disclosures” below and in the tables that accompany this news release.
Supplemental slides for the third quarter of 2024, titled “3Q24 Supplemental Slides” are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Supplemental information about MetLife's diversified global investment portfolio is contained in the "3Q24 - General Account Assets Under Management Fact Sheet," available on the above-mentioned website.
Total Company Discussion
MetLife reported third quarter 2024 premiums, fees and other revenues of $12.5 billion, down 5 percent compared to the third quarter of 2023. Adjusted premiums, fees and other revenues were also $12.5 billion, down 5 percent on a reported basis and down 4 percent on a constant currency basis from the prior-year period.
Net investment income was $5.2 billion, up 8 percent from the third quarter of 2023, primarily due to higher interest rates and increases in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.1 billion, up 2 percent, primarily due to higher interest rates and asset growth.
Net investment losses were $77 million, or $61 million after tax during the quarter, reflecting normal trading activity and a stable credit environment. Net derivative gains amounted to $767 million, or $606 million after tax during the quarter, driven by the strengthening of the yen versus the U.S. dollar and the decline in interest rates in the third quarter, partially offset by market risk benefit remeasurement losses.
Net income was $1.3 billion, compared to net income of $422 million in the third quarter of 2023. The increase in net income was primarily driven by net derivative gains partially offset by market risk benefit remeasurement losses. On a per-share basis, net income was $1.81, compared to net income of $0.56 in the prior-year period.
MetLife reported adjusted earnings of $1.4 billion, down 8 percent on a reported basis, and down 6 percent on a constant currency basis, from the third quarter of 2023. On a per-share basis, adjusted earnings were $1.95, down 1 percent from the prior-year period.
Annual Actuarial Assumption Review and Other Insurance Adjustments
In the third quarter of 2024, MetLife performed its annual global actuarial assumption review. The actuarial assumption review and other insurance adjustments during the quarter positively impacted net income by $10 million and adjusted earnings by $16 million.
Adjusted Earnings by Segment Summary
| | | | | | | | | | |
| Three Months Ended
September 30, 2024 | |
| Segment | Change from
prior-year period (on a reported basis) | Change from
prior-year period
(on a constant
currency basis) | | |
| Group Benefits | (27)% | | | |
| Retirement and Income Solutions (RIS) | —% | | | |
| Asia | 11% | 13% | | |
| Latin America | 11% | 23% | | |
Europe, the Middle East and Africa (EMEA) | (20)% | (20)% | | |
| MetLife Holdings | (13)% | | | |
Business Discussions
All comparisons of the results for the third quarter of 2024 in the business discussions that follow are with the third quarter of 2023, unless otherwise noted.
GROUP BENEFITS
| | | | | | | | | | | |
| ($ in millions) | Three Months Ended
September 30, 2024 | Three Months Ended
September 30, 2023 | Change |
Adjusted earnings | $373 | $510 | (27)% |
| Notable item(s) | $(58) | $27 | |
| Adjusted earnings ex. notables | $431 | $483 | (11)% |
Adjusted premiums, fees and other revenues | $6,146 | $5,866 | 5% |
•Adjusted earnings were $373 million, down 27 percent, primarily driven by the impact of a liability refinement included in the annual actuarial assumption review and other insurance adjustments, and less favorable non-medical health underwriting.
•Excluding notable items, adjusted earnings were $431 million, down 11 percent.
•Adjusted premiums, fees and other revenues were $6.1 billion, up 5 percent, primarily driven by strong growth in national accounts.
•Sales were up 9 percent year-to-date, primarily driven by strong growth in national accounts.
RIS
| | | | | | | | | | | |
| ($ in millions) | Three Months Ended
September 30, 2024 | Three Months Ended
September 30, 2023 | Change |
Adjusted earnings | $472 | $470 | —% |
| Notable item(s) | $104 | $61 | |
| Adjusted earnings ex. notables | $368 | $409 | (10)% |
Adjusted premiums, fees and other revenues | $1,579 | $2,478 | (36)% |
Adjusted premiums, fees and other revenues, excluding PRT | $1,050 | $1,017 | 3% |
•Adjusted earnings were $472 million, essentially flat, driven by the impact of the annual actuarial assumption review and other insurance adjustments, offset by lower recurring interest margins.
•Excluding notable items, adjusted earnings were $368 million, down 10 percent.
•Adjusted premiums, fees and other revenues were $1.6 billion, compared to $2.5 billion in the prior-year period.
•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $1.1 billion, up 3 percent, driven by strong sales in UK longevity reinsurance.
•Sales were up 42 percent year-to-date, driven by most products, including pension risk transfer deals.
ASIA
| | | | | | | | | | | | | | |
| ($ in millions) | Three Months Ended
September 30, 2024 | Three Months Ended
September 30, 2023 | Change | Constant
currency
change |
| Adjusted earnings | $306 | $275 | 11% | 13% |
| Notable item(s) | $(41) | $(94) | | |
| Adjusted earnings ex. notables | $347 | $369 | (6)% | (5)% |
Adjusted premiums, fees and other revenues | $1,710 | $1,743 | (2)% | —% |
| Asia general account assets under management (at amortized cost) | $135,107 | $124,684 | 8% | 6% |
•Adjusted earnings were $306 million, up 11 percent on a reported basis, and up 13 percent on a constant currency basis, driven by the impact of the annual actuarial assumption review and other insurance adjustments and favorable underwriting, partially offset by lower investment margins.
•Excluding notable items, adjusted earnings were $347 million, down 6 percent.
•Adjusted premiums, fees and other revenues were $1.7 billion, down 2 percent on a reported basis, and essentially flat on a constant currency basis.
•Asia general account assets under management (at amortized cost) were $135.1 billion, up 8 percent on a reported basis and up 6 percent on a constant currency basis.
•Sales were $590 million, down 1 percent on a constant currency basis, driven by lower sales in Japan, offset by growth in India and China.
LATIN AMERICA
| | | | | | | | | | | | | | |
| ($ in millions) | Three Months Ended
September 30, 2024 | Three Months Ended
September 30, 2023 | Change | Constant
currency
change |
| Adjusted earnings | $221 | $199 | 11% | 23% |
| Notable item(s) | $4 | $0 | | |
| Adjusted earnings ex. notables | $217 | $199 | 9% | 21% |
Adjusted premiums, fees and other revenues | $1,496 | $1,484 | 1% | 11% |
•Adjusted earnings were $221 million, up 11 percent on a reported basis, and up 23 percent on a constant currency basis, driven by higher Chilean encaje returns and volume growth in our key markets.
•Excluding notable items, adjusted earnings were $217 million, up 9 percent.
•Adjusted premiums, fees and other revenues were $1.5 billion, up 1 percent on a reported basis, and up 11 percent on a constant currency basis, driven by strong sales and solid persistency across the region.
•Sales were $383 million, up 12 percent from the prior-year period on a constant currency basis, with all key markets contributing across the region.
EMEA
| | | | | | | | | | | | | | |
| ($ in millions) | Three Months Ended
September 30, 2024 | Three Months Ended
September 30, 2023 | Change | Constant
currency
change |
Adjusted earnings | $70 | $88 | (20)% | (20)% |
Notable item(s) | $(5) | $18 | | |
| Adjusted earnings ex. notables | $75 | $70 | 7% | 9% |
Adjusted premiums, fees and other revenues | $655 | $588 | 11% | 14% |
•Adjusted earnings were $70 million, down 20 percent on both a reported basis and a constant currency basis, due to the impact of the annual actuarial assumption review and other insurance adjustments, partially offset by volume growth across the region.
•Excluding notable items, adjusted earnings were $75 million, up 7 percent.
•Adjusted premiums, fees and other revenues were $655 million, up 11 percent on a reported basis and up 14 percent on a constant currency basis due to strong sales across the region.
•Sales were $249 million, up 32 percent on a constant currency basis, with strong growth in Turkey and Egypt.
METLIFE HOLDINGS
| | | | | | | | | | | |
| ($ in millions) | Three Months Ended
September 30, 2024 | Three Months Ended
September 30, 2023 | Change |
Adjusted earnings | $182 | $208 | (13)% |
Notable item(s) | $12 | $2 | |
| Adjusted earnings ex. notables | $170 | $206 | (17)% |
Adjusted premiums, fees and other revenues | $793 | $910 | (13)% |
•Adjusted earnings were $182 million, down 13 percent, primarily as a result of the reinsurance transaction completed in 2023.
•Excluding notable items, adjusted earnings were $170 million, down 17 percent.
•Adjusted premiums, fees and other revenues were $793 million, down 13 percent.
CORPORATE & OTHER
| | | | | | | | | | | |
| ($ in millions) | Three Months Ended
September 30, 2024 | Three Months Ended
September 30, 2023 | Change |
| Adjusted earnings | $(249) | $(262) | |
•Adjusted loss of $249 million, compared to an adjusted loss of $262 million in the prior-year period.
INVESTMENTS
| | | | | | | | | | | |
| ($ in millions) | Three Months Ended
September 30, 2024 | Three Months Ended
September 30, 2023 | Change |
Adjusted net investment income | $5,143 | $5,056 | 2% |
•Adjusted net investment income was $5.1 billion, up 2 percent. Recurring investment income was $5.0 billion, compared with $4.9 billion in the prior-year period, driven by higher interest rates and asset growth. Variable investment income was $162 million, compared to $179 million in the prior-year period, driven by lower private equity returns.
THIRD QUARTER 2024 NOTABLE ITEMS
| | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | Adjusted Earnings |
| Three Months Ended September 30, 2024 |
| Notable Items | Group Benefits | RIS | Asia | Latin
America | EMEA | MetLife
Holdings | Corporate
&
Other | Total |
|
| Actuarial assumption review and other insurance adjustments | $(58) | $104 | $(41) | $4 | $(5) | $12 | $0 | $16 |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Total notable items | $(58) | $104 | $(41) | $4 | $(5) | $12 | $0 | $16 |
###
Contacts: For Media: Dave Franecki (973) 264-7465, Dave.Franecki@metlife.com
For Investors: John Hall (212) 578-7888, John.A.Hall@metlife.com
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit www.metlife.com.
Conference Call
MetLife will hold its third quarter 2024 earnings conference call on Thursday, October 31, 2024, from 9-10 a.m. (ET). The conference call will be available live via the internet. To listen to the conference call via the internet, click the following link to register (https://registrations.events/direct/Q4I79508686).
The conference call will be available for replay via telephone and the internet beginning at 11:00 a.m. (ET) on Thursday, October 31, 2024, until Thursday, November 7, 2024, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 800-770-2030 (U.S.) or 647-362-9199 (outside the U.S.). The Conference ID for the replay is 79508. To access the
replay of the conference call via the internet, visit the MetLife Investor Relations webpage (https://investor.metlife.com).
Non-GAAP and Other Financial Disclosures
| | | | | | | | | | | | | | |
| Any references in this news release (except in this section and the tables that accompany this release) to: | | should be read as, respectively: |
| | | |
| (i) | net income (loss); | | (i) | net income (loss) available to MetLife, Inc.’s common shareholders; |
| (ii) | net income (loss) per share; | | (ii) | net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; |
| (iii) | adjusted earnings; | | (iii) | adjusted earnings available to common shareholders; |
| (iv) | adjusted earnings per share; | | (iv) | adjusted earnings available to common shareholders per diluted common share; |
| (v) | book value per share; | | (v) | book value per common share; |
| (vi) | book value per share, excluding AOCI other than FCTA; | | (vi) | book value per common share, excluding AOCI other than FCTA; |
| | | | |
| | | | |
| (vii) | return on equity; and | | (vii) | return on MetLife, Inc.’s common stockholders’ equity; and |
| | | | |
| (viii) | adjusted return on equity, excluding AOCI other than FCTA. | | (viii) | adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA. |
| | | | |
| | | | |
In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.
The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
| | | | | | | | | | | | | | |
| 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 capitalization of deferred policy acquisition costs (DAC); | | (vi) | capitalization of DAC; |
| | | | | | | | | | | | | | |
| (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 AOCI other than FCTA; | | (xii) | return on equity; |
| (xiii) | adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA); | | (xiii) | return on equity; |
| (xiv) | investment portfolio gains (losses); | | (xiv) | net investment gains (losses); |
| (xv) | derivative gains (losses); | | (xv) | net derivative gains (losses); |
| (xvi) | total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA; | | (xvi) | total MetLife, Inc.’s stockholders’ equity; |
| (xvii) | total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA); | | (xvii) | total MetLife, Inc.’s stockholders’ equity; |
| (xviii) | book value per common share, excluding AOCI other than FCTA; | | (xviii) | book value per common share; |
| (xix) | free cash flow of all holding companies; | | (xix) | MetLife, Inc. (parent company only) net cash provided by (used in) operating activities; |
| (xx) | adjusted other expenses; | | (xx) | other expenses; |
| (xxi) | adjusted other expenses, net of adjusted capitalization of DAC; | | (xxi) | other expenses, net of capitalization of DAC;
|
| (xxii) | adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; | | (xxii) | other expenses, net of capitalization of DAC; |
| (xxiii) | adjusted expense ratio; | | (xxiii) | expense ratio; |
| (xxiv) | adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; | | (xxiv) | expense ratio;
|
| (xxv) | direct expenses; | | (xxv) | other expenses; |
| (xxvi) | direct expenses, excluding total notable items related to direct expenses; | | (xxvi) | other expenses;
|
| (xxvii) | direct expense ratio; and | | (xxvii) | expense ratio; and |
| (xxviii) | direct expense ratio, excluding total notable items related to direct expenses and PRT. | | (xxviii) | expense ratio. |
| | | | |
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 earnings news release and in this period’s quarterly financial supplement, which is available at www.metlife.com.
MetLife’s definitions of non-GAAP and other financial measures discussed in this news release 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 on a constant currency basis;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;
•adjusted earnings available to common shareholders per diluted common share;
•adjusted earnings available to common shareholders on a constant currency basis 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, excluding total notable items, on a constant currency basis per diluted common share.
These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.
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 revenues and adjusted expenses
These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:
•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments").
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-
designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total 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 to the line items indicated in calculating adjusted earnings:
•Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs").
•Other revenues include fee revenue on synthetic guaranteed interest contracts ("GICs") accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
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 common stockholders’ equity, excluding AOCI other than FCTA: total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future
policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, and total notable items, net of income tax.
•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 common stockholders' equity.
•Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA.
•Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA).
The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia General account (GA) assets under management (GA AUM) 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, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to reinsurance arrangements with third-party reinsurers, 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.
Statistical sales information:
•Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products.
•RIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the contract value for new UK longevity reinsurance contracts, and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance.
•Latin America, Asia 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.
The following additional information is relevant to an understanding of MetLife’s performance results and outlook:
•Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.
•Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.
•MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual 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. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.
•We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.
Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” "are confident," “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial results.
Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:
(1)economic condition difficulties, including risks relating to interest rates, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default, currency exchange rates, derivatives, climate change, public health and terrorism and security;
(2)global capital and credit market adversity;
(3)credit facility inaccessibility;
(4)financial strength or credit ratings downgrades;
(5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers' credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;
(6)statutory life insurance reserve financing costs or limited market capacity;
(7)legal, regulatory, and supervisory and enforcement policy changes;
(8)changes in tax rates, tax laws or interpretations;
(9)litigation and regulatory investigations;
(10)unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;
(11)MetLife, Inc.’s inability to pay dividends and repurchase common stock;
(12)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;
(13)investment defaults, downgrades, or volatility;
(14)investment sales or lending difficulties;
(15)collateral or derivative-related payments;
(16)investment valuations, allowances, or impairments changes;
(17)claims or other results that differ from our estimates, assumptions, or models;
(18)global political, legal, or operational risks;
(19)business competition;
(20)technological changes;
(21)catastrophes;
(22)climate changes or responses to it;
(23)deficiencies in our closed block;
(24)goodwill or other asset impairment, or deferred income tax asset allowance;
(25)impairment of VOBA, value of distribution agreements acquired or value of customer relationships acquired;
(26)product guarantee volatility, costs, and counterparty risks;
(27)risk management failures;
(28)insufficient protection from operational risks;
(29)failure to protect confidentiality and integrity of data or other cybersecurity or disaster recovery failures;
(30)accounting standards changes;
(31)excessive risk-taking;
(32)marketing and distribution difficulties;
(33)pension and other postretirement benefit assumption changes;
(34)inability to protect our intellectual property or avoid infringement claims;
(35)acquisition, integration, growth, disposition, or reorganization difficulties;
(36)Brighthouse Financial, Inc. separation risks;
(37)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and
(38)legal- and corporate governance-related effects on business combinations.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.
| | | | | | | | | | | | | | | | | | |
| MetLife, Inc. |
| GAAP Interim Condensed Consolidated Statements of Operations |
| (In millions) |
| | | | | | | | |
| | For the Three Months Ended | | |
| | September 30, | | |
| | 2024 | | 2023 | | | | |
| Revenues | | | | | | | | |
| Premiums | | $ | 10,647 | | | $ | 11,230 | | | | | |
| Universal life and investment-type product policy fees | | 1,228 | | | 1,334 | | | | | |
| Net investment income | | 5,227 | | | 4,825 | | | | | |
| Other revenues | | 648 | | | 606 | | | | | |
| Net investment gains (losses) | | (77) | | | (927) | | | | | |
| Net derivative gains (losses) | | 767 | | | (1,202) | | | | | |
| Total revenues | | 18,440 | | | 15,866 | | | | | |
| | | | | | | | |
| Expenses | | | | | | | | |
| Policyholder benefits and claims | | 10,597 | | | 11,130 | | | | | |
| Policyholder liability remeasurement (gains) losses | | (132) | | | (17) | | | | | |
| Market risk benefit remeasurement (gains) losses | | 531 | | | (796) | | | | | |
| Interest credited to policyholder account balances | | 2,037 | | | 1,658 | | | | | |
| Policyholder dividends | | 150 | | | 153 | | | | | |
| | | | | | | | |
| Amortization of DAC and VOBA | | 516 | | | 499 | | | | | |
| Amortization of negative VOBA | | (7) | | | (7) | | | | | |
| Interest expense on debt | | 257 | | | 265 | | | | | |
| Other expenses, net of capitalization of DAC | | 2,497 | | | 2,447 | | | | | |
| Total expenses | | 16,446 | | | 15,332 | | | | | |
| | | | | | | | |
| Income (loss) before provision for income tax | | 1,994 | | | 534 | | | | | |
| Provision for income tax expense (benefit) | | 653 | | | 39 | | | | | |
| | | | | | | | |
| | | | | | | | |
| Net income (loss) | | 1,341 | | | 495 | | | | | |
| Less: Net income (loss) attributable to noncontrolling interests | | (1) | | | 6 | | | | | |
| Net income (loss) attributable to MetLife, Inc. | | 1,342 | | | 489 | | | | | |
| Less: Preferred stock dividends | | 67 | | | 67 | | | | | |
| | | | | | | | |
| Net income (loss) available to MetLife, Inc.'s common shareholders | | $ | 1,275 | | | $ | 422 | | | | | |
| | | | | | | | |
| See footnotes on last page. | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MetLife, Inc. |
| (In millions, except per share data) |
|
| | | | | | | | | | | |
| | For the Three Months Ended | | | |
| | September 30, | | | |
| | 2024 | | | | 2023 | | | | | |
| Reconciliation to Adjusted Earnings Available to Common Shareholders | | | | Earnings Per
Weighted Average
Common Share Diluted (1) | | | | | | | | Earnings Per
Weighted Average
Common Share Diluted (1) | | | | | | | | | |
| Net income (loss) available to MetLife, Inc.'s common shareholders | | $ | 1,275 | | | $ | 1.81 | | | | | | | $ | 422 | | | $ | 0.56 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders: | | | | | | | | | | | | | | | | | | | | | |
| Less: Net investment gains (losses) | | (77) | | | (0.11) | | | | | | | (927) | | | (1.23) | | | | | | | | | | |
| Net derivative gains (losses) | | 767 | | | 1.09 | | | | | | | (1,202) | | | (1.59) | | | | | | | | | | |
| Market risk benefit remeasurement gains (losses) | | (531) | | | (0.75) | | | | | | | 796 | | | 1.05 | | | | | | | | | | |
| Premiums | | 16 | | | 0.02 | | | | | | | — | | | — | | | | | | | | | | |
| Universal life and investment-type product policy fees | | — | | | — | | | | | | | — | | | — | | | | | | | | | | |
| Net investment income | | 84 | | | 0.12 | | | | | | | (231) | | | (0.31) | | | | | | | | | | |
| Other revenues | | 36 | | | 0.05 | | | | | | | (11) | | | (0.01) | | | | | | | | | | |
| Policyholder benefits and claims and policyholder dividends | | 50 | | | 0.08 | | | | | | | 69 | | | 0.10 | | | | | | | | | | |
| Policyholder liability remeasurement (gains) losses | | — | | | — | | | | | | | — | | | — | | | | | | | | | | |
| Interest credited to policyholder account balances | | (222) | | | (0.32) | | | | | | | 47 | | | 0.06 | | | | | | | | | | |
| Capitalization of DAC | | — | | | — | | | | | | | — | | | — | | | | | | | | | | |
| Amortization of DAC and VOBA | | — | | | — | | | | | | | — | | | — | | | | | | | | | | |
| Amortization of negative VOBA | | — | | | — | | | | | | | — | | | — | | | | | | | | | | |
| Interest expense on debt | | — | | | — | | | | | | | — | | | — | | | | | | | | | | |
| Other expenses | | (29) | | | (0.04) | | | | | | | (30) | | | (0.04) | | | | | | | | | | |
| Goodwill impairment | | — | | | — | | | | | | | — | | | — | | | | | | | | | | |
| Provision for income tax (expense) benefit | | (195) | | | (0.28) | | | | | | | 429 | | | 0.57 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Add: Net income (loss) attributable to noncontrolling interests | | (1) | | | — | | | | | | | 6 | | | 0.01 | | | | | | | | | | |
| Preferred stock redemption premium | | — | | | — | | | | | | | — | | | — | | | | | | | | | | |
| Adjusted earnings available to common shareholders | | 1,375 | | | 1.95 | | | | | | | 1,488 | | | 1.97 | | | | | | | | | | |
| Less: Total notable items | | 16 | | | 0.02 | | | | | | | 14 | | | 0.02 | | | | | | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items | | $ | 1,359 | | | $ | 1.93 | | | | | | | $ | 1,474 | | | $ | 1.95 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted earnings available to common shareholders on a constant currency basis | | $ | 1,375 | | | $ | 1.95 | | | | | | | $ | 1,463 | | | $ | 1.94 | | | | | | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | | $ | 1,359 | | | $ | 1.93 | | | | | | | $ | 1,449 | | | $ | 1.92 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Weighted average common shares outstanding - diluted | | | | 703.7 | | | | | | | | | 755.5 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| See footnotes on last page. | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| MetLife, Inc. |
| (In millions) |
|
| | | | | | | | |
| For the Three Months Ended | | | |
| September 30, | | | |
| 2024 | | 2023 | | | | | |
| Premiums, Fees and Other Revenues | | | | | | | | |
| Premiums, fees and other revenues | $ | 12,523 | | | $ | 13,170 | | | | | | |
| Less: Adjustments to premiums, fees and other revenues: | | | | | | | | |
| Asymmetrical and non-economic accounting | 50 | | | — | | | | | | |
| Other adjustments | (14) | | | (11) | | | | | | |
| Divested businesses | 16 | | | — | | | | | | |
| Adjusted premiums, fees and other revenues | $ | 12,471 | | | $ | 13,181 | | | | | | |
| | | | | | | | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $ | 12,471 | | | $ | 12,992 | | | | | | |
| Less: PRT | 529 | | | 1,461 | | | | | | |
| Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis | $ | 11,942 | | | $ | 11,531 | | | | | | |
| | | | | | | | |
| Net Investment Income | | | | | | | | |
| Net investment income | $ | 5,227 | | | $ | 4,825 | | | | | | |
| Less: Adjustments to net investment income | | | | | | | | |
| Investment hedge adjustments | (129) | | | (232) | | | | | | |
| Unit-linked contract income | 147 | | | 4 | | | | | | |
| Other adjustments | 66 | | | (3) | | | | | | |
| Divested businesses | — | | | — | | | | | | |
| Adjusted net investment income | $ | 5,143 | | | $ | 5,056 | | | | | | |
| | | | | | | | |
| Revenues and Expenses | | | | | | | | |
| Total revenues | $ | 18,440 | | | $ | 15,866 | | | | | | |
| Less: Adjustments to total revenues: | | | | | | | | |
| Net investment gains (losses) | (77) | | | (927) | | | | | | |
| Net derivative gains (losses) | 767 | | | (1,202) | | | | | | |
| Investment hedge adjustments | (129) | | | (232) | | | | | | |
| Asymmetrical and non-economic accounting | 50 | | | — | | | | | | |
| Unit-linked contract income | 147 | | | 4 | | | | | | |
| Other adjustments | 52 | | | (14) | | | | | | |
| Divested businesses | 16 | | | — | | | | | | |
| Total adjusted revenues | $ | 17,614 | | | $ | 18,237 | | | | | | |
| | | | | | | | |
| Total expenses | $ | 16,446 | | | $ | 15,332 | | | | | | |
| Less: Adjustments to total expenses: | | | | | | | | |
| Market risk benefit remeasurement (gains) losses | 531 | | | (796) | | | | | | |
| Goodwill impairment | — | | | — | | | | | | |
| Asymmetrical and non-economic accounting | 72 | | | (49) | | | | | | |
| Market volatility | (52) | | | (64) | | | | | | |
| Unit-linked contract costs | 143 | | | (3) | | | | | | |
| Other adjustments | 12 | | | 21 | | | | | | |
| Divested businesses | 26 | | | 9 | | | | | | |
| Total adjusted expenses | $ | 15,714 | | | $ | 16,214 | | | | | | |
| | | | | | | | |
| See footnotes on last page. | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| MetLife, Inc. | |
| (In millions, except per share and ratio data) | |
| |
| | For the Three Months Ended | | | |
| | September 30, | | | |
| | 2024 | | 2023 | | | | | |
| Expense Detail and Ratios | | | | | | | | | |
| | | | | | | | | |
| Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC | | | | | | | | | |
| Capitalization of DAC | | $ | (691) | | | $ | (742) | | | | | | |
| Less: Divested businesses | | — | | | — | | | | | | |
| Adjusted capitalization of DAC | | $ | (691) | | | $ | (742) | | | | | | |
| | | | | | | | | |
| Reconciliation of Other Expenses to Adjusted Other Expenses | | | | | | | | | |
| Other expenses | | $ | 3,188 | | | $ | 3,189 | | | | | | |
| Less: Other adjustments | | 12 | | | 21 | | | | | | |
| Less: Divested businesses | | 17 | | | 9 | | | | | | |
| Adjusted other expenses | | $ | 3,159 | | | $ | 3,159 | | | | | | |
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| Other Detail and Ratios | | | | | | | | | |
| Other expenses, net of capitalization of DAC | | $ | 2,497 | | | $ | 2,447 | | | | | | |
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| Premiums, fees and other revenues | | $ | 12,523 | | | $ | 13,170 | | | | | | |
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| Expense ratio | | 19.9 | % | | 18.6 | % | | | | | |
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| Direct expenses | | $ | 1,392 | | | $ | 1,447 | | | | | | |
| Less: Total notable items related to direct expenses | | — | | | — | | | | | | |
| Direct expenses, excluding total notable items related to direct expenses | | $ | 1,392 | | | $ | 1,447 | | | | | | |
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| Adjusted other expenses | | $ | 3,159 | | | $ | 3,159 | | | | | | |
| Adjusted capitalization of DAC | | (691) | | | (742) | | | | | | |
| Adjusted other expenses, net of adjusted capitalization of DAC | | 2,468 | | | 2,417 | | | | | | |
| Less: Total notable items related to adjusted other expenses | | — | | | — | | | | | | |
| Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses | | $ | 2,468 | | | $ | 2,417 | | | | | | |
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| Adjusted premiums, fees and other revenues | | $ | 12,471 | | | $ | 13,181 | | | | | | |
| Less: PRT | | 529 | | | 1,461 | | | | | | |
| Adjusted premiums, fees and other revenues, excluding PRT | | $ | 11,942 | | | $ | 11,720 | | | | | | |
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| Direct expense ratio | | 11.2 | % | | 11.0 | % | | | | | |
| Direct expense ratio, excluding total notable items related to direct expenses and PRT | | 11.7 | % | | 12.3 | % | | | | | |
| Adjusted expense ratio | | 19.8 | % | | 18.3 | % | | | | | |
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT | | 20.7 | % | | 20.6 | % | | | | | |
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| See footnotes on last page. | | | | | |
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| MetLife, Inc. |
| (In millions, except per share data) |
|
| | September 30, |
| Equity Details | | 2024 | | 2023 |
| Total MetLife, Inc.'s stockholders' equity | | $ | 30,885 | | | $ | 25,658 | |
| Less: Preferred stock | | 3,818 | | | 3,818 | |
| MetLife, Inc.'s common stockholders' equity | | 27,067 | | | 21,840 | |
| Less: Net unrealized investment gains (losses), net of income tax | | (11,531) | | | (26,548) | |
| Future policy benefits discount rate remeasurement gain (losses), net of income tax | | 2,004 | | | 10,245 | |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | | 4 | | | (4) | |
| Defined benefit plans adjustment, net of income tax | | (1,371) | | | (1,308) | |
| Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA | | 37,961 | | | 39,455 | |
| Less: Accumulated year-to-date total notable items | | 16 | | | 14 | |
| Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) | | $ | 37,945 | | | $ | 39,441 | |
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| | September 30, |
| Book Value (2) | | 2024 | | 2023 |
| Book value per common share | | $ | 39.02 | | | $ | 29.34 | |
| Less: Net unrealized investment gains (losses), net of income tax | | (16.62) | | | (35.66) | |
| Future policy benefits discount rate remeasurement gain (losses), net of income tax | | 2.89 | | | 13.77 | |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | | 0.01 | | | (0.01) | |
| Defined benefit plans adjustment, net of income tax | | (1.98) | | | (1.76) | |
| Book value per common share, excluding AOCI other than FCTA | | $ | 54.72 | | | $ | 53.00 | |
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| Common shares outstanding, end of period (3) | | 693.7 | | | 744.4 | |
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| | For the Three Months Ended | | |
| | September 30, (4) | | |
| Return on Equity | | 2024 | | 2023 | | | | |
| Return on MetLife, Inc.'s: | | | | | | | | |
| Common stockholders' equity | | 20.2 | % | | 7.0 | % | | | | |
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| Adjusted return on MetLife, Inc.'s: | | | | | | | | |
| Common stockholders' equity | | 21.8 | % | | 24.7 | % | | | | |
| Common stockholders' equity, excluding AOCI other than FCTA | | 14.6 | % | | 14.9 | % | | | | |
| Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) | | 14.4 | % | | 14.7 | % | | | | |
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| | For the Three Months Ended | | |
| | September 30, | | |
| Average Common Stockholders' Equity | | 2024 | | 2023 | | | | |
| Average common stockholders' equity | | $ | 25,251 | | | $ | 24,142 | | | | | |
| Average common stockholders' equity, excluding AOCI other than FCTA | | $ | 37,673 | | | $ | 40,001 | | | | | |
| Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) | | $ | 37,665 | | | $ | 39,994 | | | | | |
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| See footnotes on last page. | | | | | | | | |
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| MetLife, Inc. |
| Adjusted Earnings Available to Common Shareholders |
| (In millions) |
|
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| | | For the Three Months Ended | | |
| | | September 30, | | |
| | | 2024 | | 2023 | | | | |
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| Group Benefits (5): | | | | | | | | |
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| Adjusted earnings available to common shareholders | | $ | 373 | | | $ | 510 | | | | | |
| Less: Total notable items | | (58) | | | 27 | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items | | $ | 431 | | | $ | 483 | | | | | |
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| Adjusted premiums, fees and other revenues | | $ | 6,146 | | | $ | 5,866 | | | | | |
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| Retirement & Income Solutions (5): | | | | | | | | |
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| Adjusted earnings available to common shareholders | | $ | 472 | | | $ | 470 | | | | | |
| Less: Total notable items | | 104 | | | 61 | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items | | $ | 368 | | | $ | 409 | | | | | |
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| Adjusted premiums, fees and other revenues | | $ | 1,579 | | | $ | 2,478 | | | | | |
| Less: PRT | | 529 | | | 1,461 | | | | | |
| Adjusted premiums, fees and other revenues, excluding PRT | | $ | 1,050 | | | $ | 1,017 | | | | | |
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| Asia: | | | | | | | | |
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| Adjusted earnings available to common shareholders | | $ | 306 | | | $ | 275 | | | | | |
| Less: Total notable items | | (41) | | | (94) | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items | | $ | 347 | | | $ | 369 | | | | | |
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| Adjusted earnings available to common shareholders on a constant currency basis | | $ | 306 | | | $ | 271 | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | | $ | 347 | | | $ | 365 | | | | | |
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| Adjusted premiums, fees and other revenues | | $ | 1,710 | | | $ | 1,743 | | | | | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | | $ | 1,710 | | | $ | 1,704 | | | | | |
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| Latin America: | | | | | | | | |
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| Adjusted earnings available to common shareholders | | $ | 221 | | | $ | 199 | | | | | |
| Less: Total notable items | | 4 | | | — | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items | | $ | 217 | | | $ | 199 | | | | | |
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| Adjusted earnings available to common shareholders on a constant currency basis | | $ | 221 | | | $ | 179 | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | | $ | 217 | | | $ | 179 | | | | | |
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| Adjusted premiums, fees and other revenues | | $ | 1,496 | | | $ | 1,484 | | | | | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | | $ | 1,496 | | | $ | 1,349 | | | | | |
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| See footnotes on last page. | | | | | | | | |
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| MetLife, Inc. |
| Adjusted Earnings Available to Common Shareholders (Continued) |
| (In millions) |
|
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| | | For the Three Months Ended | | |
| | | September 30, | | |
| | | 2024 | | 2023 | | | | |
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| EMEA: | | | | | | | | |
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| Adjusted earnings available to common shareholders | | $ | 70 | | | $ | 88 | | | | | |
| Less: Total notable items | | (5) | | | 18 | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items | | $ | 75 | | | $ | 70 | | | | | |
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| Adjusted earnings available to common shareholders on a constant currency basis | | $ | 70 | | | $ | 87 | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis | | $ | 75 | | | $ | 69 | | | | | |
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| Adjusted premiums, fees and other revenues | | $ | 655 | | | $ | 588 | | | | | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | | $ | 655 | | | $ | 573 | | | | | |
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| MetLife Holdings (5): | | | | | | | | |
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| Adjusted earnings available to common shareholders | | $ | 182 | | | $ | 208 | | | | | |
| Less: Total notable items | | 12 | | | 2 | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items | | $ | 170 | | | $ | 206 | | | | | |
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| Adjusted premiums, fees and other revenues | | $ | 793 | | | $ | 910 | | | | | |
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| Corporate & Other (5): | | | | | | | | |
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| Adjusted earnings available to common shareholders | | $ | (249) | | | $ | (262) | | | | | |
| Less: Total notable items | | — | | | — | | | | | |
| Adjusted earnings available to common shareholders, excluding total notable items | | $ | (249) | | | $ | (262) | | | | | |
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| Adjusted premiums, fees and other revenues | | $ | 92 | | | $ | 112 | | | | | |
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| See footnotes on last page. | | | | | | | | |
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| MetLife, Inc. |
|
|
| | | | | | | | For the Three Months Ended |
| | | | | | | | September 30, |
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| | | | | | | | 2024 | | 2023 |
| Variable investment income (post-tax, in millions) (6) | | | | | | | | | | |
| Group Benefits | | | | | | | | $ | 2 | | | $ | 1 | |
| RIS | | | | | | | | 50 | | | 35 | |
| Asia | | | | | | | | 44 | | | 37 | |
| Latin America | | | | | | | | 8 | | | 5 | |
| EMEA | | | | | | | | — | | | — | |
| MetLife Holdings | | | | | | | | 29 | | | 35 | |
| Corporate & Other | | | | | | | | (5) | | | 28 | |
| Total variable investment income | | | | | | | | $ | 128 | | | $ | 141 | |
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| | | Segments: Group Benefits, RIS, Asia, Latin America and EMEA (7) |
| | | Capital Deployed | | Value of New Business | | Internal Rate of Return | | Payback (Years) |
| Value of new business ($ in billions) | | | | | | | | | |
| 2023 | | | | $ | 3.6 | | | $ | 2.6 | | | 19 | % | | 5 | |
| 2022 | | | | $ | 3.7 | | | $ | 2.3 | | | 17 | % | | 6 | |
| 2021 | | | | $ | 2.8 | | | $ | 1.9 | | | 17 | % | | 6 | |
| 2020 | | | | $ | 3.2 | | | $ | 1.9 | | | 17 | % | | 6 | |
| 2019 | | | | $ | 3.8 | | | $ | 1.8 | | | 15 | % | | 7 | |
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| See footnotes on last page. | | | | | | | | | | |
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| MetLife, Inc. |
|
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| | September 30, 2024 |
| Cash & Capital (8), (9) (in billions) | |
Holding Companies Cash & Liquid Assets | | | $ | 4.5 | |
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Footnotes | | | |
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(1) | Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is 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. |
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| (2) | Book values exclude $3,818 million of equity related to preferred stock at both September 30, 2024 and 2023. |
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| (3) | There were share repurchases of approximately $0.8 billion for the three months September 30, 2024. There were share repurchases of approximately $130 million in October 2024. |
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| (4) | Annualized using quarter-to-date results. |
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| (5) | Results on a constant currency basis are not included as constant currency impact is not significant. |
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| (6) | Assumes a 21% tax rate. |
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| (7) | Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales. |
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| (8) | The total U.S. statutory adjusted capital is expected to be approximately $17.6 billion at September 30, 2024, down 2% from June 30, 2024. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. |
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| (9) | The expected Japan solvency margin ratio as of September 30, 2024 is approximately 745%. |
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Third Quarter
Financial Supplement
September 30, 2024
3
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| 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 the understanding for MetLife and its investors 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 Ended | | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | | September 30, 2024 | |
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| Revenues | | | | | | | | | | | | | | | | | | | | | | | |
| Premiums | | | $ | 11,230 | | | | $ | 11,786 | | | | $ | 10,053 | | | | $ | 11,628 | | | | $ | 10,647 | | | | | $ | 32,497 | | | | $ | 32,328 | | |
| Universal life and investment-type product policy fees | | | 1,334 | | | | 1,241 | | | | 1,248 | | | | 1,281 | | | | 1,228 | | | | | 3,911 | | | | 3,757 | | |
| Net investment income | | | 4,825 | | | | 5,366 | | | | 5,436 | | | | 5,205 | | | | 5,227 | | | | | 14,542 | | | | 15,868 | | |
| Other revenues | | | 606 | | | | 660 | | | | 674 | | | | 638 | | | | 648 | | | | | 1,866 | | | | 1,960 | | |
| Net investment gains (losses) | | | (927) | | | | (174) | | | | (375) | | | | (421) | | | | (77) | | | | | (2,650) | | | | (873) | | |
| Net derivative gains (losses) | | | (1,202) | | | | 149 | | | | (979) | | | | (508) | | | | 767 | | | | | (2,289) | | | | (720) | | |
| Total revenues | | | 15,866 | | | | 19,028 | | | | 16,057 | | | | 17,823 | | | | 18,440 | | | | | 47,877 | | | | 52,320 | | |
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| Expenses | | | | | | | | | | | | | | | | | | | | | | | |
| Policyholder benefits and claims | | | 11,130 | | | | 11,779 | | | | 10,074 | | | | 11,485 | | | | 10,597 | | | | | 32,811 | | | | 32,156 | | |
| Policyholder liability remeasurement (gains) losses | | | (17) | | | | (3) | | | | (22) | | | | (10) | | | | (132) | | | | | (42) | | | | (164) | | |
| Market risk benefit remeasurement (gains) losses | | | (796) | | | | 431 | | | | (694) | | | | (182) | | | | 531 | | | | | (1,425) | | | | (345) | | |
| Interest credited to policyholder account balances | | | 1,658 | | | | 2,405 | | | | 2,290 | | | | 2,000 | | | | 2,037 | | | | | 5,455 | | | | 6,327 | | |
| Policyholder dividends | | | 153 | | | | 159 | | | | 147 | | | | 148 | | | | 150 | | | | | 463 | | | | 445 | | |
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| Amortization of DAC and VOBA | | | 499 | | | | 504 | | | | 508 | | | | 499 | | | | 516 | | | | | 1,448 | | | | 1,523 | | |
| Amortization of negative VOBA | | | (7) | | | | (6) | | | | (6) | | | | (6) | | | | (7) | | | | | (20) | | | | (19) | | |
| Interest expense on debt | | | 265 | | | | 269 | | | | 264 | | | | 257 | | | | 257 | | | | | 776 | | | | 778 | | |
| Other expenses, net of capitalization of DAC | | | 2,447 | | | | 2,549 | | | | 2,451 | | | | 2,430 | | | | 2,497 | | | | | 7,190 | | | | 7,378 | | |
| Total expenses | | | 15,332 | | | | 18,087 | | | | 15,012 | | | | 16,621 | | | | 16,446 | | | | | 46,656 | | | | 48,079 | | |
| Income (loss) before provision for income tax | | | 534 | | | | 941 | | | | 1,045 | | | | 1,202 | | | | 1,994 | | | | | 1,221 | | | | 4,241 | | |
| Provision for income tax expense (benefit) | | | 39 | | | | 327 | | | | 170 | | | | 249 | | | | 653 | | | | | 233 | | | | 1,072 | | |
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| Net income (loss) | | | 495 | | | | 614 | | | | 875 | | | | 953 | | | | 1,341 | | | | | 988 | | | | 3,169 | | |
| Less: Net income (loss) attributable to noncontrolling interests | | | 6 | | | | 7 | | | | 8 | | | | 7 | | | | (1) | | | | | 17 | | | | 14 | | |
| Net income (loss) attributable to MetLife, Inc. | | | 489 | | | | 607 | | | | 867 | | | | 946 | | | | 1,342 | | | | | 971 | | | | 3,155 | | |
| Less: Preferred stock dividends | | | 67 | | | | 33 | | | | 67 | | | | 34 | | | | 67 | | | | | 165 | | | | 168 | | |
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| Net income (loss) available to MetLife, Inc.'s common shareholders | | | $ | 422 | | | | $ | 574 | | | | $ | 800 | | | | $ | 912 | | | | $ | 1,275 | | | | | $ | 806 | | | | $ | 2,987 | | |
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| Premiums, fees and other revenues | | | $ | 13,170 | | | | $ | 13,687 | | | | $ | 11,975 | | | | $ | 13,547 | | | | $ | 12,523 | | | | | $ | 38,274 | | | | $ | 38,045 | | |
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| METLIFE
CORPORATE OVERVIEW |
| |
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| | | For the Three Months Ended |
| Unaudited (In millions, except per share data) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Net income (loss) available to MetLife, Inc.'s common shareholders | | $ | 422 | | | | $ | 574 | | | | $ | 800 | | | | $ | 912 | | | | $ | 1,275 | | |
| Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: | | | | | | | | | | | | | | | |
| Less: Net investment gains (losses) | | (927) | | | | (174) | | | | (375) | | | | (421) | | | | (77) | | |
| Less: Net derivative gains (losses) | | (1,202) | | | | 149 | | | | (979) | | | | (508) | | | | 767 | | |
| Less: Market risk benefit remeasurement gains (losses) | | 796 | | | | (431) | | | | 694 | | | | 182 | | | | (531) | | |
| Less: Goodwill impairment | | — | | | | — | | | | — | | | | — | | | | — | | |
| Less: Other adjustments to net income (loss) (1) | | (156) | | | | (330) | | | | (126) | | | | (232) | | | | (65) | | |
| Less: Provision for income tax (expense) benefit | | 429 | | | | 6 | | | | 260 | | | | 270 | | | | (195) | | |
| | | | | | | | | | | | | | | | |
| Add: Net income (loss) attributable to noncontrolling interests | | 6 | | | | 7 | | | | 8 | | | | 7 | | | | (1) | | |
| Add: Preferred stock redemption premium | | — | | | | — | | | | — | | | | — | | | | — | | |
| Adjusted earnings available to common shareholders | | 1,488 | | | | 1,361 | | | | 1,334 | | | | 1,628 | | | | 1,375 | | |
| Less: Total notable items (2) | | 14 | | | | (76) | | | | — | | | | — | | | | 16 | | |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | | $ | 1,474 | | | | $ | 1,437 | | | | $ | 1,334 | | | | $ | 1,628 | | | | $ | 1,359 | | |
| | | | | | | | | | | | | | | | |
| Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share | | $ | 0.56 | | | | $ | 0.77 | | | | $ | 1.10 | | | | $ | 1.28 | | | | $ | 1.81 | | |
| | | | | | | | | | | | | | | | |
| Less: Net investment gains (losses) | | (1.23) | | | | (0.23) | | | | (0.51) | | | | (0.59) | | | | (0.11) | | |
| Less: Net derivative gains (losses) | | (1.59) | | | | 0.20 | | | | (1.34) | | | | (0.71) | | | | 1.09 | | |
| Less: Market risk benefit remeasurement gains (losses) | | 1.05 | | | | (0.58) | | | | 0.95 | | | | 0.25 | | | | (0.75) | | |
| Less: Goodwill impairment | | — | | | | — | | | | — | | | | — | | | | — | | |
| Less: Other adjustments to net income (loss) | | (0.20) | | | | (0.45) | | | | (0.18) | | | | (0.32) | | | | (0.09) | | |
| Less: Provision for income tax (expense) benefit | | 0.57 | | | | 0.01 | | | | 0.36 | | | | 0.38 | | | | (0.28) | | |
| | | | | | | | | | | | | | | | |
| Add: Net income (loss) attributable to noncontrolling interests | | 0.01 | | | | 0.01 | | | | 0.01 | | | | 0.01 | | | | — | | |
| Add: Preferred stock redemption premium | | — | | | | — | | | | — | | | | — | | | | — | | |
| Adjusted earnings available to common shareholders per diluted common share | | 1.97 | | | | 1.83 | | | | 1.83 | | | | 2.28 | | | | 1.95 | | |
| Less: Total notable items per diluted common share (2) | | 0.02 | | | | (0.10) | | | | — | | | | — | | | | 0.02 | | |
| Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) | | $ | 1.95 | | | | $ | 1.93 | | | | $ | 1.83 | | | | $ | 2.28 | | | | $ | 1.93 | | |
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended |
| Unaudited (In millions, except per share data) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Notable items impacting adjusted earnings available to common shareholders (2): | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Actuarial assumption review and other insurance adjustments | | $ | 14 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 16 | | |
| Litigation reserves and settlement costs | | — | | | | (76) | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Total notable items | | $ | 14 | | | | $ | (76) | | | | $ | — | | | | $ | — | | | | $ | 16 | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Notable items impacting adjusted earnings available to common shareholders per diluted common share (2): | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Actuarial assumption review and other insurance adjustments | | $ | 0.02 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 0.02 | | |
| Litigation reserves and settlement costs | | — | | | | (0.10) | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Total notable items | | $ | 0.02 | | | | $ | (0.10) | | | | $ | — | | | | $ | — | | | | $ | 0.02 | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| Weighted average common shares outstanding - diluted | | 755.5 | | | | 743.4 | | | | 728.4 | | | | 714.7 | | | | 703.7 | | |
| | | | | | | | | | | | | | | | |
| (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 Page A-2 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. | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| METLIFE
CORPORATE OVERVIEW (CONTINUED) | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Unaudited | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Book value per common share (1) | | $ | 29.34 | | | | $ | 35.85 | | | | $ | 34.54 | | | | $ | 33.30 | | | | $ | 39.02 | | |
| Book value per common share, excluding AOCI other than FCTA (1) | | $ | 53.00 | | | | $ | 53.75 | | | | $ | 53.13 | | | | $ | 53.12 | | | | $ | 54.72 | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended |
| Unaudited | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| Return on MetLife, Inc.'s (2): | | | | | | | | | | | | | | | |
| Common stockholders' equity | | 7.0 | % | | | 9.6 | % | | | 12.6 | % | | | 15.2 | % | | | 20.2 | % | |
| | | | | | | | | | | | | | | | |
| Adjusted return on MetLife, Inc.'s (2): | | | | | | | | | | | | | | | |
| Common stockholders' equity | | 24.7 | % | | | 22.7 | % | | | 21.0 | % | | | 27.0 | % | | | 21.8 | % | |
| Common stockholders' equity, excluding AOCI other than FCTA | | 14.9 | % | | | 13.8 | % | | | 13.8 | % | | | 17.3 | % | | | 14.6 | % | |
| Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3) | | 14.7 | % | | | 14.6 | % | | | 13.8 | % | | | 17.3 | % | | | 14.4 | % | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Common shares outstanding, beginning of period | | 757.2 | | | | 744.4 | | | | 730.8 | | | | 715.7 | | | | 703.8 | | |
| Share repurchases | | (12.9) | | | | (13.7) | | | | (16.9) | | | | (12.0) | | | | (10.5) | | |
| Newly issued shares | | 0.1 | | | | 0.1 | | | | 1.8 | | | | 0.1 | | | | 0.4 | | |
| Common shares outstanding, end of period | | 744.4 | | | | 730.8 | | | | 715.7 | | | | 703.8 | | | | 693.7 | | |
| | | | | | | | | | | | | | | | |
| Weighted average common shares outstanding - basic | | 751.4 | | | | 738.6 | | | | 723.2 | | | | 710.5 | | | | 699.3 | | |
| Dilutive effect of the exercise or issuance of stock-based awards | | 4.1 | | | | 4.8 | | | | 5.2 | | | | 4.2 | | | | 4.4 | | |
| Weighted average common shares outstanding - diluted | | 755.5 | | | | 743.4 | | | | 728.4 | | | | 714.7 | | | | 703.7 | | |
| | | | | | | | | | | | | | | | |
| MetLife Policyholder Trust Shares | | 119.1 | | | | 117.6 | | | | 116.0 | | | | 114.3 | | | | 113.1 | | |
| | | | | | | | | | | | | | | | |
| (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 Page A-2 for further detail. | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Total revenues | | $ | 15,866 | | | $ | 19,028 | | | $ | 16,057 | | | $ | 17,823 | | | $ | 18,440 | | | | $ | 47,877 | | | $ | 52,320 | | |
| Less: Adjustments to total revenues: | | | | | | | | | | | | | | | | |
| Net investment gains (losses) | | (927) | | | (174) | | | (375) | | | (421) | | | (77) | | | | (2,650) | | | (873) | | |
| Net derivative gains (losses) | | (1,202) | | | 149 | | | (979) | | | (508) | | | 767 | | | | (2,289) | | | (720) | | |
| Investment hedge adjustments | | (232) | | | (253) | | | (176) | | | (172) | | | (129) | | | | (759) | | | (477) | | |
| Asymmetrical and non-economic accounting | | — | | | 29 | | | 39 | | | 35 | | | 50 | | | | — | | | 124 | | |
| Unit-linked contract income | | 4 | | | 580 | | | 542 | | | 219 | | | 147 | | | | 603 | | | 908 | | |
| Other adjustments | | (14) | | | (21) | | | (10) | | | (13) | | | 52 | | | | (25) | | | 29 | | |
| Divested businesses | | — | | | — | | | — | | | — | | | 16 | | | | — | | | 16 | | |
| Total adjusted revenues | | $ | 18,237 | | | $ | 18,718 | | | $ | 17,016 | | | $ | 18,683 | | | $ | 17,614 | | | | $ | 52,997 | | | $ | 53,313 | | |
| | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 4,825 | | | $ | 5,366 | | | $ | 5,436 | | | $ | 5,205 | | | $ | 5,227 | | | | $ | 14,542 | | | $ | 15,868 | | |
| Less: Adjustments to net investment income: | | | | | | | | | | | | | | | | |
| Investment hedge adjustments | | (232) | | | (253) | | | (176) | | | (172) | | | (129) | | | | (759) | | | (477) | | |
| Unit-linked contract income | | 4 | | | 580 | | | 542 | | | 219 | | | 147 | | | | 603 | | | 908 | | |
| Other adjustments | | (3) | | | (8) | | | 2 | | | (2) | | | 66 | | | | (4) | | | 66 | | |
| Divested businesses | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | |
| Adjusted net investment income | | $ | 5,056 | | | $ | 5,047 | | | $ | 5,068 | | | $ | 5,160 | | | $ | 5,143 | | | | $ | 14,702 | | | $ | 15,371 | | |
| | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Variable investment income (Included in net investment income above) | | $ | 179 | | | $ | 63 | | | $ | 260 | | | $ | 298 | | | $ | 162 | | | | $ | 356 | | | $ | 720 | | |
| | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Premiums, fees and other revenues | | $ | 13,170 | | | $ | 13,687 | | | $ | 11,975 | | | $ | 13,547 | | | $ | 12,523 | | | | $ | 38,274 | | | $ | 38,045 | | |
| Less: Adjustments to premiums, fees and other revenues: | | | | | | | | | | | | | | | | |
| Asymmetrical and non-economic accounting | | — | | | 29 | | | 39 | | | 35 | | | 50 | | | | — | | | 124 | | |
| Other adjustments | | (11) | | | (13) | | | (12) | | | (11) | | | (14) | | | | (21) | | | (37) | | |
| Divested businesses | | — | | | — | | | — | | | — | | | 16 | | | | — | | | 16 | | |
| Adjusted premiums, fees and other revenues | | $ | 13,181 | | | $ | 13,671 | | | $ | 11,948 | | | $ | 13,523 | | | $ | 12,471 | | | | $ | 38,295 | | | $ | 37,942 | | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | | $ | 12,992 | | | $ | 13,554 | | | $ | 11,838 | | | $ | 13,490 | | | $ | 12,471 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED) | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | | | | | | |
| Unaudited (In millions) | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Total expenses | $ | 15,332 | | | $ | 18,087 | | | $ | 15,012 | | | $ | 16,621 | | | $ | 16,446 | | | | $ | 46,656 | | | $ | 48,079 | | | | | | | |
| Less: Adjustments to total expenses: | | | | | | | | | | | | | | | | | | | | |
| Market risk benefit remeasurement (gains) losses | (796) | | | 431 | | | (694) | | | (182) | | | 531 | | | | (1,425) | | | (345) | | | | | | | |
| Goodwill impairment | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | | | | | |
| Asymmetrical and non-economic accounting | (49) | | | 129 | | | 38 | | | 166 | | | 72 | | | | 118 | | | 276 | | | | | | | |
| Market volatility | (64) | | | (62) | | | (67) | | | (88) | | | (52) | | | | (122) | | | (207) | | | | | | | |
| Unit-linked contract costs | (3) | | | 582 | | | 539 | | | 214 | | | 143 | | | | 601 | | | 896 | | | | | | | |
| Other adjustments | 21 | | | 7 | | | 7 | | | 5 | | | 12 | | | | 48 | | | 24 | | | | | | | |
| Divested businesses | 9 | | | 9 | | | 4 | | | 4 | | | 26 | | | | 29 | | | 34 | | | | | | | |
| Total adjusted expenses | $ | 16,214 | | | $ | 16,991 | | | $ | 15,185 | | | $ | 16,502 | | | $ | 15,714 | | | | $ | 47,407 | | | $ | 47,401 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | | | | | | |
| Unaudited (In millions) | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Capitalization of DAC | $ | (742) | | | $ | (728) | | | $ | (740) | | | $ | (683) | | | $ | (691) | | | | $ | (2,189) | | | $ | (2,114) | | | | | | | |
| Less: Divested businesses | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | | | | | |
| Adjusted capitalization of DAC | $ | (742) | | | $ | (728) | | | $ | (740) | | | $ | (683) | | | $ | (691) | | | | $ | (2,189) | | | $ | (2,114) | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | | | | | | |
| Unaudited (In millions) | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Other expenses | $ | 3,189 | | | $ | 3,277 | | | $ | 3,191 | | | $ | 3,113 | | | $ | 3,188 | | | | $ | 9,379 | | | $ | 9,492 | | | | | | | |
| Less: Adjustments to other expenses: | | | | | | | | | | | | | | | | | | | | |
| Other adjustments | 21 | | | 7 | | | 7 | | | 5 | | | 12 | | | | 48 | | | 24 | | | | | | | |
| Divested businesses | 9 | | | 9 | | | 4 | | | 4 | | | 17 | | | | 29 | | | 25 | | | | | | | |
| Adjusted other expenses | $ | 3,159 | | | $ | 3,261 | | | $ | 3,180 | | | $ | 3,104 | | | $ | 3,159 | | | | $ | 9,302 | | | $ | 9,443 | | | | | | | |
| Adjusted other expenses on a constant currency basis | $ | 3,085 | | | $ | 3,215 | | | $ | 3,139 | | | $ | 3,105 | | | $ | 3,159 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| METLIFE
EXPENSE DETAIL AND RATIOS | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| Unaudited (In millions, except ratio data) | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Other expenses, net of capitalization of DAC | $ | 2,447 | | | $ | 2,549 | | | $ | 2,451 | | | $ | 2,430 | | | $ | 2,497 | | | | $ | 7,190 | | | $ | 7,378 | | |
| | | | | | | | | | | | | | | | |
| Premiums, fees and other revenues | $ | 13,170 | | | $ | 13,687 | | | $ | 11,975 | | | $ | 13,547 | | | $ | 12,523 | | | | $ | 38,274 | | | $ | 38,045 | | |
| | | | | | | | | | | | | | | | |
| Expense ratio | 18.6 | % | | 18.6 | % | | 20.5 | % | | 17.9 | % | | 19.9 | % | | | 18.8 | % | | 19.4 | % | |
| | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| Adjusted other expenses by major category | | | | | | | | | | | | | | | |
| Direct expenses | $ | 1,447 | | | $ | 1,559 | | | $ | 1,426 | | | $ | 1,397 | | | $ | 1,392 | | | | $ | 4,249 | | | $ | 4,215 | | |
| Pension, postretirement and postemployment benefit costs | 59 | | | 69 | | | 65 | | | 65 | | | 65 | | | | 177 | | | 195 | | |
| Premium taxes, other taxes, and licenses & fees | 162 | | | 153 | | | 176 | | | 171 | | | 183 | | | | 507 | | | 530 | | |
| Commissions and other variable expenses | 1,491 | | | 1,480 | | | 1,513 | | | 1,471 | | | 1,519 | | | | 4,369 | | | 4,503 | | |
| Adjusted other expenses | 3,159 | | | 3,261 | | | 3,180 | | | 3,104 | | | 3,159 | | | | 9,302 | | | 9,443 | | |
| Adjusted capitalization of DAC | (742) | | | (728) | | | (740) | | | (683) | | | (691) | | | | (2,189) | | | (2,114) | | |
| Adjusted other expenses, net of adjusted capitalization of DAC | $ | 2,417 | | | $ | 2,533 | | | $ | 2,440 | | | $ | 2,421 | | | $ | 2,468 | | | | $ | 7,113 | | | $ | 7,329 | | |
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| | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| Unaudited (In millions, except ratio data) | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| Employee-related costs | $ | 913 | | | $ | 882 | | | $ | 950 | | | $ | 900 | | | $ | 891 | | | | $ | 2,737 | | | $ | 2,741 | | |
| Third-party staffing costs | 350 | | | 399 | | | 342 | | | 356 | | | 354 | | | | 1,027 | | | 1,052 | | |
| General and administrative expenses | 184 | | | 278 | | | 134 | | | 141 | | | 147 | | | | 485 | | | 422 | | |
| Direct expenses | 1,447 | | | 1,559 | | | 1,426 | | | 1,397 | | | 1,392 | | | | 4,249 | | | 4,215 | | |
| Less: Total notable items related to direct expenses (1) | — | | | 96 | | | — | | | — | | | — | | | | — | | | — | | |
| Direct expenses, excluding total notable items related to direct expenses (1) | $ | 1,447 | | | $ | 1,463 | | | $ | 1,426 | | | $ | 1,397 | | | $ | 1,392 | | | | $ | 4,249 | | | $ | 4,215 | | |
| | | | | | | | | | | | | | | | |
| Adjusted other expenses, net of adjusted capitalization of DAC | $ | 2,417 | | | $ | 2,533 | | | $ | 2,440 | | | $ | 2,421 | | | $ | 2,468 | | | | $ | 7,113 | | | $ | 7,329 | | |
| Less: Total notable items related to adjusted other expenses (1) | — | | | 96 | | | — | | | — | | | — | | | | — | | | — | | |
| Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1) | $ | 2,417 | | | $ | 2,437 | | | $ | 2,440 | | | $ | 2,421 | | | $ | 2,468 | | | | $ | 7,113 | | | $ | 7,329 | | |
| | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | $ | 13,181 | | | $ | 13,671 | | | $ | 11,948 | | | $ | 13,523 | | | $ | 12,471 | | | | $ | 38,295 | | | $ | 37,942 | | |
| Less: PRT | 1,461 | | | 1,860 | | | (25) | | | 1,752 | | | 529 | | | | 3,464 | | | 2,256 | | |
| Adjusted premiums, fees and other revenues, excluding PRT | $ | 11,720 | | | $ | 11,811 | | | $ | 11,973 | | | $ | 11,771 | | | $ | 11,942 | | | | $ | 34,831 | | | $ | 35,686 | | |
| | | | | | | | | | | | | | | | |
| Direct expense ratio | 11.0 | % | | 11.4 | % | | 11.9 | % | | 10.3 | % | | 11.2 | % | | | 11.1 | % | | 11.1 | % | |
| Direct expense ratio, excluding total notable items related to direct expenses and PRT (1) | 12.3 | % | | 12.4 | % | | 11.9 | % | | 11.9 | % | | 11.7 | % | | | 12.2 | % | | 11.8 | % | |
| | | | | | | | | | | | | | | | |
| Adjusted expense ratio | 18.3 | % | | 18.5 | % | | 20.4 | % | | 17.9 | % | | 19.8 | % | | | 18.6 | % | | 19.3 | % | |
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1) | 20.6 | % | | 20.6 | % | | 20.4 | % | | 20.6 | % | | 20.7 | % | | | 20.4 | % | | 20.5 | % | |
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| (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 Page A-2 for further detail. | |
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| METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
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| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| ASSETS | | | | | | | | | | | | | | | |
| Investments: | | | | | | | | | | | | | | | |
| Fixed maturity securities available-for-sale, at estimated fair value | | $ | 270,982 | | | | $ | 281,412 | | | | $ | 278,409 | | | | $ | 277,736 | | | | $ | 293,779 | | |
| Equity securities, at estimated fair value | | 742 | | | | 757 | | | | 750 | | | | 754 | | | | 746 | | |
| Contractholder-directed equity securities and fair value option securities, at estimated fair value | | 9,680 | | | | 10,331 | | | | 10,313 | | | | 10,106 | | | | 9,289 | | |
| Mortgage loans | | 92,230 | | | | 92,506 | | | | 91,458 | | | | 89,802 | | | | 90,415 | | |
| Policy loans | | 8,725 | | | | 8,788 | | | | 8,800 | | | | 8,691 | | | | 8,822 | | |
| Real estate and real estate joint ventures | | 13,133 | | | | 13,332 | | | | 12,992 | | | | 13,517 | | | | 13,731 | | |
| Other limited partnership interests | | 14,918 | | | | 14,764 | | | | 14,301 | | | | 14,288 | | | | 14,186 | | |
| Short-term investments, principally at estimated fair value | | 6,497 | | | | 6,045 | | | | 4,884 | | | | 3,804 | | | | 4,609 | | |
| Other invested assets | | 18,755 | | | | 18,202 | | | | 18,097 | | | | 18,131 | | | | 19,706 | | |
| Total investments | | 435,662 | | | | 446,137 | | | | 440,004 | | | | 436,829 | | | | 455,283 | | |
| Cash and cash equivalents, principally at estimated fair value | | 14,912 | | | | 20,639 | | | | 19,840 | | | | 20,786 | | | | 21,765 | | |
| Accrued investment income | | 3,704 | | | | 3,589 | | | | 3,636 | | | | 3,657 | | | | 3,722 | | |
| Premiums, reinsurance and other receivables | | 19,002 | | | | 28,971 | | | | 29,986 | | | | 31,820 | | | | 31,443 | | |
| Market risk benefits, at estimated fair value | | 334 | | | | 286 | | | | 351 | | | | 356 | | | | 310 | | |
| Deferred policy acquisition costs and value of business acquired | | 19,737 | | | | 20,151 | | | | 19,842 | | | | 19,568 | | | | 20,401 | | |
| Current income tax recoverable | | — | | | | 190 | | | | — | | | | 348 | | | | 304 | | |
| Deferred income tax assets | | 3,174 | | | | 2,612 | | | | 2,751 | | | | 2,681 | | | | 2,469 | | |
| Goodwill | | 9,109 | | | | 9,236 | | | | 9,037 | | | | 8,950 | | | | 9,155 | | |
| | | | | | | | | | | | | | | | |
| Other assets | | 10,862 | | | | 11,139 | | | | 11,126 | | | | 11,043 | | | | 11,315 | | |
| Separate account assets | | 135,624 | | | | 144,634 | | | | 141,003 | | | | 139,707 | | | | 148,809 | | |
| Total assets | | $ | 652,120 | | | | $ | 687,584 | | | | $ | 677,576 | | | | $ | 675,745 | | | | $ | 704,976 | | |
| | | | | | | | | | | | | | | | |
| LIABILITIES AND EQUITY | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | |
| Future policy benefits | | $ | 181,755 | | | | $ | 196,406 | | | | $ | 191,013 | | | | $ | 190,993 | | | | $ | 201,340 | | |
| Policyholder account balances | | 213,933 | | | | 219,269 | | | | 219,168 | | | | 219,543 | | | | 224,609 | | |
| Market risk benefits, at estimated fair value | | 2,738 | | | | 3,179 | | | | 2,696 | | | | 2,618 | | | | 3,117 | | |
| Other policy-related balances | | 19,665 | | | | 19,736 | | | | 20,219 | | | | 19,379 | | | | 19,932 | | |
| Policyholder dividends payable | | 381 | | | | 386 | | | | 357 | | | | 365 | | | | 381 | | |
| Payables for collateral under securities loaned and other transactions | | 17,797 | | | | 17,524 | | | | 17,470 | | | | 17,719 | | | | 17,132 | | |
| Short-term debt | | 161 | | | | 119 | | | | 127 | | | | 390 | | | | 404 | | |
| Long-term debt | | 15,475 | | | | 15,548 | | | | 15,972 | | | | 14,809 | | | | 15,278 | | |
| Collateral financing arrangement | | 651 | | | | 637 | | | | 590 | | | | 555 | | | | 529 | | |
| Junior subordinated debt securities | | 3,160 | | | | 3,161 | | | | 3,162 | | | | 3,163 | | | | 3,163 | | |
| Current income tax payable | | 59 | | | | — | | | | 10 | | | | — | | | | — | | |
| Deferred income tax liability | | 128 | | | | 927 | | | | 835 | | | | 216 | | | | 956 | | |
| | | | | | | | | | | | | | | | |
| Other liabilities | | 34,698 | | | | 35,805 | | | | 36,158 | | | | 38,748 | | | | 38,162 | | |
| Separate account liabilities | | 135,624 | | | | 144,634 | | | | 141,003 | | | | 139,707 | | | | 148,809 | | |
| Total liabilities | | 626,225 | | | | 657,331 | | | | 648,780 | | | | 648,205 | | | | 673,812 | | |
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| Equity | | | | | | | | | | | | | | | |
| Preferred stock, at par value | | — | | | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | |
| Common stock, at par value | | 12 | | | | 12 | | | | 12 | | | | 12 | | | | 12 | | |
| Additional paid-in capital | | 33,666 | | | | 33,690 | | | | 33,718 | | | | 33,740 | | | | 33,766 | | |
| Retained earnings | | 39,958 | | | | 40,146 | | | | 40,350 | | | | 40,873 | | | | 41,765 | | |
| Treasury stock, at cost | | (23,724) | | | | (24,591) | | | | (25,774) | | | | (26,637) | | | | (27,418) | | |
| Accumulated other comprehensive income (loss) | | (24,254) | | | | (19,242) | | | | (19,771) | | | | (20,736) | | | | (17,240) | | |
| Total MetLife, Inc.'s stockholders' equity | | 25,658 | | | | 30,015 | | | | 28,535 | | | | 27,252 | | | | 30,885 | | |
| Noncontrolling interests | | 237 | | | | 238 | | | | 261 | | | | 288 | | | | 279 | | |
| Total equity | | 25,895 | | | | 30,253 | | | | 28,796 | | | | 27,540 | | | | 31,164 | | |
| Total liabilities and equity | | $ | 652,120 | | | | $ | 687,584 | | | | $ | 677,576 | | | | $ | 675,745 | | | | $ | 704,976 | | |
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| METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |
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| | For the Three Months Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Adjusted earnings before provision for income tax | | | | | | | | | | | | | | | |
| GROUP BENEFITS | | $ | 645 | | | | $ | 590 | | | | $ | 359 | | | | $ | 674 | | | | $ | 472 | | |
| RIS | | 594 | | | | 532 | | | | 504 | | | | 518 | | | | 591 | | |
| ASIA | | 405 | | | | 419 | | | | 582 | | | | 625 | | | | 431 | | |
| LATIN AMERICA | | 282 | | | | 271 | | | | 331 | | | | 311 | | | | 309 | | |
| EMEA | | 112 | | | | 63 | | | | 103 | | | | 98 | | | | 94 | | |
| METLIFE HOLDINGS | | 259 | | | | 193 | | | | 196 | | | | 188 | | | | 226 | | |
| CORPORATE & OTHER | | (274) | | | | (341) | | | | (244) | | | | (233) | | | | (223) | | |
| Total adjusted earnings before provision for income tax | | $ | 2,023 | | | | $ | 1,727 | | | | $ | 1,831 | | | | $ | 2,181 | | | | $ | 1,900 | | |
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| Provision for income tax expense (benefit) | | | | | | | | | | | | | | | |
| GROUP BENEFITS | | $ | 135 | | | | $ | 124 | | | | $ | 75 | | | | $ | 141 | | | | $ | 99 | | |
| RIS | | 124 | | | | 111 | | | | 105 | | | | 108 | | | | 119 | | |
| ASIA | | 130 | | | | 123 | | | | 159 | | | | 176 | | | | 125 | | |
| LATIN AMERICA | | 83 | | | | 64 | | | | 98 | | | | 85 | | | | 88 | | |
| EMEA | | 24 | | | | 16 | | | | 26 | | | | 21 | | | | 24 | | |
| METLIFE HOLDINGS | | 51 | | | | 37 | | | | 37 | | | | 35 | | | | 44 | | |
| CORPORATE & OTHER | | (79) | | | | (142) | | | | (70) | | | | (47) | | | | (41) | | |
| Total provision for income tax expense (benefit) | | $ | 468 | | | | $ | 333 | | | | $ | 430 | | | | $ | 519 | | | | $ | 458 | | |
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| Adjusted earnings available to common shareholders | | | | | | | | | | | | | | | |
| GROUP BENEFITS | | $ | 510 | | | | $ | 466 | | | | $ | 284 | | | | $ | 533 | | | | $ | 373 | | |
| RIS | | 470 | | | | 421 | | | | 399 | | | | 410 | | | | 472 | | |
| ASIA | | 275 | | | | 296 | | | | 423 | | | | 449 | | | | 306 | | |
| LATIN AMERICA | | 199 | | | | 207 | | | | 233 | | | | 226 | | | | 221 | | |
| EMEA | | 88 | | | | 47 | | | | 77 | | | | 77 | | | | 70 | | |
| METLIFE HOLDINGS | | 208 | | | | 156 | | | | 159 | | | | 153 | | | | 182 | | |
| CORPORATE & OTHER (1) | | (262) | | | | (232) | | | | (241) | | | | (220) | | | | (249) | | |
| Total adjusted earnings available to common shareholders (1) | | $ | 1,488 | | | | $ | 1,361 | | | | $ | 1,334 | | | | $ | 1,628 | | | | $ | 1,375 | | |
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| (1)Includes impact of preferred stock dividends of $67 million, $33 million, $67 million, $34 million and $67 million for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively. |
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| GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | | September 30, 2024 | | | | | | |
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| Adjusted revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
| Premiums | | $ | 5,276 | | | | $ | 5,404 | | | | $ | 5,711 | | | | $ | 5,599 | | | $ | 5,538 | | | | $ | 16,154 | | | | $ | 16,848 | | | | | | | |
| Universal life and investment-type product policy fees | | 219 | | | | 218 | | | | 222 | | | | 229 | | | 231 | | | | 660 | | | | 682 | | | | | | | |
| Net investment income | | 330 | | | | 334 | | | | 315 | | | | 313 | | | 311 | | | | 967 | | | | 939 | | | | | | | |
| Other revenues | | 371 | | | | 379 | | | | 397 | | | | 382 | | | 377 | | | | 1,114 | | | | 1,156 | | | | | | | |
| Total adjusted revenues | | 6,196 | | | | 6,335 | | | | 6,645 | | | | 6,523 | | | 6,457 | | | | 18,895 | | | | 19,625 | | | | | | | |
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| Adjusted expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
| Policyholder benefits and claims and policyholder dividends | | 4,592 | | | | 4,712 | | | | 5,236 | | | | 4,780 | | | 4,927 | | | | 14,452 | | | | 14,943 | | | | | | | |
| Policyholder liability remeasurement (gains) losses | | (29) | | | | 3 | | | | (3) | | | | 2 | | | — | | | | (31) | | | | (1) | | | | | | | |
| Interest credited to policyholder account balances | | 50 | | | | 49 | | | | 48 | | | | 48 | | | 49 | | | | 144 | | | | 145 | | | | | | | |
| Capitalization of DAC | | (5) | | | | (4) | | | | (4) | | | | (5) | | | (4) | | | | (16) | | | | (13) | | | | | | | |
| Amortization of DAC and VOBA | | 6 | | | | 7 | | | | 6 | | | | 7 | | | 6 | | | | 19 | | | | 19 | | | | | | | |
| Amortization of negative VOBA | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | | | | | |
| Interest expense on debt | | — | | | | 1 | | | | — | | | | 1 | | | — | | | | 1 | | | | 1 | | | | | | | |
| Other expenses | | 937 | | | | 977 | | | | 1,003 | | | | 1,016 | | | 1,007 | | | | 2,819 | | | | 3,026 | | | | | | | |
| Total adjusted expenses | | 5,551 | | | | 5,745 | | | | 6,286 | | | | 5,849 | | | 5,985 | | | | 17,388 | | | | 18,120 | | | | | | | |
| Adjusted earnings before provision for income tax | | 645 | | | | 590 | | | | 359 | | | | 674 | | | 472 | | | | 1,507 | | | | 1,505 | | | | | | | |
| Provision for income tax expense (benefit) | | 135 | | | | 124 | | | | 75 | | | | 141 | | | 99 | | | | 318 | | | | 315 | | | | | | | |
| Adjusted earnings | | 510 | | | | 466 | | | | 284 | | | | 533 | | | 373 | | | | 1,189 | | | | 1,190 | | | | | | | |
| Preferred stock dividends | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | | | | | |
| Adjusted earnings available to common shareholders | | $ | 510 | | | | $ | 466 | | | | $ | 284 | | | | $ | 533 | | | $ | 373 | | | | $ | 1,189 | | | | $ | 1,190 | | | | | | | |
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| Adjusted premiums, fees and other revenues | | $ | 5,866 | | | | $ | 6,001 | | | | $ | 6,330 | | | | $ | 6,210 | | | $ | 6,146 | | | | $ | 17,928 | | | | $ | 18,686 | | | | | | | |
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| GROUP BENEFITS | |
| OTHER EXPENSES BY MAJOR CATEGORY | | | |
| | | | |
| | | For the Three Months Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Direct and allocated expenses | | $ | 464 | | | | $ | 490 | | | | $ | 505 | | | | $ | 490 | | | | $ | 486 | | |
| Pension, postretirement and postemployment benefit costs | | 12 | | | | 12 | | | | 14 | | | | 14 | | | | 14 | | |
| Premium taxes, other taxes, and licenses & fees | | 83 | | | | 79 | | | | 89 | | | | 95 | | | | 93 | | |
| Commissions and other variable expenses | | 378 | | | | 396 | | | | 395 | | | | 417 | | | | 414 | | |
| Adjusted other expenses | | $ | 937 | | | | $ | 977 | | | | $ | 1,003 | | | | $ | 1,016 | | | | $ | 1,007 | | |
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| OTHER STATISTICAL INFORMATION (1) | |
| | | | |
| | | For the Three Months Ended | |
| Unaudited (In millions, except ratios) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Group Life (2) | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | $ | 2,215 | | | | $ | 2,199 | | | | $ | 2,340 | | | | $ | 2,309 | | | | $ | 2,293 | | |
| Mortality ratio | | 83.6 | % | | | 83.5 | % | | | 90.2 | % | | | 79.1 | % | | | 85.6 | % | |
| Group Non-Medical Health (3) | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | $ | 2,620 | | | | $ | 2,689 | | | | $ | 2,773 | | | | $ | 2,742 | | | | $ | 2,718 | | |
| Interest adjusted benefit ratio (4) | | 69.0 | % | | | 70.7 | % | | | 73.9 | % | | | 70.8 | % | | | 72.4 | % | |
| | | | | | | | | | | | | | | | |
| (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. | |
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| RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | | September 30, 2024 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Adjusted revenues | | | | | | | | | | | | | | | | | | | | | |
| Premiums | | $ | 2,330 | | | | $ | 2,736 | | | | $ | 675 | | | | $ | 2,448 | | | $ | 1,451 | | | | $ | 5,512 | | | | $ | 4,574 | | | |
| Universal life and investment-type product policy fees | | 82 | | | | 81 | | | | 75 | | | | 73 | | | 67 | | | | 232 | | | | 215 | | | |
| Net investment income | | 2,009 | | | | 2,032 | | | | 2,089 | | | | 2,117 | | | 2,133 | | | | 5,771 | | | | 6,339 | | | |
| Other revenues | | 66 | | | | 66 | | | | 63 | | | | 61 | | | 61 | | | | 205 | | | | 185 | | | |
| Total adjusted revenues | | 4,487 | | | | 4,915 | | | | 2,902 | | | | 4,699 | | | 3,712 | | | | 11,720 | | | | 11,313 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Adjusted expenses | | | | | | | | | | | | | | | | | | | | | |
| Policyholder benefits and claims and policyholder dividends | | 3,100 | | | | 3,503 | | | | 1,471 | | | | 3,248 | | | 2,247 | | | | 7,766 | | | | 6,966 | | | |
| Policyholder liability remeasurement (gains) losses | | (76) | | | | (15) | | | | 1 | | | | (23) | | | (148) | | | | (116) | | | | (170) | | | |
| Interest credited to policyholder account balances | | 756 | | | | 783 | | | | 796 | | | | 838 | | | 874 | | | | 2,104 | | | | 2,508 | | | |
| Capitalization of DAC | | (41) | | | | (40) | | | | (61) | | | | (46) | | | (53) | | | | (136) | | | | (160) | | | |
| Amortization of DAC and VOBA | | 13 | | | | 13 | | | | 15 | | | | 16 | | | 14 | | | | 36 | | | | 45 | | | |
| Amortization of negative VOBA | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | |
| Interest expense on debt | | 3 | | | | 4 | | | | 4 | | | | 3 | | | 4 | | | | 10 | | | | 11 | | | |
| Other expenses | | 138 | | | | 135 | | | | 172 | | | | 145 | | | 183 | | | | 430 | | | | 500 | | | |
| Total adjusted expenses | | 3,893 | | | | 4,383 | | | | 2,398 | | | | 4,181 | | | 3,121 | | | | 10,094 | | | | 9,700 | | | |
| Adjusted earnings before provision for income tax | | 594 | | | | 532 | | | | 504 | | | | 518 | | | 591 | | | | 1,626 | | | | 1,613 | | | |
| Provision for income tax expense (benefit) | | 124 | | | | 111 | | | | 105 | | | | 108 | | | 119 | | | | 339 | | | | 332 | | | |
| Adjusted earnings | | 470 | | | | 421 | | | | 399 | | | | 410 | | | 472 | | | | 1,287 | | | | 1,281 | | | |
| Preferred stock dividends | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | |
| Adjusted earnings available to common shareholders | | $ | 470 | | | | $ | 421 | | | | $ | 399 | | | | $ | 410 | | | $ | 472 | | | | $ | 1,287 | | | | $ | 1,281 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | $ | 2,478 | | | | $ | 2,883 | | | | $ | 813 | | | | $ | 2,582 | | | $ | 1,579 | | | | $ | 5,949 | | | | $ | 4,974 | | | |
| Less: PRT | | 1,461 | | | | 1,860 | | | | (25) | | | | 1,752 | | | 529 | | | | 3,464 | | | | 2,256 | | | |
| Adjusted premiums, fees and other revenues, excluding PRT | | $ | 1,017 | | | | $ | 1,023 | | | | $ | 838 | | | | $ | 830 | | | $ | 1,050 | | | | $ | 2,485 | | | | $ | 2,718 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| RIS | |
| FUTURE POLICY BENEFITS (1) | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Balance, end of period (at balance sheet discount rate) (2), (3) | | $ | 61,947 | | | $ | 69,407 | | | $ | 67,402 | | | $ | 69,385 | | | | $ | 72,914 | | |
| Less: Accumulated other comprehensive (income) loss | | (5,598) | | | (278) | | | (1,735) | | | (2,952) | | | | 297 | | |
| Balance, end of period (at original discount rate) | | $ | 67,545 | | | $ | 69,685 | | | $ | 69,137 | | | $ | 72,337 | | | | $ | 72,617 | | |
| | | | | | | | | | | | | |
| POLICYHOLDER ACCOUNT BALANCES | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Balance, end of period | | $ | 80,929 | | | $ | 82,405 | | | $ | 83,049 | | | $ | 84,270 | | | | $ | 85,410 | | |
| | | | | | | | | | | | | |
| SEPARATE ACCOUNT LIABILITIES | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Balance, end of period | | $ | 51,740 | | | $ | 53,093 | | | $ | 51,012 | | | $ | 50,033 | | | | $ | 52,537 | | |
| | | | | | | | | | | | | |
| SYNTHETIC GICS (4), (5) | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Balance, end of period | | $ | 49,003 | | | $ | 49,066 | | | $ | 48,100 | | | $ | 48,982 | | | | $ | 49,081 | | |
| | | | | | | | | | | | | |
| LONGEVITY REINSURANCE (6) | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Balance, end of period | | $ | 19,175 | | | $ | 21,945 | | | $ | 21,333 | | | $ | 24,422 | | | | $ | 25,699 | | |
| | | | | | | | | | | | | |
| (1)Includes $3,731 million, $3,782 million, $3,791 million, $3,830 million and $3,847 million of DPL at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively. |
| (2)Represents the current discount rate at the respective balance sheet date. |
| (3)Includes $40 million, $311 million, $296 million, $1,972 million and $2,081 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, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively. |
| (4)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. |
| (5)Includes $0, $1,282 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively. |
| (6)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 pension risk transfer market. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| RIS | |
| OTHER EXPENSES BY MAJOR CATEGORY | | | |
| | | | |
| | | For the Three Months Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Direct and allocated expenses | | $ | 66 | | | | $ | 71 | | | | $ | 80 | | | | $ | 74 | | | | $ | 75 | | |
| Pension, postretirement and postemployment benefit costs | | 4 | | | | 3 | | | | 4 | | | | 3 | | | | 4 | | |
| Premium taxes, other taxes, and licenses & fees | | 9 | | | | 1 | | | | 17 | | | | 11 | | | | 16 | | |
| Commissions and other variable expenses | | 59 | | | | 60 | | | | 71 | | | | 57 | | | | 88 | | |
| Adjusted other expenses | | $ | 138 | | | | $ | 135 | | | | $ | 172 | | | | $ | 145 | | | | $ | 183 | | |
| | | | | | | | | | | | | | | | |
| SPREAD | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | |
| Unaudited | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Investment income yield excluding variable investment income yield | | 5.28 | % | | | 5.32 | % | | | 5.24 | % | | | 5.28 | % | | | 5.25 | % | |
| Variable investment income yield | | 3.08 | % | | | 1.96 | % | | | 6.30 | % | | | 5.83 | % | | | 4.58 | % | |
| Total investment income yield | | 5.20 | % | | | 5.19 | % | | | 5.28 | % | | | 5.30 | % | | | 5.23 | % | |
| | | | | | | | | | | | | | | | |
| Average crediting rate | | 4.12 | % | | | 4.20 | % | | | 4.23 | % | | | 4.31 | % | | | 4.38 | % | |
| Amortization of DPL and losses at inception (1) | | (0.22) | % | | | (0.22) | % | | | (0.22) | % | | | (0.22) | % | | | (0.21) | % | |
| Total average crediting rate | | 3.90 | % | | | 3.98 | % | | | 4.01 | % | | | 4.09 | % | | | 4.17 | % | |
| | | | | | | | | | | | | | | | |
| Annualized general account spread | | 1.30 | % | | | 1.21 | % | | | 1.27 | % | | | 1.21 | % | | | 1.06 | % | |
| Annualized general account spread excluding variable investment income yield | | 1.38 | % | | | 1.34 | % | | | 1.23 | % | | | 1.19 | % | | | 1.08 | % | |
| | | | | | | | | | | | | | | | |
| (1)Includes the amortization of DPL of (0.23)%, (0.23)%, (0.23)%, (0.23)% and (0.23)% for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively. | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted revenues | | | | | | | | | | | | | | | | | | | | |
| Premiums | | $ | 1,312 | | | | $ | 1,252 | | | | $ | 1,297 | | | | $ | 1,216 | | | $ | 1,272 | | | | $ | 3,999 | | | | $ | 3,785 | | |
| Universal life and investment-type product policy fees | | 411 | | | | 428 | | | | 426 | | | | 434 | | | 420 | | | | 1,204 | | | | 1,280 | | |
| Net investment income | | 1,023 | | | | 1,003 | | | | 1,108 | | | | 1,167 | | | 1,132 | | | | 2,954 | | | | 3,407 | | |
| Other revenues | | 20 | | | | 25 | | | | 21 | | | | 18 | | | 18 | | | | 61 | | | | 57 | | |
| Total adjusted revenues | | 2,766 | | | | 2,708 | | | | 2,852 | | | | 2,835 | | | 2,842 | | | | 8,218 | | | | 8,529 | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted expenses | | | | | | | | | | | | | | | | | | | | |
| Policyholder benefits and claims and policyholder dividends | | 1,095 | | | | 1,051 | | | | 1,067 | | | | 988 | | | 1,035 | | | | 3,282 | | | | 3,090 | | |
| Policyholder liability remeasurement (gains) losses | | 108 | | | | 13 | | | | (32) | | | | (4) | | | 60 | | | | 92 | | | | 24 | | |
| Interest credited to policyholder account balances | | 576 | | | | 619 | | | | 647 | | | | 657 | | | 683 | | | | 1,682 | | | | 1,987 | | |
| Capitalization of DAC | | (404) | | | | (381) | | | | (361) | | | | (335) | | | (336) | | | | (1,202) | | | | (1,032) | | |
| Amortization of DAC and VOBA | | 204 | | | | 207 | | | | 210 | | | | 207 | | | 217 | | | | 587 | | | | 634 | | |
| Amortization of negative VOBA | | (6) | | | | (5) | | | | (5) | | | | (5) | | | (6) | | | | (17) | | | | (16) | | |
| Interest expense on debt | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | |
| Other expenses | | 788 | | | | 785 | | | | 744 | | | | 702 | | | 758 | | | | 2,373 | | | | 2,204 | | |
| Total adjusted expenses | | 2,361 | | | | 2,289 | | | | 2,270 | | | | 2,210 | | | 2,411 | | | | 6,797 | | | | 6,891 | | |
| Adjusted earnings before provision for income tax | | 405 | | | | 419 | | | | 582 | | | | 625 | | | 431 | | | | 1,421 | | | | 1,638 | | |
| Provision for income tax expense (benefit) | | 130 | | | | 123 | | | | 159 | | | | 176 | | | 125 | | | | 435 | | | | 460 | | |
| Adjusted earnings | | 275 | | | | 296 | | | | 423 | | | | 449 | | | 306 | | | | 986 | | | | 1,178 | | |
| Preferred stock dividends | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | |
| Adjusted earnings available to common shareholders | | $ | 275 | | | | $ | 296 | | | | $ | 423 | | | | $ | 449 | | | $ | 306 | | | | $ | 986 | | | | $ | 1,178 | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | $ | 1,743 | | | | $ | 1,705 | | | | $ | 1,744 | | | | $ | 1,668 | | | $ | 1,710 | | | | $ | 5,264 | | | | $ | 5,122 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| ASIA | |
| ADJUSTED PREMIUMS, FEES AND OTHER REVENUES | |
| | | | For the Three Months Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | | $ | 1,743 | | | | $ | 1,705 | | | | $ | 1,744 | | | | $ | 1,668 | | | | $ | 1,710 | | |
| | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | | | $ | 1,704 | | | | $ | 1,690 | | | | $ | 1,737 | | | | $ | 1,714 | | | | $ | 1,710 | | |
| Add: Operating joint ventures, on a constant currency basis (1) | | | 428 | | | | 367 | | | | 527 | | | | 654 | | | | 541 | | |
| Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis | | | $ | 2,132 | | | | $ | 2,057 | | | | $ | 2,264 | | | | $ | 2,368 | | | | $ | 2,251 | | |
| | |
| OTHER EXPENSES BY MAJOR CATEGORY | |
| | | | For the Three Months Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Direct and allocated expenses | | | $ | 284 | | | | $ | 300 | | | | $ | 282 | | | | $ | 272 | | | | $ | 303 | | |
| Pension, postretirement and postemployment benefit costs | | | 16 | | | | 20 | | | | 15 | | | | 15 | | | | 15 | | |
| Premium taxes, other taxes, and licenses & fees | | | 33 | | | | 34 | | | | 33 | | | | 28 | | | | 31 | | |
| Commissions and other variable expenses | | | 455 | | | | 431 | | | | 414 | | | | 387 | | | | 409 | | |
| Adjusted other expenses | | | $ | 788 | | | | $ | 785 | | | | $ | 744 | | | | $ | 702 | | | | $ | 758 | | |
| Adjusted other expenses, net of adjusted capitalization of DAC | | | $ | 384 | | | | $ | 404 | | | | $ | 383 | | | | $ | 367 | | | | $ | 422 | | |
| | | | | | | | | | | | | | | | | |
| Adjusted other expenses on a constant currency basis | | | $ | 766 | | | | $ | 777 | | | | $ | 742 | | | | $ | 727 | | | | $ | 758 | | |
| Add: Operating joint ventures, on a constant currency basis (2) | | | 114 | | | | 98 | | | | 115 | | | | 107 | | | | 120 | | |
| Adjusted other expenses, including operating joint ventures, on a constant currency basis | | | $ | 880 | | | | $ | 875 | | | | $ | 857 | | | | $ | 834 | | | | $ | 878 | | |
| Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis | | | $ | 464 | | | | $ | 483 | | | | $ | 449 | | | | $ | 442 | | | | $ | 487 | | |
| | | | | | | | | | | | | | | | | |
| SALES ON A CONSTANT CURRENCY BASIS | |
| | | | For the Three Months Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Japan: | | | | | | | | | | | | | | | | |
| Life | | | $ | 177 | | | | $ | 194 | | | | $ | 136 | | | | $ | 138 | | | | $ | 142 | | |
| Accident & Health | | | 52 | | | | 59 | | | | 71 | | | | 65 | | | | 60 | | |
| Annuities | | | 146 | | | | 178 | | | | 148 | | | | 146 | | | | 147 | | |
| Other | | | 2 | | | | 1 | | | | 2 | | | | 2 | | | | 2 | | |
| Total Japan | | | 377 | | | | 432 | | | | 357 | | | | 351 | | | | 351 | | |
| Other Asia | | | 218 | | | | 178 | | | | 224 | | | | 288 | | | | 239 | | |
| Total sales | | | $ | 595 | | | | $ | 610 | | | | $ | 581 | | | | $ | 639 | | | | $ | 590 | | |
| | |
| OTHER STATISTICAL INFORMATION | |
| | | | For the Three Months Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Adjusted earnings available to common shareholders | | | $ | 275 | | | | $ | 296 | | | | $ | 423 | | | | $ | 449 | | | | $ | 306 | | |
| Adjusted earnings available to common shareholders, on a constant currency basis | | | $ | 271 | | | | $ | 295 | | | | $ | 423 | | | | $ | 451 | | | | $ | 306 | | |
| |
| (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. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| ASIA
| |
| ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | |
| GA AUM | | $ | 113,105 | | | $ | 123,434 | | | $ | 120,743 | | | $ | 117,606 | | | | $ | 128,115 | | |
| GA AUM (at amortized cost) | | $ | 124,684 | | | $ | 130,093 | | | $ | 128,618 | | | $ | 126,997 | | | | $ | 135,107 | | |
| | | | | | | | | | | | | |
| GA AUM (at amortized cost), on a constant currency basis | | $ | 126,973 | | | $ | 129,294 | | | $ | 131,300 | | | $ | 132,191 | | | | $ | 135,107 | | |
| Add: Operating joint ventures, on a constant currency basis (1) | | 8,567 | | | 8,156 | | | 8,441 | | | 9,425 | | | | 9,930 | | |
| GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis | | $ | 135,540 | | | $ | 137,450 | | | $ | 139,741 | | | $ | 141,616 | | | | $ | 145,037 | | |
| | | | | | | | | | | | | |
| (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. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
| |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted revenues | | | | | | | | | | | | | | | | | | | | |
| Premiums | | $ | 1,116 | | | | $ | 1,123 | | | | $ | 1,115 | | | | $ | 1,122 | | | $ | 1,141 | | | | $ | 3,164 | | | | $ | 3,378 | | |
| Universal life and investment-type product policy fees | | 359 | | | | 352 | | | | 370 | | | | 373 | | | 346 | | | | 1,046 | | | | 1,089 | | |
| Net investment income | | 365 | | | | 482 | | | | 386 | | | | 398 | | | 435 | | | | 1,162 | | | | 1,219 | | |
| Other revenues | | 9 | | | | 11 | | | | 11 | | | | 11 | | | 9 | | | | 31 | | | | 31 | | |
| Total adjusted revenues | | 1,849 | | | | 1,968 | | | | 1,882 | | | | 1,904 | | | 1,931 | | | | 5,403 | | | | 5,717 | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted expenses | | | | | | | | | | | | | | | | | | | | |
| Policyholder benefits and claims and policyholder dividends | | 1,020 | | | | 1,132 | | | | 983 | | | | 1,018 | | | 1,091 | | | | 2,962 | | | | 3,092 | | |
| Policyholder liability remeasurement (gains) losses | | (4) | | | | (20) | | | | (8) | | | | (3) | | | (18) | | | | (5) | | | | (29) | | |
| Interest credited to policyholder account balances | | 106 | | | | 116 | | | | 114 | | | | 115 | | | 108 | | | | 310 | | | | 337 | | |
| Capitalization of DAC | | (171) | | | | (181) | | | | (178) | | | | (175) | | | (174) | | | | (470) | | | | (527) | | |
| Amortization of DAC and VOBA | | 121 | | | | 124 | | | | 125 | | | | 129 | | | 126 | | | | 344 | | | | 380 | | |
| Amortization of negative VOBA | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | |
| Interest expense on debt | | 2 | | | | 3 | | | | 3 | | | | 4 | | | 4 | | | | 8 | | | | 11 | | |
| Other expenses | | 493 | | | | 523 | | | | 512 | | | | 505 | | | 485 | | | | 1,388 | | | | 1,502 | | |
| Total adjusted expenses | | 1,567 | | | | 1,697 | | | | 1,551 | | | | 1,593 | | | 1,622 | | | | 4,537 | | | | 4,766 | | |
| Adjusted earnings before provision for income tax | | 282 | | | | 271 | | | | 331 | | | | 311 | | | 309 | | | | 866 | | | | 951 | | |
| Provision for income tax expense (benefit) | | 83 | | | | 64 | | | | 98 | | | | 85 | | | 88 | | | | 233 | | | | 271 | | |
| Adjusted earnings | | 199 | | | | 207 | | | | 233 | | | | 226 | | | 221 | | | | 633 | | | | 680 | | |
| Preferred stock dividends | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | |
| Adjusted earnings available to common shareholders | | $ | 199 | | | | $ | 207 | | | | $ | 233 | | | | $ | 226 | | | $ | 221 | | | | $ | 633 | | | | $ | 680 | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | $ | 1,484 | | | | $ | 1,486 | | | | $ | 1,496 | | | | $ | 1,506 | | | $ | 1,496 | | | | $ | 4,241 | | | | $ | 4,498 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| LATIN AMERICA | |
| OTHER EXPENSES BY MAJOR CATEGORY | | | |
| | | | |
| | | For the Three Months Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Direct and allocated expenses | | $ | 148 | | | | $ | 154 | | | | $ | 140 | | | | $ | 145 | | | | $ | 129 | | |
| Pension, postretirement and postemployment benefit costs | | 1 | | | | 1 | | | | 2 | | | | 1 | | | | 1 | | |
| Premium taxes, other taxes, and licenses & fees | | 19 | | | | 29 | | | | 20 | | | | 19 | | | | 22 | | |
| Commissions and other variable expenses | | 325 | | | | 339 | | | | 350 | | | | 340 | | | | 333 | | |
| Adjusted other expenses | | $ | 493 | | | | $ | 523 | | | | $ | 512 | | | | $ | 505 | | | | $ | 485 | | |
| Adjusted other expenses, net of adjusted capitalization of DAC | | $ | 322 | | | | $ | 342 | | | | $ | 334 | | | | $ | 330 | | | | $ | 311 | | |
| Adjusted other expenses on a constant currency basis | | $ | 449 | | | | $ | 489 | | | | $ | 477 | | | | $ | 477 | | | | $ | 485 | | |
| Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis | | $ | 294 | | | | $ | 321 | | | | $ | 313 | | | | $ | 313 | | | | $ | 311 | | |
| | | | | | | | | | | | | | | | |
| SALES ON A CONSTANT CURRENCY BASIS | | | | | | | | | | | | | | | |
| | | | |
| | | For the Three Months Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Mexico | | $ | 179 | | | | $ | 150 | | | | $ | 216 | | | | $ | 193 | | | | $ | 192 | | |
| Chile | | 91 | | | | 95 | | | | 96 | | | | 99 | | | | 106 | | |
| All other | | 72 | | | | 77 | | | | 71 | | | | 81 | | | | 85 | | |
| Total sales | | $ | 342 | | | | $ | 322 | | | | $ | 383 | | | | $ | 373 | | | | $ | 383 | | |
| | | | | | | | | | | | | | | | |
| OTHER STATISTICAL INFORMATION | |
| | | | |
| | | For the Three Months Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | $ | 1,484 | | | | $ | 1,486 | | | | $ | 1,496 | | | | $ | 1,506 | | | | $ | 1,496 | | |
| Adjusted earnings available to common shareholders | | $ | 199 | | | | $ | 207 | | | | $ | 233 | | | | $ | 226 | | | | $ | 221 | | |
| | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | | $ | 1,349 | | | | $ | 1,393 | | | | $ | 1,400 | | | | $ | 1,422 | | | | $ | 1,496 | | |
| Adjusted earnings available to common shareholders, on a constant currency basis | | $ | 179 | | | | $ | 192 | | | | $ | 218 | | | | $ | 210 | | | | $ | 221 | | |
| | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
| |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted revenues | | | | | | | | | | | | | | | | | | | | |
| Premiums | | $ | 502 | | | | $ | 519 | | | | $ | 536 | | | | $ | 536 | | | $ | 562 | | | | $ | 1,497 | | | | $ | 1,634 | | |
| Universal life and investment-type product policy fees | | 79 | | | | 67 | | | | 77 | | | | 77 | | | 84 | | | | 231 | | | | 238 | | |
| Net investment income | | 51 | | | | 54 | | | | 54 | | | | 54 | | | 55 | | | | 143 | | | | 163 | | |
| Other revenues | | 7 | | | | 9 | | | | 7 | | | | 8 | | | 9 | | | | 23 | | | | 24 | | |
| Total adjusted revenues | | 639 | | | | 649 | | | | 674 | | | | 675 | | | 710 | | | | 1,894 | | | | 2,059 | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted expenses | | | | | | | | | | | | | | | | | | | | |
| Policyholder benefits and claims and policyholder dividends | | 230 | | | | 256 | | | | 258 | | | | 265 | | | 276 | | | | 728 | | | | 799 | | |
| Policyholder liability remeasurement (gains) losses | | (9) | | | | 7 | | | | — | | | | 1 | | | 9 | | | | (10) | | | | 10 | | |
| Interest credited to policyholder account balances | | 19 | | | | 18 | | | | 19 | | | | 17 | | | 17 | | | | 54 | | | | 53 | | |
| Capitalization of DAC | | (114) | | | | (116) | | | | (128) | | | | (115) | | | (119) | | | | (341) | | | | (362) | | |
| Amortization of DAC and VOBA | | 87 | | | | 91 | | | | 91 | | | | 82 | | | 92 | | | | 257 | | | | 265 | | |
| Amortization of negative VOBA | | (1) | | | | (1) | | | | (1) | | | | (1) | | | (1) | | | | (3) | | | | (3) | | |
| Interest expense on debt | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | |
| Other expenses | | 315 | | | | 331 | | | | 332 | | | | 328 | | | 342 | | | | 929 | | | | 1,002 | | |
| Total adjusted expenses | | 527 | | | | 586 | | | | 571 | | | | 577 | | | 616 | | | | 1,614 | | | | 1,764 | | |
| Adjusted earnings before provision for income tax | | 112 | | | | 63 | | | | 103 | | | | 98 | | | 94 | | | | 280 | | | | 295 | | |
| Provision for income tax expense (benefit) | | 24 | | | | 16 | | | | 26 | | | | 21 | | | 24 | | | | 62 | | | | 71 | | |
| Adjusted earnings | | 88 | | | | 47 | | | | 77 | | | | 77 | | | 70 | | | | 218 | | | | 224 | | |
| Preferred stock dividends | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | |
| Adjusted earnings available to common shareholders | | $ | 88 | | | | $ | 47 | | | | $ | 77 | | | | $ | 77 | | | $ | 70 | | | | $ | 218 | | | | $ | 224 | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | $ | 588 | | | | $ | 595 | | | | $ | 620 | | | | $ | 621 | | | $ | 655 | | | | $ | 1,751 | | | | $ | 1,896 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| EMEA | |
| OTHER EXPENSES BY MAJOR CATEGORY | | | | |
| | | | | |
| | | | For the Three Months Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Direct and allocated expenses | | | $ | 104 | | | | $ | 109 | | | | $ | 101 | | | | $ | 104 | | | | $ | 109 | | |
| Pension, postretirement and postemployment benefit costs | | | 2 | | | | 6 | | | | 1 | | | | 2 | | | | 2 | | |
| Premium taxes, other taxes, and licenses & fees | | | 6 | | | | 6 | | | | 6 | | | | 5 | | | | 6 | | |
| Commissions and other variable expenses | | | 203 | | | | 210 | | | | 224 | | | | 217 | | | | 225 | | |
| Adjusted other expenses | | | $ | 315 | | | | $ | 331 | | | | $ | 332 | | | | $ | 328 | | | | $ | 342 | | |
| Adjusted other expenses, net of adjusted capitalization of DAC | | | $ | 201 | | | | $ | 215 | | | | $ | 204 | | | | $ | 213 | | | | $ | 223 | | |
| Adjusted other expenses on a constant currency basis | | | $ | 307 | | | | $ | 327 | | | | $ | 328 | | | | $ | 332 | | | | $ | 342 | | |
| Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis | | | $ | 197 | | | | $ | 212 | | | | $ | 202 | | | | $ | 216 | | | | $ | 223 | | |
| | | | | | | | | | | | | | | | | |
| OTHER STATISTICAL INFORMATION | |
| | | | For the Three Months Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | | $ | 588 | | | | $ | 595 | | | | $ | 620 | | | | $ | 621 | | | | $ | 655 | | |
| Adjusted earnings available to common shareholders | | | $ | 88 | | | | $ | 47 | | | | $ | 77 | | | | $ | 77 | | | | $ | 70 | | |
| | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | | | $ | 573 | | | | $ | 586 | | | | $ | 613 | | | | $ | 626 | | | | $ | 655 | | |
| Adjusted earnings available to common shareholders, on a constant currency basis | | | $ | 87 | | | | $ | 46 | | | | $ | 76 | | | | $ | 77 | | | | $ | 70 | | |
| Total sales on a constant currency basis | | | $ | 189 | | | | $ | 201 | | | | $ | 282 | | | | $ | 278 | | | | $ | 249 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted revenues | | | | | | | | | | | | | | | | | | | |
| Premiums | | $ | 685 | | | | $ | 754 | | | | $ | 713 | | | | $ | 692 | | | $ | 673 | | | | $ | 2,127 | | | $ | 2,078 | | |
| Universal life and investment-type product policy fees | | 184 | | | | 95 | | | | 78 | | | | 94 | | | 80 | | | | 537 | | | 252 | | |
| Net investment income | | 1,153 | | | | 1,044 | | | | 1,010 | | | | 1,016 | | | 981 | | | | 3,450 | | | 3,007 | | |
| Other revenues | | 41 | | | | 52 | | | | 50 | | | | 37 | | | 40 | | | | 143 | | | 127 | | |
| Total adjusted revenues | | 2,063 | | | | 1,945 | | | | 1,851 | | | | 1,839 | | | 1,774 | | | | 6,257 | | | 5,464 | | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted expenses | | | | | | | | | | | | | | | | | | | |
| Policyholder benefits and claims and policyholder dividends | | 1,311 | | | | 1,329 | | | | 1,251 | | | | 1,252 | | | 1,221 | | | | 4,021 | | | 3,724 | | |
| Policyholder liability remeasurement (gains) losses | | (7) | | | | 9 | | | | 20 | | | | 17 | | | (35) | | | | 28 | | | 2 | | |
| Interest credited to policyholder account balances | | 198 | | | | 135 | | | | 103 | | | | 106 | | | 84 | | | | 595 | | | 293 | | |
| Capitalization of DAC | | (5) | | | | (5) | | | | (5) | | | | (4) | | | (4) | | | | (17) | | | (13) | | |
| Amortization of DAC and VOBA | | 65 | | | | 61 | | | | 59 | | | | 57 | | | 58 | | | | 197 | | | 174 | | |
| Amortization of negative VOBA | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | |
| Interest expense on debt | | 4 | | | | 3 | | | | 4 | | | | 3 | | | 4 | | | | 10 | | | 11 | | |
| Other expenses | | 238 | | | | 220 | | | | 223 | | | | 220 | | | 220 | | | | 707 | | | 663 | | |
| Total adjusted expenses | | 1,804 | | | | 1,752 | | | | 1,655 | | | | 1,651 | | | 1,548 | | | | 5,541 | | | 4,854 | | |
| Adjusted earnings before provision for income tax | | 259 | | | | 193 | | | | 196 | | | | 188 | | | 226 | | | | 716 | | | 610 | | |
| Provision for income tax expense (benefit) | | 51 | | | | 37 | | | | 37 | | | | 35 | | | 44 | | | | 139 | | | 116 | | |
| Adjusted earnings | | 208 | | | | 156 | | | | 159 | | | | 153 | | | 182 | | | | 577 | | | 494 | | |
| Preferred stock dividends | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | |
| Adjusted earnings available to common shareholders | | $ | 208 | | | | $ | 156 | | | | $ | 159 | | | | $ | 153 | | | $ | 182 | | | | $ | 577 | | | $ | 494 | | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | $ | 910 | | | | $ | 901 | | | | $ | 841 | | | | $ | 823 | | | $ | 793 | | | | $ | 2,807 | | | $ | 2,457 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| METLIFE HOLDINGS |
| FUTURE POLICY BENEFITS (1) | | | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Annuities | | $ | 1,508 | | | $ | 1,610 | | | $ | 1,577 | | | $ | 1,555 | | | | $ | 1,606 | | |
| Life and Other | | 53,930 | | | 53,930 | | | 53,604 | | | 53,296 | | | | 53,096 | | |
| Long Term Care | | 13,025 | | | 15,240 | | | 14,845 | | | 14,455 | | | | 15,657 | | |
| Balance, end of period (at balance sheet discount rate) (2) | | $ | 68,463 | | | $ | 70,780 | | | $ | 70,026 | | | $ | 69,306 | | | | $ | 70,359 | | |
| | | | | | | | | | | | | |
| Less: | | | | | | | | | | | | |
| Annuities | | $ | (110) | | | $ | (18) | | | $ | (46) | | | $ | (65) | | | | $ | (5) | | |
| Life and Other | | (120) | | | 27 | | | (2) | | | (27) | | | | 31 | | |
| Long Term Care | | (1,754) | | | 313 | | | (215) | | | (755) | | | | 339 | | |
| Accumulated other comprehensive (income) loss | | $ | (1,984) | | | $ | 322 | | | $ | (263) | | | $ | (847) | | | | $ | 365 | | |
| | | | | | | | | | | | | |
| Annuities | | $ | 1,618 | | | $ | 1,628 | | | $ | 1,623 | | | $ | 1,620 | | | | $ | 1,611 | | |
| Life and Other | | 54,050 | | | 53,903 | | | 53,606 | | | 53,323 | | | | 53,065 | | |
| Long Term Care | | 14,779 | | | 14,927 | | | 15,060 | | | 15,210 | | | | 15,318 | | |
| Balance, end of period (at original discount rate) | | $ | 70,447 | | | $ | 70,458 | | | $ | 70,289 | | | $ | 70,153 | | | | $ | 69,994 | | |
| | | | | | | | | | | | | |
| Future policy benefits subject to reinsurance (at balance sheet discount rate) (3) | | | | | | | | | | | | |
| Annuities | | $ | — | | | $ | 1,519 | | | $ | 1,526 | | | $ | 1,468 | | | | $ | 1,505 | | |
| Life and Other | | $ | 1,044 | | | $ | 2,341 | | | $ | 2,345 | | | $ | 2,372 | | | | $ | 2,398 | | |
| Long Term Care | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | $ | — | | |
| | | | | | | | | | | | | |
| POLICYHOLDER ACCOUNT BALANCES | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Annuities | | $ | 12,006 | | | $ | 11,537 | | | $ | 11,129 | | | $ | 10,747 | | | | $ | 10,437 | | |
| Life and Other | | 11,844 | | | 11,641 | | | 11,486 | | | 11,303 | | | | 11,284 | | |
| Balance, end of period | | $ | 23,850 | | | $ | 23,178 | | | $ | 22,615 | | | $ | 22,050 | | | | $ | 21,721 | | |
| | | | | | | | | | | | | |
| Policyholder account balances subject to reinsurance (3) | | | | | | | | | | | | |
| Annuities | | $ | — | | | $ | 3,485 | | | $ | 3,345 | | | $ | 3,228 | | | | $ | 3,124 | | |
| Life and Other | | $ | 1,542 | | | $ | 6,352 | | | $ | 6,532 | | | $ | 6,467 | | | | $ | 6,410 | | |
| | | | | | | | | | | | | |
| MARKET RISK BENEFITS (4) | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Annuities | | $ | 2,268 | | | $ | 2,722 | | | $ | 2,231 | | | $ | 2,153 | | | | $ | 2,608 | | |
| Balance, end of period | | $ | 2,268 | | | $ | 2,722 | | | $ | 2,231 | | | $ | 2,153 | | | | $ | 2,608 | | |
| | | | | | | | | | | | | |
| Market risk benefits subject to reinsurance | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | $ | — | | |
| | | | | | | | | | | | | |
| SEPARATE ACCOUNT LIABILITIES | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Annuities | | $ | 27,455 | | | $ | 29,224 | | | $ | 29,866 | | | $ | 28,843 | | | | $ | 29,349 | | |
| Life and Other | | 5,736 | | | 6,324 | | | 6,757 | | | 6,738 | | | | 7,049 | | |
| Balance, end of period | | $ | 33,191 | | | $ | 35,548 | | | $ | 36,623 | | | $ | 35,581 | | | | $ | 36,398 | | |
| | | | | | | | | | | | | |
| Separate accounts liabilities subject to modified coinsurance (5) | | | | | | | | | | | | |
| Annuities | | $ | — | | | $ | 83 | | | $ | 85 | | | $ | 82 | | | | $ | 83 | | |
| Life and Other | | $ | — | | | $ | 5,597 | | | $ | 5,980 | | | $ | 5,944 | | | | $ | 6,226 | | |
| | | | | | | | | | | | | |
| (1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL. |
| (2) Represents the current discount rate at the respective balance sheet date. |
| (3) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets. |
| (4) Market risk benefits include Japan reinsurance. |
| (5) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| METLIFE HOLDINGS | | |
| OTHER EXPENSES BY MAJOR CATEGORY | | | | |
| | | | | |
| | | For the Three Months Ended | | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | | |
| | | | | | | | | | | | | | | | | |
| Direct and allocated expenses | | $ | 166 | | | | $ | 164 | | | | $ | 165 | | | | $ | 156 | | | | $ | 159 | | | |
| Pension, postretirement and postemployment benefit costs | | 5 | | | | 6 | | | | 6 | | | | 7 | | | | 6 | | | |
| Premium taxes, other taxes, and licenses & fees | | 19 | | | | 16 | | | | 16 | | | | 19 | | | | 20 | | | |
| | | | | | | | | | | | | | | | | |
| Commissions and other variable expenses | | 48 | | | | 34 | | | | 36 | | | | 38 | | | | 35 | | | |
| Adjusted other expenses | | $ | 238 | | | | $ | 220 | | | | $ | 223 | | | | $ | 220 | | | | $ | 220 | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| OTHER STATISTICAL INFORMATION | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | |
| Unaudited (In millions, except ratios) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | | |
| | | | | | | | | | | | | | | | | |
| Lapse Ratio (1) | | | | | | | | | | | | | | | | |
| Traditional life | | 5.1 | % | | | 5.4 | % | | | 5.7 | % | | | 5.9 | % | | | 6.2 | % | | |
| Variable annuity | | 10.5 | % | | | 11.1 | % | | | 11.6 | % | | | 12.4 | % | | | 12.8 | % | | |
| | | | | | | | | | | | | | | | | |
| (1) Lapse ratios are calculated based on the average of the most recent 12 months of experience. | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | |
| | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted revenues | | | | | | | | | | | | | | | | | | | |
| Premiums | | $ | 9 | | | | $ | (2) | | | | $ | 6 | | | | $ | 15 | | | $ | (6) | | | | $ | 44 | | | $ | 15 | | |
| Universal life and investment-type product policy fees | | — | | | | — | | | | — | | | | 1 | | | — | | | | 1 | | | 1 | | |
| Net investment income | | 125 | | | | 98 | | | | 106 | | | | 95 | | | 96 | | | | 255 | | | 297 | | |
| Other revenues | | 103 | | | | 102 | | | | 98 | | | | 97 | | | 98 | | | | 310 | | | 293 | | |
| Total adjusted revenues | | 237 | | | | 198 | | | | 210 | | | | 208 | | | 188 | | | | 610 | | | 606 | | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted expenses | | | | | | | | | | | | | | | | | | | |
| Policyholder benefits and claims and policyholder dividends | | 4 | | | | (9) | | | | 8 | | | | 9 | | | — | | | | 32 | | | 17 | | |
| Policyholder liability remeasurement (gains) losses | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | |
| Interest credited to policyholder account balances | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | |
| Capitalization of DAC | | (2) | | | | (1) | | | | (3) | | | | (3) | | | (1) | | | | (7) | | | (7) | | |
| Amortization of DAC and VOBA | | 3 | | | | 1 | | | | 2 | | | | 1 | | | 3 | | | | 8 | | | 6 | | |
| Amortization of negative VOBA | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | |
| Interest expense on debt | | 256 | | | | 258 | | | | 253 | | | | 246 | | | 245 | | | | 747 | | | 744 | | |
| Other expenses | | 250 | | | | 290 | | | | 194 | | | | 188 | | | 164 | | | | 656 | | | 546 | | |
| Total adjusted expenses | | 511 | | | | 539 | | | | 454 | | | | 441 | | | 411 | | | | 1,436 | | | 1,306 | | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted earnings before provision for income tax | | (274) | | | | (341) | | | | (244) | | | | (233) | | | (223) | | | | (826) | | | (700) | | |
| Provision for income tax expense (benefit) | | (79) | | | | (142) | | | | (70) | | | | (47) | | | (41) | | | | (265) | | | (158) | | |
| Adjusted earnings | | (195) | | | | (199) | | | | (174) | | | | (186) | | | (182) | | | | (561) | | | (542) | | |
| Preferred stock dividends | | 67 | | | | 33 | | | | 67 | | | | 34 | | | 67 | | | | 165 | | | 168 | | |
| Adjusted earnings available to common shareholders | | $ | (262) | | | | $ | (232) | | | | $ | (241) | | | | $ | (220) | | | $ | (249) | | | | $ | (726) | | | $ | (710) | | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted premiums, fees and other revenues | | $ | 112 | | | | $ | 100 | | | | $ | 104 | | | | $ | 113 | | | $ | 92 | | | | $ | 355 | | | $ | 309 | | |
| | | | | | | | | | | | | | | | | | | | |
| ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | | | | |
| Business activities | | $ | 13 | | | | $ | 35 | | | | $ | 6 | | | | $ | 30 | | | $ | 20 | | | | $ | 52 | | | $ | 56 | | |
| Net investment income | | 126 | | | | 95 | | | | 102 | | | | 92 | | | 96 | | | | 258 | | | 290 | | |
| Interest expense on debt | | (266) | | | | (269) | | | | (265) | | | | (255) | | | (256) | | | | (778) | | | (776) | | |
| Corporate initiatives and projects | | (12) | | | | (9) | | | | (6) | | | | (7) | | | (8) | | | | (58) | | | (21) | | |
| Other | | (135) | | | | (193) | | | | (81) | | | | (93) | | | (75) | | | | (300) | | | (249) | | |
| Provision for income tax (expense) benefit and other tax-related items | | 79 | | | | 142 | | | | 70 | | | | 47 | | | 41 | | | | 265 | | | 158 | | |
| Preferred stock dividends | | (67) | | | | (33) | | | | (67) | | | | (34) | | | (67) | | | | (165) | | | (168) | | |
| Adjusted earnings available to common shareholders | | $ | (262) | | | | $ | (232) | | | | $ | (241) | | | | $ | (220) | | | $ | (249) | | | | $ | (726) | | | $ | (710) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| 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. |
| | | At or For the Three Months Ended | | | | At or For the Year-to-Date Period Ended | |
| Unaudited (In millions, except yields) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | September 30, 2024 | |
| Fixed Maturity Securities | | | | | | | | | | | | | | | | | | |
| Yield (1) | | 4.19 | % | | 4.39 | % | | 4.38 | % | | 4.38 | % | | | 4.52 | % | | | | 4.14 | % | | 4.43 | % | |
| Investment income (2), (3) | | $ | 3,123 | | | $ | 3,241 | | | $ | 3,200 | | | $ | 3,206 | | | | $ | 3,357 | | | | | $ | 9,258 | | | $ | 9,763 | | |
| Investment gains (losses) | | (699) | | | (197) | | | (85) | | | (246) | | | | (157) | | | | | (2,275) | | | (488) | | |
| Ending carrying value (4) | | 272,456 | | | 282,861 | | | 279,855 | | | 279,170 | | | | 295,460 | | | | | 272,456 | | | 295,460 | | |
| Net Mortgage Loans | | | | | | | | | | | | | | | | | | |
| Yield (1) | | 5.18 | % | | 5.36 | % | | 5.25 | % | | 5.30 | % | | | 5.32 | % | | | | 5.07 | % | | 5.29 | % | |
| Investment income (3) | | 1,094 | | | 1,127 | | | 1,100 | | | 1,096 | | | | 1,097 | | | | | 3,226 | | | 3,293 | | |
| Investment gains (losses) | | 3 | | | (69) | | | (82) | | | 6 | | | | (156) | | | | | (129) | | | (232) | | |
| Ending carrying value (5) | | 84,058 | | | 84,118 | | | 83,452 | | | 82,051 | | | | 82,773 | | | | | 84,058 | | | 82,773 | | |
| Real Estate and Real Estate Joint Ventures | | | | | | | | | | | | | | | | | | |
| Yield (1) | | (0.31) | % | | 2.08 | % | | (2.74) | % | | (0.97) | % | | | 1.67 | % | | | | (0.54) | % | | (0.65) | % | |
| Investment income | | (11) | | | 69 | | | (90) | | | (32) | | | | 57 | | | | | (53) | | | (65) | | |
| Investment gains (losses) | | 1 | | | 37 | | | 35 | | | 12 | | | | 128 | | | | | 32 | | | 175 | | |
| Ending carrying value | | 13,133 | | | 13,332 | | | 12,992 | | | 13,517 | | | | 13,731 | | | | | 13,133 | | | 13,731 | | |
| Policy Loans | | | | | | | | | | | | | | | | | | |
| Yield (1) | | 5.52 | % | | 5.36 | % | | 5.56 | % | | 5.44 | % | | | 5.72 | % | | | | 5.42 | % | | 5.57 | % | |
| Investment income | | 120 | | | 113 | | | 113 | | | 110 | | | | 116 | | | | | 358 | | | 339 | | |
| Ending carrying value | | 8,725 | | | 8,788 | | | 8,800 | | | 8,691 | | | | 8,822 | | | | | 8,725 | | | 8,822 | | |
| Equity Securities | | | | | | | | | | | | | | | | | | |
| Yield (1) | | 4.14 | % | | 3.37 | % | | 5.48 | % | | 5.50 | % | | | 3.47 | % | | | | 3.65 | % | | 4.79 | % | |
| Investment income | | 5 | | | 4 | | | 7 | | | 7 | | | | 4 | | | | | 27 | | | 18 | | |
| Investment gains (losses) | | (14) | | | 15 | | | 28 | | | (19) | | | | (31) | | | | | 66 | | | (22) | | |
| Ending carrying value | | 742 | | | 757 | | | 750 | | | 754 | | | | 746 | | | | | 742 | | | 746 | | |
| Other Limited Partnership Interests | | | | | | | | | | | | | | | | | | |
| Yield (1), (6) | | 5.56 | % | | (0.06) | % | | 8.27 | % | | 9.10 | % | | | 2.45 | % | | | | 4.17 | % | | 6.62 | % | |
| Investment income (6) | | 206 | | | (2) | | | 301 | | | 325 | | | | 87 | | | | | 457 | | | 713 | | |
| Investment gains (losses) | | — | | | — | | | (50) | | | (9) | | | | 3 | | | | | 12 | | | (56) | | |
| Ending carrying value (7) | | 14,918 | | | 14,764 | | | 14,301 | | | 14,288 | | | | 14,186 | | | | | 14,918 | | | 14,186 | | |
| Cash and Short-term Investments | | | | | | | | | | | | | | | | | | |
| Yield (1) | | 6.38 | % | | 5.61 | % | | 5.32 | % | | 4.61 | % | | | 5.23 | % | | | | 5.78 | % | | 5.06 | % | |
| Investment income | | 220 | | | 229 | | | 246 | | | 209 | | | | 257 | | | | | 582 | | | 712 | | |
| Investment gains (losses) | | 5 | | | (33) | | | 25 | | | 37 | | | | (46) | | | | | 23 | | | 16 | | |
| Ending carrying value | | 21,409 | | | 26,684 | | | 24,724 | | | 24,590 | | | | 26,374 | | | | | 21,409 | | | 26,374 | | |
| Other Invested Assets | | | | | | | | | | | | | | | | | | |
| Investment income | | 420 | | | 410 | | | 348 | | | 386 | | | | 312 | | | | | 1,256 | | | 1,046 | | |
| Investment gains (losses) | | (167) | | | 7 | | | (17) | | | (16) | | | | 56 | | | | | (165) | | | 23 | | |
| Ending carrying value | | 18,755 | | | 18,202 | | | 18,097 | | | 18,131 | | | | 19,706 | | | | | 18,755 | | | 19,706 | | |
| Total Investments | | | | | | | | | | | | | | | | | | |
| Investment income yield (1) | | 4.68 | % | | 4.69 | % | | 4.75 | % | | 4.83 | % | | | 4.75 | % | | | | 4.55 | % | | 4.77 | % | |
| Investment fees and expenses yield (1) | | (0.11) | % | | (0.13) | % | | (0.14) | % | | (0.13) | % | | | (0.13) | % | | | | (0.12) | % | | (0.14) | % | |
| Net Investment Income Yield (1) | | 4.57 | % | | 4.56 | % | | 4.61 | % | | 4.70 | % | | | 4.62 | % | | | | 4.43 | % | | 4.63 | % | |
| Investment income | | $ | 5,177 | | | $ | 5,191 | | | $ | 5,225 | | | $ | 5,307 | | | | $ | 5,287 | | | | | $ | 15,111 | | | $ | 15,819 | | |
| Investment fees and expenses | | (121) | | | (144) | | | (157) | | | (147) | | | | (144) | | | | | (409) | | | (448) | | |
| Net investment income including divested businesses | | 5,056 | | | 5,047 | | | 5,068 | | | 5,160 | | | | 5,143 | | | | | 14,702 | | | 15,371 | | |
| Less: Net investment income from divested businesses | | — | | | — | | | — | | | — | | | | — | | | | | — | | | — | | |
| Adjusted Net Investment Income (8) | | $ | 5,056 | | | $ | 5,047 | | | $ | 5,068 | | | $ | 5,160 | | | | $ | 5,143 | | | | | $ | 14,702 | | | $ | 15,371 | | |
| Ending Carrying Value | | $ | 434,196 | | | $ | 449,506 | | | $ | 442,971 | | | $ | 441,192 | | | | $ | 461,798 | | | | | $ | 434,196 | | | $ | 461,798 | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Investment Portfolio Gains (Losses) (9) | | $ | (871) | | | $ | (240) | | | $ | (146) | | | $ | (235) | | | | $ | (203) | | | | | $ | (2,436) | | | $ | (584) | | |
| Gross investment gains | | 119 | | | 292 | | | 331 | | | 245 | | | | 368 | | | | | 823 | | | 944 | | |
| Gross investment losses | | (418) | | | (465) | | | (435) | | | (458) | | | | (417) | | | | | (1,630) | | | (1,310) | | |
| Net credit loss (provision) release and (impairments) | | (572) | | | (67) | | | (42) | | | (22) | | | | (154) | | | | | (1,629) | | | (218) | | |
| Investment Portfolio Gains (Losses) (9) | | (871) | | | (240) | | | (146) | | | (235) | | | | (203) | | | | | (2,436) | | | (584) | | |
| Investment portfolio gains (losses) income tax (expense) benefit | | 155 | | | 80 | | | 41 | | | 57 | | | | 56 | | | | | 524 | | | 154 | | |
| Investment Portfolio Gains (Losses), Net of Income Tax | | $ | (716) | | | $ | (160) | | | $ | (105) | | | $ | (178) | | | | $ | (147) | | | | | $ | (1,912) | | | $ | (430) | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Derivative gains (losses) (9) | | (1,454) | | | (123) | | | (1,175) | | | (698) | | | | 619 | | | | | (3,104) | | | (1,254) | | |
| Derivative gains (losses) income tax (expense) benefit | | 397 | | | (45) | | | 304 | | | 193 | | | | (206) | | | | | 764 | | | 291 | | |
| Derivative Gains (Losses), Net of Income Tax | | $ | (1,057) | | | $ | (168) | | | $ | (871) | | | $ | (505) | | | | $ | 413 | | | | | $ | (2,340) | | | $ | (963) | | |
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| See footnotes on Page 29. | | | | | | |
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| INVESTMENTS
| |
| SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Unaudited (In millions, except ratios) | | Amount | | % of Total | | Amount | | % of Total | | Amount | | % of Total | | Amount | | % of Total | | | Amount | | % of Total | |
| | | | | | | | | | | | | | | | | | | | | | | |
| U.S. corporate | | $ | 78,552 | | | 28.9 | % | | $ | 80,717 | | | 28.7 | % | | $ | 80,553 | | | 28.9 | % | | $ | 80,678 | | | 29.1 | % | | | $ | 84,851 | | | 28.9 | % | |
| Foreign corporate | | 51,377 | | | 19.0 | % | | 55,444 | | | 19.7 | % | | 54,029 | | | 19.4 | % | | 53,419 | | | 19.2 | % | | | 56,752 | | | 19.3 | % | |
| Foreign government | | 42,685 | | | 15.8 | % | | 45,489 | | | 16.2 | % | | 42,793 | | | 15.4 | % | | 40,054 | | | 14.4 | % | | | 44,132 | | | 15.0 | % | |
| Residential mortgage-backed | | 27,785 | | | 10.3 | % | | 29,096 | | | 10.3 | % | | 31,142 | | | 11.2 | % | | 32,616 | | | 11.7 | % | | | 35,264 | | | 12.0 | % | |
| U.S. government and agency | | 31,729 | | | 11.7 | % | | 32,252 | | | 11.5 | % | | 31,848 | | | 11.4 | % | | 33,238 | | | 12.0 | % | | | 34,676 | | | 11.8 | % | |
| Asset-backed securities and collateralized loan obligations | | 17,412 | | | 6.4 | % | | 17,294 | | | 6.1 | % | | 17,468 | | | 6.3 | % | | 17,775 | | | 6.4 | % | | | 17,520 | | | 6.0 | % | |
| Municipals | | 11,347 | | | 4.2 | % | | 11,171 | | | 4.0 | % | | 10,938 | | | 3.9 | % | | 10,470 | | | 3.8 | % | | | 10,798 | | | 3.7 | % | |
| Commercial mortgage-backed | | 10,095 | | | 3.7 | % | | 9,949 | | | 3.5 | % | | 9,638 | | | 3.5 | % | | 9,486 | | | 3.4 | % | | | 9,786 | | | 3.3 | % | |
| Fixed Maturity Securities Available-For-Sale | | $ | 270,982 | | | 100.0 | % | | $ | 281,412 | | | 100.0 | % | | $ | 278,409 | | | 100.0 | % | | $ | 277,736 | | | 100.0 | % | | | $ | 293,779 | | | 100.0 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| NRSRO | | NAIC | | | | | | | | | | | | | | | | | | | | | | |
| RATING | | DESIGNATION | | | | | | | | | | | | | | | | | | | | | | |
| Aaa / Aa / A | | 1 | | $ | 186,834 | | | 69.0 | % | | $ | 194,722 | | | 69.2 | % | | $ | 192,127 | | | 69.0 | % | | $ | 192,239 | | | 69.2 | % | | | $ | 203,560 | | | 69.3 | % | |
| Baa | | 2 | | 71,043 | | | 26.2 | % | | 73,680 | | | 26.2 | % | | 73,367 | | | 26.4 | % | | 72,732 | | | 26.2 | % | | | 77,031 | | | 26.2 | % | |
| Ba | | 3 | | 10,325 | | | 3.8 | % | | 10,299 | | | 3.7 | % | | 10,323 | | | 3.7 | % | | 9,189 | | | 3.3 | % | | | 9,666 | | | 3.3 | % | |
| B | | 4 | | 2,343 | | | 0.9 | % | | 2,371 | | | 0.8 | % | | 2,259 | | | 0.8 | % | | 3,291 | | | 1.2 | % | | | 3,131 | | | 1.1 | % | |
| Caa and lower | | 5 | | 338 | | | 0.1 | % | | 258 | | | 0.1 | % | | 267 | | | 0.1 | % | | 226 | | | 0.1 | % | | | 331 | | | 0.1 | % | |
| In or near default | | 6 | | 99 | | | — | % | | 82 | | | — | % | | 66 | | | — | % | | 59 | | | — | % | | | 60 | | | — | % | |
| Total Fixed Maturity Securities Available-For-Sale (10) | | $ | 270,982 | | | 100.0 | % | | $ | 281,412 | | | 100.0 | % | | $ | 278,409 | | | 100.0 | % | | $ | 277,736 | | | 100.0 | % | | | $ | 293,779 | | | 100.0 | % | |
| | |
| |
| GROSS UNREALIZED GAINS AND LOSSES: | | | |
| FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE |
| |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Gross unrealized gains | | $ | 3,685 | | | $ | 6,876 | | | $ | 6,021 | | | $ | 5,096 | | | | $ | 8,093 | | |
| Gross unrealized losses | | 38,702 | | | 25,835 | | | 28,122 | | | 30,430 | | | | 23,558 | | |
| Net Unrealized Gains (Losses) | | $ | (35,017) | | | $ | (18,959) | | | $ | (22,101) | | | $ | (25,334) | | | | $ | (15,465) | | |
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| See footnotes on Page 29. |
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| INVESTMENTS | | | |
| SUMMARY OF NET MORTGAGE LOANS (5) | |
| | | | | | | | | | | | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| | | | | | | | | | | | | |
| Commercial mortgage loans | | $ | 52,053 | | | $ | 52,111 | | | $ | 51,527 | | | $ | 50,109 | | | | $ | 50,478 | | |
| Agricultural mortgage loans | | 19,658 | | | 19,559 | | | 19,461 | | | 19,383 | | | | 19,210 | | |
| Residential mortgage loans | | 12,986 | | | 13,096 | | | 13,201 | | | 13,273 | | | | 13,844 | | |
| | | | | | | | | | | | | |
| Total | | 84,697 | | | 84,766 | | | 84,189 | | | 82,765 | | | | 83,532 | | |
| Allowance for credit loss | | (639) | | | (648) | | | (737) | | | (714) | | | | (759) | | |
| Net Mortgage Loans | | $ | 84,058 | | | $ | 84,118 | | | $ | 83,452 | | | $ | 82,051 | | | | $ | 82,773 | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| SUMMARY OF NET COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE (5) | | | |
| | | | | | | | | | | | | |
| | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | |
| Unaudited (In millions, except ratios) | | Amount | | % of Total | | Amount | | % of Total | | Amount | | % of Total | | Amount | | % of Total | | | Amount | | % of Total | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Pacific | | $ | 9,206 | | | 17.7 | % | | $ | 9,016 | | | 17.3 | % | | $ | 9,036 | | | 17.5 | % | | $ | 8,680 | | | 17.3 | % | | | $ | 8,745 | | | 17.3 | % | |
| Non-U.S. | | 8,682 | | | 16.7 | % | | 8,933 | | | 17.1 | % | | 8,453 | | | 16.4 | % | | 8,385 | | | 16.7 | % | | | 8,593 | | | 17.0 | % | |
| Middle Atlantic | | 7,581 | | | 14.6 | % | | 7,477 | | | 14.3 | % | | 7,430 | | | 14.4 | % | | 7,250 | | | 14.5 | % | | | 6,999 | | | 13.9 | % | |
| South Atlantic | | 6,581 | | | 12.6 | % | | 6,637 | | | 12.7 | % | | 6,802 | | | 13.2 | % | | 6,517 | | | 13.0 | % | | | 6,459 | | | 12.8 | % | |
| West South Central | | 3,417 | | | 6.6 | % | | 3,472 | | | 6.7 | % | | 3,502 | | | 6.8 | % | | 3,386 | | | 6.8 | % | | | 3,455 | | | 6.9 | % | |
| New England | | 2,875 | | | 5.5 | % | | 2,859 | | | 5.5 | % | | 2,821 | | | 5.5 | % | | 2,821 | | | 5.6 | % | | | 2,838 | | | 5.6 | % | |
| Mountain | | 2,191 | | | 4.2 | % | | 2,193 | | | 4.2 | % | | 2,192 | | | 4.3 | % | | 2,264 | | | 4.5 | % | | | 2,217 | | | 4.4 | % | |
| East North Central | | 1,855 | | | 3.6 | % | | 1,822 | | | 3.5 | % | | 1,701 | | | 3.3 | % | | 1,600 | | | 3.2 | % | | | 1,543 | | | 3.1 | % | |
| East South Central | | 622 | | | 1.2 | % | | 654 | | | 1.3 | % | | 653 | | | 1.3 | % | | 652 | | | 1.3 | % | | | 608 | | | 1.2 | % | |
| West North Central | | 643 | | | 1.2 | % | | 613 | | | 1.2 | % | | 644 | | | 1.2 | % | | 472 | | | 1.0 | % | | | 472 | | | 0.9 | % | |
| Multi-Region and Other | | 8,400 | | | 16.1 | % | | 8,435 | | | 16.2 | % | | 8,293 | | | 16.1 | % | | 8,082 | | | 16.1 | % | | | 8,549 | | | 16.9 | % | |
| Total | | $ | 52,053 | | | 100.0 | % | | $ | 52,111 | | | 100.0 | % | | $ | 51,527 | | | 100.0 | % | | $ | 50,109 | | | 100.0 | % | | | $ | 50,478 | | | 100.0 | % | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Office | | $ | 19,619 | | | 37.7 | % | | $ | 19,651 | | | 37.7 | % | | $ | 19,369 | | | 37.6 | % | | $ | 18,799 | | | 37.5 | % | | | $ | 18,861 | | | 37.4 | % | |
| Apartment | | 11,807 | | | 22.7 | % | | 11,974 | | | 23.0 | % | | 11,353 | | | 22.0 | % | | 10,954 | | | 21.9 | % | | | 10,750 | | | 21.3 | % | |
| Retail | | 7,441 | | | 14.3 | % | | 7,218 | | | 13.9 | % | | 7,371 | | | 14.3 | % | | 7,443 | | | 14.8 | % | | | 7,273 | | | 14.4 | % | |
| Industrial | | 5,248 | | | 10.1 | % | | 5,275 | | | 10.1 | % | | 5,315 | | | 10.3 | % | | 4,941 | | | 9.9 | % | | | 5,313 | | | 10.5 | % | |
| Single Family Rental | | 4,735 | | | 9.1 | % | | 4,728 | | | 9.1 | % | | 4,823 | | | 9.4 | % | | 4,822 | | | 9.6 | % | | | 5,141 | | | 10.2 | % | |
| Hotel | | 3,088 | | | 5.9 | % | | 3,140 | | | 6.0 | % | | 3,199 | | | 6.2 | % | | 3,049 | | | 6.1 | % | | | 3,051 | | | 6.0 | % | |
| Other | | 115 | | | 0.2 | % | | 125 | | | 0.2 | % | | 97 | | | 0.2 | % | | 101 | | | 0.2 | % | | | 89 | | | 0.2 | % | |
| Total | | $ | 52,053 | | | 100.0 | % | | $ | 52,111 | | | 100.0 | % | | $ | 51,527 | | | 100.0 | % | | $ | 50,109 | | | 100.0 | % | | | $ | 50,478 | | | 100.0 | % | |
| | | | | | | | | | | | | | | | | | | | | | | |
| See footnotes on Page 29. | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| 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, 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 ($17) million, $107 million, $85 million, $22 million and $76 million for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively, and $81 million and $183 million for the year-to-date period ended September 30, 2023 and September 30, 2024, respectively. |
| (3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees. |
| (4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities. |
| | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | | | | |
| Fixed maturity securities available-for-sale | $ | 270,982 | | $ | 281,412 | | $ | 278,409 | | $ | 277,736 | | $ | 293,779 | | | | | |
| Contractholder-directed equity securities and fair value option securities | 9,680 | | 10,331 | | 10,313 | | 10,106 | | 9,289 | | | | | |
| Total fixed maturity securities | 280,662 | | 291,743 | | 288,722 | | 287,842 | | 303,068 | | | | | |
| Less: Contractholder-directed equity securities | 8,206 | | 8,882 | | 8,867 | | 8,672 | | 7,608 | | | | | |
| | | | | | | | | | |
| Fixed maturity securities | $ | 272,456 | | $ | 282,861 | | $ | 279,855 | | $ | 279,170 | | $ | 295,460 | | | | | |
| | | | | | | | | | |
| (5)Net mortgage loans exclude mortgage loans originated for third parties of $8,238 million, $8,461 million, $8,083 million, $7,843 million, and $7,730 million at amortized cost, which is primarily comprised of commercial mortgage loans of $7,998 million, $8,215 million, $7,832 million, $7,590 million and $7,471 million at amortized cost, and does not include the related allowance for credit loss of $66 million, $73 million, $77 million, $92 million and $88 million at September 30, 2023, December 31, 2023, March 31, 2024 , June 30, 2024 and September 30, 2024, respectively. |
| (6)Other limited partnership interests includes investment income related to private equity investments of $203 million, ($2) million, $301 million, $326 million and $87 million for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively, and $443 million and $714 million for the year-to-date period ended September 30, 2023 and September 30, 2024, respectively. The annualized yields for these periods were 5.50%, (0.06%), 8.29%, 9.13%, 2.46%, 4.09% and 6.64%, respectively. |
| (7)Other limited partnership interests includes ending carrying value related to private equity investments of $14,862 million, $14,738 million, $14,276 million, $14,270 million and $14,168 million, at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively. |
| |
| (8)Adjusted net investment income reflects the adjustments as presented on Page 5. |
| (9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | | September 30, 2023 | September 30, 2024 | |
| Net investment gains (losses) | $ | (927) | | $ | (174) | | $ | (375) | | $ | (421) | | $ | (77) | | | $ | (2,650) | | $ | (873) | | |
| Less: Non-investment portfolio gains (losses) | (63) | | 64 | | (226) | | (176) | | 188 | | | (145) | | (214) | | |
| Less: Provision for credit loss on certain mortgage loans originated for third parties | 7 | | (7) | | (4) | | (15) | | 4 | | | (66) | | (15) | | |
| Less: Other adjustments | — | | 9 | | 1 | | 5 | | (66) | | | (3) | | (60) | | |
| | | | | | | | | | |
| Investment portfolio gains (losses) | $ | (871) | | $ | (240) | | $ | (146) | | $ | (235) | | $ | (203) | | | $ | (2,436) | | $ | (584) | | |
| | | | | | | | | | |
| | For the Three Months Ended | | For the Year-to-Date Period Ended | |
| | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | | September 30, 2023 | September 30, 2024 | |
| Net derivative gains (losses) | $ | (1,202) | | $ | 149 | | $ | (979) | | $ | (508) | | $ | 767 | | | $ | (2,289) | | $ | (720) | | |
| Less: Investment hedge adjustments | 232 | | 253 | | 176 | | 172 | | 129 | | | 759 | | 477 | | |
| | | | | | | | | | |
| Less: Other adjustments | 20 | | 19 | | 20 | | 18 | | 19 | | | 56 | | 57 | | |
| | | | | | | | | | |
| Derivative gains (losses) | $ | (1,454) | | $ | (123) | | $ | (1,175) | | $ | (698) | | $ | 619 | | | $ | (3,104) | | $ | (1,254) | | |
| | | | | | | | | | |
| (10)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. |
| | |
| |
Appendix
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| APPENDIX
METLIFE
RECONCILIATION DETAIL | | |
| | | | | | | |
| | | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | | | September 30, 2023 | | September 30, 2024 | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Reconciliation to Adjusted Earnings Available to Common Shareholders | | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) available to MetLife, Inc.'s common shareholders | | $ | 422 | | | | $ | 574 | | | | $ | 800 | | | | $ | 912 | | | | $ | 1,275 | | | | $ | 806 | | | $ | 2,987 | | | |
| Add: Preferred stock dividends | | 67 | | | | 33 | | | | 67 | | | | 34 | | | | 67 | | | | 165 | | | 168 | | | |
| Add: Preferred stock redemption premium | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Add: Net income (loss) attributable to noncontrolling interests | | 6 | | | | 7 | | | | 8 | | | | 7 | | | | (1) | | | | 17 | | | 14 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | 495 | | | | 614 | | | | 875 | | | | 953 | | | | 1,341 | | | | $ | 988 | | | $ | 3,169 | | | |
| Less: adjustments from net income (loss) to adjusted earnings: | | | | | | | | | | | | | | | | | | | | | |
| Net investment gains (losses) | | (927) | | | | (174) | | | | (375) | | | | (421) | | | | (77) | | | | (2,650) | | | (873) | | | |
| Net derivative gains (losses) | | (1,202) | | | | 149 | | | | (979) | | | | (508) | | | | 767 | | | | (2,289) | | | (720) | | | |
| Market risk benefit remeasurement gains (losses) | | 796 | | | | (431) | | | | 694 | | | | 182 | | | | (531) | | | | 1,425 | | | 345 | | | |
| Premiums - Divested businesses | | — | | | | — | | | | — | | | | — | | | | 16 | | | | — | | | 16 | | | |
| Universal life and investment-type product policy fees - Divested businesses | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Net investment income | | | | | | | | | | | | | | | | | | | | | |
| Investment hedge adjustments | | (232) | | | | (253) | | | | (176) | | | | (172) | | | | (129) | | | | (759) | | | (477) | | | |
| Unit-linked contract income | | 4 | | | | 580 | | | | 542 | | | | 219 | | | | 147 | | | | 603 | | | 908 | | | |
| Other adjustments | | (3) | | | | (8) | | | | 2 | | | | (2) | | | | 66 | | | | (4) | | | 66 | | | |
| Divested businesses | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Other revenues | | | | | | | | | | | | | | | | | | | | | |
| Asymmetrical and non-economic accounting | | — | | | | 29 | | | | 39 | | | | 35 | | | | 50 | | | | — | | | 124 | | | |
| Other adjustments | | (11) | | | | (13) | | | | (12) | | | | (11) | | | | (14) | | | | (21) | | | (37) | | | |
| Divested businesses | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Policyholder benefits and claims and policyholder dividends | | | | | | | | | | | | | | | | | | | | | |
| Asymmetrical and non-economic accounting | | 5 | | | | (26) | | | | (14) | | | | (161) | | | | 7 | | | | (153) | | | (168) | | | |
| Market volatility | | 64 | | | | 62 | | | | 67 | | | | 88 | | | | 52 | | | | 122 | | | 207 | | | |
| Divested businesses | | — | | | | — | | | | — | | | | — | | | | (9) | | | | — | | | (9) | | | |
| Policyholder liability remeasurement (gains) losses - Divested businesses | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Interest credited to policyholder account balances | | | | | | | | | | | | | | | | | | | | | |
| Asymmetrical and non-economic accounting | | 44 | | | | (103) | | | | (24) | | | | (5) | | | | (79) | | | | 35 | | | (108) | | | |
| Unit-linked contract costs | | 3 | | | | (582) | | | | (539) | | | | (214) | | | | (143) | | | | (601) | | | (896) | | | |
| Divested businesses | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Capitalization of DAC - Divested businesses | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Amortization of DAC and VOBA - Divested businesses | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Amortization of negative VOBA - Divested business | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Interest expense on debt - Divested business | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Other expenses | | | | | | | | | | | | | | | | | | | | | |
| Other adjustments | | (21) | | | | (7) | | | | (7) | | | | (5) | | | | (12) | | | | (48) | | | (24) | | | |
| Divested businesses | | (9) | | | | (9) | | | | (4) | | | | (4) | | | | (17) | | | | (29) | | | (25) | | | |
| Goodwill impairment | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | |
| Provision for income tax (expense) benefit | | 429 | | | | 6 | | | | 260 | | | | 270 | | | | (195) | | | | 1,028 | | | 335 | | | |
| Adjusted earnings | | 1,555 | | | | 1,394 | | | | 1,401 | | | | 1,662 | | | | 1,442 | | | | 4,329 | | | 4,505 | | | |
| Less: Preferred stock dividends | | 67 | | | | 33 | | | | 67 | | | | 34 | | | | 67 | | | | 165 | | | 168 | | | |
| Adjusted earnings available to common shareholders | | $ | 1,488 | | | | $ | 1,361 | | | | $ | 1,334 | | | | $ | 1,628 | | | | $ | 1,375 | | | | $ | 4,164 | | | $ | 4,337 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| APPENDIX
METLIFE
NOTABLE ITEMS (1) | | | |
| | | | | | | | | | | | | | | | | | | |
| METLIFE TOTAL | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | | For the Year-to-Date Period Ended | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | September 30, 2024 | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Actuarial assumption review and other insurance adjustments | | $ | 14 | | | $ | — | | | $ | — | | | $ | — | | | | $ | 16 | | | | | $ | 14 | | | $ | 16 | | | | |
| Litigation reserves and settlement costs | | — | | | (76) | | | — | | | — | | | | — | | | | | — | | | — | | | | |
| | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Total notable items | | $ | 14 | | | $ | (76) | | | $ | — | | | $ | — | | | | $ | 16 | | | | | $ | 14 | | | $ | 16 | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| GROUP BENEFITS | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | | For the Year-to-Date Period Ended | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | September 30, 2024 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Actuarial assumption review and other insurance adjustments | | $ | 27 | | | $ | — | | | $ | — | | | $ | — | | | | $ | (58) | | | | | $ | 27 | | | $ | (58) | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total notable items | | $ | 27 | | | $ | — | | | $ | — | | | $ | — | | | | $ | (58) | | | | | $ | 27 | | | $ | (58) | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| RIS | | | | | | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | | For the Year-to-Date Period Ended | | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | September 30, 2024 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Actuarial assumption review and other insurance adjustments | | $ | 61 | | | $ | — | | | $ | — | | | $ | — | | | | $ | 104 | | | | | $ | 61 | | | $ | 104 | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total notable items | | $ | 61 | | | $ | — | | | $ | — | | | $ | — | | | | $ | 104 | | | | | $ | 61 | | | $ | 104 | | | | |
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| (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. | | | |
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| APPENDIX
METLIFE
NOTABLE ITEMS (1) (CONTINUED) | | |
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| ASIA | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | | September 30, 2024 | |
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| Actuarial assumption review and other insurance adjustments | | $ | (94) | | | $ | — | | | $ | — | | | $ | — | | | | $ | (41) | | | | | $ | (94) | | | | $ | (41) | | |
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| Total notable items | | $ | (94) | | | $ | — | | | $ | — | | | $ | — | | | | $ | (41) | | | | | $ | (94) | | | | $ | (41) | | |
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| LATIN AMERICA | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | | September 30, 2024 | |
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| Actuarial assumption review and other insurance adjustments | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | $ | 4 | | | | | $ | — | | | | $ | 4 | | |
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| Total notable items | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | $ | 4 | | | | | $ | — | | | | $ | 4 | | |
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| EMEA | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | | September 30, 2024 | |
| Actuarial assumption review and other insurance adjustments | | $ | 18 | | | $ | — | | | $ | — | | | $ | — | | | | $ | (5) | | | | | $ | 18 | | | | $ | (5) | | |
| Total notable items | | $ | 18 | | | $ | — | | | $ | — | | | $ | — | | | | $ | (5) | | | | | $ | 18 | | | | $ | (5) | | |
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| METLIFE HOLDINGS | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | | September 30, 2024 | |
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| Actuarial assumption review and other insurance adjustments | | $ | 2 | | | $ | — | | | $ | — | | | $ | — | | | | $ | 12 | | | | | $ | 2 | | | | $ | 12 | | |
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| Total notable items | | $ | 2 | | | $ | — | | | $ | — | | | $ | — | | | | $ | 12 | | | | | $ | 2 | | | | $ | 12 | | |
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| CORPORATE & OTHER | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | | For the Year-to-Date Period Ended | |
| Unaudited (In millions) | | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | | September 30, 2024 | | | | September 30, 2023 | | | September 30, 2024 | |
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| Litigation reserves and settlement costs | | — | | | (76) | | | — | | | — | | | | — | | | | | — | | | | — | | |
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| Total notable items | | $ | — | | | $ | (76) | | | $ | — | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | |
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| (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. | |
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| APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY | | | | | | | | | | | | | | | |
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| Unaudited (In millions) | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | | | | |
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| Total MetLife, Inc.'s stockholders' equity | $ | 25,658 | | | $ | 30,015 | | | $ | 28,535 | | | $ | 27,252 | | | $ | 30,885 | | | | | | | |
| Less: Preferred stock | 3,818 | | | 3,818 | | | 3,818 | | | 3,818 | | | 3,818 | | | | | | | |
| MetLife, Inc.'s common stockholders' equity | 21,840 | | | 26,197 | | | 24,717 | | | 23,434 | | | 27,067 | | | | | | | |
| Less: Net unrealized investment gains (losses), net of income tax | (26,548) | | | (14,323) | | | (16,611) | | | (19,088) | | | (11,531) | | | | | | | |
| Future policy benefits discount rate remeasurement gains (losses), net of income tax | 10,245 | | | 2,658 | | | 4,773 | | | 6,606 | | | 2,004 | | | | | | | |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (4) | | | 27 | | | (47) | | | (73) | | | 4 | | | | | | | |
| Defined benefit plans adjustment, net of income tax | (1,308) | | | (1,446) | | | (1,421) | | | (1,396) | | | (1,371) | | | | | | | |
| Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA | 39,455 | | | 39,281 | | | 38,023 | | | 37,385 | | | 37,961 | | | | | | | |
| Less: Accumulated year-to-date total notable items (2) | 14 | | | (62) | | | — | | | — | | | 16 | | | | | | | |
| Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) | $ | 39,441 | | | $ | 39,343 | | | $ | 38,023 | | | $ | 37,385 | | | $ | 37,945 | | | | | | | |
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| Unaudited (In millions, except per share data) | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | | | | |
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| Book value per common share | $ | 29.34 | | | $ | 35.85 | | | $ | 34.54 | | | $ | 33.30 | | | $ | 39.02 | | | | | | | |
| Less: Net unrealized investment gains (losses), net of income tax | (35.66) | | | (19.60) | | | (23.21) | | | (27.12) | | | (16.62) | | | | | | | |
| Future policy benefits discount rate remeasurement gains (losses), net of income tax | 13.77 | | | 3.64 | | | 6.68 | | | 9.38 | | | 2.89 | | | | | | | |
| Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax | (0.01) | | | 0.04 | | | (0.07) | | | (0.10) | | | 0.01 | | | | | | | |
| Defined benefit plans adjustment, net of income tax | (1.76) | | | (1.98) | | | (1.99) | | | (1.98) | | | (1.98) | | | | | | | |
| Book value per common share, excluding AOCI other than FCTA | $ | 53.00 | | | $ | 53.75 | | | $ | 53.13 | | | $ | 53.12 | | | $ | 54.72 | | | | | | | |
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| Common shares outstanding, end of period | 744.4 | | | 730.8 | | | 715.7 | | | 703.8 | | | 693.7 | | | | | | | |
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| | For the Three Months Ended (1) | | | |
| Unaudited (In millions, except ratios) | September 30, 2023 | | December 31, 2023 | | March 31, 2024 | | June 30, 2024 | | September 30, 2024 | | | | | | |
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| Return on MetLife, Inc.'s: | | | | | | | | | | | | | | | |
| Common stockholders' equity | 7.0 | % | | 9.6 | % | | 12.6 | % | | 15.2 | % | | 20.2 | % | | | | | | |
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| Adjusted return on MetLife, Inc.'s: | | | | | | | | | | | | | | | |
| Common stockholders' equity | 24.7 | % | | 22.7 | % | | 21.0 | % | | 27.0 | % | | 21.8 | % | | | | | | |
| Common stockholders' equity, excluding AOCI other than FCTA | 14.9 | % | | 13.8 | % | | 13.8 | % | | 17.3 | % | | 14.6 | % | | | | | | |
| Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) | 14.7 | % | | 14.6 | % | | 13.8 | % | | 17.3 | % | | 14.4 | % | | | | | | |
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| Average common stockholders' equity | $ | 24,142 | | | $ | 24,019 | | | $ | 25,457 | | | $ | 24,076 | | | $ | 25,251 | | | | | | | |
| Average common stockholders' equity, excluding AOCI other than FCTA | $ | 40,001 | | | $ | 39,368 | | | $ | 38,652 | | | $ | 37,704 | | | $ | 37,673 | | | | | | | |
| Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) | $ | 39,994 | | | $ | 39,392 | | | $ | 38,652 | | | $ | 37,704 | | | $ | 37,665 | | | | | | | |
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| (1) Annualized using quarter-to-date results. | |
| (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. | |
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| APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS | |
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| ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS | |
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| | | | For the Three Months Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| GROUP BENEFITS (1) | | | $ | 5,866 | | | | $ | 6,001 | | | | $ | 6,330 | | | | $ | 6,210 | | | | $ | 6,146 | | |
| RIS (1) | | | 2,478 | | | | 2,883 | | | | 813 | | | | 2,582 | | | | 1,579 | | |
| ASIA | | | 1,704 | | | | 1,690 | | | | 1,737 | | | | 1,714 | | | | 1,710 | | |
| LATIN AMERICA | | | 1,349 | | | | 1,393 | | | | 1,400 | | | | 1,422 | | | | 1,496 | | |
| EMEA | | | 573 | | | | 586 | | | | 613 | | | | 626 | | | | 655 | | |
| METLIFE HOLDINGS (1) | | | 910 | | | | 901 | | | | 841 | | | | 823 | | | | 793 | | |
| CORPORATE & OTHER (1) | | | 112 | | | | 100 | | | | 104 | | | | 113 | | | | 92 | | |
| Adjusted premiums, fees and other revenues, on a constant currency basis | | | $ | 12,992 | | | | $ | 13,554 | | | | $ | 11,838 | | | | $ | 13,490 | | | | $ | 12,471 | | |
| Adjusted premiums, fees and other revenues | | | $ | 13,181 | | | | $ | 13,671 | | | | $ | 11,948 | | | | $ | 13,523 | | | | $ | 12,471 | | |
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| ASIA (including operating joint ventures) (2), (3) | | | $ | 2,132 | | | | $ | 2,057 | | | | $ | 2,264 | | | | $ | 2,368 | | | | $ | 2,251 | | |
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| OTHER EXPENSES ON A CONSTANT CURRENCY BASIS | |
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| | | | For the Three Months Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| GROUP BENEFITS (1) | | | $ | 937 | | | | $ | 977 | | | | $ | 1,003 | | | | $ | 1,016 | | | | $ | 1,007 | | |
| RIS (1) | | | 138 | | | | 135 | | | | 172 | | | | 145 | | | | 183 | | |
| ASIA | | | 766 | | | | 777 | | | | 742 | | | | 727 | | | | 758 | | |
| LATIN AMERICA | | | 449 | | | | 489 | | | | 477 | | | | 477 | | | | 485 | | |
| EMEA | | | 307 | | | | 327 | | | | 328 | | | | 332 | | | | 342 | | |
| METLIFE HOLDINGS (1) | | | 238 | | | | 220 | | | | 223 | | | | 220 | | | | 220 | | |
| CORPORATE & OTHER (1) | | | 250 | | | | 290 | | | | 194 | | | | 188 | | | | 164 | | |
| Adjusted other expenses on a constant currency basis | | | $ | 3,085 | | | | $ | 3,215 | | | | $ | 3,139 | | | | $ | 3,105 | | | | $ | 3,159 | | |
| Adjusted other expenses | | | $ | 3,159 | | | | $ | 3,261 | | | | $ | 3,180 | | | | $ | 3,104 | | | | $ | 3,159 | | |
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| ASIA (including operating joint ventures) (2), (4) | | | $ | 880 | | | | $ | 875 | | | | $ | 857 | | | | $ | 834 | | | | $ | 878 | | |
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| ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS | |
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| | | | For the Three Months Ended | |
| Unaudited (In millions) | | | September 30, 2023 | | | December 31, 2023 | | | March 31, 2024 | | | June 30, 2024 | | | September 30, 2024 | |
| GROUP BENEFITS (1) | | | $ | 510 | | | | $ | 466 | | | | $ | 284 | | | | $ | 533 | | | | $ | 373 | | |
| RIS (1) | | | 470 | | | | 421 | | | | 399 | | | | 410 | | | | 472 | | |
| ASIA | | | 271 | | | | 295 | | | | 423 | | | | 451 | | | | 306 | | |
| LATIN AMERICA | | | 179 | | | | 192 | | | | 218 | | | | 210 | | | | 221 | | |
| EMEA | | | 87 | | | | 46 | | | | 76 | | | | 77 | | | | 70 | | |
| METLIFE HOLDINGS (1) | | | 208 | | | | 156 | | | | 159 | | | | 153 | | | | 182 | | |
| CORPORATE & OTHER (1) | | | (262) | | | | (232) | | | | (241) | | | | (220) | | | | (249) | | |
| Adjusted earnings available to common shareholders on a constant currency basis | | | $ | 1,463 | | | | $ | 1,344 | | | | $ | 1,318 | | | | $ | 1,614 | | | | $ | 1,375 | | |
| Adjusted earnings available to common shareholders | | | $ | 1,488 | | | | $ | 1,361 | | | | $ | 1,334 | | | | $ | 1,628 | | | | $ | 1,375 | | |
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| (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 are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 15 for operating joint ventures. | |
| (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. | |
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| 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. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our 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 AOCI other than FCTA | (xii) | return on equity |
| (xiii) | adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA) | (xiii) | return on equity |
| (xiv) | investment portfolio gains (losses) | (xiv) | net investment gains (losses) |
| (xv) | derivative gains (losses) | (xv) | net derivative gains (losses) |
| (xvi) | adjusted capitalization of DAC | (xvi) | capitalization of DAC |
| (xvii) | total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA | (xvii) | total MetLife, Inc.’s stockholders’ equity |
| (xviii) | total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA) | (xviii) | total MetLife, Inc.’s stockholders’ equity |
| (xix) | book value per common share, excluding AOCI other than FCTA | (xix) | book value per common share |
| (xx) | adjusted other expenses | (xx) | other expenses |
| (xxi) | adjusted other expenses, net of adjusted capitalization of DAC | (xxi) | other expenses, net of capitalization of DAC |
| (xxii) | adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses | (xxii) | other expenses, net of capitalization of DAC |
| (xxiii) | adjusted expense ratio | (xxiii) | expense ratio |
| (xxiv) | adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT | (xxiv) | expense ratio |
| (xxv) | direct expenses | (xxv) | other expenses |
| (xxvi) | direct expenses, excluding total notable items related to direct expenses | (xxvi) | other expenses |
| (xxvii) | direct expense ratio | (xxvii) | expense ratio |
| (xxviii) | direct expense ratio, excluding total notable items related to direct expenses and PRT | (xxviii) | expense ratio |
| (xxix) | future policy benefits at original discount rate | (xxix) | future policy benefits at balance sheet discount rate |
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| 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 the MetLife Investor Relations webpage (https://investor.metlife.com).
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| APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED) |
| Our 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. |
| These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.
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 revenues and adjusted expenses |
| These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments. |
| |
| Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings: |
| • | Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments"). |
| • | Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance. |
| • | Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. |
| • | Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total 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 to the line items indicated in calculating adjusted earnings: |
| • | Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs"). |
| • | Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives. |
| • | Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements. |
| • | Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. |
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| 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). |
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| Return on equity and related measures |
| • | Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax. |
| • | Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, and total notable items, net of income tax. |
| • | 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 common stockholders’ equity. |
| • | Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA. |
| • | Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA). |
| | The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. |
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| Expense ratio, direct expense ratio, adjusted expense ratio and related measures |
| • | Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. |
| • | Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. |
| • | Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. |
| • | Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. |
| • | Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. |
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| 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, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to reinsurance arrangements with third-party reinsurers, 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. |
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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.
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| Other items |
| The following additional information is relevant to an understanding of our performance results: |
| • | Statistical sales information for Latin America, Asia 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. |
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| APPENDIX
METLIFE
ACRONYMS |
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| AOCI | Accumulated other comprehensive income (loss) |
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| DAC | Deferred policy acquisition costs |
| DPL | Deferred profit liabilities |
| EMEA | Europe, the Middle East and Africa |
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| FCTA | Foreign currency translation adjustments |
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| GA | General account |
| GA AUM | General account assets under management |
| GAAP | Accounting principles generally accepted in the United States of America |
| GICs | Guaranteed interest contracts |
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| NAIC | National Association of Insurance Commissioners |
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| NRSRO | Nationally Recognized Statistical Rating Organization |
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| PRT | Pension risk transfers |
| QFS | Quarterly financial supplement |
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| RIS | Retirement and Income Solutions |
| VOBA | Value of business acquired |
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Assets Under Management September 30, 2024 Investors turn to MetLife Investment Management for our client-centric approach and deep, long-established expertise in Fixed Income, Private Capital and Real Estate. We aim to deliver strong, risk-adjusted returns by building sustainable, tailored portfolio solutions. Our hallmark is approachable expertise – a commitment to being accountable and collaborative in helping clients realize their objectives. Total Assets Under Management1 By Asset Type $609.3 Billion Mortgage Loans $109.3 Public Corporates $103.6 Structured Products $70.2 Private Corporates $59.7 U.S. Government and Agency $54.3 Foreign Government $38.9 Private Infrastructure $37.8 Cash and Short-Term Investments $28.4 Real Estate Equity $24.2 Common and Preferred Equity $20.0 Alternatives $17.3 Emerging Market Debt $14.1 Municipals $12.6 Private Structured Credit $7.0 Bank Loans $5.9 High Yield $4.7 Middle Market Private Capital $1.3 Institutional Client Assets Under Management1 $177.1 Billion Insurance/Financial $82.2 Sub-Advisory $39.2 Corporate $26.7 Public $13.6 Commingled Fund2 $12.8 Other3 $2.6 1 As of September 30, 2024. At estimated fair value. Dollars in billions. Cash and Short-Term Investments includes cash equivalents. See Explanatory Note. 2 Includes limited partnerships, collective trusts, mutual funds registered under the Investment Company Act and other vehicles offered or available to qualifying investors, including third parties and affiliates. 3 Includes non-profit clients, Taft-Hartley pension fund clients and asset manager clients. 455 Mandates Representative Capabilities Private Capital Corporate Private Credit Infrastructure Debt Private Structured Credit Middle Market Private Capital Residential Whole Loans Private Equity Fixed Income Bank Loans Core Core Plus Corporate Emerging Market Debt High Yield Liability Driven Investing (LDI) Strategies Multi-Sector Short Duration Stable Value Real Estate Commercial Mortgage Loans Real Estate Equity Index Strategies Insurance Advisory 42% 19% 17% 11% 6% 5% Mandates Profile Institutional Client AUM investments.metlife.com Exhibit 99.3
Explanatory Note The following information is relevant to an understanding of our assets under management ("AUM") managed by MetLife Investment Management, LLC and certain of its affiliates ("MIM"). MIM is MetLife, Inc.'s institutional investment management business. Our definitions may differ from those used by other companies. Total Assets Under Management (“Total AUM”) is comprised of GA AUM plus Institutional Client AUM (each, as defined below). General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account ("GA") investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to reinsurance arrangements with third-party reinsurers, 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 GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily net commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as net commercial mortgage loans. Institutional Client AUM is comprised of SA AUM plus Reinsurance AUM plus TP AUM (each, as defined below). MIM manages Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement (“Mandates”). Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios of MetLife insurance companies, which are managed by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value. Reinsurance AUM is comprised of GA investments subject to reinsurance arrangements with third-party reinsurers, which are managed by MIM and are generally included in MetLife, Inc.'s consolidated financial statements at estimated fair value. Third-Party AUM (“TP AUM”) is comprised of non-proprietary assets managed by MIM on behalf of unaffiliated/third-party clients, which are stated at estimated fair value. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements. Additional information about MetLife’s general account investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended September 30, 2024, which may be accessed through MetLife’s Investor Relations web page at https://investor.metlife.com. Neither MetLife, Inc.’s quarterly financial materials, nor any other information from the MetLife website, is a part of or incorporated by reference into this Total AUM Fact Sheet. Cautionary Statement on Forward-Looking Statements The forward-looking statements in this fact sheet, using words such as "aim," are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements. L1024044218[exp1025][All States] One MetLife Way | Whippany, New Jersey 07981 © 2023 METLIFE, INC.
3Q24 Supplemental Slides1 John McCallion Chief Financial Officer and Head of MetLife Investment Management Exhibit 99.4 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.
2 Table of contents Topic Page No. Net income (loss) to adjusted earnings 3 Annual actuarial assumption review & other insurance adjustments 4 Adjusted earnings, ex. total notable items, by segment 5 Variable investment income (VII) 6 Investments 8 Direct expense ratio 9 Value of new business 10 Cash & capital 11 Appendix 12
3 Net income (loss) to adjusted earnings 3Q24 (post-tax) $ in millions $ per share1 Net Income (Loss) $1,275 $1.81 Less: Net Investment Gains (Losses) (61) (0.09) Net Derivative Gains (Losses)2 605 0.86 Market Risk Benefit Remeasurement Gains (Losses)2 (424) (0.60) Actuarial Assumption Review and Other Insurance Adjustments2 (6) (0.01) Investment Hedge Adjustments (102) (0.14) Other (112) (0.16) Adjusted Earnings $1,375 $1.95 Less Notable Items: Actuarial Assumption Review and Other Insurance Adjustments 16 0.02 Adjusted Earnings ex. Total Notable Items $1,359 $1.93 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. 2 The Actuarial Assumption Review and Other Insurance Adjustments line item reflecting $6 million of after-tax losses includes $5 million of after-tax market risk benefit remeasurement losses and $1 million of after-tax net derivative losses. These amounts are therefore not included in the Net Derivative Gains (Losses) or Market Risk Benefit Remeasurement Gains (Losses) line items.
4 • Group Benefits: – Liability refinement related to an annuity payout feature on a small subset of Group Life portfolio – No ongoing impact • RIS: Favorable impacts from higher mortality in recent years • Asia: – Unfavorable changes to lapse assumptions in Japan – Lower expected fund returns for variable life products in Korea – Positive impact from improved morbidity in Japan and Korea 3Q24 annual actuarial assumption review and other insurance adjustments 1 Retirement and Income Solutions. 2 The per share data for each item is calculated on a standalone basis and may not sum to the total. HighlightsImpact
5 ($ in millions - except per share data) 3Q24 3Q23 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $431 $483 (11%) Underwriting Margins RIS 368 409 (10%) Volume Growth; Underwriting Margins Investment Margins Asia 347 369 (6%) (5%) Underwriting Margins Investment Margins Latin America 217 199 9% 21% Equity Markets; Volume Growth EMEA 75 70 7% 9% Volume Growth MetLife Holdings 170 206 (17%) Foregone earnings2 Corporate & Other (249) (262) Expenses Investment Margins; Taxes Adjusted Earnings ex. Total Notable Items $1,359 $1,474 (8%) (6%) Adjusted EPS ex. Total Notable Items $1.93 $1.95 (1%) 1% Adjusted earnings, ex. total notable items, by segment 1 To be discussed on MetLife, Inc.'s third quarter 2024 earnings conference call and audio webcast. 2 As a result of reinsurance transaction with Global Atlantic Financial Group being effective in November 2023.
6 $179 $63 $260 $298 $162 3Q23 4Q23 1Q24 2Q24 3Q24 3Q24 VII decline due to lower private equity returns; real estate returns improve1 ($ in millions - pre-tax) Private Equity Other 1 Quarterly target VII range of $375 million, based on full year 2024 guidance range of ~ $1.5 billion. $0
7 ($ in millions - post-tax1) 3Q23 4Q23 1Q24 2Q24 3Q24 Group Benefits $1 $1 $4 $3 $2 RIS 35 23 73 64 50 Asia 37 10 56 99 44 Latin America 5 4 1 2 8 EMEA — — — — — MetLife Holdings 35 23 55 46 29 Corporate & Other 28 (11) 16 21 (5) Total Variable Investment Income $141 $50 $205 $235 $128 1 Assumes a 21% U.S. statutory tax rate. VII by segment
8 FY21 FY22 FY23 3Q23 3Q24 Net investment income: Higher asset growth offset by lower income from interest rate caps ($ in billions) Recurring income VII Net Investment Income1 $16.7 $5.7 Roll Off vs. Reinvestment $15.6 $1.5 New Money Yield Roll Off Yield 10-Year Treasury Yield 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1% 2% 3% 4% 5% 6% 7% 6.00% 5.78% 3.78% 1 As reported, on an adjusted basis. 2 Each item is calculated on a standalone basis and may not sum to the total. $21.3 $18.2 $5.1 $19.3 $0.4 $19.7 $4.9 $0.2 $5.0 $5.1 $0.2 2
9 12.2% 11.9% 11.9% 11.7% FY23 1Q24 2Q24 3Q24 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.3% Annual Target 3Q24 direct expense ratio1 of 11.7%, below 12.3% annual target
10 1 Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales. Value of new business1 $3.8 $3.2 $2.8 $3.7 $3.6 $1.8 $1.9 $1.9 $2.3 $2.6 Capital Deployed Value of New Business 2019 2020 2021 2022 2023 ($ in billions) Internal Rate of Return Payback Period 15% 7 Years 17% 6 Years 17% 6 Years 17% 6 Years 19% 5 Years
11 Holding Company Cash1 $4.9 $5.2 $5.2 $4.4 $4.5 3Q23 4Q23 1Q24 2Q24 3Q24 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. $3.0B to $4.0B Cash Buffer Capital ($ in billions) • Share repurchases of ~$0.8 billion in 3Q24 – ~$130 million shares repurchased in October 2024 • Expected total U.S. Statutory Adjusted Capital2 of $17.6 billion at 9/30/24, down 2% from 6/30/24 • Expected Japan Solvency Margin ratio of ~745% at 9/30/24
Appendix
13 • Concentrated in high quality assets and in larger primary markets • 68% average Loan-to-Value (LTV) Ratio and 2.2x average Debt Service Coverage Ratio (DSCR) – 77% of CML portfolio with LTVs less than or equal to 80% – 95% of CML portfolio with DSCRs greater than or equal to 1x – 79% average office LTV ratio and 2.1x average DSCR 1At September 30, 2024. All references to commercial mortgage loans in this earnings presentation are to net commercial mortgage loans, consisting of commercial mortgage loans, excluding commercial mortgage loans originated for third parties and related allowance for credit loss. LTV and DSCR Matrix $50.5 Billion DSCR LTV >1.2x 1.0-1.2x <1.0x Total <65% 46.2% 2.3% 2.0% 50.5% 65-75% 17.9% 1.3% 0.3% 19.5% 76-80% 6.8% 0.3% —% 7.1% >80% 15.8% 4.0% 3.1% 22.9% Total 86.7% 7.9% 5.4% 100.0% High quality commercial loans (CML) portfolio1
14 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms, are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements.
15 Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) net income (loss) per share; (ii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (iii) adjusted earnings; and (iii) adjusted earnings available to common shareholders; and (iv) adjusted earnings per share. (iv) adjusted earnings available to common shareholders per diluted common share. In this presentation, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: Non-GAAP financial measures: Comparable GAAP financial measures: (i) adjusted premiums, fees and other revenues; (i) premiums, fees and other revenues; (ii) adjusted premiums, fees and other revenues, excluding PRT; (ii) premiums, fees and other revenues; (iii) adjusted capitalization of deferred policy acquisition costs (DAC); (iii) capitalization of DAC; (iv) adjusted earnings available to common shareholders; (iv) net income (loss) available to MetLife, Inc.’s common shareholders; (v) adjusted earnings available to common shareholders, excluding total notable items; (v) net income (loss) available to MetLife, Inc.’s common shareholders; (vi) adjusted earnings available to common shareholders per diluted common share; (vi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (vii) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share; (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (viii) adjusted other expenses; (viii) other expenses; (ix) adjusted other expenses, net of adjusted capitalization of DAC; (ix) other expenses, net of capitalization of DAC; (x) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; (x) other expenses, net of capitalization of DAC; (xi) adjusted expense ratio; (xi) expense ratio; (xii) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; (xii) expense ratio; (xiii) direct expenses; (xiii) other expenses; (xiv) direct expenses, excluding total notable items related to direct expenses; (xiv) other expenses; (xv) direct expense ratio; (xv) expense ratio; (xvi) direct expense ratio, excluding total notable items related to direct expenses and PRT; and (xvi) expense ratio; and (xvii) free cash flows of all holding companies. (xvii) MeLife, Inc. (parent company) net cash provided by (used in) operating activities.
16 MetLife’s definitions of non-GAAP and other financial measures discussed in this presentation 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. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results. 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 revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP. Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments. Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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 presentation and in this period’s earnings news release, which is available at www.metlife.com.
17 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings: • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments"). • Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance. • Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation- indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. • Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total 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 to the line items indicated in calculating adjusted earnings: • Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs"). • Other revenues include fee revenue on synthetic guaranteed interest contracts ("GICs") accounted for as freestanding derivatives. • Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements. • Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders. 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).
18 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Return on equity and related measures • Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, net of income tax. • Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, and total notable items, net of income tax. • 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 common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA. • Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA). The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Expense ratio, direct expense ratio, adjusted expense ratio and related measures • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. General Account (GA) assets under management (GA AUM) GA AUM is used by MetLife to describe assets in its GA investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities fair value option securities, mortgage loans originated for third parties, assets subject to reinsurance arrangements with third-party reinsurers, 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 GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily net commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as net commercial mortgage loans. Asia GA AUM 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, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to reinsurance arrangements with third-party reinsurers, 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.
19 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Statistical sales information: • Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. • Retirement and Income Solutions: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the contract value for new UK longevity reinsurance contracts, and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance. • Latin America, Asia 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. The following additional information is relevant to an understanding of MetLife’s performance results and outlook: • Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual 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. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. • Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block. • We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.
20 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 3Q24 3Q23 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 1,275 $ 1.81 $ 422 $ 0.56 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) (0.11) (927) (1.23) Less: Net derivative gains (losses) 767 1.09 (1,202) (1.59) Less: Market risk benefit remeasurement gains (losses) (531) (0.75) 796 1.05 Less: Other adjustments to net income (loss) (65) (0.09) (156) (0.20) Less: Provision for income tax (expense) benefit (195) (0.28) 429 0.57 Add: Net income (loss) attributable to noncontrolling interests (1) — 6 0.01 Adjusted earnings available to common shareholders 1,375 1.95 1,488 1.97 Less: Total notable items 16 0.02 14 0.02 Adjusted earnings available to common shareholders, excluding total notable items $ 1,359 $ 1.93 $ 1,474 $ 1.95 Adjusted earnings available to common shareholders on a constant currency basis $ 1,375 $ 1.95 $ 1,463 $ 1.94 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 1,359 $ 1.93 $ 1,449 $ 1.92 constant currency basis Weighted average common shares outstanding - diluted 703.7 755.5 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is 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.
21 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 3Q24 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 373 $ 472 $ 306 $ 221 $ 70 $ 182 $ (249) Less: Total notable items (58) 104 (41) 4 (5) 12 — Adjusted earnings available to common shareholders, excluding total notable items $ 431 $ 368 $ 347 $ 217 $ 75 $ 170 $ (249) Adjusted earnings available to common shareholders, on a constant currency basis $ 306 $ 221 $ 70 Adjusted earnings available to common shareholders, excluding total notable items on a constant currency basis $ 347 $ 217 $ 75 3Q23 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 510 $ 470 $ 275 $ 199 $ 88 $ 208 $ (262) Less: Total notable items 27 61 (94) — 18 2 — Adjusted earnings available to common shareholders, excluding total notable items $ 483 $ 409 $ 369 $ 199 $ 70 $ 206 $ (262) Adjusted earnings available to common shareholders, on a constant currency basis $ 271 $ 179 $ 87 Adjusted earnings available to common shareholders, excluding total notable items on a constant currency basis $ 365 $ 179 $ 69 1Results on a constant currency basis are not included as constant currency impact is not significant.
22 Reconciliation of Net Investment Income to Adjusted Net Investment Income FY21 FY22 FY23 3Q23 3Q24 (In millions) Net investment income $ 21,395 $ 15,916 $ 19,908 $ 4,825 $ 5,227 Less: Adjustments to net investment income Investment hedge adjustments (895) (976) (1,012) (232) (129) Unit-linked contract income 952 (1,298) 1,183 4 147 Other adjustments (9) (10) (12) (3) 66 Divested businesses 67 11 — — — Adjusted net investment income $ 21,280 $ 18,189 $ 19,749 $ 5,056 $ 5,143
23 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY23 1Q24 2Q24 3Q24 (In millions) Premiums, fees and other revenues $ 51,961 $ 11,975 $ 13,547 $ 12,523 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting 29 39 35 50 Other adjustments (34) (12) (11) (14) Divested businesses — — — 16 Adjusted premiums, fees and other revenues $ 51,966 $ 11,948 $ 13,523 $ 12,471
24 Expense Detail and Ratios FY23 1Q24 2Q24 3Q24 (In millions, except ratio data) Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (2,917) $ (740) $ (683) $ (691) Less: Divested businesses — — — — Adjusted capitalization of DAC $ (2,917) $ (740) $ (683) $ (691) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 12,656 $ 3,191 $ 3,113 $ 3,188 Less Adjustments to other expenses: Other adjustments 55 7 5 12 Divested businesses 38 4 4 17 Adjusted other expenses $ 12,563 $ 3,180 $ 3,104 $ 3,159 Other Detail and Ratios Other expenses, net of capitalization of DAC $ 9,739 $ 2,451 $ 2,430 $ 2,497 Premiums, fees and other revenues $ 51,961 $ 11,975 $ 13,547 $ 12,523 Expense ratio 18.7 % 20.5 % 17.9 % 19.9 % Direct expenses $ 5,808 $ 1,426 $ 1,397 $ 1,392 Less: Total notable items related to direct expenses 96 — — — Direct expenses, excluding total notable items related to direct expenses $ 5,712 $ 1,426 $ 1,397 $ 1,392 Adjusted other expenses $ 12,563 $ 3,180 $ 3,104 $ 3,159 Adjusted capitalization of DAC (2,917) (740) (683) (691) Adjusted other expenses, net of adjusted capitalization of DAC $ 9,646 $ 2,440 $ 2,421 $ 2,468 Less: Total notable items related to adjusted other expenses 96 — — — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 9,550 $ 2,440 $ 2,421 $ 2,468 Adjusted premiums, fees and other revenues $ 51,966 $ 11,948 $ 13,523 $ 12,471 Less: PRT 5,324 (25) 1,752 529 Adjusted premiums, fees and other revenues, excluding PRT $ 46,642 $ 11,973 $ 11,771 $ 11,942 Direct expense ratio 11.2 % 11.9 % 10.3 % 11.2 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 12.2 % 11.9 % 11.9 % 11.7 % Adjusted expense ratio 18.6 % 20.4 % 17.9 % 19.8 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 20.5 % 20.4 % 20.6 % 20.7 %
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Oct. 30, 2024 |
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METLIFE, INC.
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