AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 31/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Leadership and brand claims identify possible intangible strengths, but the catalog does not establish a relative cost advantage, protected distribution, network effect or switching barrier. Profitable Group Benefits results demonstrate an operating franchise, without identifying a structural source of competitive protection.
durability · — · The passages do not connect brand or market position to persistent customer capture or superior competitive economics over a defined horizon. Renewable contracts establish opportunities to adjust terms, but neither contract renewability nor current profitability establishes the durability of a relative advantage.
customer dependency · — · MIM retains a substantial institutional asset base and receives additions, but withdrawals and market movements do not reveal customers' dependency or switching costs. No insurance renewal cohort, integration burden, exclusive relationship or other demonstrated obstacle to substitution is supplied.
erosion resilience · 2/4 · Group Benefits earnings growth and continued consolidated profitability support mixed observed resilience. Higher expense ratios and MIM withdrawals exceeding additions in both first-half 2026 quarters temper that record. This uses indirect operating evidence and does not establish resilience against a measured competitive attack.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · Premiums, fees and other revenues increased, while Group Benefits results attribute earnings growth to underwriting and volume. The catalog does not isolate rate changes from volume, mix or investment effects. Contractual repricing flexibility establishes authority, but does not establish an observed pricing outcome.
retention · 2/4 · MIM's continuing institutional asset base and additions support repeat demand indirectly. Withdrawals exceeded additions in both first-half 2026 quarters, tempering the evidence. Acquisitions, market changes and reclassification affect AUM; no company-wide insurance retention rate or switching friction is inferred.
margin resilience · 2/4 · Group Benefits adjusted earnings increased 25%, reflecting favorable underwriting and volume growth. Higher consolidated expense ratios and disclosed guarantee-related compression temper those results. This supports mixed operating resilience; the passages do not isolate pricing power from claims experience, investment effects or business mix.
contractual freedom · 2/4 · Renewable group life policies provide repricing flexibility, and group disability policies generally permit crediting-rate adjustments at renewal. Retained asset account minimum guarantees and disability claim-reserve crediting rates constrain that freedom. The assessment is mixed and limited to these specifically disclosed products.
Predictability87
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 5.31
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 2.38
- observedAnnualPeriods
- 5.00
Financial strength56
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · At December 31, 2025, Statement-Based Combined RBC exceeded 350%: summed total adjusted capital divided by summed company action level RBC, including annual SCLs, for principal U.S. insurance subsidiaries excluding American Life. This demonstrates strong capital against the defined benchmark, without establishing worldwide consolidated solvency.
liquidity funding · 2/4 · Holding-company liquid assets totaled $3.4 billion at June 30, 2026, versus $3.6 billion at December 31, 2025. This demonstrates available liquidity, while subsidiary dividends face local regulatory restrictions. Stress outflows, available facilities and comprehensive funding coverage are insufficiently disclosed for a stronger assessment.
asset liability risk · 2/4 · First-half results show investment and derivative losses alongside positive earnings, while guaranteed crediting obligations create disclosed compression. Reinsurance leaves MetLife liable if counterparties fail, a risk rather than an observed failure. These support a mixed assessment; comprehensive matching, reserve adequacy and recoverability remain unquantified.
earnings resilience · 2/4 · First-half 2026 common earnings increased to $1.845 billion from $1.577 billion despite investment and derivative losses. All five displayed quarters were profitable, with substantial quarterly variation. This supports mixed demonstrated resilience over the disclosed period, without establishing performance through a full insurance cycle.
Capital allocation—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital efficiency · 2/4 · GAAP return on common stockholders' equity was 11.5% in second-quarter 2026 versus 11.7% a year earlier, with variation across intervening quarters. These quarterly returns are annualized using quarter-to-date results. Positive accounting returns support a mixed assessment without establishing a durable economic return premium.
distributions and buffers · 2/4 · Approximately $700 million of repurchases and $400 million of common dividends exceeded $705 million of second-quarter common earnings. Holding liquidity remained $3.4 billion, with strong defined year-end U.S. RBC. Evidence is mixed because contemporaneous worldwide solvency and complete distribution coverage are unavailable.
dilution and cost · 2/4 · Common shares outstanding fell from 666.8 million in June 2025 to 637.8 million in June 2026, demonstrating net share reduction. First-half debt interest expense increased from $527 million to $557 million. These outcomes support a mixed assessment; aggregate compensation cost and financing effects are not fully isolated.
investment discipline · — · MIM's AUM rollforward identifies a substantial acquisition-related addition, but does not supply acquisition consideration, integration costs or attributable returns. Subsequent earnings and asset balances do not isolate transaction economics. The supplied passages therefore cannot establish investment discipline against documented spending and outcomes.
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual repurchases and dividends coexist with positive common earnings and a defined year-end U.S. capital buffer. Holding liquidity declined from December to June, and second-quarter distributions exceeded quarterly common earnings. These outcomes support mixed discipline; complete contemporaneous worldwide distribution coverage is unavailable.
incentive alignment · 3/4 · Granted LTI places 70% in Performance Shares using three-year relative TSR and adjusted ROE metrics, alongside three-year vesting. Each NEO met ownership guidelines as of March 13, 2026. These actual disclosures support meaningful alignment, although realized award sensitivity and discretion are incompletely documented.
execution · 2/4 · Group Benefits adjusted earnings growth and increased first-half common earnings support execution through indirect operating evidence. Higher expense ratios and institutional withdrawals exceeding additions temper the record. These results demonstrate mixed recent delivery, without establishing sustained outperformance or attributing every outcome to management decisions.
governance · 2/4 · Completed director elections, auditor ratification and an advisory compensation vote establish functioning shareholder processes. Policyholder Trust provisions direct certain votes according to Board recommendations, limiting the independence of that voting evidence. These disclosures support mixed governance rather than exceptional protection against adverse outcomes.
Evidence
We hold leading market positions in the United States (“U.S.”), Asia, Latin America, Europe and the Middle East.
2025 Form 10-K, Business Overview & Strategy; filed 2026-02-19 · Filed 19/02/2026
We believe that our trusted global brand, diversified and resilient business, and position as a leader in attractive markets are the powers of our business.
2025 Form 10-K, Business Overview & Strategy; filed 2026-02-19 · Filed 19/02/2026
Page 4 of 25
Adjusted Earnings by Segment Summary
Three Months Ended
June 30, 2026
Segment
Change from
prior-year period
(on a reported
basis)
Change from
prior-year period
(on a constant
currency basis)
Group Benefits
25%
Retirement and Income Solutions (RIS)
2%
Asia
21%
25%
Latin America
15%
4%
Europe, the Middle East and Africa (EMEA)
8%
11%
MetLife Investment Management (MIM)
6%
Business Discussions
GROUP BENEFITS
($ in millions)
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
Change
Adjusted earnings
$503
$401
25%
Adjusted PFOs
$6,512
$6,446
1%
Adjusted PFOs, excluding
participating contracts
$5,054
$4,875
4%
•Adjusted earnings were $503 million, up 25 percent, reflecting favorable underwriting and
volume growth.
Second-quarter 2026 earnings release, Group Benefits results; filed 2026-08-05 · Filed 05/08/2026
Page 2 of 25
Second Quarter 2026 Summary
($ in millions, except per share data)
Three Months Ended
June 30,
2026
2025
Change
Premiums, fees and other revenues
$13,652
$12,748
7%
Net investment income
6,702
5,661
18%
Net investment gains (losses)
(428)
(273)
Net derivative gains (losses)
(772)
(796)
Total revenues
$19,154
$17,340
Adjusted premiums, fees and other revenues
$13,524
$12,719
6%
Adjusted premiums, fees and other revenues, excluding pension risk
transfers (PRT)
$13,014
$12,391
5%
Market risk benefit remeasurement gains (losses)
$270
$277
Net income (loss)
$705
$698
1%
Net income (loss) per share
$1.09
$1.03
6%
Adjusted earnings
$1,573
$1,362
15%
Adjusted earnings per share
$2.43
$2.02
20%
Adjusted earnings, excluding total notable items
$1,573
$1,362
15%
Adjusted earnings, excluding total notable items per share
$2.43
$2.02
20%
Book value per share
$38.59
$35.79
8%
Adjusted book value per share
$57.71
$56.23
3%
Expense ratio
21.7%
19.8%
Direct expense ratio, excluding total notable items related to direct
expenses and PRT
12.1%
11.7%
Adjusted expense ratio, excluding total notable items related to
adjusted other expenses and PRT
20.8%
19.8%
ROE
11.5%
11.7%
Adjusted ROE
17.0%
14.6%
Adjusted ROE, excluding total notable items
17.0%
14.6%
Information regarding the non-GAAP and other financial measures included in this news release
Second-quarter 2026 earnings release, company summary including expense ratios and ROE; filed 2026-08-05 · Filed 05/08/2026
21
Table of Contents
MIM
ASSETS UNDER MANAGEMENT
Unaudited (In millions)
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
June 30, 2026
Institutional Client AUM
Beginning Institutional Client AUM
$
185,970
$
200,616
$
212,390
$
319,282
$
313,157
Additions
17,118
19,078
19,806
16,264
17,137
Withdrawals
(9,103)
(9,366)
(14,194)
(18,297)
(18,486)
Change in market value
6,631
2,062
1,770
(4,092)
8,651
Acquisitions, dispositions and other
—
—
99,510
—
—
Ending Institutional Client AUM (1)
$
200,616
$
212,390
$
319,282
$
313,157
$
320,459
MIM GA AUM
$
423,671
$
420,204
$
422,392
$
423,134
$
427,667
Total AUM
$
624,287
$
632,594
$
741,674
$
736,291
$
748,126
OTHER REVENUES BY CLIENT SEGMENT
For the Three Months Ended
Unaudited (In millions)
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
June 30, 2026
Institutional Client
$
95
$
98
$
99
$
172
$
173
General Account
142
140
140
142
144
Other revenues
$
237
$
238
$
239
$
314
$
317
(1)Includes $19.5 billion, $18.8 billion and $282.2 billion of Separate Account AUM, Reinsurance AUM and Third‑Party AUM, respectively, at June 30, 2026; $14.5 billion, $19.6 billion and $279.1 billion, respectively, at March 31, 2026; and $15.8 billion, $20.1 billion and $283.4 billion, respectively, at December 31, 2025.
Second-quarter 2026 financial supplement, MIM institutional AUM rollforward and scope footnote; filed 2026-08-05 · Filed 05/08/2026
Our group life insurance products are primarily renewable term policies.
2025 Form 10-K, Group Benefits declining interest rate scenario; filed 2026-02-19 · Filed 19/02/2026
This provides repricing flexibility to mitigate the negative impact of reinvesting in lower yielding assets.
2025 Form 10-K, Group Benefits repricing flexibility; filed 2026-02-19 · Filed 19/02/2026
Our retained asset accounts experience gross margin compression due to minimum crediting rate guarantees.
2025 Form 10-K, retained asset account guarantees; filed 2026-02-19 · Filed 19/02/2026
Additionally, we experience gross margin compression from our disability policy claim reserves for which crediting rates cannot be reduced.
2025 Form 10-K, disability claim-reserve crediting constraints; filed 2026-02-19 · Filed 19/02/2026
51
Table of Contents
Gross margin compression is limited for our group disability products, which are generally renewable term policies allowing for crediting rate adjustments at renewal based on the retrospective experience rating and the prevailing interest rate assumptions.
2025 Form 10-K, group disability renewal terms; filed 2026-02-19 · Filed 19/02/2026
We calculate our internally defined “Statement-Based Combined RBC Ratio” by dividing the sum of total adjusted capital for MetLife, Inc.’s principal U.S.
2025 Form 10-K, Statement-Based Combined RBC definition, numerator and scope; filed 2026-02-19 · Filed 19/02/2026
insurance subsidiaries, excluding American Life Insurance Company (“American Life”), by the sum of company action level RBC for such subsidiaries, including annual Special Considerations Letters (“SCL"), as discussed below.
2025 Form 10-K, RBC subsidiary exclusion, company action level denominator and SCL inclusion; filed 2026-02-19 · Filed 19/02/2026
Our Statement-Based Combined RBC Ratio was in excess of 350% and in excess of 360% at December 31, 2025 and 2024, respectively.
2025 Form 10-K, actual Statement-Based Combined RBC at December 31, 2025 and 2024; filed 2026-02-19 · Filed 19/02/2026
Future Policy Benefit Liabilities
Committed Facilities
Credit Facility, as well as certain committed facilities
FSA
Financial Services Agency
Company Action Level RBC
Minimum level of TAC before corrective action commences is twice authorized control level RBC
FSB
Financial Stability Board
2025 Form 10-K, glossary definition of Company Action Level RBC; filed 2026-02-19 · Filed 19/02/2026
Liquid Assets
At June 30, 2026 and December 31, 2025, MetLife holding companies had $3.4 billion and $3.6 billion, respectively, in liquid assets.
Second-quarter 2026 Form 10-Q, holding-company liquid assets; filed 2026-08-06 · Filed 06/08/2026
insurance operations. Such dividends are subject to local insurance regulatory requirements, as discussed in “— Liquidity and Capital Sources and Uses — Dividends from Subsidiaries.”
Second-quarter 2026 Form 10-Q, regulatory restrictions on subsidiary dividends; filed 2026-08-06 · Filed 06/08/2026
We remain liable and may incur costs as the direct insurer on all risks we reinsure as a result of a reinsurer’s insolvency, inability or unwillingness to make payments, or inability or unwillingness to maintain collateral, which could have a material adverse impact on our business, results of operations or financial condition.
2025 Form 10-K, continuing direct-insurer liability following reinsurance; filed 2026-02-19 · Filed 19/02/2026
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
For the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
June 30, 2026
June 30, 2025
June 30, 2026
Revenues
Premiums
$
10,810
$
10,555
$
16,691
$
12,120
$
11,435
$
22,533
$
23,555
Universal life and investment-type product policy fees
1,259
1,247
1,268
1,343
1,372
2,488
2,715
Net investment income
5,661
6,089
5,924
5,355
6,702
10,546
12,057
Other revenues
679
724
737
852
845
1,366
1,697
Net investment gains (losses)
(273)
(325)
(160)
(670)
(428)
(660)
(1,098)
Net derivative gains (losses)
(796)
(929)
(646)
74
(772)
(364)
(698)
Total revenues
17,340
17,361
23,814
19,074
19,154
35,909
38,228
Expenses
Policyholder benefits and claims
10,767
10,369
16,776
11,864
11,335
22,573
23,199
Policyholder liability remeasurement (gains) losses
5
(159)
35
(13)
18
(26)
5
Market risk benefit remeasurement (gains) losses
(277)
(263)
(267)
120
(270)
22
(150)
Interest credited to policyholder account balances
2,400
2,561
2,342
1,674
3,067
4,047
4,741
Policyholder dividends
146
134
129
124
125
290
249
Amortization of DAC, VOBA and negative VOBA
528
522
545
568
588
1,047
1,156
Interest expense on debt
269
271
263
265
292
527
557
Other expenses, net of capitalization of DAC
2,522
2,716
2,874
2,965
2,964
5,095
5,929
Total expenses
16,360
16,151
22,697
17,567
18,119
33,575
35,686
Income (loss) before provision for income tax
980
1,210
1,117
1,507
1,035
2,334
2,542
Provision for income tax expense (benefit)
245
308
301
345
256
649
601
Net income (loss)
735
902
816
1,162
779
1,685
1,941
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
6
6
7
(23)
43
11
20
Net income (loss) attributable to MetLife, Inc.
Second-quarter 2026 financial supplement, GAAP consolidated operations, dates and units; filed 2026-08-05 · Filed 05/08/2026
729
896
809
1,185
736
1,674
1,921
Less: Preferred stock dividends
31
66
31
45
31
97
76
Preferred stock redemption premium
—
12
—
—
—
—
—
Net income (loss) available to MetLife, Inc.'s common shareholders
$
698
$
818
$
778
$
1,140
$
705
$
1,577
$
1,845
Premiums, fees and other revenues
$
12,748
$
12,526
$
18,696
$
14,315
$
13,652
$
26,387
$
27,967
2
Table of Contents
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
June 30, 2026
Net income (loss) available to MetLife, Inc.'s common shareholders
$
698
$
818
$
778
$
1,140
$
Second-quarter 2026 financial supplement, continuation to common-shareholder earnings; filed 2026-08-05 · Filed 05/08/2026
Unaudited (In millions, except per share data)
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
June 30, 2026
Book value per common share
$
35.79
$
39.52
$
39.02
$
37.92
$
38.59
Less: Unrealized investment gains (losses), net of related offsets and income tax
(24.72)
(22.20)
(23.83)
(30.00)
(29.28)
Deferred gains (losses) on derivatives, net of income tax
(2.20)
(1.88)
(2.42)
(1.57)
(2.08)
Future policy benefits discount rate remeasurement gains (losses), net of income tax
8.81
9.12
10.49
13.94
14.22
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax
(0.10)
(0.13)
(0.15)
(0.09)
(0.13)
Defined benefit plans adjustment, net of income tax
(2.11)
(2.10)
(2.13)
(2.13)
(2.13)
Embedded derivatives - funds withheld on ceded reinsurance, net of income tax (1)
(0.12)
0.14
(0.01)
0.36
0.28
Adjusted book value per common share
$
56.23
$
56.57
$
57.07
$
57.41
$
57.71
Common shares outstanding, end of period
666.8
660.7
655.3
646.0
637.8
For the Three Months Ended (3)
Unaudited (In millions, except ratios)
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
June 30, 2026
Return on MetLife, Inc.'s:
Common stockholders' equity
11.7
%
13.1
%
12.0
%
18.2
%
11.5
%
Adjusted return on MetLife, Inc.'s:
Second-quarter 2026 financial supplement, shares outstanding and quarterly GAAP common-equity returns; filed 2026-08-05 · Filed 05/08/2026
(3)Annualized using quarter-to-date results.
Second-quarter 2026 financial supplement, ROE annualization footnote; filed 2026-08-05 · Filed 05/08/2026
(3)
There were share repurchases of approximately $700 million for the three months ended June 30, 2026.
Second-quarter 2026 earnings release, actual quarterly repurchases; filed 2026-08-05 · Filed 05/08/2026
Common stock dividends of approximately $400 million
Second-quarter 2026 earnings release, common-dividend amount; filed 2026-08-05 · Filed 05/08/2026
were paid for the three months ended June 30,2026.
Second-quarter 2026 earnings release, common-dividend payment period; filed 2026-08-05 · Filed 05/08/2026
maintaining the portion of new LTI granted in Performance Shares at 70% of the total award value to foster
2026 proxy, portion of new LTI granted in Performance Shares; filed 2026-04-29 · Filed 29/04/2026
executive alignment with shareholders; consistent with prior awards, the performance metrics for Performance Shares are
2026 proxy, continuation describing Performance Share metrics; filed 2026-04-29 · Filed 29/04/2026
three-year TSR performance relative to peers and three-year Adjusted ROE against the Business Plan goal.
2026 proxy, three-year relative TSR and adjusted ROE metrics; filed 2026-04-29 · Filed 29/04/2026
Other NEOs Total Compensation1 Mix for 2025
n
Fixed Salary
n
LTI (vests over three years; realized value may differ)
n
Annual Cash Incentive
n
Variable (performance-based)
1Total Compensation comprises base salary earned in 2025, AVIP awards for 2025 performance, and grant date fair value of LTI granted in February 2026.
2026 proxy, LTI vesting and February 2026 grant-date scope; filed 2026-04-29 · Filed 29/04/2026
Executives are expected to retain all net shares acquired
2026 proxy, executive share-retention expectation; filed 2026-04-29 · Filed 29/04/2026
from compensation awards to achieve and maintain ownership, at or above the guidelines.
2026 proxy, continuation of ownership-guideline requirement; filed 2026-04-29 · Filed 29/04/2026
As of March 13, 2026, each NEO
met or exceeded these guidelines.
2026 proxy, actual NEO ownership-guideline compliance as of March 13, 2026; filed 2026-04-29 · Filed 29/04/2026
At MetLife, Inc.’s (the “Company’s”) annual meeting of common shareholders on June 16, 2026, the shareholders:
Annual-meeting results, June 16, 2026 meeting context; filed 2026-06-22 · Filed 22/06/2026
•elected eleven Directors, each for a term expiring at the Company’s 2027 annual meeting of shareholders;
Annual-meeting results, completed director elections; filed 2026-06-22 · Filed 22/06/2026
•ratified the appointment of Deloitte & Touche LLP as the Company’s independent auditor for 2026; and
Annual-meeting results, auditor ratification; filed 2026-06-22 · Filed 22/06/2026
•approved, on an advisory (non-binding) basis, the compensation paid to the Company’s Named Executive Officers as disclosed in the Company’s 2026 Proxy Statement.
Annual-meeting results, advisory compensation approval; filed 2026-06-22 · Filed 22/06/2026
However, the PH Trust agreement directs the trustee to vote the shares held in the PH Trust on some shareholder matters as recommended or directed by
2026 proxy, Policyholder Trust voting provisions; filed 2026-04-29 · Filed 29/04/2026
MetLife’s Board of Directors and, on that account, the Board, under SEC rules, shares voting power with the PH Trust beneficiaries and the SEC has
2026 proxy, Board recommendations and shared voting power under Trust provisions; filed 2026-04-29 · Filed 29/04/2026
At June 30, 2026, certain balances that were previously included in Third-Party AUM were reclassified to exclude them from Third-Party AUM and include them as Separate Account AUM.
Second-quarter 2026 financial supplement, institutional AUM classification change; filed 2026-08-05 · Filed 05/08/2026
