MetLife, one of the world’s leading financial services companies, reported fourth quarter 2024 premiums, fees and other revenues of USD 14.5 billion, up 6% compared to the fourth quarter of 2023. Adjusted premiums, fees and other revenues were USD 14.4 billion, up 6% on a reported basis and up 7% on a constant currency basis from the prior-year period.

According to the press release, net investment income was USD 5.4 billion, up 1% from the fourth quarter of 2023, primarily due to higher variable investment income from higher private equity returns, asset growth and higher rates, offset by decreases in the estimated fair value of certain securities that do not qualify as separate accounts under GAAP. Adjusted net investment income was USD 5.3 billion, up

5%, primarily due to higher variable investment income and asset growth.

Net investment losses were USD 311 million, or USD 246 million after tax during the quarter, reflecting normal trading activity and a stable credit environment. Net derivative losses amounted to USD 903 million, or USD 713 million after tax during the quarter, driven by an increase in long-term interest rates and the strengthening of the U.S. dollar vs the yen.

Net income was USD 1.2 billion, compared to net income of USD 574 million in the fourth quarter of 2023. The increase was primarily driven by market risk benefit remeasurement gains and the positive impact of higher adjusted earnings. This was partially offset by higher net derivative losses.

MetLife reported adjusted earnings of USD 1.5 billion, up 7% on a reported basis, and up 10% on a constant currency basis, from the fourth quarter of 2023.

Full Year Results include:

• Net income of USD 4.2 billion, compared to net income of USD 1.4 billion for the full year 2023. Net

income of USD 5.94 per share, up 228% from the prior year.

• Adjusted earnings of USD 5.8 billion, compared to adjusted earnings of USD 5.5 billion for the full

year 2023.

• Adjusted earnings, excluding total notable items, of USD 5.8 billion, compared to USD 5.6 billion for

the full year 2023.

• Return on equity (ROE) of 16.9%.

• Adjusted ROE of 15.2%.

• Holding company cash and liquid assets of USD 5.1 billion at December 31, 2024, which is above the target cash buffer of USD 3.0 – USD 4.0 billion.

"MetLife's strength and resilience were evident in 2024 as we delivered solid fourth quarter and full year results", commented MetLife President and Chief Executive Officer Michel Khalaf. "We exceeded our five-year Next Horizon commitments and begin our New Frontier strategy from a position of strength with a greater emphasis on responsible growth", Michel Khalaf added.