Document



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 for MetLife and its investors of MetLife's 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 CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Revenues
Premiums		$	10,617	$	11,556	$	17,332	$	9,005		$	48,510
Universal life and investment-type product policy fees		1,312		1,372		1,275		1,266			5,225
Net investment income		4,284		3,583		3,585		4,464			15,916
Other revenues		660		615		728		627			2,630
Net investment gains (losses)		(517)		(682)		(411)		350			(1,260)
Net derivative gains (losses)		(951)		(970)		(226)		(104)			(2,251)
Total revenues		15,405		15,474		22,283		15,608			68,770

Expenses
Policyholder benefits and claims		11,174		11,615		17,603		9,115			49,507
Policyholder liability remeasurement (gains) losses		(41)		(1)		136		20			114
Market risk benefit remeasurement (gains) losses		(1,440)		(757)		(965)		(512)			(3,674)
Interest credited to policyholder account balances		626		527		1,014		1,727			3,894
Policyholder dividends		199		194		158		155			706

Amortization of DAC and VOBA		475		458		441		457			1,831
Amortization of negative VOBA		(8)		(7)		(7)		(7)			(29)
Interest expense on debt		225		226		239		248			938
Other expenses, net of capitalization of DAC		2,260		2,231		2,249		2,379			9,119
Total expenses		13,470		14,486		20,868		13,582			62,406
Income (loss) before provision for income tax		1,935		988		1,415		2,026			6,364
Provision for income tax expense (benefit)		296		73		248		445			1,062


Net income (loss)		1,639		915		1,167		1,581			5,302
Less: Net income (loss) attributable to noncontrolling interests		5		5		5		3			18
Net income (loss) attributable to MetLife, Inc.		1,634		910		1,162		1,578			5,284
Less: Preferred stock dividends		63		29		64		29			185
Preferred stock redemption premium		—		—		—		—			—
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,571	$	881	$	1,098	$	1,549		$	5,099

Premiums, fees and other revenues		$	12,589	$	13,543	$	19,335	$	10,898		$	56,365



METLIFE CORPORATE OVERVIEW


	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022

Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,571	$	881	$	1,098	$	1,549
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(517)		(682)		(411)		350
Less: Net derivative gains (losses)	(951)		(970)		(226)		(104)
Less: Market risk benefit remeasurement gains (losses)	1,440		757		965		512
Less: Goodwill impairment	—		—		—		—
Less: Other adjustments to net income (loss) (1)	(271)		(396)		(435)		(317)
Less: Provision for income tax (expense) benefit	180		439		110		(149)

Add: Net income (loss) attributable to noncontrolling interests	5		5		5		3
Add: Preferred stock redemption premium	—		—		—		—
Adjusted earnings available to common shareholders	1,695		1,738		1,100		1,260
Less: Total notable items (2)	—		77		12		—
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,695	$	1,661	$	1,088	$	1,260

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.89	$	1.08	$	1.37	$	1.96

Less: Net investment gains (losses)	(0.62)		(0.84)		(0.51)		0.44
Less: Net derivative gains (losses)	(1.15)		(1.19)		(0.28)		(0.13)
Less: Market risk benefit remeasurement gains (losses)	1.73		0.93		1.21		0.65
Less: Goodwill impairment	—		—		—		—
Less: Other adjustments to net income (loss)	(0.32)		(0.48)		(0.55)		(0.40)
Less: Provision for income tax (expense) benefit	0.22		0.54		0.14		(0.19)

Add: Net income (loss) attributable to noncontrolling interests	0.01		0.01		0.01		—
Add: Preferred stock redemption premium	—		—		—		—
Adjusted earnings available to common shareholders per diluted common share	2.04		2.13		1.37		1.59
Less: Total notable items per diluted common share (2)	—		0.09		0.01		—
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	2.04	$	2.04	$	1.36	$	1.59

	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022

Notable items impacting adjusted earnings available to common shareholders (2):


Actuarial assumption review and other insurance adjustments	$	—	$	77	$	12	$	—





Total notable items	$	—	$	77	$	12	$	—



Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):


Actuarial assumption review and other insurance adjustments	$	—	$	0.09	$	0.01	$	—





Total notable items	$	—	$	0.09	$	0.01	$	—



	For the Three Months Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Weighted average common shares outstanding - diluted	830.5		814.5		800.7		790.2

(1)See Appendix 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.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.



METLIFE CORPORATE OVERVIEW (CONTINUED)

Unaudited	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022

Book value per common share (1)	$	47.39		$	37.52		$	32.48		$	33.45
Book value per common share, excluding AOCI other than FCTA (1)	$	52.97		$	52.30		$	52.04		$	54.30



	For the Three Months Ended
Unaudited	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Return on MetLife, Inc.'s (2):
Common stockholders' equity	14.9		%	10.3		%	15.8		%	24.0		%



Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	16.0		%	20.3		%	15.9		%	19.5		%
Common stockholders' equity, excluding AOCI other than FCTA	15.7		%	16.4		%	10.6		%	12.1		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	15.7		%	15.7		%	10.5		%	12.1		%




	For the Three Months Ended
Unaudited (In millions)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022

Common shares outstanding, beginning of period	825.5			814.8			797.6			787.3
Share repurchases	(13.6)			(17.3)			(10.3)			(8.5)
Newly issued shares	2.9			0.1			—			0.3
Common shares outstanding, end of period	814.8			797.6			787.3			779.1

Weighted average common shares outstanding - basic	823.8			809.7			795.8			784.2

Dilutive effect of the exercise or issuance of stock-based awards	6.7			4.8			4.9			6.0



Weighted average common shares outstanding - diluted	830.5			814.5			800.7			790.2

MetLife Policyholder Trust Shares	127.8			126.2			125.1			123.6

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



METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS




	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Total revenues	$	15,405	$	15,474	$	22,283	$	15,608		$	68,770
Less: Adjustments to total revenues:
Net investment gains (losses)	(517)		(682)		(411)		350			(1,260)
Net derivative gains (losses)	(951)		(970)		(226)		(104)			(2,251)
Investment hedge adjustments	(215)		(232)		(252)		(277)			(976)
Asymmetrical and non-economic accounting	—		—		—		—			—
Unit-linked contract income	(498)		(688)		(321)		209			(1,298)
Other adjustments	41		47		35		27			150
Divested businesses	66		—		—		—			66
Total adjusted revenues	$	17,479	$	17,999	$	23,458	$	15,403		$	74,339

	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Net investment income	$	4,284	$	3,583	$	3,585	$	4,464		$	15,916
Less: Adjustments to net investment income:
Investment hedge adjustments	(215)		(232)		(252)		(277)			(976)
Unit-linked contract income	(498)		(688)		(321)		209			(1,298)
Other adjustments	(6)		(1)		(5)		2			(10)
Divested businesses	11		—		—		—			11
Adjusted net investment income	$	4,992	$	4,504	$	4,163	$	4,530		$	18,189

	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Variable investment income (Included in net investment income above)	$	1,185	$	389	$	(53)	$	24		$	1,545

	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Premiums, fees and other revenues	$	12,589	$	13,543	$	19,335	$	10,898		$	56,365
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	—		—		—		—			—
Other adjustments	47		48		40		25			160
Divested businesses	55		—		—		—			55
Adjusted premiums, fees and other revenues	$	12,487	$	13,495	$	19,295	$	10,873		$	56,150
Adjusted premiums, fees and other revenues, on a constant currency basis	$	12,146	$	13,306	$	19,274	$	10,873



METLIFE EXPENSE DETAIL AND RATIOS





	For the Three Months Ended												For the Year Ended
Unaudited (In millions, except ratio data)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022				December 31, 2022


Other expenses, net of capitalization of DAC	$	2,260		$	2,231		$	2,249		$	2,379			$	9,119

Premiums, fees and other revenues	$	12,589		$	13,543		$	19,335		$	10,898			$	56,365

Expense ratio	18.0		%	16.5		%	11.6		%	21.8		%		16.2		%

	For the Three Months Ended												For the Year Ended
Unaudited (In millions)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022				December 31, 2022
Adjusted other expenses by major category
Direct expenses	$	1,332		$	1,335		$	1,342		$	1,481			$	5,490
Pension, postretirement and postemployment benefit costs	25			24			24			25				98
Premium taxes, other taxes, and licenses & fees	151			137			172			146				606
Commissions and other variable expenses	1,325			1,304			1,277			1,368				5,274
Adjusted other expenses	2,833			2,800			2,815			3,020				11,468
Adjusted capitalization of DAC	(641)			(637)			(626)			(699)				(2,603)
Adjusted other expenses, net of adjusted capitalization of DAC	2,192			2,163			2,189			2,321				8,865
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—				—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,192		$	2,163		$	2,189		$	2,321			$	8,865

	For the Three Months Ended												For the Year Ended
Unaudited (In millions, except ratio data)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022				December 31, 2022
Employee related costs	$	899		$	866		$	875		$	864			$	3,504
Third party staffing costs	375			371			349			433				1,528
General and administrative expenses	58			98			118			184				458
Direct expenses	1,332			1,335			1,342			1,481				5,490
Less: Total notable items related to direct expenses (1)	—			—			—			—				—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,332		$	1,335		$	1,342		$	1,481			$	5,490

Adjusted other expenses, net of adjusted capitalization of DAC	$	2,192		$	2,163		$	2,189		$	2,321			$	8,865
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—				—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,192		$	2,163		$	2,189		$	2,321			$	8,865

Adjusted premiums, fees and other revenues	$	12,487		$	13,495		$	19,295		$	10,873			$	56,150
Less: PRT	1,258			2,564			8,466			(69)				12,219
Adjusted premiums, fees and other revenues, excluding PRT	$	11,229		$	10,931		$	10,829		$	10,942			$	43,931

Direct expense ratio	10.7		%	9.9		%	7.0		%	13.6		%		9.8		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	11.9		%	12.2		%	12.4		%	13.5		%		12.5		%

Adjusted expense ratio	17.6		%	16.0		%	11.3		%	21.3		%		15.8		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	19.5		%	19.8		%	20.2		%	21.2		%		20.2		%

(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.



METLIFE GAAP CONSOLIDATED BALANCE SHEETS



Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	320,079	$	284,178	$	270,765	$	276,780
Equity securities, at estimated fair value	988		1,085		973		1,684
Contractholder-directed equity securities and fair value option securities, at estimated fair value	11,418		9,875		8,954		9,668




Mortgage loans	79,968		82,055		82,437		83,763
Policy loans	9,036		8,876		8,783		8,874


Real estate and real estate joint ventures	12,379		12,376		12,532		13,137
Other limited partnership interests	14,570		14,636		14,387		14,414
Short-term investments, principally at estimated fair value	3,146		3,043		5,266		4,935
Other invested assets	18,696		19,901		22,299		20,038
Total investments	470,280		436,025		426,396		433,293
Cash and cash equivalents, principally at estimated fair value	23,488		20,548		22,200		20,195
Accrued investment income	3,251		3,154		3,355		3,446
Premiums, reinsurance and other receivables	17,983		17,713		17,550		17,364
Market risk benefits	18		25		253		280

Deferred policy acquisition costs and value of business acquired	19,747		18,946		18,545		19,653
Current income tax recoverable	39		274		194		42
Deferred income tax assets	1,241		1,949		2,161		2,439
Goodwill	9,510		9,151		9,005		9,297
Assets held-for-sale	4,581		—		—		—
Other assets	11,531		11,280		10,992		11,025
Separate account assets	165,056		143,829		135,771		146,038
Total assets	$	726,725	$	662,894	$	646,422	$	663,072

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	199,115	$	184,916	$	180,812	$	187,222
Policyholder account balances	214,237		207,921		205,279		210,597
Market risk benefits	5,433		4,704		4,039		3,763

Other policy-related balances	19,405		18,652		18,509		18,424
Policyholder dividends payable	450		457		429		387

Payables for collateral under securities loaned and other transactions	30,481		23,819		24,890		20,937

Short-term debt	323		196		183		175
Long-term debt	13,848		13,677		14,520		14,647
Collateral financing arrangement	754		741		729		716
Junior subordinated debt securities	3,156		3,157		3,158		3,158

Deferred income tax liability	3,622		1,828		991		950
Liabilities held-for-sale	4,280		—		—		—
Other liabilities	23,862		24,988		27,472		25,933
Separate account liabilities	165,056		143,829		135,771		146,038
Total liabilities	684,022		628,885		616,782		632,947


Equity
Preferred stock, at par value	—		—		—		—

Common stock, at par value	12		12		12		12
Additional paid-in capital	33,531		33,548		33,589		33,616
Retained earnings	38,005		38,478		39,176		40,332
Treasury stock, at cost	(19,072)		(20,188)		(20,862)		(21,458)
Accumulated other comprehensive income (loss)	(10,044)		(18,106)		(22,526)		(22,621)
Total MetLife, Inc.'s stockholders' equity	42,432		33,744		29,389		29,881
Noncontrolling interests	271		265		251		244
Total equity	42,703		34,009		29,640		30,125
Total liabilities and equity	$	726,725	$	662,894	$	646,422	$	663,072



METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022

Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS		$	149	$	515	$	530	$	495
RETIREMENT AND INCOME SOLUTIONS		688		473		420		477
TOTAL U.S.		$	837	$	988	$	950	$	972
ASIA		837		684		385		369
LATIN AMERICA		183		330		203		233
EMEA		72		88		90		72
METLIFE HOLDINGS		435		479		143		228
CORPORATE & OTHER		(130)		(290)		(249)		(289)
Total adjusted earnings before provision for income tax		$	2,234	$	2,279	$	1,522	$	1,585

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS		$	32	$	109	$	113	$	103
RETIREMENT AND INCOME SOLUTIONS		142		99		86		96
TOTAL U.S.		$	174	$	208	$	199	$	199
ASIA		238		198		118		104
LATIN AMERICA		48		79		44		49
EMEA		17		22		26		8
METLIFE HOLDINGS		87		97		26		44
CORPORATE & OTHER		(88)		(92)		(55)		(108)
Total provision for income tax expense (benefit)		$	476	$	512	$	358	$	296

Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS		$	117	$	406	$	417	$	392
RETIREMENT AND INCOME SOLUTIONS		546		374		334		381
TOTAL U.S.		$	663	$	780	$	751	$	773
ASIA		599		486		267		265
LATIN AMERICA		135		251		159		184
EMEA		55		66		64		64
METLIFE HOLDINGS		348		382		117		184
CORPORATE & OTHER (1)		(105)		(227)		(258)		(210)
Total adjusted earnings available to common shareholders (1)		$	1,695	$	1,738	$	1,100	$	1,260


(1)Includes impact of preferred stock dividends of $63 million, $29 million, $64 million, and $29 million for the three months ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively.



U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Adjusted revenues
Premiums		$	7,005	$	8,094	$	13,954	$	5,617		$	34,670
Universal life and investment-type product policy fees		298		283		286		291			1,158
Net investment income		1,874		1,710		1,716		2,040			7,340
Other revenues		426		404		514		408			1,752
Total adjusted revenues		9,603		10,491		16,470		8,356			44,920

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		7,417		8,115		13,978		5,729			35,239
Policyholder liability remeasurement (gains) losses		(23)		(7)		9		(8)			(29)
Interest credited to policyholder account balances		406		453		548		650			2,057
Capitalization of DAC		(32)		(23)		(38)		(38)			(131)
Amortization of DAC and VOBA		17		15		17		17			66
Amortization of negative VOBA		—		—		—		—			—
Interest expense on debt		2		1		3		3			9
Other expenses		979		949		1,003		1,031			3,962
Total adjusted expenses		8,766		9,503		15,520		7,384			41,173

Adjusted earnings before provision for income tax		837		988		950		972			3,747
Provision for income tax expense (benefit)		174		208		199		199			780
Adjusted earnings		663		780		751		773			2,967
Preferred stock dividends		—		—		—		—			—
Adjusted earnings available to common shareholders		$	663	$	780	$	751	$	773		$	2,967




































































Adjusted premiums, fees and other revenues		$	7,729	$	8,781	$	14,754	$	6,316		$	37,580
Less: PRT		1,258		2,564		8,466		(69)			12,219
Adjusted premiums, fees and other revenues, excluding PRT		$	6,471	$	6,217	$	6,288	$	6,385		$	25,361



U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Adjusted revenues
Premiums		$	1,572	$	2,884	$	8,793	$	370		$	13,619
Universal life and investment-type product policy fees		82		73		71		77			303
Net investment income		1,594		1,432		1,437		1,741			6,204
Other revenues		71		68		183		70			392
Total adjusted revenues		3,319		4,457		10,484		2,258			20,518

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		2,164		3,475		9,440		1,084			16,163
Policyholder liability remeasurement (gains) losses		(22)		(9)		5		(10)			(36)
Interest credited to policyholder account balances		375		421		514		604			1,914
Capitalization of DAC		(28)		(17)		(34)		(34)			(113)
Amortization of DAC and VOBA		11		8		10		11			40
Amortization of negative VOBA		—		—		—		—			—
Interest expense on debt		2		1		2		3			8
Other expenses		129		105		127		123			484
Total adjusted expenses		2,631		3,984		10,064		1,781			18,460

Adjusted earnings before provision for income tax		688		473		420		477			2,058
Provision for income tax expense (benefit)		142		99		86		96			423
Adjusted earnings		546		374		334		381			1,635
Preferred stock dividends		—		—		—		—			—
Adjusted earnings available to common shareholders		$	546	$	374	$	334	$	381		$	1,635



































































Adjusted premiums, fees and other revenues		$	1,725	$	3,025	$	9,047	$	517		$	14,314
Less: PRT		1,258		2,564		8,466		(69)			12,219
Adjusted premiums, fees and other revenues, excluding PRT		$	467	$	461	$	581	$	586		$	2,095



U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS (1)

Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, end of period (at balance sheet discount rate) (2)	$	62,407	$	58,840	$	61,264	$	62,737
Less: Accumulated other comprehensive (income) loss	6,107		720		(4,531)		(2,856)
Balance, end of period (at original discount rate)	$	56,300	$	58,120	$	65,795	$	65,593

POLICYHOLDER ACCOUNT BALANCES

Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, end of period	$	81,177	$	79,821	$	79,311	$	80,066







SEPARATE ACCOUNT LIABILITIES

Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022













Balance, end of period	$	69,123	$	61,622	$	58,838	$	60,040

SYNTHETIC GICS (3), (4)

Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022





Balance, end of period	$	43,485	$	44,841	$	45,066	$	46,316

LONGEVITY REINSURANCE (5)

Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, end of period	$	14,898	$	14,753	$	13,427	$	16,602

(1)Includes $3,206 million, $3,291 million, $3,394 million and $3,392 million of DPL at March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively.
(2)Represents the current discount rate at respective periods presented.
(3)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.
(4)Includes $1,884 million, $0, $0, and $147 million of transfers from separate account GICs to synthetic GICs at March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.



ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022

Adjusted premiums, fees and other revenues	$	1,976	$	1,837	$	1,805	$	1,728

Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,709	$	1,707	$	1,770	$	1,728


Add: Operating joint ventures, on a constant currency basis (1)	360		292		380		369
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,069	$	1,999	$	2,150	$	2,097

OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022

Direct and allocated expenses	$	326	$	291	$	285	$	300
Pension, postretirement and postemployment benefit costs	20		19		17		23
Premium taxes, other taxes, and licenses & fees	39		31		36		37


Commissions and other variable expenses	452		422		411		444

Adjusted other expenses	$	837	$	763	$	749	$	804
Adjusted other expenses, net of adjusted capitalization of DAC	$	449	$	382	$	398	$	394

Adjusted other expenses on a constant currency basis	$	718	$	709	$	735	$	804


Add: Operating joint ventures, on a constant currency basis (2)	107		99		108		108
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	825	$	808	$	843	$	912
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	469	$	435	$	477	$	483

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022

Japan:
Life	$	180	$	105	$	100	$	101
Accident & Health	73		70		65		61
Annuities	97		129		202		267
Other	2		2		3		1
Total Japan	352		306		370		430
Other Asia	188		155		206		188
Total sales	$	540	$	461	$	576	$	618

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022

Adjusted earnings available to common shareholders	$	599	$	486	$	267	$	265
Adjusted earnings available to common shareholders, on a constant currency basis	$	572	$	467	$	257	$	265



(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenue for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.



METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Annuities	$	1,842	$	1,696	$	1,582	$	1,593
Life and Other	55,080		54,830		54,605		54,573
Long Term Care	17,755		14,828		12,986		13,845
Balance, end of period (at balance sheet discount rate) (2)	$	74,677	$	71,354	$	69,173	$	70,011

Less:
Annuities	$	136	$	12	$	(89)	$	(60)
Life and Other	233		41		(93)		(60)
Long Term Care	3,881		800		(1,217)		(513)
Accumulated other comprehensive (income) loss	$	4,250	$	853	$	(1,399)	$	(633)

Annuities	$	1,706	$	1,684	$	1,671	$	1,653
Life and Other	54,847		54,789		54,698		54,633
Long Term Care	13,874		14,028		14,203		14,358
Balance, end of period (at original discount rate)	$	70,427	$	70,501	$	70,572	$	70,644

POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Annuities	$	14,182	$	13,985	$	13,701	$	13,286
Life and Other	12,676		12,607		12,544		12,402
Balance, end of period	$	26,858	$	26,592	$	26,245	$	25,688

MARKET RISK BENEFITS (3)
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Annuities	$	4,820	$	4,256	$	3,534	$	3,225
Balance, end of period	$	4,820	$	4,256	$	3,534	$	3,225

SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Annuities	$	36,079	$	30,163	$	27,680	$	28,499
Life and Other	6,776		5,527		5,225		5,475
Balance, end of period	$	42,855	$	35,690	$	32,905	$	33,974

(1) Includes participating life contracts. additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Represents the current discount rate at respective periods presented.
(3) Market risk benefits include Japan reinsurance.



CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Adjusted revenues
Premiums		$	(4)	$	(6)	$	(7)	$	1		$	(16)
Universal life and investment-type product policy fees		—		2		(1)		1			2
Net investment income		120		17		78		58			273
Other revenues		101		98		96		101			396
Total adjusted revenues		217		111		166		161			655

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		(7)		(2)		(3)		6			(6)
Policyholder liability remeasurement (gains) losses		—		—		—		—			—
Interest credited to policyholder account balances		—		—		—		—			—
Capitalization of DAC		(3)		(2)		(2)		(1)			(8)
Amortization of DAC and VOBA		2		2		3		2			9
Amortization of negative VOBA		—		—		—		—			—
Interest expense on debt		219		219		231		240			909
Other expenses		136		184		186		203			709
Total adjusted expenses		347		401		415		450			1,613

Adjusted earnings before provision for income tax		(130)		(290)		(249)		(289)			(958)
Provision for income tax expense (benefit)		(88)		(92)		(55)		(108)			(343)
Adjusted earnings		(42)		(198)		(194)		(181)			(615)
Preferred stock dividends		63		29		64		29			185
Adjusted earnings available to common shareholders		$	(105)	$	(227)	$	(258)	$	(210)		$	(800)




































































Adjusted premiums, fees and other revenues		$	97	$	94	$	88	$	103		$	382



ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Business activities		$	36	$	34	$	36	$	32		$	138
Net investment income		120		18		75		63			276
Interest expense on debt		(227)		(226)		(240)		(250)			(943)
Corporate initiatives and projects		(12)		(21)		(15)		(16)			(64)
Other		(47)		(95)		(105)		(118)			(365)
Provision for income tax (expense) benefit and other tax-related items		88		92		55		108			343
Preferred stock dividends		(63)		(29)		(64)		(29)			(185)
Adjusted earnings available to common shareholders		$	(105)	$	(227)	$	(258)	$	(210)		$	(800)



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 Ended (1)
Unaudited (In millions, except yields)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022				December 31, 2022
Fixed Maturity Securities
Yield	3.52		%	3.66		%	3.81		%	4.04		%		3.76		%
Investment income (2), (3)	$	2,638		$	2,709		$	2,773		$	2,978			$	11,098
Investment gains (losses)	(599)			(671)			(286)			(356)				(1,912)
Ending carrying value (4)	321,656			285,573			272,079			278,215				278,215
Mortgage Loans
Yield	4.13		%	4.11		%	4.37		%	4.73		%		4.34		%
Investment income (3)	823			832			898			983				3,536
Investment gains (losses)	44			48			47			(118)				21
Ending carrying value	79,968			82,055			82,437			83,763				83,763
Real Estate and Real Estate Joint Ventures
Yield	7.82		%	8.98		%	5.75		%	3.16		%		6.40		%
Investment income	241			277			179			101				798
Investment gains (losses)	4			159			—			490				653
Ending carrying value	12,379			12,376			12,532			13,137				13,137
Policy Loans
Yield	5.13		%	5.09		%	5.18		%	5.22		%		5.15		%
Investment income	116			114			114			115				459
Ending carrying value	9,036			8,876			8,783			8,874				8,874
Equity Securities
Yield	3.48		%	2.46		%	6.40		%	3.58		%		3.96		%
Investment income	7			5			14			10				36
Investment gains (losses)	(50)			(42)			(23)			(18)				(133)
Ending carrying value	988			1,085			973			1,684				1,684
Other Limited Partnership Interests
Yield (5)	25.35		%	4.69		%	(5.35)		%	(1.18)		%		5.92		%
Investment income (5)	926			171			(194)			(43)				860
Investment gains (losses)	18			(2)			(1)			38				53
Ending carrying value (6)	14,570			14,636			14,387			14,414				14,414
Cash and Short-term Investments
Yield	1.08		%	1.53		%	2.54		%	3.70		%		2.31		%
Investment income	30			43			78			131				282
Investment gains (losses)	14			42			63			(37)				82
Ending carrying value	26,634			23,591			27,466			25,130				25,130
Other Invested Assets
Investment income	364			484			426			396				1,670
Investment gains (losses)	47			69			(14)			(15)				87
Ending carrying value	18,696			19,901			22,299			20,038				20,038
Total Investments
Investment income yield	4.72		%	4.29		%	3.98		%	4.27		%		4.32		%
Investment fees and expenses yield	(0.13)		%	(0.12)		%	(0.12)		%	(0.13)		%		(0.12)		%
Net Investment Income Yield	4.59		%	4.17		%	3.86		%	4.14		%		4.20		%
Investment income	$	5,145		$	4,635		$	4,288		$	4,671			$	18,739
Investment fees and expenses	(142)			(131)			(125)			(141)				(539)
Net investment income including divested businesses	5,003			4,504			4,163			4,530				18,200
Less: Net investment income from divested businesses	11			—			—			—				11
Adjusted Net Investment Income (7)	$	4,992		$	4,504		$	4,163		$	4,530			$	18,189
Ending Carrying Value	$	483,927		$	448,093		$	440,956		$	445,255			$	445,255
Investment Portfolio Gains (Losses) including divested businesses	$	(522)		$	(397)		$	(214)		$	(16)			$	(1,149)
Less: Divested businesses	—			—			—			—				—
Investment Portfolio Gains (Losses) (8)	$	(522)		$	(397)		$	(214)		$	(16)			$	(1,149)
Gross investment gains	310			597			259			1,117				2,283
Gross investment losses	(548)			(1,084)			(541)			(1,084)				(3,257)
Net credit loss (provision) release and (impairments)	(284)			90			68			(49)				(175)
Investment Portfolio Gains (Losses) (8)	(522)			(397)			(214)			(16)				(1,149)
Investment portfolio gains (losses) income tax (expense) benefit	116			92			51			3				262
Investment Portfolio Gains (Losses), Net of Income Tax	$	(406)		$	(305)		$	(163)		$	(13)			$	(887)

Derivative gains (losses) including Divested businesses	$	(1,166)		$	(1,202)		$	(478)		$	(381)			$	(3,227)
Less: Derivative gains (losses) from divested businesses	—			—			—			—				—
Derivative gains (losses) (8)	(1,166)			(1,202)			(478)			(381)				(3,227)
Derivative gains (losses) income tax (expense) benefit	275			355			129			69				828
Derivative Gains (Losses), Net of Income Tax	$	(891)		$	(847)		$	(349)		$	(312)			$	(2,399)

See footnotes on Page 30.



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

		March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate		$	87,136	27.2	%	$	80,555	28.3	%	$	78,824	29.1	%	$	80,030	28.9	%
Foreign corporate		61,129		19.1	%	54,177		19.1	%	49,927		18.4	%	52,572		19.0	%
Foreign government		57,282		17.9	%	48,016		16.9	%	44,050		16.3	%	46,747		16.9	%
U.S. government and agency		40,334		12.6	%	33,690		11.9	%	31,562		11.7	%	32,229		11.6	%
Residential mortgage-backed		30,080		9.4	%	27,303		9.6	%	27,145		10.0	%	26,165		9.5	%
Asset-backed securities and collateralized loan obligations		19,305		6.0	%	17,054		6.0	%	16,766		6.2	%	16,822		6.1	%
Municipals		12,958		4.1	%	12,513		4.4	%	12,014		4.4	%	12,152		4.4	%
Commercial mortgage-backed		11,855		3.7	%	10,870		3.8	%	10,477		3.9	%	10,063		3.6	%
Fixed Maturity Securities Available-For-Sale		$	320,079	100.0	%	$	284,178	100.0	%	$	270,765	100.0	%	$	276,780	100.0	%

NRSRO	NAIC
RATING	DESIGNATION
Aaa / Aa / A	1	$	222,096	69.4	%	$	195,090	68.7	%	$	185,780	68.6	%	$	190,021	68.7	%
Baa	2	82,616		25.8	%	74,783		26.3	%	71,276		26.3	%	73,194		26.5	%
Ba	3	11,788		3.7	%	11,129		3.9	%	10,652		4.0	%	10,511		3.8	%
B	4	2,923		0.9	%	2,653		0.9	%	2,618		1.0	%	2,571		0.9	%
Caa and lower	5	480		0.1	%	389		0.2	%	306		0.1	%	401		0.1	%
In or near default	6	176		0.1	%	134		—	%	133		—	%	82		—	%
Total Fixed Maturity Securities Available-For-Sale (9)		$	320,079	100.0	%	$	284,178	100.0	%	$	270,765	100.0	%	$	276,780	100.0	%


GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE

Unaudited (In millions)		March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022





Gross unrealized gains		$	16,145			$	8,666			$	5,488			$	5,239
Gross unrealized losses		9,583				23,759				36,982				34,301
Net Unrealized Gains (Losses)		$	6,562			$	(15,093)			$	(31,494)			$	(29,062)

See footnotes on Page 30.


INVESTMENTS
SUMMARY OF MORTGAGE LOANS

Unaudited (In millions)	March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022

Commercial mortgage loans	$	51,117			$	52,348			$	52,273			$	52,502
Agricultural mortgage loans	17,882				18,563				18,923				19,306
Residential mortgage loans	11,584				11,606				11,708				12,482
Mortgage loans held-for-sale	—				24				—				—
Mortgage Loans	80,583				82,541				82,904				84,290
Valuation allowances	(615)				(486)				(467)				(527)
Mortgage Loans, net	$	79,968			$	82,055			$	82,437			$	83,763


SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE

	March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	9,824	19.2	%	$	9,901	18.9	%	$	9,805	18.7	%	$	9,628	18.3	%
Non-U.S.	10,064		19.7	%	9,726		18.6	%	8,977		17.2	%	9,299		17.7	%
Middle Atlantic	7,876		15.4	%	7,918		15.1	%	7,748		14.8	%	7,574		14.4	%
South Atlantic	6,849		13.4	%	6,852		13.1	%	6,691		12.8	%	6,617		12.6	%
West South Central	3,587		7.0	%	3,943		7.5	%	4,005		7.7	%	3,721		7.1	%
New England	2,752		5.4	%	2,781		5.3	%	2,754		5.3	%	2,764		5.3	%
Mountain	2,078		4.1	%	2,268		4.3	%	2,269		4.3	%	2,284		4.4	%
East North Central	2,013		3.9	%	1,489		2.9	%	1,596		3.1	%	1,594		3.0	%
East South Central	725		1.4	%	636		1.2	%	635		1.2	%	620		1.2	%
West North Central	458		0.9	%	428		0.8	%	471		0.9	%	597		1.1	%
Multi-Region and Other	4,891		9.6	%	6,406		12.3	%	7,322		14.0	%	7,804		14.9	%
Total	$	51,117	100.0	%	$	52,348	100.0	%	$	52,273	100.0	%	$	52,502	100.0	%


Office	$	22,170	43.4	%	$	21,923	41.9	%	$	21,144	40.5	%	$	21,009	40.0	%
Apartment	9,578		18.7	%	10,536		20.1	%	10,793		20.6	%	10,575		20.2	%
Retail	8,766		17.2	%	8,524		16.3	%	8,305		15.9	%	8,046		15.3	%
Industrial	5,055		9.9	%	4,902		9.4	%	5,068		9.7	%	5,607		10.7	%
Hotel	3,137		6.1	%	3,323		6.3	%	3,261		6.2	%	3,172		6.0	%
Other	2,411		4.7	%	3,140		6.0	%	3,702		7.1	%	4,093		7.8	%
Total	$	51,117	100.0	%	$	52,348	100.0	%	$	52,273	100.0	%	$	52,502	100.0	%



INVESTMENTS FOOTNOTES

(1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-6 and presented on Page A-1. Average quarterly 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 and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. 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 ($65) million, ($89) million, ($43) million and $70 million for the three months ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and ($127) million for the year ended December 31, 2022.
(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, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Fixed maturity securities available-for-sale	$	320,079	$	284,178	$	270,765	$	276,780
Contractholder-directed equity securities and fair value option securities	11,418		9,875		8,954		9,668
Total fixed maturity securities	331,497		294,053		279,719		286,448
Less: Contractholder-directed equity securities	9,841		8,480		7,640		8,233

Fixed maturity securities	$	321,656	$	285,573	$	272,079	$	278,215

(5)Other limited partnership interests includes investment income related to private equity investments of $984 million, $216 million, ($188) million and ($40) million for the three months ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $972 million for the year ended December 31, 2022. The annualized yields for these periods were 28.16%, 6.17%, (5.37%), (1.15%), and 6.95%, respectively.
(6)Other limited partnership interests includes ending carrying value related to private equity investments of $13,971 million, $14,092 million, $13,855 million and $14,000 million at March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively.

(7)Adjusted net investment income reflects the adjustments as presented on Page 5.
(8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
	For the Three Months Ended								For the Year Ended
	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2022
Net investment gains (losses)	$	(517)	$	(682)	$	(411)	$	350	$	(1,260)
Less: Operating joint venture adjustments	6		(1)		5		(1)		9
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	7		(1)		(18)		(2)		(14)
Less: Non-investment portfolio gains (losses)	(8)		(283)		(184)		369		(106)
Less: Divested businesses	—		—		—		—		—
Investment portfolio gains (losses)	$	(522)	$	(397)	$	(214)	$	(16)	$	(1,149)

	For the Three Months Ended								For the Year Ended
	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2022
Net derivative gains (losses)	$	(951)	$	(970)	$	(226)	$	(104)	$	(2,251)
Less: Investment hedge adjustments	215		232		252		277		976

Less: PAB hedge adjustments	—		—		—		—		—
Less: Divested businesses	—		—		—		—		—
Derivative gains (losses)	$	(1,166)	$	(1,202)	$	(478)	$	(381)	$	(3,227)

(9)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.



APPENDIX METLIFE RECONCILIATION DETAIL

	For the Three Months Ended								For the Year Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,571	$	881	$	1,098	$	1,549		$	5,099
Add: Preferred stock dividends	63		29		64		29			185
Add: Preferred stock redemption premium	—		—		—		—			—
Add: Net Income (loss) attributable to noncontrolling interests	5		5		5		3			18

Net income (loss)	1,639		915		1,167		1,581			$	5,302
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(517)		(682)		(411)		350			(1,260)
Net derivative gains (losses)	(951)		(970)		(226)		(104)			(2,251)
Market risk benefit remeasurement gains (losses)	1,440		757		965		512			3,674
Premiums - Divested businesses	41		—		—		—			41
Universal life and investment-type product policy fees - Divested businesses	11		—		—		—			11
Net investment income
Investment hedge adjustments	(215)		(232)		(252)		(277)			(976)
Unit-linked contract income	(498)		(688)		(321)		209			(1,298)
Other adjustments	(6)		(1)		(5)		2			(10)
Divested businesses	11		—		—		—			11
Other revenues
Asymmetrical and non-economic accounting	—		—		—		—			—
Other adjustments	47		48		40		25			160
Divested businesses	3		—		—		—			3
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting	(119)		(215)		(241)		(79)			(654)
Market volatility	(12)		34		66		105			193
Divested businesses	(23)		—		—		—			(23)
Policyholder liability remeasurement (gains) losses - Divested businesses	—		—		—		—			—
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting	63		31		36		(64)			66
Unit-linked contract costs	505		695		302		(180)			1,322
Divested businesses	(3)		—		—		—			(3)
Capitalization of DAC - Divested businesses	11		—		—		—			11
Amortization of DAC and VOBA - Divested businesses	(8)		—		—		—			(8)
Amortization of negative VOBA - Divested business	—		—		—		—			—
Interest expense on debt - Divested business	—		—		—		—			—
Other expenses
Other adjustments	(47)		(60)		(47)		(37)			(191)
Divested businesses	(32)		(8)		(13)		(21)			(74)
Goodwill impairment	—		—		—		—			—
Provision for income tax (expense) benefit	180		439		110		(149)			580
Adjusted earnings	1,758		1,767		1,164		1,289			5,978
Less: Preferred stock dividends	63		29		64		29			185
Adjusted earnings available to common shareholders	$	1,695	$	1,738	$	1,100	$	1,260		$	5,793



APPENDIX METLIFE NOTABLE ITEMS (1)

METLIFE TOTAL
		For the Three Months Ended									For the Year Ended
Unaudited (In millions)			March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022


Actuarial assumption review and other insurance adjustments			$	—	$	77	$	12	$	—		$	89





Total notable items			$	—	$	77	$	12	$	—		$	89


U.S.
		For the Three Months Ended									For the Year Ended
Unaudited (In millions)			March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022


Actuarial assumption review and other insurance adjustments			$	—	$	—	$	79	$	—		$	79

Total notable items			$	—	$	—	$	79	$	—		$	79

	GROUP BENEFITS
		For the Three Months Ended									For the Year Ended
	Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022


	Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	—		$	—


	Total notable items		$	—	$	—	$	—	$	—		$	—

	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended									For the Year Ended
	Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

	Actuarial assumption review and other insurance adjustments		$	—	$	—	$	79	$	—		$	79

	Total notable items		$	—	$	—	$	79	$	—		$	79










(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.



APPENDIX METLIFE NOTABLE ITEMS (1) CONTINUED














ASIA
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Actuarial assumption review and other insurance adjustments		$	—	$	—	$	(32)	$	—		$	(32)

Total notable items		$	—	$	—	$	(32)	$	—		$	(32)

LATIN AMERICA
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022


Actuarial assumption review and other insurance adjustments		$	—	$	—	$	1	$	—		$	1

Total notable items		$	—	$	—	$	1	$	—		$	1

EMEA
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	15	$	—		$	15
Total notable items		$	—	$	—	$	15	$	—		$	15

METLIFE HOLDINGS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Actuarial assumption review and other insurance adjustments		$	—	$	77	$	(51)	$	—		$	26


Total notable items		$	—	$	77	$	(51)	$	—		$	26













(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.



APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022

Total MetLife, Inc.'s stockholders' equity	$	42,432		$	33,744		$	29,389		$	29,881
Less: Preferred stock	3,818			3,818			3,818			3,818
MetLife, Inc.'s common stockholders' equity	38,614			29,926			25,571			26,063
Less: Net unrealized investment gains (losses), net of income tax	6,083			(10,289)			(21,652)			(21,089)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	(9,248)			(136)			7,612			6,115
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	195			193			174			107
Defined benefit plans adjustment, net of income tax	(1,577)			(1,555)			(1,536)			(1,377)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	43,161		$	41,713		$	40,973		$	42,307




Unaudited (In millions)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022

Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	43,161		$	41,713		$	40,973		$	42,307
Less: Accumulated year-to-date total notable items (2)	—			77			89			89
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	43,161		$	41,636		$	40,884		$	42,218




Unaudited (In millions, except per share data)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022

Book value per common share	$	47.39		$	37.52		$	32.48		$	33.45
Less: Net unrealized investment gains (losses), net of income tax	7.47			(12.90)			(27.50)			(27.07)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	(11.36)			(0.17)			9.67			7.85
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	0.24			0.24			0.22			0.14
Defined benefit plans adjustment, net of income tax	(1.93)			(1.95)			(1.95)			(1.77)
Book value per common share, excluding AOCI other than FCTA	$	52.97		$	52.30		$	52.04		$	54.30




Common shares outstanding, end of period	814.8			797.6			787.3			779.1

	For the Three Months Ended (1)												For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022				December 31, 2022

Return on MetLife, Inc.'s:
Common stockholders' equity	14.9		%	10.3		%	15.8		%	24.0		%		15.3		%



Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	16.0		%	20.3		%	15.9		%	19.5		%		17.4		%
Common stockholders' equity, excluding AOCI other than FCTA	15.7		%	16.4		%	10.6		%	12.1		%		13.7		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	15.7		%	15.7		%	10.5		%	12.1		%		13.5		%



Average common stockholders' equity	$	42,272		$	34,270		$	27,749		$	25,817			$	33,221
Average common stockholders' equity, excluding AOCI other than FCTA	$	43,210		$	42,437		$	41,343		$	41,640			$	42,282
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	43,210		$	42,399		$	41,260		$	41,551			$	42,231







(1) Annualized using quarter-to-date results.
(2)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.



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, 2022		June 30, 2022		September 30, 2022		December 31, 2022
U.S. (1)	$	7,729	$	8,781	$	14,754	$	6,316
ASIA	1,709		1,707		1,770		1,728
LATIN AMERICA	1,019		1,098		1,143		1,151
EMEA	544		547		533		565
METLIFE HOLDINGS (1)	1,048		1,079		986		1,010
CORPORATE & OTHER (1)	97		94		88		103
Adjusted premiums, fees and other revenues, on a constant currency basis	$	12,146	$	13,306	$	19,274	$	10,873
Adjusted premiums, fees and other revenues	$	12,487	$	13,495	$	19,295	$	10,873

ASIA (including operating joint ventures) (2), (3)	$	2,069	$	1,999	$	2,150	$	2,097

OTHER EXPENSES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
U.S. (1)	$	979	$	949	$	1,003	$	1,031
ASIA	718		709		735		804
LATIN AMERICA	343		352		385		427
EMEA	270		283		267		308
METLIFE HOLDINGS (1)	236		242		228		247
CORPORATE & OTHER (1)	136		184		186		203
Adjusted other expenses on a constant currency basis	$	2,682	$	2,719	$	2,804	$	3,020
Adjusted other expenses	$	2,833	$	2,800	$	2,815	$	3,020

ASIA (including operating joint ventures) (2), (4)	$	825	$	808	$	843	$	912

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
U.S. (1)	$	663	$	780	$	751	$	773
ASIA	572		467		257		265
LATIN AMERICA	128		245		163		184
EMEA	45		59		64		64
METLIFE HOLDINGS (1)	348		382		117		184
CORPORATE & OTHER (1)	(105)		(227)		(258)		(210)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,651	$	1,706	$	1,094	$	1,260
Adjusted earnings available to common shareholders	$	1,695	$	1,738	$	1,100	$	1,260

(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 statements of adjusted earnings available to common shareholders on Page 16 for operating joint ventures.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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 for MetLife and its investors of MetLife's 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)

adjusted net investment income

(v)

net investment income

(vi)

adjusted earnings

(vi)

net income (loss)

(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, excluding total notable items

(viii)

net income (loss) available to MetLife, Inc.’s common shareholders

(ix)

adjusted earnings available to common shareholders per diluted common share

(ix)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share

(x)

adjusted earnings available to common shareholders, excluding total notable items, per diluted common share

(x)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share

(xi)

adjusted return on equity

(xi)

return on equity

(xii)

adjusted return on equity, excluding AOCI other than FCTA

(xii)

return on equity

(xiii)

adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA)

(xiii)

return on equity

(xiv)

investment portfolio gains (losses)

(xiv)

net investment gains (losses)

(xv)

derivative gains (losses)

(xv)

net derivative gains (losses)

(xvi)

adjusted capitalization of DAC

(xvi)

capitalization of DAC

(xvii)

total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA

(xvii)

total MetLife, Inc.’s stockholders’ equity

(xviii)

total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)

(xviii)

total MetLife, Inc.’s stockholders’ equity

(xix)

book value per common share, excluding AOCI other than FCTA

(xix)

book value per common share

(xx)

adjusted other expenses

(xx)

other expenses

(xxi)

adjusted other expenses, net of adjusted capitalization of DAC

(xxi)

other expenses, net of capitalization of DAC

(xxii)

adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses

(xxii)

other expenses, net of capitalization of DAC

(xxiii)

adjusted expense ratio

(xxiii)

expense ratio

(xxiv)

adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT

(xxiv)

expense ratio

(xxv)

direct expenses

(xxv)

other expenses

(xxvi)

direct expenses, excluding total notable items related to direct expenses

(xxvi)

other expenses

(xxvii)

direct expense ratio

(xxvii)

expense ratio

(xxviii)

direct expense ratio, excluding total notable items related to direct expenses and PRT

(xxviii)

expense ratio

(xxix)

future policy benefits at original discount rate

(xxix)

future policy benefits at balance sheet discount rate

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.

METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

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, excluding total notable items;

•

adjusted earnings available to common shareholders per diluted common share;

•

adjusted earnings available to common shareholders, excluding total notable items 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.

Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended ("LDTI"), with a transition date of January 1, 2021, which impacted the adjusted earnings accounting policy. Due to the adoption of LDTI, the measurement model was simplified for DAC and VOBA, and most embedded derivatives were reclassified as market risk benefits. As a result, the Company updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with market risk benefits, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated policy.

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.

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 (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:

•

Net investment income includes 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").

•

Other revenues include settlements of foreign currency earnings hedges.

•

Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

•

Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments.

Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. 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.

Other adjustments are made to the line items indicated in calculating adjusted earnings:

•

Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs").

•

Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.

•

Other revenues exclude and other expenses include fees received in association with services provided under transition service agreements.

•

Other expenses exclude (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses also include benefits accrued on synthetic GICs accounted for as freestanding derivatives.

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.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

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, as well as investment portfolio gains (losses) of divested businesses. 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).

METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

Return on 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), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment, components of AOCI, net of income tax.

•

Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment, components of AOCI, and total notable items, 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.

•

Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.

•

Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.

•

Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).

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.

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: adjusted direct expenses divided by adjusted premiums, fees and other revenues.

•

Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

•

Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.

•

Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

Asia general account assets under management and related measures

Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale 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 Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate equity (including real estate and real estate joint ventures) included in Asia 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 Asia GA AUM.

Asia 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. Asia 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.



ASIA

ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES

Unaudited (In millions)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022

GA AUM	$	131,989	$	117,597	$	109,930	$	116,289




GA AUM (at amortized cost)	$	129,935	$	122,257	$	119,302	$	126,335

GA AUM (at amortized cost), on a constant currency basis	$	123,899	$	123,528	$	124,952	$	126,335
Add: Operating joint ventures, on a constant currency basis (1)	6,930		7,143		7,340		7,700
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	130,829	$	130,671	$	132,292	$	134,035

(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.



			METLIFE TABLE OF CONTENTS

			GAAP CONSOLIDATED STATEMENTS OF OPERATIONS			2

			CORPORATE OVERVIEW			3

			KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS			5

			EXPENSE DETAIL AND RATIOS			7

			GAAP CONSOLIDATED BALANCE SHEETS			8



			SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			9



			U.S.
			Statements of Adjusted Earnings Available to Common Shareholders			10
			Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders			11
			Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders			12


			Group Benefits - Other Expenses by Major Category; and Other Statistical Information			13
			Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance			14
			Retirement and Income Solutions - Other Expenses by Major Category; and Spread			15


			ASIA
			Statements of Adjusted Earnings Available to Common Shareholders			16
			Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			17
			General Account Assets Under Management and Related Measures			18

			LATIN AMERICA
			Statements of Adjusted Earnings Available to Common Shareholders			19
			Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			20

			EMEA
			Statements of Adjusted Earnings Available to Common Shareholders			21
			Other Expenses by Major Category; and Other Statistical Information			22

			METLIFE HOLDINGS
			Statements of Adjusted Earnings Available to Common Shareholders			23
			Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities			24
			Other Expenses by Major Category; and Other Statistical Information			25

			CORPORATE & OTHER
			Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source			26

			INVESTMENTS

			Investment Portfolio Results by Asset Category and Annualized Yields			27
			Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale			28
			Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type			29
			Footnotes			30

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






			Non-GAAP and Other Financial Disclosures			A-6
			Acronyms			A-9



U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Adjusted revenues
Premiums		$	5,433	$	5,210	$	5,161	$	5,247		$	21,051
Universal life and investment-type product policy fees		216		210		215		214			855
Net investment income		280		278		279		299			1,136
Other revenues		355		336		331		338			1,360
Total adjusted revenues		6,284		6,034		5,986		6,098			24,402

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,253		4,640		4,538		4,645			19,076
Policyholder liability remeasurement (gains) losses		(1)		2		4		2			7
Interest credited to policyholder account balances		31		32		34		46			143
Capitalization of DAC		(4)		(6)		(4)		(4)			(18)
Amortization of DAC and VOBA		6		7		7		6			26
Amortization of negative VOBA		—		—		—		—			—
Interest expense on debt		—		—		1		—			1
Other expenses		850		844		876		908			3,478
Total adjusted expenses		6,135		5,519		5,456		5,603			22,713

Adjusted earnings before provision for income tax		149		515		530		495			1,689
Provision for income tax expense (benefit)		32		109		113		103			357
Adjusted earnings		117		406		417		392			1,332
Preferred stock dividends		—		—		—		—			—
Adjusted earnings available to common shareholders		$	117	$	406	$	417	$	392		$	1,332


































































Adjusted premiums, fees and other revenues		$	6,004	$	5,756	$	5,707	$	5,799		$	23,266



U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022

Direct and allocated expenses	$	438		$	436		$	444		$	475
Pension, postretirement and postemployment benefit costs	1			1			2			(1)
Premium taxes, other taxes, and licenses & fees	77			73			88			80


Commissions and other variable expenses	334			334			342			354

Adjusted other expenses	$	850		$	844		$	876		$	908














OTHER STATISTICAL INFORMATION (1)

	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022

Group Life (2)
Adjusted premiums, fees and other revenues	$	2,180		$	2,126		$	2,125		$	2,131
Mortality ratio	103.3		%	85.4		%	85.7		%	87.3		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,519		$	2,481		$	2,475		$	2,533
Interest adjusted benefit ratio (4)	72.6		%	73.1		%	70.1		%	70.1		%

(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(4) 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.



ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Adjusted revenues
Premiums		$	1,552	$	1,393	$	1,346	$	1,272		$	5,563
Universal life and investment-type product policy fees		403		420		438		432			1,693
Net investment income		1,242		1,012		827		828			3,909
Other revenues		21		24		21		24			90
Total adjusted revenues		3,218		2,849		2,632		2,556			11,255

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,271		1,123		1,119		1,051			4,564
Policyholder liability remeasurement (gains) losses		(24)		(10)		61		42			69
Interest credited to policyholder account balances		498		493		497		515			2,003
Capitalization of DAC		(388)		(381)		(351)		(410)			(1,530)
Amortization of DAC and VOBA		194		182		178		191			745
Amortization of negative VOBA		(7)		(5)		(6)		(6)			(24)
Interest expense on debt		—		—		—		—			—
Other expenses		837		763		749		804			3,153
Total adjusted expenses		2,381		2,165		2,247		2,187			8,980

Adjusted earnings before provision for income tax		837		684		385		369			2,275
Provision for income tax expense (benefit)		238		198		118		104			658
Adjusted earnings		599		486		267		265			1,617
Preferred stock dividends		—		—		—		—			—
Adjusted earnings available to common shareholders		$	599	$	486	$	267	$	265		$	1,617



































































Adjusted premiums, fees and other revenues		$	1,976	$	1,837	$	1,805	$	1,728		$	7,346



LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Adjusted revenues
Premiums		$	738	$	822	$	822	$	842		$	3,224
Universal life and investment-type product policy fees		289		294		293		299			1,175
Net investment income		322		459		399		413			1,593
Other revenues		9		10		10		10			39
Total adjusted revenues		1,358		1,585		1,524		1,564			6,031

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		780		812		872		856			3,320
Policyholder liability remeasurement (gains) losses		(14)		6		3		(16)			(21)
Interest credited to policyholder account balances		68		84		89		94			335
Capitalization of DAC		(111)		(116)		(130)		(137)			(494)
Amortization of DAC and VOBA		100		101		104		105			410
Amortization of negative VOBA		—		—		—		—			—
Interest expense on debt		3		4		3		2			12
Other expenses		349		364		380		427			1,520
Total adjusted expenses		1,175		1,255		1,321		1,331			5,082

Adjusted earnings before provision for income tax		183		330		203		233			949
Provision for income tax expense (benefit)		48		79		44		49			220
Adjusted earnings		135		251		159		184			729
Preferred stock dividends		—		—		—		—			—
Adjusted earnings available to common shareholders		$	135	$	251	$	159	$	184		$	729



































































Adjusted premiums, fees and other revenues		$	1,036	$	1,126	$	1,125	$	1,151		$	4,438



EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Adjusted revenues
Premiums		$	509	$	493	$	472	$	488		$	1,962
Universal life and investment-type product policy fees		83		77		57		67			284
Net investment income		41		38		40		41			160
Other revenues		9		8		8		10			35
Total adjusted revenues		642		616		577		606			2,441

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		276		226		235		239			976
Policyholder liability remeasurement (gains) losses		4		6		(11)		(5)			(6)
Interest credited to policyholder account balances		17		20		16		18			71
Capitalization of DAC		(101)		(108)		(96)		(106)			(411)
Amortization of DAC and VOBA		79		88		75		81			323
Amortization of negative VOBA		(1)		(2)		(1)		(1)			(5)
Interest expense on debt		—		—		—		—			—
Other expenses		296		298		269		308			1,171
Total adjusted expenses		570		528		487		534			2,119

Adjusted earnings before provision for income tax		72		88		90		72			322
Provision for income tax expense (benefit)		17		22		26		8			73
Adjusted earnings		55		66		64		64			249
Preferred stock dividends		—		—		—		—			—
Adjusted earnings available to common shareholders		$	55	$	66	$	64	$	64		$	249



































































Adjusted premiums, fees and other revenues		$	601	$	578	$	537	$	565		$	2,281



METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year Ended
Unaudited (In millions)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2022

Adjusted revenues
Premiums		$	776	$	760	$	745	$	785		$	3,066
Universal life and investment-type product policy fees		228		296		202		176			902
Net investment income		1,393		1,268		1,103		1,150			4,914
Other revenues		44		23		39		49			155
Total adjusted revenues		2,441		2,347		2,089		2,160			9,037

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,482		1,354		1,385		1,415			5,636
Policyholder liability remeasurement (gains) losses		16		4		74		7			101
Interest credited to policyholder account balances		202		203		202		206			813
Capitalization of DAC		(6)		(7)		(9)		(7)			(29)
Amortization of DAC and VOBA		75		70		64		61			270
Amortization of negative VOBA		—		—		—		—			—
Interest expense on debt		1		2		2		3			8
Other expenses		236		242		228		247			953
Total adjusted expenses		2,006		1,868		1,946		1,932			7,752

Adjusted earnings before provision for income tax		435		479		143		228			1,285
Provision for income tax expense (benefit)		87		97		26		44			254
Adjusted earnings		348		382		117		184			1,031
Preferred stock dividends		—		—		—		—			—
Adjusted earnings available to common shareholders		$	348	$	382	$	117	$	184		$	1,031



































































Adjusted premiums, fees and other revenues		$	1,048	$	1,079	$	986	$	1,010		$	4,123



			METLIFE ACRONYMS

			AOCI			Accumulated other comprehensive income (loss)

			DAC			Deferred policy acquisition costs
			DPL			Deferred profit liabilities
			EMEA			Europe, the Middle East and Africa

			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 Organization
			PAB			Policyholder account balances
			PBC			Policyholder benefits and claims
			PDO			Policyholder dividend obligation
			PRT			Pension risk transfers
			QFS			Quarterly financial supplement

			VIE			Variable interest entity
			VOBA			Value of business acquired