MetLife, Inc.

- MetLife Investment Management (MIM) reported institutional client outflows of approximately $2 billion in the quarter, reflecting market volatility and integration of PineBridge. - Outflows stabilized late in Q1 and early April, with a solid pipeline of new opportunities. - The new pipeline is well diversified with some new commitments, opportunities to deploy capital under existing mandates, and late-stage client activity. - Early cross-selling opportunities are emerging, leveraging PineBridge’s international footprint, with about 50% of its AUM outside the U.S. - Despite initial integration challenges causing episodic flow patterns, demand for products remains strong and momentum in generating new net flows continues positively.

- During the quarter, MetLife opportunistically issued $1 billion of subordinated debt to support the balance sheet and provide growth capital. - The subordinated debt offering was oversubscribed more than 5 times and issued at tight relative spreads, indicating strong market confidence. - The company executed these capital actions while funding substantial organic business growth. - No mention of immediate new equity fundraising, but MetLife has $1.1 billion remaining on its existing share repurchase authorization. - The company returned approximately $1.1 billion to shareholders in the quarter through dividends and share repurchases, plus an additional $200 million of share repurchases in April. - Overall, capital actions reflect confidence in near-term earnings and long-term free cash flow durability.

- In Q1 2026, MetLife opportunistically issued $1 billion of subordinated debt to support the balance sheet and provide growth capital. - The debt offering was oversubscribed more than 5 times and issued at tight relative spreads, indicating strong market confidence. - MetLife repurchased approximately $750 million of common shares in Q1 and continued repurchases with around $200 million in April, returning $1.1 billion to shareholders in total during Q1. - The company closed Q1 with $3.9 billion in cash at holding companies, near the top end of their $3 billion to $4 billion liquidity target buffer. - Capital actions were executed while funding substantial organic business growth, reflecting disciplined capital management. - The integration of PineBridge included consolidating investment platforms to drive operating synergies, implying ongoing strategic investment in the asset management platform.

- Group Benefits: Positioned well for growth due to market leadership, scale, and strong customer relationships; sales up 15% in the quarter; employers increasingly value benefits beyond medical coverage in a tight economy. - Retirement & Income Solutions (RIS): Continuing demand driven by demographics in key markets (U.S., U.K., Japan); broad global retirement opportunity set supports product offerings; adjusted earnings up 11%. - Asia: Outstanding quarter with 22% constant currency sales growth; strong momentum in Japan (26% sales increase) and Korea (44% sales increase), driven by product innovation and favorable macro environment. - Latin America: Sales up 20%, adjusted PFOs up 11% on constant currency basis; strong underlying momentum driven by employee benefits, annuity demand, and Accelerator expansion. - EMEA: Adjusted PFOs up 15% constant currency, focusing on capital-light products delivering earnings growth. - MetLife Investment Management: Strong pipeline and forward commitments, especially in private assets; despite modest Q1 third-party outflows, outlook is positive.

- MetLife expects modest improvement in core investment spreads in Q2, with total spreads tracking full-year guidance (Page 9). - Adjusted earnings growth is projected to continue, supported by broad-based revenue growth and disciplined underwriting (Page 4). - The company remains confident in delivering a free cash flow ratio of 65% to 75% throughout the New Frontier strategy timeline (Page 9). - Capital management and profitability are expected to remain strong; Q1 showed adjusted EPS up 23% YoY and adjusted ROE at 17%, top end of the target range (Pages 3 and 2). - MetLife is positioned well for compounded value and attractive risk-adjusted returns over time, reflecting durable earnings power and sustainable growth (Pages 3 and 6). - Variable Investment Income (VII) is anticipated to normalize, with a comfortably managed business model supporting steady earnings progression (Pages 5 and 6).