MetLife 8K Announces Second Quarter 2019 Results | MET 31 Jul 19

Exhibit 99.2

Second Quarter

Financial Supplement

June 30, 2019




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

	APPENDIX
	Reconciliation Detail	A-1
	Notable Items:
	MetLife Total; U.S.; U.S. - Group Benefits; U.S. - Retirement and Income Solutions; U.S. - Property & Casualty;	A-2
	Asia; Latin America; EMEA; MetLife Holdings; and Corporate & Other	A-3
	Equity Details, Book Value Details and Return on Equity	A-4
	Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-5
	Non-GAAP and Other Financial Disclosures	A-6
	Acronyms	A-9

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METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Revenues
Premiums		$	15,153		$	10,242		$	9,267		$	9,405		$	10,129		$	24,331		$	19,534
Universal life and investment-type product policy fees		1,370			1,343			1,397			1,365			1,412			2,762			2,777
Net investment income		4,473			4,486			3,462			4,908			4,693			8,218			9,601
Other revenues		475			479			452			494			478			949			972
Net investment gains (losses)		(227		)	117			145			15			61			(560		)	76
Net derivative gains (losses)		(59		)	(378		)	939			115			724			290			839
Total revenues		21,185			16,289			15,662			16,302			17,497			35,990			33,799

Expenses
Policyholder benefits and claims		14,866			10,080			8,992			9,072			9,993			23,584			19,065
Interest credited to policyholder account balances		1,424			1,334			486			1,961			1,515			2,193			3,476
Policyholder dividends		309			327			318			300			302			606			602
Capitalization of DAC		(834		)	(810		)	(814		)	(812		)	(837		)	(1,630		)	(1,649		)
Amortization of DAC and VOBA		707			732			843			624			689			1,400			1,313
Amortization of negative VOBA		(16		)	(7		)	(11		)	(10		)	(10		)	(38		)	(20		)
Interest expense on debt		309			267			260			234			274			595			508
Other expenses		3,319			3,287			3,117			3,189			3,274			6,523			6,463
Total expenses		20,084			15,210			13,191			14,558			15,200			33,233			29,758
Income (loss) from continuing operations before provision for income tax		1,101			1,079			2,471			1,744			2,297			2,757			4,041
Provision for income tax expense (benefit)		207			164			409			359			551			606			910
Income (loss) from continuing operations, net of income tax		894			915			2,062			1,385			1,746			2,151			3,131
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		894			915			2,062			1,385			1,746			2,151			3,131
Less: Net income (loss) attributable to noncontrolling interests		3			3			(5		)	4			5			7			9
Net income (loss) attributable to MetLife, Inc.		891			912			2,067			1,381			1,741			2,144			3,122
Less: Preferred stock dividends		46			32			57			32			57			52			89
Net income (loss) available to MetLife, Inc.'s common shareholders		$	845		$	880		$	2,010		$	1,349		$	1,684		$	2,092		$	3,033

Premiums, fees and other revenues		$	16,998		$	12,064		$	11,116		$	11,264		$	12,019		$	28,042		$	23,283

Table of Contents




METLIFE CORPORATE OVERVIEW

	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Net income (loss) available to MetLife, Inc.'s common shareholders	$	845		$	880		$	2,010		$	1,349		$	1,684
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(227		)	117			145			15			61
Less: Net derivative gains (losses)	(59		)	(378		)	939			115			724
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(233		)	(360		)	(202		)	(177		)	(179		)
Less: Provision for income tax (expense) benefit	41			128			(213		)	(24		)	(236		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	3			3			(5		)	4			5
Adjusted earnings available to common shareholders	$	1,326		$	1,376		$	1,336		$	1,424		$	1,319

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	0.83		$	0.88		$	2.04		$	1.40		$	1.77
Less: Net investment gains (losses)	(0.22		)	0.12			0.15			0.02			0.06
Less: Net derivative gains (losses)	(0.06		)	(0.38		)	0.95			0.12			0.76
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.23		)	(0.37		)	(0.20		)	(0.19		)	(0.18		)
Less: Provision for income tax (expense) benefit	0.04			0.13			(0.22		)	(0.03		)	(0.24		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	—			—			(0.01		)	—			0.01
Adjusted earnings available to common shareholders per diluted common share	$	1.30		$	1.38		$	1.35		$	1.48		$	1.38

	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	—		$	(68	)	$	—		$	—		$	—
Litigation reserves & settlement costs	—			—			(60		)	—			—
Expense initiative costs	(62		)	(88		)	(100		)	(55		)	(70		)
Tax adjustments	—			—			247			—			—
Total notable items	$	(62	)	$	(156	)	$	87		$	(55	)	$	(70	)

Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	—		$	(0.07	)	$	—		$	—		$	—
Litigation reserves & settlement costs	$	—		$	—		$	(0.06	)	$	—		$	—
Expense initiative costs	$	(0.06	)	$	(0.09	)	$	(0.10	)	$	(0.06	)	$	(0.07	)
Tax adjustments	$	—		$	—		$	0.25		$	—		$	—
Total notable items	$	(0.06	)	$	(0.16	)	$	0.09		$	(0.06	)	$	(0.07	)


	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Weighted average common shares outstanding - diluted	1,023.8			1,000.7			987.6			963.3			952.9

(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.

Table of Contents




METLIFE CORPORATE OVERVIEW (CONTINUED)

Unaudited	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Book value per common share (1)	$	50.28		$	48.94		$	51.53		$	58.06		$	64.61
Book value per common share, excluding AOCI other than FCTA (1)	$	42.76		$	42.97		$	44.62		$	45.58		$	47.09
Book value per common share - tangible common stockholders' equity (1)	$	33.22		$	33.37		$	34.77		$	35.71		$	37.09


	For the Three Months Ended
Unaudited	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Return on MetLife, Inc.'s (2):
Common stockholders' equity	6.5		%	7.1		%	16.5		%	10.3		%	11.6		%
Common stockholders' equity, excluding AOCI other than FCTA	7.8		%	8.3		%	18.9		%	12.5		%	15.4		%
Tangible common stockholders' equity	10.1		%	10.8		%	24.4		%	16.2		%	19.7		%

Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	10.2		%	11.2		%	10.9		%	10.9		%	9.1		%
Common stockholders' equity, excluding AOCI other than FCTA	12.2		%	12.9		%	12.5		%	13.2		%	12.1		%
Tangible common stockholders' equity	15.8		%	16.8		%	16.2		%	17.1		%	15.5		%


	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Common shares outstanding, beginning of period	1,024.1			1,000.2			986.6			958.6			950.2
Share repurchases	(24.1		)	(14.1		)	(28.4		)	(11.2		)	(15.8		)
Newly issued shares	0.2			0.5			0.4			2.8			1.5
Common shares outstanding, end of period	1,000.2			986.6			958.6			950.2			935.9

Weighted average common shares outstanding - basic	1,015.6			992.7			980.3			956.5			946.2
Dilutive effect of the exercise or issuance of stock-based awards	8.2			8.0			7.3			6.8			6.7
Weighted average common shares outstanding - diluted	1,023.8			1,000.7			987.6			963.3			952.9

MetLife Policyholder Trust Shares	151.6			150.0			148.0			146.2			144.3

(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results.

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METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS



	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Total revenues	$	21,185		$	16,289		$	15,662		$	16,302		$	17,497		$	35,990		$	33,799
Less: Net investment (gains) losses	(227		)	117			145			15			61			(560		)	76
Less: Net derivative (gains) losses	(59		)	(378		)	939			115			724			290			839
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(5		)	11			(8		)	—			20			(10		)	20
Less: Other adjustments to revenues:
GMIB fees	31			32			27			27			28			61			55
Investment hedge adjustments	(119		)	(125		)	(121		)	(105		)	(118		)	(229		)	(223		)
Operating joint venture adjustments	—			—			—			—			—			1			—
Unit-linked contract income	286			149			(765		)	736			261			(67		)	997
Securitization entities income	—			—			—			—			—			—			—
Settlement of foreign currency earnings hedges	5			5			5			2			2			9			4
Certain partnership distributions	(21		)	(1		)	(27		)	(4		)	(4		)	(33		)	(8		)
TSA fees	78			78			70			68			69			157			137
Divested businesses	—			1			—			—			—			7			—
Total adjusted revenues	$	21,216		$	16,400		$	15,397		$	15,448		$	16,454		$	36,364		$	31,902

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Net investment income	$	4,473		$	4,486		$	3,462		$	4,908		$	4,693		$	8,218		$	9,601
Less: Adjustments to net investment income:
Investment hedge adjustments	(119		)	(125		)	(121		)	(105		)	(118		)	(229		)	(223		)
Operating joint venture adjustments	—			—			—			—			—			1			—
Unit-linked contract income	286			149			(765		)	736			261			(67		)	997
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(21		)	(1		)	(27		)	(4		)	(4		)	(33		)	(8		)
Divested businesses	—			1			—			—			—			—			—
Net investment income, as reported on an adjusted basis	$	4,327		$	4,462		$	4,375		$	4,281		$	4,554		$	8,546		$	8,835

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Premiums, fees and other revenues	$	16,998		$	12,064		$	11,116		$	11,264		$	12,019		$	28,042		$	23,283
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	(5		)	11			(8		)	—			20			(10		)	20
GMIB fees	31			32			27			27			28			61			55
Settlement of foreign currency earnings hedges	5			5			5			2			2			9			4
TSA fees	78			78			70			68			69			157			137
Divested businesses	—			—			—			—			—			7			—
Adjusted premiums, fees and other revenues	$	16,889		$	11,938		$	11,022		$	11,167		$	11,900		$	27,818		$	23,067
Adjusted premiums, fees and other revenues, on a constant currency basis	$	16,757		$	11,913		$	11,054		$	11,152		$	11,900

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METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)



	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Total expenses	$	20,084		$	15,210		$	13,191		$	14,558		$	15,200		$	33,233		$	29,758
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(10		)	89			44			(24		)	(5		)	(24		)	(29		)
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	—			(13		)	1			79			84			41			163
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	60			187			(10		)	49			36			75			85
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(1		)	—			(1		)	(4		)	(11		)	(1		)	(15		)
PAB hedge adjustments	(1		)	(1		)	(1		)	(3		)	(6		)	(2		)	(9		)
Unit-linked contract costs	268			133			(730		)	716			257			(79		)	973
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(5		)	(3		)	5			(6		)	(6		)	(12		)	(12		)
Regulatory implementation costs	2			3			5			3			7			3			10
Acquisition, integration and other costs	14			13			(14		)	23			6			25			29
TSA fees	78			78			70			68			69			157			137
Divested businesses	83			24			14			—			6			92			6
Total adjusted expenses	$	19,596		$	14,700		$	13,808		$	13,657		$	14,763		$	32,958		$	28,420

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Capitalization of DAC	$	(834	)	$	(810	)	$	(814	)	$	(812	)	$	(837	)	$	(1,630	)	$	(1,649	)
Less: Divested businesses	—			—			—			—			—			(1		)	—
Capitalization of DAC, as reported on an adjusted basis	$	(834	)	$	(810	)	$	(814	)	$	(812	)	$	(837	)	$	(1,629	)	$	(1,649	)
																��
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Other expenses	$	3,319		$	3,287		$	3,117		$	3,189		$	3,274		$	6,523		$	6,463
Less: Noncontrolling interest	(5		)	(3		)	5			(6		)	(6		)	(12		)	(12		)
Less: Regulatory implementation costs	2			3			5			3			7			3			10
Less: Acquisition, integration and other costs	14			13			(14		)	23			6			25			29
Less: TSA fees	78			78			70			68			69			157			137
Less: Divested businesses	53			9			(4		)	—			6			63			6
Other expenses, as reported on an adjusted basis	$	3,177		$	3,187		$	3,055		$	3,101		$	3,192		$	6,287		$	6,293
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,112		$	3,179		$	3,065		$	3,089		$	3,192

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)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Other expenses	$	3,319		$	3,287		$	3,117		$	3,189		$	3,274		$	6,523		$	6,463
Capitalization of DAC	(834		)	(810		)	(814		)	(812		)	(837		)	(1,630		)	(1,649		)
Other expenses, net of capitalization of DAC	$	2,485		$	2,477		$	2,303		$	2,377		$	2,437		$	4,893		$	4,814

Premiums, fees and other revenues	$	16,998		$	12,064		$	11,116		$	11,264		$	12,019		$	28,042		$	23,283

Expense ratio	14.6		%	20.5		%	20.7		%	21.1		%	20.3		%	17.4		%	20.7		%

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,500		$	1,543		$	1,369		$	1,420		$	1,485		$	2,962		$	2,905
Pension, postretirement and postemployment benefit costs	47			45			44			56			57			96			113
Premium taxes, other taxes, and licenses & fees	187			193			197			170			174			365			344
Commissions and other variable expenses	1,443			1,406			1,445			1,455			1,476			2,864			2,931
Other expenses, as reported on an adjusted basis	3,177			3,187			3,055			3,101			3,192			6,287			6,293
Capitalization of DAC, as reported on an adjusted basis	(834		)	(810		)	(814		)	(812		)	(837		)	(1,629		)	(1,649		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,343			2,377			2,241			2,289			2,355			4,658			4,644
Less: Total notable items related to other expenses, as reported on an adjusted basis	78			112			(19		)	70			88			121			158
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,265		$	2,265		$	2,260		$	2,219		$	2,267		$	4,537		$	4,486

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Employee related costs	$	894		$	921		$	912		$	922		$	916		$	1,831		$	1,838
Third party staffing costs	401			435			486			375			419			782			794
General and administrative expenses	205			187			(29		)	123			150			349			273
Direct expenses	1,500			1,543			1,369			1,420			1,485			2,962			2,905
Less: Total notable items related to direct expenses (1)	78			112			(19		)	70			88			121			158
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,422		$	1,431		$	1,388		$	1,350		$	1,397		$	2,841		$	2,747

Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,343		$	2,377		$	2,241		$	2,289		$	2,355		$	4,658		$	4,644
Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	78			112			(19		)	70			88			121			158
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,265		$	2,265		$	2,260		$	2,219		$	2,267		$	4,537		$	4,486

Adjusted premiums, fees and other revenues	$	16,889		$	11,938		$	11,022		$	11,167		$	11,900		$	27,818		$	23,067
Less: PRT	5,952			1,018			(76		)	(2		)	556			5,952			554
Adjusted premiums, fees and other revenues, excluding PRT	$	10,937		$	10,920		$	11,098		$	11,169		$	11,344		$	21,866		$	22,513

Direct expense ratio	8.9		%	12.9		%	12.4		%	12.7		%	12.5		%	10.6		%	12.6		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	13.0		%	13.1		%	12.5		%	12.1		%	12.3		%	13.0		%	12.2		%

Adjusted expense ratio	13.9		%	19.9		%	20.3		%	20.5		%	19.8		%	16.7		%	20.1		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT (1)	20.7		%	20.7		%	20.4		%	19.9		%	20.0		%	20.7		%	19.9		%

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

Table of Contents




METLIFE CONSOLIDATED BALANCE SHEETS



Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	306,331		$	304,840		$	298,265		$	308,410		$	318,689
Equity securities, at estimated fair value	1,483			1,479			1,440			1,432			1,476
Contractholder-directed equity securities and fair value option securities, at estimated fair value	13,848			13,540			12,616			13,245			13,000
Mortgage loans	70,852			72,461			75,752			78,601			77,997
Policy loans	9,702			9,703			9,699			9,670			9,705
Real estate and real estate joint ventures	9,741			9,977			9,698			10,022			10,326
Other limited partnership interests	5,985			6,374			6,613			6,787			7,054
Short-term investments, principally at estimated fair value	3,853			5,231			3,937			4,524			2,811
Other invested assets	17,017			16,336			18,190			18,175			20,036
Total investments	438,812			439,941			436,210			450,866			461,094
Cash and cash equivalents, principally at estimated fair value	16,312			12,490			15,821			14,506			18,435
Accrued investment income	3,512			3,691			3,582			3,569			3,535
Premiums, reinsurance and other receivables	19,608			19,820			19,644			20,615			20,425
Deferred policy acquisition costs and value of business acquired	19,013			19,160			18,895			18,349			17,880
Current income tax recoverable	—			—			—			—			97
Goodwill	9,499			9,440			9,422			9,418			9,408
Other assets	8,230			8,493			8,408			10,100			10,029
Separate account assets	191,347			185,416			175,556			185,765			191,264
Total assets	$	706,333		$	698,451		$	687,538		$	713,188		$	732,167

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	184,461		$	185,476		$	186,780		$	187,508		$	191,139
Policyholder account balances	182,493			184,094			183,693			187,333			190,033
Other policy-related balances	15,908			16,207			16,529			16,967			16,815
Policyholder dividends payable	695			709			677			671			689
Policyholder dividend obligation	792			456			428			1,116			1,834
Payables for collateral under securities loaned and other transactions	27,030			26,075			24,794			25,084			25,354
Short-term debt	479			290			268			289			158
Long-term debt	14,536			13,408			12,829			12,850			13,346
Collateral financing arrangements	1,085			1,073			1,060			1,048			1,026
Junior subordinated debt securities	3,146			3,146			3,147			3,148			3,149
Current income tax payable	222			166			441			505			—
Deferred income tax liability	5,377			4,924			5,414			7,075			8,766
Other liabilities	24,930			25,202			22,964			25,091			24,548
Separate account liabilities	191,347			185,416			175,556			185,765			191,264
Total liabilities	652,501			646,642			634,580			654,450			668,121

Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	32,454			32,475			32,474			32,535			32,602
Retained earnings	26,870			27,331			28,926			29,944			31,209
Treasury stock, at cost	(8,557		)	(9,193		)	(10,393		)	(10,893		)	(11,643		)
Accumulated other comprehensive income (loss)	2,854			1,000			1,722			6,911			11,631
Total MetLife, Inc.'s stockholders' equity	53,633			51,625			52,741			58,509			63,811
Noncontrolling interests	199			184			217			229			235
Total equity	53,832			51,809			52,958			58,738			64,046
Total liabilities and equity	$	706,333		$	698,451		$	687,538		$	713,188		$	732,167

Table of Contents




METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	335		$	474		$	297		$	433		$	393
RETIREMENT AND INCOME SOLUTIONS	436			426			450			358			442
PROPERTY & CASUALTY	74			104			120			117			84
TOTAL U.S.	$	845		$	1,004		$	867		$	908		$	919
ASIA	524			397			392			505			516
LATIN AMERICA	200			235			180			196			216
EMEA	112			70			81			113			99
METLIFE HOLDINGS	346			405			283			395			372
CORPORATE & OTHER	(407		)	(411		)	(214		)	(326		)	(431		)
Total adjusted earnings before provision for income tax	$	1,620		$	1,700		$	1,589		$	1,791		$	1,691

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	74		$	104		$	67		$	91		$	82
RETIREMENT AND INCOME SOLUTIONS	89			87			94			73			91
PROPERTY & CASUALTY	11			18			21			20			14
TOTAL U.S.	$	174		$	209		$	182		$	184		$	187
ASIA	161			131			111			149			157
LATIN AMERICA	55			65			43			62			57
EMEA	26			15			26			27			22
METLIFE HOLDINGS	66			78			60			78			73
CORPORATE & OTHER	(234		)	(206		)	(226		)	(165		)	(181		)
Total provision for income tax expense (benefit)	$	248		$	292		$	196		$	335		$	315

Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS	$	261		$	370		$	230		$	342		$	311
RETIREMENT AND INCOME SOLUTIONS	347			339			356			285			351
PROPERTY & CASUALTY	63			86			99			97			70
TOTAL U.S.	$	671		$	795		$	685		$	724		$	732
ASIA	363			266			281			356			359
LATIN AMERICA	145			170			137			134			159
EMEA	86			55			55			86			77
METLIFE HOLDINGS	280			327			223			317			299
CORPORATE & OTHER (1)	(219		)	(237		)	(45		)	(193		)	(307		)
Total adjusted earnings available to common shareholders (1)	$	1,326		$	1,376		$	1,336		$	1,424		$	1,319

(1) Includes impact of preferred stock dividends of $46 million, $32 million, $57 million, $32 million and $57 million for the three months ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, respectively.

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

ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

U.S.
GROUP BENEFITS		37.3		%	52.9		%	32.9		%	48.6		%	44.2		%
RETIREMENT AND INCOME SOLUTIONS		22.4		%	21.8		%	22.9		%	19.4		%	23.9		%
PROPERTY & CASUALTY		13.6		%	18.6		%	21.4		%	19.2		%	13.9		%
TOTAL U.S.		24.7		%	29.3		%	25.2		%	27.0		%	27.3		%
ASIA		10.2		%	7.5		%	7.9		%	10.0		%	10.1		%
LATIN AMERICA		18.5		%	21.7		%	17.5		%	18.1		%	21.5		%
EMEA		9.9		%	6.3		%	6.3		%	12.3		%	11.0		%
METLIFE HOLDINGS		11.1		%	13.0		%	8.9		%	13.2		%	12.5		%

ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

U.S.		28.6		%	33.9		%	29.2		%	30.7		%	31.0		%
ASIA		15.4		%	11.3		%	12.0		%	15.2		%	15.3		%
LATIN AMERICA		30.9		%	36.2		%	29.1		%	29.9		%	35.5		%
EMEA		16.2		%	10.5		%	10.5		%	22.1		%	19.8		%
METLIFE HOLDINGS		12.6		%	14.6		%	10.0		%	14.8		%	14.0		%

(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
					ALLOCATED EQUITY						ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)				2018			2019			2018			2019
	U.S.
	GROUP BENEFITS				$	2,797		$	2,817
	RETIREMENT AND INCOME SOLUTIONS				6,209			5,876
	PROPERTY & CASUALTY				1,851			2,020
	TOTAL U.S.				$	10,857		$	10,713		$	9,389		$	9,447
	ASIA				$	14,260		$	14,274		$	9,456		$	9,396
	LATIN AMERICA				$	3,139		$	2,965		$	1,880		$	1,791
	EMEA				$	3,473		$	2,802		$	2,176		$	1,595
	METLIFE HOLDINGS				$	10,063		$	9,599		$	9,066		$	8,715

(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
	U.S.	$	1		$	1		$	1		$	1		$	1
	ASIA	$	2		$	2		$	2		$	2		$	1
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	2		$	2
	METLIFE HOLDINGS	$	5		$	5		$	4		$	5		$	5

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)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Adjusted revenues
Premiums		$	11,302		$	6,431		$	5,236		$	5,567		$	6,234		$	16,519		$	11,801
Universal life and investment-type product policy fees		262			252			281			270			274			520			544
Net investment income		1,719			1,787			1,809			1,719			1,795			3,381			3,514
Other revenues		203			206			208			221			223			407			444
Total adjusted revenues		13,486			8,676			7,534			7,777			8,526			20,827			16,303

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		11,233			6,219			5,175			5,373			6,101			16,371			11,474
Interest credited to policyholder account balances		439			457			487			501			504			846			1,005
Capitalization of DAC		(114		)	(116		)	(113		)	(114		)	(127		)	(220		)	(241		)
Amortization of DAC and VOBA		114			128			120			114			117			229			231
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		4			2			4			2			3			6			5
Other expenses		965			982			994			993			1,009			1,926			2,002
Total adjusted expenses		12,641			7,672			6,667			6,869			7,607			19,158			14,476
Adjusted earnings before provision for income tax		845			1,004			867			908			919			1,669			1,827
Provision for income tax expense (benefit)		174			209			182			184			187			345			371
Adjusted earnings		671			795			685			724			732			1,324			1,456
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	671		$	795		$	685		$	724		$	732		$	1,324		$	1,456

Adjusted premiums, fees and other revenues		$	11,767		$	6,889		$	5,725		$	6,058		$	6,731		$	17,446		$	12,789
Less: PRT		5,952			1,018			(76		)	(2		)	556			5,952			554
Adjusted premiums, fees and other revenues, excluding PRT		$	5,815		$	5,871		$	5,801		$	6,060		$	6,175		$	11,494		$	12,235

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)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Adjusted revenues
Premiums		$	4,051		$	3,988		$	3,949		$	4,208		$	4,247		$	8,145		$	8,455
Universal life and investment-type product policy fees		199			200			202			194			203			402			397
Net investment income		277			296			275			280			292			556			572
Other revenues		128			129			132			143			144			254			287
Total adjusted revenues		4,655			4,613			4,558			4,825			4,886			9,357			9,711

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,659			3,455			3,577			3,711			3,812			7,403			7,523
Interest credited to policyholder account balances		36			37			39			39			39			69			78
Capitalization of DAC		(8		)	(6		)	(6		)	(8		)	(6		)	(15		)	(14		)
Amortization of DAC and VOBA		10			22			10			9			8			21			17
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			—			1			—			1			1			1
Other expenses		622			631			640			641			639			1,260			1,280
Total adjusted expenses		4,320			4,139			4,261			4,392			4,493			8,739			8,885
Adjusted earnings before provision for income tax		335			474			297			433			393			618			826
Provision for income tax expense (benefit)		74			104			67			91			82			139			173
Adjusted earnings		261			370			230			342			311			479			653
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	261		$	370		$	230		$	342		$	311		$	479		$	653

Adjusted premiums, fees and other revenues		$	4,378		$	4,317		$	4,283		$	4,545		$	4,594		$	8,801		$	9,139

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U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Adjusted revenues
Premiums		$	6,359		$	1,535		$	373		$	461		$	1,075		$	6,603		$	1,536
Universal life and investment-type product policy fees		63			52			79			76			71			118			147
Net investment income		1,400			1,444			1,492			1,395			1,458			2,740			2,853
Other revenues		70			71			71			72			74			142			146
Total adjusted revenues		7,892			3,102			2,015			2,004			2,678			9,603			4,682

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		6,938			2,144			998			1,071			1,647			7,744			2,718
Interest credited to policyholder account balances		403			420			448			462			465			777			927
Capitalization of DAC		(1		)	(2		)	(7		)	(8		)	(12		)	(6		)	(20		)
Amortization of DAC and VOBA		6			5			7			5			7			12			12
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		3			2			3			2			2			5			4
Other expenses		107			107			116			114			127			209			241
Total adjusted expenses		7,456			2,676			1,565			1,646			2,236			8,741			3,882
Adjusted earnings before provision for income tax		436			426			450			358			442			862			800
Provision for income tax expense (benefit)		89			87			94			73			91			176			164
Adjusted earnings		347			339			356			285			351			686			636
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	347		$	339		$	356		$	285		$	351		$	686		$	636

Adjusted premiums, fees and other revenues		$	6,492		$	1,658		$	523		$	609		$	1,220		$	6,863		$	1,829
Less: PRT		5,952			1,018			(76		)	(2		)	556			5,952			554
Adjusted premiums, fees and other revenues, excluding PRT		$	540		$	640		$	599		$	611		$	664		$	911		$	1,275

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U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Adjusted revenues
Premiums	$	892		$	908		$	914		$	898		$	912		$	1,771		$	1,810
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	42			47			42			44			45			85			89
Other revenues	5			6			5			6			5			11			11
Total adjusted revenues	939			961			961			948			962			1,867			1,910

Adjusted expenses
Policyholder benefits and claims and policyholder dividends	636			620			600			591			642			1,224			1,233
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(105		)	(108		)	(100		)	(98		)	(109		)	(199		)	(207		)
Amortization of DAC and VOBA	98			101			103			100			102			196			202
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	236			244			238			238			243			457			481
Total adjusted expenses	865			857			841			831			878			1,678			1,709
Adjusted earnings before provision for income tax	74			104			120			117			84			189			201
Provision for income tax expense (benefit)	11			18			21			20			14			30			34
Adjusted earnings	63			86			99			97			70			159			167
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	63		$	86		$	99		$	97		$	70		$	159		$	167

Adjusted premiums, fees and other revenues	$	897		$	914		$	919		$	904		$	917		$	1,782		$	1,821

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

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	18,958		$	18,909		$	18,904		$	18,924		$	18,926
Premiums and deposits	4,876			4,784			4,764			5,019			5,081
Surrenders and withdrawals	(617		)	(611		)	(599		)	(597		)	(619		)
Benefit payments	(3,786		)	(3,541		)	(3,691		)	(3,836		)	(3,887		)
Net flows	473			632			474			586			575
Net transfers from (to) separate account	—			(1		)	(1		)	1			—
Interest	142			145			147			145			152
Policy charges	(150		)	(147		)	(147		)	(147		)	(150		)
Other	(514		)	(634		)	(453		)	(583		)	(538		)
Balance, end of period	$	18,909		$	18,904		$	18,924		$	18,926		$	18,965

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	880		$	898		$	935		$	813		$	902
Premiums and deposits	62			63			64			64			64
Surrenders and withdrawals	(16		)	(16		)	(14		)	(18		)	(18		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	(1		)
Net flows	45			46			49			45			45
Investment performance	27			44			(117		)	101			34
Net transfers from (to) general account	—			1			1			(1		)	—
Policy charges	(52		)	(53		)	(52		)	(53		)	(54		)
Other	(2		)	(1		)	(3		)	(3		)	(2		)
Balance, end of period	$	898		$	935		$	813		$	902		$	925

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U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Direct and allocated expenses	$	310		$	313		$	319		$	310		$	314
Pension, postretirement and postemployment benefit costs	13			10			8			15			15
Premium taxes, other taxes, and licenses & fees	81			86			83			63			67
Commissions and other variable expenses	218			222			230			253			243
Other expenses, as reported on an adjusted basis	$	622		$	631		$	640		$	641		$	639

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Group Life (1)
Adjusted premiums, fees and other revenues	$	1,741		$	1,722		$	1,688		$	1,804		$	1,805
Mortality ratio	87.9		%	85.0		%	89.4		%	85.3		%	85.3		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,687		$	1,713		$	1,742		$	1,812		$	1,820
Interest adjusted benefit ratio (3)	73.1		%	68.1		%	73.2		%	72.9		%	75.4		%

(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	108,096		$	113,324		$	114,796		$	113,653		$	115,419
Premiums and deposits	23,118			21,295			15,711			19,068			17,898
Surrenders and withdrawals	(17,158		)	(19,576		)	(17,014		)	(17,356		)	(16,582		)
Benefit payments	(928		)	(1,002		)	(998		)	(1,035		)	(1,021		)
Net flows	5,032			717			(2,301		)	677			295
Net transfers from (to) separate account	—			—			—			—			—
Interest	969			1,013			1,040			1,052			1,051
Policy charges	(39		)	(37		)	(10		)	(32		)	(46		)
Other	(734		)	(221		)	128			69			1,354
Balance, end of period	$	113,324		$	114,796		$	113,653		$	115,419		$	118,073

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	76,709		$	77,223		$	70,396		$	70,623		$	73,691
Premiums and deposits	2,234			850			2,355			1,088			1,469
Surrenders and withdrawals (1)	(2,133		)	(7,370		)	(2,276		)	(1,164		)	(1,780		)
Benefit payments	(34		)	(17		)	(18		)	(16		)	(29		)
Net flows	67			(6,537		)	61			(92		)	(340		)
Investment performance	30			564			(542		)	2,741			2,184
Net transfers from (to) general account	—			—			—			—			—
Policy charges	(78		)	(74		)	(93		)	(64		)	(75		)
Other	495			(780		)	801			483			1,136
Balance, end of period	$	77,223		$	70,396		$	70,623		$	73,691		$	76,596

SYNTHETIC GICS (2)

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	14,174		$	17,273		$	24,244		$	25,700		$	26,501
Premiums and deposits (1)	3,112			6,956			1,518			776			770
Surrenders and withdrawals	(111		)	(113		)	(232		)	(150		)	(236		)
Net flows	3,001			6,843			1,286			626			534
Interest	98			128			170			175			184
Balance, end of period	$	17,273		$	24,244		$	25,700		$	26,501		$	27,219

(1) Includes $747 million, $6,282 million, $930 million, $0 and $102 million of transfers from separate account GICs to synthetic GICs at June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(2) A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.

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

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Direct and allocated expenses	$	63		$	59		$	63		$	62		$	64
Pension, postretirement and postemployment benefit costs	2			2			1			3			3
Premium taxes, other taxes, and licenses & fees	6			5			11			5			9
Commissions and other variable expenses	36			41			41			44			51
Other expenses, as reported on an adjusted basis	$	107		$	107		$	116		$	114		$	127

SPREAD

	For the Three Months Ended
Unaudited	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Investment income yield excluding variable investment income	4.73		%	4.70		%	4.80		%	4.52		%	4.50		%
Variable investment income yield	0.16		%	0.21		%	0.27		%	0.15		%	0.35		%
Total investment income yield	4.89		%	4.91		%	5.07		%	4.67		%	4.85		%
Average crediting rate	3.60		%	3.66		%	3.77		%	3.71		%	3.66		%
Annualized general account spread	1.29		%	1.25		%	1.30		%	0.96		%	1.19		%

Annualized general account spread excluding variable investment income yield	1.13		%	1.04		%	1.03		%	0.81		%	0.84		%

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

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Direct and allocated expenses	$	103		$	110		$	109		$	105		$	100
Pension, postretirement and postemployment benefit costs	4			4			3			2			2
Premium taxes, other taxes, and licenses & fees	26			26			24			22			27
Commissions and other variable expenses	103			104			102			109			114
Other expenses, as reported on an adjusted basis	$	236		$	244		$	238		$	238		$	243


NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Net Written Premiums by Product
Auto	$	611		$	632		$	588		$	588		$	615
Homeowners & Other	330			339			307			277			347
Total	$	941		$	971		$	895		$	865		$	962
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	892		$	908		$	914		$	898		$	912
Loss and loss adjustment expense ratio	71.3		%	68.2		%	65.6		%	65.5		%	70.4		%
Other expense ratio	25.5		%	25.8		%	26.2		%	26.7		%	25.7		%
Total combined ratio	96.8		%	94.0		%	91.8		%	92.2		%	96.1		%

Effect of catastrophe losses	12.1		%	5.4		%	2.7		%	4.6		%	8.6		%
Combined ratio excluding catastrophes	84.7		%	88.6		%	89.1		%	87.6		%	87.5		%
Prior year development	(0.4)		%	(0.3)		%	(0.6)		%	(0.3)		%	(0.6)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	85.1		%	88.9		%	89.7		%	87.9		%	88.1		%
Auto
Net earned premium	$	591		$	599		$	603		$	591		$	598
Loss and loss adjustment expense ratio	66.1		%	70.0		%	74.0		%	67.7		%	67.8		%
Other expense ratio	25.1		%	25.5		%	25.5		%	26.6		%	25.2		%
Total combined ratio	91.2		%	95.5		%	99.5		%	94.3		%	93.0		%

Effect of catastrophe losses	0.9		%	1.5		%	—		%	0.4		%	1.7		%
Combined ratio excluding catastrophes	90.3		%	94.0		%	99.5		%	93.9		%	91.3		%
Prior year development	(0.3)		%	(0.4		)%	(0.1		)%	(0.4)		%	(0.7)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	90.6		%	94.4		%	99.6		%	94.3		%	92.0		%
Homeowners & Other
Net earned premium	$	301		$	309		$	311		$	307		$	314
Loss and loss adjustment expense ratio	81.4		%	64.7		%	49.4		%	61.3		%	75.4		%
Other expense ratio	26.5		%	26.5		%	27.5		%	27.0		%	26.7		%
Total combined ratio	107.9		%	91.2		%	76.9		%	88.3		%	102.1		%

Effect of catastrophe losses	34.1		%	12.9		%	8.0		%	12.5		%	21.6		%
Combined ratio excluding catastrophes	73.8		%	78.3		%	68.9		%	75.8		%	80.5		%
Prior year development	(0.6)		%	(0.2)		%	(1.5)		%	(0.1)		%	(0.2)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	74.4		%	78.5		%	70.4		%	75.9		%	80.7		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	5		$	9		$	—		$	2		$	10
Homeowners & Other	103			40			25			39			68
Total	$	108		$	49		$	25		$	41		$	78

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

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ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Adjusted revenues
Premiums		$	1,654		$	1,689		$	1,675		$	1,699		$	1,631		$	3,402		$	3,330
Universal life and investment-type product policy fees		399			428			409			406			419			793			825
Net investment income		839			830			853			880			944			1,634			1,824
Other revenues		13			12			11			16			13			28			29
Total adjusted revenues		2,905			2,959			2,948			3,001			3,007			5,857			6,008

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,237			1,354			1,392			1,319			1,279			2,580			2,598
Interest credited to policyholder account balances		362			381			371			403			424			713			827
Capitalization of DAC		(495		)	(478		)	(477		)	(479		)	(472		)	(960		)	(951		)
Amortization of DAC and VOBA		313			366			309			307			312			627			619
Amortization of negative VOBA		(12		)	(4		)	(8		)	(9		)	(7		)	(27		)	(16		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		976			943			969			955			955			1,928			1,910
Total adjusted expenses		2,381			2,562			2,556			2,496			2,491			4,861			4,987
Adjusted earnings before provision for income tax		524			397			392			505			516			996			1,021
Provision for income tax expense (benefit)		161			131			111			149			157			306			306
Adjusted earnings		363			266			281			356			359			690			715
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	363		$	266		$	281		$	356		$	359		$	690		$	715

Adjusted premiums, fees and other revenues		$	2,066		$	2,129		$	2,095		$	2,121		$	2,063		$	4,223		$	4,184

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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019

Adjusted premiums, fees and other revenues	$	2,066	$	2,129	$	2,095	$	2,121	$	2,063

Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,020	$	2,132	$	2,119	$	2,122	$	2,063
Add: Operating joint ventures, on a constant currency basis (1), (2)	211		219		255		248		283
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,231	$	2,351	$	2,374	$	2,370	$	2,346

OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019

Direct and allocated expenses	$	334	$	325	$	336	$	324	$	332
Pension, postretirement and postemployment benefit costs	20		20		22		23		23
Premium taxes, other taxes, and licenses & fees	44		40		44		43		43
Commissions and other variable expenses	578		558		567		565		557
Other expenses, as reported on an adjusted basis	$	976	$	943	$	969	$	955	$	955
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	481	$	465	$	492	$	476	$	483

Other expenses, as reported on an adjusted basis, on a constant currency basis	$	955	$	947	$	979	$	951	$	955
Add: Operating joint ventures, on a constant currency basis (1), (2)	89		94		109		106		109
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	1,044	$	1,041	$	1,088	$	1,057	$	1,064
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	524	$	524	$	561	$	542	$	554

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019

Japan:
Life	$	165	$	165	$	183	$	174	$	163
Accident & Health	93		105		101		113		103
Annuities	199		180		126		178		135
Other	2		1		2		1		2
Total Japan	459		451		412		466		403
Other Asia	213		259		217		228		202
Total sales	$	672	$	710	$	629	$	694	$	605

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019

Adjusted earnings available to common shareholders	$	363	$	266	$	281	$	356	$	359
Adjusted earnings available to common shareholders, on a constant currency basis	$	352	$	263	$	279	$	355	$	359

(1) Adjusted premiums, universal life and investment-type product policy fees, other revenues and 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.

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ASIA

GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES

Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018			March 31, 2019		June 30, 2019

Total investments	$	110,435	$	111,719	$	115,433		$	121,224	$	127,178
Add:
Cash and cash equivalents	3,623		2,510		3,126			3,264		3,406
FVA - mortgage loans	52		—		(47		)	203		359
FVA - real estate and real estate joint ventures	518		507		529			533		694
Less:
Policy loans	1,607		1,599		1,654			1,644		1,656
Other invested assets (including operating joint ventures)	418		739		334			59		26
Contractholder-directed equity securities and fair value option securities	2,350		2,301		2,096			2,148		2,146
GA AUM	110,253		110,097		114,957			121,373		127,809
Less FVA:
Unrealized gains (losses) on investments carried at estimated fair value	5,580		4,942		5,745			8,417		10,747
Mortgage loans	52		—		(47		)	203		359
Real estate and real estate joint ventures	518		507		529			533		694
GA AUM (excluding FVA)	$	104,103	$	104,648	$	108,730		$	112,220	$	116,009

GA AUM (excluding FVA), on a constant currency basis	$	104,378	$	106,514	$	109,378		$	113,328	$	116,009
Add: Operating joint ventures, on a constant currency basis (1)	3,485		3,738		3,903			4,079		4,249
GA AUM (excluding FVA), including operating joint ventures, on a constant currency basis	$	107,863	$	110,252	$	113,281		$	117,407	$	120,258

(1) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are reported in other invested assets a component of total investments.

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LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Adjusted revenues
Premiums		$	688		$	692		$	681		$	646		$	773		$	1,387		$	1,419
Universal life and investment-type product policy fees		275			229			264			284			280			557			564
Net investment income		327			339			297			296			360			603			656
Other revenues		9			7			11			12			11			17			23
Total adjusted revenues		1,299			1,267			1,253			1,238			1,424			2,564			2,662

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		660			670			626			597			790			1,306			1,387
Interest credited to policyholder account balances		95			102			99			94			86			193			180
Capitalization of DAC		(91		)	(97		)	(95		)	(94		)	(100		)	(185		)	(194		)
Amortization of DAC and VOBA		71			5			73			78			79			131			157
Amortization of negative VOBA		—			(1		)	—			—			—			—			—
Interest expense on debt		1			2			1			1			1			3			2
Other expenses		363			351			369			366			352			701			718
Total adjusted expenses		1,099			1,032			1,073			1,042			1,208			2,149			2,250
Adjusted earnings before provision for income tax		200			235			180			196			216			415			412
Provision for income tax expense (benefit)		55			65			43			62			57			130			119
Adjusted earnings		145			170			137			134			159			285			293
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	145		$	170		$	137		$	134		$	159		$	285		$	293

Adjusted premiums, fees and other revenues		$	972		$	928		$	956		$	942		$	1,064		$	1,961		$	2,006

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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019

Direct and allocated expenses	$	142	$	128	$	148	$	148	$	134
Pension, postretirement and postemployment benefit costs	1		1		1		1		1
Premium taxes, other taxes, and licenses & fees	15		16		18		15		14
Commissions and other variable expenses	205		206		202		202		203
Other expenses, as reported on an adjusted basis	$	363	$	351	$	369	$	366	$	352
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	272	$	254	$	274	$	272	$	252
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	336	$	345	$	372	$	361	$	352
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	250	$	250	$	276	$	268	$	252

SALES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019

Mexico	$	79	$	76	$	85	$	110	$	84
Chile	78		84		81		74		95
All other	45		45		58		38		51
Total sales	$	202	$	205	$	224	$	222	$	230

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019

Adjusted premiums, fees and other revenues	$	972	$	928	$	956	$	942	$	1,064
Adjusted earnings available to common shareholders	$	145	$	170	$	137	$	134	$	159

Adjusted premiums, fees and other revenues, on a constant currency basis	$	922	$	911	$	968	$	932	$	1,064
Adjusted earnings available to common shareholders, on a constant currency basis	$	135	$	166	$	140	$	132	$	159

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EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Adjusted revenues
Premiums		$	546		$	514		$	520		$	542		$	551		$	1,097		$	1,093
Universal life and investment-type product policy fees		107			105			107			103			105			219			208
Net investment income		73			73			72			74			73			148			147
Other revenues		20			15			15			14			13			36			27
Total adjusted revenues		746			707			714			733			742			1,500			1,475

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		286			281			266			284			292			580			576
Interest credited to policyholder account balances		26			24			25			24			23			51			47
Capitalization of DAC		(121		)	(109		)	(120		)	(117		)	(126		)	(239		)	(243		)
Amortization of DAC and VOBA		108			110			110			92			107			214			199
Amortization of negative VOBA		(4		)	(2		)	(3		)	(1		)	(3		)	(10		)	(4		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		339			333			355			338			350			690			688
Total adjusted expenses		634			637			633			620			643			1,286			1,263
Adjusted earnings before provision for income tax		112			70			81			113			99			214			212
Provision for income tax expense (benefit)		26			15			26			27			22			47			49
Adjusted earnings		86			55			55			86			77			167			163
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	86		$	55		$	55		$	86		$	77		$	167		$	163

Adjusted premiums, fees and other revenues		$	673		$	634		$	642		$	659		$	669		$	1,352		$	1,328

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EMEA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019

Direct and allocated expenses	$	113	$	127	$	135	$	122	$	128
Pension, postretirement and postemployment benefit costs	3		2		2		1		2
Premium taxes, other taxes, and licenses & fees	6		10		10		8		7
Commissions and other variable expenses	217		194		208		207		213
Other expenses, as reported on an adjusted basis	$	339	$	333	$	355	$	338	$	350
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	218	$	224	$	235	$	221	$	224
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	322	$	327	$	352	$	335	$	350
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	208	$	220	$	233	$	219	$	224

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019

Adjusted premiums, fees and other revenues	$	673	$	634	$	642	$	659	$	669
Adjusted earnings available to common shareholders	$	86	$	55	$	55	$	86	$	77

Adjusted premiums, fees and other revenues, on a constant currency basis	$	637	$	623	$	638	$	653	$	669
Adjusted earnings available to common shareholders, on a constant currency basis	$	77	$	54	$	54	$	85	$	77
Total sales on a constant currency basis	$	211	$	183	$	198	$	252	$	223

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METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Adjusted revenues
Premiums		$	957		$	949		$	1,023		$	927		$	924		$	1,907		$	1,851
Universal life and investment-type product policy fees		301			286			317			274			286			615			560
Net investment income		1,329			1,375			1,323			1,287			1,338			2,681			2,625
Other revenues		68			70			45			67			65			135			132
Total adjusted revenues		2,655			2,680			2,708			2,555			2,613			5,338			5,168

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,706			1,766			1,811			1,648			1,703			3,256			3,351
Interest credited to policyholder account balances		235			238			235			226			227			471			453
Capitalization of DAC		(10		)	(8		)	(8		)	(6		)	(8		)	(20		)	(14		)
Amortization of DAC and VOBA		101			13			118			63			80			201			143
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			3			2			2			4			4
Other expenses		275			264			266			227			237			551			464
Total adjusted expenses		2,309			2,275			2,425			2,160			2,241			4,463			4,401
Adjusted earnings before provision for income tax		346			405			283			395			372			875			767
Provision for income tax expense (benefit)		66			78			60			78			73			170			151
Adjusted earnings		280			327			223			317			299			705			616
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	280		$	327		$	223		$	317		$	299		$	705		$	616

Adjusted premiums, fees and other revenues		$	1,326		$	1,305		$	1,385		$	1,268		$	1,275		$	2,657		$	2,543

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METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	79,992		$	80,103		$	80,258		$	80,734		$	80,645
Premiums and deposits (2), (3)	1,200			1,234			1,321			1,195			1,167
Surrenders and withdrawals	(602		)	(628		)	(627		)	(617		)	(607		)
Benefit payments	(703		)	(747		)	(721		)	(843		)	(736		)
Net flows	(105		)	(141		)	(27		)	(265		)	(176		)
Net transfers from (to) separate account	12			19			4			12			14
Interest	816			821			827			823			826
Policy charges	(193		)	(192		)	(196		)	(191		)	(189		)
Other	(419		)	(352		)	(132		)	(468		)	(290		)
Balance, end of period	$	80,103		$	80,258		$	80,734		$	80,645		$	80,830



ANNUITIES	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	20,419		$	20,153		$	19,925		$	19,784		$	19,371
Premiums and deposits (2), (3)	110			97			99			111			106
Surrenders and withdrawals	(397		)	(424		)	(525		)	(497		)	(414		)
Benefit payments	(171		)	(145		)	(149		)	(173		)	(160		)
Net flows	(458		)	(472		)	(575		)	(559		)	(468		)
Net transfers from (to) separate account	60			89			74			89			110
Interest	149			151			145			141			139
Policy charges	(5		)	(4		)	(4		)	(4		)	(4		)
Other	(12		)	8			219			(80		)	161
Balance, end of period	$	20,153		$	19,925		$	19,784		$	19,371		$	19,309

SEPARATE ACCOUNT LIABILITIES

LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	5,167		$	5,254		$	5,450		$	4,660		$	5,220
Premiums and deposits (3)	66			65			66			67			63
Surrenders and withdrawals	(66		)	(66		)	(56		)	(59		)	(62		)
Benefit payments	(8		)	(8		)	(21		)	(8		)	(9		)
Net flows	(8		)	(9		)	(11		)	—			(8		)
Investment performance	200			294			(713		)	638			241
Net transfers from (to) general account	(12		)	(19		)	(4		)	(12		)	(14		)
Policy charges	(67		)	(66		)	(67		)	(65		)	(66		)
Other	(26		)	(4		)	5			(1		)	(5		)
Balance, end of period	$	5,254		$	5,450		$	4,660		$	5,220		$	5,368

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	43,958		$	43,241		$	43,128		$	37,549		$	40,136
Premiums and deposits (3)	108			80			90			92			91
Surrenders and withdrawals	(1,201		)	(1,149		)	(1,131		)	(978		)	(1,126		)
Benefit payments	(106		)	(101		)	(94		)	(100		)	(106		)
Net flows	(1,199		)	(1,170		)	(1,135		)	(986		)	(1,141		)
Investment performance	766			1,369			(4,157		)	3,854			1,574
Net transfers from (to) general account	(60		)	(89		)	(74		)	(89		)	(110		)
Policy charges	(225		)	(221		)	(213		)	(191		)	(205		)
Other	1			(2		)	—			(1		)	1
Balance, end of period	$	43,241		$	43,128		$	37,549		$	40,136		$	40,255

(1) Long-Term Care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.

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METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Direct and allocated expenses	$	181		$	175		$	182		$	146		$	154
Pension, postretirement and postemployment benefit costs	7			6			5			8			8
Premium taxes, other taxes, and licenses & fees	19			20			15			18			18
Commissions and other variable expenses	68			63			64			55			57
Other expenses, as reported on an adjusted basis	$	275		$	264		$	266		$	227		$	237


OTHER STATISTICAL INFORMATION

	For the Three Months Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Unaudited (In millions, except ratios)

Life (1)
Adjusted premiums, fees and other revenues	$	881		$	872		$	964		$	849		$	851
Interest adjusted benefit ratio	52.6		%	64.6		%	58.0		%	50.0		%	53.9		%

Lapse Ratio (2)
Traditional life	4.9		%	5.0		%	5.2		%	4.8		%	4.8		%
Variable & universal life	4.3		%	4.4		%	4.4		%	4.3		%	4.2		%
Fixed annuity	7.3		%	7.6		%	8.6		%	10.2		%	10.7		%
Variable annuity	9.5		%	10.0		%	10.2		%	10.1		%	10.2		%

(1) Represents traditional life and variable & universal life, components of Life & Other.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums		$	6		$	(33	)	$	132		$	24		$	16		$	19		$	40
Universal life and investment-type product policy fees		—			—			—			1			—			—			1
Net investment income		40			58			21			25			44			99			69
Other revenues		79			86			87			94			82			160			176
Total adjusted revenues		125			111			240			144			142			278			286

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3			(38		)	118			20			18			—			38
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		(3		)	(2		)	(1		)	(2		)	(4		)	(5		)	(6		)
Amortization of DAC and VOBA		1			2			1			1			2			3			3
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		272			246			234			229			268			552			497
Other expenses		259			314			102			222			289			491			511
Total adjusted expenses		532			522			454			470			573			1,041			1,043
Adjusted earnings before provision for income tax		(407		)	(411		)	(214		)	(326		)	(431		)	(763		)	(757		)
Provision for income tax expense (benefit)		(234		)	(206		)	(226		)	(165		)	(181		)	(393		)	(346		)
Adjusted earnings		(173		)	(205		)	12			(161		)	(250		)	(370		)	(411		)
Preferred stock dividends		46			32			57			32			57			52			89
Adjusted earnings available to common shareholders		$	(219	)	$	(237	)	$	(45	)	$	(193	)	$	(307	)	$	(422	)	$	(500	)

Adjusted premiums, fees and other revenues		$	85		$	53		$	219		$	119		$	98		$	179		$	217

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Business activities		$	12		$	13		$	10		$	13		$	12		$	18		$	25
Net investment income		50			107			49			29			46			107			75
Interest expense on debt		(282		)	(256		)	(245		)	(239		)	(280		)	(575		)	(519		)
Corporate initiatives and projects		(97		)	(132		)	(137		)	(100		)	(117		)	(136		)	(217		)
Other		(90		)	(101		)	(90		)	(29		)	(92		)	(177		)	(121		)
Provision for income tax expense (benefit) and other tax-related items		234			164			425			165			181			393			346
Preferred stock dividends		(46		)	(32		)	(57		)	(32		)	(57		)	(52		)	(89		)
Adjusted earnings available to common shareholders		$	(219	)	$	(237	)	$	(45	)	$	(193	)	$	(307	)	$	(422	)	$	(500	)

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Fixed Maturity Securities
Yield (1)	4.30		%	4.30		%	4.23		%	4.23		%	4.30		%
Investment income (2), (3), (4)	$	2,945		$	2,980		$	2,914		$	2,902		$	2,975
Investment gains (losses) (3)	(46		)	106			40			(24		)	138
Ending carrying value (2), (3)	306,991			305,520			299,136			309,368			319,696
Mortgage Loans
Yield (1)	4.59		%	4.80		%	4.72		%	4.73		%	4.82		%
Investment income (4)	815			859			874			912			943
Investment gains (losses)	(15		)	4			(24		)	(15		)	14
Ending carrying value	70,852			72,461			75,752			78,601			77,997
Real Estate and Real Estate Joint Ventures
Yield (1)	4.46		%	3.67		%	2.83		%	2.04		%	3.62		%
Investment income (3)	109			90			70			50			92
Investment gains (losses) (3)	89			40			172			5			1
Ending carrying value	9,741			9,977			9,698			10,022			10,326
Policy Loans
Yield (1)	5.21		%	5.35		%	5.16		%	5.28		%	5.34		%
Investment income	127			130			125			128			129
Ending carrying value	9,702			9,703			9,699			9,670			9,705
Equity Securities
Yield (1)	4.94		%	4.74		%	6.09		%	5.43		%	5.15		%
Investment income	15			14			19			16			16
Investment gains (losses)	34			18			(96		)	107			(2		)
Ending carrying value	1,483			1,479			1,440			1,432			1,476
Other Limited Partnership Interests
Yield (1)	9.48		%	14.86		%	12.47		%	7.59		%	14.28		%
Investment income (3)	141			229			203			127			247
Investment gains (losses) (3)	8			1			—			(1		)	1
Ending carrying value	5,985			6,374			6,613			6,787			7,054
Cash and Short-term Investments
Yield (1)	2.30		%	2.79		%	2.67		%	3.08		%	2.39		%
Investment income	61			71			66			79			65
Investment gains (losses)	1			(5		)	2			—			(5		)
Ending carrying value	20,165			17,721			19,758			19,030			21,246
Other Invested Assets (1)
Investment income (3)	231			211			217			203			225
Investment gains (losses) (3)	(58		)	17			5			(67		)	(38		)
Ending carrying value	17,017			16,336			18,190			18,175			20,036
Total Investments
Investment income yield (1)	4.54		%	4.65		%	4.54		%	4.44		%	4.66		%
Investment fees and expenses yield	(0.12		)%	(0.12		)%	(0.12		)%	(0.14		)%	(0.14		)%
Net Investment Income Yield (1), (3)	4.42		%	4.53		%	4.42		%	4.30		%	4.52		%
Investment income	$	4,444		$	4,584		$	4,488		$	4,417		$	4,692
Investment fees and expenses	(117		)	(121		)	(113		)	(136		)	(138		)
Net investment income including Divested businesses	4,327			4,463			4,375			4,281			4,554
Less: Net investment income from Divested businesses	—			1			—			—			—
Net Investment Income, as reported on an adjusted basis (3)	$	4,327		$	4,462		$	4,375		$	4,281		$	4,554
Ending Carrying Value (3)	$	441,936		$	439,571		$	440,286		$	453,085		$	467,536
Gross investment gains	$	324		$	443		$	569		$	375		$	328
Gross investment losses	(310		)	(232		)	(440		)	(271		)	(189		)
Writedowns	(1		)	(30		)	(30		)	(99		)	(30		)
Investment Portfolio Gains (Losses) (3)	13			181			99			5			109
Investment portfolio gains (losses) income tax (expense) benefit	(39		)	(77		)	(10		)	(17		)	(26		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(26	)	$	104		$	89		$	(12	)	$	83

Derivative gains (losses) (3)	$	(172	)	$	(497	)	$	824		$	15		$	614
Derivative gains (losses) income tax (expense) benefit	57			125			(201		)	(18		)	(150		)
Derivative Gains (Losses), Net of Income Tax	$	(115	)	$	(372	)	$	623		$	(3	)	$	464

(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed equity securities. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes $660 million, $680 million, $871 million, $958 million and $1,007 million in ending carrying value, and $8 million, $11 million, $26 million, $55 million and $38 million of investment income related to fair value option securities at or for the three months ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, respectively.
(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed equity securities of $13,182 million, $12,855 million, $11,741 million, $12,284 million and $11,990 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $5 million, $4 million, $3 million and $3 million at June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:

	For the Three Months Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net investment gains (losses) - GAAP basis	$	(227	)	$	117		$	145		$	15		$	61
Less: Operating joint venture adjustments	—			—			—			—			—
Less: Partnerships at fair value	(1		)	12			6			(15		)	3
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(239		)	(76		)	40			25			(51		)
Investment portfolio gains (losses) - in above yield table	$	13		$	181		$	99		$	5		$	109

	For the Three Months Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net derivative gains (losses) - GAAP basis	$	(59	)	$	(378	)	$	939		$	115		$	724
Less: Investment hedge adjustments	119			125			121			105			118
Less: Settlement of foreign currency earnings hedges	(5		)	(5		)	(5		)	(2		)	(2		)
Less: PAB hedge adjustments	(1		)	(1		)	(1		)	(3		)	(6		)
Derivative gains (losses) - in above yield table	$	(172	)	$	(497	)	$	824		$	15		$	614

(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

Table of Contents




INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Fixed Maturity Securities
Yield (1)	4.24		%	4.26		%	4.26		%	4.23		%	4.27		%
Investment income (2), (3), (4)	$	5,784		$	8,764		$	11,678		$	2,902		$	5,877
Investment gains (losses) (3)	(141		)	(35		)	5			(24		)	114
Ending carrying value (2), (3)	306,991			305,520			299,136			309,368			319,696
Mortgage Loans
Yield (1)	4.56		%	4.64		%	4.66		%	4.73		%	4.77		%
Investment income (4)	1,607			2,466			3,340			912			1,855
Investment gains (losses)	(36		)	(32		)	(56		)	(15		)	(1		)
Ending carrying value	70,852			72,461			75,752			78,601			77,997
Real Estate and Real Estate Joint Ventures
Yield (1)	3.93		%	3.84		%	3.59		%	2.04		%	2.84		%
Investment income (3)	192			282			352			50			142
Investment gains (losses) (3)	114			154			326			5			6
Ending carrying value	9,741			9,977			9,698			10,022			10,326
Policy Loans
Yield (1)	5.16		%	5.23		%	5.21		%	5.28		%	5.31		%
Investment income	251			381			506			128			257
Ending carrying value	9,702			9,703			9,699			9,670			9,705
Equity Securities
Yield (1)	4.28		%	4.41		%	4.79		%	5.43		%	5.29		%
Investment income	31			45			64			16			32
Investment gains (losses)	3			21			(75		)	107			105
Ending carrying value	1,483			1,479			1,440			1,432			1,476
Other Limited Partnership Interests
Yield (1)	12.26		%	13.15		%	12.97		%	7.59		%	10.99		%
Investment income (3)	360			589			792			127			374
Investment gains (losses) (3)	8			9			9			(1		)	—
Ending carrying value	5,985			6,374			6,613			6,787			7,054
Cash and Short-term Investments
Yield (1)	2.09		%	2.33		%	2.41		%	3.08		%	2.73		%
Investment income	107			178			244			79			144
Investment gains (losses)	(3		)	(8		)	(6		)	—			(5		)
Ending carrying value	20,165			17,721			19,758			19,030			21,246
Other Invested Assets (1)
Investment income (3)	459			670			887			203			428
Investment gains (losses) (3)	(184		)	(167		)	(162		)	(67		)	(105		)
Ending carrying value	17,017			16,336			18,190			18,175			20,036
Total Investments
Investment income yield (1)	4.52		%	4.57		%	4.56		%	4.44		%	4.55		%
Investment fees and expenses yield	(0.13		)%	(0.13		)%	(0.12		)%	(0.14		)%	(0.14		)%
Net Investment Income Yield (1), (3)	4.39		%	4.44		%	4.44		%	4.30		%	4.41		%
Investment income	$	8,791		$	13,375		$	17,863		$	4,417		$	9,109
Investment fees and expenses	(245		)	(366		)	(479		)	(136		)	(274		)
Net investment income including Divested businesses	8,546			13,009			17,384			4,281			8,835
Less: Net investment income from Divested businesses	—			1			1			—			—
Net Investment Income, as reported on an adjusted basis (3)	$	8,546		$	13,008		$	17,383		$	4,281		$	8,835
Ending Carrying Value (3)	$	441,936		$	439,571		$	440,286		$	453,085		$	467,536
Gross investment gains	$	487		$	930		$	1,499		$	375		$	703
Gross investment losses	(607		)	(839		)	(1,279		)	(271		)	(460		)
Writedowns	(119		)	(149		)	(179		)	(99		)	(129		)
Investment Portfolio Gains (Losses) (3)	(239		)	(58		)	41			5			114
Investment portfolio gains (losses) income tax (expense) benefit	12			(65		)	(75		)	(17		)	(43		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(227	)	$	(123	)	$	(34	)	$	(12	)	$	71

Derivative gains (losses) (3)	$	72		$	(425	)	$	399		$	15		$	629
Derivative gains (losses) income tax (expense) benefit	(27		)	98			(103		)	(18		)	(168		)
Derivative Gains (Losses), Net of Income Tax	$	45		$	(327	)	$	296		$	(3	)	$	461

(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed equity securities. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes $660 million, $680 million, $871 million, $958 million and $1,007 million in ending carrying value, and $14 million, $25 million, $51 million, $55 million and $93 million of investment income related to fair value option securities at or for the year-to-date period ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, respectively.
(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed equity securities of $13,182 million, $12,855 million, $11,741 million, $12,284 million and $11,990 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $5 million, $4 million, $3 million and $3 million at June 30,2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:

	For the Year-to-Date Period Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net investment gains (losses) - GAAP basis	$	(560	)	$	(443	)	$	(298	)	$	15		$	76
Less: Operating joint venture adjustments	(1		)	(1		)	(1		)	—			—
Less: Partnerships at fair value	(6		)	6			12			(15		)	(12		)
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(314		)	(390		)	(350		)	25			(26		)
Investment portfolio gains (losses) - in above yield table	$	(239	)	$	(58	)	$	41		$	5		$	114

	For the Year-to-Date Period Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net derivative gains (losses) - GAAP basis	$	290		$	(88	)	$	851		$	115		$	839
Less: Investment hedge adjustments	229			354			475			105			223
Less: Settlement of foreign currency earnings hedges	(9		)	(14		)	(19		)	(2		)	(4		)
Less: PAB hedge adjustments	(2		)	(3		)	(4		)	(3		)	(9		)
Derivative gains (losses) - in above yield table	$	72		$	(425	)	$	399		$	15		$	629

(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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

		June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	84,026	27.5	%	$	83,795	27.5	%	$	78,948	26.4	%	$	80,146	26.0	%	$	83,712	26.3	%
Foreign government securities		61,682		20.1	%	60,472		19.8	%	62,288		20.9	%	64,955		21.1	%	67,554		21.2	%
Foreign corporate securities		54,277		17.7	%	54,220		17.8	%	56,703		19.0	%	59,945		19.4	%	62,398		19.6	%
U.S. government and agency securities		45,387		14.8	%	45,572		14.9	%	39,322		13.2	%	41,008		13.3	%	40,003		12.6	%
Residential mortgage-backed securities		27,845		9.1	%	27,658		9.1	%	27,961		9.4	%	28,360		9.2	%	29,049		9.1	%
Asset-backed securities		12,866		4.2	%	12,815		4.2	%	12,472		4.2	%	12,631		4.1	%	13,712		4.3	%
Municipals		12,026		3.9	%	11,600		3.8	%	11,533		3.9	%	11,898		3.8	%	12,255		3.8	%
Commercial mortgage-backed securities		8,222		2.7	%	8,708		2.9	%	9,038		3.0	%	9,467		3.1	%	10,006		3.1	%
Total Fixed Maturity Securities Available-For-Sale		$	306,331	100.0	%	$	304,840	100.0	%	$	298,265	100.0	%	$	308,410	100.0	%	$	318,689	100.0	%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	215,582	70.4	%	$	213,898	70.2	%	$	208,806	70.0	%	$	216,343	70.1	%	$	223,594	70.2	%
2	Baa	73,442		24.0	%	74,059		24.3	%	73,141		24.5	%	75,769		24.6	%	78,943		24.8	%
3	Ba	11,189		3.6	%	11,042		3.6	%	11,158		3.7	%	11,350		3.7	%	11,490		3.6	%
4	B	5,268		1.7	%	5,062		1.7	%	4,498		1.6	%	4,324		1.4	%	4,176		1.3	%
5	Caa and lower	826		0.3	%	755		0.2	%	647		0.2	%	591		0.2	%	451		0.1	%
6	In or near default	24		—	%	24		—	%	15		—	%	33		—	%	35		—	%
Total Fixed Maturity Securities Available-For-Sale (1)		$	306,331	100.0	%	$	304,840	100.0	%	$	298,265	100.0	%	$	308,410	100.0	%	$	318,689	100.0	%


GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (2)

		June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%		$	4,557	95.0	%	$	4,924	94.4	%	$	5,340	89.7	%	$	2,563	91.2	%	$	1,542	80.6	%
20% or more for less than six months		174		3.6	%	214		4.1	%	460		7.7	%	135		4.8	%	215		11.2	%
20% or more for six months or greater		67		1.4	%	77		1.5	%	155		2.6	%	113		4.0	%	156		8.2	%
Total Gross Unrealized Losses		$	4,798	100.0	%	$	5,215	100.0	%	$	5,955	100.0	%	$	2,811	100.0	%	$	1,913	100.0	%

Total Gross Unrealized Gains		$	18,872			$	16,787			$	17,404			$	22,662			$	29,373

(1) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities and commercial mortgage-backed securities) held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting reflect designations based on revised NAIC methodologies. The NAIC's present methodology is to evaluate certain structured securities held by insurers using the revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.
(2) MetLife's review of its fixed maturity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for six months or greater.

Table of Contents



INVESTMENTS
SUMMARY OF MORTGAGE LOANS

Unaudited (In millions)	June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019

Commercial mortgage loans	$	46,075				$	47,460				$	48,463				$	49,960				$	49,570
Agricultural mortgage loans	13,293					13,677					14,905					15,130					15,334
Residential mortgage loans	11,809					11,660					12,726					13,861					13,450
Total Mortgage Loans	71,177					72,797					76,094					78,951					78,354
Valuation allowances	(325		)			(336		)			(342		)			(350		)			(357		)
Total Mortgage Loans, net	$	70,852				$	72,461				$	75,752				$	78,601				$	77,997


SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE

	June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total

Pacific	$	10,695		23.2	%	$	10,878		22.9	%	$	10,884		22.5	%	$	10,683		21.4	%	$	10,511		21.2	%
Non-U.S.	8,869			19.2	%	9,497			20.0	%	9,281			19.1	%	9,727			19.5	%	9,463			19.1	%
Middle Atlantic	7,455			16.2	%	7,434			15.7	%	7,911			16.3	%	7,873			15.7	%	7,952			16.0	%
South Atlantic	5,534			12.0	%	5,789			12.2	%	6,347			13.1	%	6,427			12.9	%	6,459			13.0	%
West South Central	3,775			8.2	%	4,001			8.4	%	3,951			8.1	%	4,299			8.6	%	4,386			8.9	%
East North Central	2,573			5.6	%	2,768			5.8	%	2,840			5.9	%	3,269			6.5	%	3,245			6.6	%
Mountain	1,364			3.0	%	1,378			2.9	%	1,387			2.9	%	1,501			3.0	%	1,729			3.5	%
New England	1,127			2.4	%	1,141			2.4	%	1,481			3.1	%	1,479			3.0	%	1,628			3.3	%
West North Central	598			1.3	%	596			1.3	%	594			1.2	%	594			1.2	%	593			1.2	%
East South Central	968			2.1	%	1,072			2.3	%	564			1.2	%	563			1.1	%	563			1.1	%
Multi-Region and Other	3,117			6.8	%	2,906			6.1	%	3,223			6.6	%	3,545			7.1	%	3,041			6.1	%
Total	$	46,075		100.0	%	$	47,460		100.0	%	$	48,463		100.0	%	$	49,960		100.0	%	$	49,570		100.0	%


Office	$	23,295		50.5	%	$	24,096		50.8	%	$	23,995		49.5	%	$	24,514		49.1	%	$	23,755		47.9	%
Retail	8,462			18.4	%	8,701			18.3	%	9,089			18.7	%	9,387			18.8	%	9,577			19.3	%
Apartment	6,397			13.9	%	6,416			13.5	%	7,018			14.5	%	6,943			13.9	%	6,960			14.1	%
Industrial	3,736			8.1	%	3,775			8.0	%	3,719			7.7	%	3,761			7.5	%	3,748			7.6	%
Hotel	3,317			7.2	%	3,327			7.0	%	3,479			7.2	%	3,716			7.4	%	3,688			7.4	%
Other	868			1.9	%	1,145			2.4	%	1,163			2.4	%	1,639			3.3	%	1,842			3.7	%
Total	$	46,075		100.0	%	$	47,460		100.0	%	$	48,463		100.0	%	$	49,960		100.0	%	$	49,570		100.0	%

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)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLIfe, Inc.'s common shareholders	$	845		$	880		$	2,010		$	1,349		$	1,684		$	2,092		$	3,033
Add: Preferred stock dividends	46			32			57			32			57			52			89
Add: Net Income (loss) attributable to noncontrolling interests	3			3			(5		)	4			5			7			9
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Income (loss) from continuing operations, net of income tax	894			915			2,062			1,385			1,746			$	2,151		$	3,131
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	(227		)	117			145			15			61			(560		)	76
Net derivative gains (losses)	(59		)	(378		)	939			115			724			290			839
Premiums - Divested businesses	—			—			—			—			—			—			—
Universal life and investment-type product policy fees
Unearned revenue adjustments	(5		)	11			(8		)	—			20			(10		)	20
GMIB fees	31			32			27			27			28			61			55
Divested businesses	—			—			—			—			—			7			—
Net investment income
Investment hedge adjustments	(119		)	(125		)	(121		)	(105		)	(118		)	(229		)	(223		)
Operating joint venture adjustments	—			—			—			—			—			1			—
Unit-linked contract income	286			149			(765		)	736			261			(67		)	997
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(21		)	(1		)	(27		)	(4		)	(4		)	(33		)	(8		)
Divested businesses	—			1			—			—			—			—			—
Other revenues
Settlement of foreign currency earnings hedges	5			5			5			2			2			9			4
TSA fees	78			78			70			68			69			157			137
Divested businesses	—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	—			13			(1		)	(79		)	(84		)	(41		)	(163		)
GMIB costs	(51		)	(168		)	78			(56		)	(39		)	(56		)	(95		)
Market value adjustments	1			—			1			4			11			—			15
Divested businesses	—			—			—			—			—			—			—
Interest credited to policyholder account balances
PAB hedge adjustments	1			1			1			3			6			2			9
Unit-linked contract costs	(268		)	(133		)	730			(716		)	(257		)	79			(973		)
Divested businesses	—			—			—			—			—			—			—
Capitalization of DAC - Divested businesses	—			—			—			—			—			1			—
Amortization of DAC and VOBA
Related to NIGL and NDGL	10			(89		)	(44		)	24			5			24			29
Related to GMIB fees and GMIB costs	(9		)	(19		)	(68		)	7			3			(19		)	10
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			—			—
Amortization of negative VOBA
Related to market value adjustments	—			—			—			—			—			1			—
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	(30		)	(15		)	(18		)	—			—			(30		)	—
Other expenses
Noncontrolling interest	5			3			(5		)	6			6			12			12
Regulatory implementation costs	(2		)	(3		)	(5		)	(3		)	(7		)	(3		)	(10		)
Acquisition, integration and other costs	(14		)	(13		)	14			(23		)	(6		)	(25		)	(29		)
TSA fees	(78		)	(78		)	(70		)	(68		)	(69		)	(157		)	(137		)
Divested businesses	(53		)	(9		)	4			—			(6		)	(63		)	(6		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	41			128			(213		)	(24		)	(236		)	(1		)	(260		)
Adjusted earnings	1,372			1,408			1,393			1,456			1,376			2,801			2,832
Less: Preferred stock dividends	46			32			57			32			57			52			89
Adjusted earnings available to common shareholders	$	1,326		$	1,376		$	1,336		$	1,424		$	1,319		$	2,749		$	2,743

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APPENDIX METLIFE NOTABLE ITEMS (1)

METLIFE TOTAL
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments			$	—		$	(68	)	$	—		$	—		$	—		$	62		$	—
Litigation reserves & settlement costs			—			—			(60		)	—			—			—			—
Expense initiative costs			(62		)	(88		)	(100		)	(55		)	(70		)	(96		)	(125		)
Tax adjustments			—			—			247			—			—			—			—
Total notable items			$	(62	)	$	(156	)	$	87		$	(55	)	$	(70	)	$	(34	)	$	(125	)


U.S.
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments			$	—		$	37		$	—		$	—		$	—		$	—		$	—
Total notable items			$	—		$	37		$	—		$	—		$	—		$	—		$	—

	GROUP BENEFITS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
	Actuarial assumption review and other insurance adjustments		$	—		$	37		$	—		$	—		$	—		$	—		$	—
	Total notable items		$	—		$	37		$	—		$	—		$	—		$	—		$	—

(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

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APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)

ASIA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	(86	)	$	—		$	—		$	—			$	—		$	—
Total notable items		$	—		$	(86	)	$	—		$	—		$	—			$	—		$	—

LATIN AMERICA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	28		$	—		$	—		$	—			$	—		$	—
Total notable items		$	—		$	28		$	—		$	—		$	—			$	—		$	—

EMEA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	(23	)	$	—		$	—		$	—			$	—		$	—
Total notable items		$	—		$	(23	)	$	—		$	—		$	—			$	—		$	—

METLIFE HOLDINGS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	(24	)	$	—		$	—		$	—			$	62		$	—
Total notable items		$	—		$	(24	)	$	—		$	—		$	—			$	62		$	—

CORPORATE & OTHER
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Litigation reserves & settlement costs		$	—		$	—		$	(60	)	$	—		$	—			$	—		$	—
Expense initiative costs		(62		)	(88		)	(100		)	(55		)	(70		)		(96		)	(125		)
Tax adjustments		—			—			247			—			—				—			—
Total notable items		$	(62	)	$	(88	)	$	87		$	(55	)	$	(70	)		$	(96	)	$	(125	)

(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

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APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Total MetLife, Inc.'s stockholders' equity	$	53,633		$	51,625		$	52,741		$	58,509		$	63,811
Less: Preferred stock	3,340			3,340			3,340			3,340			3,340
MetLife, Inc.'s common stockholders' equity	50,293			48,285			49,401			55,169			60,471
Less: Net unrealized investment gains (losses), net of income tax	9,703			7,946			8,655			13,862			18,381
Defined benefit plans adjustment, net of income tax	(2,179		)	(2,051		)	(2,028		)	(2,004		)	(1,984		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	42,769		$	42,390		$	42,774		$	43,311		$	44,074
Less: Goodwill, net of income tax	9,205			9,147			9,133			9,082			9,071
VODA and VOCRA, net of income tax	341			316			312			298			288
Total MetLife, Inc.'s tangible common stockholders' equity	$	33,223		$	32,927		$	33,329		$	33,931		$	34,715

Unaudited (In millions, except per share data)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Book value per common share	$	50.28		$	48.94		$	51.53		$	58.06		$	64.61
Less: Net unrealized investment gains (losses), net of income tax	9.70			8.05			9.03			14.59			19.64
Defined benefit plans adjustment, net of income tax	(2.18		)	(2.08		)	(2.12		)	(2.11		)	(2.12		)
Book value per common share, excluding AOCI other than FCTA	$	42.76		$	42.97		$	44.62		$	45.58		$	47.09
Less: Goodwill, net of income tax	9.20			9.28			9.52			9.56			9.69
VODA and VOCRA, net of income tax	0.34			0.32			0.33			0.31			0.31
Book value per common share - tangible common stockholders' equity	$	33.22		$	33.37		$	34.77		$	35.71		$	37.09

Common shares outstanding, end of period	1,000.2			986.6			958.6			950.2			935.9

	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019

Return on MetLife, Inc.'s:
Common stockholders' equity	6.5		%	7.1		%	16.5		%	10.3		%	11.6		%
Common stockholders' equity, excluding AOCI other than FCTA	7.8		%	8.3		%	18.9		%	12.5		%	15.4		%
Tangible common stockholders' equity (2)	10.1		%	10.8		%	24.4		%	16.2		%	19.7		%

Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.2		%	11.2		%	10.9		%	10.9		%	9.1		%
Common stockholders' equity, excluding AOCI other than FCTA	12.2		%	12.9		%	12.5		%	13.2		%	12.1		%
Tangible common stockholders' equity (2)	15.8		%	16.8		%	16.2		%	17.1		%	15.5		%

Average common stockholders' equity	$	52,022		$	49,289		$	48,843		$	52,285		$	57,820
Average common stockholders' equity, excluding AOCI other than FCTA	$	43,589		$	42,580		$	42,582		$	43,043		$	43,693
Average tangible common stockholders' equity	$	33,920		$	33,075		$	33,128		$	33,630		$	34,323

(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 equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019 of $10 million, $10 million, $9 million, $10 million and $9 million, respectively.

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APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS

ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
U.S. (1)	$	11,767		$	6,889		$	5,725		$	6,058		$	6,731
ASIA	2,020			2,132			2,119			2,122			2,063
LATIN AMERICA	922			911			968			932			1,064
EMEA	637			623			638			653			669
METLIFE HOLDINGS (1)	1,326			1,305			1,385			1,268			1,275
CORPORATE & OTHER (1)	85			53			219			119			98
Adjusted premiums, fees and other revenues, on a constant currency basis	$	16,757		$	11,913		$	11,054		$	11,152		$	11,900
Adjusted premiums, fees and other revenues	$	16,889		$	11,938		$	11,022		$	11,167		$	11,900

ASIA (including operating joint ventures) (2), (3)	$	2,231		$	2,351		$	2,374		$	2,370		$	2,346

OTHER EXPENSES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
U.S. (1)	$	965		$	982		$	994		$	993		$	1,009
ASIA	955			947			979			951			955
LATIN AMERICA	336			345			372			361			352
EMEA	322			327			352			335			350
METLIFE HOLDINGS (1)	275			264			266			227			237
CORPORATE & OTHER (1)	259			314			102			222			289
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,112		$	3,179		$	3,065		$	3,089		$	3,192
Other expenses, as reported on an adjusted basis	$	3,177		$	3,187		$	3,055		$	3,101		$	3,192

ASIA (including operating joint ventures) (2), (3)	$	1,044		$	1,041		$	1,088		$	1,057		$	1,064

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
U.S. (1)	$	671		$	795		$	685		$	724		$	732
ASIA	352			263			279			355			359
LATIN AMERICA	135			166			140			132			159
EMEA	77			54			54			85			77
METLIFE HOLDINGS (1)	280			327			223			317			299
CORPORATE & OTHER (1)	(219		)	(237		)	(45		)	(193		)	(307		)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,296		$	1,368		$	1,336		$	1,420		$	1,319
Adjusted earnings available to common shareholders	$	1,326		$	1,376		$	1,336		$	1,424		$	1,319

(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, universal life and investment-type product policy fees, other revenues and 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.

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METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	total adjusted revenues	(i)	total revenues
(ii)	total adjusted expenses	(ii)	total expenses
(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	adjusted premiums, fees & other revenues, excluding pension risk transfer	(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 return on equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xi)	return on equity
(xii)	adjusted tangible return on equity	(xii)	return on equity
(xiii)	investment portfolio gains (losses)	(xiii)	net investment gains (losses)
(xiv)	derivative gains (losses)	(xiv)	net derivative gains (losses)
(xv)	capitalization of DAC, as reported on an adjusted basis	(xv)	capitalization of DAC
(xvi)	other expenses, as reported on an adjusted basis	(xvi)	other expenses
(xvii)	total MetLife, Inc.’s tangible common stockholders’ equity	(xvii)	total MetLife, Inc.’s stockholders’ equity
(xviii)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xviii)	total MetLife, Inc.’s stockholders’ equity
(xix)	total MetLife, Inc.'s common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xix)	total MetLife, Inc.’s stockholders’ equity
(xx)	book value per common share, excluding AOCI other than FCTA	(xx)	book value per common share
(xxi)	book value per common share - tangible common stockholders' equity	(xxi)	book value per common share
(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 expense ratio	(xxiv)	expense ratio
(xxv)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxv)	expense ratio
(xxvi)	GA AUM	(xxvi)	total investments
(xxvii)	GA AUM (excluding FVA)	(xxvii)	total investments

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com. Our definitions of the various 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 measure of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its Business Plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
	Adjusted revenues and adjusted expenses
	These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.

	The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
	•	Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
	•	Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed equity securities (“Unit-linked contract income”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP ("Certain partnership distributions"); and
	•	Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").

	The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
	•	Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) 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”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) 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 costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”) and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.

	Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
	Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, goodwill impairment or changes in estimated fair value. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
	Return on equity, allocated equity, tangible equity and related measures
	•	Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
	•	Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
	•	Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA : net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA): adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA).
	•	Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
	•	Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
		The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.
	•	Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
	•	Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders’ equity.
	•	Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
	•	Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
	•	Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
		The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

	Expense ratio, direct expense ratio, adjusted expense ratio and related measures
	•	Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
	•	Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.
	•	Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
	•	Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues.
	•	Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

	General account assets under management and related measures
	GA AUM are comprised of general account total investments and cash and cash equivalents, excluding policy loans, other invested assets, contractholder-directed equity securities and fair value option securities, as substantially all of those assets are not actively managed in MetLife’s general account investment portfolio. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from GA AUM. GA AUM are used by MetLife to describe assets in its general account investment portfolio which are actively managed and stated at estimated fair value. MetLife believes the use of GA AUM enhances the understanding and comparability of its general account investment portfolio.
	GA AUM (excluding FVA) excludes the following FVA: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. MetLife believes that the use of GA AUM (excluding FVA) enhances the understanding of the value of GA AUM without regard to the impact of market volatility.

	Other items
	The following additional information is relevant to an understanding of our performance results:
	•	Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

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	METLIFE ACRONYMS

	AOCI	Accumulated other comprehensive income (loss)
	CSE	Consolidated securitization entity
	DAC	Deferred policy acquisition costs
	EMEA	Europe, the Middle East and Africa
	FVA	Fair value adjustments
	FCTA	Foreign currency translation adjustments
	GAAP	Accounting principles generally accepted in the United States of America
	GICs	Guaranteed interest contracts
	GA AUM	General account assets under management
	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
	PDO	Policyholder dividend obligation
	PRT	Pension risk transfers
	QFS	Quarterly financial supplement
	TSA	Transition service agreement
	VIE	Variable interest entity
	VOBA	Value of business acquired
	VOCRA	Value of customer relationships acquired
	VODA	Value of distribution agreements

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MetLife (MET) 8-KMetlife Announces Second Quarter 2019 Results