EX-99.2 3 ex992qfsq319doc.htm EXHIBIT 99.2

Table of Contents

Exhibit 99.2

 

Third Quarter

Financial Supplement

September 30, 2019

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	METLIFE TABLE OF CONTENTS
	GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2
	CORPORATE OVERVIEW	3
	KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5
	EXPENSE DETAIL AND RATIOS	7
	CONSOLIDATED BALANCE SHEETS	8
	SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	9
	ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	10
	U.S.
	Statements of Adjusted Earnings Available to Common Shareholders	11
	Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	12
	Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	13
	Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	14
	Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	15
	Group Benefits - Other Expenses by Major Category; and Other Statistical Information	16
	Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; and Synthetic GICs	17
	Retirement and Income Solutions - Other Expenses by Major Category; and Spread	18
	Property & Casualty - Other Expenses by Major Category; and Net Written Premiums By Product and Selected Financial Information and Supplemental Data	19
	ASIA
	Statements of Adjusted Earnings Available to Common Shareholders	20
	Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	21
	General Account Assets Under Management and Related Measures	22
	LATIN AMERICA
	Statements of Adjusted Earnings Available to Common Shareholders	23
	Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	24
	EMEA
	Statements of Adjusted Earnings Available to Common Shareholders	25
	Other Expenses by Major Category; and Other Statistical Information	26
	METLIFE HOLDINGS
	Statements of Adjusted Earnings Available to Common Shareholders	27
	Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	28
	Other Expenses by Major Category; and Other Statistical Information	29
	CORPORATE & OTHER
	Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source	30
	INVESTMENTS
	Investment Portfolio Results by Asset Category and Annualized Yields	31
	Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses Aging Schedule: Fixed Maturity Securities Available-for-Sale	33
	Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	34
	APPENDIX
	Reconciliation Detail	A-1
	Notable Items:
	MetLife Total; U.S.; U.S. - Group Benefits;	A-2
	Asia; Latin America; EMEA; MetLife Holdings; and Corporate & Other	A-3
	Equity Details, Book Value Details and Return on Equity	A-4
	Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-5
	Non-GAAP and Other Financial Disclosures	A-6
	Acronyms	A-9

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	METLIFE
	As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
	GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Revenues
	Premiums		$	10,242			$	9,267			$	9,405			$	10,129			$	10,781				$	34,573			$	30,315
	Universal life and investment-type product policy fees		1,343				1,397				1,365				1,412				1,440					4,105				4,217
	Net investment income		4,486				3,462				4,908				4,693				4,623					12,704				14,224
	Other revenues		479				452				494				478				419					1,428				1,391
	Net investment gains (losses)		117				145				15				61				161					(443		)		237
	Net derivative gains (losses)		(378		)		939				115				724				1,254					(88		)		2,093
	Total revenues		16,289				15,662				16,302				17,497				18,678					52,279				52,477
	Expenses
	Policyholder benefits and claims		10,080				8,992				9,072				9,993				10,648					33,664				29,713
	Interest credited to policyholder account balances		1,334				486				1,961				1,515				1,500					3,527				4,976
	Policyholder dividends		327				318				300				302				296					933				898
	Capitalization of DAC		(810		)		(814		)		(812		)		(837		)		(882		)			(2,440		)		(2,531		)
	Amortization of DAC and VOBA		732				843				624				689				797					2,132				2,110
	Amortization of negative VOBA		(7		)		(11		)		(10		)		(10		)		(4		)			(45		)		(24		)
	Interest expense on debt		267				260				234				274				223					862				731
	Other expenses		3,287				3,117				3,189				3,274				3,309					9,810				9,772
	Total expenses		15,210				13,191				14,558				15,200				15,887					48,443				45,645
	Income (loss) from continuing operations before provision for income tax		1,079				2,471				1,744				2,297				2,791					3,836				6,832
	Provision for income tax expense (benefit)		164				409				359				551				601					770				1,511
	Income (loss) from continuing operations, net of income tax		915				2,062				1,385				1,746				2,190					3,066				5,321
	Income (loss) from discontinued operations, net of income tax		—				—				—				—				—					—				—
	Net income (loss)		915				2,062				1,385				1,746				2,190					3,066				5,321
	Less: Net income (loss) attributable to noncontrolling interests		3				(5		)		4				5				6					10				15
	Net income (loss) attributable to MetLife, Inc.		912				2,067				1,381				1,741				2,184					3,056				5,306
	Less: Preferred stock dividends		32				57				32				57				32					84				121
	Net income (loss) available to MetLife, Inc.'s common shareholders		$	880			$	2,010			$	1,349			$	1,684			$	2,152				$	2,972			$	5,185
	Premiums, fees and other revenues		$	12,064			$	11,116			$	11,264			$	12,019			$	12,640				$	40,106			$	35,923

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	METLIFE CORPORATE OVERVIEW
			For the Three Months Ended
	Unaudited (In millions, except per share data)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Net income (loss) available to MetLife, Inc.'s common shareholders		$	880				$	2,010				$	1,349				$	1,684				$	2,152
	Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
	Less: Net investment gains (losses)		117					145					15					61					161
	Less: Net derivative gains (losses)		(378		)			939					115					724					1,254
	Less: Goodwill impairment		—					—					—					—					—
	Less: Other adjustments to continuing operations (1)		(360		)			(202		)			(177		)			(179		)			(107		)
	Less: Provision for income tax (expense) benefit		128					(213		)			(24		)			(236		)			(340		)
	Less: Income (loss) from discontinued operations, net of income tax		—					—					—					—					—
	Add: Net income (loss) attributable to noncontrolling interests		3					(5		)			4					5					6
	Adjusted earnings available to common shareholders		$	1,376				$	1,336				$	1,424				$	1,319				$	1,190
	Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share		$	0.88				$	2.04				$	1.40				$	1.77				$	2.30
	Less: Net investment gains (losses)		0.12					0.15					0.02					0.06					0.17
	Less: Net derivative gains (losses)		(0.38		)			0.95					0.12					0.76					1.34
	Less: Goodwill impairment		—					—					—					—					—
	Less: Other adjustments to continuing operations		(0.37		)			(0.20		)			(0.19		)			(0.18		)			(0.11		)
	Less: Provision for income tax (expense) benefit		0.13					(0.22		)			(0.03		)			(0.24		)			(0.36		)
	Less: Income (loss) from discontinued operations, net of income tax		—					—					—					—					—
	Add: Net income (loss) attributable to noncontrolling interests		—					(0.01		)			—					0.01					0.01
	Adjusted earnings available to common shareholders per diluted common share		$	1.38				$	1.35				$	1.48				$	1.38				$	1.27
			For the Three Months Ended
	Unaudited (In millions, except per share data)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Notable items impacting adjusted earnings available to common shareholders (2):
	Actuarial assumption review and other insurance adjustments		$	(68	)			$	—				$	—				$	—				$	(160	)
	Litigation reserves & settlement costs		—					(60		)			—					—					—
	Expense initiative costs		(88		)			(100		)			(55		)			(70		)			(88		)
	Tax adjustments		—					247					—					—					—
	Total notable items		$	(156	)			$	87				$	(55	)			$	(70	)			$	(248	)
	Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
	Actuarial assumption review and other insurance adjustments		$	(0.07	)			$	—				$	—				$	—				$	(0.17	)
	Litigation reserves & settlement costs		$	—				$	(0.06	)			$	—				$	—				$	—
	Expense initiative costs		$	(0.09	)			$	(0.10	)			$	(0.06	)			$	(0.07	)			$	(0.09	)
	Tax adjustments		$	—				$	0.25				$	—				$	—				$	—
	Total notable items		$	(0.16	)			$	0.09				$	(0.06	)			$	(0.07	)			$	(0.26	)
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Weighted average common shares outstanding - diluted		1,000.7					987.6					963.3					952.9					936.4
	(1) See Page A-1 for further detail.
	(2) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Pages A-2 and A-3 for further detail.

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	METLIFE CORPORATE OVERVIEW (CONTINUED)
	Unaudited		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019
	Book value per common share (1)		$	48.94			$	51.53			$	58.06			$	64.61			$	70.71
	Book value per common share, excluding AOCI other than FCTA (1)		$	42.97			$	44.62			$	45.58			$	47.09			$	48.56
	Book value per common share - tangible common stockholders' equity (1)		$	33.37			$	34.77			$	35.71			$	37.09			$	38.52
			For the Three Months Ended
	Unaudited		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019
	Return on MetLife, Inc.'s (2):
	Common stockholders' equity		7.1		%		16.5		%		10.3		%		11.6		%		13.7		%
	Common stockholders' equity, excluding AOCI other than FCTA		8.3		%		18.9		%		12.5		%		15.4		%		19.4		%
	Tangible common stockholders' equity		10.8		%		24.4		%		16.2		%		19.7		%		24.6		%
	Adjusted return on MetLife, Inc.'s (2):
	Common stockholders' equity		11.2		%		10.9		%		10.9		%		9.1		%		7.6		%
	Common stockholders' equity, excluding AOCI other than FCTA		12.9		%		12.5		%		13.2		%		12.1		%		10.7		%
	Tangible common stockholders' equity		16.8		%		16.2		%		17.1		%		15.5		%		13.7		%
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019
	Common shares outstanding, beginning of period		1,000.2				986.6				958.6				950.2				935.9
	Share repurchases		(14.1		)		(28.4		)		(11.2		)		(15.8		)		(17.1		)
	Newly issued shares		0.5				0.4				2.8				1.5				0.8
	Common shares outstanding, end of period		986.6				958.6				950.2				935.9				919.6
	Weighted average common shares outstanding - basic		992.7				980.3				956.5				946.2				929.6
	Dilutive effect of the exercise or issuance of stock-based awards		8.0				7.3				6.8				6.7				6.8
	Weighted average common shares outstanding - diluted		1,000.7				987.6				963.3				952.9				936.4
	MetLife Policyholder Trust Shares		150.0				148.0				146.2				144.3				142.8
	(1) Calculated using common shares outstanding, end of period.
	(2) Annualized using quarter-to-date results.

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	METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
			For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Total revenues		$	16,289			$	15,662			$	16,302			$	17,497			$	18,678				$	52,279			$	52,477
	Less: Net investment gains (losses)		117				145				15				61				161					(443		)		237
	Less: Net derivative gains (losses)		(378		)		939				115				724				1,254					(88		)		2,093
	Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)		11				(8		)		—				20				59					1				79
	Less: Other adjustments to revenues:
	GMIB fees		32				27				27				28				27					93				82
	Investment hedge adjustments		(125		)		(121		)		(105		)		(118		)		(121		)			(354		)		(344		)
	Operating joint venture adjustments		—				—				—				—				—					1				—
	Unit-linked contract income		149				(765		)		736				261				250					82				1,247
	Securitization entities income		—				—				—				—				—					—				—
	Certain partnership distributions		(1		)		(27		)		(4		)		(4		)		(2		)			(34		)		(10		)
	Settlement of foreign currency earnings hedges		5				5				2				2				3					14				7
	TSA fees		78				70				68				69				69					235				206
	Divested businesses		1				—				—				—				60					8				60
	Total adjusted revenues		$	16,400			$	15,397			$	15,448			$	16,454			$	16,918				$	52,764			$	48,820
			For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Net investment income		$	4,486			$	3,462			$	4,908			$	4,693			$	4,623				$	12,704			$	14,224
	Less: Adjustments to net investment income:
	Investment hedge adjustments		(125		)		(121		)		(105		)		(118		)		(121		)			(354		)		(344		)
	Operating joint venture adjustments		—				—				—				—				—					1				—
	Unit-linked contract income		149				(765		)		736				261				250					82				1,247
	Securitization entities income		—				—				—				—				—					—				—
	Certain partnership distributions		(1		)		(27		)		(4		)		(4		)		(2		)			(34		)		(10		)
	Divested businesses		1				—				—				—				23					1				23
	Net investment income, as reported on an adjusted basis		$	4,462			$	4,375			$	4,281			$	4,554			$	4,473				$	13,008			$	13,308
			For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Premiums, fees and other revenues		$	12,064			$	11,116			$	11,264			$	12,019			$	12,640				$	40,106			$	35,923
	Less: Adjustments to premiums, fees and other revenues:
	Unearned revenue adjustments		11				(8		)		—				20				59					1				79
	GMIB fees		32				27				27				28				27					93				82
	Settlement of foreign currency earnings hedges		5				5				2				2				3					14				7
	TSA fees		78				70				68				69				69					235				206
	Divested businesses		—				—				—				—				37					7				37
	Adjusted premiums, fees and other revenues		$	11,938			$	11,022			$	11,167			$	11,900			$	12,445				$	39,756			$	35,512
	Adjusted premiums, fees and other revenues, on a constant currency basis		$	11,915			$	11,054			$	11,150			$	11,895			$	12,445

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	METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Total expenses	$	15,210			$	13,191			$	14,558			$	15,200			$	15,887				$	48,443			$	45,645
	Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	89				44				(24		)		(5		)		39					65				10
	Less: Goodwill impairment	—				—				—				—				—					—				—
	Less: Other adjustments to expenses:
	PBC hedge adjustment	—				—				—				—				9					—				9
	Inflation and pass-through adjustments	(13		)		1				79				84				87					28				250
	GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	187				(10		)		49				36				(47		)			262				38
	Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	—				(1		)		(4		)		(11		)		3					(1		)		(12		)
	PAB hedge adjustments	(1		)		(1		)		(3		)		(6		)		(5		)			(3		)		(14		)
	Unit-linked contract costs	133				(730		)		716				257				223					54				1,196
	Securitization entities debt expense	—				—				—				—				—					—				—
	Noncontrolling interest	(3		)		5				(6		)		(6		)		(8		)			(15		)		(20		)
	Regulatory implementation costs	3				5				3				7				5					6				15
	Acquisition, integration and other costs	13				(14		)		23				6				8					38				37
	TSA fees	78				70				68				69				69					235				206
	Divested businesses	24				14				—				6				69					116				75
	Total adjusted expenses	$	14,700			$	13,808			$	13,657			$	14,763			$	15,435				$	47,658			$	43,855
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Capitalization of DAC	$	(810	)		$	(814	)		$	(812	)		$	(837	)		$	(882	)			$	(2,440	)		$	(2,531	)
	Less: Divested businesses	—				—				—				—				(11		)			(1		)		(11		)
	Capitalization of DAC, as reported on an adjusted basis	$	(810	)		$	(814	)		$	(812	)		$	(837	)		$	(871	)			$	(2,439	)		$	(2,520	)
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Other expenses	$	3,287			$	3,117			$	3,189			$	3,274			$	3,309				$	9,810			$	9,772
	Less: Noncontrolling interest	(3		)		5				(6		)		(6		)		(8		)			(15		)		(20		)
	Less: Regulatory implementation costs	3				5				3				7				5					6				15
	Less: Acquisition, integration and other costs	13				(14		)		23				6				8					38				37
	Less: TSA fees	78				70				68				69				69					235				206
	Less: Divested businesses	9				(4		)		—				6				36					72				42
	Other expenses, as reported on an adjusted basis	$	3,187			$	3,055			$	3,101			$	3,192			$	3,199				$	9,474			$	9,492
	Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,181			$	3,071			$	3,093			$	3,194			$	3,199

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	METLIFE EXPENSE DETAIL AND RATIOS
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions, except ratio data)	September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Other expenses	$	3,287			$	3,117			$	3,189			$	3,274			$	3,309				$	9,810			$	9,772
	Capitalization of DAC	(810		)		(814		)		(812		)		(837		)		(882		)			(2,440		)		(2,531		)
	Other expenses, net of capitalization of DAC	$	2,477			$	2,303			$	2,377			$	2,437			$	2,427				$	7,370			$	7,241
	Premiums, fees and other revenues	$	12,064			$	11,116			$	11,264			$	12,019			$	12,640				$	40,106			$	35,923
	Expense ratio	20.5		%		20.7		%		21.1		%		20.3		%		19.2		%			18.4		%		20.2		%
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Other expenses by major category, as reported on an adjusted basis
	Direct expenses	$	1,543			$	1,369			$	1,420			$	1,485			$	1,475				$	4,505			$	4,380
	Pension, postretirement and postemployment benefit costs	45				44				56				57				57					141				170
	Premium taxes, other taxes, and licenses & fees	193				197				170				174				164					558				508
	Commissions and other variable expenses	1,406				1,445				1,455				1,476				1,503					4,270				4,434
	Other expenses, as reported on an adjusted basis	3,187				3,055				3,101				3,192				3,199					9,474				9,492
	Capitalization of DAC, as reported on an adjusted basis	(810		)		(814		)		(812		)		(837		)		(871		)			(2,439		)		(2,520		)
	Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,377				2,241				2,289				2,355				2,328					7,035				6,972
	Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	112				(19		)		70				88				111					233				269
	Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,265			$	2,260			$	2,219			$	2,267			$	2,217				$	6,802			$	6,703
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions, except ratio data)	September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Employee related costs	$	921			$	912			$	922			$	916			$	871				$	2,752			$	2,709
	Third party staffing costs	435				486				375				419				422					1,217				1,216
	General and administrative expenses	187				(29		)		123				150				182					536				455
	Direct expenses	1,543				1,369				1,420				1,485				1,475					4,505				4,380
	Less: Total notable items related to direct expenses (1)	112				(19		)		70				88				111					233				269
	Direct expenses, excluding total notable items related to direct expenses (1)	$	1,431			$	1,388			$	1,350			$	1,397			$	1,364				$	4,272			$	4,111
	Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,377			$	2,241			$	2,289			$	2,355			$	2,328				$	7,035			$	6,972
	Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	112				(19		)		70				88				111					233				269
	Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,265			$	2,260			$	2,219			$	2,267			$	2,217				$	6,802			$	6,703
	Adjusted premiums, fees and other revenues	$	11,938			$	11,022			$	11,167			$	11,900			$	12,445				$	39,756			$	35,512
	Less: PRT	1,018				(76		)		(2		)		556				1,293					6,970				1,847
	Adjusted premiums, fees and other revenues, excluding PRT	$	10,920			$	11,098			$	11,169			$	11,344			$	11,152				$	32,786			$	33,665
	Direct expense ratio	12.9		%		12.4		%		12.7		%		12.5		%		11.9		%			11.3		%		12.3		%
	Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	13.1		%		12.5		%		12.1		%		12.3		%		12.2		%			13.0		%		12.2		%
	Adjusted expense ratio	19.9		%		20.3		%		20.5		%		19.8		%		18.7		%			17.7		%		19.6		%
	Adjusted expense ratio, excluding total notable items related to other expenses and PRT (1)	20.7		%		20.4		%		19.9		%		20.0		%		19.9		%			20.7		%		19.9		%
	(1) Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

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	METLIFE CONSOLIDATED BALANCE SHEETS
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	ASSETS
	Investments:
	Fixed maturity securities available-for-sale, at estimated fair value		$	304,840				$	298,265				$	308,410				$	318,689				$	326,049
	Equity securities, at estimated fair value		1,479					1,440					1,432					1,476					1,341
	Contractholder-directed equity securities and fair value option securities, at estimated fair value		13,540					12,616					13,245					13,000					12,671
	Mortgage loans		72,461					75,752					78,601					77,997					78,959
	Policy loans		9,703					9,699					9,670					9,705					9,671
	Real estate and real estate joint ventures		9,977					9,698					10,022					10,326					10,246
	Other limited partnership interests		6,374					6,613					6,787					7,054					7,441
	Short-term investments, principally at estimated fair value		5,231					3,937					4,524					2,811					3,536
	Other invested assets		16,336					18,190					18,175					20,036					21,979
	Total investments		439,941					436,210					450,866					461,094					471,893
	Cash and cash equivalents, principally at estimated fair value		12,490					15,821					14,506					18,435					19,452
	Accrued investment income		3,691					3,582					3,569					3,535					3,561
	Premiums, reinsurance and other receivables		19,820					19,644					20,615					20,425					20,723
	Deferred policy acquisition costs and value of business acquired		19,160					18,895					18,349					17,880					17,382
	Current income tax recoverable		—					—					—					97					—
	Goodwill		9,440					9,422					9,418					9,408					9,278
	Other assets		8,493					8,408					10,100					10,029					10,166
	Separate account assets		185,416					175,556					185,765					191,264					190,357
	Total assets		$	698,451				$	687,538				$	713,188				$	732,167				$	742,812
	LIABILITIES AND EQUITY
	Liabilities
	Future policy benefits		$	185,476				$	186,780				$	187,508				$	191,139				$	193,310
	Policyholder account balances		184,094					183,693					187,333					190,033					189,060
	Other policy-related balances		16,207					16,529					16,967					16,815					16,960
	Policyholder dividends payable		709					677					671					689					692
	Policyholder dividend obligation		456					428					1,116					1,834					2,370
	Payables for collateral under securities loaned and other transactions		26,075					24,794					25,084					25,354					28,443
	Short-term debt		290					268					289					158					142
	Long-term debt		13,408					12,829					12,850					13,346					13,443
	Collateral financing arrangements		1,073					1,060					1,048					1,026					1,013
	Junior subordinated debt securities		3,146					3,147					3,148					3,149					3,149
	Current income tax payable		166					441					505					—					31
	Deferred income tax liability		4,924					5,414					7,075					8,766					10,153
	Other liabilities		25,202					22,964					25,091					24,548					25,070
	Separate account liabilities		185,416					175,556					185,765					191,264					190,357
	Total liabilities		646,642					634,580					654,450					668,121					674,193
	Equity
	Preferred stock, at par value		—					—					—					—					—
	Common stock, at par value		12					12					12					12					12
	Additional paid-in capital		32,475					32,474					32,535					32,602					32,639
	Retained earnings		27,331					28,926					29,944					31,209					32,948
	Treasury stock, at cost		(9,193		)			(10,393		)			(10,893		)			(11,643		)			(12,428		)
	Accumulated other comprehensive income (loss)		1,000					1,722					6,911					11,631					15,197
	Total MetLife, Inc.'s stockholders' equity		51,625					52,741					58,509					63,811					68,368
	Noncontrolling interests		184					217					229					235					251
	Total equity		51,809					52,958					58,738					64,046					68,619
	Total liabilities and equity		$	698,451				$	687,538				$	713,188				$	732,167				$	742,812

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	METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
				For the Three Months Ended
	Unaudited (In millions)			September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Adjusted earnings before provision for income tax
	U.S.
	GROUP BENEFITS			$	474				$	297				$	433				$	393				$	464
	RETIREMENT AND INCOME SOLUTIONS			426					450					358					442					357
	PROPERTY & CASUALTY			104					120					117					84					67
	TOTAL U.S.			$	1,004				$	867				$	908				$	919				$	888
	ASIA			397					392					505					516					501
	LATIN AMERICA			235					180					196					216					220
	EMEA			70					81					113					99					74
	METLIFE HOLDINGS			405					283					395					372					183
	CORPORATE & OTHER			(411		)			(214		)			(326		)			(431		)			(383		)
	Total adjusted earnings before provision for income tax			$	1,700				$	1,589				$	1,791				$	1,691				$	1,483
	Provision for income tax expense (benefit)
	U.S.
	GROUP BENEFITS			$	104				$	67				$	91				$	82				$	98
	RETIREMENT AND INCOME SOLUTIONS			87					94					73					91					73
	PROPERTY & CASUALTY			18					21					20					14					10
	TOTAL U.S.			$	209				$	182				$	184				$	187				$	181
	ASIA			131					111					149					157					152
	LATIN AMERICA			65					43					62					57					65
	EMEA			15					26					27					22					21
	METLIFE HOLDINGS			78					60					78					73					34
	CORPORATE & OTHER			(206		)			(226		)			(165		)			(181		)			(192		)
	Total provision for income tax expense (benefit)			$	292				$	196				$	335				$	315				$	261
	Adjusted earnings available to common shareholders
	U.S.
	GROUP BENEFITS			$	370				$	230				$	342				$	311				$	366
	RETIREMENT AND INCOME SOLUTIONS			339					356					285					351					284
	PROPERTY & CASUALTY			86					99					97					70					57
	TOTAL U.S.			$	795				$	685				$	724				$	732				$	707
	ASIA			266					281					356					359					349
	LATIN AMERICA			170					137					134					159					155
	EMEA			55					55					86					77					53
	METLIFE HOLDINGS			327					223					317					299					149
	CORPORATE & OTHER (1)			(237		)			(45		)			(193		)			(307		)			(223		)
	Total adjusted earnings available to common shareholders (1)			$	1,376				$	1,336				$	1,424				$	1,319				$	1,190
	(1) Includes impact of preferred stock dividends of $32 million, $57 million, $32 million, $57 million and $32 million for the three months ended September 30, 2018, December 31, 2018, March 31, 2019, June 30, 2019 and September 30, 2019, respectively.

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	METLIFE ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)
	ADJUSTED RETURN ON ALLOCATED EQUITY
				For the Three Months Ended
	Unaudited			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	U.S.
	GROUP BENEFITS			52.9		%		32.9		%		48.6		%		44.2		%			52.0		%
	RETIREMENT AND INCOME SOLUTIONS			21.8		%		22.9		%		19.4		%		23.9		%			19.3		%
	PROPERTY & CASUALTY			18.6		%		21.4		%		19.2		%		13.9		%			11.3		%
	TOTAL U.S.			29.3		%		25.2		%		27.0		%		27.3		%			26.4		%
	ASIA			7.5		%		7.9		%		10.0		%		10.1		%			9.8		%
	LATIN AMERICA			21.7		%		17.5		%		18.1		%		21.5		%			20.9		%
	EMEA			6.3		%		6.3		%		12.3		%		11.0		%			7.6		%
	METLIFE HOLDINGS			13.0		%		8.9		%		13.2		%		12.5		%			6.2		%
	ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
				For the Three Months Ended
	Unaudited			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	U.S.			33.9		%		29.2		%		30.7		%		31.0		%			30.0		%
	ASIA			11.3		%		12.0		%		15.2		%		15.3		%			14.9		%
	LATIN AMERICA			36.2		%		29.1		%		29.9		%		35.5		%			34.6		%
	EMEA			10.5		%		10.5		%		22.1		%		19.8		%			13.8		%
	METLIFE HOLDINGS			14.6		%		10.0		%		14.8		%		14.0		%			7.1		%
	(1) Annualized using quarter-to-date results.
	(2) Allocated equity and allocated tangible equity are presented below:
								ALLOCATED EQUITY								ALLOCATED TANGIBLE EQUITY
		Unaudited (In millions)						2018				2019				2018					2019
		U.S.
		GROUP BENEFITS						$	2,797			$	2,817
		RETIREMENT AND INCOME SOLUTIONS						6,209				5,876
		PROPERTY & CASUALTY						1,851				2,020
		TOTAL U.S.						$	10,857			$	10,713			$	9,389				$	9,447
		ASIA						$	14,260			$	14,274			$	9,456				$	9,396
		LATIN AMERICA						$	3,139			$	2,965			$	1,880				$	1,791
		EMEA						$	3,473			$	2,802			$	2,176				$	1,595
		METLIFE HOLDINGS						$	10,063			$	9,599			$	9,066				$	8,715
	(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
				For the Three Months Ended
		Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
		U.S.		$	1			$	1			$	1			$	1				$	1
		ASIA		$	2			$	2			$	2			$	1				$	1
		LATIN AMERICA		$	—			$	—			$	—			$	—				$	—
		EMEA		$	2			$	2			$	2			$	2				$	2
		METLIFE HOLDINGS		$	5			$	4			$	5			$	5				$	5

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	U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Adjusted revenues
	Premiums		$	6,431			$	5,236			$	5,567			$	6,234			$	6,903				$	22,950			$	18,704
	Universal life and investment-type product policy fees		252				281				270				274				264					772				808
	Net investment income		1,787				1,809				1,719				1,795				1,760					5,168				5,274
	Other revenues		206				208				221				223				224					613				668
	Total adjusted revenues		8,676				7,534				7,777				8,526				9,151					29,503				25,454
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		6,219				5,175				5,373				6,101				6,759					22,590				18,233
	Interest credited to policyholder account balances		457				487				501				504				507					1,303				1,512
	Capitalization of DAC		(116		)		(113		)		(114		)		(127		)		(131		)			(336		)		(372		)
	Amortization of DAC and VOBA		128				120				114				117				121					357				352
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		2				4				2				3				3					8				8
	Other expenses		982				994				993				1,009				1,004					2,908				3,006
	Total adjusted expenses		7,672				6,667				6,869				7,607				8,263					26,830				22,739
	Adjusted earnings before provision for income tax		1,004				867				908				919				888					2,673				2,715
	Provision for income tax expense (benefit)		209				182				184				187				181					554				552
	Adjusted earnings		795				685				724				732				707					2,119				2,163
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	795			$	685			$	724			$	732			$	707				$	2,119			$	2,163
	Adjusted premiums, fees and other revenues		$	6,889			$	5,725			$	6,058			$	6,731			$	7,391				$	24,335			$	20,180
	Less: PRT		1,018				(76		)		(2		)		556				1,293					6,970				1,847
	Adjusted premiums, fees and other revenues, excluding PRT		$	5,871			$	5,801			$	6,060			$	6,175			$	6,098				$	17,365			$	18,333

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	U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Adjusted revenues
	Premiums		$	3,988			$	3,949			$	4,208			$	4,247			$	4,239				$	12,133			$	12,694
	Universal life and investment-type product policy fees		200				202				194				203				198					602				595
	Net investment income		296				275				280				292				293					852				865
	Other revenues		129				132				143				144				145					383				432
	Total adjusted revenues		4,613				4,558				4,825				4,886				4,875					13,970				14,586
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		3,455				3,577				3,711				3,812				3,724					10,858				11,247
	Interest credited to policyholder account balances		37				39				39				39				42					106				120
	Capitalization of DAC		(6		)		(6		)		(8		)		(6		)		(9		)			(21		)		(23		)
	Amortization of DAC and VOBA		22				10				9				8				8					43				25
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		—				1				—				1				—					1				1
	Other expenses		631				640				641				639				646					1,891				1,926
	Total adjusted expenses		4,139				4,261				4,392				4,493				4,411					12,878				13,296
	Adjusted earnings before provision for income tax		474				297				433				393				464					1,092				1,290
	Provision for income tax expense (benefit)		104				67				91				82				98					243				271
	Adjusted earnings		370				230				342				311				366					849				1,019
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	370			$	230			$	342			$	311			$	366				$	849			$	1,019
	Adjusted premiums, fees and other revenues		$	4,317			$	4,283			$	4,545			$	4,594			$	4,582				$	13,118			$	13,721

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	U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Adjusted revenues
	Premiums		$	1,535			$	373			$	461			$	1,075			$	1,739				$	8,138			$	3,275
	Universal life and investment-type product policy fees		52				79				76				71				66					170				213
	Net investment income		1,444				1,492				1,395				1,458				1,419					4,184				4,272
	Other revenues		71				71				72				74				73					213				219
	Total adjusted revenues		3,102				2,015				2,004				2,678				3,297					12,705				7,979
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		2,144				998				1,071				1,647				2,361					9,888				5,079
	Interest credited to policyholder account balances		420				448				462				465				465					1,197				1,392
	Capitalization of DAC		(2		)		(7		)		(8		)		(12		)		(5		)			(8		)		(25		)
	Amortization of DAC and VOBA		5				7				5				7				5					17				17
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		2				3				2				2				3					7				7
	Other expenses		107				116				114				127				111					316				352
	Total adjusted expenses		2,676				1,565				1,646				2,236				2,940					11,417				6,822
	Adjusted earnings before provision for income tax		426				450				358				442				357					1,288				1,157
	Provision for income tax expense (benefit)		87				94				73				91				73					263				237
	Adjusted earnings		339				356				285				351				284					1,025				920
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	339			$	356			$	285			$	351			$	284				$	1,025			$	920
	Adjusted premiums, fees and other revenues		$	1,658			$	523			$	609			$	1,220			$	1,878				$	8,521			$	3,707
	Less: PRT		1,018				(76		)		(2		)		556				1,293					6,970				1,847
	Adjusted premiums, fees and other revenues, excluding PRT		$	640			$	599			$	611			$	664			$	585				$	1,551			$	1,860

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	U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
			For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Adjusted revenues
	Premiums		$	908			$	914			$	898			$	912			$	925				$	2,679			$	2,735
	Universal life and investment-type product policy fees		—				—				—				—				—					—				—
	Net investment income		47				42				44				45				48					132				137
	Other revenues		6				5				6				5				6					17				17
	Total adjusted revenues		961				961				948				962				979					2,828				2,889
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		620				600				591				642				674					1,844				1,907
	Interest credited to policyholder account balances		—				—				—				—				—					—				—
	Capitalization of DAC		(108		)		(100		)		(98		)		(109		)		(117		)			(307		)		(324		)
	Amortization of DAC and VOBA		101				103				100				102				108					297				310
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		—				—				—				—				—					—				—
	Other expenses		244				238				238				243				247					701				728
	Total adjusted expenses		857				841				831				878				912					2,535				2,621
	Adjusted earnings before provision for income tax		104				120				117				84				67					293				268
	Provision for income tax expense (benefit)		18				21				20				14				10					48				44
	Adjusted earnings		86				99				97				70				57					245				224
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	86			$	99			$	97			$	70			$	57				$	245			$	224
	Adjusted premiums, fees and other revenues		$	914			$	919			$	904			$	917			$	931				$	2,696			$	2,752

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	U.S. GROUP BENEFITS
	FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Balance, beginning of period		$	18,909			$	18,904			$	18,924			$	18,926				$	18,965
	Premiums and deposits		4,784				4,764				5,019				5,081					5,051
	Surrenders and withdrawals		(611		)		(599		)		(597		)		(619		)			(638		)
	Benefit payments		(3,541		)		(3,691		)		(3,836		)		(3,887		)			(3,798		)
	Net flows		632				474				586				575					615
	Net transfers from (to) separate account		(1		)		(1		)		1				—					—
	Interest		145				147				145				152					149
	Policy charges		(147		)		(147		)		(147		)		(150		)			(145		)
	Other		(634		)		(453		)		(583		)		(538		)			(621		)
	Balance, end of period		$	18,904			$	18,924			$	18,926			$	18,965				$	18,963
	SEPARATE ACCOUNT LIABILITIES
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Balance, beginning of period		$	898			$	935			$	813			$	902				$	925
	Premiums and deposits		63				64				64				64					62
	Surrenders and withdrawals		(16		)		(14		)		(18		)		(18		)			(28		)
	Benefit payments		(1		)		(1		)		(1		)		(1		)			(1		)
	Net flows		46				49				45				45					33
	Investment performance		44				(117		)		101				34					1
	Net transfers from (to) general account		1				1				(1		)		—					—
	Policy charges		(53		)		(52		)		(53		)		(54		)			(53		)
	Other		(1		)		(3		)		(3		)		(2		)			(1		)
	Balance, end of period		$	935			$	813			$	902			$	925				$	905

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	U.S. GROUP BENEFITS
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019				September 30, 2019
	Direct and allocated expenses		$	313				$	319				$	310				$	314			$	316
	Pension, postretirement and postemployment benefit costs		10					8					15					15				15
	Premium taxes, other taxes, and licenses & fees		86					83					63					67				62
	Commissions and other variable expenses		222					230					253					243				253
	Other expenses, as reported on an adjusted basis		$	631				$	640				$	641				$	639			$	646
	OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions, except ratios)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019				September 30, 2019
	Group Life (1)
	Adjusted premiums, fees and other revenues		$	1,722				$	1,688				$	1,804				$	1,805			$	1,846
	Mortality ratio		85.0		%			89.4		%			85.3		%			85.3		%		87.0		%
	Group Non-Medical Health (2)
	Adjusted premiums, fees and other revenues		$	1,713				$	1,742				$	1,812				$	1,820			$	1,830
	Interest adjusted benefit ratio (3)		68.1		%			73.2		%			72.9		%			75.4		%		70.3		%
	(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
	(2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
	(3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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	U.S. RETIREMENT AND INCOME SOLUTIONS
	FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Balance, beginning of period		$	113,324			$	114,796			$	113,653			$	115,419				$	118,073
	Premiums and deposits		21,295				15,711				19,068				17,898					21,104
	Surrenders and withdrawals		(19,576		)		(17,014		)		(17,356		)		(16,582		)			(21,018		)
	Benefit payments		(1,002		)		(998		)		(1,035		)		(1,021		)			(1,100		)
	Net flows		717				(2,301		)		677				295					(1,014		)
	Net transfers from (to) separate account		—				—				—				—					—
	Interest		1,013				1,040				1,052				1,051					1,053
	Policy charges		(37		)		(10		)		(32		)		(46		)			(47		)
	Other		(221		)		128				69				1,354					69
	Balance, end of period		$	114,796			$	113,653			$	115,419			$	118,073				$	118,134
	SEPARATE ACCOUNT LIABILITIES
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Balance, beginning of period		$	77,223			$	70,396			$	70,623			$	73,691				$	76,596
	Premiums and deposits		850				2,355				1,088				1,469					1,472
	Surrenders and withdrawals (1)		(7,370		)		(2,276		)		(1,164		)		(1,780		)			(1,461		)
	Benefit payments		(17		)		(18		)		(16		)		(29		)			(21		)
	Net flows		(6,537		)		61				(92		)		(340		)			(10		)
	Investment performance		564				(542		)		2,741				2,184					1,508
	Net transfers from (to) general account		—				—				—				—					—
	Policy charges		(74		)		(93		)		(64		)		(75		)			(83		)
	Other		(780		)		801				483				1,136					335
	Balance, end of period		$	70,396			$	70,623			$	73,691			$	76,596				$	78,346
	SYNTHETIC GICS (2)
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Balance, beginning of period		$	17,273			$	24,244			$	25,700			$	26,501				$	27,219
	Premiums and deposits (1)		6,956				1,518				776				770					1,054
	Surrenders and withdrawals		(113		)		(232		)		(150		)		(236		)			(369		)
	Net flows		6,843				1,286				626				534					685
	Interest		128				170				175				184					194
	Balance, end of period		$	24,244			$	25,700			$	26,501			$	27,219				$	28,098
	(1) Includes $6,282 million, $930 million, $0, $102 million and $20 million of transfers from separate account GICs to synthetic GICs at September 30, 2018, December 31, 2018, March 31, 2019, June 30, 2019 and September 30, 2019, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
	(2) A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.

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	U.S. RETIREMENT AND INCOME SOLUTIONS
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Direct and allocated expenses		$	59				$	63				$	62				$	64				$	56
	Pension, postretirement and postemployment benefit costs		2					1					3					3					2
	Premium taxes, other taxes, and licenses & fees		5					11					5					9					4
	Commissions and other variable expenses		41					41					44					51					49
	Other expenses, as reported on an adjusted basis		$	107				$	116				$	114				$	127				$	111
	SPREAD
			For the Three Months Ended
	Unaudited		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Investment income yield excluding variable investment income yield		4.70		%			4.80		%			4.52		%			4.50		%			4.43		%
	Variable investment income yield		0.21		%			0.27		%			0.15		%			0.35		%			0.23		%
	Total investment income yield		4.91		%			5.07		%			4.67		%			4.85		%			4.66		%
	Average crediting rate		3.66		%			3.77		%			3.71		%			3.66		%			3.64		%
	Annualized general account spread		1.25		%			1.30		%			0.96		%			1.19		%			1.02		%
	Annualized general account spread excluding variable investment income yield		1.04		%			1.03		%			0.81		%			0.84		%			0.79		%

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	U.S. PROPERTY & CASUALTY
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Direct and allocated expenses		$	110			$	109			$	105			$	100				$	101
	Pension, postretirement and postemployment benefit costs		4				3				2				2					2
	Premium taxes, other taxes, and licenses & fees		26				24				22				27					24
	Commissions and other variable expenses		104				102				109				114					120
	Other expenses, as reported on an adjusted basis		$	244			$	238			$	238			$	243				$	247
	NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
			For the Three Months Ended
	Unaudited (In millions, except ratios)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Net Written Premiums by Product
	Auto		$	632			$	588			$	588			$	615				$	623
	Homeowners & Other		339				307				277				347					354
	Total		$	971			$	895			$	865			$	962				$	977
	Selected Financial Information and Supplemental Data (1)
	Total Property & Casualty
	Net earned premium		$	908			$	914			$	898			$	912				$	925
	Loss and loss adjustment expense ratio		68.2		%		65.6		%		65.5		%		70.4		%			72.9		%
	Other expense ratio		25.8		%		26.2		%		26.7		%		25.7		%			25.5		%
	Total combined ratio		94.0		%		91.8		%		92.2		%		96.1		%			98.4		%
	Effect of catastrophe losses		5.4		%		2.7		%		4.6		%		8.6		%			7.6		%
	Combined ratio excluding catastrophes		88.6		%		89.1		%		87.6		%		87.5		%			90.8		%
	Prior year development		(0.3)		%		(0.6)		%		(0.3)		%		(0.6)		%			(0.6)		%
	Combined ratio excluding catastrophes and prior year development before provision for income tax		88.9		%		89.7		%		87.9		%		88.1		%			91.4		%
	Auto
	Net earned premium		$	599			$	603			$	591			$	598				$	603
	Loss and loss adjustment expense ratio		70.0		%		74.0		%		67.7		%		67.8		%			73.8		%
	Other expense ratio		25.5		%		25.5		%		26.6		%		25.2		%			24.9		%
	Total combined ratio		95.5		%		99.5		%		94.3		%		93.0		%			98.7		%
	Effect of catastrophe losses		1.5		%		—		%		0.4		%		1.7		%			2.1		%
	Combined ratio excluding catastrophes		94.0		%		99.5		%		93.9		%		91.3		%			96.6		%
	Prior year development		(0.4)		%		(0.1		)%		(0.4		)%		(0.7)		%			(0.8)		%
	Combined ratio excluding catastrophes and prior year development before provision for income tax		94.4		%		99.6		%		94.3		%		92.0		%			97.4		%
	Homeowners & Other
	Net earned premium		$	309			$	311			$	307			$	314				$	322
	Loss and loss adjustment expense ratio		64.7		%		49.4		%		61.3		%		75.4		%			71.2		%
	Other expense ratio		26.5		%		27.5		%		27.0		%		26.7		%			26.6		%
	Total combined ratio		91.2		%		76.9		%		88.3		%		102.1		%			97.8		%
	Effect of catastrophe losses		12.9		%		8.0		%		12.5		%		21.6		%			17.9		%
	Combined ratio excluding catastrophes		78.3		%		68.9		%		75.8		%		80.5		%			79.9		%
	Prior year development		(0.2)		%		(1.5)		%		(0.1)		%		(0.2)		%			(0.3)		%
	Combined ratio excluding catastrophes and prior year development before provision for income tax		78.5		%		70.4		%		75.9		%		80.7		%			80.2		%
	Catastrophe Losses Before Provision for Income Tax
	Auto		$	9			$	—			$	2			$	10				$	13
	Homeowners & Other		40				25				39				68					57
	Total		$	49			$	25			$	41			$	78				$	70
	(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.

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	ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Adjusted revenues
	Premiums		$	1,689			$	1,675			$	1,699			$	1,631			$	1,654				$	5,091			$	4,984
	Universal life and investment-type product policy fees		428				409				406				419				430					1,221				1,255
	Net investment income		830				853				880				944				915					2,464				2,739
	Other revenues		12				11				16				13				14					40				43
	Total adjusted revenues		2,959				2,948				3,001				3,007				3,013					8,816				9,021
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		1,354				1,392				1,319				1,279				1,264					3,934				3,862
	Interest credited to policyholder account balances		381				371				403				424				440					1,094				1,267
	Capitalization of DAC		(478		)		(477		)		(479		)		(472		)		(498		)			(1,438		)		(1,449		)
	Amortization of DAC and VOBA		366				309				307				312				353					993				972
	Amortization of negative VOBA		(4		)		(8		)		(9		)		(7		)		(2		)			(31		)		(18		)
	Interest expense on debt		—				—				—				—				—					—				—
	Other expenses		943				969				955				955				955					2,871				2,865
	Total adjusted expenses		2,562				2,556				2,496				2,491				2,512					7,423				7,499
	Adjusted earnings before provision for income tax		397				392				505				516				501					1,393				1,522
	Provision for income tax expense (benefit)		131				111				149				157				152					437				458
	Adjusted earnings		266				281				356				359				349					956				1,064
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	266			$	281			$	356			$	359			$	349				$	956			$	1,064
	Adjusted premiums, fees and other revenues		$	2,129			$	2,095			$	2,121			$	2,063			$	2,098				$	6,352			$	6,282

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	ASIA
	ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Adjusted premiums, fees and other revenues		$	2,129				$	2,095				$	2,121				$	2,063				$	2,098
	Adjusted premiums, fees and other revenues, on a constant currency basis		$	2,157				$	2,145				$	2,144				$	2,086				$	2,098
	Add: Operating joint ventures, on a constant currency basis (1), (2)		214					249					242					277					250
	Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis		$	2,371				$	2,394				$	2,386				$	2,363				$	2,348
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Direct and allocated expenses		$	325				$	336				$	324				$	332				$	316
	Pension, postretirement and postemployment benefit costs		20					22					23					23					23
	Premium taxes, other taxes, and licenses & fees		40					44					43					43					43
	Commissions and other variable expenses		558					567					565					557					573
	Other expenses, as reported on an adjusted basis		$	943				$	969				$	955				$	955				$	955
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC		$	465				$	492				$	476				$	483				$	457
	Other expenses, as reported on an adjusted basis, on a constant currency basis		$	957				$	994				$	963				$	966				$	955
	Add: Operating joint ventures, on a constant currency basis (1), (2)		92					106					104					107					104
	Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis		$	1,049				$	1,100				$	1,067				$	1,073				$	1,059
	Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis		$	526				$	568				$	546				$	559				$	528
	SALES ON A CONSTANT CURRENCY BASIS
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Japan:
	Life		$	165				$	183				$	174				$	163				$	169
	Accident & Health		107					103					115					105					91
	Annuities		179					126					178					135					122
	Other		2					2					1					2					4
	Total Japan		453					414					468					405					386
	Other Asia		254					213					223					199					273
	Total sales		$	707				$	627				$	691				$	604				$	659
	OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Adjusted earnings available to common shareholders		$	266				$	281				$	356				$	359				$	349
	Adjusted earnings available to common shareholders, on a constant currency basis		$	262				$	278				$	354				$	357				$	349
	(1) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
	(2) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

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	ASIA
	GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Total investments		$	111,719			$	115,433			$	121,224			$	127,178				$	130,734
	Add:
	Cash and cash equivalents		2,510				3,126				3,264				3,406					3,239
	FVA - mortgage loans		—				(47		)		203				359					446
	FVA - real estate and real estate joint ventures		507				529				533				694					703
	Less:
	Policy loans		1,599				1,654				1,644				1,656					1,643
	Other invested assets (including operating joint ventures)		739				334				59				26					40
	Contractholder-directed equity securities and fair value option securities		2,301				2,096				2,148				2,146					2,130
	GA AUM		110,097				114,957				121,373				127,809					131,309
	Less:
	Unrealized gains (losses) on investments carried at estimated fair value		4,942				5,745				8,417				10,747					12,243
	FVA - mortgage loans		—				(47		)		203				359					446
	FVA - real estate and real estate joint ventures		507				529				533				694					703
	GA AUM (excluding FVA)		$	104,648			$	108,730			$	112,220			$	116,009				$	117,917
	GA AUM (excluding FVA), on a constant currency basis		$	105,441			$	108,297			$	112,238			$	114,914				$	117,917
	Add: Operating joint ventures, on a constant currency basis (1)		3,615				3,338				3,945				4,109					4,280
	GA AUM (excluding FVA), including operating joint ventures, on a constant currency basis		$	109,056			$	111,635			$	116,183			$	119,023				$	122,197
	(1) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments.

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	LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Adjusted revenues
	Premiums		$	692			$	681			$	646			$	773			$	703				$	2,079			$	2,122
	Universal life and investment-type product policy fees		229				264				284				280				256					786				820
	Net investment income		339				297				296				360				295					942				951
	Other revenues		7				11				12				11				8					24				31
	Total adjusted revenues		1,267				1,253				1,238				1,424				1,262					3,831				3,924
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		670				626				597				790				656					1,976				2,043
	Interest credited to policyholder account balances		102				99				94				86				74					295				254
	Capitalization of DAC		(97		)		(95		)		(94		)		(100		)		(102		)			(282		)		(296		)
	Amortization of DAC and VOBA		5				73				78				79				58					136				215
	Amortization of negative VOBA		(1		)		—				—				—				—					(1		)		—
	Interest expense on debt		2				1				1				1				—					5				2
	Other expenses		351				369				366				352				356					1,052				1,074
	Total adjusted expenses		1,032				1,073				1,042				1,208				1,042					3,181				3,292
	Adjusted earnings before provision for income tax		235				180				196				216				220					650				632
	Provision for income tax expense (benefit)		65				43				62				57				65					195				184
	Adjusted earnings		170				137				134				159				155					455				448
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	170			$	137			$	134			$	159			$	155				$	455			$	448
	Adjusted premiums, fees and other revenues		$	928			$	956			$	942			$	1,064			$	967				$	2,889			$	2,973

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	LATIN AMERICA
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Direct and allocated expenses		$	128				$	148				$	148				$	134				$	130
	Pension, postretirement and postemployment benefit costs		1					1					1					1					1
	Premium taxes, other taxes, and licenses & fees		16					18					15					14					15
	Commissions and other variable expenses		206					202					202					203					210
	Other expenses, as reported on an adjusted basis		$	351				$	369				$	366				$	352				$	356
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC		$	254				$	274				$	272				$	252				$	254
	Other expenses, as reported on an adjusted basis, on a constant currency basis		$	339				$	365				$	355				$	345				$	356
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis		$	246				$	271				$	264				$	247				$	254
	SALES ON A CONSTANT CURRENCY BASIS
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Mexico		$	75				$	84				$	109				$	83				$	83
	Chile		81					78					72					91					89
	All other		45					57					37					50					53
	Total sales		$	201				$	219				$	218				$	224				$	225
	OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Adjusted premiums, fees and other revenues		$	928				$	956				$	942				$	1,064				$	967
	Adjusted earnings available to common shareholders		$	170				$	137				$	134				$	159				$	155
	Adjusted premiums, fees and other revenues, on a constant currency basis		$	892				$	947				$	912				$	1,040				$	967
	Adjusted earnings available to common shareholders, on a constant currency basis		$	162				$	136				$	128				$	155				$	155

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	EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Adjusted revenues
	Premiums		$	514			$	520			$	542			$	551			$	526				$	1,611			$	1,619
	Universal life and investment-type product policy fees		105				107				103				105				117					324				325
	Net investment income		73				72				74				73				73					221				220
	Other revenues		15				15				14				13				13					51				40
	Total adjusted revenues		707				714				733				742				729					2,207				2,204
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		281				266				284				292				291					861				867
	Interest credited to policyholder account balances		24				25				24				23				25					75				72
	Capitalization of DAC		(109		)		(120		)		(117		)		(126		)		(128		)			(348		)		(371		)
	Amortization of DAC and VOBA		110				110				92				107				128					324				327
	Amortization of negative VOBA		(2		)		(3		)		(1		)		(3		)		(2		)			(12		)		(6		)
	Interest expense on debt		—				—				—				—				—					—				—
	Other expenses		333				355				338				350				341					1,023				1,029
	Total adjusted expenses		637				633				620				643				655					1,923				1,918
	Adjusted earnings before provision for income tax		70				81				113				99				74					284				286
	Provision for income tax expense (benefit)		15				26				27				22				21					62				70
	Adjusted earnings		55				55				86				77				53					222				216
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	55			$	55			$	86			$	77			$	53				$	222			$	216
	Adjusted premiums, fees and other revenues		$	634			$	642			$	659			$	669			$	656				$	1,986			$	1,984

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	EMEA
	OTHER EXPENSES BY MAJOR CATEGORY
				For the Three Months Ended
	Unaudited (In millions)			September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Direct and allocated expenses			$	127				$	135				$	122				$	128				$	115
	Pension, postretirement and postemployment benefit costs			2					2					1					2					2
	Premium taxes, other taxes, and licenses & fees			10					10					8					7					7
	Commissions and other variable expenses			194					208					207					213					217
	Other expenses, as reported on an adjusted basis			$	333				$	355				$	338				$	350				$	341
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC			$	224				$	235				$	221				$	224				$	213
	Other expenses, as reported on an adjusted basis, on a constant currency basis			$	325				$	350				$	333				$	348				$	341
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis			$	219				$	232				$	218				$	223				$	213
	OTHER STATISTICAL INFORMATION
				For the Three Months Ended
	Unaudited (In millions)			September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Adjusted premiums, fees and other revenues			$	634				$	642				$	659				$	669				$	656
	Adjusted earnings available to common shareholders			$	55				$	55				$	86				$	77				$	53
	Adjusted premiums, fees and other revenues, on a constant currency basis			$	619				$	633				$	649				$	665				$	656
	Adjusted earnings available to common shareholders, on a constant currency basis			$	54				$	53				$	84				$	76				$	53
	Total sales on a constant currency basis			$	183				$	197				$	251				$	223				$	207

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	METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Adjusted revenues
	Premiums		$	949			$	1,023			$	927			$	924			$	925				$	2,856			$	2,776
	Universal life and investment-type product policy fees		286				317				274				286				284					901				844
	Net investment income		1,375				1,323				1,287				1,338				1,316					4,056				3,941
	Other revenues		70				45				67				65				52					205				184
	Total adjusted revenues		2,680				2,708				2,555				2,613				2,577					8,018				7,745
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		1,766				1,811				1,648				1,703				1,856					5,022				5,207
	Interest credited to policyholder account balances		238				235				226				227				228					709				681
	Capitalization of DAC		(8		)		(8		)		(6		)		(8		)		(9		)			(28		)		(23		)
	Amortization of DAC and VOBA		13				118				63				80				94					214				237
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		2				3				2				2				2					6				6
	Other expenses		264				266				227				237				223					815				687
	Total adjusted expenses		2,275				2,425				2,160				2,241				2,394					6,738				6,795
	Adjusted earnings before provision for income tax		405				283				395				372				183					1,280				950
	Provision for income tax expense (benefit)		78				60				78				73				34					248				185
	Adjusted earnings		327				223				317				299				149					1,032				765
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	327			$	223			$	317			$	299			$	149				$	1,032			$	765
	Adjusted premiums, fees and other revenues		$	1,305			$	1,385			$	1,268			$	1,275			$	1,261				$	3,962			$	3,804

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	METLIFE HOLDINGS
	FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	LIFE & OTHER (1)
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Balance, beginning of period		$	80,103			$	80,258			$	80,734			$	80,645				$	80,830
	Premiums and deposits (2), (3)		1,234				1,321				1,195				1,167					1,177
	Surrenders and withdrawals		(628		)		(627		)		(617		)		(607		)			(682		)
	Benefit payments		(747		)		(721		)		(843		)		(736		)			(717		)
	Net flows		(141		)		(27		)		(265		)		(176		)			(222		)
	Net transfers from (to) separate account		19				4				12				14					12
	Interest		821				827				823				826					833
	Policy charges		(192		)		(196		)		(191		)		(189		)			(190		)
	Other		(352		)		(132		)		(468		)		(290		)			(145		)
	Balance, end of period		$	80,258			$	80,734			$	80,645			$	80,830				$	81,118
	ANNUITIES		For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Balance, beginning of period		$	20,153			$	19,925			$	19,784			$	19,371				$	19,309
	Premiums and deposits (2), (3)		97				99				111				106					100
	Surrenders and withdrawals		(424		)		(525		)		(497		)		(414		)			(389		)
	Benefit payments		(145		)		(149		)		(173		)		(160		)			(149		)
	Net flows		(472		)		(575		)		(559		)		(468		)			(438		)
	Net transfers from (to) separate account		89				74				89				110					93
	Interest		151				145				141				139					138
	Policy charges		(4		)		(4		)		(4		)		(4		)			(4		)
	Other		8				219				(80		)		161					304
	Balance, end of period		$	19,925			$	19,784			$	19,371			$	19,309				$	19,402
	SEPARATE ACCOUNT LIABILITIES
	LIFE & OTHER
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Balance, beginning of period		$	5,254			$	5,450			$	4,660			$	5,220				$	5,368
	Premiums and deposits (3)		65				66				67				63					62
	Surrenders and withdrawals		(66		)		(56		)		(59		)		(62		)			(61		)
	Benefit payments		(8		)		(21		)		(8		)		(9		)			(9		)
	Net flows		(9		)		(11		)		—				(8		)			(8		)
	Investment performance		294				(713		)		638				241					(9		)
	Net transfers from (to) general account		(19		)		(4		)		(12		)		(14		)			(12		)
	Policy charges		(66		)		(67		)		(65		)		(66		)			(67		)
	Other		(4		)		5				(1		)		(5		)			52
	Balance, end of period		$	5,450			$	4,660			$	5,220			$	5,368				$	5,324
	ANNUITIES
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Balance, beginning of period		$	43,241			$	43,128			$	37,549			$	40,136				$	40,255
	Premiums and deposits (3)		80				90				92				91					77
	Surrenders and withdrawals		(1,149		)		(1,131		)		(978		)		(1,126		)			(1,070		)
	Benefit payments		(101		)		(94		)		(100		)		(106		)			(104		)
	Net flows		(1,170		)		(1,135		)		(986		)		(1,141		)			(1,097		)
	Investment performance		1,369				(4,157		)		3,854				1,574					269
	Net transfers from (to) general account		(89		)		(74		)		(89		)		(110		)			(93		)
	Policy charges		(221		)		(213		)		(191		)		(205		)			(212		)
	Other		(2		)		—				(1		)		1					—
	Balance, end of period		$	43,128			$	37,549			$	40,136			$	40,255				$	39,122
	(1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other.
	(2) Includes premiums and deposits directed to the general account investment option of variable products.
	(3) Includes company-sponsored internal exchanges.

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	METLIFE HOLDINGS
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Direct and allocated expenses		$	175				$	182				$	146				$	154				$	141
	Pension, postretirement and postemployment benefit costs		6					5					8					8					7
	Premium taxes, other taxes, and licenses & fees		20					15					18					18					17
	Commissions and other variable expenses		63					64					55					57					58
	Other expenses, as reported on an adjusted basis		$	264				$	266				$	227				$	237				$	223
	OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions, except ratios)		September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	Life (1)
	Adjusted premiums, fees and other revenues		$	872				$	964				$	849				$	851				$	845
	Interest adjusted benefit ratio		64.6		%			58.0		%			50.0		%			53.9		%			67.5		%
	Lapse Ratio (2)
	Traditional life		5.0		%			5.2		%			4.8		%			4.8		%			4.8		%
	Variable & universal life		4.4		%			4.4		%			4.3		%			4.2		%			4.2		%
	Fixed annuity		7.6		%			8.6		%			10.2		%			10.7		%			10.7		%
	Variable annuity		10.0		%			10.2		%			10.1		%			10.2		%			10.2		%
	(1) Represents traditional life and variable & universal life, components of Life & Other.
	(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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	CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Adjusted revenues
	Premiums		$	(33	)		$	132			$	24			$	16			$	35				$	(14	)		$	75
	Universal life and investment-type product policy fees		—				—				1				—				1					—				2
	Net investment income		58				21				25				44				114					157				183
	Other revenues		86				87				94				82				36					246				212
	Total adjusted revenues		111				240				144				142				186					389				472
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		(38		)		118				20				18				32					(38		)		70
	Interest credited to policyholder account balances		—				—				—				—				—					—				—
	Capitalization of DAC		(2		)		(1		)		(2		)		(4		)		(3		)			(7		)		(9		)
	Amortization of DAC and VOBA		2				1				1				2				2					5				5
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		246				234				229				268				218					798				715
	Other expenses		314				102				222				289				320					805				831
	Total adjusted expenses		522				454				470				573				569					1,563				1,612
	Adjusted earnings before provision for income tax		(411		)		(214		)		(326		)		(431		)		(383		)			(1,174		)		(1,140		)
	Provision for income tax expense (benefit)		(206		)		(226		)		(165		)		(181		)		(192		)			(599		)		(538		)
	Adjusted earnings		(205		)		12				(161		)		(250		)		(191		)			(575		)		(602		)
	Preferred stock dividends		32				57				32				57				32					84				121
	Adjusted earnings available to common shareholders		$	(237	)		$	(45	)		$	(193	)		$	(307	)		$	(223	)			$	(659	)		$	(723	)
	Adjusted premiums, fees and other revenues		$	53			$	219			$	119			$	98			$	72				$	232			$	289
	ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019					September 30, 2018				September 30, 2019
	Business activities		$	13			$	10			$	13			$	12			$	25				$	31			$	50
	Net investment income		107				49				29				46				114					214				189
	Interest expense on debt		(256		)		(245		)		(239		)		(280		)		(229		)			(831		)		(748		)
	Corporate initiatives and projects		(132		)		(137		)		(100		)		(117		)		(151		)			(268		)		(368		)
	Other		(101		)		(90		)		(29		)		(92		)		(142		)			(278		)		(263		)
	Provision for income tax expense (benefit) and other tax-related items		164				425				165				181				192					557				538
	Preferred stock dividends		(32		)		(57		)		(32		)		(57		)		(32		)			(84		)		(121		)
	Adjusted earnings available to common shareholders		$	(237	)		$	(45	)		$	(193	)		$	(307	)		$	(223	)			$	(659	)		$	(723	)

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	INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
			At or For the Three Months Ended
	Unaudited (In millions, except yields)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Fixed Maturity Securities
	Yield (1)		4.30		%		4.23		%		4.23		%		4.30		%			4.15		%
	Investment income (2), (3), (4)		$	2,980			$	2,914			$	2,902			$	2,975				$	2,901
	Investment gains (losses) (3)		106				40				(24		)		138					82
	Ending carrying value (2), (3)		305,520				299,136				309,368				319,696					327,203
	Mortgage Loans
	Yield (1)		4.80		%		4.72		%		4.73		%		4.82		%			4.74		%
	Investment income (4)		859				874				912				943					929
	Investment gains (losses)		4				(24		)		(15		)		14					(16		)
	Ending carrying value		72,461				75,752				78,601				77,997					78,959
	Real Estate and Real Estate Joint Ventures
	Yield (1)		3.67		%		2.83		%		2.04		%		3.62		%			3.53		%
	Investment income (3)		90				70				50				92					91
	Investment gains (losses) (3)		40				172				5				1					96
	Ending carrying value		9,977				9,698				10,022				10,326					10,246
	Policy Loans
	Yield (1)		5.35		%		5.16		%		5.28		%		5.34		%			5.33		%
	Investment income		130				125				128				129					129
	Ending carrying value		9,703				9,699				9,670				9,705					9,671
	Equity Securities
	Yield (1)		4.74		%		6.09		%		5.43		%		5.15		%			4.62		%
	Investment income		14				19				16				16					13
	Investment gains (losses)		18				(96		)		107				(2		)			17
	Ending carrying value		1,479				1,440				1,432				1,476					1,341
	Other Limited Partnership Interests
	Yield (1)		14.86		%		12.47		%		7.59		%		14.28		%			15.37		%
	Investment income (3)		229				203				127				247					279
	Investment gains (losses) (3)		1				—				(1		)		1					3
	Ending carrying value		6,374				6,613				6,787				7,054					7,441
	Cash and Short-term Investments
	Yield (1)		2.79		%		2.67		%		3.08		%		2.39		%			2.31		%
	Investment income		71				66				79				65					62
	Investment gains (losses)		(5		)		2				—				(5		)			(1		)
	Ending carrying value		17,721				19,758				19,030				21,246					22,988
	Other Invested Assets (1)
	Investment income (3)		211				217				203				225					226
	Investment gains (losses) (3)		17				5				(67		)		(38		)			(30		)
	Ending carrying value		16,336				18,190				18,175				20,036					21,979
	Total Investments
	Investment income yield (1)		4.65		%		4.54		%		4.44		%		4.66		%			4.57		%
	Investment fees and expenses yield		(0.12		)%		(0.12		)%		(0.14		)%		(0.14		)%			(0.13		)%
	Net Investment Income Yield (1), (3)		4.53		%		4.42		%		4.30		%		4.52		%			4.44		%
	Investment income		$	4,584			$	4,488			$	4,417			$	4,692				$	4,630
	Investment fees and expenses		(121		)		(113		)		(136		)		(138		)			(134		)
	Net investment income including Divested businesses		4,463				4,375				4,281				4,554					4,496
	Less: Net investment income from Divested businesses		1				—				—				—					23
	Net Investment Income, as reported on an adjusted basis (3)		$	4,462			$	4,375			$	4,281			$	4,554				$	4,473
	Ending Carrying Value (3)		$	439,571			$	440,286			$	453,085			$	467,536				$	479,828
	Gross investment gains		$	443			$	569			$	375			$	328				$	332
	Gross investment losses		(232		)		(440		)		(271		)		(189		)			(159		)
	Writedowns		(30		)		(30		)		(99		)		(30		)			(22		)
	Investment Portfolio Gains (Losses) (3)		181				99				5				109					151
	Investment portfolio gains (losses) income tax (expense) benefit		(77		)		(10		)		(17		)		(26		)			(64		)
	Investment Portfolio Gains (Losses), Net of Income Tax		$	104			$	89			$	(12	)		$	83				$	87
	Derivative gains (losses) (3)		$	(497	)		$	824			$	15			$	614				$	1,141
	Derivative gains (losses) income tax (expense) benefit		125				(201		)		(18		)		(150		)			(259		)
	Derivative Gains (Losses), Net of Income Tax		$	(372	)		$	623			$	(3	)		$	464				$	882
	(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed equity securities. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
	(2) Fixed maturity securities includes $680 million, $871 million, $958 million, $1,007 million and $1,154 million in ending carrying value, and $11 million, $26 million, $55 million, $38 million and $59 million of investment income related to fair value option securities at or for the three months ended September 30, 2018, December 31, 2018, March 31, 2019, June 30, 2019 and September 30, 2019, respectively.
	(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed equity securities of $12,855 million, $11,741 million, $12,284 million, $11,990 million and $11,514 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $5 million, $4 million, $3 million, $3 million and $3 million at September 30, 2018, December 31, 2018, March 31, 2019, June 30, 2019 and September 30, 2019, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:
			For the Three Months Ended
			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Net investment gains (losses) - GAAP basis		$	117			$	145			$	15			$	61				$	161
	Less: Operating joint venture adjustments		—				—				—				—					—
	Less: Partnerships at fair value		12				6				(15		)		3					(1		)
	Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis		(76		)		40				25				(51		)			11
	Investment portfolio gains (losses) - in above yield table		$	181			$	99			$	5			$	109				$	151
			For the Three Months Ended
			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Net derivative gains (losses) - GAAP basis		$	(378	)		$	939			$	115			$	724				$	1,254
	Less: Investment hedge adjustments		125				121				105				118					121
	Less: Settlement of foreign currency earnings hedges		(5		)		(5		)		(2		)		(2		)			(3		)
	Less: PAB hedge adjustments		(1		)		(1		)		(3		)		(6		)			(5		)
	Derivative gains (losses) - in above yield table		$	(497	)		$	824			$	15			$	614				$	1,141
	(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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	INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
			At or For the Year-to-Date Period Ended
	Unaudited (In millions, except yields)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Fixed Maturity Securities
	Yield (1)		4.26		%		4.26		%		4.23		%		4.27		%			4.23		%
	Investment income (2), (3), (4)		$	8,764			$	11,678			$	2,902			$	5,877				$	8,778
	Investment gains (losses) (3)		(35		)		5				(24		)		114					196
	Ending carrying value (2), (3)		305,520				299,136				309,368				319,696					327,203
	Mortgage Loans
	Yield (1)		4.64		%		4.66		%		4.73		%		4.77		%			4.76		%
	Investment income (4)		2,466				3,340				912				1,855					2,784
	Investment gains (losses)		(32		)		(56		)		(15		)		(1		)			(17		)
	Ending carrying value		72,461				75,752				78,601				77,997					78,959
	Real Estate and Real Estate Joint Ventures
	Yield (1)		3.84		%		3.59		%		2.04		%		2.84		%			3.08		%
	Investment income (3)		282				352				50				142					233
	Investment gains (losses) (3)		154				326				5				6					102
	Ending carrying value		9,977				9,698				10,022				10,326					10,246
	Policy Loans
	Yield (1)		5.23		%		5.21		%		5.28		%		5.31		%			5.32		%
	Investment income		381				506				128				257					386
	Ending carrying value		9,703				9,699				9,670				9,705					9,671
	Equity Securities
	Yield (1)		4.41		%		4.79		%		5.43		%		5.29		%			5.07		%
	Investment income		45				64				16				32					45
	Investment gains (losses)		21				(75		)		107				105					122
	Ending carrying value		1,479				1,440				1,432				1,476					1,341
	Other Limited Partnership Interests
	Yield (1)		13.15		%		12.97		%		7.59		%		10.99		%			12.51		%
	Investment income (3)		589				792				127				374					653
	Investment gains (losses) (3)		9				9				(1		)		—					3
	Ending carrying value		6,374				6,613				6,787				7,054					7,441
	Cash and Short-term Investments
	Yield (1)		2.33		%		2.41		%		3.08		%		2.73		%			2.58		%
	Investment income		178				244				79				144					206
	Investment gains (losses)		(8		)		(6		)		—				(5		)			(6		)
	Ending carrying value		17,721				19,758				19,030				21,246					22,988
	Other Invested Assets (1)
	Investment income (3)		670				887				203				428					654
	Investment gains (losses) (3)		(167		)		(162		)		(67		)		(105		)			(135		)
	Ending carrying value		16,336				18,190				18,175				20,036					21,979
	Total Investments
	Investment income yield (1)		4.57		%		4.56		%		4.44		%		4.55		%			4.55		%
	Investment fees and expenses yield		(0.13		)%		(0.12		)%		(0.14		)%		(0.14		)%			(0.14		)%
	Net Investment Income Yield (1), (3)		4.44		%		4.44		%		4.30		%		4.41		%			4.41		%
	Investment income		$	13,375			$	17,863			$	4,417			$	9,109				$	13,739
	Investment fees and expenses		(366		)		(479		)		(136		)		(274		)			(408		)
	Net investment income including Divested businesses		13,009				17,384				4,281				8,835					13,331
	Less: Net investment income from Divested businesses		1				1				—				—					23
	Net Investment Income, as reported on an adjusted basis (3)		$	13,008			$	17,383			$	4,281			$	8,835				$	13,308
	Ending Carrying Value (3)		$	439,571			$	440,286			$	453,085			$	467,536				$	479,828
	Gross investment gains		$	930			$	1,499			$	375			$	703				$	1,035
	Gross investment losses		(839		)		(1,279		)		(271		)		(460		)			(619		)
	Writedowns		(149		)		(179		)		(99		)		(129		)			(151		)
	Investment Portfolio Gains (Losses) (3)		(58		)		41				5				114					265
	Investment portfolio gains (losses) income tax (expense) benefit		(65		)		(75		)		(17		)		(43		)			(107		)
	Investment Portfolio Gains (Losses), Net of Income Tax		$	(123	)		$	(34	)		$	(12	)		$	71				$	158
	Derivative gains (losses) (3)		$	(425	)		$	399			$	15			$	629				$	1,770
	Derivative gains (losses) income tax (expense) benefit		98				(103		)		(18		)		(168		)			(427		)
	Derivative Gains (Losses), Net of Income Tax		$	(327	)		$	296			$	(3	)		$	461				$	1,343
	(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed equity securities. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
	(2) Fixed maturity securities includes $680 million, $871 million, $958 million, $1,007 million and $1,154 million in ending carrying value, and $25 million, $51 million, $55 million, $93 million and $152 million of investment income related to fair value option securities at or for the year-to-date period ended September 30, 2018, December 31, 2018, March 31, 2019, June 30, 2019 and September 30, 2019, respectively.
	(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed equity securities of $12,855 million, $11,741 million, $12,284 million, $11,990 million and $11,514 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $5 million, $4 million, $3 million, $3 million and $3 million at September 30,2018, December 31, 2018, March 31, 2019, June 30, 2019 and September 30, 2019, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:
			For the Year-to-Date Period Ended
			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Net investment gains (losses) - GAAP basis		$	(443	)		$	(298	)		$	15			$	76				$	237
	Less: Operating joint venture adjustments		(1		)		(1		)		—				—					—
	Less: Partnerships at fair value		6				12				(15		)		(12		)			(13		)
	Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis		(390		)		(350		)		25				(26		)			(15		)
	Investment portfolio gains (losses) - in above yield table		$	(58	)		$	41			$	5			$	114				$	265
			For the Year-to-Date Period Ended
			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019
	Net derivative gains (losses) - GAAP basis		$	(88	)		$	851			$	115			$	839				$	2,093
	Less: Investment hedge adjustments		354				475				105				223					344
	Less: Settlement of foreign currency earnings hedges		(14		)		(19		)		(2		)		(4		)			(7		)
	Less: PAB hedge adjustments		(3		)		(4		)		(3		)		(9		)			(14		)
	Derivative gains (losses) - in above yield table		$	(425	)		$	399			$	15			$	629				$	1,770
	(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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	INVESTMENTS
	SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
					September 30, 2018							December 31, 2018							March 31, 2019							June 30, 2019								September 30, 2019
	Unaudited (In millions, except ratios)				Amount				% of Total			Amount				% of Total			Amount				% of Total			Amount				% of Total				Amount				% of Total
	U.S. corporate securities				$	83,795			27.5	%		$	78,948			26.4	%		$	80,146			26.0	%		$	83,712			26.3	%			$	87,114			26.7	%
	Foreign government securities				60,472				19.8	%		62,288				20.9	%		64,955				21.1	%		67,554				21.2	%			67,547				20.7	%
	Foreign corporate securities				54,220				17.8	%		56,703				19.0	%		59,945				19.4	%		62,398				19.6	%			63,100				19.3	%
	U.S. government and agency securities				45,572				14.9	%		39,322				13.2	%		41,008				13.3	%		40,003				12.6	%			40,802				12.5	%
	Residential mortgage-backed securities				27,658				9.1	%		27,961				9.4	%		28,360				9.2	%		29,049				9.1	%			29,591				9.1	%
	Asset-backed securities				12,815				4.2	%		12,472				4.2	%		12,631				4.1	%		13,712				4.3	%			14,345				4.4	%
	Municipals				11,600				3.8	%		11,533				3.9	%		11,898				3.8	%		12,255				3.8	%			12,942				4.0	%
	Commercial mortgage-backed securities				8,708				2.9	%		9,038				3.0	%		9,467				3.1	%		10,006				3.1	%			10,608				3.3	%
	Total Fixed Maturity Securities Available-For-Sale				$	304,840			100.0	%		$	298,265			100.0	%		$	308,410			100.0	%		$	318,689			100.0	%			$	326,049			100.0	%
	NAIC		NRSRO
	DESIGNATION		RATING
	1		Aaa / Aa / A		$	213,898			70.2	%		$	208,806			70.0	%		$	216,343			70.1	%		$	223,594			70.2	%			$	229,104			70.3	%
	2		Baa		74,059				24.3	%		73,141				24.5	%		75,769				24.6	%		78,943				24.8	%			81,478				25.0	%
	3		Ba		11,042				3.6	%		11,158				3.7	%		11,350				3.7	%		11,490				3.6	%			11,400				3.5	%
	4		B		5,062				1.7	%		4,498				1.6	%		4,324				1.4	%		4,176				1.3	%			3,423				1.0	%
	5		Caa and lower		755				0.2	%		647				0.2	%		591				0.2	%		451				0.1	%			609				0.2	%
	6		In or near default		24				—	%		15				—	%		33				—	%		35				—	%			35				—	%
	Total Fixed Maturity Securities Available-For-Sale (1)				$	304,840			100.0	%		$	298,265			100.0	%		$	308,410			100.0	%		$	318,689			100.0	%			$	326,049			100.0	%
	GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
	FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (2)
					September 30, 2018							December 31, 2018							March 31, 2019							June 30, 2019								September 30, 2019
	Unaudited (In millions, except ratios)				Amount				% of Total			Amount				% of Total			Amount				% of Total			Amount				% of Total				Amount				% of Total
	Less than 20%				$	4,924			94.4	%		$	5,340			89.7	%		$	2,563			91.2	%		$	1,542			80.6	%			$	1,499			73.3	%
	20% or more for less than six months				214				4.1	%		460				7.7	%		135				4.8	%		215				11.2	%			370				18.1	%
	20% or more for six months or greater				77				1.5	%		155				2.6	%		113				4.0	%		156				8.2	%			176				8.6	%
	Total Gross Unrealized Losses				$	5,215			100.0	%		$	5,955			100.0	%		$	2,811			100.0	%		$	1,913			100.0	%			$	2,045			100.0	%
	Total Gross Unrealized Gains				$	16,787						$	17,404						$	22,662						$	29,373							$	34,964
	(1) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities and commercial mortgage-backed securities) held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting reflect designations based on revised NAIC methodologies. The NAIC's present methodology is to evaluate certain structured securities held by insurers using the revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.
	(2) MetLife's review of its fixed maturity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for six months or greater.

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	INVESTMENTS
	SUMMARY OF MORTGAGE LOANS
	Unaudited (In millions)		September 30, 2018							December 31, 2018							March 31, 2019							June 30, 2019								September 30, 2019
	Commercial mortgage loans		$	47,460						$	48,463						$	49,960						$	49,570							$	49,898
	Agricultural mortgage loans		13,677							14,905							15,130							15,334								15,752
	Residential mortgage loans		11,660							12,726							13,861							13,450								13,659
	Total Mortgage Loans		72,797							76,094							78,951							78,354								79,309
	Valuation allowances		(336		)					(342		)					(350		)					(357		)						(350		)
	Total Mortgage Loans, net		$	72,461						$	75,752						$	78,601						$	77,997							$	78,959
	SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
			September 30, 2018							December 31, 2018							March 31, 2019							June 30, 2019								September 30, 2019
	Unaudited (In millions, except ratios)		Amount				% of Total			Amount				% of Total			Amount				% of Total			Amount				% of Total				Amount				% of Total
	Pacific		$	10,878			22.9	%		$	10,884			22.5	%		$	10,683			21.4	%		$	10,511			21.2	%			$	10,079			20.2	%
	Non-U.S.		9,497				20.0	%		9,281				19.1	%		9,727				19.5	%		9,463				19.1	%			9,480				19.0	%
	Middle Atlantic		7,434				15.7	%		7,911				16.3	%		7,873				15.7	%		7,952				16.0	%			8,210				16.4	%
	South Atlantic		5,789				12.2	%		6,347				13.1	%		6,427				12.9	%		6,459				13.0	%			6,896				13.8	%
	West South Central		4,001				8.4	%		3,951				8.1	%		4,299				8.6	%		4,386				8.9	%			4,454				8.9	%
	East North Central		2,768				5.8	%		2,840				5.9	%		3,269				6.5	%		3,245				6.6	%			3,225				6.5	%
	Mountain		1,378				2.9	%		1,387				2.9	%		1,501				3.0	%		1,729				3.5	%			1,774				3.6	%
	New England		1,141				2.4	%		1,481				3.1	%		1,479				3.0	%		1,628				3.3	%			1,705				3.4	%
	West North Central		596				1.3	%		594				1.2	%		594				1.2	%		593				1.2	%			592				1.2	%
	East South Central		1,072				2.3	%		564				1.2	%		563				1.1	%		563				1.1	%			530				1.1	%
	Multi-Region and Other		2,906				6.1	%		3,223				6.6	%		3,545				7.1	%		3,041				6.1	%			2,953				5.9	%
	Total		$	47,460			100.0	%		$	48,463			100.0	%		$	49,960			100.0	%		$	49,570			100.0	%			$	49,898			100.0	%
	Office		$	24,096			50.8	%		$	23,995			49.5	%		$	24,514			49.1	%		$	23,755			47.9	%			$	23,455			47.0	%
	Retail		8,701				18.3	%		9,089				18.7	%		9,387				18.8	%		9,577				19.3	%			9,707				19.5	%
	Apartment		6,416				13.5	%		7,018				14.5	%		6,943				13.9	%		6,960				14.1	%			6,906				13.8	%
	Industrial		3,775				8.0	%		3,719				7.7	%		3,761				7.5	%		3,748				7.6	%			4,226				8.5	%
	Hotel		3,327				7.0	%		3,479				7.2	%		3,716				7.4	%		3,688				7.4	%			3,617				7.2	%
	Other		1,145				2.4	%		1,163				2.4	%		1,639				3.3	%		1,842				3.7	%			1,987				4.0	%
	Total		$	47,460			100.0	%		$	48,463			100.0	%		$	49,960			100.0	%		$	49,570			100.0	%			$	49,898			100.0	%

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Appendix

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	APPENDIX METLIFE RECONCILIATION DETAIL
			For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019					September 30, 2018				September 30, 2019
	Reconciliation to Adjusted Earnings Available to Common Shareholders
	Net income (loss) available to MetLIfe, Inc.'s common shareholders		$	880			$	2,010			$	1,349			$	1,684				$	2,152				$	2,972			$	5,185
	Add: Preferred stock dividends		32				57				32				57					32					84				121
	Add: Net Income (loss) attributable to noncontrolling interests		3				(5		)		4				5					6					10				15
	Less: Income (loss) from discontinued operations, net of income tax		—				—				—				—					—					—				—
	Income (loss) from continuing operations, net of income tax		915				2,062				1,385				1,746					2,190					$	3,066			$	5,321
	Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
	Net investment gains (losses)		117				145				15				61					161					(443		)		237
	Net derivative gains (losses)		(378		)		939				115				724					1,254					(88		)		2,093
	Premiums - Divested businesses		—				—				—				—					35					—				35
	Universal life and investment-type product policy fees
	Unearned revenue adjustments		11				(8		)		—				20					59					1				79
	GMIB fees		32				27				27				28					27					93				82
	Divested businesses		—				—				—				—					2					7				2
	Net investment income
	Investment hedge adjustments		(125		)		(121		)		(105		)		(118		)			(121		)			(354		)		(344		)
	Operating joint venture adjustments		—				—				—				—					—					1				—
	Unit-linked contract income		149				(765		)		736				261					250					82				1,247
	Securitization entities income		—				—				—				—					—					—				—
	Certain partnership distributions		(1		)		(27		)		(4		)		(4		)			(2		)			(34		)		(10		)
	Divested businesses		1				—				—				—					23					1				23
	Other revenues
	Settlement of foreign currency earnings hedges		5				5				2				2					3					14				7
	TSA fees		78				70				68				69					69					235				206
	Divested businesses		—				—				—				—					—					—				—
	Policyholder benefits and claims and policyholder dividends
	PBC hedge adjustments		—				—				—				—					(9		)			—				(9		)
	PDO adjustments		—				—				—				—					—					—				—
	Inflation and pass-through adjustments		13				(1		)		(79		)		(84		)			(87		)			(28		)		(250		)
	GMIB costs		(168		)		78				(56		)		(39		)			47					(224		)		(48		)
	Market value adjustments		—				1				4				11					(3		)			—				12
	Divested businesses		—				—				—				—					(34		)			—				(34		)
	Interest credited to policyholder account balances
	PAB hedge adjustments		1				1				3				6					5					3				14
	Unit-linked contract costs		(133		)		730				(716		)		(257		)			(223		)			(54		)		(1,196		)
	Divested businesses		—				—				—				—					(8		)			—				(8		)
	Capitalization of DAC - Divested businesses		—				—				—				—					11					1				11
	Amortization of DAC and VOBA
	Related to NIGL and NDGL		(89		)		(44		)		24				5					(39		)			(65		)		(10		)
	Related to GMIB fees and GMIB costs		(19		)		(68		)		7				3					—					(38		)		10
	Related to market value adjustments		—				—				—				—					—					—				—
	Divested businesses		—				—				—				—					(2		)			—				(2		)
	Amortization of negative VOBA
	Related to market value adjustments		—				—				—				—					—					1				—
	Divested businesses		—				—				—				—					—					—				—
	Interest expense on debt
	Securitization entities debt expense		—				—				—				—					—					—				—
	Divested businesses		(15		)		(18		)		—				—					—					(45		)		—
	Other expenses
	Noncontrolling interest		3				(5		)		6				6					8					15				20
	Regulatory implementation costs		(3		)		(5		)		(3		)		(7		)			(5		)			(6		)		(15		)
	Acquisition, integration and other costs		(13		)		14				(23		)		(6		)			(8		)			(38		)		(37		)
	TSA fees		(78		)		(70		)		(68		)		(69		)			(69		)			(235		)		(206		)
	Divested businesses		(9		)		4				—				(6		)			(36		)			(72		)		(42		)
	Goodwill impairment		—				—				—				—					—					—				—
	Provision for income tax (expense) benefit		128				(213		)		(24		)		(236		)			(340		)			127				(600		)
	Adjusted earnings		1,408				1,393				1,456				1,376					1,222					4,209				4,054
	Less: Preferred stock dividends		32				57				32				57					32					84				121
	Adjusted earnings available to common shareholders		$	1,376			$	1,336			$	1,424			$	1,319				$	1,190				$	4,125			$	3,933

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	APPENDIX METLIFE NOTABLE ITEMS (1)
	METLIFE TOTAL
			For the Three Months Ended																								For the Year-to-Date Period Ended
	Unaudited (In millions)			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019						September 30, 2018				September 30, 2019
	Actuarial assumption review and other insurance adjustments			$	(68	)		$	—			$	—			$	—				$	(160	)				$	(6	)		$	(160	)
	Litigation reserves & settlement costs			—				(60		)		—				—					—						—				—
	Expense initiative costs			(88		)		(100		)		(55		)		(70		)			(88		)				(184		)		(213		)
	Tax adjustments			—				247				—				—					—						—				—
	Total notable items			$	(156	)		$	87			$	(55	)		$	(70	)			$	(248	)				$	(190	)		$	(373	)
	U.S.
			For the Three Months Ended																								For the Year-to-Date Period Ended
	Unaudited (In millions)			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019						September 30, 2018				September 30, 2019
	Actuarial assumption review and other insurance adjustments			$	37			$	—			$	—			$	—				$	—					$	37			$	—
	Total notable items			$	37			$	—			$	—			$	—				$	—					$	37			$	—
		GROUP BENEFITS
			For the Three Months Ended																								For the Year-to-Date Period Ended
		Unaudited (In millions)		September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019						September 30, 2018				September 30, 2019
		Actuarial assumption review and other insurance adjustments		$	37			$	—			$	—			$	—				$	—					$	37			$	—
		Total notable items		$	37			$	—			$	—			$	—				$	—					$	37			$	—
	(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

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	APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
	ASIA
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019						September 30, 2018					September 30, 2019
	Actuarial assumption review and other insurance adjustments			$	(86	)		$	—			$	—			$	—				$	(19	)				$	(86	)			$	(19	)
	Total notable items			$	(86	)		$	—			$	—			$	—				$	(19	)				$	(86	)			$	(19	)
	LATIN AMERICA
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019						September 30, 2018					September 30, 2019
	Actuarial assumption review and other insurance adjustments			$	28			$	—			$	—			$	—				$	10					$	28				$	10
	Total notable items			$	28			$	—			$	—			$	—				$	10					$	28				$	10
	EMEA
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019						September 30, 2018					September 30, 2019
	Actuarial assumption review and other insurance adjustments			$	(23	)		$	—			$	—			$	—				$	(13	)				$	(23	)			$	(13	)
	Total notable items			$	(23	)		$	—			$	—			$	—				$	(13	)				$	(23	)			$	(13	)
	METLIFE HOLDINGS
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019						September 30, 2018					September 30, 2019
	Actuarial assumption review and other insurance adjustments			$	(24	)		$	—			$	—			$	—				$	(138	)				$	38				$	(138	)
	Total notable items			$	(24	)		$	—			$	—			$	—				$	(138	)				$	38				$	(138	)
	CORPORATE & OTHER
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019					September 30, 2019						September 30, 2018					September 30, 2019
	Litigation reserves & settlement costs			$	—			$	(60	)		$	—			$	—				$	—					$	—				$	—
	Expense initiative costs			(88		)		(100		)		(55		)		(70		)			(88		)				(184		)			(213		)
	Tax adjustments			—				247				—				—					—						—					—
	Total notable items			$	(88	)		$	87			$	(55	)		$	(70	)			$	(88	)				$	(184	)			$	(213	)
	(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

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	APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
	Unaudited (In millions)	September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019
	Total MetLife, Inc.'s stockholders' equity	$	51,625			$	52,741			$	58,509			$	63,811			$	68,368
	Less: Preferred stock	3,340				3,340				3,340				3,340				3,340
	MetLife, Inc.'s common stockholders' equity	48,285				49,401				55,169				60,471				65,028
	Less: Net unrealized investment gains (losses), net of income tax	7,946				8,655				13,862				18,381				22,330
	Defined benefit plans adjustment, net of income tax	(2,051		)		(2,028		)		(2,004		)		(1,984		)		(1,961		)
	Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	42,390			$	42,774			$	43,311			$	44,074			$	44,659
	Less: Goodwill, net of income tax	9,147				9,133				9,082				9,071				8,955
	VODA and VOCRA, net of income tax	316				312				298				288				279
	Total MetLife, Inc.'s tangible common stockholders' equity	$	32,927			$	33,329			$	33,931			$	34,715			$	35,425
	Unaudited (In millions, except per share data)	September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019
	Book value per common share	$	48.94			$	51.53			$	58.06			$	64.61			$	70.71
	Less: Net unrealized investment gains (losses), net of income tax	8.05				9.03				14.59				19.64				24.28
	Defined benefit plans adjustment, net of income tax	(2.08		)		(2.12		)		(2.11		)		(2.12		)		(2.13		)
	Book value per common share, excluding AOCI other than FCTA	$	42.97			$	44.62			$	45.58			$	47.09			$	48.56
	Less: Goodwill, net of income tax	9.28				9.52				9.56				9.69				9.74
	VODA and VOCRA, net of income tax	0.32				0.33				0.31				0.31				0.30
	Book value per common share - tangible common stockholders' equity	$	33.37			$	34.77			$	35.71			$	37.09			$	38.52
	Common shares outstanding, end of period	986.6				958.6				950.2				935.9				919.6
		For the Three Months Ended (1)
	Unaudited (In millions, except ratios)	September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019
	Return on MetLife, Inc.'s:
	Common stockholders' equity	7.1		%		16.5		%		10.3		%		11.6		%		13.7		%
	Common stockholders' equity, excluding AOCI other than FCTA	8.3		%		18.9		%		12.5		%		15.4		%		19.4		%
	Tangible common stockholders' equity (2)	10.8		%		24.4		%		16.2		%		19.7		%		24.6		%
	Adjusted return on MetLife, Inc.'s:
	Common stockholders' equity	11.2		%		10.9		%		10.9		%		9.1		%		7.6		%
	Common stockholders' equity, excluding AOCI other than FCTA	12.9		%		12.5		%		13.2		%		12.1		%		10.7		%
	Tangible common stockholders' equity (2)	16.8		%		16.2		%		17.1		%		15.5		%		13.7		%
	Average common stockholders' equity	$	49,289			$	48,843			$	52,285			$	57,820			$	62,750
	Average common stockholders' equity, excluding AOCI other than FCTA	$	42,580			$	42,582			$	43,043			$	43,693			$	44,367
	Average tangible common stockholders' equity	$	33,075			$	33,128			$	33,630			$	34,323			$	35,070
	(1) Annualized using quarter-to-date results.
	(2) Net income (loss) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders used to calculate returns on tangible common stockholders' equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended September 30, 2018, December 31, 2018, March 31, 2019, June 30, 2019 and September 30, 2019 of $10 million, $9 million, $10 million, $9 million and $9 million, respectively.

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	APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
	ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
				For the Three Months Ended
	Unaudited (In millions)			September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	U.S. (1)			$	6,889				$	5,725				$	6,058				$	6,731				$	7,391
	ASIA			2,157					2,145					2,144					2,086					2,098
	LATIN AMERICA			892					947					912					1,040					967
	EMEA			619					633					649					665					656
	METLIFE HOLDINGS (1)			1,305					1,385					1,268					1,275					1,261
	CORPORATE & OTHER (1)			53					219					119					98					72
	Adjusted premiums, fees and other revenues, on a constant currency basis			$	11,915				$	11,054				$	11,150				$	11,895				$	12,445
	Adjusted premiums, fees and other revenues			$	11,938				$	11,022				$	11,167				$	11,900				$	12,445
	ASIA (including operating joint ventures) (2), (3)			$	2,371				$	2,394				$	2,386				$	2,363				$	2,348
	OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
				For the Three Months Ended
	Unaudited (In millions)			September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	U.S. (1)			$	982				$	994				$	993				$	1,009				$	1,004
	ASIA			957					994					963					966					955
	LATIN AMERICA			339					365					355					345					356
	EMEA			325					350					333					348					341
	METLIFE HOLDINGS (1)			264					266					227					237					223
	CORPORATE & OTHER (1)			314					102					222					289					320
	Other expenses, as reported on an adjusted basis, on a constant currency basis			$	3,181				$	3,071				$	3,093				$	3,194				$	3,199
	Other expenses, as reported on an adjusted basis			$	3,187				$	3,055				$	3,101				$	3,192				$	3,199
	ASIA (including operating joint ventures) (2), (3)			$	1,049				$	1,100				$	1,067				$	1,073				$	1,059
	ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
				For the Three Months Ended
	Unaudited (In millions)			September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019
	U.S. (1)			$	795				$	685				$	724				$	732				$	707
	ASIA			262					278					354					357					349
	LATIN AMERICA			162					136					128					155					155
	EMEA			54					53					84					76					53
	METLIFE HOLDINGS (1)			327					223					317					299					149
	CORPORATE & OTHER (1)			(237		)			(45		)			(193		)			(307		)			(223		)
	Adjusted earnings available to common shareholders on a constant currency basis			$	1,363				$	1,330				$	1,414				$	1,312				$	1,190
	Adjusted earnings available to common shareholders			$	1,376				$	1,336				$	1,424				$	1,319				$	1,190
	(1) Amounts on a reported basis, as constant currency impact is not significant.
	(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
	(3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
	Non-GAAP financial measures:		Comparable GAAP financial measures:
	(i)	total adjusted revenues	(i)	total revenues
	(ii)	total adjusted expenses	(ii)	total expenses
	(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
	(iv)	adjusted premiums, fees & other revenues, excluding PRT	(iv)	premiums, fees and other revenues
	(v)	net investment income, as reported on an adjusted basis	(v)	net investment income
	(vi)	adjusted earnings	(vi)	income (loss) from continuing operations, net of income tax
	(vii)	adjusted earnings available to common shareholders	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders
	(viii)	adjusted earnings available to common shareholders per diluted common share	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
	(ix)	adjusted return on equity	(ix)	return on equity
	(x)	adjusted return on equity, excluding AOCI other than FCTA	(x)	return on equity
	(xi)	adjusted tangible return on equity	(xi)	return on equity
	(xii)	investment portfolio gains (losses)	(xii)	net investment gains (losses)
	(xiii)	derivative gains (losses)	(xiii)	net derivative gains (losses)
	(xiv)	capitalization of DAC, as reported on an adjusted basis	(xiv)	capitalization of DAC
	(xv)	total MetLife, Inc.’s tangible common stockholders’ equity	(xv)	total MetLife, Inc.’s stockholders’ equity
	(xvi)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xvi)	total MetLife, Inc.’s stockholders’ equity
	(xvii)	book value per common share, excluding AOCI other than FCTA	(xvii)	book value per common share
	(xviii)	book value per common share - tangible common stockholders' equity	(xviii)	book value per common share
	(xix)	other expenses, as reported on an adjusted basis	(xix)	other expenses
	(xx)	other expenses, net of capitalization of DAC, as reported on an adjusted basis	(xx)	other expenses, net of capitalization of DAC
	(xxi)	other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	(xxi)	other expenses, net of capitalization of DAC
	(xxii)	adjusted expense ratio	(xxii)	expense ratio
	(xxiii)	adjusted expense ratio, excluding total notable items related to other expenses and PRT	(xxiii)	expense ratio
	(xxiv)	direct expenses	(xxiv)	other expenses
	(xxv)	direct expenses, excluding total notable items related to direct expenses	(xxv)	other expenses
	(xxvi)	direct expense ratio	(xxvi)	expense ratio
	(xxvii)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxvii)	expense ratio
	(xxviii)	GA AUM	(xxviii)	total investments
	(xxix)	GA AUM (excluding FVA)	(xxix)	total investments
	Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
	Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com. Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies: Adjusted earnings and related measures
	•	adjusted earnings;
	•	adjusted earnings available to common shareholders;
	•	adjusted earnings available to common shareholders per diluted common share; and
	•	adjusted earnings available to common shareholders on a constant currency basis.
	These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its Business Plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
	Adjusted revenues and adjusted expenses
	These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.
	The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
	•	Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
	•	Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed equity securities (“Unit-linked contract income”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP ("Certain partnership distributions"); and
	•	Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").
	The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
	•	Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits ("PBC hedge adjustments"), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (“Inflation and pass-through adjustments”), (iv) benefits and hedging costs related to GMIBs (“GMIB costs”), and (v) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
	•	Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (“Unit-linked contract costs”);
	•	Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
	•	Amortization of negative VOBA excludes amounts related to Market value adjustments;
	•	Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
	•	Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirement costs (“Regulatory implementation costs”) and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.
	Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
	Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, goodwill impairment or changes in estimated fair value. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
	Return on equity, allocated equity, tangible equity and related measures
	•	Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
	•	Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
	•	Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA : net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA): adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA).
	•	Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
	•	Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
		The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.
	•	Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
	•	Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders’ equity.
	•	Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
	•	Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
	•	Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
		The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
	Expense ratio, direct expense ratio, adjusted expense ratio and related measures
	•	Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
	•	Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.
	•	Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
	•	Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues.
	•	Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
	General account assets under management and related measures
	GA AUM are used by MetLife to describe assets in its GA investment portfolio which are actively managed and stated at estimated fair value. MetLife believes the use of GA AUM enhances the understanding and comparability of its GA investment portfolio. GA AUM are comprised of GA total investments and cash and cash equivalents, excluding policy loans, other invested assets, contractholder-directed equity securities and fair value option securities, as substantially all of these assets are not actively managed in MetLife’s GA investment portfolio. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from GA AUM.
	GA AUM (excluding FVA) excludes the following FVA: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. MetLife believes that the use of GA AUM (excluding FVA) enhances the understanding of the value of GA AUM without regard to the impact of market volatility.
	Other items
	The following additional information is relevant to an understanding of our performance results:
	•	Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

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	METLIFE ACRONYMS
	AOCI	Accumulated other comprehensive income (loss)
	CSE	Consolidated securitization entity
	DAC	Deferred policy acquisition costs
	EMEA	Europe, the Middle East and Africa
	FVA	Fair value adjustments
	FCTA	Foreign currency translation adjustments
	GA	General account
	GA AUM	General account assets under management
	GAAP	Accounting principles generally accepted in the United States of America
	GICs	Guaranteed interest contracts
	GMIB	Guaranteed minimum income benefits
	NAIC	National Association of Insurance Commissioners
	NDGL	Net derivative gains (losses)
	NIGL	Net investment gains (losses)
	NRSRO	Nationally Recognized Statistical Rating Organizations
	PAB	Policyholder account balances
	PBC	Policyholder benefits and claims
	PDO	Policyholder dividend obligation
	PRT	Pension risk transfers
	QFS	Quarterly financial supplement
	TSA	Transition service agreement
	VIE	Variable interest entity
	VOBA	Value of business acquired
	VOCRA	Value of customer relationships acquired
	VODA	Value of distribution agreements

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