Exhibit

Exhibit 99.2

First Quarter

Financial Supplement

March 31, 2020




	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	32
	Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	33
	Footnotes	34

	APPENDIX
	Reconciliation Detail	A-1
	Notable Items	A-2
	Equity Details, Book Value Details and Return on Equity	A-3
	Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-4
	Non-GAAP and Other Financial Disclosures	A-5
	Acronyms	A-8

Table of Contents




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)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Revenues
Premiums		$	9,405		$	10,129		$	10,781		$	11,920		$	9,466		$	9,405		$	9,466
Universal life and investment-type product policy fees		1,365			1,412			1,440			1,386			1,431			1,365			1,431
Net investment income		4,908			4,693			4,623			4,644			3,061			4,908			3,061
Other revenues		494			478			419			451			439			494			439
Net investment gains (losses)		15			61			161			207			(288		)	15			(288		)
Net derivative gains (losses)		115			724			1,254			(1,465		)	4,201			115			4,201
Total revenues		16,302			17,497			18,678			17,143			18,310			16,302			18,310

Expenses
Policyholder benefits and claims		9,072			9,993			10,648			11,748			9,022			9,072			9,022
Interest credited to policyholder account balances		1,961			1,515			1,500			1,488			80			1,961			80
Policyholder dividends		300			302			296			313			292			300			292
Capitalization of DAC		(812		)	(837		)	(882		)	(827		)	(774		)	(812		)	(774		)
Amortization of DAC and VOBA		624			689			797			786			788			624			788
Amortization of negative VOBA		(10		)	(10		)	(4		)	(9		)	(10		)	(10		)	(10		)
Interest expense on debt		234			274			223			224			222			234			222
Other expenses		3,189			3,274			3,309			3,457			3,047			3,189			3,047
Total expenses		14,558			15,200			15,887			17,180			12,667			14,558			12,667
Income (loss) from continuing operations before provision for income tax		1,744			2,297			2,791			(37		)	5,643			1,744			5,643
Provision for income tax expense (benefit)		359			551			601			(625		)	1,242			359			1,242
Income (loss) from continuing operations, net of income tax		1,385			1,746			2,190			588			4,401			1,385			4,401
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		1,385			1,746			2,190			588			4,401			1,385			4,401
Less: Net income (loss) attributable to noncontrolling interests		4			5			6			(5		)	3			4			3
Net income (loss) attributable to MetLife, Inc.		1,381			1,741			2,184			593			4,398			1,381			4,398
Less: Preferred stock dividends		32			57			32			57			32			32			32
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,349		$	1,684		$	2,152		$	536		$	4,366		$	1,349		$	4,366

Premiums, fees and other revenues		$	11,264		$	12,019		$	12,640		$	13,757		$	11,336		$	11,264		$	11,336

Table of Contents




METLIFE CORPORATE OVERVIEW

	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,349		$	1,684		$	2,152		$	536		$	4,366
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	15			61			161			207			(288		)
Less: Net derivative gains (losses)	115			724			1,254			(1,465		)	4,201
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(177		)	(179		)	(107		)	(418		)	(65		)
Less: Provision for income tax (expense) benefit	(24		)	(236		)	(340		)	373			(928		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	4			5			6			(5		)	3
Adjusted earnings available to common shareholders	$	1,424		$	1,319		$	1,190		$	1,834		$	1,449

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.40		$	1.77		$	2.30		$	0.58		$	4.75
Less: Net investment gains (losses)	0.02			0.06			0.17			0.22			(0.31		)
Less: Net derivative gains (losses)	0.12			0.76			1.34			(1.58		)	4.57
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.19		)	(0.18		)	(0.11		)	(0.45		)	(0.08		)
Less: Provision for income tax (expense) benefit	(0.03		)	(0.24		)	(0.36		)	0.40			(1.01		)
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	$	1.48		$	1.38		$	1.27		$	1.98		$	1.58

	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	—		$	—		$	(160	)	$	—		$	—
Expense initiative costs	(55		)	(70		)	(88		)	(119		)	—
Interest on tax adjustments	—			—			—			64			—
Tax adjustments	—			—			—			475			—
Total notable items	$	(55	)	$	(70	)	$	(248	)	$	420		$	—

Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	—		$	—		$	(0.17	)	$	—		$	—
Expense initiative costs	$	(0.06	)	$	(0.07	)	$	(0.09	)	$	(0.13	)	$	—
Interest on tax adjustments	$	—		$	—		$	—		$	0.07		$	—
Tax adjustments	$	—		$	—		$	—		$	0.51		$	—
Total notable items	$	(0.06	)	$	(0.07	)	$	(0.26	)	$	0.45		$	—


	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Weighted average common shares outstanding - diluted	963.3			952.9			936.4			925.7			920.0

(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 Page A-2 for further detail.

Table of Contents




METLIFE CORPORATE OVERVIEW (CONTINUED)

Unaudited	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Book value per common share (1)	$	58.06		$	64.61		$	70.71		$	68.62		$	72.62
Book value per common share, excluding AOCI other than FCTA (1)	$	45.58		$	47.09		$	48.56		$	48.97		$	52.36
Book value per common share - tangible common stockholders' equity (1)	$	35.71		$	37.09		$	38.52		$	38.86		$	42.33


	For the Three Months Ended
Unaudited	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Return on MetLife, Inc.'s (2):
Common stockholders' equity	10.3		%	11.6		%	13.7		%	3.4		%	27.1		%
Common stockholders' equity, excluding AOCI other than FCTA	12.5		%	15.4		%	19.4		%	4.8		%	37.8		%
Tangible common stockholders' equity	16.2		%	19.7		%	24.6		%	6.1		%	47.3		%

Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	10.9		%	9.1		%	7.6		%	11.5		%	9.0		%
Common stockholders' equity, excluding AOCI other than FCTA	13.2		%	12.1		%	10.7		%	16.4		%	12.6		%
Tangible common stockholders' equity	17.1		%	15.5		%	13.7		%	20.7		%	15.8		%


	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Common shares outstanding, beginning of period	958.6			950.2			935.9			919.6			915.3
Share repurchases	(11.2		)	(15.8		)	(17.1		)	(5.1		)	(10.6		)
Newly issued shares	2.8			1.5			0.8			0.8			2.9
Common shares outstanding, end of period	950.2			935.9			919.6			915.3			907.6

Weighted average common shares outstanding - basic	956.5			946.2			929.6			918.7			914.1
Dilutive effect of the exercise or issuance of stock-based awards	6.8			6.7			6.8			7.0			5.9
Weighted average common shares outstanding - diluted	963.3			952.9			936.4			925.7			920.0

MetLife Policyholder Trust Shares	146.2			144.3			142.8			140.7			139.2

(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-3 for further detail.

Table of Contents




METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS



	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Total revenues	$	16,302		$	17,497		$	18,678		$	17,143		$	18,310		$	16,302		$	18,310
Less: Net investment gains (losses)	15			61			161			207			(288		)	15			(288		)
Less: Net derivative gains (losses)	115			724			1,254			(1,465		)	4,201			115			4,201
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	—			20			59			18			18			—			18
Less: Other adjustments to revenues:
GMIB fees	27			28			27			26			26			27			26
Investment hedge adjustments	(105		)	(118		)	(121		)	(125		)	(138		)	(105		)	(138		)
Operating joint venture adjustments	—			—			—			—			—			—			—
Unit-linked contract income	736			261			250			228			(1,140		)	736			(1,140		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(4		)	(4		)	(2		)	(5		)	(4		)	(4		)	(4		)
Settlement of foreign currency earnings hedges	2			2			3			2			—			2			—
TSA fees	68			69			69			40			42			68			42
Divested businesses	—			—			60			63			56			—			56
Total adjusted revenues	$	15,448		$	16,454		$	16,918		$	18,154		$	15,537		$	15,448		$	15,537

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Net investment income	$	4,908		$	4,693		$	4,623		$	4,644		$	3,061		$	4,908		$	3,061
Less: Adjustments to net investment income:
Investment hedge adjustments	(105		)	(118		)	(121		)	(125		)	(138		)	(105		)	(138		)
Operating joint venture adjustments	—			—			—			—			—			—			—
Unit-linked contract income	736			261			250			228			(1,140		)	736			(1,140		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(4		)	(4		)	(2		)	(5		)	(4		)	(4		)	(4		)
Divested businesses	—			—			23			24			22			—			22
Net investment income, as reported on an adjusted basis	$	4,281		$	4,554		$	4,473		$	4,522		$	4,321		$	4,281		$	4,321

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Variable investment income (Included in net investment income above)	$	174		$	334		$	326		$	327		$	351		$	174		$	351

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Premiums, fees and other revenues	$	11,264		$	12,019		$	12,640		$	13,757		$	11,336		$	11,264		$	11,336
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	—			20			59			18			18			—			18
GMIB fees	27			28			27			26			26			27			26
Settlement of foreign currency earnings hedges	2			2			3			2			—			2			—
TSA fees	68			69			69			40			42			68			42
Divested businesses	—			—			37			39			34			—			34
Adjusted premiums, fees and other revenues	$	11,167		$	11,900		$	12,445		$	13,632		$	11,216		$	11,167		$	11,216
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,062		$	11,797		$	12,356		$	13,575		$	11,216

Table of Contents




METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)



	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Total expenses	$	14,558		$	15,200		$	15,887		$	17,180		$	12,667		$	14,558		$	12,667
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	(24		)	(5		)	39			106			30			(24		)	30
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
PBC hedge adjustment	—			—			9			10			9			—			9
Inflation and pass-through adjustments	79			84			87			(6		)	48			79			48
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	49			36			(47		)	105			(128		)	49			(128		)
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(4		)	(11		)	3			8			11			(4		)	11
PAB hedge adjustments	(3		)	(6		)	(5		)	(5		)	(5		)	(3		)	(5		)
Unit-linked contract costs	716			257			223			240			(1,138		)	716			(1,138		)
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(6		)	(6		)	(8		)	5			(3		)	(6		)	(3		)
Regulatory implementation costs	3			7			5			3			2			3			2
Acquisition, integration and other costs	23			6			8			7			6			23			6
TSA fees	68			69			69			40			42			68			42
Divested businesses	—			6			69			152			51			—			51
Total adjusted expenses	$	13,657		$	14,763		$	15,435		$	16,515		$	13,742		$	13,657		$	13,742

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Capitalization of DAC	$	(812	)	$	(837	)	$	(882	)	$	(827	)	$	(774	)	$	(812	)	$	(774	)
Less: Divested businesses	—			—			(11		)	(9		)	(3		)	—			(3		)
Capitalization of DAC, as reported on an adjusted basis	$	(812	)	$	(837	)	$	(871	)	$	(818	)	$	(771	)	$	(812	)	$	(771	)

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Other expenses	$	3,189		$	3,274		$	3,309		$	3,457		$	3,047		$	3,189		$	3,047
Less: Noncontrolling interest	(6		)	(6		)	(8		)	5			(3		)	(6		)	(3		)
Less: Regulatory implementation costs	3			7			5			3			2			3			2
Less: Acquisition, integration and other costs	23			6			8			7			6			23			6
Less: TSA fees	68			69			69			40			42			68			42
Less: Divested businesses	—			6			36			116			19			—			19
Other expenses, as reported on an adjusted basis	$	3,101		$	3,192		$	3,199		$	3,286		$	2,981		$	3,101		$	2,981
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,058		$	3,161		$	3,163		$	3,260		$	2,981

Table of Contents




METLIFE EXPENSE DETAIL AND RATIOS




	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Other expenses	$	3,189		$	3,274		$	3,309		$	3,457		$	3,047		$	3,189		$	3,047
Capitalization of DAC	(812		)	(837		)	(882		)	(827		)	(774		)	(812		)	(774		)
Other expenses, net of capitalization of DAC	$	2,377		$	2,437		$	2,427		$	2,630		$	2,273		$	2,377		$	2,273

Premiums, fees and other revenues	$	11,264		$	12,019		$	12,640		$	13,757		$	11,336		$	11,264		$	11,336

Expense ratio	21.1		%	20.3		%	19.2		%	19.1		%	20.1		%	21.1		%	20.1		%

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,420		$	1,485		$	1,475		$	1,597		$	1,344		$	1,420		$	1,344
Pension, postretirement and postemployment benefit costs	56			57			57			63			39			56			39
Premium taxes, other taxes, and licenses & fees	170			174			164			165			193			170			193
Commissions and other variable expenses	1,455			1,476			1,503			1,461			1,405			1,455			1,405
Other expenses, as reported on an adjusted basis	3,101			3,192			3,199			3,286			2,981			3,101			2,981
Capitalization of DAC, as reported on an adjusted basis	(812		)	(837		)	(871		)	(818		)	(771		)	(812		)	(771		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,289			2,355			2,328			2,468			2,210			2,289			2,210
Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	70			88			111			69			—			70			—
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,219		$	2,267		$	2,217		$	2,399		$	2,210		$	2,219		$	2,210

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Employee related costs	$	922		$	916		$	871		$	948		$	866		$	922		$	866
Third party staffing costs	375			419			422			536			343			375			343
General and administrative expenses	123			150			182			113			135			123			135
Direct expenses	1,420			1,485			1,475			1,597			1,344			1,420			1,344
Less: Total notable items related to direct expenses (1)	70			88			111			69			—			70			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,350		$	1,397		$	1,364		$	1,528		$	1,344		$	1,350		$	1,344

Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,289		$	2,355		$	2,328		$	2,468		$	2,210		$	2,289		$	2,210
Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	70			88			111			69			—			70			—
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,219		$	2,267		$	2,217		$	2,399		$	2,210		$	2,219		$	2,210

Adjusted premiums, fees and other revenues	$	11,167		$	11,900		$	12,445		$	13,632		$	11,216		$	11,167		$	11,216
Less: PRT	(2		)	556			1,293			2,499			(9		)	(2		)	(9		)
Adjusted premiums, fees and other revenues, excluding PRT	$	11,169		$	11,344		$	11,152		$	11,133		$	11,225		$	11,169		$	11,225

Direct expense ratio	12.7		%	12.5		%	11.9		%	11.7		%	12.0		%	12.7		%	12.0		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.1		%	12.3		%	12.2		%	13.7		%	12.0		%	12.1		%	12.0		%

Adjusted expense ratio	20.5		%	19.8		%	18.7		%	18.1		%	19.7		%	20.5		%	19.7		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT (1)	19.9		%	20.0		%	19.9		%	21.5		%	19.7		%	19.9		%	19.7		%

(1) Notable items are related to “interest on tax adjustments” and “expense initiative costs”. 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 Page A-2 for further detail.

Table of Contents




METLIFE CONSOLIDATED BALANCE SHEETS



Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	308,410		$	318,689		$	326,049		$	327,820		$	326,685
Equity securities, at estimated fair value	1,432			1,476			1,341			1,342			1,050
Contractholder-directed equity securities and fair value option securities, at estimated fair value	13,245			13,000			12,671			13,102			11,145
Mortgage loans	78,601			77,997			78,959			80,529			81,344
Policy loans	9,670			9,705			9,671			9,680			9,638
Real estate and real estate joint ventures	10,022			10,326			10,246			10,741			11,250
Other limited partnership interests	6,787			7,054			7,441			7,716			8,230
Short-term investments, principally at estimated fair value	4,524			2,811			3,536			3,850			5,930
Other invested assets	18,175			20,036			21,979			19,015			27,839
Total investments	450,866			461,094			471,893			473,795			483,111
Cash and cash equivalents, principally at estimated fair value	14,506			18,435			19,452			16,598			24,094
Accrued investment income	3,569			3,535			3,561			3,523			3,828
Premiums, reinsurance and other receivables	20,615			20,425			20,723			20,443			21,224
Deferred policy acquisition costs and value of business acquired	18,349			17,880			17,382			17,833			17,254
Current income tax recoverable	—			97			—			—			—
Goodwill	9,418			9,408			9,278			9,308			9,159
Other assets	10,100			10,029			10,166			10,518			10,617
Separate account assets	185,765			191,264			190,357			188,445			168,454
Total assets	$	713,188		$	732,167		$	742,812		$	740,463		$	737,741

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	187,508		$	191,139		$	193,310		$	194,909		$	193,106
Policyholder account balances	187,333			190,033			189,060			192,627			193,875
Other policy-related balances	16,967			16,815			16,960			17,171			16,755
Policyholder dividends payable	671			689			692			681			654
Policyholder dividend obligation	1,116			1,834			2,370			2,020			1,677
Payables for collateral under securities loaned and other transactions	25,084			25,354			28,443			26,745			35,530
Short-term debt	289			158			142			235			298
Long-term debt	12,850			13,346			13,443			13,466			14,510
Collateral financing arrangements	1,048			1,026			1,013			993			981
Junior subordinated debt securities	3,148			3,149			3,149			3,150			3,151
Current income tax payable	505			—			31			363			708
Deferred income tax liability	7,075			8,766			10,153			9,097			10,009
Other liabilities	25,091			24,548			25,070			24,179			27,570
Separate account liabilities	185,765			191,264			190,357			188,445			168,454
Total liabilities	654,450			668,121			674,193			674,081			667,278

Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	32,535			32,602			32,639			32,680			33,711
Retained earnings	29,944			31,209			32,948			33,078			36,919
Treasury stock, at cost	(10,893		)	(11,643		)	(12,428		)	(12,678		)	(13,178		)
Accumulated other comprehensive income (loss)	6,911			11,631			15,197			13,052			12,757
Total MetLife, Inc.'s stockholders' equity	58,509			63,811			68,368			66,144			70,221
Noncontrolling interests	229			235			251			238			242
Total equity	58,738			64,046			68,619			66,382			70,463
Total liabilities and equity	$	713,188		$	732,167		$	742,812		$	740,463		$	737,741

Table of Contents




METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	433		$	393		$	464		$	416		$	401
RETIREMENT AND INCOME SOLUTIONS	358			442			357			404			452
PROPERTY & CASUALTY	117			84			67			27			134
TOTAL U.S.	$	908		$	919		$	888		$	847		$	987
ASIA	505			516			501			468			491
LATIN AMERICA	196			216			220			204			139
EMEA	113			99			74			71			99
METLIFE HOLDINGS	395			372			183			333			344
CORPORATE & OTHER	(326		)	(431		)	(383		)	(284		)	(265		)
Total adjusted earnings before provision for income tax	$	1,791		$	1,691		$	1,483		$	1,639		$	1,795

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	91		$	82		$	98		$	87		$	89
RETIREMENT AND INCOME SOLUTIONS	73			91			73			83			93
PROPERTY & CASUALTY	20			14			10			2			25
TOTAL U.S.	$	184		$	187		$	181		$	172		$	207
ASIA	149			157			152			127			141
LATIN AMERICA	62			57			65			43			44
EMEA	27			22			21			5			21
METLIFE HOLDINGS	78			73			34			64			67
CORPORATE & OTHER	(165		)	(181		)	(192		)	(663		)	(166		)
Total provision for income tax expense (benefit)	$	335		$	315		$	261		$	(252	)	$	314

Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS	$	342		$	311		$	366		$	329		$	312
RETIREMENT AND INCOME SOLUTIONS	285			351			284			321			359
PROPERTY & CASUALTY	97			70			57			25			109
TOTAL U.S.	$	724		$	732		$	707		$	675		$	780
ASIA	356			359			349			341			350
LATIN AMERICA	134			159			155			161			95
EMEA	86			77			53			66			78
METLIFE HOLDINGS	317			299			149			269			277
CORPORATE & OTHER (1)	(193		)	(307		)	(223		)	322			(131		)
Total adjusted earnings available to common shareholders (1)	$	1,424		$	1,319		$	1,190		$	1,834		$	1,449

(1) Includes impact of preferred stock dividends of $32 million, $57 million, $32 million, $57 million and $32 million for the three months ended March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020, respectively.

Table of Contents




METLIFE ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)

ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

U.S.
GROUP BENEFITS		48.6		%	44.2		%	52.0		%	46.7		%	43.1		%
RETIREMENT AND INCOME SOLUTIONS		19.4		%	23.9		%	19.3		%	21.9		%	23.2		%
PROPERTY & CASUALTY		19.2		%	13.9		%	11.3		%	5.0		%	21.9		%
TOTAL U.S.		27.0		%	27.3		%	26.4		%	25.2		%	28.2		%
ASIA		10.0		%	10.1		%	9.8		%	9.6		%	9.8		%
LATIN AMERICA		18.1		%	21.5		%	20.9		%	21.7		%	12.4		%
EMEA		12.3		%	11.0		%	7.6		%	9.4		%	10.9		%
METLIFE HOLDINGS		13.2		%	12.5		%	6.2		%	11.2		%	11.2		%

ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

U.S.		30.7		%	31.0		%	30.0		%	28.6		%	32.4		%
ASIA		15.2		%	15.3		%	14.9		%	14.6		%	14.8		%
LATIN AMERICA		29.9		%	35.5		%	34.6		%	36.0		%	20.3		%
EMEA		22.1		%	19.8		%	13.8		%	16.8		%	19.2		%
METLIFE HOLDINGS		14.8		%	14.0		%	7.1		%	12.5		%	12.5		%

(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)				2019			2020			2019			2020
	U.S.
	GROUP BENEFITS				$	2,817		$	2,896
	RETIREMENT AND INCOME SOLUTIONS				5,876			6,187
	PROPERTY & CASUALTY				2,020			1,991
	TOTAL U.S.				$	10,713		$	11,074		$	9,447		$	9,652
	ASIA				$	14,274		$	14,313		$	9,396		$	9,490
	LATIN AMERICA				$	2,965		$	3,074		$	1,791		$	1,876
	EMEA				$	2,802		$	2,855		$	1,595		$	1,649
	METLIFE HOLDINGS				$	9,599		$	9,893		$	8,715		$	9,022

(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)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
	U.S.	$	1		$	1		$	1		$	—		$	1
	ASIA	$	2		$	1		$	1		$	2		$	1
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	1		$	1
	METLIFE HOLDINGS	$	5		$	5		$	5		$	3		$	4

Table of Contents




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)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	5,567		$	6,234		$	6,903		$	8,097		$	5,674		$	5,567		$	5,674
Universal life and investment-type product policy fees		270			274			264			270			275			270			275
Net investment income		1,719			1,795			1,760			1,747			1,766			1,719			1,766
Other revenues		221			223			224			219			240			221			240
Total adjusted revenues		7,777			8,526			9,151			10,333			7,955			7,777			7,955

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,373			6,101			6,759			7,932			5,435			5,373			5,435
Interest credited to policyholder account balances		501			504			507			472			458			501			458
Capitalization of DAC		(114		)	(127		)	(131		)	(112		)	(112		)	(114		)	(112		)
Amortization of DAC and VOBA		114			117			121			123			119			114			119
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			3			3			2			2			2			2
Other expenses		993			1,009			1,004			1,069			1,066			993			1,066
Total adjusted expenses		6,869			7,607			8,263			9,486			6,968			6,869			6,968
Adjusted earnings before provision for income tax		908			919			888			847			987			908			987
Provision for income tax expense (benefit)		184			187			181			172			207			184			207
Adjusted earnings		724			732			707			675			780			724			780
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	724		$	732		$	707		$	675		$	780		$	724		$	780

Adjusted premiums, fees and other revenues		$	6,058		$	6,731		$	7,391		$	8,586		$	6,189		$	6,058		$	6,189
Less: PRT		(2		)	556			1,293			2,499			(9		)	(2		)	(9		)
Adjusted premiums, fees and other revenues, excluding PRT		$	6,060		$	6,175		$	6,098		$	6,087		$	6,198		$	6,060		$	6,198

Table of Contents




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)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	4,208		$	4,247		$	4,239		$	4,217		$	4,487		$	4,208		$	4,487
Universal life and investment-type product policy fees		194			203			198			194			204			194			204
Net investment income		280			292			293			297			277			280			277
Other revenues		143			144			145			143			160			143			160
Total adjusted revenues		4,825			4,886			4,875			4,851			5,128			4,825			5,128

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,711			3,812			3,724			3,685			3,973			3,711			3,973
Interest credited to policyholder account balances		39			39			42			37			34			39			34
Capitalization of DAC		(8		)	(6		)	(9		)	(5		)	(7		)	(8		)	(7		)
Amortization of DAC and VOBA		9			8			8			10			7			9			7
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			1			—			—			—			—			—
Other expenses		641			639			646			708			720			641			720
Total adjusted expenses		4,392			4,493			4,411			4,435			4,727			4,392			4,727
Adjusted earnings before provision for income tax		433			393			464			416			401			433			401
Provision for income tax expense (benefit)		91			82			98			87			89			91			89
Adjusted earnings		342			311			366			329			312			342			312
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	342		$	311		$	366		$	329		$	312		$	342		$	312

Adjusted premiums, fees and other revenues		$	4,545		$	4,594		$	4,582		$	4,554		$	4,851		$	4,545		$	4,851

Table of Contents




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)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	461		$	1,075		$	1,739		$	2,955	$	275		$	461		$	275
Universal life and investment-type product policy fees		76			71			66			76		71			76			71
Net investment income		1,395			1,458			1,419			1,409		1,444			1,395			1,444
Other revenues		72			74			73			73		71			72			71
Total adjusted revenues		2,004			2,678			3,297			4,513		1,861			2,004			1,861

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,071			1,647			2,361			3,550		870			1,071			870
Interest credited to policyholder account balances		462			465			465			435		424			462			424
Capitalization of DAC		(8		)	(12		)	(5		)	—		(8		)	(8		)	(8		)
Amortization of DAC and VOBA		5			7			5			6		8			5			8
Amortization of negative VOBA		—			—			—			—		—			—			—
Interest expense on debt		2			2			3			2		2			2			2
Other expenses		114			127			111			116		113			114			113
Total adjusted expenses		1,646			2,236			2,940			4,109		1,409			1,646			1,409
Adjusted earnings before provision for income tax		358			442			357			404		452			358			452
Provision for income tax expense (benefit)		73			91			73			83		93			73			93
Adjusted earnings		285			351			284			321		359			285			359
Preferred stock dividends		—			—			—			—		—			—			—
Adjusted earnings available to common shareholders		$	285		$	351		$	284		$	321	$	359		$	285		$	359

Adjusted premiums, fees and other revenues		$	609		$	1,220		$	1,878		$	3,104	$	417		$	609		$	417
Less: PRT		(2		)	556			1,293			2,499		(9		)	(2		)	(9		)
Adjusted premiums, fees and other revenues, excluding PRT		$	611		$	664		$	585		$	605	$	426		$	611		$	426

Table of Contents




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)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums	$	898		$	912		$	925		$	925		$	912		$	898		$	912
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	44			45			48			41			45			44			45
Other revenues	6			5			6			3			9			6			9
Total adjusted revenues	948			962			979			969			966			948			966

Adjusted expenses
Policyholder benefits and claims and policyholder dividends	591			642			674			697			592			591			592
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(98		)	(109		)	(117		)	(107		)	(97		)	(98		)	(97		)
Amortization of DAC and VOBA	100			102			108			107			104			100			104
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	238			243			247			245			233			238			233
Total adjusted expenses	831			878			912			942			832			831			832
Adjusted earnings before provision for income tax	117			84			67			27			134			117			134
Provision for income tax expense (benefit)	20			14			10			2			25			20			25
Adjusted earnings	97			70			57			25			109			97			109
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	97		$	70		$	57		$	25		$	109		$	97		$	109

Adjusted premiums, fees and other revenues	$	904		$	917		$	931		$	928		$	921		$	904		$	921

Table of Contents




U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	18,924		$	18,926		$	18,965		$	18,963		$	18,965
Premiums and deposits	5,019			5,081			5,051			5,001			5,327
Surrenders and withdrawals	(597		)	(619		)	(638		)	(592		)	(625		)
Benefit payments	(3,836		)	(3,887		)	(3,798		)	(3,757		)	(4,072		)
Net flows	586			575			615			652			630
Net transfers from (to) separate account	1			—			—			—			—
Interest	145			152			149			145			138
Policy charges	(147		)	(150		)	(145		)	(149		)	(146		)
Other	(583		)	(538		)	(621		)	(646		)	(652		)
Balance, end of period	$	18,926		$	18,965		$	18,963		$	18,965		$	18,935

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	813		$	902		$	925		$	905		$	970
Premiums and deposits	64			64			62			65			64
Surrenders and withdrawals	(18		)	(18		)	(28		)	(18		)	(19		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	—
Net flows	45			45			33			46			45
Investment performance	101			34			1			74			(162		)
Net transfers from (to) general account	(1		)	—			—			—			—
Policy charges	(53		)	(54		)	(53		)	(54		)	(55		)
Other	(3		)	(2		)	(1		)	(1		)	(5		)
Balance, end of period	$	902		$	925		$	905		$	970		$	793

Table of Contents




U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Direct and allocated expenses	$	310		$	314		$	316		$	363		$	354
Pension, postretirement and postemployment benefit costs	15			15			15			19			5
Premium taxes, other taxes, and licenses & fees	63			67			62			66			88
Commissions and other variable expenses	253			243			253			260			273
Other expenses, as reported on an adjusted basis	$	641		$	639		$	646		$	708		$	720

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Group Life (1)
Adjusted premiums, fees and other revenues	$	1,804		$	1,805		$	1,846		$	1,858		$	1,920
Mortality ratio	85.3		%	85.3		%	87.0		%	85.4		%	87.9		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,812		$	1,820		$	1,830		$	1,849		$	1,959
Interest adjusted benefit ratio (3)	72.9		%	75.4		%	70.3		%	71.4		%	71.7		%

(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.

Table of Contents




U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	113,653		$	115,419		$	118,073		$	118,134		$	121,853
Premiums and deposits	19,068			17,898			21,104			21,132			20,967
Surrenders and withdrawals	(17,356		)	(16,582		)	(21,018		)	(17,718		)	(17,441		)
Benefit payments	(1,035		)	(1,021		)	(1,100		)	(1,040		)	(1,132		)
Net flows	677			295			(1,014		)	2,374			2,394
Net transfers from (to) separate account	—			—			—			—			—
Interest	1,052			1,051			1,053			1,029			1,032
Policy charges	(32		)	(46		)	(47		)	(23		)	(43		)
Other	69			1,354			69			339			(1,062		)
Balance, end of period	$	115,419		$	118,073		$	118,134		$	121,853		$	124,174

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	70,623		$	73,691		$	76,596		$	78,346		$	74,959
Premiums and deposits	1,088			1,469			1,472			1,681			4,051
Surrenders and withdrawals (1)	(1,164		)	(1,780		)	(1,461		)	(4,360		)	(2,729		)
Benefit payments	(16		)	(29		)	(21		)	(27		)	(34		)
Net flows	(92		)	(340		)	(10		)	(2,706		)	1,288
Investment performance	2,741			2,184			1,508			865			(414		)
Net transfers from (to) general account	—			—			—			—			—
Policy charges	(64		)	(75		)	(83		)	(85		)	(80		)
Other	483			1,136			335			(1,461		)	1,085
Balance, end of period	$	73,691		$	76,596		$	78,346		$	74,959		$	76,838

SYNTHETIC GICS (2)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	25,700		$	26,501		$	27,219		$	28,098		$	30,341
Premiums and deposits (1)	776			770			1,054			3,019			3,906
Surrenders and withdrawals	(150		)	(236		)	(369		)	(985		)	(863		)
Net flows	626			534			685			2,034			3,043
Interest	175			184			194			209			204
Balance, end of period	$	26,501		$	27,219		$	28,098		$	30,341		$	33,588

(1) Includes $0, $102 million, $20 million, $2.4 billion and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020, 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.

Table of Contents




U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Direct and allocated expenses	$	62		$	64		$	56		$	61		$	61
Pension, postretirement and postemployment benefit costs	3			3			2			3			2
Premium taxes, other taxes, and licenses & fees	5			9			4			12			8
Commissions and other variable expenses	44			51			49			40			42
Other expenses, as reported on an adjusted basis	$	114		$	127		$	111		$	116		$	113

SPREAD

	For the Three Months Ended
Unaudited	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Investment income yield excluding variable investment income yield	4.52		%	4.50		%	4.43		%	4.32		%	4.24		%
Variable investment income yield	0.15		%	0.35		%	0.23		%	0.23		%	0.31		%
Total investment income yield	4.67		%	4.85		%	4.66		%	4.55		%	4.55		%
Average crediting rate	3.71		%	3.66		%	3.64		%	3.49		%	3.41		%
Annualized general account spread	0.96		%	1.19		%	1.02		%	1.06		%	1.14		%

Annualized general account spread excluding variable investment income yield	0.81		%	0.84		%	0.79		%	0.83		%	0.83		%

Table of Contents



U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Direct and allocated expenses	$	105		$	100		$	101		$	105		$	94
Pension, postretirement and postemployment benefit costs	2			2			2			3			1
Premium taxes, other taxes, and licenses & fees	22			27			24			23			21
Commissions and other variable expenses	109			114			120			114			117
Other expenses, as reported on an adjusted basis	$	238		$	243		$	247		$	245		$	233


NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Net Written Premiums by Product
Auto	$	588		$	615		$	623		$	576		$	564
Homeowners & Other	277			347			354			321			283
Total	$	865		$	962		$	977		$	897		$	847
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	898		$	912		$	925		$	925		$	912
Loss and loss adjustment expense ratio	65.5		%	70.4		%	72.9		%	75.3		%	64.9		%
Other expense ratio	26.7		%	25.7		%	25.5		%	26.3		%	26.1		%
Total combined ratio	92.2		%	96.1		%	98.4		%	101.6		%	91.0		%

Effect of catastrophe losses	4.6		%	8.6		%	7.6		%	1.4		%	4.7		%
Combined ratio excluding catastrophes	87.6		%	87.5		%	90.8		%	100.2		%	86.3		%
Prior year development	(0.3)		%	(0.6)		%	(0.6)		%	6.3		%	2.7		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	87.9		%	88.1		%	91.4		%	93.9		%	83.6		%
Auto
Net earned premium	$	591		$	598		$	603		$	599		$	588
Loss and loss adjustment expense ratio	67.7		%	67.8		%	73.8		%	92.8		%	64.8		%
Other expense ratio	26.6		%	25.2		%	24.9		%	25.8		%	25.2		%
Total combined ratio	94.3		%	93.0		%	98.7		%	118.6		%	90.0		%

Effect of catastrophe losses	0.4		%	1.7		%	2.1		%	0.3		%	0.5		%
Combined ratio excluding catastrophes	93.9		%	91.3		%	96.6		%	118.3		%	89.5		%
Prior year development	(0.4)		%	(0.7		)%	(0.8		)%	10.9		%	(0.1)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	94.3		%	92.0		%	97.4		%	107.4		%	89.6		%
Homeowners & Other
Net earned premium	$	307		$	314		$	322		$	326		$	324
Loss and loss adjustment expense ratio	61.3		%	75.4		%	71.2		%	43.2		%	65.1		%
Other expense ratio	27.0		%	26.7		%	26.6		%	27.1		%	27.8		%
Total combined ratio	88.3		%	102.1		%	97.8		%	70.3		%	92.9		%

Effect of catastrophe losses	12.5		%	21.6		%	17.9		%	3.5		%	12.3		%
Combined ratio excluding catastrophes	75.8		%	80.5		%	79.9		%	66.8		%	80.6		%
Prior year development	(0.1)		%	(0.2)		%	(0.3)		%	(2.0)		%	8.0		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	75.9		%	80.7		%	80.2		%	68.8		%	72.6		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	2		$	10		$	13		$	2		$	3
Homeowners & Other	39			68			57			11			40
Total	$	41		$	78		$	70		$	13		$	43

(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.

Table of Contents




ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	1,699		$	1,631		$	1,654		$	1,648		$	1,636		$	1,699		$	1,636
Universal life and investment-type product policy fees		406			419			430			419			430			406			430
Net investment income		880			944			915			952			937			880			937
Other revenues		16			13			14			13			14			16			14
Total adjusted revenues		3,001			3,007			3,013			3,032			3,017			3,001			3,017

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,319			1,279			1,264			1,323			1,321			1,319			1,321
Interest credited to policyholder account balances		403			424			440			443			445			403			445
Capitalization of DAC		(479		)	(472		)	(498		)	(464		)	(421		)	(479		)	(421		)
Amortization of DAC and VOBA		307			312			353			316			315			307			315
Amortization of negative VOBA		(9		)	(7		)	(2		)	(7		)	(8		)	(9		)	(8		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		955			955			955			953			874			955			874
Total adjusted expenses		2,496			2,491			2,512			2,564			2,526			2,496			2,526
Adjusted earnings before provision for income tax		505			516			501			468			491			505			491
Provision for income tax expense (benefit)		149			157			152			127			141			149			141
Adjusted earnings		356			359			349			341			350			356			350
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	356		$	359		$	349		$	341		$	350		$	356		$	350

Adjusted premiums, fees and other revenues		$	2,121		$	2,063		$	2,098		$	2,080		$	2,080		$	2,121		$	2,080

Table of Contents




ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Adjusted premiums, fees and other revenues	$	2,121	$	2,063	$	2,098	$	2,080	$	2,080

Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,117	$	2,062	$	2,072	$	2,068	$	2,080
Add: Operating joint ventures, on a constant currency basis (1), (2)	242		276		250		279		278
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,359	$	2,338	$	2,322	$	2,347	$	2,358

OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Direct and allocated expenses	$	324	$	332	$	316	$	343	$	321
Pension, postretirement and postemployment benefit costs	23		23		23		23		23
Premium taxes, other taxes, and licenses & fees	43		43		43		51		40
Commissions and other variable expenses	565		557		573		536		490
Other expenses, as reported on an adjusted basis	$	955	$	955	$	955	$	953	$	874
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	476	$	483	$	457	$	489	$	453

Other expenses, as reported on an adjusted basis, on a constant currency basis	$	952	$	955	$	943	$	947	$	874
Add: Operating joint ventures, on a constant currency basis (1), (2)	104		107		104		112		95
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	1,056	$	1,062	$	1,047	$	1,059	$	969
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	539	$	552	$	521	$	562	$	523

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Japan:
Life	$	174	$	163	$	169	$	156	$	174
Accident & Health	114		104		90		92		78
Annuities	178		135		122		65		61
Other	1		2		4		5		2
Total Japan	467		404		385		318		315
Other Asia	222		198		272		205		192
Total sales	$	689	$	602	$	657	$	523	$	507

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Adjusted earnings available to common shareholders	$	356	$	359	$	349	$	341	$	350
Adjusted earnings available to common shareholders, on a constant currency basis	$	350	$	354	$	344	$	338	$	350

(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.

Table of Contents




ASIA

GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES

Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

GA AUM	$	121,373	$	127,809	$	131,309	$	130,861	$	131,521
GA AUM (at amortized cost)	$	112,220	$	116,009	$	117,917	$	119,044	$	120,490

GA AUM (at amortized cost), on a constant currency basis	$	110,684	$	113,360	$	116,384	$	116,915	$	120,490
Add: Operating joint ventures, on a constant currency basis (1)	3,908		4,070		4,239		4,491		4,667
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	114,592	$	117,430	$	120,623	$	121,406	$	125,157

(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.

Table of Contents




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)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	646		$	773		$	703		$	601		$	640		$	646		$	640
Universal life and investment-type product policy fees		284			280			256			274			270			284			270
Net investment income		296			360			295			320			218			296			218
Other revenues		12			11			8			13			11			12			11
Total adjusted revenues		1,238			1,424			1,262			1,208			1,139			1,238			1,139

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		597			790			656			580			610			597			610
Interest credited to policyholder account balances		94			86			74			78			70			94			70
Capitalization of DAC		(94		)	(100		)	(102		)	(100		)	(100		)	(94		)	(100		)
Amortization of DAC and VOBA		78			79			58			76			74			78			74
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			1			—			1			1			1			1
Other expenses		366			352			356			369			345			366			345
Total adjusted expenses		1,042			1,208			1,042			1,004			1,000			1,042			1,000
Adjusted earnings before provision for income tax		196			216			220			204			139			196			139
Provision for income tax expense (benefit)		62			57			65			43			44			62			44
Adjusted earnings		134			159			155			161			95			134			95
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	134		$	159		$	155		$	161		$	95		$	134		$	95

Adjusted premiums, fees and other revenues		$	942		$	1,064		$	967		$	888		$	921		$	942		$	921

Table of Contents




LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Direct and allocated expenses	$	148	$	134	$	130	$	145	$	129
Pension, postretirement and postemployment benefit costs	1		1		1		2		2
Premium taxes, other taxes, and licenses & fees	15		14		15		14		15
Commissions and other variable expenses	202		203		210		208		199
Other expenses, as reported on an adjusted basis	$	366	$	352	$	356	$	369	$	345
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	272	$	252	$	254	$	269	$	245
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	333	$	325	$	334	$	353	$	345
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	247	$	233	$	238	$	258	$	245

SALES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Mexico	$	106	$	81	$	80	$	94	$	120
Chile	63		81		78		62		85
All other	34		46		49		69		53
Total sales	$	203	$	208	$	207	$	225	$	258

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Adjusted premiums, fees and other revenues	$	942	$	1,064	$	967	$	888	$	921
Adjusted earnings available to common shareholders	$	134	$	159	$	155	$	161	$	95

Adjusted premiums, fees and other revenues, on a constant currency basis	$	854	$	969	$	906	$	849	$	921
Adjusted earnings available to common shareholders, on a constant currency basis	$	118	$	142	$	144	$	154	$	95

Table of Contents




EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	542		$	551		$	526		$	558		$	568		$	542		$	568
Universal life and investment-type product policy fees		103			105			117			98			116			103			116
Net investment income		74			73			73			71			69			74			69
Other revenues		14			13			13			14			13			14			13
Total adjusted revenues		733			742			729			741			766			733			766

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		284			292			291			309			310			284			310
Interest credited to policyholder account balances		24			23			25			26			27			24			27
Capitalization of DAC		(117		)	(126		)	(128		)	(134		)	(130		)	(117		)	(130		)
Amortization of DAC and VOBA		92			107			128			101			130			92			130
Amortization of negative VOBA		(1		)	(3		)	(2		)	(2		)	(2		)	(1		)	(2		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		338			350			341			370			332			338			332
Total adjusted expenses		620			643			655			670			667			620			667
Adjusted earnings before provision for income tax		113			99			74			71			99			113			99
Provision for income tax expense (benefit)		27			22			21			5			21			27			21
Adjusted earnings		86			77			53			66			78			86			78
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	86		$	77		$	53		$	66		$	78		$	86		$	78

Adjusted premiums, fees and other revenues		$	659		$	669		$	656		$	670		$	697		$	659		$	697

Table of Contents




EMEA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Direct and allocated expenses	$	122	$	128	$	115	$	142	$	110
Pension, postretirement and postemployment benefit costs	1		2		2		1		2
Premium taxes, other taxes, and licenses & fees	8		7		7		6		7
Commissions and other variable expenses	207		213		217		221		213
Other expenses, as reported on an adjusted basis	$	338	$	350	$	341	$	370	$	332
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	221	$	224	$	213	$	236	$	202
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	331	$	346	$	339	$	366	$	332
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	217	$	222	$	212	$	234	$	202

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Adjusted premiums, fees and other revenues	$	659	$	669	$	656	$	670	$	697
Adjusted earnings available to common shareholders	$	86	$	77	$	53	$	66	$	78

Adjusted premiums, fees and other revenues, on a constant currency basis	$	646	$	662	$	654	$	664	$	697
Adjusted earnings available to common shareholders, on a constant currency basis	$	83	$	76	$	52	$	66	$	78
Total sales on a constant currency basis	$	250	$	221	$	206	$	219	$	255

Table of Contents




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)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	927		$	924		$	925		$	972		$	904		$	927		$	904
Universal life and investment-type product policy fees		274			286			284			280			294			274			294
Net investment income		1,287			1,338			1,316			1,340			1,315			1,287			1,315
Other revenues		67			65			52			69			35			67			35
Total adjusted revenues		2,555			2,613			2,577			2,661			2,548			2,555			2,548

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,648			1,703			1,856			1,763			1,661			1,648			1,661
Interest credited to policyholder account balances		226			227			228			224			218			226			218
Capitalization of DAC		(6		)	(8		)	(9		)	(5		)	(5		)	(6		)	(5		)
Amortization of DAC and VOBA		63			80			94			62			100			63			100
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			2			2			2			2			2
Other expenses		227			237			223			282			228			227			228
Total adjusted expenses		2,160			2,241			2,394			2,328			2,204			2,160			2,204
Adjusted earnings before provision for income tax		395			372			183			333			344			395			344
Provision for income tax expense (benefit)		78			73			34			64			67			78			67
Adjusted earnings		317			299			149			269			277			317			277
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	317		$	299		$	149		$	269		$	277		$	317		$	277

Adjusted premiums, fees and other revenues		$	1,268		$	1,275		$	1,261		$	1,321		$	1,233		$	1,268		$	1,233

Table of Contents




METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	80,734		$	80,645		$	80,830		$	81,118		$	81,161
Premiums and deposits (2), (3)	1,195			1,167			1,177			1,322			1,236
Surrenders and withdrawals	(617		)	(607		)	(682		)	(680		)	(642		)
Benefit payments	(843		)	(736		)	(717		)	(813		)	(800		)
Net flows	(265		)	(176		)	(222		)	(171		)	(206		)
Net transfers from (to) separate account	12			14			12			20			(1		)
Interest	823			826			833			834			832
Policy charges	(191		)	(189		)	(190		)	(188		)	(188		)
Other	(468		)	(290		)	(145		)	(452		)	(140		)
Balance, end of period	$	80,645		$	80,830		$	81,118		$	81,161		$	81,458



ANNUITIES	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	19,784		$	19,371		$	19,309		$	19,402		$	18,755
Premiums and deposits (2), (3)	111			106			100			97			116
Surrenders and withdrawals	(497		)	(414		)	(389		)	(512		)	(390		)
Benefit payments	(173		)	(160		)	(149		)	(161		)	(168		)
Net flows	(559		)	(468		)	(438		)	(576		)	(442		)
Net transfers from (to) separate account	89			110			93			80			177
Interest	141			139			138			134			134
Policy charges	(4		)	(4		)	(4		)	(4		)	(4		)
Other	(80		)	161			304			(281		)	1,275
Balance, end of period	$	19,371		$	19,309		$	19,402		$	18,755		$	19,895

SEPARATE ACCOUNT LIABILITIES

LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	4,660		$	5,220		$	5,368		$	5,324		$	5,647
Premiums and deposits (3)	67			63			62			62			63
Surrenders and withdrawals	(59		)	(62		)	(61		)	(59		)	(60		)
Benefit payments	(8		)	(9		)	(9		)	(7		)	(10		)
Net flows	—			(8		)	(8		)	(4		)	(7		)
Investment performance	638			241			(9		)	409			(987		)
Net transfers from (to) general account	(12		)	(14		)	(12		)	(20		)	1
Policy charges	(65		)	(66		)	(67		)	(66		)	(65		)
Other	(1		)	(5		)	52			4			(3		)
Balance, end of period	$	5,220		$	5,368		$	5,324		$	5,647		$	4,586

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	37,549		$	40,136		$	40,255		$	39,122		$	39,962
Premiums and deposits (3)	92			91			77			79			85
Surrenders and withdrawals	(978		)	(1,126		)	(1,070		)	(1,147		)	(1,111		)
Benefit payments	(100		)	(106		)	(104		)	(105		)	(100		)
Net flows	(986		)	(1,141		)	(1,097		)	(1,173		)	(1,126		)
Investment performance	3,854			1,574			269			2,294			(5,531		)
Net transfers from (to) general account	(89		)	(110		)	(93		)	(80		)	(177		)
Policy charges	(191		)	(205		)	(212		)	(201		)	(187		)
Other	(1		)	1			—			—			1
Balance, end of period	$	40,136		$	40,255		$	39,122		$	39,962		$	32,942

(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.

Table of Contents




METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Direct and allocated expenses	$	146		$	154		$	141		$	184		$	151
Pension, postretirement and postemployment benefit costs	8			8			7			9			3
Premium taxes, other taxes, and licenses & fees	18			18			17			14			17
Commissions and other variable expenses	55			57			58			75			57
Other expenses, as reported on an adjusted basis	$	227		$	237		$	223		$	282		$	228


OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Life (1)
Adjusted premiums, fees and other revenues	$	849		$	851		$	845		$	906		$	830
Interest adjusted benefit ratio	50.0		%	53.9		%	67.5		%	55.5		%	51.0		%

Lapse Ratio (2)
Traditional life	4.8		%	4.8		%	4.8		%	4.8		%	4.7		%
Variable & universal life	4.3		%	4.2		%	4.2		%	4.1		%	4.1		%
Fixed annuity	10.2		%	10.7		%	10.7		%	11.3		%	9.6		%
Variable annuity	10.1		%	10.2		%	10.2		%	10.2		%	10.6		%

(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.

Table of Contents




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)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Adjusted revenues
Premiums		$	24		$	16		$	35		$	8		$	12		$	24		$	12
Universal life and investment-type product policy fees		1			—			1			—			—			1			—
Net investment income		25			44			114			92			16			25			16
Other revenues		94			82			36			79			84			94			84
Total adjusted revenues		144			142			186			179			112			144			112

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		20			18			32			3			26			20			26
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		(2		)	(4		)	(3		)	(3		)	(3		)	(2		)	(3		)
Amortization of DAC and VOBA		1			2			2			1			1			1			1
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		229			268			218			219			217			229			217
Other expenses		222			289			320			243			136			222			136
Total adjusted expenses		470			573			569			463			377			470			377
Adjusted earnings before provision for income tax		(326		)	(431		)	(383		)	(284		)	(265		)	(326		)	(265		)
Provision for income tax expense (benefit)		(165		)	(181		)	(192		)	(663		)	(166		)	(165		)	(166		)
Adjusted earnings		(161		)	(250		)	(191		)	379			(99		)	(161		)	(99		)
Preferred stock dividends		32			57			32			57			32			32			32
Adjusted earnings available to common shareholders		$	(193	)	$	(307	)	$	(223	)	$	322		$	(131	)	$	(193	)	$	(131	)

Adjusted premiums, fees and other revenues		$	119		$	98		$	72		$	87		$	96		$	119		$	96

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Business activities		$	13		$	12		$	25		$	20		$	18		$	13		$	18
Net investment income		29			46			114			101			17			29			17
Interest expense on debt		(239		)	(280		)	(229		)	(230		)	(229		)	(239		)	(229		)
Corporate initiatives and projects		(100		)	(117		)	(151		)	(195		)	(31		)	(100		)	(31		)
Other		(29		)	(92		)	(142		)	(67		)	(40		)	(29		)	(40		)
Provision for income tax (expense) benefit and other tax-related items		165			181			192			750			166			165			166
Preferred stock dividends		(32		)	(57		)	(32		)	(57		)	(32		)	(32		)	(32		)
Adjusted earnings available to common shareholders		$	(193	)	$	(307	)	$	(223	)	$	322		$	(131	)	$	(193	)	$	(131	)

Table of Contents




INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
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.
	At or For the Three Months Ended (1)															At or For the Year-to-Date Period Ended (1)
Unaudited (In millions, except yields)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Fixed Maturity Securities
Yield	4.23		%	4.30		%	4.15		%	4.19		%	3.82		%	4.23		%	3.82		%
Investment income (2), (3)	$	2,902		$	2,975		$	2,901		$	2,965		$	2,739		$	2,902		$	2,739
Investment gains (losses)	(24		)	138			82			71			4			(24		)	4
Ending carrying value (4)	309,368			319,696			327,203			329,067			327,913			309,368			327,913
Mortgage Loans
Yield	4.73		%	4.82		%	4.74		%	5.00		%	4.37		%	4.73		%	4.37		%
Investment income (3)	912			943			929			998			884			912			884
Investment gains (losses)	(15		)	14			(16		)	6			(63		)	(15		)	(63		)
Ending carrying value	78,601			77,997			78,959			80,529			81,344			78,601			81,344
Real Estate and Real Estate Joint Ventures
Yield	2.04		%	3.62		%	3.53		%	3.58		%	2.95		%	2.04		%	2.95		%
Investment income	50			92			91			94			81			50			81
Investment gains (losses)	5			1			96			297			1			5			1
Ending carrying value	10,022			10,326			10,246			10,741			11,250			10,022			11,250
Policy Loans
Yield	5.28		%	5.34		%	5.33		%	5.21		%	5.23		%	5.28		%	5.23		%
Investment income	128			129			129			126			126			128			126
Ending carrying value	9,670			9,705			9,671			9,680			9,638			9,670			9,638
Equity Securities
Yield	5.43		%	5.15		%	4.62		%	5.85		%	5.43		%	5.43		%	5.43		%
Investment income	16			16			13			16			14			16			14
Investment gains (losses)	107			(2		)	17			12			(284		)	107			(284		)
Ending carrying value	1,432			1,476			1,341			1,342			1,050			1,432			1,050
Other Limited Partnership Interests
Yield	7.59		%	14.28		%	15.37		%	9.87		%	16.22		%	7.59		%	16.22		%
Investment income	127			247			279			187			323			127			323
Investment gains (losses)	(1		)	1			3			3			4			(1		)	4
Ending carrying value	6,787			7,054			7,441			7,716			8,230			6,787			8,230
Cash and Short-term Investments
Yield	3.08		%	2.39		%	2.31		%	2.09		%	1.73		%	3.08		%	1.73		%
Investment income	79			65			62			50			44			79			44
Investment gains (losses)	—			(5		)	(1		)	9			4			—			4
Ending carrying value	19,030			21,246			22,988			20,448			30,024			19,030			30,024
Other Invested Assets
Investment income	203			225			226			247			266			203			266
Investment gains (losses)	(67		)	(38		)	(30		)	(10		)	21			(67		)	21
Ending carrying value	18,175			20,036			21,979			19,015			27,839			18,175			27,839
Total Investments
Investment income yield	4.44		%	4.66		%	4.57		%	4.57		%	4.30		%	4.44		%	4.30		%
Investment fees and expenses yield	(0.14		)%	(0.14		)%	(0.13		)%	(0.13		)%	(0.13		)%	(0.14		)%	(0.13		)%
Net Investment Income Yield	4.30		%	4.52		%	4.44		%	4.44		%	4.17		%	4.30		%	4.17		%
Investment income	$	4,417		$	4,692		$	4,630		$	4,683		$	4,477		$	4,417		$	4,477
Investment fees and expenses	(136		)	(138		)	(134		)	(137		)	(134		)	(136		)	(134		)
Net investment income including Divested businesses	4,281			4,554			4,496			4,546			4,343			4,281			4,343
Less: Net investment income from Divested businesses	—			—			23			24			22			—			22
Net Investment Income, as reported on an adjusted basis (5)	$	4,281		$	4,554		$	4,473		$	4,522		$	4,321		$	4,281		$	4,321
Ending Carrying Value	$	453,085		$	467,536		$	479,828		$	478,538		$	497,288		$	453,085		$	497,288
Gross investment gains	$	375		$	328		$	332		$	672		$	436		$	375		$	436
Gross investment losses	(271		)	(189		)	(159		)	(144		)	(495		)	(271		)	(495		)
Net credit loss (provision) release and (impairments)	(99		)	(30		)	(22		)	(140		)	(254		)	(99		)	(254		)
Investment Portfolio Gains (Losses) (6)	5			109			151			388			(313		)	5			(313		)
Investment portfolio gains (losses) income tax (expense) benefit	(17		)	(26		)	(64		)	(96		)	69			(17		)	69
Investment Portfolio Gains (Losses), Net of Income Tax	$	(12	)	$	83		$	87		$	292		$	(244	)	$	(12	)	$	(244	)

Derivative gains (losses) (6)	$	15		$	614		$	1,141		$	(1,583	)	$	4,068		$	15		$	4,068
Derivative gains (losses) income tax (expense) benefit	(18		)	(150		)	(259		)	364			(885		)	(18		)	(885		)
Derivative Gains (Losses), Net of Income Tax	$	(3	)	$	464		$	882		$	(1,219	)	$	3,183		$	(3	)	$	3,183

See footnotes on Page 34.

Table of Contents




INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION

		March 31, 2019				June 30, 2019				September 30, 2019				December 31, 2019				March 31, 2020
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	80,146	26.0	%	$	83,712	26.3	%	$	87,114	26.7	%	$	87,753	26.8	%	$	85,071	26.0	%
Foreign government securities		64,955		21.1	%	67,554		21.2	%	67,547		20.7	%	67,229		20.5	%	64,844		19.9	%
Foreign corporate securities		59,945		19.4	%	62,398		19.6	%	63,100		19.3	%	64,165		19.6	%	59,195		18.1	%
U.S. government and agency securities		41,008		13.3	%	40,003		12.6	%	40,802		12.5	%	42,084		12.8	%	47,959		14.7	%
Residential mortgage-backed securities		28,360		9.2	%	29,049		9.1	%	29,591		9.1	%	28,547		8.7	%	30,469		9.3	%
Asset-backed securities		12,631		4.1	%	13,712		4.3	%	14,345		4.4	%	14,542		4.4	%	14,838		4.5	%
Municipals		11,898		3.8	%	12,255		3.8	%	12,942		4.0	%	13,053		4.0	%	13,871		4.3	%
Commercial mortgage-backed securities		9,467		3.1	%	10,006		3.1	%	10,608		3.3	%	10,447		3.2	%	10,438		3.2	%
Fixed Maturity Securities Available-For-Sale		$	308,410	100.0	%	$	318,689	100.0	%	$	326,049	100.0	%	$	327,820	100.0	%	$	326,685	100.0	%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	216,343	70.1	%	$	223,594	70.2	%	$	229,104	70.3	%	$	230,708	70.4	%	$	235,650	72.1	%
2	Baa	75,769		24.6	%	78,943		24.8	%	81,478		25.0	%	81,425		24.8	%	76,239		23.3	%
3	Ba	11,350		3.7	%	11,490		3.6	%	11,400		3.5	%	11,652		3.6	%	10,999		3.4	%
4	B	4,324		1.4	%	4,176		1.3	%	3,423		1.0	%	3,337		1.0	%	3,200		1.0	%
5	Caa and lower	591		0.2	%	451		0.1	%	609		0.2	%	693		0.2	%	564		0.2	%
6	In or near default	33		—	%	35		—	%	35		—	%	5		—	%	33		—	%
Fixed Maturity Securities Available-For-Sale (7)		$	308,410	100.0	%	$	318,689	100.0	%	$	326,049	100.0	%	$	327,820	100.0	%	$	326,685	100.0	%


GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (8)

		March 31, 2019				June 30, 2019				September 30, 2019				December 31, 2019				March 31, 2020
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%		$	2,563	91.2	%	$	1,542	80.6	%	$	1,499	73.3	%	$	1,370	83.2	%	$	5,301	68.3	%
20% or more for less than six months		135		4.8	%	215		11.2	%	370		18.1	%	116		7.0	%	2,371		30.6	%
20% or more for six months or greater		113		4.0	%	156		8.2	%	176		8.6	%	161		9.8	%	85		1.1	%
Gross Unrealized Losses		$	2,811	100.0	%	$	1,913	100.0	%	$	2,045	100.0	%	$	1,647	100.0	%	$	7,757	100.0	%

Gross Unrealized Gains		$	22,662			$	29,373			$	34,964			$	31,812			$	32,005

See footnotes on Page 34.

Table of Contents



INVESTMENTS
SUMMARY OF MORTGAGE LOANS

Unaudited (In millions)	March 31, 2019					June 30, 2019					September 30, 2019					December 31, 2019					March 31, 2020

Commercial mortgage loans	$	49,960				$	49,570				$	49,898				$	49,624				$	50,077
Agricultural mortgage loans	15,130					15,334					15,752					16,695					16,788
Residential mortgage loans	13,861					13,450					13,659					14,504					14,943
Mortgage loans held-for-sale	—					—					—					59					—
Mortgage Loans	78,951					78,354					79,309					80,882					81,808
Valuation allowances	(350		)			(357		)			(350		)			(353		)			(464		)
Mortgage Loans, net	$	78,601				$	77,997				$	78,959				$	80,529				$	81,344


SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE

	March 31, 2019					June 30, 2019					September 30, 2019					December 31, 2019					March 31, 2020
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total

Pacific	$	10,683		21.4	%	$	10,511		21.2	%	$	10,079		20.2	%	$	10,169		20.5	%	$	10,183		20.3	%
Non-U.S.	9,727			19.5	%	9,463			19.1	%	9,480			19.0	%	10,093			20.3	%	9,424			18.8	%
Middle Atlantic	7,873			15.7	%	7,952			16.0	%	8,210			16.4	%	8,302			16.7	%	7,967			15.9	%
South Atlantic	6,427			12.9	%	6,459			13.0	%	6,896			13.8	%	6,487			13.1	%	6,461			12.9	%
West South Central	4,299			8.6	%	4,386			8.9	%	4,454			8.9	%	4,255			8.6	%	3,970			7.9	%
East North Central	3,269			6.5	%	3,245			6.6	%	3,225			6.5	%	3,066			6.2	%	2,183			4.4	%
Mountain	1,501			3.0	%	1,729			3.5	%	1,774			3.6	%	1,602			3.2	%	1,755			3.5	%
New England	1,479			3.0	%	1,628			3.3	%	1,705			3.4	%	1,433			2.9	%	1,670			3.3	%
West North Central	594			1.2	%	593			1.2	%	592			1.2	%	607			1.2	%	635			1.3	%
East South Central	563			1.1	%	563			1.1	%	530			1.1	%	502			1.0	%	483			1.0	%
Multi-Region and Other	3,545			7.1	%	3,041			6.1	%	2,953			5.9	%	3,108			6.3	%	5,346			10.7	%
Total	$	49,960		100.0	%	$	49,570		100.0	%	$	49,898		100.0	%	$	49,624		100.0	%	$	50,077		100.0	%


Office	$	24,514		49.1	%	$	23,755		47.9	%	$	23,455		47.0	%	$	22,925		46.2	%	$	22,857		45.6	%
Apartment	6,943			13.9	%	6,960			14.1	%	6,906			13.8	%	8,212			16.6	%	8,869			17.7	%
Retail	9,387			18.8	%	9,577			19.3	%	9,707			19.5	%	9,052			18.2	%	8,842			17.7	%
Industrial	3,761			7.5	%	3,748			7.6	%	4,226			8.5	%	3,985			8.0	%	4,101			8.2	%
Hotel	3,716			7.4	%	3,688			7.4	%	3,617			7.2	%	3,471			7.0	%	3,328			6.6	%
Other	1,639			3.3	%	1,842			3.7	%	1,987			4.0	%	1,979			4.0	%	2,080			4.2	%
Total	$	49,960		100.0	%	$	49,570		100.0	%	$	49,898		100.0	%	$	49,624		100.0	%	$	50,077		100.0	%

Table of Contents




INVESTMENTS FOOTNOTES

(1) We calculate yields using average quarterly asset carrying values. Yields exclude the impact of recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-6 and presented on Page 5. 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 investment income related to fair value option securities of $55 million, $38 million, $59 million, $32 million and $(78) million for the three months ended March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020, respectively, and $55 million and $(78) million for the year-to-date period ended March 31, 2019 and March 31, 2020, respectively.
(3) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4) The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Fixed maturity securities available-for-sale	$	308,410		$	318,689		$	326,049		$	327,820		$	326,685
Contractholder-directed equity securities and fair value option securities	13,245			13,000			12,671			13,102			11,145
Total fixed maturity securities	321,655			331,689			338,720			340,922			337,830
Less: Contractholder-directed equity securities	12,284			11,990			11,514			11,852			9,914
Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs	3			3			3			3			3
Fixed maturity securities	$	309,368		$	319,696		$	327,203		$	329,067		$	327,913

(5) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5.
(6) Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Net investment gains (losses)	$	15		$	61		$	161		$	207		$	(288	)	$	15		$	(288	)
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	(15		)	3			(1		)	(1		)	1			(15		)	1
Less: Non-investment portfolio gains (losses)	25			(51		)	11			(180		)	24			25			24
Investment portfolio gains (losses)	$	5		$	109		$	151		$	388		$	(313	)	$	5		$	(313	)

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Net derivative gains (losses)	$	115		$	724		$	1,254		$	(1,465	)	$	4,201		$	115		$	4,201
Less: Investment hedge adjustments	105			118			121			125			138			105			138
Less: Settlement of foreign currency earnings hedges	(2		)	(2		)	(3		)	(2		)	—			(2		)	—
Less: PAB hedge adjustments	(3		)	(6		)	(5		)	(5		)	(5		)	(3		)	(5		)
Derivative gains (losses)	$	15		$	614		$	1,141		$	(1,583	)	$	4,068		$	15		$	4,068

(7) 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 mortgage-backed securities (non-agency residential mortgage-backed securities and commercial mortgage-backed securities). 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 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 mortgage-backed 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.
(8) 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.

Table of Contents

Appendix

Table of Contents




APPENDIX METLIFE RECONCILIATION DETAIL

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,349		$	1,684		$	2,152		$	536		$	4,366		$	1,349		$	4,366
Add: Preferred stock dividends	32			57			32			57			32			32			32
Add: Net Income (loss) attributable to noncontrolling interests	4			5			6			(5		)	3			4			3
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Income (loss) from continuing operations, net of income tax	1,385			1,746			2,190			588			4,401			$	1,385		$	4,401
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	15			61			161			207			(288		)	15			(288		)
Net derivative gains (losses)	115			724			1,254			(1,465		)	4,201			115			4,201
Premiums - Divested businesses	—			—			35			36			32			—			32
Universal life and investment-type product policy fees
Unearned revenue adjustments	—			20			59			18			18			—			18
GMIB fees	27			28			27			26			26			27			26
Divested businesses	—			—			2			1			2			—			2
Net investment income
Investment hedge adjustments	(105		)	(118		)	(121		)	(125		)	(138		)	(105		)	(138		)
Operating joint venture adjustments	—			—			—			—			—			—			—
Unit-linked contract income	736			261			250			228			(1,140		)	736			(1,140		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(4		)	(4		)	(2		)	(5		)	(4		)	(4		)	(4		)
Divested businesses	—			—			23			24			22			—			22
Other revenues
Settlement of foreign currency earnings hedges	2			2			3			2			—			2			—
TSA fees	68			69			69			40			42			68			42
Divested businesses	—			—			—			2			—			—			—
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments	—			—			(9		)	(10		)	(9		)	—			(9		)
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	(79		)	(84		)	(87		)	6			(48		)	(79		)	(48		)
GMIB costs	(56		)	(39		)	47			(106		)	141			(56		)	141
Market value adjustments	4			11			(3		)	(8		)	(11		)	4			(11		)
Divested businesses	—			—			(34		)	(33		)	(24		)	—			(24		)
Interest credited to policyholder account balances
PAB hedge adjustments	3			6			5			5			5			3			5
Unit-linked contract costs	(716		)	(257		)	(223		)	(240		)	1,138			(716		)	1,138
Divested businesses	—			—			(8		)	(10		)	(5		)	—			(5		)
Capitalization of DAC - Divested businesses	—			—			11			9			3			—			3
Amortization of DAC and VOBA
Related to NIGL and NDGL	24			5			(39		)	(106		)	(30		)	24			(30		)
Related to GMIB fees and GMIB costs	7			3			—			1			(13		)	7			(13		)
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			(2		)	(2		)	(6		)	—			(6		)
Amortization of negative VOBA
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			—			—
Other expenses
Noncontrolling interest	6			6			8			(5		)	3			6			3
Regulatory implementation costs	(3		)	(7		)	(5		)	(3		)	(2		)	(3		)	(2		)
Acquisition, integration and other costs	(23		)	(6		)	(8		)	(7		)	(6		)	(23		)	(6		)
TSA fees	(68		)	(69		)	(69		)	(40		)	(42		)	(68		)	(42		)
Divested businesses	—			(6		)	(36		)	(116		)	(19		)	—			(19		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	(24		)	(236		)	(340		)	373			(928		)	(24		)	(928		)
Adjusted earnings	1,456			1,376			1,222			1,891			1,481			1,456			1,481
Less: Preferred stock dividends	32			57			32			57			32			32			32
Adjusted earnings available to common shareholders	$	1,424		$	1,319		$	1,190		$	1,834		$	1,449		$	1,424		$	1,449

A-1

Table of Contents




APPENDIX METLIFE NOTABLE ITEMS (1)

METLIFE TOTAL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(160	)	$	—		$	—		$	—		$	—
Expense initiative costs		(55		)	(70		)	(88		)	(119		)	—			(55		)	—
Interest on tax adjustments		—			—			—			64			—			—			—
Tax adjustments		—			—			—			475			—			—			—
Total notable items		$	(55	)	$	(70	)	$	(248	)	$	420		$	—		$	(55	)	$	—

ASIA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(19	)	$	—		$	—		$	—		$	—
Total notable items		$	—		$	—		$	(19	)	$	—		$	—		$	—		$	—

LATIN AMERICA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	10		$	—		$	—		$	—		$	—
Total notable items		$	—		$	—		$	10		$	—		$	—		$	—		$	—

EMEA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(13	)	$	—		$	—		$	—		$	—
Total notable items		$	—		$	—		$	(13	)	$	—		$	—		$	—		$	—

METLIFE HOLDINGS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(138	)	$	—		$	—		$	—		$	—
Total notable items		$	—		$	—		$	(138	)	$	—		$	—		$	—		$	—

CORPORATE & OTHER
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Expense initiative costs		(55		)	(70		)	(88		)	(119		)	—			(55		)	—
Interest on tax adjustments		—			—			—			64			—			—			—
Tax adjustments		—			—			—			475			—			—			—
Total notable items		$	(55	)	$	(70	)	$	(88	)	$	420		$	—		$	(55	)	$	—

(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.

A-2

Table of Contents




APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Total MetLife, Inc.'s stockholders' equity	$	58,509		$	63,811		$	68,368		$	66,144		$	70,221
Less: Preferred stock	3,340			3,340			3,340			3,340			4,312
MetLife, Inc.'s common stockholders' equity	55,169			60,471			65,028			62,804			65,909
Less: Net unrealized investment gains (losses), net of income tax	13,862			18,381			22,330			19,981			20,369
Defined benefit plans adjustment, net of income tax	(2,004		)	(1,984		)	(1,961		)	(2,002		)	(1,985		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	43,311		$	44,074		$	44,659		$	44,825		$	47,525
Less: Goodwill, net of income tax	9,082			9,071			8,955			8,986			8,828
VODA and VOCRA, net of income tax	298			288			279			268			276
Total MetLife, Inc.'s tangible common stockholders' equity	$	33,931		$	34,715		$	35,425		$	35,571		$	38,421

Unaudited (In millions, except per share data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Book value per common share	$	58.06		$	64.61		$	70.71		$	68.62		$	72.62
Less: Net unrealized investment gains (losses), net of income tax	14.59			19.64			24.28			21.84			22.45
Defined benefit plans adjustment, net of income tax	(2.11		)	(2.12		)	(2.13		)	(2.19		)	(2.19		)
Book value per common share, excluding AOCI other than FCTA	$	45.58		$	47.09		$	48.56		$	48.97		$	52.36
Less: Goodwill, net of income tax	9.56			9.69			9.74			9.82			9.73
VODA and VOCRA, net of income tax	0.31			0.31			0.30			0.29			0.30
Book value per common share - tangible common stockholders' equity	$	35.71		$	37.09		$	38.52		$	38.86		$	42.33

Common shares outstanding, end of period	950.2			935.9			919.6			915.3			907.6

	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Return on MetLife, Inc.'s:
Common stockholders' equity	10.3		%	11.6		%	13.7		%	3.4		%	27.1		%
Common stockholders' equity, excluding AOCI other than FCTA	12.5		%	15.4		%	19.4		%	4.8		%	37.8		%
Tangible common stockholders' equity (2)	16.2		%	19.7		%	24.6		%	6.1		%	47.3		%

Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.9		%	9.1		%	7.6		%	11.5		%	9.0		%
Common stockholders' equity, excluding AOCI other than FCTA	13.2		%	12.1		%	10.7		%	16.4		%	12.6		%
Tangible common stockholders' equity (2)	17.1		%	15.5		%	13.7		%	20.7		%	15.8		%

Average common stockholders' equity	$	52,285		$	57,820		$	62,750		$	63,916		$	64,357
Average common stockholders' equity, excluding AOCI other than FCTA	$	43,043		$	43,693		$	44,367		$	44,742		$	46,175
Average tangible common stockholders' equity	$	33,630		$	34,323		$	35,070		$	35,498		$	36,996

(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 March 31, 2019, June 30, 2019, September 30, 2019. December 31, 2019 and March 31, 2020 of $10 million, $9 million, $9 million, $6 million and $8 million, respectively.

A-3

Table of Contents




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)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020
U.S. (1)	$	6,058		$	6,731		$	7,391		$	8,586	$	6,189
ASIA	2,117			2,062			2,072			2,068		2,080
LATIN AMERICA	854			969			906			849		921
EMEA	646			662			654			664		697
METLIFE HOLDINGS (1)	1,268			1,275			1,261			1,321		1,233
CORPORATE & OTHER (1)	119			98			72			87		96
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,062		$	11,797		$	12,356		$	13,575	$	11,216
Adjusted premiums, fees and other revenues	$	11,167		$	11,900		$	12,445		$	13,632	$	11,216

ASIA (including operating joint ventures) (2), (3)	$	2,359		$	2,338		$	2,322		$	2,347	$	2,358

OTHER EXPENSES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020
U.S. (1)	$	993		$	1,009		$	1,004		$	1,069	$	1,066
ASIA	952			955			943			947		874
LATIN AMERICA	333			325			334			353		345
EMEA	331			346			339			366		332
METLIFE HOLDINGS (1)	227			237			223			282		228
CORPORATE & OTHER (1)	222			289			320			243		136
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,058		$	3,161		$	3,163		$	3,260	$	2,981
Other expenses, as reported on an adjusted basis	$	3,101		$	3,192		$	3,199		$	3,286	$	2,981

ASIA (including operating joint ventures) (2), (3)	$	1,056		$	1,062		$	1,047		$	1,059	$	969

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020
U.S. (1)	$	724		$	732		$	707		$	675	$	780
ASIA	350			354			344			338		350
LATIN AMERICA	118			142			144			154		95
EMEA	83			76			52			66		78
METLIFE HOLDINGS (1)	317			299			149			269		277
CORPORATE & OTHER (1)	(193		)	(307		)	(223		)	322		(131		)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,399		$	1,296		$	1,173		$	1,824	$	1,449
Adjusted earnings available to common shareholders	$	1,424		$	1,319		$	1,190		$	1,834	$	1,449

(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.

A-4

Table of Contents




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

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.

A-5

Table of Contents





	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 include 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 requirements 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).

A-6

Table of Contents





	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.
	•	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 components of, or 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 is used by MetLife to describe assets in its GA investment portfolio which are actively managed and stated at estimated fair value. GA AUM is comprised of GA total investments and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) 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 (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. GA AUM (at amortized cost) is presented net of related allowance for credit loss.

	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.

A-7

Table of Contents




	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

A-8

Table of Contents