Financial Analysis

3. Acquisition Acquisition of PineBridge Investments On December 30, 2025, the Company completed the acquisition of PineBridge Investments (PineBridge), a global asset manager. The acquisition of PineBridge further enhances the existing scale of the Companys institutional asset management business, MIM. The preliminary purchase consideration paid in cash at closing was $885 million, comprised of purchase consideration of $800 million plus $85 million for the excess of cash and investments acquired over liabilities assumed. The preliminary purchase consideration is subject to change from any post-closing adjustments to the estimated amounts utilized at closing for cash and investments acquired, working capital, transaction expenses, liabilities assumed, net deferred tax liability and final acquisition date estimated fair value of consolidated VIEs, which will be determined after closing. The purchase consideration and the purchase price allocation, described below, are preliminary and are subject to adjustment during the measurement period, which is up to one year from the acquisition date. The PineBridge acquisition was accounted for as a business combination using the acquisition method of accounting. Accordingly, the purchase price consideration was allocated to the assets acquired, including separately identified intangible assets, tangible assets and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the estimated fair value …

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16. Long-term and Short-term Debt

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Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows: Years Ended December 31, 2025 2024 2023 (In millions) Vision fee for service arrangements $ 561 $ 536 $ 598 Prepaid legal plans 637 572 516 Institutional Client asset management fees (1) 369 301 316 ASO contracts 295 273 259 Recordkeeping and administrative services (2) 142 151 150 Other revenue related to service contracts from customers (1) (3) 432 412 390 Total revenues related to service contracts from customers 2,436 2,245 2,229 Other 391 356 297 Total other revenues $ 2,827 $ 2,601 $ 2,526 __________________ (1) As a result of the Strategic Reorganization, the presentation of the components of other revenues was revised to report MIM segment Institutional Client asset management fees herein and, as a result, $93 million and $92 million of revenue for the years ended December 31, 2024 and 2023, respectively, were reclassified to other revenue related to service contracts from customers. (2) Related to products and businesses no longer actively marketed by the Company. (3) Includes $48 million, $48 million and $50 million for the years ended December 31, 2025, 2024 and 2023, respectively, for asset management fees from management of general account equity method investments. See Note 25 for additional related party transactions.

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13. Fair Value When developing estimated fair values, the Company considers three broad valuation approaches: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation approach to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities AFS. Level 2 Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabil …

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22. Income Tax The Companys provision for income tax was as follows: Years Ended December 31, 2025 2024 2023 (In millions) Current: U.S. federal $ 179 $ 707 $ 381 U.S. state and local 80 90 46 Non-U.S. 992 1,147 1,240 Subtotal 1,251 1,944 1,667 Deferred: U.S. federal (89) (56) (591) U.S. state and local (3) (4) Non-U.S. 99 (710) (512) Subtotal 7 (766) (1,107) Provision for income tax expense (benefit) $ 1,258 $ 1,178 $ 560 The Companys income (loss) before income tax expense (benefit) was as follows: Years Ended December 31, 2025 2024 2023 (In millions) Income (loss): U.S. $ 599 $ 3,955 $ (95) Non-U.S. 4,062 1,667 2,257 Total $ 4,661 $ 5,622 $ 2,162 The table below presents the reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported. See Note 1 for further information on the ASU recently adopted on a prospective basis by the Company. Year Ended December 31, 2025 Amount % Income (Loss) (Dollars in millions) Income (loss) before provision for income tax $ 4,661 Tax provision at U.S. statutory rate 979 21.0 % U.S. state and local, net of U.S. federal (1) 55 1.2 % Foreign tax effects: Japan Statutory tax rate difference between Japan & U.S. 126 2.7 % Other 43 0.9 % Mexico Statutory tax rate difference between Mexico & U.S. 67 1.4 % Other (9) (0.2) % Other foreign jurisdictions 19 0.4 % Effects of cross border tax laws 66 1.4 % Tax credits (53) (1.1) % Nontaxable or nondeductible items Tax-exempt income (79) (1.7) % …

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14. Leases The Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases with remaining lease terms of less than one year to 12 years. The remaining lease terms for the subleases are less than one year to nine years. ROU Assets and Lease Liabilities ROU assets and lease liabilities for operating leases were: December 31, 2025 December 31, 2024 (In millions) ROU assets $ 984 $ 928 Lease liabilities $ 1,138 $ 1,079 Lease Costs The components of operating lease costs were as follows: Years Ended December 31, 2025 2024 2023 (In millions) Operating lease cost $ 234 $ 226 $ 244 Variable lease cost 52 52 52 Sublease income (87) (87) (95) Net lease cost $ 199 $ 191 $ 201 Other Information Supplemental other information related to operating leases was as follows: December 31, 2025 December 31, 2024 (Dollars in millions) Cash paid for amounts included in the measurement of lease liability - operating cash flows $ 234 $ 244 ROU assets obtained in exchange for new lease liabilities (1) $ 120 $ 52 Weighted-average remaining lease term 8 years 8 years Weighted-average discount rate 4.7 % 4.4 % __________________ (1) See Note 3 for additional ROU assets and lease liabilities recorded as part of the acquisition of PineBridge. Maturities of Lease Liabilities Maturities of operating lease liabilities were as follows: December 31, 2025 (In millions) 2026 $ 218 2027 215 2028 183 2029 131 2030 100 Thereafter 429 Total u …

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Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Companys consolidated financial statements. Adopted Accounting Pronouncements The table below describes the impacts of the ASUs recently adopted by the Company. Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Among other things, the amendments require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received). Effectiv …

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21. Employee Benefit Plans Pension and Other Postretirement Benefit Plans Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees who meet specified eligibility requirements. U.S. pension benefits are provided utilizing either a traditional formula or cash balance formula. The traditional formula provides benefits that are primarily based upon years of credited service and final average earnings. The cash balance formula utilizes hypothetical or notional accounts which credit participants with benefits equal to a percentage of eligible pay, as well as interest credits, determined annually based upon the annual rate of interest on 30-year U.S. Treasury securities, for each account balance. Effective January 1, 2023, U.S. qualified and nonqualified defined benefit pension plans were amended to provide benefits accruals for all active participants under the cash balance formula and to cease future accruals under the traditional formula. The U.S. nonqualified pension plans provide supplemental benefits in excess of limits applicable to a qualified plan. The non-U.S. pension plans generally provide benefits based upon either years of credited service and earnings preceding retirement or points earned on job grades and other factors in years of service. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U. …

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25. Related Party Transactions In the third quarter of 2025, the Company invested $216 million in Chariot Holding Company, LP (Chariot), a Bermuda registered exempted limited partnership. The Company invested an additional $20 million into Chariot in the fourth quarter of 2025. Additionally, the Company has unfunded contingent capital commitments to Chariot of $94 million. The Company accounts for its investment in Chariot under the equity method of accounting. In 2025, a subsidiary of the Company entered into reinsurance agreements with Chariot Re, a subsidiary of Chariot. See Notes 9 and 12 for further information regarding the Companys reinsurance transactions with Chariot Re. In addition, MetLife Investment Management, LLC entered into investment management and advisory agreements with Chariot Re to manage a portion of Chariot Res assets. The Company recognized asset management fees from Chariot Re of $13 million for the year ended December 31, 2025. …

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2. Segment Information In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. See Note 1. Also, in conjunction with the Strategic Reorganization, effective January 1, 2025, the Company amended agreements between MIM and other MetLife entities to manage general account investments at current market rate fees, a change from 2024 and 2023. Group Benefits The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, accident & health insurance and vision. RIS The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions, funded reinsurance solutions and capital markets investment products. Asia The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and …

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19. Equity Preferred Stock Preferred stock authorized, issued and outstanding was as follows: December 31, 2025 December 31, 2024 Series Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Series A preferred stock 27,600,000 24,000,000 27,600,000 24,000,000 Series D preferred stock 500,000 500,000 500,000 500,000 Series E preferred stock 32,200 32,200 32,200 32,200 Series F preferred stock 40,000 40,000 40,000 40,000 Series G preferred stock 1,000,000 1,000,000 Series A Junior Participating Preferred Stock 10,000,000 10,000,000 Not designated 161,827,800 160,827,800 Total 200,000,000 24,572,200 200,000,000 25,572,200 In September 2025, MetLife, Inc. delivered a notice of redemption to the holders of its 3.850% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, liquidation preference of $1,000 per share (Series G preferred stock), pursuant to which it would redeem 1,000,000 shares of Series G preferred stock at a redemption price of $1,000 per share. All outstanding shares of Series G preferred stock were redeemed on the dividend payment date of September 15, 2025 for an aggregate redemption price of $1.0 billion in cash. In connection with the redemption, MetLife, Inc. recognized a preferred stock redemption premium of $12 million (calculated as the difference between the carrying value of the Series G preferred stock and the total amount paid by MetLife, Inc. to the holders of the Series G preferred stock in connection with …

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