Michel A. Khalaf

President and CEO at MetLife Inc

Board

Since May 2019

Age

61 years

Education

Holds a B.S. in Engineering and an M.B.A. in Finance from Syracuse University.

Tenure

Joined MET in 2010 as CEO for the Middle East, Africa, and South Asia regions, later serving as President of the EMEA business and transitioning to President and CEO in May 2019.

Also at MetLife Inc

Bill Pappas

EVP, Head of Global Technology and Operations (GTO)

JDM

John D. McCallion

EVP and CFO; Head of MetLife Investment Management (MIM)

Marlene Debel

EVP, Chief Risk Officer; Head of MetLife Insurance Investments

About

Born in 1964, he has built an exemplary career in the global insurance industry while overcoming challenges and leveraging his technical and financial expertise to drive success. His early career was marked by diverse roles in various regions, where he held positions from regional investment manager in Paris to Chief Operating Officer in Italy and General Manager in Egypt, showcasing his talent for managing international business operations.

After beginning his career at Alico, his strategic vision and leadership paved the way to significant roles at MET. He joined the company in 2010 through the acquisition of ALICO and quickly advanced into regional leadership roles, demonstrating strong operational excellence and a deep understanding of international financial markets.

Over the years, his responsibilities expanded as he oversaw key markets across EMEA and the U.S. His proven track record and commitment to innovation culminated in his appointment as President and CEO in May 2019, a role in which he continues to drive profitable growth and operational efficiency while maintaining a focus on people, customers, and communities.

$MET Performance Under Michel A. Khalaf

Past Roles

Organization	Role	Date Range	Details
MetLife, Inc.	President, U.S. Business and EMEA	2017–2019	Former position prior to CEO role
MetLife, Inc.	President, EMEA	2011–2017	Former position before current role
MetLife, Inc.	Executive Vice President, Middle East, Africa, and South Asia Region	2010–2011	Former leadership role
American Life Insurance Company (Alico)	Regional President, MEASA Region	2008–2010	Previous role prior to joining MetLife
American Life Insurance Company (Alico)	Deputy President & Chief Operating Officer, AIGPhilamlife, Philippines	2006–2008	Previous international leadership role
American Life Insurance Company (Alico)	Regional Senior Vice President, AIG-Amplico Life, Poland	2001–2006	Previous role in European operations
American Life Insurance Company (Alico)	General Manager, Alico Egypt	1996–2001	Previous regional management role
American Life Insurance Company (Alico)	Chief Operating Officer, Alico Unionvita, Italy	1994–1996	Previous executive role
American Life Insurance Company (Alico)	Deputy General Manager, Alico Bahamas	1992–1994	Early career leadership role
American Life Insurance Company (Alico)	Regional Investment Manager, Alico Paris	1990–1992	Investment management role
American Life Insurance Company (Alico)	Investment Officer, Alico headquarters, Wilmington, Delaware	N/A	Starting role in career

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$1,475,000	Annually	Includes an annual increase of $100,000 for performance and added responsibilities

Performance Compensation

Data from FY 2023

Annual Variable Incentive Plan (AVIP)

Metric (Unit)	Value (2023)	Details [source]
Grant Date	Feb 28, 2023
Award Value	$4,800,000	Cash-based award; no vesting schedule
Performance Metric	Adjusted Earnings	Compares actual vs. 2023 Business Plan
Threshold Funding Level	0%	At 50% of the Business Plan goal
Target Funding Level	100%	At 100% of the Business Plan goal
Maximum Funding Level	150%	At 120% or more of the Business Plan goal
Actual Adjusted Earnings	103.7%	Actual performance percentage
Resulting Funding Level	107.9%	Derived funding level based on performance

Performance Shares

Metric (Unit)	Value (2023)	Details [source]
Grant Date	Feb 28, 2023
Grant Date Fair Value	$9,293,917	Fair value at grant date
Share Award (Threshold)	35,375 shares	Minimum target
Share Award (Target)	141,503 shares	Expected target
Share Award (Maximum)	247,630 shares	Maximum cap
Vesting Schedule	3-year performance period	Vested at the end of the period
Performance Metrics	Three-year TSR vs. peers; Three-year Adjusted ROE vs. Business Plan
Maximum Performance Factor	175%	Reflects performance sensitivity
Hypothetical Maximum Fair Value	$16,264,338	At maximum performance conditions

Stock Options

Metric (Unit)	Value (2023)	Details [source]
Grant Date	Feb 28, 2023
Number of Options	90,967	Total options granted
Grant Date Stock Price	$71.73 per share	Aligns with the closing stock price on grant date
Grant Date Fair Value per Option	$17.56	Determined at grant date
Aggregate Fair Value	$1,597,381	Total value of granted options
Vesting Schedule	Time-based	Three equal installments on Feb 28 of 2024, 2025, and 2026
Expiration Date	Feb 27, 2033	Expires the day before the 10th anniversary of the grant date
Performance Metrics	Not applicable	Vesting is solely time-based

Restricted Stock Units (RSUs)

Metric (Unit)	Value (2023)	Details [source]
Grant Date	Feb 28, 2023
Number of RSUs	30,323	Fixed number of units granted
Grant Date Fair Value	$1,991,615	Fair value at grant date
Vesting Schedule	Time-based	Three equal installments on the first business day of March following each anniversary
Performance Metrics	Not applicable	Vesting based on continued service, not performance