MetLife (MET) 8-K Metlife Announces Third Quarter 2023 Results

Exhibit 99.2

Third Quarter

Financial Supplement

September 30, 2023

3

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

1

METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023			September 30, 2023		September 30, 2022		September 30, 2023
Revenues
Premiums		$	17,332	$	9,005	$	9,589	$	11,678		$	11,230	$	39,505	$	32,497
Universal life and investment-type product policy fees		1,275		1,266		1,289		1,288			1,334		3,959		3,911
Net investment income		3,585		4,464		4,645		5,072			4,825		11,452		14,542
Other revenues		728		627		639		621			606		2,003		1,866
Net investment gains (losses)		(411)		350		(684)		(1,039)			(927)		(1,610)		(2,650)
Net derivative gains (losses)		(226)		(104)		(90)		(997)			(1,202)		(2,147)		(2,289)
Total revenues		22,283		15,608		15,388		16,623			15,866		53,162		47,877
Expenses
Policyholder benefits and claims		17,603		9,115		9,872		11,809			11,130		40,392		32,811
Policyholder liability remeasurement (gains) losses		136		20		(9)		(16)			(17)		94		(42)
Market risk benefit remeasurement (gains) losses		(965)		(512)		188		(817)			(796)		(3,162)		(1,425)
Interest credited to policyholder account balances		1,014		1,727		1,864		1,933			1,658		2,167		5,455
Policyholder dividends		158		155		159		151			153		551		463
Amortization of DAC and VOBA		441		457		470		479			499		1,374		1,448
Amortization of negative VOBA		(7)		(7)		(7)		(6)			(7)		(22)		(20)
Interest expense on debt		239		248		255		256			265		690		776
Other expenses, net of capitalization of DAC		2,249		2,379		2,339		2,404			2,447		6,740		7,190
Total expenses		20,868		13,582		15,131		16,193			15,332		48,824		46,656
Income (loss) before provision for income tax		1,415		2,026		257		430			534		4,338		1,221
Provision for income tax expense (benefit)		248		445		172		22			39		617		233
Net income (loss)		1,167		1,581		85		408			495		3,721		988
Less: Net income (loss) attributable to noncontrolling interests		5		3		5		6			6		15		17
Net income (loss) attributable to MetLife, Inc.		1,162		1,578		80		402			489		3,706		971
Less: Preferred stock dividends		64		29		66		32			67		156		165
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,098	$	1,549	$	14	$	370		$	422	$	3,550	$	806
Premiums, fees and other revenues		$	19,335	$	10,898	$	11,517	$	13,587		$	13,170	$	45,467	$	38,274

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,098	$	1,549	$	14	$	370	$	422
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(411)		350		(684)		(1,039)		(927)
Less: Net derivative gains (losses)	(226)		(104)		(90)		(997)		(1,202)
Less: Market risk benefit remeasurement gains (losses)	965		512		(188)		817		796
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(435)		(317)		(383)		(316)		(156)
Less: Provision for income tax (expense) benefit	110		(149)		180		419		429
Add: Net income (loss) attributable to noncontrolling interests	5		3		5		6		6
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders	1,100		1,260		1,184		1,492		1,488
Less: Total notable items (2)	12		—		—		—		14
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,088	$	1,260	$	1,184	$	1,492	$	1,474
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.37	$	1.96	$	0.02	$	0.48	$	0.56
Less: Net investment gains (losses)	(0.51)		0.44		(0.88)		(1.35)		(1.23)
Less: Net derivative gains (losses)	(0.28)		(0.13)		(0.12)		(1.30)		(1.59)
Less: Market risk benefit remeasurement gains (losses)	1.21		0.65		(0.24)		1.06		1.05
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.55)		(0.40)		(0.48)		(0.40)		(0.20)
Less: Provision for income tax (expense) benefit	0.14		(0.19)		0.23		0.54		0.57
Add: Net income (loss) attributable to noncontrolling interests	0.01		—		0.01		0.01		0.01
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders per diluted common share	1.37		1.59		1.52		1.94		1.97
Less: Total notable items per diluted common share (2)	0.01		—		—		—		0.02
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	1.36	$	1.59	$	1.52	$	1.94	$	1.95
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	12	$	—	$	—	$	—	$	14
Total notable items	$	12	$	—	$	—	$	—	$	14
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	0.01	$	—	$	—	$	—	$	0.02
Total notable items	$	0.01	$	—	$	—	$	—	$	0.02
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Weighted average common shares outstanding - diluted	800.7		790.2		781.2		769.6		755.5
(1)See Appendix for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Book value per common share (1)	$	32.48		$	33.45		$	36.89		$	34.92		$	29.34
Book value per common share, excluding AOCI other than FCTA (1)	$	52.04		$	54.30		$	53.83		$	53.55		$	53.00
	For the Three Months Ended
Unaudited	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Return on MetLife, Inc.'s (2):
Common stockholders' equity	15.8		%	24.0		%	0.2		%	5.4		%	7.0		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	15.9		%	19.5		%	17.4		%	21.8		%	24.7		%
Common stockholders' equity, excluding AOCI other than FCTA	10.6		%	12.1		%	11.3		%	14.6		%	14.9		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	10.5		%	12.1		%	11.3		%	14.6		%	14.7		%
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Common shares outstanding, beginning of period	797.6			787.3			779.1			769.2			757.2
Share repurchases	(10.3)			(8.5)			(11.6)			(12.1)			(12.9)
Newly issued shares	—			0.3			1.7			0.1			0.1
Common shares outstanding, end of period	787.3			779.1			769.2			757.2			744.4
Weighted average common shares outstanding - basic	795.8			784.2			775.4			765.9			751.4
Dilutive effect of the exercise or issuance of stock-based awards	4.9			6.0			5.8			3.7			4.1
Weighted average common shares outstanding - diluted	800.7			790.2			781.2			769.6			755.5
MetLife Policyholder Trust Shares	125.1			123.6			122.1			120.5			119.1
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 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.

4

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Total revenues	$	22,283	$	15,608	$	15,388	$	16,623	$	15,866	$	53,162	$	47,877
Less: Adjustments to total revenues:
Net investment gains (losses)	(411)		350		(684)		(1,039)		(927)		(1,610)		(2,650)
Net derivative gains (losses)	(226)		(104)		(90)		(997)		(1,202)		(2,147)		(2,289)
Investment hedge adjustments	(252)		(277)		(264)		(263)		(232)		(699)		(759)
Asymmetrical and non-economic accounting	—		—		—		—		—		—		—
Unit-linked contract income	(321)		209		303		296		4		(1,507)		603
Other adjustments	35		27		(3)		(8)		(14)		123		(25)
Divested businesses	—		—		—		—		—		66		—
Total adjusted revenues	$	23,458	$	15,403	$	16,126	$	18,634	$	18,237	$	58,936	$	52,997
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Net investment income	$	3,585	$	4,464	$	4,645	$	5,072	$	4,825	$	11,452	$	14,542
Less: Adjustments to net investment income:
Investment hedge adjustments	(252)		(277)		(264)		(263)		(232)		(699)		(759)
Unit-linked contract income	(321)		209		303		296		4		(1,507)		603
Other adjustments	(5)		2		—		(1)		(3)		(12)		(4)
Divested businesses	—		—		—		—		—		11		—
Adjusted net investment income	$	4,163	$	4,530	$	4,606	$	5,040	$	5,056	$	13,659	$	14,702
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Variable investment income (Included in net investment income above)	$	(53)	$	24	$	(44)	$	221	$	179	$	1,521	$	356
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Premiums, fees and other revenues	$	19,335	$	10,898	$	11,517	$	13,587	$	13,170	$	45,467	$	38,274
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	—		—		—		—		—		—		—
Other adjustments	40		25		(3)		(7)		(11)		135		(21)
Divested businesses	—		—		—		—		—		55		—
Adjusted premiums, fees and other revenues	$	19,295	$	10,873	$	11,520	$	13,594	$	13,181	$	45,277	$	38,295
Adjusted premiums, fees and other revenues, on a constant currency basis	$	19,394	$	10,993	$	11,463	$	13,539	$	13,181

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Total expenses	$	20,868	$	13,582	$	15,131	$	16,193	$	15,332	$	48,824	$	46,656
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses	(965)		(512)		188		(817)		(796)		(3,162)		(1,425)
Goodwill impairment	—		—		—		—		—		—		—
Asymmetrical and non-economic accounting	205		143		103		64		(49)		445		118
Market volatility	(66)		(105)		(14)		(44)		(64)		(88)		(122)
Unit-linked contract costs	(302)		180		303		301		(3)		(1,502)		601
Other adjustments	47		37		16		11		21		154		48
Divested businesses	13		21		11		9		9		76		29
Total adjusted expenses	$	21,936	$	13,818	$	14,524	$	16,669	$	16,214	$	52,901	$	47,407
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Capitalization of DAC	$	(626)	$	(699)	$	(718)	$	(729)	$	(742)	$	(1,915)	$	(2,189)
Less: Divested businesses	—		—		—		—		—		(11)		—
Adjusted capitalization of DAC	$	(626)	$	(699)	$	(718)	$	(729)	$	(742)	$	(1,904)	$	(2,189)
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Other expenses	$	2,875	$	3,078	$	3,057	$	3,133	$	3,189	$	8,655	$	9,379
Less: Adjustments to other expenses:
Other adjustments	47		37		16		11		21		154		48
Divested businesses	13		21		11		9		9		53		29
Adjusted other expenses	$	2,815	$	3,020	$	3,030	$	3,113	$	3,159	$	8,448	$	9,302
Adjusted other expenses on a constant currency basis	$	2,840	$	3,058	$	2,997	$	3,084	$	3,159

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			September 30, 2022			September 30, 2023
Other expenses, net of capitalization of DAC	$	2,249		$	2,379		$	2,339		$	2,404		$	2,447		$	6,740		$	7,190
Premiums, fees and other revenues	$	19,335		$	10,898		$	11,517		$	13,587		$	13,170		$	45,467		$	38,274
Expense ratio	11.6		%	21.8		%	20.3		%	17.7		%	18.6		%	14.8		%	18.8		%
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			September 30, 2022			September 30, 2023
Adjusted other expenses by major category
Direct expenses	$	1,342		$	1,481		$	1,387		$	1,415		$	1,447		$	4,009		$	4,249
Pension, postretirement and postemployment benefit costs	24			25			59			59			59			73			177
Premium taxes, other taxes, and licenses & fees	172			146			161			184			162			460			507
Commissions and other variable expenses	1,277			1,368			1,423			1,455			1,491			3,906			4,369
Adjusted other expenses	2,815			3,020			3,030			3,113			3,159			8,448			9,302
Adjusted capitalization of DAC	(626)			(699)			(718)			(729)			(742)			(1,904)			(2,189)
Adjusted other expenses, net of adjusted capitalization of DAC	2,189			2,321			2,312			2,384			2,417			6,544			7,113
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—			—			—			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,189		$	2,321		$	2,312		$	2,384		$	2,417		$	6,544		$	7,113
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			September 30, 2022			September 30, 2023
Employee-related costs	$	875		$	864		$	929		$	895		$	913		$	2,640		$	2,737
Third-party staffing costs	349			433			331			346			350			1,095			1,027
General and administrative expenses	118			184			127			174			184			274			485
Direct expenses	1,342			1,481			1,387			1,415			1,447			4,009			4,249
Less: Total notable items related to direct expenses (1)	—			—			—			—			—			—			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,342		$	1,481		$	1,387		$	1,415		$	1,447		$	4,009		$	4,249
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,189		$	2,321		$	2,312		$	2,384		$	2,417		$	6,544		$	7,113
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—			—			—			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,189		$	2,321		$	2,312		$	2,384		$	2,417		$	6,544		$	7,113
Adjusted premiums, fees and other revenues	$	19,295		$	10,873		$	11,520		$	13,594		$	13,181		$	45,277		$	38,295
Less: PRT	8,466			(69)			(21)			2,024			1,461			12,288			3,464
Adjusted premiums, fees and other revenues, excluding PRT	$	10,829		$	10,942		$	11,541		$	11,570		$	11,720		$	32,989		$	34,831
Direct expense ratio	7.0		%	13.6		%	12.0		%	10.4		%	11.0		%	8.9		%	11.1		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.4		%	13.5		%	12.0		%	12.2		%	12.3		%	12.2		%	12.2		%
Adjusted expense ratio	11.3		%	21.3		%	20.1		%	17.5		%	18.3		%	14.5		%	18.6		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	20.2		%	21.2		%	20.0		%	20.6		%	20.6		%	19.8		%	20.4		%
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

7

METLIFE GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	270,765	$	276,780	$	283,854	$	283,857	$	270,982
Equity securities, at estimated fair value	973		1,684		1,695		769		742
Contractholder-directed equity securities and fair value option securities, at estimated fair value	8,954		9,668		10,063		10,204		9,680
Mortgage loans	82,437		83,763		85,572		92,986		92,230
Policy loans	8,783		8,874		8,863		8,788		8,725
Real estate and real estate joint ventures	12,532		13,137		13,155		13,045		13,133
Other limited partnership interests	14,387		14,414		14,437		14,722		14,918
Short-term investments, principally at estimated fair value	5,266		4,935		4,184		6,921		6,497
Other invested assets	22,299		20,038		19,479		19,656		18,755
Total investments	426,396		433,293		441,302		450,948		435,662
Cash and cash equivalents, principally at estimated fair value	22,200		20,195		18,456		15,417		14,912
Accrued investment income	3,355		3,446		3,554		3,505		3,704
Premiums, reinsurance and other receivables	17,550		17,364		18,692		18,530		19,002
Market risk benefits, at estimated fair value	253		280		227		279		334
Deferred policy acquisition costs and value of business acquired	18,545		19,653		19,976		19,850		19,737
Current income tax recoverable	194		42		—		189		—
Deferred income tax assets	2,161		2,439		2,257		2,377		3,174
Goodwill	9,005		9,297		9,379		9,261		9,109
Other assets	10,992		11,025		12,006		10,977		10,862
Separate account assets	135,771		146,038		148,417		145,946		135,624
Total assets	$	646,422	$	663,072	$	674,266	$	677,279	$	652,120
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	180,812	$	187,222	$	191,741	$	190,474	$	181,755
Policyholder account balances	205,279		210,597		212,569		214,413		213,933
Market risk benefits, at estimated fair value	4,039		3,763		3,869		3,259		2,738
Other policy-related balances	18,509		18,424		19,598		19,642		19,665
Policyholder dividends payable	429		387		356		366		381
Payables for collateral under securities loaned and other transactions	24,890		20,937		19,863		18,806		17,797
Short-term debt	183		175		168		200		161
Long-term debt	14,520		14,647		14,622		14,539		15,475
Collateral financing arrangement	729		716		704		675		651
Junior subordinated debt securities	3,158		3,158		3,159		3,160		3,160
Current income tax payable	—		—		554		—		59
Deferred income tax liability	991		950		1,111		752		128
Other liabilities	27,472		25,933		25,112		34,555		34,698
Separate account liabilities	135,771		146,038		148,417		145,946		135,624
Total liabilities	616,782		632,947		641,843		646,787		626,225
Equity
Preferred stock, at par value	—		—		—		—		—
Common stock, at par value	12		12		12		12		12
Additional paid-in capital	33,589		33,616		33,617		33,630		33,666
Retained earnings	39,176		40,332		39,957		39,928		39,958
Treasury stock, at cost	(20,862)		(21,458)		(22,245)		(22,923)		(23,724)
Accumulated other comprehensive income (loss)	(22,526)		(22,621)		(19,147)		(20,386)		(24,254)
Total MetLife, Inc.'s stockholders' equity	29,389		29,881		32,194		30,261		25,658
Noncontrolling interests	251		244		229		231		237
Total equity	29,640		30,125		32,423		30,492		25,895
Total liabilities and equity	$	646,422	$	663,072	$	674,266	$	677,279	$	652,120

8

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS		$	530	$	495	$	391	$	471	$	645
RETIREMENT AND INCOME SOLUTIONS		420		477		505		527		594
TOTAL U.S.		$	950	$	972	$	896	$	998	$	1,239
ASIA		385		369		405		611		405
LATIN AMERICA		203		233		303		281		282
EMEA		90		72		76		92		112
METLIFE HOLDINGS		143		228		195		262		259
CORPORATE & OTHER		(249)		(289)		(273)		(279)		(274)
Total adjusted earnings before provision for income tax		$	1,522	$	1,585	$	1,602	$	1,965	$	2,023
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS		$	113	$	103	$	84	$	99	$	135
RETIREMENT AND INCOME SOLUTIONS		86		96		105		110		124
TOTAL U.S.		$	199	$	199	$	189	$	209	$	259
ASIA		118		104		125		180		130
LATIN AMERICA		44		49		88		62		83
EMEA		26		8		16		22		24
METLIFE HOLDINGS		26		44		37		51		51
CORPORATE & OTHER		(55)		(108)		(103)		(83)		(79)
Total provision for income tax expense (benefit)		$	358	$	296	$	352	$	441	$	468
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS		$	417	$	392	$	307	$	372	$	510
RETIREMENT AND INCOME SOLUTIONS		334		381		400		417		470
TOTAL U.S.		$	751	$	773	$	707	$	789	$	980
ASIA		267		265		280		431		275
LATIN AMERICA		159		184		215		219		199
EMEA		64		64		60		70		88
METLIFE HOLDINGS		117		184		158		211		208
CORPORATE & OTHER (1)		(258)		(210)		(236)		(228)		(262)
Total adjusted earnings available to common shareholders (1)		$	1,100	$	1,260	$	1,184	$	1,492	$	1,488
(1)Includes impact of preferred stock dividends of $64 million, $29 million, $66 million, $32 million and $67 million for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively.

9

U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023			September 30, 2022		September 30, 2023
Adjusted revenues
Premiums		$	13,954	$	5,617	$	5,952	$	8,108	$	7,606		$	29,053	$	21,666
Universal life and investment-type product policy fees		286		291		297		294		301			867		892
Net investment income		1,716		2,040		2,124		2,275		2,339			5,300		6,738
Other revenues		514		408		448		434		437			1,344		1,319
Total adjusted revenues		16,470		8,356		8,821		11,111		10,683			36,564		30,615
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		13,978		5,729		6,219		8,307		7,692			29,510		22,218
Policyholder liability remeasurement (gains) losses		9		(8)		(33)		(9)		(105)			(21)		(147)
Interest credited to policyholder account balances		548		650		692		750		806			1,407		2,248
Capitalization of DAC		(38)		(38)		(51)		(55)		(46)			(93)		(152)
Amortization of DAC and VOBA		17		17		17		19		19			49		55
Amortization of negative VOBA		—		—		—		—		—			—		—
Interest expense on debt		3		3		3		5		3			6		11
Other expenses		1,003		1,031		1,078		1,096		1,075			2,931		3,249
Total adjusted expenses		15,520		7,384		7,925		10,113		9,444			33,789		27,482
Adjusted earnings before provision for income tax		950		972		896		998		1,239			2,775		3,133
Provision for income tax expense (benefit)		199		199		189		209		259			581		657
Adjusted earnings		751		773		707		789		980			2,194		2,476
Preferred stock dividends		—		—		—		—		—			—		—
Adjusted earnings available to common shareholders		$	751	$	773	$	707	$	789	$	980		$	2,194	$	2,476
Adjusted premiums, fees and other revenues		$	14,754	$	6,316	$	6,697	$	8,836	$	8,344		$	31,264	$	23,877
Less: PRT		8,466		(69)		(21)		2,024		1,461			12,288		3,464
Adjusted premiums, fees and other revenues, excluding PRT		$	6,288	$	6,385	$	6,718	$	6,812	$	6,883		$	18,976	$	20,413

10

U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Adjusted revenues
Premiums		$	5,161	$	5,247	$	5,451	$	5,427	$	5,276	$	15,804	$	16,154
Universal life and investment-type product policy fees		215		214		218		223		219		641		660
Net investment income		279		299		310		327		330		837		967
Other revenues		331		338		380		363		371		1,022		1,114
Total adjusted revenues		5,986		6,098		6,359		6,340		6,196		18,304		18,895
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,538		4,645		4,994		4,866		4,592		14,431		14,452
Policyholder liability remeasurement (gains) losses		4		2		(4)		2		(29)		5		(31)
Interest credited to policyholder account balances		34		46		46		48		50		97		144
Capitalization of DAC		(4)		(4)		(6)		(5)		(5)		(14)		(16)
Amortization of DAC and VOBA		7		6		6		7		6		20		19
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		—		—		1		—		1		1
Other expenses		876		908		932		950		937		2,570		2,819
Total adjusted expenses		5,456		5,603		5,968		5,869		5,551		17,110		17,388
Adjusted earnings before provision for income tax		530		495		391		471		645		1,194		1,507
Provision for income tax expense (benefit)		113		103		84		99		135		254		318
Adjusted earnings		417		392		307		372		510		940		1,189
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	417	$	392	$	307	$	372	$	510	$	940	$	1,189
Adjusted premiums, fees and other revenues		$	5,707	$	5,799	$	6,049	$	6,013	$	5,866	$	17,467	$	17,928

11

U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Adjusted revenues
Premiums		$	8,793	$	370	$	501	$	2,681	$	2,330	$	13,249	$	5,512
Universal life and investment-type product policy fees		71		77		79		71		82		226		232
Net investment income		1,437		1,741		1,814		1,948		2,009		4,463		5,771
Other revenues		183		70		68		71		66		322		205
Total adjusted revenues		10,484		2,258		2,462		4,771		4,487		18,260		11,720
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		9,440		1,084		1,225		3,441		3,100		15,079		7,766
Policyholder liability remeasurement (gains) losses		5		(10)		(29)		(11)		(76)		(26)		(116)
Interest credited to policyholder account balances		514		604		646		702		756		1,310		2,104
Capitalization of DAC		(34)		(34)		(45)		(50)		(41)		(79)		(136)
Amortization of DAC and VOBA		10		11		11		12		13		29		36
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		3		3		4		3		5		10
Other expenses		127		123		146		146		138		361		430
Total adjusted expenses		10,064		1,781		1,957		4,244		3,893		16,679		10,094
Adjusted earnings before provision for income tax		420		477		505		527		594		1,581		1,626
Provision for income tax expense (benefit)		86		96		105		110		124		327		339
Adjusted earnings		334		381		400		417		470		1,254		1,287
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	334	$	381	$	400	$	417	$	470	$	1,254	$	1,287
Adjusted premiums, fees and other revenues		$	9,047	$	517	$	648	$	2,823	$	2,478	$	13,797	$	5,949
Less: PRT		8,466		(69)		(21)		2,024		1,461		12,288		3,464
Adjusted premiums, fees and other revenues, excluding PRT		$	581	$	586	$	669	$	799	$	1,017	$	1,509	$	2,485

12

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Direct and allocated expenses	$	444		$	475		$	474		$	468		$	464
Pension, postretirement and postemployment benefit costs	2			(1)			13			13			12
Premium taxes, other taxes, and licenses & fees	88			80			80			101			83
Commissions and other variable expenses	342			354			365			368			378
Adjusted other expenses	$	876		$	908		$	932		$	950		$	937
OTHER STATISTICAL INFORMATION(1)
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Group Life (2)
Adjusted premiums, fees and other revenues	$	2,125		$	2,131		$	2,232		$	2,254		$	2,215
Mortality ratio	85.7		%	87.3		%	90.5		%	85.3		%	83.6		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,475		$	2,533		$	2,601		$	2,617		$	2,620
Interest adjusted benefit ratio (4)	70.1		%	70.1		%	72.9		%	73.7		%	69.0		%
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(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.

13

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Balance, end of period (at balance sheet discount rate) (2)	$	61,264	$	62,737	$	63,671	$	64,446	$	61,947
Less: Accumulated other comprehensive (income) loss	(4,531)		(2,856)		(1,302)		(2,135)		(5,598)
Balance, end of period (at original discount rate)	$	65,795	$	65,593	$	64,973	$	66,581	$	67,545
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Balance, end of period	$	79,311	$	80,066	$	79,973	$	81,249	$	80,929
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Balance, end of period	$	58,838	$	60,040	$	57,990	$	54,501	$	51,740
SYNTHETIC GICS (3), (4)
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Balance, end of period	$	45,066	$	46,316	$	47,850	$	50,453	$	49,003
LONGEVITY REINSURANCE (5)
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Balance, end of period	$	13,427	$	16,602	$	17,085	$	19,401	$	19,175
(1)Includes $3,394 million, $3,392 million, $3,449 million, $3,481 million and $3,731 million of DPL at September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(4)Includes $0, $147 million, $2,262 million, $3,112 million and $0 of transfers from separate account GICs to synthetic GICs at September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.

14

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Direct and allocated expenses	$	64		$	70		$	71		$	67		$	66
Pension, postretirement and postemployment benefit costs	—			—			3			3			4
Premium taxes, other taxes, and licenses & fees	22			10			9			12			9
Commissions and other variable expenses	41			43			63			64			59
Adjusted other expenses	$	127		$	123		$	146		$	146		$	138
SPREAD
	For the Three Months Ended
Unaudited	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Investment income yield excluding variable investment income yield	4.20		%	4.69		%	4.98		%	5.18		%	5.28		%
Variable investment income yield	(3.24)		%	0.50		%	(0.27)		%	2.57		%	3.08		%
Total investment income yield	3.90		%	4.53		%	4.78		%	5.08		%	5.20		%
Average crediting rate	3.29		%	3.65		%	3.82		%	3.97		%	4.12		%
Amortization of DPL and losses at inception (1)	(0.21)		%	(0.20)		%	(0.21)		%	(0.21)		%	(0.22)		%
Total average crediting rate	3.08		%	3.45		%	3.61		%	3.76		%	3.90		%
Annualized general account spread	0.82		%	1.08		%	1.17		%	1.32		%	1.30		%
Annualized general account spread excluding variable investment income yield	1.12		%	1.24		%	1.37		%	1.42		%	1.38		%
(1)Includes the amortization of DPL of (0.22)%, (0.20)%, (0.22)%, (0.21)% and (0.23)% for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively.

15

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Adjusted revenues
Premiums		$	1,346	$	1,272	$	1,377	$	1,310	$	1,312	$	4,291	$	3,999
Universal life and investment-type product policy fees		438		432		397		396		411		1,261		1,204
Net investment income		827		828		881		1,050		1,023		3,081		2,954
Other revenues		21		24		20		21		20		66		61
Total adjusted revenues		2,632		2,556		2,675		2,777		2,766		8,699		8,218
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,119		1,051		1,130		1,057		1,095		3,513		3,282
Policyholder liability remeasurement (gains) losses		61		42		11		(27)		108		27		92
Interest credited to policyholder account balances		497		515		536		570		576		1,488		1,682
Capitalization of DAC		(351)		(410)		(401)		(397)		(404)		(1,120)		(1,202)
Amortization of DAC and VOBA		178		191		193		190		204		554		587
Amortization of negative VOBA		(6)		(6)		(6)		(5)		(6)		(18)		(17)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		749		804		807		778		788		2,349		2,373
Total adjusted expenses		2,247		2,187		2,270		2,166		2,361		6,793		6,797
Adjusted earnings before provision for income tax		385		369		405		611		405		1,906		1,421
Provision for income tax expense (benefit)		118		104		125		180		130		554		435
Adjusted earnings		267		265		280		431		275		1,352		986
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	267	$	265	$	280	$	431	$	275	$	1,352	$	986
Adjusted premiums, fees and other revenues		$	1,805	$	1,728	$	1,794	$	1,727	$	1,743	$	5,618	$	5,264

16

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Adjusted premiums, fees and other revenues	$	1,805	$	1,728	$	1,794	$	1,727	$	1,743
Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,752	$	1,709	$	1,688	$	1,674	$	1,743
Add: Operating joint ventures, on a constant currency basis (1)	375		365		480		410		426
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,127	$	2,074	$	2,168	$	2,084	$	2,169
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Direct and allocated expenses	$	285	$	300	$	303	$	285	$	284
Pension, postretirement and postemployment benefit costs	17		23		17		15		16
Premium taxes, other taxes, and licenses & fees	36		37		33		32		33
Commissions and other variable expenses	411		444		454		446		455
Adjusted other expenses	$	749	$	804	$	807	$	778	$	788
Adjusted other expenses, net of adjusted capitalization of DAC	$	398	$	394	$	406	$	381	$	384
Adjusted other expenses on a constant currency basis	$	725	$	791	$	755	$	750	$	788
Add: Operating joint ventures, on a constant currency basis (2)	106		107		124		116		113
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	831	$	898	$	879	$	866	$	901
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	469	$	472	$	475	$	451	$	475
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Japan:
Life	$	100	$	100	$	82	$	199	$	177
Accident & Health	63		59		63		61		54
Annuities	202		267		263		172		146
Other	3		2		2		2		2
Total Japan	368		428		410		434		379
Other Asia	208		188		227		182		224
Total sales	$	576	$	616	$	637	$	616	$	603
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Adjusted earnings available to common shareholders	$	267	$	265	$	280	$	431	$	275
Adjusted earnings available to common shareholders, on a constant currency basis	$	263	$	269	$	270	$	425	$	275
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

17

ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
GA AUM	$	109,930	$	116,289	$	121,072	$	118,188	$	113,105
GA AUM (at amortized cost)	$	119,302	$	126,335	$	127,120	$	125,266	$	124,684
GA AUM (at amortized cost), on a constant currency basis	$	118,391	$	119,887	$	121,532	$	123,603	$	124,684
Add: Operating joint ventures, on a constant currency basis (1)	7,057		7,395		7,796		8,091		8,276
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	125,448	$	127,282	$	129,328	$	131,694	$	132,960
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

18

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Adjusted revenues
Premiums		$	822	$	842	$	1,025	$	1,023	$	1,116	$	2,382	$	3,164
Universal life and investment-type product policy fees		293		299		335		352		359		876		1,046
Net investment income		399		413		379		418		365		1,180		1,162
Other revenues		10		10		12		10		9		29		31
Total adjusted revenues		1,524		1,564		1,751		1,803		1,849		4,467		5,403
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		872		856		966		976		1,020		2,464		2,962
Policyholder liability remeasurement (gains) losses		3		(16)		(4)		3		(4)		(5)		(5)
Interest credited to policyholder account balances		89		94		99		105		106		241		310
Capitalization of DAC		(130)		(137)		(151)		(148)		(171)		(357)		(470)
Amortization of DAC and VOBA		104		105		106		117		121		305		344
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		3		2		2		4		2		10		8
Other expenses		380		427		430		465		493		1,093		1,388
Total adjusted expenses		1,321		1,331		1,448		1,522		1,567		3,751		4,537
Adjusted earnings before provision for income tax		203		233		303		281		282		716		866
Provision for income tax expense (benefit)		44		49		88		62		83		171		233
Adjusted earnings		159		184		215		219		199		545		633
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	159	$	184	$	215	$	219	$	199	$	545	$	633
Adjusted premiums, fees and other revenues		$	1,125	$	1,151	$	1,372	$	1,385	$	1,484	$	3,287	$	4,241

19

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Direct and allocated expenses	$	116	$	140	$	133	$	143	$	148
Pension, postretirement and postemployment benefit costs	1		1		1		1		1
Premium taxes, other taxes, and licenses & fees	12		13		21		20		19
Commissions and other variable expenses	251		273		275		301		325
Adjusted other expenses	$	380	$	427	$	430	$	465	$	493
Adjusted other expenses, net of adjusted capitalization of DAC	$	250	$	290	$	279	$	317	$	322
Adjusted other expenses on a constant currency basis	$	428	$	475	$	453	$	470	$	493
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	281	$	321	$	292	$	320	$	322
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Mexico	$	152	$	150	$	224	$	159	199
Chile	86		91		96		95		99
All other	87		89		101		84		80
Total sales	$	325	$	330	$	421	$	338	$	378
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Adjusted premiums, fees and other revenues	$	1,125	$	1,151	$	1,372	$	1,385	$	1,484
Adjusted earnings available to common shareholders	$	159	$	184	$	215	$	219	$	199
Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,277	$	1,285	$	1,425	$	1,391	$	1,484
Adjusted earnings available to common shareholders, on a constant currency basis	$	185	$	208	$	227	$	220	$	199

20

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Adjusted revenues
Premiums		$	472	$	488	$	496	$	499	$	502	$	1,474	$	1,497
Universal life and investment-type product policy fees		57		67		77		75		79		217		231
Net investment income		40		41		45		47		51		119		143
Other revenues		8		10		8		8		7		25		23
Total adjusted revenues		577		606		626		629		639		1,835		1,894
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		235		239		261		237		230		737		728
Policyholder liability remeasurement (gains) losses		(11)		(5)		(3)		2		(9)		(1)		(10)
Interest credited to policyholder account balances		16		18		16		19		19		53		54
Capitalization of DAC		(96)		(106)		(108)		(119)		(114)		(305)		(341)
Amortization of DAC and VOBA		75		81		85		85		87		242		257
Amortization of negative VOBA		(1)		(1)		(1)		(1)		(1)		(4)		(3)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		269		308		300		314		315		863		929
Total adjusted expenses		487		534		550		537		527		1,585		1,614
Adjusted earnings before provision for income tax		90		72		76		92		112		250		280
Provision for income tax expense (benefit)		26		8		16		22		24		65		62
Adjusted earnings		64		64		60		70		88		185		218
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	64	$	64	$	60	$	70	$	88	$	185	$	218
Adjusted premiums, fees and other revenues		$	537	$	565	$	581	$	582	$	588	$	1,716	$	1,751

21

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Direct and allocated expenses	$	91	$	100	$	94	$	97	$	104
Pension, postretirement and postemployment benefit costs	1		1		1		1		2
Premium taxes, other taxes, and licenses & fees	3		6		5		6		6
Commissions and other variable expenses	174		201		200		210		203
Adjusted other expenses	$	269	$	308	$	300	$	314	$	315
Adjusted other expenses, net of adjusted capitalization of DAC	$	173	$	202	$	192	$	195	$	201
Adjusted other expenses on a constant currency basis	$	270	$	311	$	296	$	308	$	315
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	173	$	204	$	191	$	193	$	201
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Adjusted premiums, fees and other revenues	$	537	$	565	$	581	$	582	$	588
Adjusted earnings available to common shareholders	$	64	$	64	$	60	$	70	$	88
Adjusted premiums, fees and other revenues, on a constant currency basis	$	537	$	570	$	577	$	574	$	588
Adjusted earnings available to common shareholders, on a constant currency basis	$	65	$	66	$	59	$	68	$	88
Total sales on a constant currency basis	$	167	$	180	$	258	$	226	$	201

22

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Adjusted revenues
Premiums		$	745	$	785	$	723	$	719	$	685	$	2,281	$	2,127
Universal life and investment-type product policy fees		202		176		183		170		184		726		537
Net investment income		1,103		1,150		1,127		1,170		1,153		3,764		3,450
Other revenues		39		49		53		49		41		106		143
Total adjusted revenues		2,089		2,160		2,086		2,108		2,063		6,877		6,257
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,385		1,415		1,369		1,341		1,311		4,221		4,021
Policyholder liability remeasurement (gains) losses		74		7		20		15		(7)		94		28
Interest credited to policyholder account balances		202		206		199		198		198		607		595
Capitalization of DAC		(9)		(7)		(6)		(6)		(5)		(22)		(17)
Amortization of DAC and VOBA		64		61		68		64		65		209		197
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		3		3		3		4		5		10
Other expenses		228		247		238		231		238		706		707
Total adjusted expenses		1,946		1,932		1,891		1,846		1,804		5,820		5,541
Adjusted earnings before provision for income tax		143		228		195		262		259		1,057		716
Provision for income tax expense (benefit)		26		44		37		51		51		210		139
Adjusted earnings		117		184		158		211		208		847		577
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	117	$	184	$	158	$	211	$	208	$	847	$	577
Adjusted premiums, fees and other revenues		$	986	$	1,010	$	959	$	938	$	910	$	3,113	$	2,807

23

METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Annuities	$	1,582	$	1,593	$	1,606	$	1,581	$	1,508
Life and Other	54,605		54,573		54,365		54,187		53,930
Long Term Care	12,986		13,845		14,617		14,498		13,025
Balance, end of period (at balance sheet discount rate) (2)	$	69,173	$	70,011	$	70,588	$	70,266	$	68,463
Less:
Annuities	$	(89)	$	(60)	$	(29)	$	(50)	$	(110)
Life and Other	(93)		(60)		(16)		18		(120)
Long Term Care	(1,217)		(513)		111		(172)		(1,754)
Accumulated other comprehensive (income) loss	$	(1,399)	$	(633)	$	66	$	(204)	$	(1,984)
Annuities	$	1,671	$	1,653	$	1,635	$	1,631	$	1,618
Life and Other	54,698		54,633		54,381		54,169		54,050
Long Term Care	14,203		14,358		14,506		14,670		14,779
Balance, end of period (at original discount rate)	$	70,572	$	70,644	$	70,522	$	70,470	$	70,447
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Annuities	$	13,701	$	13,286	$	12,818	$	12,410	$	12,006
Life and Other	12,544		12,402		12,234		12,044		11,844
Balance, end of period	$	26,245	$	25,688	$	25,052	$	24,454	$	23,850
MARKET RISK BENEFITS (3)
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Annuities	$	3,534	$	3,225	$	3,361	$	2,793	$	2,268
Balance, end of period	$	3,534	$	3,225	$	3,361	$	2,793	$	2,268
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Annuities	$	27,680	$	28,499	$	29,320	$	29,616	$	27,455
Life and Other	5,225		5,475		5,794		6,071		5,736
Balance, end of period	$	32,905	$	33,974	$	35,114	$	35,687	$	33,191
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Represents the current discount rate at the respective balance sheet date.
(3) Market risk benefits include Japan reinsurance.

24

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Direct and allocated expenses	$	164		$	178		$	171		$	165		$	166
Pension, postretirement and postemployment benefit costs	—			1			6			6			5
Premium taxes, other taxes, and licenses & fees	20			15			18			17			19
Commissions and other variable expenses	44			53			43			43			48
Adjusted other expenses	$	228		$	247		$	238		$	231		$	238
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Life (1)
Adjusted premiums, fees and other revenues	$	654		$	694		$	639		$	614		$	581
Interest adjusted benefit ratio	53.9		%	49.1		%	45.8		%	39.5		%	42.6		%
Lapse Ratio (2)
Traditional life	4.5		%	4.6		%	4.7		%	4.8		%	5.1		%
Variable & universal life	3.3		%	3.4		%	3.5		%	3.7		%	3.8		%
Fixed annuity	6.6		%	7.3		%	9.0		%	10.3		%	11.2		%
Variable annuity	9.5		%	9.2		%	9.5		%	9.9		%	10.5		%
(1) Represents the 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.

25

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Adjusted revenues
Premiums		$	(7)	$	1	$	16	$	19	$	9	$	(17)	$	44
Universal life and investment-type product policy fees		(1)		1		—		1		—		1		1
Net investment income		78		58		50		80		125		215		255
Other revenues		96		101		101		106		103		295		310
Total adjusted revenues		166		161		167		206		237		494		610
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		(3)		6		16		12		4		(12)		32
Policyholder liability remeasurement (gains) losses		—		—		—		—		—		—		—
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(2)		(1)		(1)		(4)		(2)		(7)		(7)
Amortization of DAC and VOBA		3		2		1		4		3		7		8
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		231		240		247		244		256		669		747
Other expenses		186		203		177		229		250		506		656
Total adjusted expenses		415		450		440		485		511		1,163		1,436
Adjusted earnings before provision for income tax		(249)		(289)		(273)		(279)		(274)		(669)		(826)
Provision for income tax expense (benefit)		(55)		(108)		(103)		(83)		(79)		(235)		(265)
Adjusted earnings		(194)		(181)		(170)		(196)		(195)		(434)		(561)
Preferred stock dividends		64		29		66		32		67		156		165
Adjusted earnings available to common shareholders		$	(258)	$	(210)	$	(236)	$	(228)	$	(262)	$	(590)	$	(726)
Adjusted premiums, fees and other revenues		$	88	$	103	$	117	$	126	$	112	$	279	$	355
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Business activities		$	36	$	32	$	19	$	20	$	13	$	106	$	52
Net investment income		75		63		51		81		126		213		258
Interest expense on debt		(240)		(250)		(258)		(254)		(266)		(693)		(778)
Corporate initiatives and projects		(15)		(16)		(14)		(32)		(12)		(48)		(58)
Other		(105)		(118)		(71)		(94)		(135)		(247)		(300)
Provision for income tax (expense) benefit and other tax-related items		55		108		103		83		79		235		265
Preferred stock dividends		(64)		(29)		(66)		(32)		(67)		(156)		(165)
Adjusted earnings available to common shareholders		$	(258)	$	(210)	$	(236)	$	(228)	$	(262)	$	(590)	$	(726)

26

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															At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023			September 30, 2022			September 30, 2023
Fixed Maturity Securities
Yield (1)	3.81		%	4.04		%	4.07		%	4.17		%	4.19		%	3.66		%	4.14		%
Investment income (2), (3)	$	2,773		$	2,978		$	3,028		$	3,107		$	3,123		$	8,120		$	9,258
Investment gains (losses)	(286)			(356)			(580)			(996)			(699)			(1,556)			(2,275)
Ending carrying value (4)	272,079			278,215			285,397			285,444			272,456			272,079			272,456
Net Mortgage Loans
Yield (1)	4.37		%	4.73		%	4.92		%	5.12		%	5.18		%	4.20		%	5.07		%
Investment income (3)	898			983			1,041			1,091			1,094			2,553			3,226
Investment gains (losses)	47			(118)			(164)			32			3			139			(129)
Ending carrying value (5)	82,437			83,763			85,572			84,794			84,058			82,437			84,058
Real Estate and Real Estate Joint Ventures
Yield (1)	5.75		%	3.16		%	(2.10)		%	0.82		%	(0.31)		%	7.51		%	(0.54)		%
Investment income	179			101			(69)			27			(11)			697			(53)
Investment gains (losses)	—			490			18			13			1			163			32
Ending carrying value	12,532			13,137			13,155			13,045			13,133			12,532			13,133
Policy Loans
Yield (1)	5.18		%	5.22		%	5.35		%	5.39		%	5.52		%	5.13		%	5.42		%
Investment income	114			115			119			119			120			344			358
Ending carrying value	8,783			8,874			8,863			8,788			8,725			8,783			8,725
Equity Securities
Yield (1)	6.40		%	3.58		%	3.17		%	4.11		%	4.14		%	4.14		%	3.65		%
Investment income	14			10			12			10			5			26			27
Investment gains (losses)	(23)			(18)			48			32			(14)			(115)			66
Ending carrying value	973			1,684			1,695			769			742			973			742
Other Limited Partnership Interests
Yield (1), (6)	(5.35)		%	(1.18)		%	0.73		%	6.17		%	5.56		%	8.26		%	4.17		%
Investment income (6)	(194)			(43)			26			225			206			903			457
Investment gains (losses)	(1)			38			9			3			—			15			12
Ending carrying value (7)	14,387			14,414			14,437			14,722			14,918			14,387			14,918
Cash and Short-term Investments
Yield (1)	2.54		%	3.70		%	5.01		%	5.94		%	6.38		%	1.74		%	5.78		%
Investment income	78			131			167			195			220			151			582
Investment gains (losses)	63			(37)			(11)			29			5			119			23
Ending carrying value	27,466			25,130			22,640			22,338			21,409			27,466			21,409
Other Invested Assets
Investment income	426			396			439			397			420			1,274			1,256
Investment gains (losses)	(14)			(15)			(11)			13			(167)			102			(165)
Ending carrying value	22,299			20,038			19,479			19,656			18,755			22,299			18,755
Total Investments
Investment income yield (1)	3.98		%	4.27		%	4.31		%	4.66		%	4.68		%	4.33		%	4.55		%
Investment fees and expenses yield (1)	(0.12)		%	(0.13)		%	(0.14)		%	(0.12)		%	(0.11)		%	(0.12)		%	(0.12)		%
Net Investment Income Yield (1)	3.86		%	4.14		%	4.17		%	4.54		%	4.57		%	4.21		%	4.43		%
Investment income	$	4,288		$	4,671		$	4,763		$	5,171		$	5,177		$	14,068		$	15,111
Investment fees and expenses	(125)			(141)			(157)			(131)			(121)			(398)			(409)
Net investment income including divested businesses	4,163			4,530			4,606			5,040			5,056			13,670			14,702
Less: Net investment income from divested businesses	—			—			—			—			—			11			—
Adjusted Net Investment Income (8)	$	4,163		$	4,530		$	4,606		$	5,040		$	5,056		$	13,659		$	14,702
Ending Carrying Value	$	440,956		$	445,255		$	451,238		$	449,556		$	434,196		$	440,956		$	434,196
Investment Portfolio Gains (Losses) (9)	$	(214)		$	(16)		$	(691)		$	(874)		$	(871)		$	(1,133)		$	(2,436)
Gross investment gains	259			1,117			433			271			119			1,166			823
Gross investment losses	(541)			(1,084)			(936)			(276)			(418)			(2,173)			(1,630)
Net credit loss (provision) release and (impairments)	68			(49)			(188)			(869)			(572)			(126)			(1,629)
Investment Portfolio Gains (Losses) (9)	(214)			(16)			(691)			(874)			(871)			(1,133)			(2,436)
Investment portfolio gains (losses) income tax (expense) benefit	51			3			181			188			155			259			524
Investment Portfolio Gains (Losses), Net of Income Tax	$	(163)		$	(13)		$	(510)		$	(686)		$	(716)		$	(874)		$	(1,912)
Derivative gains (losses) (9)	(478)			(381)			(372)			(1,278)			(1,454)			(2,846)			(3,104)
Derivative gains (losses) income tax (expense) benefit	129			69			47			320			397			759			764
Derivative Gains (Losses), Net of Income Tax	$	(349)		$	(312)		$	(325)		$	(958)		$	(1,057)		$	(2,087)		$	(2,340)
See footnotes on Page 30.

27

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		September 30, 2022				December 31, 2022				March 31, 2023				June 30, 2023				September 30, 2023
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate		$	78,824	29.1	%	$	80,030	28.9	%	$	82,482	29.1	%	$	82,523	29.1	%	$	78,552	28.9	%
Foreign corporate		49,927		18.4	%	52,572		19.0	%	54,285		19.1	%	53,690		18.9	%	51,377		19.0	%
Foreign government		44,050		16.3	%	46,747		16.9	%	48,111		16.9	%	45,994		16.2	%	42,685		15.8	%
U.S. government and agency		31,562		11.7	%	32,229		11.6	%	32,878		11.6	%	33,129		11.7	%	31,729		11.7	%
Residential mortgage-backed		27,145		10.0	%	26,165		9.5	%	26,543		9.4	%	28,458		10.0	%	27,785		10.3	%
Asset-backed securities and collateralized loan obligations		16,766		6.2	%	16,822		6.1	%	16,970		6.0	%	17,480		6.2	%	17,412		6.4	%
Municipals		12,014		4.4	%	12,152		4.4	%	12,597		4.4	%	12,324		4.3	%	11,347		4.2	%
Commercial mortgage-backed		10,477		3.9	%	10,063		3.6	%	9,988		3.5	%	10,259		3.6	%	10,095		3.7	%
Fixed Maturity Securities Available-For-Sale		$	270,765	100.0	%	$	276,780	100.0	%	$	283,854	100.0	%	$	283,857	100.0	%	$	270,982	100.0	%
NRSRO	NAIC
RATING	DESIGNATION
Aaa / Aa / A	1	$	185,780	68.6	%	$	190,021	68.7	%	$	195,535	69.0	%	$	196,361	69.3	%	$	186,834	69.0	%
Baa	2	71,276		26.3	%	73,194		26.5	%	74,661		26.3	%	73,827		26.0	%	71,043		26.2	%
Ba	3	10,652		4.0	%	10,511		3.8	%	10,856		3.8	%	10,885		3.8	%	10,325		3.8	%
B	4	2,618		1.0	%	2,571		0.9	%	2,296		0.8	%	2,311		0.8	%	2,343		0.9	%
Caa and lower	5	306		0.1	%	401		0.1	%	395		0.1	%	346		0.1	%	338		0.1	%
In or near default	6	133		—	%	82		—	%	111		—	%	127		—	%	99		—	%
Total Fixed Maturity Securities Available-For-Sale (10)		$	270,765	100.0	%	$	276,780	100.0	%	$	283,854	100.0	%	$	283,857	100.0	%	$	270,982	100.0	%
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)		September 30, 2022				December 31, 2022				March 31, 2023				June 30, 2023				September 30, 2023
Gross unrealized gains		$	5,488			$	5,239			$	6,554			$	5,991			$	3,685
Gross unrealized losses		36,982				34,301				27,469				28,982				38,702
Net Unrealized Gains (Losses)		$	(31,494)			$	(29,062)			$	(20,915)			$	(22,991)			$	(35,017)
See footnotes on Page 30.

28

INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)	September 30, 2022				December 31, 2022				March 31, 2023				June 30, 2023				September 30, 2023
Commercial mortgage loans	$	52,273			$	52,502			$	53,697			$	52,737			$	52,053
Agricultural mortgage loans	18,923				19,306				19,361				19,579				19,658
Residential mortgage loans	11,708				12,482				13,206				13,129				12,986
Total	82,904				84,290				86,264				85,445				84,697
Allowance for credit loss	(467)				(527)				(692)				(651)				(639)
Net Mortgage Loans	$	82,437			$	83,763			$	85,572			$	84,794			$	84,058
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE (5)
	September 30, 2022				December 31, 2022				March 31, 2023				June 30, 2023				September 30, 2023
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Pacific	$	9,805	18.7	%	$	9,628	18.3	%	$	9,736	18.1	%	$	9,171	17.4	%	$	9,206	17.7	%
Non-U.S.	8,977		17.2	%	9,299		17.7	%	9,383		17.5	%	9,243		17.5	%	8,682		16.7	%
Middle Atlantic	7,748		14.8	%	7,574		14.4	%	7,647		14.2	%	7,572		14.4	%	7,581		14.6	%
South Atlantic	6,691		12.8	%	6,617		12.6	%	6,671		12.4	%	6,514		12.4	%	6,581		12.6	%
West South Central	4,005		7.7	%	3,721		7.1	%	3,765		7.0	%	3,496		6.6	%	3,417		6.6	%
New England	2,754		5.3	%	2,764		5.3	%	2,876		5.4	%	2,878		5.5	%	2,875		5.5	%
Mountain	2,269		4.3	%	2,284		4.4	%	2,284		4.3	%	2,227		4.2	%	2,191		4.2	%
East North Central	1,596		3.1	%	1,594		3.0	%	1,768		3.3	%	1,809		3.4	%	1,855		3.6	%
West North Central	471		0.9	%	597		1.1	%	596		1.1	%	602		1.1	%	643		1.2	%
East South Central	635		1.2	%	620		1.2	%	624		1.2	%	623		1.2	%	622		1.2	%
Multi-Region and Other	7,322		14.0	%	7,804		14.9	%	8,347		15.5	%	8,602		16.3	%	8,400		16.1	%
Total	$	52,273	100.0	%	$	52,502	100.0	%	$	53,697	100.0	%	$	52,737	100.0	%	$	52,053	100.0	%
Office	$	21,144	40.5	%	$	21,009	40.0	%	$	21,134	39.4	%	$	20,215	38.3	%	$	19,619	37.7	%
Apartment	10,793		20.6	%	10,575		20.2	%	11,357		21.2	%	11,928		22.6	%	11,807		22.7	%
Retail	8,305		15.9	%	8,046		15.3	%	8,289		15.4	%	7,433		14.1	%	7,441		14.3	%
Industrial	5,068		9.7	%	5,607		10.7	%	5,219		9.7	%	5,158		9.8	%	5,248		10.1	%
Single Family Rental	3,601		6.9	%	3,979		7.6	%	4,457		8.3	%	4,711		8.9	%	4,735		9.1	%
Hotel	3,261		6.2	%	3,172		6.0	%	3,117		5.8	%	3,170		6.0	%	3,088		5.9	%
Other	101		0.2	%	114		0.2	%	124		0.2	%	122		0.3	%	115		0.2	%
Total	$	52,273	100.0	%	$	52,502	100.0	%	$	53,697	100.0	%	$	52,737	100.0	%	$	52,053	100.0	%
See footnotes on Page 30.

29

INVESTMENTS FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, asset carrying values utilized in the calculation of yields include invested assets reclassified to held-for-sale; otherwise, carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of ($43) million, $70 million, $48 million, $50 million and ($17) million for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively, and ($197) million and $81 million for the year-to-date period ended Septermber 30, 2022 and September 30, 2023, respectively.
(3)Investment income from fixed maturity securities and net 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.
	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
Fixed maturity securities available-for-sale	$	270,765	$	276,780	$	283,854	$	283,857	$	270,982
Contractholder-directed equity securities and fair value option securities	8,954		9,668		10,063		10,204		9,680
Total fixed maturity securities	279,719		286,448		293,917		294,061		280,662
Less: Contractholder-directed equity securities	7,640		8,233		8,520		8,617		8,206
Fixed maturity securities	$	272,079	$	278,215	$	285,397	$	285,444	$	272,456
(5)Net mortgage loans exclude mortgage loans originated for third parties of $8,265 million and $8,238 million at amortized cost, which is primarily comprised of commercial mortgage loans of $8,022 million and $7,998 million at amortized cost, and does not include the related allowance for credit loss of $73 million and $66 million at June 30, 2023 and September 30, 2023, respectively. Prior to the second quarter of 2023, these mortgage loans originated for third parties were accounted for by MetLife as sales of portions of the related mortgage loans.
(6)Other limited partnership interests includes investment income related to private equity investments of ($188) million, ($40) million, $17 million, $223 million and $203 million for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively, and $1,012 million and $443 million for the year-to-date period ended September 30, 2022 and September 30, 2023, respectively. The annualized yields for these periods were (5.37%), (1.15%), 0.48%, 6.19%, 5.50%, 9.64% and 4.09%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of $13,855 million, $14,000 million, $14,225 million, $14,608 million and $14,862 million at September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively.
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)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
	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Net investment gains (losses)	$	(411)	$	350	$	(684)	$	(1,039)	$	(927)	$	(1,610)	$	(2,650)
Less: Non-investment portfolio gains (losses)	(184)		369		13		(95)		(63)		(475)		(145)
Less: Provision for credit loss on certain mortgage loans originated for third parties	—		—		—		(73)		7		—		(66)
Less: Other adjustments	(13)		(3)		(6)		3		—		(2)		(3)
Investment portfolio gains (losses)	$	(214)	$	(16)	$	(691)	$	(874)	$	(871)	$	(1,133)	$	(2,436)
	For the Three Months Ended										For the Year-to-Date Period Ended
	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Net derivative gains (losses)	$	(226)	$	(104)	$	(90)	$	(997)	$	(1,202)	$	(2,147)	$	(2,289)
Less: Investment hedge adjustments	252		277		264		263		232		699		759
Less: Other adjustments	—		—		18		18		20		—		56
Derivative gains (losses)	$	(478)	$	(381)	$	(372)	$	(1,278)	$	(1,454)	$	(2,846)	$	(3,104)
(10)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.

30

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended								For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,098	$	1,549	$	14	$	370	$	422	$	3,550	$	806
Add: Preferred stock dividends	64		29		66		32		67		156		165
Add: Preferred stock redemption premium	—		—		—		—		—		—		—
Add: Net Income (loss) attributable to noncontrolling interests	5		3		5		6		6		15		17
Net income (loss)	1,167		1,581		85		408		495		$	3,721	$	988
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(411)		350		(684)		(1,039)		(927)		(1,610)		(2,650)
Net derivative gains (losses)	(226)		(104)		(90)		(997)		(1,202)		(2,147)		(2,289)
Market risk benefit remeasurement gains (losses)	965		512		(188)		817		796		3,162		1,425
Premiums - Divested businesses	—		—		—		—		—		41		—
Universal life and investment-type product policy fees - Divested businesses	—		—		—		—		—		11		—
Net investment income
Investment hedge adjustments	(252)		(277)		(264)		(263)		(232)		(699)		(759)
Unit-linked contract income	(321)		209		303		296		4		(1,507)		603
Other adjustments	(5)		2		—		(1)		(3)		(12)		(4)
Divested businesses	—		—		—		—		—		11		—
Other revenues
Asymmetrical and non-economic accounting	—		—		—		—		—		—		—
Other adjustments	40		25		(3)		(7)		(11)		135		(21)
Divested businesses	—		—		—		—		—		3		—
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting	(241)		(79)		(84)		(74)		5		(575)		(153)
Market volatility	66		105		14		44		64		88		122
Divested businesses	—		—		—		—		—		(23)		—
Policyholder liability remeasurement (gains) losses - Divested businesses	—		—		—		—		—		—		—
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting	36		(64)		(19)		10		44		130		35
Unit-linked contract costs	302		(180)		(303)		(301)		3		1,502		(601)
Divested businesses	—		—		—		—		—		(3)		—
Capitalization of DAC - Divested businesses	—		—		—		—		—		11		—
Amortization of DAC and VOBA - Divested businesses	—		—		—		—		—		(8)		—
Amortization of negative VOBA - Divested business	—		—		—		—		—		—		—
Interest expense on debt - Divested business	—		—		—		—		—		—		—
Other expenses
Other adjustments	(47)		(37)		(16)		(11)		(21)		(154)		(48)
Divested businesses	(13)		(21)		(11)		(9)		(9)		(53)		(29)
Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	110		(149)		180		419		429		729		1,028
Adjusted earnings	1,164		1,289		1,250		1,524		1,555		4,689		4,329
Less: Preferred stock dividends	64		29		66		32		67		156		165
Adjusted earnings available to common shareholders	$	1,100	$	1,260	$	1,184	$	1,492	$	1,488	$	4,533	$	4,164

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)			September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Actuarial assumption review and other insurance adjustments			$	12	$	—	$	—	$	—	$	14	$	89	$	14
Total notable items			$	12	$	—	$	—	$	—	$	14	$	89	$	14
U.S.
		For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)			September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Actuarial assumption review and other insurance adjustments			$	79	$	—	$	—	$	—	$	88	$	79	$	88
Total notable items			$	79	$	—	$	—	$	—	$	88	$	79	$	88
	GROUP BENEFITS
		For the Three Months Ended											For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
	Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	—	$	27	$	—	$	27
	Total notable items		$	—	$	—	$	—	$	—	$	27	$	—	$	27
	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended											For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
	Actuarial assumption review and other insurance adjustments		$	79	$	—	$	—	$	—	$	61	$	79	$	61
	Total notable items		$	79	$	—	$	—	$	—	$	61	$	79	$	61
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

APPENDIX METLIFE NOTABLE ITEMS (1) CONTINUED
ASIA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Actuarial assumption review and other insurance adjustments		$	(32)	$	—	$	—	$	—	$	(94)	$	(32)	$	(94)
Total notable items		$	(32)	$	—	$	—	$	—	$	(94)	$	(32)	$	(94)
LATIN AMERICA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Actuarial assumption review and other insurance adjustments		$	1	$	—	$	—	$	—	$	—	$	1	$	—
Total notable items		$	1	$	—	$	—	$	—	$	—	$	1	$	—
EMEA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Actuarial assumption review and other insurance adjustments		$	15	$	—	$	—	$	—	$	18	$	15	$	18
Total notable items		$	15	$	—	$	—	$	—	$	18	$	15	$	18
METLIFE HOLDINGS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		September 30, 2022		September 30, 2023
Actuarial assumption review and other insurance adjustments		$	(51)	$	—	$	—	$	—	$	2	$	26	$	2
Total notable items		$	(51)	$	—	$	—	$	—	$	2	$	26	$	2
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-3

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Total MetLife, Inc.'s stockholders' equity	$	29,389		$	29,881		$	32,194		$	30,261		$	25,658
Less: Preferred stock	3,818			3,818			3,818			3,818			3,818
MetLife, Inc.'s common stockholders' equity	25,571			26,063			28,376			26,443			21,840
Less: Net unrealized investment gains (losses), net of income tax	(21,652)			(21,089)			(14,606)			(16,800)			(26,548)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	7,612			6,115			2,748			3,919			10,245
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	174			107			186			108			(4)
Defined benefit plans adjustment, net of income tax	(1,536)			(1,377)			(1,356)			(1,331)			(1,308)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	40,973			42,307			41,404			40,547			39,455
Less: Accumulated year-to-date total notable items (2)	89			89			—			—			14
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	40,884		$	42,218		$	41,404		$	40,547		$	39,441
Unaudited (In millions, except per share data)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Book value per common share	$	32.48		$	33.45		$	36.89		$	34.92		$	29.34
Less: Net unrealized investment gains (losses), net of income tax	(27.50)			(27.07)			(18.99)			(22.19)			(35.66)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	9.67			7.85			3.57			5.18			13.77
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	0.22			0.14			0.24			0.14			(0.01)
Defined benefit plans adjustment, net of income tax	(1.95)			(1.77)			(1.76)			(1.76)			(1.76)
Book value per common share, excluding AOCI other than FCTA	$	52.04		$	54.30		$	53.83		$	53.55		$	53.00
Common shares outstanding, end of period	787.3			779.1			769.2			757.2			744.4
	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			September 30, 2023
Return on MetLife, Inc.'s:
Common stockholders' equity	15.8		%	24.0		%	0.2		%	5.4		%	7.0		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	15.9		%	19.5		%	17.4		%	21.8		%	24.7		%
Common stockholders' equity, excluding AOCI other than FCTA	10.6		%	12.1		%	11.3		%	14.6		%	14.9		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	10.5		%	12.1		%	11.3		%	14.6		%	14.7		%
Average common stockholders' equity	$	27,749		$	25,817		$	27,220		$	27,410		$	24,142
Average common stockholders' equity, excluding AOCI other than FCTA	$	41,343		$	41,640		$	41,856		$	40,976		$	40,001
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	41,260		$	41,551		$	41,856		$	40,976		$	39,994
(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.

A-4

APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
U.S. (1)	$	14,754	$	6,316	$	6,697	$	8,836	$	8,344
ASIA	1,752		1,709		1,688		1,674		1,743
LATIN AMERICA	1,277		1,285		1,425		1,391		1,484
EMEA	537		570		577		574		588
METLIFE HOLDINGS (1)	986		1,010		959		938		910
CORPORATE & OTHER (1)	88		103		117		126		112
Adjusted premiums, fees and other revenues, on a constant currency basis	$	19,394	$	10,993	$	11,463	$	13,539	$	13,181
Adjusted premiums, fees and other revenues	$	19,295	$	10,873	$	11,520	$	13,594	$	13,181
ASIA (including operating joint ventures) (2), (3)	$	2,127	$	2,074	$	2,168	$	2,084	$	2,169
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
U.S. (1)	$	1,003	$	1,031	$	1,078	$	1,096	$	1,075
ASIA	725		791		755		750		788
LATIN AMERICA	428		475		453		470		493
EMEA	270		311		296		308		315
METLIFE HOLDINGS (1)	228		247		238		231		238
CORPORATE & OTHER (1)	186		203		177		229		250
Adjusted other expenses on a constant currency basis	$	2,840	$	3,058	$	2,997	$	3,084	$	3,159
Adjusted other expenses	$	2,815	$	3,020	$	3,030	$	3,113	$	3,159
ASIA (including operating joint ventures) (2), (4)	$	831	$	898	$	879	$	866	$	901
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023
U.S. (1)	$	751	$	773	$	707	$	789	$	980
ASIA	263		269		270		425		275
LATIN AMERICA	185		208		227		220		199
EMEA	65		66		59		68		88
METLIFE HOLDINGS (1)	117		184		158		211		208
CORPORATE & OTHER (1)	(258)		(210)		(236)		(228)		(262)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,123	$	1,290	$	1,185	$	1,485	$	1,488
Adjusted earnings available to common shareholders	$	1,100	$	1,260	$	1,184	$	1,492	$	1,488
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16 for operating joint ventures.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

A-5

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	total adjusted revenues	(i)	total revenues
(ii)	total adjusted expenses	(ii)	total expenses
(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	adjusted premiums, fees & other revenues, excluding PRT	(iv)	premiums, fees and other revenues
(v)	adjusted net investment income	(v)	net investment income
(vi)	adjusted earnings	(vi)	net income (loss)
(vii)	adjusted earnings available to common shareholders	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders
(viii)	adjusted earnings available to common shareholders, excluding total notable items	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders
(ix)	adjusted earnings available to common shareholders per diluted common share	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x)	adjusted earnings available to common shareholders, excluding total notable items, per diluted common share	(x)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi)	adjusted return on equity	(xi)	return on equity
(xii)	adjusted return on equity, excluding AOCI other than FCTA	(xii)	return on equity
(xiii)	adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA)	(xiii)	return on equity
(xiv)	investment portfolio gains (losses)	(xiv)	net investment gains (losses)
(xv)	derivative gains (losses)	(xv)	net derivative gains (losses)
(xvi)	adjusted capitalization of DAC	(xvi)	capitalization of DAC
(xvii)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xvii)	total MetLife, Inc.’s stockholders’ equity
(xviii)	total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)	(xviii)	total MetLife, Inc.’s stockholders’ equity
(xix)	book value per common share, excluding AOCI other than FCTA	(xix)	book value per common share
(xx)	adjusted other expenses	(xx)	other expenses
(xxi)	adjusted other expenses, net of adjusted capitalization of DAC	(xxi)	other expenses, net of capitalization of DAC
(xxii)	adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses	(xxii)	other expenses, net of capitalization of DAC
(xxiii)	adjusted expense ratio	(xxiii)	expense ratio
(xxiv)	adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT	(xxiv)	expense ratio
(xxv)	direct expenses	(xxv)	other expenses
(xxvi)	direct expenses, excluding total notable items related to direct expenses	(xxvi)	other expenses
(xxvii)	direct expense ratio	(xxvii)	expense ratio
(xxviii)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxviii)	expense ratio
(xxix)	future policy benefits at original discount rate	(xxix)	future policy benefits at balance sheet discount rate
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at www.metlife.com.

A-6

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies: Adjusted earnings and related measures
•	adjusted earnings;
•	adjusted earnings available to common shareholders;
•	adjusted earnings available to common shareholders, excluding total notable items;
•	adjusted earnings available to common shareholders per diluted common share;
•	adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•	adjusted earnings available to common shareholders on a constant currency basis.
These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results. Effective January 1, 2023, MetLife adopted ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended ("LDTI"), with a transition date of January 1, 2021, which impacted the calculation of adjusted earnings. With the adoption of LDTI, the measurement model was simplified for DAC and VOBA, and most embedded derivatives were reclassified as market risk benefits. As a result, MetLife updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with market risk benefits, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted revenues and adjusted expenses
These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP. Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:
•	Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments").
•	Other revenues include settlements of foreign currency earnings hedges.
•	Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•	Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments.
Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made to the line items indicated in calculating adjusted earnings:
•	Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs").
•	Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•	Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•	Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

A-7

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity and related measures
•	Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) 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), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, and total notable items, net of income tax.
•	Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).
	The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•	Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•	Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•	Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•	Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•	Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account assets under management and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance results:
•	Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

A-8

METLIFE ACRONYMS
AOCI	Accumulated other comprehensive income (loss)
DAC	Deferred policy acquisition costs
DPL	Deferred profit liabilities
EMEA	Europe, the Middle East and Africa
FCTA	Foreign currency translation adjustments
GA	General account
GA AUM	General account assets under management
GAAP	Accounting principles generally accepted in the United States of America
GICs	Guaranteed interest contracts
NAIC	National Association of Insurance Commissioners
NRSRO	Nationally Recognized Statistical Rating Organization
PRT	Pension risk transfers
QFS	Quarterly financial supplement
VOBA	Value of business acquired

A-9