MetLife 8K Announces Second Quarter 2020 Results | MET 5 Aug 20

Exhibit 99.2

Second Quarter

Financial Supplement

June 30, 2020




	METLIFE TABLE OF CONTENTS

	GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2

	CORPORATE OVERVIEW	3

	KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5

	EXPENSE DETAIL AND RATIOS	7

	CONSOLIDATED BALANCE SHEETS	8

	SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	9

	ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	10

	U.S.
	Statements of Adjusted Earnings Available to Common Shareholders	11
	Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	12
	Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	13
	Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	14
	Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	15
	Group Benefits - Other Expenses by Major Category; and Other Statistical Information	16
	Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; and Synthetic GICs	17
	Retirement and Income Solutions - Other Expenses by Major Category; and Spread	18
	Property & Casualty - Other Expenses by Major Category; and Net Written Premiums By Product and Selected Financial Information and Supplemental Data	19

	ASIA
	Statements of Adjusted Earnings Available to Common Shareholders	20
	Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	21
	General Account Assets Under Management and Related Measures	22

	LATIN AMERICA
	Statements of Adjusted Earnings Available to Common Shareholders	23
	Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	24

	EMEA
	Statements of Adjusted Earnings Available to Common Shareholders	25
	Other Expenses by Major Category; and Other Statistical Information	26

	METLIFE HOLDINGS
	Statements of Adjusted Earnings Available to Common Shareholders	27
	Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	28
	Other Expenses by Major Category; and Other Statistical Information	29

	CORPORATE & OTHER
	Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source	30

	INVESTMENTS
	Investment Portfolio Results by Asset Category and Annualized Yields	31
	Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses Aging Schedule: Fixed Maturity Securities Available-for-Sale	32
	Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	33
	Footnotes	34

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

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

Revenues
Premiums		$	10,129		$	10,781		$	11,920		$	9,466		$	8,736		$	19,534		$	18,202
Universal life and investment-type product policy fees		1,412			1,440			1,386			1,431			1,299			2,777			2,730
Net investment income		4,693			4,623			4,644			3,061			4,087			9,601			7,148
Other revenues		478			419			451			439			456			972			895
Net investment gains (losses)		61			161			207			(288		)	231			76			(57		)
Net derivative gains (losses)		724			1,254			(1,465		)	4,201			(710		)	839			3,491
Total revenues		17,497			18,678			17,143			18,310			14,099			33,799			32,409

Expenses
Policyholder benefits and claims		9,993			10,648			11,748			9,022			8,667			19,065			17,689
Interest credited to policyholder account balances		1,515			1,500			1,488			80			1,962			3,476			2,042
Policyholder dividends		302			296			313			292			290			602			582
Capitalization of DAC		(837		)	(882		)	(827		)	(774		)	(671		)	(1,649		)	(1,445		)
Amortization of DAC and VOBA		689			797			786			788			560			1,313			1,348
Amortization of negative VOBA		(10		)	(4		)	(9		)	(10		)	(10		)	(20		)	(20		)
Interest expense on debt		274			223			224			222			232			508			454
Other expenses		3,274			3,309			3,457			3,047			2,872			6,463			5,919
Total expenses		15,200			15,887			17,180			12,667			13,902			29,758			26,569
Income (loss) from continuing operations before provision for income tax		2,297			2,791			(37		)	5,643			197			4,041			5,840
Provision for income tax expense (benefit)		551			601			(625		)	1,242			47			910			1,289
Income (loss) from continuing operations, net of income tax		1,746			2,190			588			4,401			150			3,131			4,551
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		1,746			2,190			588			4,401			150			3,131			4,551
Less: Net income (loss) attributable to noncontrolling interests		5			6			(5		)	3			5			9			8
Net income (loss) attributable to MetLife, Inc.		1,741			2,184			593			4,398			145			3,122			4,543
Less: Preferred stock dividends		57			32			57			32			77			89			109
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,684		$	2,152		$	536		$	4,366		$	68		$	3,033		$	4,434

Premiums, fees and other revenues		$	12,019		$	12,640		$	13,757		$	11,336		$	10,491		$	23,283		$	21,827

Table of Contents




METLIFE CORPORATE OVERVIEW

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

Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,684		$	2,152		$	536		$	4,366		$	68
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	61			161			207			(288		)	231
Less: Net derivative gains (losses)	724			1,254			(1,465		)	4,201			(710		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(179		)	(107		)	(418		)	(65		)	(357		)
Less: Provision for income tax (expense) benefit	(236		)	(340		)	373			(928		)	151
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	5			6			(5		)	3			5
Adjusted earnings available to common shareholders	1,319			1,190			1,834			1,449			758
Less: Total notable items (2)	(70		)	(248		)	420			—			—
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,389		$	1,438		$	1,414		$	1,449		$	758

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.77		$	2.30		$	0.58		$	4.75		$	0.07
Less: Net investment gains (losses)	0.06			0.17			0.22			(0.31		)	0.25
Less: Net derivative gains (losses)	0.76			1.34			(1.58		)	4.57			(0.78		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.18		)	(0.11		)	(0.45		)	(0.08		)	(0.39		)
Less: Provision for income tax (expense) benefit	(0.24		)	(0.36		)	0.40			(1.01		)	0.17
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	0.01			0.01			(0.01		)	—			0.01
Adjusted earnings available to common shareholders per diluted common share	1.38			1.27			1.98			1.58			0.83
Less: Total notable items per diluted common share (2)	(0.07		)	(0.26		)	0.45			—			—
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	1.46		$	1.54		$	1.53		$	1.58		$	0.83

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

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

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


	For the Three Months Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Weighted average common shares outstanding - diluted	952.9			936.4			925.7			920.0			913.1

(1) See Page A-1 for further detail.
(2) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3) Calculated on a standalone basis and may not equal the result of (i) adjusted earnings available to common shareholders per diluted common share less (ii) total notable items per diluted common share.

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METLIFE CORPORATE OVERVIEW (CONTINUED)

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

Book value per common share (1)	$	64.61		$	70.71		$	68.62		$	72.62		$	78.65
Book value per common share, excluding AOCI other than FCTA (1)	$	47.09		$	48.56		$	48.97		$	52.36		$	52.27
Book value per common share - tangible common stockholders' equity (1)	$	37.09		$	38.52		$	38.86		$	42.33		$	42.16


	For the Three Months Ended
Unaudited	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Return on MetLife, Inc.'s (2):
Common stockholders' equity	11.6		%	13.7		%	3.4		%	27.1		%	0.4		%

Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	9.1		%	7.6		%	11.5		%	9.0		%	4.4		%
Common stockholders' equity, excluding AOCI other than FCTA	12.1		%	10.7		%	16.4		%	12.6		%	6.4		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	12.7		%	12.9		%	12.6		%	12.6		%	6.4		%
Tangible common stockholders' equity	15.5		%	13.7		%	20.7		%	15.8		%	8.0		%


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

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

Weighted average common shares outstanding - basic	946.2			929.6			918.7			914.1			908.8
Dilutive effect of the exercise or issuance of stock-based awards	6.7			6.8			7.0			5.9			4.3
Weighted average common shares outstanding - diluted	952.9			936.4			925.7			920.0			913.1

MetLife Policyholder Trust Shares	144.3			142.8			140.7			139.2			138.4

(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-3 for further detail.
(3) Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

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

Total revenues	$	17,497		$	18,678		$	17,143		$	18,310		$	14,099		$	33,799		$	32,409
Less: Net investment gains (losses)	61			161			207			(288		)	231			76			(57		)
Less: Net derivative gains (losses)	724			1,254			(1,465		)	4,201			(710		)	839			3,491
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	20			59			18			18			5			20			23
Less: Other adjustments to revenues:
GMIB fees	28			27			26			26			25			55			51
Investment hedge adjustments	(118		)	(121		)	(125		)	(138		)	(188		)	(223		)	(326		)
Operating joint venture adjustments	—			—			—			—			—			—			—
Unit-linked contract income	261			250			228			(1,140		)	818			997			(322		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(4		)	(2		)	(5		)	(4		)	(1		)	(8		)	(5		)
Settlement of foreign currency earnings hedges	2			3			2			—			—			4			—
TSA fees	69			69			40			42			39			137			81
Divested businesses	—			60			63			56			35			—			91
Total adjusted revenues	$	16,454		$	16,918		$	18,154		$	15,537		$	13,845		$	31,902		$	29,382

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

Net investment income	$	4,693		$	4,623		$	4,644		$	3,061		$	4,087		$	9,601		$	7,148
Less: Adjustments to net investment income:
Investment hedge adjustments	(118		)	(121		)	(125		)	(138		)	(188		)	(223		)	(326		)
Operating joint venture adjustments	—			—			—			—			—			—			—
Unit-linked contract income	261			250			228			(1,140		)	818			997			(322		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(4		)	(2		)	(5		)	(4		)	(1		)	(8		)	(5		)
Divested businesses	—			23			24			22			14			—			36
Adjusted net investment income	$	4,554		$	4,473		$	4,522		$	4,321		$	3,444		$	8,835		$	7,765

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

Variable investment income (Included in net investment income above)	$	334		$	326		$	327		$	351		$	(555	)	$	508		$	(204	)

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

Premiums, fees and other revenues	$	12,019		$	12,640		$	13,757		$	11,336		$	10,491		$	23,283		$	21,827
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	20			59			18			18			5			20			23
GMIB fees	28			27			26			26			25			55			51
Settlement of foreign currency earnings hedges	2			3			2			—			—			4			—
TSA fees	69			69			40			42			39			137			81
Divested businesses	—			37			39			34			21			—			55
Adjusted premiums, fees and other revenues	$	11,900		$	12,445		$	13,632		$	11,216		$	10,401		$	23,067		$	21,617
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,708		$	12,262		$	13,490		$	11,124		$	10,401

Table of Contents




METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)



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

Total expenses	$	15,200		$	15,887		$	17,180		$	12,667		$	13,902		$	29,758		$	26,569
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	(5		)	39			106			30			(6		)	(29		)	24
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
PBC hedge adjustment	—			9			10			9			9			—			18
Inflation and pass-through adjustments	84			87			(6		)	48			106			163			154
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	36			(47		)	105			(128		)	85			85			(43		)
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(11		)	3			8			11			21			(15		)	32
PAB hedge adjustments	(6		)	(5		)	(5		)	(5		)	(2		)	(9		)	(7		)
Unit-linked contract costs	257			223			240			(1,138		)	796			973			(342		)
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(6		)	(8		)	5			(3		)	(7		)	(12		)	(10		)
Regulatory implementation costs	7			5			3			2			—			10			2
Acquisition, integration and other costs	6			8			7			6			—			29			6
TSA fees	69			69			40			42			39			137			81
Divested businesses	6			69			152			51			49			6			100
Total adjusted expenses	$	14,763		$	15,435		$	16,515		$	13,742		$	12,812		$	28,420		$	26,554

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

Capitalization of DAC	$	(837	)	$	(882	)	$	(827	)	$	(774	)	$	(671	)	$	(1,649	)	$	(1,445	)
Less: Divested businesses	—			(11		)	(9		)	(3		)	(2		)	—			(5		)
Adjusted capitalization of DAC	$	(837	)	$	(871	)	$	(818	)	$	(771	)	$	(669	)	$	(1,649	)	$	(1,440	)

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

Other expenses	$	3,274		$	3,309		$	3,457		$	3,047		$	2,872		$	6,463		$	5,919
Less: Noncontrolling interest	(6		)	(8		)	5			(3		)	(7		)	(12		)	(10		)
Less: Regulatory implementation costs	7			5			3			2			—			10			2
Less: Acquisition, integration and other costs	6			8			7			6			—			29			6
Less: TSA fees	69			69			40			42			39			137			81
Less: Divested businesses	6			36			116			19			23			6			42
Adjusted other expenses	$	3,192		$	3,199		$	3,286		$	2,981		$	2,817		$	6,293		$	5,798
Adjusted other expenses on a constant currency basis	$	3,130		$	3,131		$	3,229		$	2,949		$	2,817

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, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			June 30, 2019			June 30, 2020
Other expenses	$	3,274		$	3,309		$	3,457		$	3,047		$	2,872		$	6,463		$	5,919
Capitalization of DAC	(837		)	(882		)	(827		)	(774		)	(671		)	(1,649		)	(1,445		)
Other expenses, net of capitalization of DAC	$	2,437		$	2,427		$	2,630		$	2,273		$	2,201		$	4,814		$	4,474

Premiums, fees and other revenues	$	12,019		$	12,640		$	13,757		$	11,336		$	10,491		$	23,283		$	21,827

Expense ratio	20.3		%	19.2		%	19.1		%	20.1		%	21.0		%	20.7		%	20.5		%

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			June 30, 2019			June 30, 2020
Adjusted other expenses by major category
Direct expenses	$	1,485		$	1,475		$	1,597		$	1,344		$	1,287		$	2,905		$	2,631
Pension, postretirement and postemployment benefit costs	57			57			63			39			37			113			76
Premium taxes, other taxes, and licenses & fees	174			164			165			193			176			344			369
Commissions and other variable expenses	1,476			1,503			1,461			1,405			1,317			2,931			2,722
Adjusted other expenses	3,192			3,199			3,286			2,981			2,817			6,293			5,798
Adjusted capitalization of DAC	(837		)	(871		)	(818		)	(771		)	(669		)	(1,649		)	(1,440		)
Adjusted other expenses, net of adjusted capitalization of DAC	2,355			2,328			2,468			2,210			2,148			4,644			4,358
Less: Total notable items related to adjusted other expenses (1)	88			111			69			—			—			158			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,267		$	2,217		$	2,399		$	2,210		$	2,148		$	4,486		$	4,358

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			June 30, 2019			June 30, 2020
Employee related costs	$	916		$	871		$	948		$	866		$	840		$	1,838		$	1,706
Third party staffing costs	419			422			536			343			300			794			643
General and administrative expenses	150			182			113			135			147			273			282
Direct expenses	1,485			1,475			1,597			1,344			1,287			2,905			2,631
Less: Total notable items related to direct expenses (1)	88			111			69			—			—			158			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,397		$	1,364		$	1,528		$	1,344		$	1,287		$	2,747		$	2,631

Adjusted other expenses, net of adjusted capitalization of DAC	$	2,355		$	2,328		$	2,468		$	2,210		$	2,148		$	4,644		$	4,358
Less: Total notable items related to adjusted other expenses (1)	88			111			69			—			—			158			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,267		$	2,217		$	2,399		$	2,210		$	2,148		$	4,486		$	4,358

Adjusted premiums, fees and other revenues	$	11,900		$	12,445		$	13,632		$	11,216		$	10,401		$	23,067		$	21,617
Less: PRT	556			1,293			2,499			(9		)	(6		)	554			(15		)
Adjusted premiums, fees and other revenues, excluding PRT	$	11,344		$	11,152		$	11,133		$	11,225		$	10,407		$	22,513		$	21,632

Direct expense ratio	12.5		%	11.9		%	11.7		%	12.0		%	12.4		%	12.6		%	12.2		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.3		%	12.2		%	13.7		%	12.0		%	12.4		%	12.2		%	12.2		%

Adjusted expense ratio	19.8		%	18.7		%	18.1		%	19.7		%	20.7		%	20.1		%	20.2		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	20.0		%	19.9		%	21.5		%	19.7		%	20.6		%	19.9		%	20.1		%

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

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METLIFE CONSOLIDATED BALANCE SHEETS



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

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	318,689		$	326,049		$	327,820		$	326,685		$	340,005
Equity securities, at estimated fair value	1,476			1,341			1,342			1,050			1,105
Contractholder-directed equity securities and fair value option securities, at estimated fair value	13,000			12,671			13,102			11,145			11,911
Mortgage loans	77,997			78,959			80,529			81,344			82,890
Policy loans	9,705			9,671			9,680			9,638			9,639
Real estate and real estate joint ventures	10,326			10,246			10,741			11,250			11,524
Other limited partnership interests	7,054			7,441			7,716			8,230			7,794
Short-term investments, principally at estimated fair value	2,811			3,536			3,850			5,930			5,345
Other invested assets	20,036			21,979			19,015			27,839			24,731
Total investments	461,094			471,893			473,795			483,111			494,944
Cash and cash equivalents, principally at estimated fair value	18,435			19,452			16,598			24,094			24,289
Accrued investment income	3,535			3,561			3,523			3,828			3,388
Premiums, reinsurance and other receivables	20,425			20,723			20,443			21,224			20,848
Deferred policy acquisition costs and value of business acquired	17,880			17,382			17,833			17,254			16,353
Current income tax recoverable	97			—			—			—			—
Goodwill	9,408			9,278			9,308			9,159			9,245
Other assets	10,029			10,166			10,518			10,617			11,173
Separate account assets	191,264			190,357			188,445			168,454			187,343
Total assets	$	732,167		$	742,812		$	740,463		$	737,741		$	767,583

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	191,139		$	193,310		$	194,909		$	193,106		$	196,522
Policyholder account balances	190,033			189,060			192,627			193,875			198,147
Other policy-related balances	16,815			16,960			17,171			16,755			16,870
Policyholder dividends payable	689			692			681			654			670
Policyholder dividend obligation	1,834			2,370			2,020			1,677			2,798
Payables for collateral under securities loaned and other transactions	25,354			28,443			26,745			35,530			34,133
Short-term debt	158			142			235			298			303
Long-term debt	13,346			13,443			13,466			14,510			14,513
Collateral financing arrangements	1,026			1,013			993			981			968
Junior subordinated debt securities	3,149			3,149			3,150			3,151			3,151
Current income tax payable	—			31			363			708			928
Deferred income tax liability	8,766			10,153			9,097			10,009			11,334
Other liabilities	24,548			25,070			24,179			27,570			23,963
Separate account liabilities	191,264			190,357			188,445			168,454			187,343
Total liabilities	668,121			674,193			674,081			667,278			691,643

Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	32,602			32,639			32,680			33,711			33,728
Retained earnings	31,209			32,948			33,078			36,919			36,568
Treasury stock, at cost	(11,643		)	(12,428		)	(12,678		)	(13,178		)	(13,178		)
Accumulated other comprehensive income (loss)	11,631			15,197			13,052			12,757			18,563
Total MetLife, Inc.'s stockholders' equity	63,811			68,368			66,144			70,221			75,693
Noncontrolling interests	235			251			238			242			247
Total equity	64,046			68,619			66,382			70,463			75,940
Total liabilities and equity	$	732,167		$	742,812		$	740,463		$	737,741		$	767,583

Table of Contents




METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


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

Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	393		$	464		$	416		$	401		$	319
RETIREMENT AND INCOME SOLUTIONS	442			357			404			452			240
PROPERTY & CASUALTY	84			67			27			134			101
TOTAL U.S.	$	919		$	888		$	847		$	987		$	660
ASIA	516			501			468			491			361
LATIN AMERICA	216			220			204			139			188
EMEA	99			74			71			99			137
METLIFE HOLDINGS	372			183			333			344			19
CORPORATE & OTHER	(431		)	(383		)	(284		)	(265		)	(332		)
Total adjusted earnings before provision for income tax	$	1,691		$	1,483		$	1,639		$	1,795		$	1,033

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	82		$	98		$	87		$	89		$	71
RETIREMENT AND INCOME SOLUTIONS	91			73			83			93			48
PROPERTY & CASUALTY	14			10			2			25			18
TOTAL U.S.	$	187		$	181		$	172		$	207		$	137
ASIA	157			152			127			141			105
LATIN AMERICA	57			65			43			44			56
EMEA	22			21			5			21			21
METLIFE HOLDINGS	73			34			64			67			(1		)
CORPORATE & OTHER	(181		)	(192		)	(663		)	(166		)	(120		)
Total provision for income tax expense (benefit)	$	315		$	261		$	(252	)	$	314		$	198

Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS	$	311		$	366		$	329		$	312		$	248
RETIREMENT AND INCOME SOLUTIONS	351			284			321			359			192
PROPERTY & CASUALTY	70			57			25			109			83
TOTAL U.S.	$	732		$	707		$	675		$	780		$	523
ASIA	359			349			341			350			256
LATIN AMERICA	159			155			161			95			132
EMEA	77			53			66			78			116
METLIFE HOLDINGS	299			149			269			277			20
CORPORATE & OTHER (1)	(307		)	(223		)	322			(131		)	(289		)
Total adjusted earnings available to common shareholders (1)	$	1,319		$	1,190		$	1,834		$	1,449		$	758

(1) Includes impact of preferred stock dividends of $57 million, $32 million, $57 million, $32 million and $77 million for the three months ended June 30, 2019, September 30, 2019, December 31, 2019, March 31, 2020 and June 30, 2020, 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, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020

U.S.
GROUP BENEFITS		44.2		%	52.0		%	46.7		%	43.1		%	34.3		%
RETIREMENT AND INCOME SOLUTIONS		23.9		%	19.3		%	21.9		%	23.2		%	12.4		%
PROPERTY & CASUALTY		13.9		%	11.3		%	5.0		%	21.9		%	16.7		%
TOTAL U.S.		27.3		%	26.4		%	25.2		%	28.2		%	18.9		%
ASIA		10.1		%	9.8		%	9.6		%	9.8		%	7.2		%
LATIN AMERICA		21.5		%	20.9		%	21.7		%	12.4		%	17.2		%
EMEA		11.0		%	7.6		%	9.4		%	10.9		%	16.3		%
METLIFE HOLDINGS		12.5		%	6.2		%	11.2		%	11.2		%	0.8		%

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

U.S.		31.0		%	30.0		%	28.6		%	32.4		%	21.8		%
ASIA		15.3		%	14.9		%	14.6		%	14.8		%	10.9		%
LATIN AMERICA		35.5		%	34.6		%	36.0		%	20.3		%	28.1		%
EMEA		19.8		%	13.8		%	16.8		%	19.2		%	28.6		%
METLIFE HOLDINGS		14.0		%	7.1		%	12.5		%	12.5		%	1.1		%

(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
					ALLOCATED EQUITY						ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)				2019			2020			2019			2020
	U.S.
	GROUP BENEFITS				$	2,817		$	2,896
	RETIREMENT AND INCOME SOLUTIONS				5,876			6,187
	PROPERTY & CASUALTY				2,020			1,991
	TOTAL U.S.				$	10,713		$	11,074		$	9,447		$	9,652
	ASIA				$	14,274		$	14,313		$	9,396		$	9,490
	LATIN AMERICA				$	2,965		$	3,074		$	1,791		$	1,876
	EMEA				$	2,802		$	2,855		$	1,595		$	1,649
	METLIFE HOLDINGS				$	9,599		$	9,893		$	8,715		$	9,022

(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
	U.S.	$	1		$	1		$	—		$	1		$	2
	ASIA	$	1		$	1		$	2		$	1		$	2
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	1		$	1		$	2
	METLIFE HOLDINGS	$	5		$	5		$	3		$	4		$	4

Table of Contents




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

Adjusted revenues
Premiums		$	6,234		$	6,903		$	8,097		$	5,674		$	5,184		$	11,801		$	10,858
Universal life and investment-type product policy fees		274			264			270			275			268			544			543
Net investment income		1,795			1,760			1,747			1,766			1,425			3,514			3,191
Other revenues		223			224			219			240			240			444			480
Total adjusted revenues		8,526			9,151			10,333			7,955			7,117			16,303			15,072

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		6,101			6,759			7,932			5,435			5,038			11,474			10,473
Interest credited to policyholder account balances		504			507			472			458			412			1,005			870
Capitalization of DAC		(127		)	(131		)	(112		)	(112		)	(122		)	(241		)	(234		)
Amortization of DAC and VOBA		117			121			123			119			115			231			234
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		3			3			2			2			2			5			4
Other expenses		1,009			1,004			1,069			1,066			1,012			2,002			2,078
Total adjusted expenses		7,607			8,263			9,486			6,968			6,457			14,476			13,425
Adjusted earnings before provision for income tax		919			888			847			987			660			1,827			1,647
Provision for income tax expense (benefit)		187			181			172			207			137			371			344
Adjusted earnings		732			707			675			780			523			1,456			1,303
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	732		$	707		$	675		$	780		$	523		$	1,456		$	1,303

Adjusted premiums, fees and other revenues		$	6,731		$	7,391		$	8,586		$	6,189		$	5,692		$	12,789		$	11,881
Less: PRT		556			1,293			2,499			(9		)	(6		)	554			(15		)
Adjusted premiums, fees and other revenues, excluding PRT		$	6,175		$	6,098		$	6,087		$	6,198		$	5,698		$	12,235		$	11,896

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

Adjusted revenues
Premiums		$	4,247		$	4,239		$	4,217		$	4,487		$	3,989		$	8,455		$	8,476
Universal life and investment-type product policy fees		203			198			194			204			200			397			404
Net investment income		292			293			297			277			277			572			554
Other revenues		144			145			143			160			157			287			317
Total adjusted revenues		4,886			4,875			4,851			5,128			4,623			9,711			9,751

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,812			3,724			3,685			3,973			3,602			7,523			7,575
Interest credited to policyholder account balances		39			42			37			34			31			78			65
Capitalization of DAC		(6		)	(9		)	(5		)	(7		)	(6		)	(14		)	(13		)
Amortization of DAC and VOBA		8			8			10			7			7			17			14
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			—			—			—			—			1			—
Other expenses		639			646			708			720			670			1,280			1,390
Total adjusted expenses		4,493			4,411			4,435			4,727			4,304			8,885			9,031
Adjusted earnings before provision for income tax		393			464			416			401			319			826			720
Provision for income tax expense (benefit)		82			98			87			89			71			173			160
Adjusted earnings		311			366			329			312			248			653			560
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	311		$	366		$	329		$	312		$	248		$	653		$	560

Adjusted premiums, fees and other revenues		$	4,594		$	4,582		$	4,554		$	4,851		$	4,346		$	9,139		$	9,197

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

Adjusted revenues
Premiums		$	1,075		$	1,739		$	2,955	$	275		$	367		$	1,536		$	642
Universal life and investment-type product policy fees		71			66			76		71			68			147			139
Net investment income		1,458			1,419			1,409		1,444			1,126			2,853			2,570
Other revenues		74			73			73		71			76			146			147
Total adjusted revenues		2,678			3,297			4,513		1,861			1,637			4,682			3,498

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,647			2,361			3,550		870			909			2,718			1,779
Interest credited to policyholder account balances		465			465			435		424			381			927			805
Capitalization of DAC		(12		)	(5		)	—		(8		)	(12		)	(20		)	(20		)
Amortization of DAC and VOBA		7			5			6		8			5			12			13
Amortization of negative VOBA		—			—			—		—			—			—			—
Interest expense on debt		2			3			2		2			2			4			4
Other expenses		127			111			116		113			112			241			225
Total adjusted expenses		2,236			2,940			4,109		1,409			1,397			3,882			2,806
Adjusted earnings before provision for income tax		442			357			404		452			240			800			692
Provision for income tax expense (benefit)		91			73			83		93			48			164			141
Adjusted earnings		351			284			321		359			192			636			551
Preferred stock dividends		—			—			—		—			—			—			—
Adjusted earnings available to common shareholders		$	351		$	284		$	321	$	359		$	192		$	636		$	551

Adjusted premiums, fees and other revenues		$	1,220		$	1,878		$	3,104	$	417		$	511		$	1,829		$	928
Less: PRT		556			1,293			2,499		(9		)	(6		)	554			(15		)
Adjusted premiums, fees and other revenues, excluding PRT		$	664		$	585		$	605	$	426		$	517		$	1,275		$	943

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

Adjusted revenues
Premiums	$	912		$	925		$	925		$	912		$	828		$	1,810		$	1,740
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	45			48			41			45			22			89			67
Other revenues	5			6			3			9			7			11			16
Total adjusted revenues	962			979			969			966			857			1,910			1,823

Adjusted expenses
Policyholder benefits and claims and policyholder dividends	642			674			697			592			527			1,233			1,119
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(109		)	(117		)	(107		)	(97		)	(104		)	(207		)	(201		)
Amortization of DAC and VOBA	102			108			107			104			103			202			207
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	243			247			245			233			230			481			463
Total adjusted expenses	878			912			942			832			756			1,709			1,588
Adjusted earnings before provision for income tax	84			67			27			134			101			201			235
Provision for income tax expense (benefit)	14			10			2			25			18			34			43
Adjusted earnings	70			57			25			109			83			167			192
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	70		$	57		$	25		$	109		$	83		$	167		$	192

Adjusted premiums, fees and other revenues	$	917		$	931		$	928		$	921		$	835		$	1,821		$	1,756

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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, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Balance, beginning of period	$	18,926		$	18,965		$	18,963		$	18,965		$	18,935
Premiums and deposits	5,081			5,051			5,001			5,327			5,220
Surrenders and withdrawals	(619		)	(638		)	(592		)	(625		)	(537		)
Benefit payments	(3,887		)	(3,798		)	(3,757		)	(4,072		)	(3,655		)
Net flows	575			615			652			630			1,028
Net transfers from (to) separate account	—			—			—			—			5
Interest	152			149			145			138			130
Policy charges	(150		)	(145		)	(149		)	(146		)	(149		)
Other	(538		)	(621		)	(646		)	(652		)	(284		)
Balance, end of period	$	18,965		$	18,963		$	18,965		$	18,935		$	19,665

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Balance, beginning of period	$	902		$	925		$	905		$	970		$	793
Premiums and deposits	64			62			65			64			64
Surrenders and withdrawals	(18		)	(28		)	(18		)	(19		)	(12		)
Benefit payments	(1		)	(1		)	(1		)	—			(1		)
Net flows	45			33			46			45			51
Investment performance	34			1			74			(162		)	160
Net transfers from (to) general account	—			—			—			—			(5		)
Policy charges	(54		)	(53		)	(54		)	(55		)	(55		)
Other	(2		)	(1		)	(1		)	(5		)	1
Balance, end of period	$	925		$	905		$	970		$	793		$	945

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U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

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

Direct and allocated expenses	$	314		$	316		$	363		$	354		$	326
Pension, postretirement and postemployment benefit costs	15			15			19			5			4
Premium taxes, other taxes, and licenses & fees	67			62			66			88			89
Commissions and other variable expenses	243			253			260			273			251
Adjusted other expenses	$	639		$	646		$	708		$	720		$	670

OTHER STATISTICAL INFORMATION (1)

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

Group Life (2)
Adjusted premiums, fees and other revenues	$	1,805		$	1,846		$	1,858		$	1,920		$	1,943
Mortality ratio	85.3		%	87.0		%	85.4		%	87.9		%	95.9		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	1,820		$	1,830		$	1,849		$	1,959		$	1,376
Interest adjusted benefit ratio (4)	75.4		%	70.3		%	71.4		%	71.7		%	58.5		%

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

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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, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Balance, beginning of period	$	115,419		$	118,073		$	118,134		$	121,853		$	124,174
Premiums and deposits	17,898			21,104			21,132			20,967			22,473
Surrenders and withdrawals	(16,582		)	(21,018		)	(17,718		)	(17,441		)	(20,125		)
Benefit payments	(1,021		)	(1,100		)	(1,040		)	(1,132		)	(1,176		)
Net flows	295			(1,014		)	2,374			2,394			1,172
Net transfers from (to) separate account	—			—			—			—			—
Interest	1,051			1,053			1,029			1,032			988
Policy charges	(46		)	(47		)	(23		)	(43		)	(42		)
Other	1,354			69			339			(1,062		)	2,738
Balance, end of period	$	118,073		$	118,134		$	121,853		$	124,174		$	129,030

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Balance, beginning of period	$	73,691		$	76,596		$	78,346		$	74,959		$	76,838
Premiums and deposits	1,469			1,472			1,681			4,051			2,167
Surrenders and withdrawals (1)	(1,780		)	(1,461		)	(4,360		)	(2,729		)	(2,319		)
Benefit payments	(29		)	(21		)	(27		)	(34		)	(24		)
Net flows	(340		)	(10		)	(2,706		)	1,288			(176		)
Investment performance	2,184			1,508			865			(414		)	3,618
Net transfers from (to) general account	—			—			—			—			—
Policy charges	(75		)	(83		)	(85		)	(80		)	(83		)
Other	1,136			335			(1,461		)	1,085			1,289
Balance, end of period	$	76,596		$	78,346		$	74,959		$	76,838		$	81,486

SYNTHETIC GICS (2)

	For the Three Months Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Balance, beginning of period	$	26,501		$	27,219		$	28,098		$	30,341		$	33,588
Premiums and deposits (1)	770			1,054			3,019			3,906			1,424
Surrenders and withdrawals	(236		)	(369		)	(985		)	(863		)	(318		)
Net flows	534			685			2,034			3,043			1,106
Interest	184			194			209			204			227
Balance, end of period	$	27,219		$	28,098		$	30,341		$	33,588		$	34,921

(1) Includes $102 million, $20 million, $2.4 billion, $0 and $0 of transfers from separate account GICs to synthetic GICs at June 30, 2019, September 30, 2019, December 31, 2019, March 31, 2020 and June 30, 2020, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(2) A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.

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

Direct and allocated expenses	$	64		$	56		$	61		$	61		$	56
Pension, postretirement and postemployment benefit costs	3			2			3			2			1
Premium taxes, other taxes, and licenses & fees	9			4			12			8			4
Commissions and other variable expenses	51			49			40			42			51
Adjusted other expenses	$	127		$	111		$	116		$	113		$	112

SPREAD

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

Investment income yield excluding variable investment income yield	4.50		%	4.43		%	4.32		%	4.24		%	4.02		%
Variable investment income yield	0.35		%	0.23		%	0.23		%	0.31		%	(0.60		)%
Total investment income yield	4.85		%	4.66		%	4.55		%	4.55		%	3.42		%
Average crediting rate	3.66		%	3.64		%	3.49		%	3.41		%	3.17		%
Annualized general account spread	1.19		%	1.02		%	1.06		%	1.14		%	0.25		%

Annualized general account spread excluding variable investment income yield	0.84		%	0.79		%	0.83		%	0.83		%	0.85		%

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

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

Direct and allocated expenses	$	100		$	101		$	105		$	94		$	89
Pension, postretirement and postemployment benefit costs	2			2			3			1			1
Premium taxes, other taxes, and licenses & fees	27			24			23			21			25
Commissions and other variable expenses	114			120			114			117			115
Adjusted other expenses	$	243		$	247		$	245		$	233		$	230


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

Net Written Premiums by Product
Auto	$	615		$	623		$	576		$	564		$	517
Homeowners & Other	347			354			321			283			333
Total	$	962		$	977		$	897		$	847		$	850
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	912		$	925		$	925		$	912		$	828
Loss and loss adjustment expense ratio	70.4		%	72.9		%	75.3		%	64.9		%	63.7		%
Other expense ratio	25.7		%	25.5		%	26.3		%	26.1		%	27.4		%
Total combined ratio	96.1		%	98.4		%	101.6		%	91.0		%	91.1		%

Effect of catastrophe losses	8.6		%	7.6		%	1.4		%	4.7		%	13.7		%
Combined ratio excluding catastrophes	87.5		%	90.8		%	100.2		%	86.3		%	77.4		%
Prior year development	(0.6)		%	(0.6)		%	6.3		%	2.7		%	0.8		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	88.1		%	91.4		%	93.9		%	83.6		%	76.6		%
Auto
Net earned premium	$	598		$	603		$	599		$	588		$	512
Loss and loss adjustment expense ratio	67.8		%	73.8		%	92.8		%	64.8		%	52.4		%
Other expense ratio	25.2		%	24.9		%	25.8		%	25.2		%	27.3		%
Total combined ratio	93.0		%	98.7		%	118.6		%	90.0		%	79.7		%

Effect of catastrophe losses	1.7		%	2.1		%	0.3		%	0.5		%	1.3		%
Combined ratio excluding catastrophes	91.3		%	96.6		%	118.3		%	89.5		%	78.4		%
Prior year development	(0.7)		%	(0.8		)%	10.9		%	(0.1)		%	1.4		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	92.0		%	97.4		%	107.4		%	89.6		%	77.0		%
Homeowners & Other
Net earned premium	$	314		$	322		$	326		$	324		$	316
Loss and loss adjustment expense ratio	75.4		%	71.2		%	43.2		%	65.1		%	82.1		%
Other expense ratio	26.7		%	26.6		%	27.1		%	27.8		%	27.4		%
Total combined ratio	102.1		%	97.8		%	70.3		%	92.9		%	109.5		%

Effect of catastrophe losses	21.6		%	17.9		%	3.5		%	12.3		%	33.9		%
Combined ratio excluding catastrophes	80.5		%	79.9		%	66.8		%	80.6		%	75.6		%
Prior year development	(0.2)		%	(0.3)		%	(2.0)		%	8.0		%	(0.2)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	80.7		%	80.2		%	68.8		%	72.6		%	75.8		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	10		$	13		$	2		$	3		$	6
Homeowners & Other	68			57			11			40			107
Total	$	78		$	70		$	13		$	43		$	113

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

Adjusted revenues
Premiums		$	1,631		$	1,654		$	1,648		$	1,636		$	1,584		$	3,330		$	3,220
Universal life and investment-type product policy fees		419			430			419			430			420			825			850
Net investment income		944			915			952			937			767			1,824			1,704
Other revenues		13			14			13			14			14			29			28
Total adjusted revenues		3,007			3,013			3,032			3,017			2,785			6,008			5,802

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,279			1,264			1,323			1,321			1,255			2,598			2,576
Interest credited to policyholder account balances		424			440			443			445			447			827			892
Capitalization of DAC		(472		)	(498		)	(464		)	(421		)	(351		)	(951		)	(772		)
Amortization of DAC and VOBA		312			353			316			315			284			619			599
Amortization of negative VOBA		(7		)	(2		)	(7		)	(8		)	(8		)	(16		)	(16		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		955			955			953			874			797			1,910			1,671
Total adjusted expenses		2,491			2,512			2,564			2,526			2,424			4,987			4,950
Adjusted earnings before provision for income tax		516			501			468			491			361			1,021			852
Provision for income tax expense (benefit)		157			152			127			141			105			306			246
Adjusted earnings		359			349			341			350			256			715			606
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	359		$	349		$	341		$	350		$	256		$	715		$	606

Adjusted premiums, fees and other revenues		$	2,063		$	2,098		$	2,080		$	2,080		$	2,018		$	4,184		$	4,098

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

Adjusted premiums, fees and other revenues	$	2,063	$	2,098	$	2,080	$	2,080	$	2,018

Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,073	$	2,082	$	2,081	$	2,092	$	2,018
Add: Operating joint ventures, on a constant currency basis (1), (2)	269		244		273		271		260
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,342	$	2,326	$	2,354	$	2,363	$	2,278

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

Direct and allocated expenses	$	332	$	316	$	343	$	321	$	309
Pension, postretirement and postemployment benefit costs	23		23		23		23		24
Premium taxes, other taxes, and licenses & fees	43		43		51		40		34
Commissions and other variable expenses	557		573		536		490		430
Adjusted other expenses	$	955	$	955	$	953	$	874	$	797
Adjusted other expenses, net of adjusted capitalization of DAC	$	483	$	457	$	489	$	453	$	446

Adjusted other expenses on a constant currency basis	$	962	$	948	$	953	$	880	$	797
Add: Operating joint ventures, on a constant currency basis (1), (2)	105		102		109		92		102
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	1,067	$	1,050	$	1,062	$	972	$	899
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	555	$	522	$	562	$	522	$	517

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

Japan:
Life	$	163	$	169	$	156	$	174	$	101
Accident & Health	105		91		93		79		50
Annuities	135		122		65		61		29
Other	2		4		5		2		2
Total Japan	405		386		319		316		182
Other Asia	195		265		201		188		155
Total sales	$	600	$	651	$	520	$	504	$	337

OTHER STATISTICAL INFORMATION

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

Adjusted earnings available to common shareholders	$	359	$	349	$	341	$	350	$	256
Adjusted earnings available to common shareholders, on a constant currency basis	$	353	$	345	$	337	$	350	$	256

(1) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
(2) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

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ASIA

GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES (1)

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

GA AUM	$	127,809	$	131,309	$	130,861	$	131,521	$	134,769
GA AUM (at amortized cost)	$	116,009	$	117,917	$	119,044	$	120,490	$	121,429

GA AUM (at amortized cost), on a constant currency basis	$	115,321	$	118,316	$	118,817	$	122,362	$	121,429
Add: Operating joint ventures, on a constant currency basis (2)	4,083		4,253		4,505		4,682		4,900
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	119,404	$	122,569	$	123,322	$	127,044	$	126,329

(1) In June 2020, MetLife completed the sale of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively, “MetLife Hong Kong”) to a third party. The GA AUM (at amortized cost) related to MetLife Hong Kong was historically reported in the Asia segment and is reflected in the above table for the periods through March 31, 2020. The GA AUM (at amortized cost) disposed in the sale was $2,226 million at June 30, 2020.
(2) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments.

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

Adjusted revenues
Premiums		$	773		$	703		$	601		$	640		$	489		$	1,419		$	1,129
Universal life and investment-type product policy fees		280			256			274			270			238			564			508
Net investment income		360			295			320			218			260			656			478
Other revenues		11			8			13			11			10			23			21
Total adjusted revenues		1,424			1,262			1,208			1,139			997			2,662			2,136

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		790			656			580			610			449			1,387			1,059
Interest credited to policyholder account balances		86			74			78			70			56			180			126
Capitalization of DAC		(100		)	(102		)	(100		)	(100		)	(74		)	(194		)	(174		)
Amortization of DAC and VOBA		79			58			76			74			70			157			144
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			—			1			1			1			2			2
Other expenses		352			356			369			345			307			718			652
Total adjusted expenses		1,208			1,042			1,004			1,000			809			2,250			1,809
Adjusted earnings before provision for income tax		216			220			204			139			188			412			327
Provision for income tax expense (benefit)		57			65			43			44			56			119			100
Adjusted earnings		159			155			161			95			132			293			227
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	159		$	155		$	161		$	95		$	132		$	293		$	227

Adjusted premiums, fees and other revenues		$	1,064		$	967		$	888		$	921		$	737		$	2,006		$	1,658

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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY

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

Direct and allocated expenses	$	134	$	130	$	145	$	129	$	119
Pension, postretirement and postemployment benefit costs	1		1		2		2		1
Premium taxes, other taxes, and licenses & fees	14		15		14		15		8
Commissions and other variable expenses	203		210		208		199		179
Adjusted other expenses	$	352	$	356	$	369	$	345	$	307
Adjusted other expenses, net of adjusted capitalization of DAC	$	252	$	254	$	269	$	245	$	233
Adjusted other expenses on a constant currency basis	$	294	$	303	$	322	$	313	$	307
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	211	$	217	$	236	$	224	$	233

SALES ON A CONSTANT CURRENCY BASIS

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

Mexico	$	69	$	69	$	83	$	105	$	57
Chile	79		76		60		82		39
All other	40		43		61		45		32
Total sales	$	188	$	188	$	204	$	232	$	128

OTHER STATISTICAL INFORMATION

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

Adjusted premiums, fees and other revenues	$	1,064	$	967	$	888	$	921	$	737
Adjusted earnings available to common shareholders	$	159	$	155	$	161	$	95	$	132

Adjusted premiums, fees and other revenues, on a constant currency basis	$	882	$	815	$	764	$	831	$	737
Adjusted earnings available to common shareholders, on a constant currency basis	$	128	$	127	$	138	$	77	$	132

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

Adjusted revenues
Premiums		$	551		$	526		$	558		$	568		$	557		$	1,093		$	1,125
Universal life and investment-type product policy fees		105			117			98			116			92			208			208
Net investment income		73			73			71			69			63			147			132
Other revenues		13			13			14			13			11			27			24
Total adjusted revenues		742			729			741			766			723			1,475			1,489

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		292			291			309			310			263			576			573
Interest credited to policyholder account balances		23			25			26			27			27			47			54
Capitalization of DAC		(126		)	(128		)	(134		)	(130		)	(115		)	(243		)	(245		)
Amortization of DAC and VOBA		107			128			101			130			85			199			215
Amortization of negative VOBA		(3		)	(2		)	(2		)	(2		)	(2		)	(4		)	(4		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		350			341			370			332			328			688			660
Total adjusted expenses		643			655			670			667			586			1,263			1,253
Adjusted earnings before provision for income tax		99			74			71			99			137			212			236
Provision for income tax expense (benefit)		22			21			5			21			21			49			42
Adjusted earnings		77			53			66			78			116			163			194
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	77		$	53		$	66		$	78		$	116		$	163		$	194

Adjusted premiums, fees and other revenues		$	669		$	656		$	670		$	697		$	660		$	1,328		$	1,357

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EMEA
OTHER EXPENSES BY MAJOR CATEGORY

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

Direct and allocated expenses	$	128	$	115	$	142	$	110	$	110
Pension, postretirement and postemployment benefit costs	2		2		1		2		2
Premium taxes, other taxes, and licenses & fees	7		7		6		7		8
Commissions and other variable expenses	213		217		221		213		208
Adjusted other expenses	$	350	$	341	$	370	$	332	$	328
Adjusted other expenses, net of adjusted capitalization of DAC	$	224	$	213	$	236	$	202	$	213
Adjusted other expenses on a constant currency basis	$	339	$	333	$	360	$	326	$	328
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	218	$	209	$	232	$	200	$	213

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

Adjusted premiums, fees and other revenues	$	669	$	656	$	670	$	697	$	660
Adjusted earnings available to common shareholders	$	77	$	53	$	66	$	78	$	116

Adjusted premiums, fees and other revenues, on a constant currency basis	$	649	$	641	$	651	$	683	$	660
Adjusted earnings available to common shareholders, on a constant currency basis	$	73	$	49	$	62	$	74	$	116
Total sales on a constant currency basis	$	216	$	200	$	213	$	248	$	193

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

Adjusted revenues
Premiums		$	924		$	925		$	972		$	904		$	889		$	1,851		$	1,793
Universal life and investment-type product policy fees		286			284			280			294			249			560			543
Net investment income		1,338			1,316			1,340			1,315			981			2,625			2,296
Other revenues		65			52			69			35			70			132			105
Total adjusted revenues		2,613			2,577			2,661			2,548			2,189			5,168			4,737

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,703			1,856			1,763			1,661			1,705			3,351			3,366
Interest credited to policyholder account balances		227			228			224			218			219			453			437
Capitalization of DAC		(8		)	(9		)	(5		)	(5		)	(5		)	(14		)	(10		)
Amortization of DAC and VOBA		80			94			62			100			11			143			111
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			2			2			1			4			3
Other expenses		237			223			282			228			239			464			467
Total adjusted expenses		2,241			2,394			2,328			2,204			2,170			4,401			4,374
Adjusted earnings before provision for income tax		372			183			333			344			19			767			363
Provision for income tax expense (benefit)		73			34			64			67			(1		)	151			66
Adjusted earnings		299			149			269			277			20			616			297
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	299		$	149		$	269		$	277		$	20		$	616		$	297

Adjusted premiums, fees and other revenues		$	1,275		$	1,261		$	1,321		$	1,233		$	1,208		$	2,543		$	2,441

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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, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Balance, beginning of period	$	80,645		$	80,830		$	81,118		$	81,161		$	81,458
Premiums and deposits (2), (3)	1,167			1,177			1,322			1,236			1,227
Surrenders and withdrawals	(607		)	(682		)	(680		)	(642		)	(554		)
Benefit payments	(736		)	(717		)	(813		)	(800		)	(892		)
Net flows	(176		)	(222		)	(171		)	(206		)	(219		)
Net transfers from (to) separate account	14			12			20			(1		)	31
Interest	826			833			834			832			833
Policy charges	(189		)	(190		)	(188		)	(188		)	(186		)
Other	(290		)	(145		)	(452		)	(140		)	(420		)
Balance, end of period	$	80,830		$	81,118		$	81,161		$	81,458		$	81,497



ANNUITIES	For the Three Months Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Balance, beginning of period	$	19,371		$	19,309		$	19,402		$	18,755		$	19,895
Premiums and deposits (2), (3)	106			100			97			116			107
Surrenders and withdrawals	(414		)	(389		)	(512		)	(390		)	(277		)
Benefit payments	(160		)	(149		)	(161		)	(168		)	(158		)
Net flows	(468		)	(438		)	(576		)	(442		)	(328		)
Net transfers from (to) separate account	110			93			80			177			73
Interest	139			138			134			134			132
Policy charges	(4		)	(4		)	(4		)	(4		)	(4		)
Other	161			304			(281		)	1,275			(230		)
Balance, end of period	$	19,309		$	19,402		$	18,755		$	19,895		$	19,538

SEPARATE ACCOUNT LIABILITIES

LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Balance, beginning of period	$	5,220		$	5,368		$	5,324		$	5,647		$	4,586
Premiums and deposits (3)	63			62			62			63			60
Surrenders and withdrawals	(62		)	(61		)	(59		)	(60		)	(38		)
Benefit payments	(9		)	(9		)	(7		)	(10		)	(10		)
Net flows	(8		)	(8		)	(4		)	(7		)	12
Investment performance	241			(9		)	409			(987		)	1,082
Net transfers from (to) general account	(14		)	(12		)	(20		)	1			(31		)
Policy charges	(66		)	(67		)	(66		)	(65		)	(65		)
Other	(5		)	52			4			(3		)	(1		)
Balance, end of period	$	5,368		$	5,324		$	5,647		$	4,586		$	5,583

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Balance, beginning of period	$	40,136		$	40,255		$	39,122		$	39,962		$	32,942
Premiums and deposits (3)	91			77			79			85			77
Surrenders and withdrawals	(1,126		)	(1,070		)	(1,147		)	(1,111		)	(641		)
Benefit payments	(106		)	(104		)	(105		)	(100		)	(98		)
Net flows	(1,141		)	(1,097		)	(1,173		)	(1,126		)	(662		)
Investment performance	1,574			269			2,294			(5,531		)	4,831
Net transfers from (to) general account	(110		)	(93		)	(80		)	(177		)	(73		)
Policy charges	(205		)	(212		)	(201		)	(187		)	(185		)
Other	1			—			—			1			(1		)
Balance, end of period	$	40,255		$	39,122		$	39,962		$	32,942		$	36,852

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

Direct and allocated expenses	$	154		$	141		$	184		$	151		$	149
Pension, postretirement and postemployment benefit costs	8			7			9			3			3
Premium taxes, other taxes, and licenses & fees	18			17			14			17			17
Commissions and other variable expenses	57			58			75			57			70
Adjusted other expenses	$	237		$	223		$	282		$	228		$	239


OTHER STATISTICAL INFORMATION

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

Life (1)
Adjusted premiums, fees and other revenues	$	851		$	845		$	906		$	830		$	817
Interest adjusted benefit ratio	53.9		%	67.5		%	55.5		%	51.0		%	59.1		%

Lapse Ratio (2)
Traditional life	4.8		%	4.8		%	4.8		%	4.7		%	4.5		%
Variable & universal life	4.2		%	4.2		%	4.1		%	4.1		%	3.9		%
Fixed annuity	10.7		%	10.7		%	11.3		%	9.6		%	9.1		%
Variable annuity	10.2		%	10.2		%	10.2		%	10.6		%	9.8		%

(1) Represents traditional life and variable & universal life, components of Life & Other. Results are derived from insurance contracts.
(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, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			June 30, 2019			June 30, 2020
Adjusted revenues
Premiums		$	16		$	35		$	8		$	12		$	13		$	40		$	25
Universal life and investment-type product policy fees		—			1			—			—			1			1			1
Net investment income		44			114			92			16			(52		)	69			(36		)
Other revenues		82			36			79			84			72			176			156
Total adjusted revenues		142			186			179			112			34			286			146

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		18			32			3			26			3			38			29
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		(4		)	(3		)	(3		)	(3		)	(2		)	(6		)	(5		)
Amortization of DAC and VOBA		2			2			1			1			3			3			4
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		268			218			219			217			228			497			445
Other expenses		289			320			243			136			134			511			270
Total adjusted expenses		573			569			463			377			366			1,043			743
Adjusted earnings before provision for income tax		(431		)	(383		)	(284		)	(265		)	(332		)	(757		)	(597		)
Provision for income tax expense (benefit)		(181		)	(192		)	(663		)	(166		)	(120		)	(346		)	(286		)
Adjusted earnings		(250		)	(191		)	379			(99		)	(212		)	(411		)	(311		)
Preferred stock dividends		57			32			57			32			77			89			109
Adjusted earnings available to common shareholders		$	(307	)	$	(223	)	$	322		$	(131	)	$	(289	)	$	(500	)	$	(420	)

Adjusted premiums, fees and other revenues		$	98		$	72		$	87		$	96		$	86		$	217		$	182

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

Business activities		$	12		$	25		$	20		$	18		$	12		$	25		$	30
Net investment income		46			114			101			17			(50		)	75			(33		)
Interest expense on debt		(280		)	(229		)	(230		)	(229		)	(238		)	(519		)	(467		)
Corporate initiatives and projects		(117		)	(151		)	(195		)	(31		)	(25		)	(217		)	(56		)
Other		(92		)	(142		)	(67		)	(40		)	(31		)	(121		)	(71		)
Provision for income tax (expense) benefit and other tax-related items		181			192			750			166			120			346			286
Preferred stock dividends		(57		)	(32		)	(57		)	(32		)	(77		)	(89		)	(109		)
Adjusted earnings available to common shareholders		$	(307	)	$	(223	)	$	322		$	(131	)	$	(289	)	$	(500	)	$	(420	)

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
	At or For the Three Months Ended (1)															At or For the Year-to-Date Period Ended (1)
Unaudited (In millions, except yields)	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			June 30, 2019			June 30, 2020
Fixed Maturity Securities
Yield	4.30		%	4.15		%	4.19		%	3.82		%	3.99		%	4.27		%	3.91		%
Investment income (2), (3)	$	2,975		$	2,901		$	2,965		$	2,739		$	2,885		$	5,877		$	5,624
Investment gains (losses)	138			82			71			4			146			114			150
Ending carrying value (4)	319,696			327,203			329,067			327,913			341,365			319,696			341,365
Mortgage Loans
Yield	4.82		%	4.74		%	5.00		%	4.37		%	4.20		%	4.77		%	4.28		%
Investment income (3)	943			929			998			884			862			1,855			1,746
Investment gains (losses)	14			(16		)	6			(63		)	(80		)	(1		)	(143		)
Ending carrying value	77,997			78,959			80,529			81,344			82,890			77,997			82,890
Real Estate and Real Estate Joint Ventures
Yield	3.62		%	3.53		%	3.58		%	2.95		%	0.62		%	2.84		%	1.76		%
Investment income	92			91			94			81			18			142			99
Investment gains (losses)	1			96			297			1			2			6			3
Ending carrying value	10,326			10,246			10,741			11,250			11,524			10,326			11,524
Policy Loans
Yield	5.34		%	5.33		%	5.21		%	5.23		%	5.15		%	5.31		%	5.19		%
Investment income	129			129			126			126			124			257			250
Ending carrying value	9,705			9,671			9,680			9,638			9,639			9,705			9,639
Equity Securities
Yield	5.15		%	4.62		%	5.85		%	5.43		%	4.12		%	5.29		%	4.77		%
Investment income	16			13			16			14			11			32			25
Investment gains (losses)	(2		)	17			12			(284		)	72			105			(212		)
Ending carrying value	1,476			1,341			1,342			1,050			1,105			1,476			1,105
Other Limited Partnership Interests
Yield	14.28		%	15.37		%	9.87		%	16.22		%	(30.23		)%	10.99		%	(7.06		)%
Investment income	247			279			187			323			(605		)	374			(282		)
Investment gains (losses)	1			3			3			4			1			—			5
Ending carrying value	7,054			7,441			7,716			8,230			7,794			7,054			7,794
Cash and Short-term Investments
Yield	2.39		%	2.31		%	2.09		%	1.73		%	1.35		%	2.73		%	1.53		%
Investment income	65			62			50			44			38			144			82
Investment gains (losses)	(5		)	(1		)	9			4			(5		)	(5		)	(1		)
Ending carrying value (5)	21,246			22,988			20,448			30,024			29,631			21,246			29,631
Other Invested Assets
Investment income	225			226			247			266			247			428			513
Investment gains (losses)	(38		)	(30		)	(10		)	21			106			(105		)	127
Ending carrying value	20,036			21,979			19,015			27,839			24,731			20,036			24,731
Total Investments
Investment income yield	4.66		%	4.57		%	4.57		%	4.30		%	3.40		%	4.55		%	3.84		%
Investment fees and expenses yield	(0.14		)%	(0.13		)%	(0.13		)%	(0.13		)%	(0.12		)%	(0.14		)%	(0.12		)%
Net Investment Income Yield	4.52		%	4.44		%	4.44		%	4.17		%	3.28		%	4.41		%	3.72		%
Investment income	$	4,692		$	4,630		$	4,683		$	4,477		$	3,580		$	9,109		$	8,057
Investment fees and expenses	(138		)	(134		)	(137		)	(134		)	(122		)	(274		)	(256		)
Net investment income including Divested businesses	4,554			4,496			4,546			4,343			3,458			8,835			7,801
Less: Net investment income from Divested businesses	—			23			24			22			14			—			36
Adjusted Net Investment Income (6)	$	4,554		$	4,473		$	4,522		$	4,321		$	3,444		$	8,835		$	7,765
Ending Carrying Value	$	467,536		$	479,828		$	478,538		$	497,288		$	508,679		$	467,536		$	508,679
Gross investment gains	$	328		$	332		$	672		$	436		$	677		$	703		$	1,113
Gross investment losses	(189		)	(159		)	(144		)	(495		)	(339		)	(460		)	(834		)
Net credit loss (provision) release and (impairments)	(30		)	(22		)	(140		)	(254		)	(96		)	(129		)	(350		)
Investment Portfolio Gains (Losses) (7)	109			151			388			(313		)	242			114			(71		)
Investment portfolio gains (losses) income tax (expense) benefit	(26		)	(64		)	(96		)	69			(166		)	(43		)	(97		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	83		$	87		$	292		$	(244	)	$	76		$	71		$	(168	)

Derivative gains (losses) (7)	$	614		$	1,141		$	(1,583	)	$	4,068		$	(896	)	$	629		$	3,172
Derivative gains (losses) income tax (expense) benefit	(150		)	(259		)	364			(885		)	195			(168		)	(690		)
Derivative Gains (Losses), Net of Income Tax	$	464		$	882		$	(1,219	)	$	3,183		$	(701	)	$	461		$	2,482

See footnotes on Page 34.

Table of Contents




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

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

U.S. corporate securities		$	83,712	26.3	%	$	87,114	26.7	%	$	87,753	26.8	%	$	85,071	26.0	%	$	90,112	26.5	%
Foreign government securities		67,554		21.2	%	67,547		20.7	%	67,229		20.5	%	64,844		19.9	%	65,706		19.3	%
Foreign corporate securities		62,398		19.6	%	63,100		19.3	%	64,165		19.6	%	59,195		18.1	%	62,817		18.5	%
U.S. government and agency securities		40,003		12.6	%	40,802		12.5	%	42,084		12.8	%	47,959		14.7	%	47,287		13.9	%
Residential mortgage-backed securities		29,049		9.1	%	29,591		9.1	%	28,547		8.7	%	30,469		9.3	%	31,875		9.4	%
Asset-backed securities		13,712		4.3	%	14,345		4.4	%	14,542		4.4	%	14,838		4.5	%	16,324		4.8	%
Municipals		12,255		3.8	%	12,942		4.0	%	13,053		4.0	%	13,871		4.3	%	14,611		4.3	%
Commercial mortgage-backed securities		10,006		3.1	%	10,608		3.3	%	10,447		3.2	%	10,438		3.2	%	11,273		3.3	%
Fixed Maturity Securities Available-For-Sale		$	318,689	100.0	%	$	326,049	100.0	%	$	327,820	100.0	%	$	326,685	100.0	%	$	340,005	100.0	%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	223,594	70.2	%	$	229,104	70.3	%	$	230,708	70.4	%	$	235,650	72.1	%	$	243,645	71.7	%
2	Baa	78,943		24.8	%	81,478		25.0	%	81,425		24.8	%	76,239		23.3	%	80,714		23.7	%
3	Ba	11,490		3.6	%	11,400		3.5	%	11,652		3.6	%	10,999		3.4	%	11,250		3.3	%
4	B	4,176		1.3	%	3,423		1.0	%	3,337		1.0	%	3,200		1.0	%	3,654		1.1	%
5	Caa and lower	451		0.1	%	609		0.2	%	693		0.2	%	564		0.2	%	640		0.2	%
6	In or near default	35		—	%	35		—	%	5		—	%	33		—	%	102		—	%
Fixed Maturity Securities Available-For-Sale (8)		$	318,689	100.0	%	$	326,049	100.0	%	$	327,820	100.0	%	$	326,685	100.0	%	$	340,005	100.0	%


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

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

Less than 20%		$	1,542	80.6	%	$	1,499	73.3	%	$	1,370	83.2	%	$	5,301	68.3	%	$	2,539	80.1	%
20% or more for less than six months		215		11.2	%	370		18.1	%	116		7.0	%	2,371		30.6	%	574		18.1	%
20% or more for six months or greater		156		8.2	%	176		8.6	%	161		9.8	%	85		1.1	%	57		1.8	%
Gross Unrealized Losses		$	1,913	100.0	%	$	2,045	100.0	%	$	1,647	100.0	%	$	7,757	100.0	%	$	3,170	100.0	%

Gross Unrealized Gains		$	29,373			$	34,964			$	31,812			$	32,005			$	40,479

See footnotes on Page 34.

Table of Contents



INVESTMENTS
SUMMARY OF MORTGAGE LOANS

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

Commercial mortgage loans	$	49,570				$	49,898				$	49,624				$	50,077				$	51,043
Agricultural mortgage loans	15,334					15,752					16,695					16,788					17,167
Residential mortgage loans	13,450					13,659					14,504					14,943					15,235
Mortgage loans held-for-sale	—					—					59					—					—
Mortgage Loans	78,354					79,309					80,882					81,808					83,445
Valuation allowances	(357		)			(350		)			(353		)			(464		)			(555		)
Mortgage Loans, net	$	77,997				$	78,959				$	80,529				$	81,344				$	82,890


SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE

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

Pacific	$	10,511		21.2	%	$	10,079		20.2	%	$	10,169		20.5	%	$	10,183		20.3	%	$	10,275		20.1	%
Non-U.S.	9,463			19.1	%	9,480			19.0	%	10,093			20.3	%	9,424			18.8	%	9,542			18.7	%
Middle Atlantic	7,952			16.0	%	8,210			16.4	%	8,302			16.7	%	7,967			15.9	%	8,257			16.2	%
South Atlantic	6,459			13.0	%	6,896			13.8	%	6,487			13.1	%	6,461			12.9	%	6,513			12.8	%
West South Central	4,386			8.9	%	4,454			8.9	%	4,255			8.6	%	3,970			7.9	%	3,945			7.7	%
East North Central	3,245			6.6	%	3,225			6.5	%	3,066			6.2	%	2,183			4.4	%	2,443			4.8	%
Mountain	1,729			3.5	%	1,774			3.6	%	1,602			3.2	%	1,755			3.5	%	1,755			3.4	%
New England	1,628			3.3	%	1,705			3.4	%	1,433			2.9	%	1,670			3.3	%	1,719			3.4	%
West North Central	593			1.2	%	592			1.2	%	607			1.2	%	635			1.3	%	633			1.2	%
East South Central	563			1.1	%	530			1.1	%	502			1.0	%	483			1.0	%	482			1.0	%
Multi-Region and Other	3,041			6.1	%	2,953			5.9	%	3,108			6.3	%	5,346			10.7	%	5,479			10.7	%
Total	$	49,570		100.0	%	$	49,898		100.0	%	$	49,624		100.0	%	$	50,077		100.0	%	$	51,043		100.0	%


Office	$	23,755		47.9	%	$	23,455		47.0	%	$	22,925		46.2	%	$	22,857		45.6	%	$	23,359		45.8	%
Retail	9,577			19.3	%	9,707			19.5	%	9,052			18.2	%	8,842			17.7	%	8,906			17.4	%
Apartment	6,960			14.1	%	6,906			13.8	%	8,212			16.6	%	8,869			17.7	%	8,639			16.9	%
Industrial	3,748			7.6	%	4,226			8.5	%	3,985			8.0	%	4,101			8.2	%	4,431			8.7	%
Hotel	3,688			7.4	%	3,617			7.2	%	3,471			7.0	%	3,328			6.6	%	3,333			6.5	%
Other	1,842			3.7	%	1,987			4.0	%	1,979			4.0	%	2,080			4.2	%	2,375			4.7	%
Total	$	49,570		100.0	%	$	49,898		100.0	%	$	49,624		100.0	%	$	50,077		100.0	%	$	51,043		100.0	%

Table of Contents




INVESTMENTS FOOTNOTES

(1) We calculate yields using average quarterly asset carrying values. Yields exclude the impact of recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-6 and presented on Page 5. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed equity securities. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes investment income related to fair value option securities of $38 million, $59 million, $32 million, ($78) million and $114 million for the three months ended June 30, 2019, September 30, 2019, December 31, 2019, March 31, 2020 and June 30, 2020, respectively, and $93 million and $36 million for the year-to-date period ended June 30, 2019 and June 30, 2020, respectively.
(3) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4) The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
Fixed maturity securities available-for-sale	$	318,689		$	326,049		$	327,820		$	326,685		$	340,005
Contractholder-directed equity securities and fair value option securities	13,000			12,671			13,102			11,145			11,911
Total fixed maturity securities	331,689			338,720			340,922			337,830			351,916
Less: Contractholder-directed equity securities	11,990			11,514			11,852			9,914			10,548
Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs	3			3			3			3			3
Fixed maturity securities	$	319,696		$	327,203		$	329,067		$	327,913		$	341,365

(5) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $3 million at June 30, 2020 and less than $1 million for each of the other periods presented.
(6) Adjusted net investment income reflects the adjustments as presented on Page 5.
(7) Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			June 30, 2019			June 30, 2020
Net investment gains (losses)	$	61		$	161		$	207		$	(288	)	$	231		$	76		$	(57	)
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	3			(1		)	(1		)	1			(13		)	(12		)	(12		)
Less: Non-investment portfolio gains (losses)	(51		)	11			(180		)	24			2			(26		)	26
Investment portfolio gains (losses)	$	109		$	151		$	388		$	(313	)	$	242		$	114		$	(71	)

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			June 30, 2019			June 30, 2020
Net derivative gains (losses)	$	724		$	1,254		$	(1,465	)	$	4,201		$	(710	)	$	839		$	3,491
Less: Investment hedge adjustments	118			121			125			138			188			223			326
Less: Settlement of foreign currency earnings hedges	(2		)	(3		)	(2		)	—			—			(4		)	—
Less: PAB hedge adjustments	(6		)	(5		)	(5		)	(5		)	(2		)	(9		)	(7		)
Derivative gains (losses)	$	614		$	1,141		$	(1,583	)	$	4,068		$	(896	)	$	629		$	3,172

(8) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain mortgage-backed securities (non-agency residential mortgage-backed securities and commercial mortgage-backed securities). NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO continuous monitoring process. Amounts presented for certain mortgage-backed securities held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting reflect designations based on revised NAIC methodologies. The NAIC's present methodology is to evaluate certain mortgage-backed securities held by insurers using 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.

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

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,684		$	2,152		$	536		$	4,366		$	68		$	3,033		$	4,434
Add: Preferred stock dividends	57			32			57			32			77			89			109
Add: Net Income (loss) attributable to noncontrolling interests	5			6			(5		)	3			5			9			8
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Income (loss) from continuing operations, net of income tax	1,746			2,190			588			4,401			150			$	3,131		$	4,551
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	61			161			207			(288		)	231			76			(57		)
Net derivative gains (losses)	724			1,254			(1,465		)	4,201			(710		)	839			3,491
Premiums - Divested businesses	—			35			36			32			20			—			52
Universal life and investment-type product policy fees
Unearned revenue adjustments	20			59			18			18			5			20			23
GMIB fees	28			27			26			26			25			55			51
Divested businesses	—			2			1			2			1			—			3
Net investment income
Investment hedge adjustments	(118		)	(121		)	(125		)	(138		)	(188		)	(223		)	(326		)
Operating joint venture adjustments	—			—			—			—			—			—			—
Unit-linked contract income	261			250			228			(1,140		)	818			997			(322		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(4		)	(2		)	(5		)	(4		)	(1		)	(8		)	(5		)
Divested businesses	—			23			24			22			14			—			36
Other revenues
Settlement of foreign currency earnings hedges	2			3			2			—			—			4			—
TSA fees	69			69			40			42			39			137			81
Divested businesses	—			—			2			—			—			—			—
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments	—			(9		)	(10		)	(9		)	(9		)	—			(18		)
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	(84		)	(87		)	6			(48		)	(106		)	(163		)	(154		)
GMIB costs	(39		)	47			(106		)	141			(90		)	(95		)	51
Market value adjustments	11			(3		)	(8		)	(11		)	(21		)	15			(32		)
Divested businesses	—			(34		)	(33		)	(24		)	(18		)	—			(42		)
Interest credited to policyholder account balances
PAB hedge adjustments	6			5			5			5			2			9			7
Unit-linked contract costs	(257		)	(223		)	(240		)	1,138			(796		)	(973		)	342
Divested businesses	—			(8		)	(10		)	(5		)	(7		)	—			(12		)
Capitalization of DAC - Divested businesses	—			11			9			3			2			—			5
Amortization of DAC and VOBA
Related to NIGL and NDGL	5			(39		)	(106		)	(30		)	6			29			(24		)
Related to GMIB fees and GMIB costs	3			—			1			(13		)	5			10			(8		)
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			(2		)	(2		)	(6		)	(3		)	—			(9		)
Amortization of negative VOBA
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			—			—
Other expenses
Noncontrolling interest	6			8			(5		)	3			7			12			10
Regulatory implementation costs	(7		)	(5		)	(3		)	(2		)	—			(10		)	(2		)
Acquisition, integration and other costs	(6		)	(8		)	(7		)	(6		)	—			(29		)	(6		)
TSA fees	(69		)	(69		)	(40		)	(42		)	(39		)	(137		)	(81		)
Divested businesses	(6		)	(36		)	(116		)	(19		)	(23		)	(6		)	(42		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	(236		)	(340		)	373			(928		)	151			(260		)	(777		)
Adjusted earnings	1,376			1,222			1,891			1,481			835			2,832			2,316
Less: Preferred stock dividends	57			32			57			32			77			89			109
Adjusted earnings available to common shareholders	$	1,319		$	1,190		$	1,834		$	1,449		$	758		$	2,743		$	2,207

A-1

Table of Contents




APPENDIX METLIFE NOTABLE ITEMS (1)

METLIFE TOTAL
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020		June 30, 2020			June 30, 2019			June 30, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	(160	)	$	—		$	—	$	—		$	—		$	—
Expense initiative costs		(70		)	(88		)	(119		)	—		—			(125		)	—
Interest on tax adjustments		—			—			64			—		—			—			—
Tax adjustments		—			—			475			—		—			—			—
Total notable items		$	(70	)	$	(248	)	$	420		$	—	$	—		$	(125	)	$	—

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

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

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

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

CORPORATE & OTHER
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020		June 30, 2020			June 30, 2019			June 30, 2020
Expense initiative costs		(70		)	(88		)	(119		)	—		—			(125		)	—
Interest on tax adjustments		—			—			64			—		—			—			—
Tax adjustments		—			—			475			—		—			—			—
Total notable items		$	(70	)	$	(88	)	$	420		$	—	$	—		$	(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, 2019			September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020

Total MetLife, Inc.'s stockholders' equity	$	63,811		$	68,368		$	66,144		$	70,221		$	75,693
Less: Preferred stock	3,340			3,340			3,340			4,312			4,312
MetLife, Inc.'s common stockholders' equity	60,471			65,028			62,804			65,909			71,381
Less: Net unrealized investment gains (losses), net of income tax	18,381			22,330			19,981			20,369			25,913
Defined benefit plans adjustment, net of income tax	(1,984		)	(1,961		)	(2,002		)	(1,985		)	(1,968		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	44,074		$	44,659		$	44,825		$	47,525		$	47,436
Less: Goodwill, net of income tax	9,071			8,955			8,986			8,828			8,910
VODA and VOCRA, net of income tax	288			279			268			276			264
Total MetLife, Inc.'s tangible common stockholders' equity	$	34,715		$	35,425		$	35,571		$	38,421		$	38,262

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

Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	44,074		$	44,659		$	44,825		$	47,525		$	47,436
Less: Accumulated year-to-date total notable items (2)	(125		)	(373		)	47			—			—
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	44,199		$	45,032		$	44,778		$	47,525		$	47,436

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

Book value per common share	$	64.61		$	70.71		$	68.62		$	72.62		$	78.65
Less: Net unrealized investment gains (losses), net of income tax	19.64			24.28			21.84			22.45			28.55
Defined benefit plans adjustment, net of income tax	(2.12		)	(2.13		)	(2.19		)	(2.19		)	(2.17		)
Book value per common share, excluding AOCI other than FCTA	$	47.09		$	48.56		$	48.97		$	52.36		$	52.27
Less: Goodwill, net of income tax	9.69			9.74			9.82			9.73			9.82
VODA and VOCRA, net of income tax	0.31			0.30			0.29			0.30			0.29
Book value per common share - tangible common stockholders' equity	$	37.09		$	38.52		$	38.86		$	42.33		$	42.16

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

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

Return on MetLife, Inc.'s:
Common stockholders' equity	11.6		%	13.7		%	3.4		%	27.1		%	0.4		%

Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	9.1		%	7.6		%	11.5		%	9.0		%	4.4		%
Common stockholders' equity, excluding AOCI other than FCTA	12.1		%	10.7		%	16.4		%	12.6		%	6.4		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	12.7		%	12.9		%	12.6		%	12.6		%	6.4		%
Tangible common stockholders' equity (3)	15.5		%	13.7		%	20.7		%	15.8		%	8.0		%

Average common stockholders' equity	$	57,820		$	62,750		$	63,916		$	64,357		$	68,645
Average common stockholders' equity, excluding AOCI other than FCTA	$	43,693		$	44,367		$	44,742		$	46,175		$	47,481
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	43,783		$	44,616		$	44,905		$	46,175		$	47,481
Average tangible common stockholders' equity	$	34,323		$	35,070		$	35,498		$	36,996		$	38,342

(1) Annualized using quarter-to-date results.
(2) Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.
(3) Adjusted earnings available to common shareholders used to calculate the return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended June 30, 2019, September 30, 2019, December 31, 2019, March 31, 2020 and June 30, 2020 of $9 million, $9 million, $6 million, $8 million and $10 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, 2019			September 30, 2019			December 31, 2019		March 31, 2020			June 30, 2020
U.S. (1)	$	6,731		$	7,391		$	8,586	$	6,189		$	5,692
ASIA	2,073			2,082			2,081		2,092			2,018
LATIN AMERICA	882			815			764		831			737
EMEA	649			641			651		683			660
METLIFE HOLDINGS (1)	1,275			1,261			1,321		1,233			1,208
CORPORATE & OTHER (1)	98			72			87		96			86
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,708		$	12,262		$	13,490	$	11,124		$	10,401
Adjusted premiums, fees and other revenues	$	11,900		$	12,445		$	13,632	$	11,216		$	10,401

ASIA (including operating joint ventures) (2), (3)	$	2,342		$	2,326		$	2,354	$	2,363		$	2,278

OTHER EXPENSES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020			June 30, 2020
U.S. (1)	$	1,009		$	1,004		$	1,069	$	1,066		$	1,012
ASIA	962			948			953		880			797
LATIN AMERICA	294			303			322		313			307
EMEA	339			333			360		326			328
METLIFE HOLDINGS (1)	237			223			282		228			239
CORPORATE & OTHER (1)	289			320			243		136			134
Adjusted other expenses on a constant currency basis	$	3,130		$	3,131		$	3,229	$	2,949		$	2,817
Adjusted other expenses	$	3,192		$	3,199		$	3,286	$	2,981		$	2,817

ASIA (including operating joint ventures) (2), (3)	$	1,067		$	1,050		$	1,062	$	972		$	899

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020			June 30, 2020
U.S. (1)	$	732		$	707		$	675	$	780		$	523
ASIA	353			345			337		350			256
LATIN AMERICA	128			127			138		77			132
EMEA	73			49			62		74			116
METLIFE HOLDINGS (1)	299			149			269		277			20
CORPORATE & OTHER (1)	(307		)	(223		)	322		(131		)	(289		)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,278		$	1,154		$	1,803	$	1,427		$	758
Adjusted earnings available to common shareholders	$	1,319		$	1,190		$	1,834	$	1,449		$	758

(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
(3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

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

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com.

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
	Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies: Adjusted earnings and related measures
	•	adjusted earnings;
	•	adjusted earnings available to common shareholders;
	•	adjusted earnings available to common shareholders, excluding total notable items;
	•	adjusted earnings available to common shareholders per diluted common share;
	•	adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
	•	adjusted earnings available to common shareholders on a constant currency basis.
	These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its Business Plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
	Adjusted revenues and adjusted expenses
	These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.

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

	The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
	•	Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits ("PBC hedge adjustments"), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (“Inflation and pass-through adjustments”), (iv) benefits and hedging costs related to GMIBs (“GMIB costs”), and (v) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
	•	Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (“Unit-linked contract costs”);
	•	Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
	•	Amortization of negative VOBA excludes amounts related to Market value adjustments;
	•	Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
	•	Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (“Regulatory implementation costs”) and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.

	Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
	Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses and goodwill impairment. 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.
	•	Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.
	•	Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).
	•	Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
	•	Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
		The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and components of, or other financial measures based on, adjusted earnings mentioned above.
	•	Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
	•	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: adjusted direct expenses divided by adjusted premiums, fees and other revenues.
	•	Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
	•	Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
	•	Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

	General account assets under management and related measures
	GA AUM is used by MetLife to describe assets in its GA investment portfolio which are actively managed and stated at estimated fair value. GA AUM is comprised of GA total investments and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from GA AUM.
	GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. GA AUM (at amortized cost) is presented net of related allowance for credit loss.

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

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	METLIFE ACRONYMS

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

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MetLife (MET) 8-KMetlife Announces Second Quarter 2020 Results