MetLife 8K Announces First Quarter 2024 Results | MET 1 May 24

Exhibit 99.2

First Quarter

Financial Supplement

March 31, 2024



			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

			Group Benefits
			Statements of Adjusted Earnings Available to Common Shareholders			10
			Other Expenses by Major Category; and Other Statistical Information			11

			RIS
			Statements of Adjusted Earnings Available to Common Shareholders			12
			Future Policy Benefits; Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance			13
			Other Expenses by Major Category; and Spread			14

			ASIA
			Statements of Adjusted Earnings Available to Common Shareholders			15
			Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			16
			Asia General Account Assets Under Management and Related Measures			17

			LATIN AMERICA
			Statements of Adjusted Earnings Available to Common Shareholders			18
			Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			19

			EMEA
			Statements of Adjusted Earnings Available to Common Shareholders			20
			Other Expenses by Major Category; and Other Statistical Information			21

			METLIFE HOLDINGS
			Statements of Adjusted Earnings Available to Common Shareholders			22
			Future Policy Benefits; Policyholder Account Balances; Market Risk Benefits; and Separate Account Liabilities			23
			Other Expenses by Major Category; and Other Statistical Information			24

			CORPORATE & OTHER
			Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source			25

			INVESTMENTS
			Investment Portfolio Results by Asset Category and Annualized Yields			26
			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			27
			Summary of Net Mortgage Loans; and Summary of Net Commercial Mortgage Loans by Region and Property Type			28
			Footnotes			29

			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

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METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding 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)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023			March 31, 2024		March 31, 2023		March 31, 2024

Revenues
Premiums		$	9,589	$	11,678	$	11,230	$	11,786		$	10,053	$	9,589	$	10,053
Universal life and investment-type product policy fees		1,289		1,288		1,334		1,241			1,248		1,289		1,248
Net investment income		4,645		5,072		4,825		5,366			5,436		4,645		5,436
Other revenues		639		621		606		660			674		639		674
Net investment gains (losses)		(684)		(1,039)		(927)		(174)			(375)		(684)		(375)
Net derivative gains (losses)		(90)		(997)		(1,202)		149			(979)		(90)		(979)
Total revenues		15,388		16,623		15,866		19,028			16,057		15,388		16,057

Expenses
Policyholder benefits and claims		9,872		11,809		11,130		11,779			10,074		9,872		10,074
Policyholder liability remeasurement (gains) losses		(9)		(16)		(17)		(3)			(22)		(9)		(22)
Market risk benefit remeasurement (gains) losses		188		(817)		(796)		431			(694)		188		(694)
Interest credited to policyholder account balances		1,864		1,933		1,658		2,405			2,290		1,864		2,290
Policyholder dividends		159		151		153		159			147		159		147

Amortization of DAC and VOBA		470		479		499		504			508		470		508
Amortization of negative VOBA		(7)		(6)		(7)		(6)			(6)		(7)		(6)
Interest expense on debt		255		256		265		269			264		255		264
Other expenses, net of capitalization of DAC		2,339		2,404		2,447		2,549			2,451		2,339		2,451
Total expenses		15,131		16,193		15,332		18,087			15,012		15,131		15,012
Income (loss) before provision for income tax		257		430		534		941			1,045		257		1,045
Provision for income tax expense (benefit)		172		22		39		327			170		172		170


Net income (loss)		85		408		495		614			875		85		875
Less: Net income (loss) attributable to noncontrolling interests		5		6		6		7			8		5		8
Net income (loss) attributable to MetLife, Inc.		80		402		489		607			867		80		867
Less: Preferred stock dividends		66		32		67		33			67		66		67

Net income (loss) available to MetLife, Inc.'s common shareholders		$	14	$	370	$	422	$	574		$	800	$	14	$	800

Premiums, fees and other revenues		$	11,517	$	13,587	$	13,170	$	13,687		$	11,975	$	11,517	$	11,975

Table of Contents



METLIFE CORPORATE OVERVIEW


	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Net income (loss) available to MetLife, Inc.'s common shareholders	$	14	$	370	$	422	$	574	$	800
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(684)		(1,039)		(927)		(174)		(375)
Less: Net derivative gains (losses)	(90)		(997)		(1,202)		149		(979)
Less: Market risk benefit remeasurement gains (losses)	(188)		817		796		(431)		694
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(383)		(316)		(156)		(330)		(126)
Less: Provision for income tax (expense) benefit	180		419		429		6		260

Add: Net income (loss) attributable to noncontrolling interests	5		6		6		7		8
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders	1,184		1,492		1,488		1,361		1,334
Less: Total notable items (2)	—		—		14		(76)		—
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,184	$	1,492	$	1,474	$	1,437	$	1,334

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	0.02	$	0.48	$	0.56	$	0.77	$	1.10

Less: Net investment gains (losses)	(0.88)		(1.35)		(1.23)		(0.23)		(0.51)
Less: Net derivative gains (losses)	(0.12)		(1.30)		(1.59)		0.20		(1.34)
Less: Market risk benefit remeasurement gains (losses)	(0.24)		1.06		1.05		(0.58)		0.95
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.48)		(0.40)		(0.20)		(0.45)		(0.18)
Less: Provision for income tax (expense) benefit	0.23		0.54		0.57		0.01		0.36

Add: Net income (loss) attributable to noncontrolling interests	0.01		0.01		0.01		0.01		0.01
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders per diluted common share	1.52		1.94		1.97		1.83		1.83
Less: Total notable items per diluted common share (2)	—		—		0.02		(0.10)		—
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	1.52	$	1.94	$	1.95	$	1.93	$	1.83

	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

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


Actuarial assumption review and other insurance adjustments	$	—	$	—	$	14	$	—	$	—
Litigation reserves and settlement costs	—		—		—		(76)		—




Total notable items	$	—	$	—	$	14	$	(76)	$	—



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


Actuarial assumption review and other insurance adjustments	$	—	$	—	$	0.02	$	—	$	—
Litigation reserves and settlement costs	—		—		—		(0.10)		—




Total notable items	$	—	$	—	$	0.02	$	(0.10)	$	—



	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Weighted average common shares outstanding - diluted	781.2		769.6		755.5		743.4		728.4

(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.

Table of Contents



METLIFE CORPORATE OVERVIEW (CONTINUED)

Unaudited	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Book value per common share (1)	$	36.89		$	34.92		$	29.34		$	35.85		$	34.54
Book value per common share, excluding AOCI other than FCTA (1)	$	53.83		$	53.55		$	53.00		$	53.75		$	53.13


	For the Three Months Ended
Unaudited	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024
Return on MetLife, Inc.'s (2):
Common stockholders' equity	0.2		%	5.4		%	7.0		%	9.6		%	12.6		%

Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	17.4		%	21.8		%	24.7		%	22.7		%	21.0		%
Common stockholders' equity, excluding AOCI other than FCTA	11.3		%	14.6		%	14.9		%	13.8		%	13.8		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	11.3		%	14.6		%	14.7		%	14.6		%	13.8		%


	For the Three Months Ended
Unaudited (In millions)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Common shares outstanding, beginning of period	779.1			769.2			757.2			744.4			730.8
Share repurchases	(11.6)			(12.1)			(12.9)			(13.7)			(16.9)
Newly issued shares	1.7			0.1			0.1			0.1			1.8
Common shares outstanding, end of period	769.2			757.2			744.4			730.8			715.7

Weighted average common shares outstanding - basic	775.4			765.9			751.4			738.6			723.2
Dilutive effect of the exercise or issuance of stock-based awards	5.8			3.7			4.1			4.8			5.2
Weighted average common shares outstanding - diluted	781.2			769.6			755.5			743.4			728.4

MetLife Policyholder Trust Shares	122.1			120.5			119.1			117.6			116.0

(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.

Table of Contents



METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS




	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Total revenues	$	15,388	$	16,623	$	15,866	$	19,028	$	16,057	$	15,388	$	16,057
Less: Adjustments to total revenues:
Net investment gains (losses)	(684)		(1,039)		(927)		(174)		(375)		(684)		(375)
Net derivative gains (losses)	(90)		(997)		(1,202)		149		(979)		(90)		(979)
Investment hedge adjustments	(264)		(263)		(232)		(253)		(176)		(264)		(176)
Asymmetrical and non-economic accounting	—		—		—		29		39		—		39
Unit-linked contract income	303		296		4		580		542		303		542
Other adjustments	(3)		(8)		(14)		(21)		(10)		(3)		(10)
Divested businesses	—		—		—		—		—		—		—
Total adjusted revenues	$	16,126	$	18,634	$	18,237	$	18,718	$	17,016	$	16,126	$	17,016

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Net investment income	$	4,645	$	5,072	$	4,825	$	5,366	$	5,436	$	4,645	$	5,436
Less: Adjustments to net investment income:
Investment hedge adjustments	(264)		(263)		(232)		(253)		(176)		(264)		(176)
Unit-linked contract income	303		296		4		580		542		303		542
Other adjustments	—		(1)		(3)		(8)		2		—		2
Divested businesses	—		—		—		—		—		—		—
Adjusted net investment income	$	4,606	$	5,040	$	5,056	$	5,047	$	5,068	$	4,606	$	5,068

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Variable investment income (Included in net investment income above)	$	(44)	$	221	$	179	$	63	$	260	$	(44)	$	260

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Premiums, fees and other revenues	$	11,517	$	13,587	$	13,170	$	13,687	$	11,975	$	11,517	$	11,975
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	—		—		—		29		39		—		39
Other adjustments	(3)		(7)		(11)		(13)		(12)		(3)		(12)
Divested businesses	—		—		—		—		—		—		—
Adjusted premiums, fees and other revenues	$	11,520	$	13,594	$	13,181	$	13,671	$	11,948	$	11,520	$	11,948
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,380	$	13,463	$	13,097	$	13,664	$	11,948

Table of Contents



METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)



	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Total expenses	$	15,131	$	16,193	$	15,332	$	18,087	$	15,012	$	15,131	$	15,012
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses	188		(817)		(796)		431		(694)		188		(694)
Goodwill impairment	—		—		—		—		—		—		—
Asymmetrical and non-economic accounting	103		64		(49)		129		38		103		38
Market volatility	(14)		(44)		(64)		(62)		(67)		(14)		(67)
Unit-linked contract costs	303		301		(3)		582		539		303		539
Other adjustments	16		11		21		7		7		16		7
Divested businesses	11		9		9		9		4		11		4
Total adjusted expenses	$	14,524	$	16,669	$	16,214	$	16,991	$	15,185	$	14,524	$	15,185

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Capitalization of DAC	$	(718)	$	(729)	$	(742)	$	(728)	$	(740)	$	(718)	$	(740)
Less: Divested businesses	—		—		—		—		—		—		—
Adjusted capitalization of DAC	$	(718)	$	(729)	$	(742)	$	(728)	$	(740)	$	(718)	$	(740)

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Other expenses	$	3,057	$	3,133	$	3,189	$	3,277	$	3,191	$	3,057	$	3,191
Less: Adjustments to other expenses:
Other adjustments	16		11		21		7		7		16		7
Divested businesses	11		9		9		9		4		11		4
Adjusted other expenses	$	3,030	$	3,113	$	3,159	$	3,261	$	3,180	$	3,030	$	3,180
Adjusted other expenses on a constant currency basis	$	2,967	$	3,052	$	3,128	$	3,256	$	3,180

Table of Contents



METLIFE EXPENSE DETAIL AND RATIOS





	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			March 31, 2023			March 31, 2024


Other expenses, net of capitalization of DAC	$	2,339		$	2,404		$	2,447		$	2,549		$	2,451		$	2,339		$	2,451

Premiums, fees and other revenues	$	11,517		$	13,587		$	13,170		$	13,687		$	11,975		$	11,517		$	11,975

Expense ratio	20.3		%	17.7		%	18.6		%	18.6		%	20.5		%	20.3		%	20.5		%

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			March 31, 2023			March 31, 2024
Adjusted other expenses by major category
Direct expenses	$	1,387		$	1,415		$	1,447		$	1,559		$	1,426		$	1,387		$	1,426
Pension, postretirement and postemployment benefit costs	59			59			59			69			65			59			65
Premium taxes, other taxes, and licenses & fees	161			184			162			153			176			161			176
Commissions and other variable expenses	1,423			1,455			1,491			1,480			1,513			1,423			1,513
Adjusted other expenses	3,030			3,113			3,159			3,261			3,180			3,030			3,180
Adjusted capitalization of DAC	(718)			(729)			(742)			(728)			(740)			(718)			(740)
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,312		$	2,384		$	2,417		$	2,533		$	2,440		$	2,312		$	2,440



	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			March 31, 2023			March 31, 2024
Employee-related costs	$	929		$	895		$	913		$	882		$	950		$	929		$	950
Third-party staffing costs	331			346			350			399			342			331			342
General and administrative expenses	127			174			184			278			134			127			134
Direct expenses	1,387			1,415			1,447			1,559			1,426			1,387			1,426
Less: Total notable items related to direct expenses (1)	—			—			—			96			—			—			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,387		$	1,415		$	1,447		$	1,463		$	1,426		$	1,387		$	1,426

Adjusted other expenses, net of adjusted capitalization of DAC	$	2,312		$	2,384		$	2,417		$	2,533		$	2,440		$	2,312		$	2,440
Less: Total notable items related to adjusted other expenses (1)	—			—			—			96			—			—			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,312		$	2,384		$	2,417		$	2,437		$	2,440		$	2,312		$	2,440

Adjusted premiums, fees and other revenues	$	11,520		$	13,594		$	13,181		$	13,671		$	11,948		$	11,520		$	11,948
Less: PRT	(21)			2,024			1,461			1,860			(25)			(21)			(25)
Adjusted premiums, fees and other revenues, excluding PRT	$	11,541		$	11,570		$	11,720		$	11,811		$	11,973		$	11,541		$	11,973

Direct expense ratio	12.0		%	10.4		%	11.0		%	11.4		%	11.9		%	12.0		%	11.9		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.0		%	12.2		%	12.3		%	12.4		%	11.9		%	12.0		%	11.9		%

Adjusted expense ratio	20.1		%	17.5		%	18.3		%	18.5		%	20.4		%	20.1		%	20.4		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	20.0		%	20.6		%	20.6		%	20.6		%	20.4		%	20.0		%	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.

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METLIFE GAAP CONSOLIDATED BALANCE SHEETS



Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	283,854	$	283,857	$	270,982	$	281,412	$	278,409
Equity securities, at estimated fair value	1,695		769		742		757		750
Contractholder-directed equity securities and fair value option securities, at estimated fair value	10,063		10,204		9,680		10,331		10,313
Mortgage loans	85,572		92,986		92,230		92,506		91,458
Policy loans	8,863		8,788		8,725		8,788		8,800
Real estate and real estate joint ventures	13,155		13,045		13,133		13,332		12,992
Other limited partnership interests	14,437		14,722		14,918		14,764		14,301
Short-term investments, principally at estimated fair value	4,184		6,921		6,497		6,045		4,884
Other invested assets	19,479		19,656		18,755		18,202		18,097
Total investments	441,302		450,948		435,662		446,137		440,004
Cash and cash equivalents, principally at estimated fair value	18,456		15,417		14,912		20,639		19,840
Accrued investment income	3,554		3,505		3,704		3,589		3,636
Premiums, reinsurance and other receivables	18,692		18,530		19,002		28,971		29,986
Market risk benefits, at estimated fair value	227		279		334		286		351
Deferred policy acquisition costs and value of business acquired	19,976		19,850		19,737		20,151		19,842
Current income tax recoverable	—		189		—		190		—
Deferred income tax assets	2,257		2,377		3,174		2,612		2,751
Goodwill	9,379		9,261		9,109		9,236		9,037

Other assets	12,006		10,977		10,862		11,139		11,126
Separate account assets	148,417		145,946		135,624		144,634		141,003
Total assets	$	674,266	$	677,279	$	652,120	$	687,584	$	677,576

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	191,741	$	190,474	$	181,755	$	196,406	$	191,013
Policyholder account balances	212,569		214,413		213,933		219,269		219,168
Market risk benefits, at estimated fair value	3,869		3,259		2,738		3,179		2,696
Other policy-related balances	19,598		19,642		19,665		19,736		20,219
Policyholder dividends payable	356		366		381		386		357
Payables for collateral under securities loaned and other transactions	19,863		18,806		17,797		17,524		17,470
Short-term debt	168		200		161		119		127
Long-term debt	14,622		14,539		15,475		15,548		15,972
Collateral financing arrangement	704		675		651		637		590
Junior subordinated debt securities	3,159		3,160		3,160		3,161		3,162
Current income tax payable	554		—		59		—		10
Deferred income tax liability	1,111		752		128		927		835

Other liabilities	25,112		34,555		34,698		35,805		36,158
Separate account liabilities	148,417		145,946		135,624		144,634		141,003
Total liabilities	641,843		646,787		626,225		657,331		648,780

Equity
Preferred stock, at par value	—		—		—		—		—

Common stock, at par value	12		12		12		12		12
Additional paid-in capital	33,617		33,630		33,666		33,690		33,718
Retained earnings	39,957		39,928		39,958		40,146		40,350
Treasury stock, at cost	(22,245)		(22,923)		(23,724)		(24,591)		(25,774)
Accumulated other comprehensive income (loss)	(19,147)		(20,386)		(24,254)		(19,242)		(19,771)
Total MetLife, Inc.'s stockholders' equity	32,194		30,261		25,658		30,015		28,535
Noncontrolling interests	229		231		237		238		261
Total equity	32,423		30,492		25,895		30,253		28,796
Total liabilities and equity	$	674,266	$	677,279	$	652,120	$	687,584	$	677,576

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METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)

	For the Three Months Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Adjusted earnings before provision for income tax
GROUP BENEFITS		$	391	$	471	$	645	$	590	$	359
RIS		505		527		594		532		504
ASIA		405		611		405		419		582
LATIN AMERICA		303		281		282		271		331
EMEA		76		92		112		63		103
METLIFE HOLDINGS		195		262		259		193		196
CORPORATE & OTHER		(273)		(279)		(274)		(341)		(244)
Total adjusted earnings before provision for income tax		$	1,602	$	1,965	$	2,023	$	1,727	$	1,831

Provision for income tax expense (benefit)
GROUP BENEFITS		$	84	$	99	$	135	$	124	$	75
RIS		105		110		124		111		105
ASIA		125		180		130		123		159
LATIN AMERICA		88		62		83		64		98
EMEA		16		22		24		16		26
METLIFE HOLDINGS		37		51		51		37		37
CORPORATE & OTHER		(103)		(83)		(79)		(142)		(70)
Total provision for income tax expense (benefit)		$	352	$	441	$	468	$	333	$	430

Adjusted earnings available to common shareholders
GROUP BENEFITS		$	307	$	372	$	510	$	466	$	284
RIS		400		417		470		421		399
ASIA		280		431		275		296		423
LATIN AMERICA		215		219		199		207		233
EMEA		60		70		88		47		77
METLIFE HOLDINGS		158		211		208		156		159
CORPORATE & OTHER (2)		(236)		(228)		(262)		(232)		(241)
Total adjusted earnings available to common shareholders (2)		$	1,184	$	1,492	$	1,488	$	1,361	$	1,334

(1)Includes impact of preferred stock dividends of $66 million, $32 million, $67 million, $33 million and $67 million for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, and March 31, 2024, respectively.

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GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Adjusted revenues
Premiums		$	5,451	$	5,427	$	5,276	$	5,404	$	5,711	$	5,451	$	5,711
Universal life and investment-type product policy fees		218		223		219		218		222		218		222
Net investment income		310		327		330		334		315		310		315
Other revenues		380		363		371		379		397		380		397
Total adjusted revenues		6,359		6,340		6,196		6,335		6,645		6,359		6,645

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,994		4,866		4,592		4,712		5,236		4,994		5,236
Policyholder liability remeasurement (gains) losses		(4)		2		(29)		3		(3)		(4)		(3)
Interest credited to policyholder account balances		46		48		50		49		48		46		48
Capitalization of DAC		(6)		(5)		(5)		(4)		(4)		(6)		(4)
Amortization of DAC and VOBA		6		7		6		7		6		6		6
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		—		1		—		1		—		—		—
Other expenses		932		950		937		977		1,003		932		1,003
Total adjusted expenses		5,968		5,869		5,551		5,745		6,286		5,968		6,286
Adjusted earnings before provision for income tax		391		471		645		590		359		391		359
Provision for income tax expense (benefit)		84		99		135		124		75		84		75
Adjusted earnings		307		372		510		466		284		307		284
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	307	$	372	$	510	$	466	$	284	$	307	$	284

Adjusted premiums, fees and other revenues		$	6,049	$	6,013	$	5,866	$	6,001	$	6,330	$	6,049	$	6,330

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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Direct and allocated expenses	$	474		$	468		$	464		$	490		$	505
Pension, postretirement and postemployment benefit costs	13			13			12			12			14
Premium taxes, other taxes, and licenses & fees	80			101			83			79			89
Commissions and other variable expenses	365			368			378			396			395
Adjusted other expenses	$	932		$	950		$	937		$	977		$	1,003

OTHER STATISTICAL INFORMATION (1)

	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Group Life (2)
Adjusted premiums, fees and other revenues	$	2,232		$	2,254		$	2,215		$	2,199		$	2,340
Mortality ratio	90.5		%	85.3		%	83.6		%	83.5		%	90.2		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,601		$	2,617		$	2,620		$	2,689		$	2,773
Interest adjusted benefit ratio (4)	72.9		%	73.7		%	69.0		%	70.7		%	73.9		%

(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.

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RIS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Adjusted revenues
Premiums		$	501	$	2,681	$	2,330	$	2,736	$	675	$	501	$	675
Universal life and investment-type product policy fees		79		71		82		81		75		79		75
Net investment income		1,814		1,948		2,009		2,032		2,089		1,814		2,089
Other revenues		68		71		66		66		63		68		63
Total adjusted revenues		2,462		4,771		4,487		4,915		2,902		2,462		2,902

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,225		3,441		3,100		3,503		1,471		1,225		1,471
Policyholder liability remeasurement (gains) losses		(29)		(11)		(76)		(15)		1		(29)		1
Interest credited to policyholder account balances		646		702		756		783		796		646		796
Capitalization of DAC		(45)		(50)		(41)		(40)		(61)		(45)		(61)
Amortization of DAC and VOBA		11		12		13		13		15		11		15
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		3		4		3		4		4		3		4
Other expenses		146		146		138		135		172		146		172
Total adjusted expenses		1,957		4,244		3,893		4,383		2,398		1,957		2,398
Adjusted earnings before provision for income tax		505		527		594		532		504		505		504
Provision for income tax expense (benefit)		105		110		124		111		105		105		105
Adjusted earnings		400		417		470		421		399		400		399
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	400	$	417	$	470	$	421	$	399	$	400	$	399

Adjusted premiums, fees and other revenues		$	648	$	2,823	$	2,478	$	2,883	$	813	$	648	$	813
Less: PRT		(21)		2,024		1,461		1,860		(25)		(21)		(25)
Adjusted premiums, fees and other revenues, excluding PRT		$	669	$	799	$	1,017	$	1,023	$	838	$	669	$	838

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RIS
FUTURE POLICY BENEFITS (1)

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Balance, end of period (at balance sheet discount rate) (2)	$	63,671	$	64,446	$	61,947	$	69,407	$	67,402
Less: Accumulated other comprehensive (income) loss	(1,302)		(2,135)		(5,598)		(278)		(1,735)
Balance, end of period (at original discount rate)	$	64,973	$	66,581	$	67,545	$	69,685	$	69,137

POLICYHOLDER ACCOUNT BALANCES

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Balance, end of period	$	79,973	$	81,249	$	80,929	$	82,405	$	83,049

SEPARATE ACCOUNT LIABILITIES

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Balance, end of period	$	57,990	$	54,501	$	51,740	$	53,093	$	51,012

SYNTHETIC GICS (3), (4)

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Balance, end of period	$	47,850	$	50,453	$	49,003	$	49,066	$	48,100

LONGEVITY REINSURANCE (5)

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Balance, end of period	$	17,085	$	19,401	$	19,175	$	21,945	$	21,333

(1)Includes $3,449 million, $3,481 million, $3,731 million, $3,782 and $3,791 million of DPL at March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, 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 $2,262 million, $3,112 million, $0, $1,282 million and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, 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.

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RIS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Direct and allocated expenses	$	71		$	67		$	66		$	71		$	80
Pension, postretirement and postemployment benefit costs	3			3			4			3			4
Premium taxes, other taxes, and licenses & fees	9			12			9			1			17
Commissions and other variable expenses	63			64			59			60			71
Adjusted other expenses	$	146		$	146		$	138		$	135		$	172

SPREAD

	For the Three Months Ended
Unaudited	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Investment income yield excluding variable investment income yield	4.98		%	5.18		%	5.28		%	5.32		%	5.24		%
Variable investment income yield	(0.27)		%	2.57		%	3.08		%	1.96		%	6.30		%
Total investment income yield	4.78		%	5.08		%	5.20		%	5.19		%	5.28		%

Average crediting rate	3.82		%	3.97		%	4.12		%	4.20		%	4.23		%
Amortization of DPL and losses at inception (1)	(0.21)		%	(0.21)		%	(0.22)		%	(0.22)		%	(0.22)		%
Total average crediting rate	3.61		%	3.76		%	3.90		%	3.98		%	4.01		%

Annualized general account spread	1.17		%	1.32		%	1.30		%	1.21		%	1.27		%
Annualized general account spread excluding variable investment income yield	1.37		%	1.42		%	1.38		%	1.34		%	1.23		%

(1)Includes the amortization of DPL of (0.22)%, (0.21)%, (0.23)%, (0.23)% and (0.23)% for the three months ended March 31, 2023, June 30, 2023. September 30, 2023, December 31, 2023 and March 31, 2024, respectively.

Table of Contents



ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Adjusted revenues
Premiums		$	1,377	$	1,310	$	1,312	$	1,252	$	1,297	$	1,377	$	1,297
Universal life and investment-type product policy fees		397		396		411		428		426		397		426
Net investment income		881		1,050		1,023		1,003		1,108		881		1,108
Other revenues		20		21		20		25		21		20		21
Total adjusted revenues		2,675		2,777		2,766		2,708		2,852		2,675		2,852

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,130		1,057		1,095		1,051		1,067		1,130		1,067
Policyholder liability remeasurement (gains) losses		11		(27)		108		13		(32)		11		(32)
Interest credited to policyholder account balances		536		570		576		619		647		536		647
Capitalization of DAC		(401)		(397)		(404)		(381)		(361)		(401)		(361)
Amortization of DAC and VOBA		193		190		204		207		210		193		210
Amortization of negative VOBA		(6)		(5)		(6)		(5)		(5)		(6)		(5)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		807		778		788		785		744		807		744
Total adjusted expenses		2,270		2,166		2,361		2,289		2,270		2,270		2,270
Adjusted earnings before provision for income tax		405		611		405		419		582		405		582
Provision for income tax expense (benefit)		125		180		130		123		159		125		159
Adjusted earnings		280		431		275		296		423		280		423
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	280	$	431	$	275	$	296	$	423	$	280	$	423

Adjusted premiums, fees and other revenues		$	1,794	$	1,727	$	1,743	$	1,705	$	1,744	$	1,794	$	1,744

Table of Contents



ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Adjusted premiums, fees and other revenues	$	1,794	$	1,727	$	1,743	$	1,705	$	1,744

Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,659	$	1,645	$	1,712	$	1,697	$	1,744
Add: Operating joint ventures, on a constant currency basis (1)	481		411		427		367		528
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,140	$	2,056	$	2,139	$	2,064	$	2,272

OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Direct and allocated expenses	$	303	$	285	$	284	$	300	$	282
Pension, postretirement and postemployment benefit costs	17		15		16		20		15
Premium taxes, other taxes, and licenses & fees	33		32		33		34		33
Commissions and other variable expenses	454		446		455		431		414
Adjusted other expenses	$	807	$	778	$	788	$	785	$	744
Adjusted other expenses, net of adjusted capitalization of DAC	$	406	$	381	$	384	$	404	$	383

Adjusted other expenses on a constant currency basis	$	740	$	735	$	772	$	779	$	744
Add: Operating joint ventures, on a constant currency basis (2)	124		116		114		98		116
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	864	$	851	$	886	$	877	$	860
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	467	$	443	$	465	$	483	$	451

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Japan:
Life	$	82	$	198	$	177	$	194	$	135
Accident & Health	61		59		52		59		71
Annuities	263		173		146		178		148
Other	2		2		2		1		2
Total Japan	408		432		377		432		356
Other Asia	226		181		222		180		228
Total sales	$	634	$	613	$	599	$	612	$	584

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Adjusted earnings available to common shareholders	$	280	$	431	$	275	$	296	$	423
Adjusted earnings available to common shareholders, on a constant currency basis	$	269	$	422	$	273	$	296	$	423

(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.

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ASIA

ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

GA AUM	$	121,072	$	118,188	$	113,105	$	123,434	$	120,743
GA AUM (at amortized cost)	$	127,120	$	125,266	$	124,684	$	130,093	$	128,618

GA AUM (at amortized cost), on a constant currency basis	$	121,057	$	123,165	$	124,216	$	126,558	$	128,618
Add: Operating joint ventures, on a constant currency basis (1)	7,842		8,139		8,325		7,985		8,265
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	128,899	$	131,304	$	132,541	$	134,543	$	136,883

(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.

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LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Adjusted revenues
Premiums		$	1,025	$	1,023	$	1,116	$	1,123	$	1,115	$	1,025	$	1,115
Universal life and investment-type product policy fees		335		352		359		352		370		335		370
Net investment income		379		418		365		482		386		379		386
Other revenues		12		10		9		11		11		12		11
Total adjusted revenues		1,751		1,803		1,849		1,968		1,882		1,751		1,882

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		966		976		1,020		1,132		983		966		983
Policyholder liability remeasurement (gains) losses		(4)		3		(4)		(20)		(8)		(4)		(8)
Interest credited to policyholder account balances		99		105		106		116		114		99		114
Capitalization of DAC		(151)		(148)		(171)		(181)		(178)		(151)		(178)
Amortization of DAC and VOBA		106		117		121		124		125		106		125
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		4		2		3		3		2		3
Other expenses		430		465		493		523		512		430		512
Total adjusted expenses		1,448		1,522		1,567		1,697		1,551		1,448		1,551
Adjusted earnings before provision for income tax		303		281		282		271		331		303		331
Provision for income tax expense (benefit)		88		62		83		64		98		88		98
Adjusted earnings		215		219		199		207		233		215		233
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	215	$	219	$	199	$	207	$	233	$	215	$	233

Adjusted premiums, fees and other revenues		$	1,372	$	1,385	$	1,484	$	1,486	$	1,496	$	1,372	$	1,496

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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Direct and allocated expenses	$	133	$	143	$	148	$	154	$	140
Pension, postretirement and postemployment benefit costs	1		1		1		1		2
Premium taxes, other taxes, and licenses & fees	21		20		19		29		20
Commissions and other variable expenses	275		301		325		339		350
Adjusted other expenses	$	430	$	465	$	493	$	523	$	512
Adjusted other expenses, net of adjusted capitalization of DAC	$	279	$	317	$	322	$	342	$	334
Adjusted other expenses on a constant currency basis	$	443	$	459	$	483	$	526	$	512
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	285	$	312	$	315	$	343	$	334

SALES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Mexico	$	224	$	160	$	199	$	167	238
Chile	87		85		89		93		94
All other	100		84		80		85		79
Total sales	$	411	$	329	$	368	$	345	$	411

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Adjusted premiums, fees and other revenues	$	1,372	$	1,385	$	1,484	$	1,486	$	1,496
Adjusted earnings available to common shareholders	$	215	$	219	$	199	$	207	$	233

Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,380	$	1,353	$	1,440	$	1,489	$	1,496
Adjusted earnings available to common shareholders, on a constant currency basis	$	221	$	213	$	194	$	206	$	233

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EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Adjusted revenues
Premiums		$	496	$	499	$	502	$	519	$	536	$	496	$	536
Universal life and investment-type product policy fees		77		75		79		67		77		77		77
Net investment income		45		47		51		54		54		45		54
Other revenues		8		8		7		9		7		8		7
Total adjusted revenues		626		629		639		649		674		626		674

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		261		237		230		256		258		261		258
Policyholder liability remeasurement (gains) losses		(3)		2		(9)		7		—		(3)		—
Interest credited to policyholder account balances		16		19		19		18		19		16		19
Capitalization of DAC		(108)		(119)		(114)		(116)		(128)		(108)		(128)
Amortization of DAC and VOBA		85		85		87		91		91		85		91
Amortization of negative VOBA		(1)		(1)		(1)		(1)		(1)		(1)		(1)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		300		314		315		331		332		300		332
Total adjusted expenses		550		537		527		586		571		550		571
Adjusted earnings before provision for income tax		76		92		112		63		103		76		103
Provision for income tax expense (benefit)		16		22		24		16		26		16		26
Adjusted earnings		60		70		88		47		77		60		77
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	60	$	70	$	88	$	47	$	77	$	60	$	77

Adjusted premiums, fees and other revenues		$	581	$	582	$	588	$	595	$	620	$	581	$	620

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EMEA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Direct and allocated expenses	$	94	$	97	$	104	$	109	$	101
Pension, postretirement and postemployment benefit costs	1		1		2		6		1
Premium taxes, other taxes, and licenses & fees	5		6		6		6		6
Commissions and other variable expenses	200		210		203		210		224
Adjusted other expenses	$	300	$	314	$	315	$	331	$	332
Adjusted other expenses, net of adjusted capitalization of DAC	$	192	$	195	$	201	$	215	$	204
Adjusted other expenses on a constant currency basis	$	291	$	302	$	310	$	329	$	332
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	188	$	190	$	199	$	214	$	204

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024

Adjusted premiums, fees and other revenues	$	581	$	582	$	588	$	595	$	620
Adjusted earnings available to common shareholders	$	60	$	70	$	88	$	47	$	77

Adjusted premiums, fees and other revenues, on a constant currency basis	$	568	$	565	$	579	$	593	$	620
Adjusted earnings available to common shareholders, on a constant currency basis	$	57	$	66	$	87	$	48	$	77
Total sales on a constant currency basis	$	252	$	219	$	195	$	205	$	292

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METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Adjusted revenues
Premiums		$	723	$	719	$	685	$	754	$	713	$	723	$	713
Universal life and investment-type product policy fees		183		170		184		95		78		183		78
Net investment income		1,127		1,170		1,153		1,044		1,010		1,127		1,010
Other revenues		53		49		41		52		50		53		50
Total adjusted revenues		2,086		2,108		2,063		1,945		1,851		2,086		1,851

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,369		1,341		1,311		1,329		1,251		1,369		1,251
Policyholder liability remeasurement (gains) losses		20		15		(7)		9		20		20		20
Interest credited to policyholder account balances		199		198		198		135		103		199		103
Capitalization of DAC		(6)		(6)		(5)		(5)		(5)		(6)		(5)
Amortization of DAC and VOBA		68		64		65		61		59		68		59
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		3		3		4		3		4		3		4
Other expenses		238		231		238		220		223		238		223
Total adjusted expenses		1,891		1,846		1,804		1,752		1,655		1,891		1,655
Adjusted earnings before provision for income tax		195		262		259		193		196		195		196
Provision for income tax expense (benefit)		37		51		51		37		37		37		37
Adjusted earnings		158		211		208		156		159		158		159
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	158	$	211	$	208	$	156	$	159	$	158	$	159

Adjusted premiums, fees and other revenues		$	959	$	938	$	910	$	901	$	841	$	959	$	841

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METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Annuities	$	1,606	$	1,581	$	1,508	$	1,610	$	1,577
Life and Other	54,365		54,187		53,930		53,930		53,604
Long Term Care	14,617		14,498		13,025		15,240		14,845
Balance, end of period (at balance sheet discount rate) (2)	$	70,588	$	70,266	$	68,463	$	70,780	$	70,026

Less:
Annuities	$	(29)	$	(50)	$	(110)	$	(18)	$	(46)
Life and Other	(16)		18		(120)		27		(2)
Long Term Care	111		(172)		(1,754)		313		(215)
Accumulated other comprehensive (income) loss	$	66	$	(204)	$	(1,984)	$	322	$	(263)

Annuities	$	1,635	$	1,631	$	1,618	$	1,628	$	1,623
Life and Other	54,381		54,169		54,050		53,903		53,606
Long Term Care	14,506		14,670		14,779		14,927		15,060
Balance, end of period (at original discount rate)	$	70,522	$	70,470	$	70,447	$	70,458	$	70,289

Future policy benefits subject to reinsurance (at balance sheet discount rate) (3)
Annuities	$	—	$	—	$	—	$	1,519	$	1,526
Life and Other	$	1,038	$	1,030	$	1,044	$	2,341	$	2,345
Long Term Care	$	—	$	—	$	—	$	—	$	—

POLICYHOLDER ACCOUNT BALANCES

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Annuities	$	12,818	$	12,410	$	12,006	$	11,537	$	11,129
Life and Other	12,234		12,044		11,844		11,641		11,486
Balance, end of period	$	25,052	$	24,454	$	23,850	$	23,178	$	22,615

Policyholder account balances subject to reinsurance (3)
Annuities	$	—	$	—	$	—	$	3,485	$	3,345
Life and Other	$	1,555	$	1,548	$	1,542	$	6,352	$	6,532

MARKET RISK BENEFITS (4)

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Annuities	$	3,361	$	2,793	$	2,268	$	2,722	$	2,231
Balance, end of period	$	3,361	$	2,793	$	2,268	$	2,722	$	2,231

Market risk benefits subject to reinsurance	$	—	$	—	$	—	$	—	$	—

SEPARATE ACCOUNT LIABILITIES

Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Annuities	$	29,320	$	29,616	$	27,455	$	29,224	$	29,866
Life and Other	5,794		6,071		5,736		6,324		6,757
Balance, end of period	$	35,114	$	35,687	$	33,191	$	35,548	$	36,623

Separate accounts liabilities subject to modified coinsurance (5)
Annuities	$	—	$	—	$	—	$	83	$	85
Life and Other	$	—	$	—	$	—	$	5,597	$	5,980

(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) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(4) Market risk benefits include Japan reinsurance.
(5) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.

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METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Direct and allocated expenses	$	171		$	165		$	166		$	164		$	165
Pension, postretirement and postemployment benefit costs	6			6			5			6			6
Premium taxes, other taxes, and licenses & fees	18			17			19			16			16

Commissions and other variable expenses	43			43			48			34			36
Adjusted other expenses	$	238		$	231		$	238		$	220		$	223


OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Lapse Ratio (1)
Traditional life	4.7		%	4.8		%	5.1		%	5.4		%	5.7		%
Variable annuity	9.5		%	9.9		%	10.5		%	11.1		%	11.6		%

(1) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Adjusted revenues
Premiums		$	16	$	19	$	9	$	(2)	$	6	$	16	$	6
Universal life and investment-type product policy fees		—		1		—		—		—		—		—
Net investment income		50		80		125		98		106		50		106
Other revenues		101		106		103		102		98		101		98
Total adjusted revenues		167		206		237		198		210		167		210

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		16		12		4		(9)		8		16		8
Policyholder liability remeasurement (gains) losses		—		—		—		—		—		—		—
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(1)		(4)		(2)		(1)		(3)		(1)		(3)
Amortization of DAC and VOBA		1		4		3		1		2		1		2
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		247		244		256		258		253		247		253
Other expenses		177		229		250		290		194		177		194
Total adjusted expenses		440		485		511		539		454		440		454

Adjusted earnings before provision for income tax		(273)		(279)		(274)		(341)		(244)		(273)		(244)
Provision for income tax expense (benefit)		(103)		(83)		(79)		(142)		(70)		(103)		(70)
Adjusted earnings		(170)		(196)		(195)		(199)		(174)		(170)		(174)
Preferred stock dividends		66		32		67		33		67		66		67
Adjusted earnings available to common shareholders		$	(236)	$	(228)	$	(262)	$	(232)	$	(241)	$	(236)	$	(241)

Adjusted premiums, fees and other revenues		$	117	$	126	$	112	$	100	$	104	$	117	$	104

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Business activities		$	19	$	20	$	13	$	35	$	6	$	19	$	6
Net investment income		51		81		126		95		102		51		102
Interest expense on debt		(258)		(254)		(266)		(269)		(265)		(258)		(265)
Corporate initiatives and projects		(14)		(32)		(12)		(9)		(6)		(14)		(6)
Other		(71)		(94)		(135)		(193)		(81)		(71)		(81)
Provision for income tax (expense) benefit and other tax-related items		103		83		79		142		70		103		70
Preferred stock dividends		(66)		(32)		(67)		(33)		(67)		(66)		(67)
Adjusted earnings available to common shareholders		$	(236)	$	(228)	$	(262)	$	(232)	$	(241)	$	(236)	$	(241)

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
	At or For the Three Months Ended															At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			March 31, 2023			March 31, 2024
Fixed Maturity Securities
Yield (1)	4.07		%	4.17		%	4.19		%	4.39		%	4.38		%	4.07		%	4.38		%
Investment income (2), (3)	$	3,028		$	3,107		$	3,123		$	3,241		$	3,200		$	3,028		$	3,200
Investment gains (losses)	(580)			(996)			(699)			(197)			(85)			(580)			(85)
Ending carrying value (4)	285,397			285,444			272,456			282,861			279,855			285,397			279,855
Net Mortgage Loans
Yield (1)	4.92		%	5.12		%	5.18		%	5.36		%	5.25		%	4.92		%	5.25		%
Investment income (3)	1,041			1,091			1,094			1,127			1,100			1,041			1,100
Investment gains (losses)	(164)			32			3			(69)			(82)			(164)			(82)
Ending carrying value (5)	85,572			84,794			84,058			84,118			83,452			85,572			83,452
Real Estate and Real Estate Joint Ventures
Yield (1)	(2.10)		%	0.82		%	(0.31)		%	2.08		%	(2.74)		%	(2.10)		%	(2.74)		%
Investment income	(69)			27			(11)			69			(90)			(69)			(90)
Investment gains (losses)	18			13			1			37			35			18			35
Ending carrying value	13,155			13,045			13,133			13,332			12,992			13,155			12,992
Policy Loans
Yield (1)	5.35		%	5.39		%	5.52		%	5.36		%	5.56		%	5.35		%	5.56		%
Investment income	119			119			120			113			113			119			113
Ending carrying value	8,863			8,788			8,725			8,788			8,800			8,863			8,800
Equity Securities
Yield (1)	3.17		%	4.11		%	4.14		%	3.37		%	5.48		%	3.17		%	5.48		%
Investment income	12			10			5			4			7			12			7
Investment gains (losses)	48			32			(14)			15			28			48			28
Ending carrying value	1,695			769			742			757			750			1,695			750
Other Limited Partnership Interests
Yield (1), (6)	0.73		%	6.17		%	5.56		%	(0.06)		%	8.27		%	0.73		%	8.27		%
Investment income (6)	26			225			206			(2)			301			26			301
Investment gains (losses)	9			3			—			—			(50)			9			(50)
Ending carrying value (7)	14,437			14,722			14,918			14,764			14,301			14,437			14,301
Cash and Short-term Investments
Yield (1)	5.01		%	5.94		%	6.38		%	5.61		%	5.32		%	5.01		%	5.32		%
Investment income	167			195			220			229			246			167			246
Investment gains (losses)	(11)			29			5			(33)			25			(11)			25
Ending carrying value	22,640			22,338			21,409			26,684			24,724			22,640			24,724
Other Invested Assets
Investment income	439			397			420			410			348			439			348
Investment gains (losses)	(11)			13			(167)			7			(17)			(11)			(17)
Ending carrying value	19,479			19,656			18,755			18,202			18,097			19,479			18,097
Total Investments
Investment income yield (1)	4.31		%	4.66		%	4.68		%	4.69		%	4.75		%	4.31		%	4.75		%
Investment fees and expenses yield (1)	(0.14)		%	(0.12)		%	(0.11)		%	(0.13)		%	(0.14)		%	(0.14)		%	(0.14)		%
Net Investment Income Yield (1)	4.17		%	4.54		%	4.57		%	4.56		%	4.61		%	4.17		%	4.61		%
Investment income	$	4,763		$	5,171		$	5,177		$	5,191		$	5,225		$	4,763		$	5,225
Investment fees and expenses	(157)			(131)			(121)			(144)			(157)			(157)			(157)
Net investment income including divested businesses	4,606			5,040			5,056			5,047			5,068			4,606			5,068
Less: Net investment income from divested businesses	—			—			—			—			—			—			—
Adjusted Net Investment Income (8)	$	4,606		$	5,040		$	5,056		$	5,047		$	5,068		$	4,606		$	5,068
Ending Carrying Value	$	451,238		$	449,556		$	434,196		$	449,506		$	442,971		$	451,238		$	442,971


Investment Portfolio Gains (Losses) (9)	$	(691)		$	(874)		$	(871)		$	(240)		$	(146)		$	(691)		$	(146)
Gross investment gains	433			271			119			292			331			433			331
Gross investment losses	(936)			(276)			(418)			(465)			(435)			(936)			(435)
Net credit loss (provision) release and (impairments)	(188)			(869)			(572)			(67)			(42)			(188)			(42)
Investment Portfolio Gains (Losses) (9)	(691)			(874)			(871)			(240)			(146)			(691)			(146)
Investment portfolio gains (losses) income tax (expense) benefit	181			188			155			80			41			181			41
Investment Portfolio Gains (Losses), Net of Income Tax	$	(510)		$	(686)		$	(716)		$	(160)		$	(105)		$	(510)		$	(105)



Derivative gains (losses) (9)	(372)			(1,278)			(1,454)			(123)			(1,175)			(372)			(1,175)
Derivative gains (losses) income tax (expense) benefit	47			320			397			(45)			304			47			304
Derivative Gains (Losses), Net of Income Tax	$	(325)		$	(958)		$	(1,057)		$	(168)		$	(871)		$	(325)		$	(871)

See footnotes on Page 29.

Table of Contents



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

		March 31, 2023				June 30, 2023				September 30, 2023				December 31, 2023				March 31, 2024
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate		$	82,482	29.1	%	$	82,523	29.1	%	$	78,552	28.9	%	$	80,717	28.7	%	$	80,553	28.9	%
Foreign corporate		54,285		19.1	%	53,690		18.9	%	51,377		19.0	%	55,444		19.7	%	54,029		19.4	%
Foreign government		48,111		16.9	%	45,994		16.2	%	42,685		15.8	%	45,489		16.2	%	42,793		15.4	%
U.S. government and agency		32,878		11.6	%	33,129		11.7	%	31,729		11.7	%	32,252		11.5	%	31,848		11.4	%
Residential mortgage-backed		26,543		9.4	%	28,458		10.0	%	27,785		10.3	%	29,096		10.3	%	31,142		11.2	%
Asset-backed securities and collateralized loan obligations		16,970		6.0	%	17,480		6.2	%	17,412		6.4	%	17,294		6.1	%	17,468		6.3	%
Municipals		12,597		4.4	%	12,324		4.3	%	11,347		4.2	%	11,171		4.0	%	10,938		3.9	%
Commercial mortgage-backed		9,988		3.5	%	10,259		3.6	%	10,095		3.7	%	9,949		3.5	%	9,638		3.5	%
Fixed Maturity Securities Available-For-Sale		$	283,854	100.0	%	$	283,857	100.0	%	$	270,982	100.0	%	$	281,412	100.0	%	$	278,409	100.0	%

NRSRO	NAIC
RATING	DESIGNATION
Aaa / Aa / A	1	$	195,535	69.0	%	$	196,361	69.3	%	$	186,834	69.0	%	$	194,722	69.2	%	$	192,127	69.0	%
Baa	2	74,661		26.3	%	73,827		26.0	%	71,043		26.2	%	73,680		26.2	%	73,367		26.4	%
Ba	3	10,856		3.8	%	10,885		3.8	%	10,325		3.8	%	10,299		3.7	%	10,323		3.7	%
B	4	2,296		0.8	%	2,311		0.8	%	2,343		0.9	%	2,371		0.8	%	2,259		0.8	%
Caa and lower	5	395		0.1	%	346		0.1	%	338		0.1	%	258		0.1	%	267		0.1	%
In or near default	6	111		—	%	127		—	%	99		—	%	82		—	%	66		—	%
Total Fixed Maturity Securities Available-For-Sale (10)		$	283,854	100.0	%	$	283,857	100.0	%	$	270,982	100.0	%	$	281,412	100.0	%	$	278,409	100.0	%


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

Unaudited (In millions)		March 31, 2023				June 30, 2023				September 30, 2023				December 31, 2023				March 31, 2024





Gross unrealized gains		$	6,554			$	5,991			$	3,685			$	6,876			$	6,021
Gross unrealized losses		27,469				28,982				38,702				25,835				28,122
Net Unrealized Gains (Losses)		$	(20,915)			$	(22,991)			$	(35,017)			$	(18,959)			$	(22,101)

See footnotes on Page 29.

Table of Contents


INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)

Unaudited (In millions)	March 31, 2023				June 30, 2023				September 30, 2023				December 31, 2023				March 31, 2024

Commercial mortgage loans	$	53,697			$	52,737			$	52,053			$	52,111			$	51,527
Agricultural mortgage loans	19,361				19,579				19,658				19,559				19,461
Residential mortgage loans	13,206				13,129				12,986				13,096				13,201

Total	86,264				85,445				84,697				84,766				84,189
Allowance for credit loss	(692)				(651)				(639)				(648)				(737)
Net Mortgage Loans	$	85,572			$	84,794			$	84,058			$	84,118			$	83,452


SUMMARY OF NET COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE (5)

	March 31, 2023				June 30, 2023				September 30, 2023				December 31, 2023				March 31, 2024
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	9,736	18.1	%	$	9,171	17.4	%	$	9,206	17.7	%	$	9,016	17.3	%	$	9,036	17.5	%
Non-U.S.	9,383		17.5	%	9,243		17.5	%	8,682		16.7	%	8,933		17.1	%	8,453		16.4	%
Middle Atlantic	7,647		14.2	%	7,572		14.4	%	7,581		14.6	%	7,477		14.3	%	7,430		14.4	%
South Atlantic	6,671		12.4	%	6,514		12.4	%	6,581		12.6	%	6,637		12.7	%	6,802		13.2	%
West South Central	3,765		7.0	%	3,496		6.6	%	3,417		6.6	%	3,472		6.7	%	3,502		6.8	%
New England	2,876		5.4	%	2,878		5.5	%	2,875		5.5	%	2,859		5.5	%	2,821		5.5	%
Mountain	2,284		4.3	%	2,227		4.2	%	2,191		4.2	%	2,193		4.2	%	2,192		4.3	%
East North Central	1,768		3.3	%	1,809		3.4	%	1,855		3.6	%	1,822		3.5	%	1,701		3.3	%
East South Central	624		1.2	%	623		1.2	%	622		1.2	%	654		1.3	%	653		1.3	%
West North Central	596		1.1	%	602		1.1	%	643		1.2	%	613		1.2	%	644		1.2	%
Multi-Region and Other	8,347		15.5	%	8,602		16.3	%	8,400		16.1	%	8,435		16.2	%	8,293		16.1	%
Total	$	53,697	100.0	%	$	52,737	100.0	%	$	52,053	100.0	%	$	52,111	100.0	%	$	51,527	100.0	%


Office	$	21,134	39.4	%	$	20,215	38.3	%	$	19,619	37.7	%	$	19,651	37.7	%	$	19,369	37.6	%
Apartment	11,357		21.2	%	11,928		22.6	%	11,807		22.7	%	11,974		23.0	%	11,353		22.0	%
Retail	8,289		15.4	%	7,433		14.1	%	7,441		14.3	%	7,218		13.9	%	7,371		14.3	%
Industrial	5,219		9.7	%	5,158		9.8	%	5,248		10.1	%	5,275		10.1	%	5,315		10.3	%
Single Family Rental	4,457		8.3	%	4,711		8.9	%	4,735		9.1	%	4,728		9.1	%	4,823		9.4	%
Hotel	3,117		5.8	%	3,170		6.0	%	3,088		5.9	%	3,140		6.0	%	3,199		6.2	%
Other	124		0.2	%	122		0.3	%	115		0.2	%	125		0.2	%	97		0.2	%
Total	$	53,697	100.0	%	$	52,737	100.0	%	$	52,053	100.0	%	$	52,111	100.0	%	$	51,527	100.0	%

See footnotes on Page 29.

Table of Contents



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. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. 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 $48 million, $50 million, ($17) million, $107 million, and $85 million for the three months ended March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively, and $48 million and $85 million for the year-to-date period ended March 31, 2023 and March 31, 2024, 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.
	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
Fixed maturity securities available-for-sale	$	283,854	$	283,857	$	270,982	$	281,412	$	278,409
Contractholder-directed equity securities and fair value option securities	10,063		10,204		9,680		10,331		10,313
Total fixed maturity securities	293,917		294,061		280,662		291,743		288,722
Less: Contractholder-directed equity securities	8,520		8,617		8,206		8,882		8,867

Fixed maturity securities	$	285,397	$	285,444	$	272,456	$	282,861	$	279,855

(5)Net mortgage loans exclude mortgage loans originated for third parties of $8,265 million, $8,238 million, $8,461 million and $8,083 million at amortized cost, which is primarily comprised of commercial mortgage loans of $8,022 million, $7,998 million, $8,215 million and $7,832 million at amortized cost, and does not include the related allowance for credit loss of $73 million, $66 million, $73 million and $77 million at June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, 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 $17 million, $223 million, $203 million, ($2) million and $301 million for the three months ended March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively, and $17 million and $301 million for the year-to-date period ended March 31, 2023 and March 31, 2024, respectively. The annualized yields for these periods were 0.48%, 6.19%, 5.50%, (0.06%), 8.29%, 0.48% and 8.29%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of $14,225 million, $14,608 million, $14,862 million, $14,738 million and $14,276 million, at March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, 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
	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024
Net investment gains (losses)	$	(684)	$	(1,039)	$	(927)	$	(174)	$	(375)	$	(684)	$	(375)
Less: Non-investment portfolio gains (losses)	13		(95)		(63)		64		(226)		13		(226)
Less: Provision for credit loss on certain mortgage loans originated for third parties	—		(73)		7		(7)		(4)		—		(4)
Less: Other adjustments	(6)		3		—		9		1		(6)		1

Investment portfolio gains (losses)	$	(691)	$	(874)	$	(871)	$	(240)	$	(146)	$	(691)	$	(146)

	For the Three Months Ended										For the Year-to-Date Period Ended
	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024
Net derivative gains (losses)	$	(90)	$	(997)	$	(1,202)	$	149	$	(979)	$	(90)	$	(979)
Less: Investment hedge adjustments	264		263		232		253		176		264		176

Less: Other adjustments	18		18		20		19		20		18		20

Derivative gains (losses)	$	(372)	$	(1,278)	$	(1,454)	$	(123)	$	(1,175)	$	(372)	$	(1,175)

(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.

Table of Contents

Appendix

Table of Contents



APPENDIX METLIFE RECONCILIATION DETAIL

	For the Three Months Ended								For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	14	$	370	$	422	$	574	$	800	$	14	$	800
Add: Preferred stock dividends	66		32		67		33		67		66		67
Add: Preferred stock redemption premium	—		—		—		—		—		—		—
Add: Net income (loss) attributable to noncontrolling interests	5		6		6		7		8		5		8

Net income (loss)	85		408		495		614		875		$	85	$	875
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(684)		(1,039)		(927)		(174)		(375)		(684)		(375)
Net derivative gains (losses)	(90)		(997)		(1,202)		149		(979)		(90)		(979)
Market risk benefit remeasurement gains (losses)	(188)		817		796		(431)		694		(188)		694
Premiums - Divested businesses	—		—		—		—		—		—		—
Universal life and investment-type product policy fees - Divested businesses	—		—		—		—		—		—		—
Net investment income
Investment hedge adjustments	(264)		(263)		(232)		(253)		(176)		(264)		(176)
Unit-linked contract income	303		296		4		580		542		303		542
Other adjustments	—		(1)		(3)		(8)		2		—		2
Divested businesses	—		—		—		—		—		—		—
Other revenues
Asymmetrical and non-economic accounting	—		—		—		29		39		—		39
Other adjustments	(3)		(7)		(11)		(13)		(12)		(3)		(12)
Divested businesses	—		—		—		—		—		—		—
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting	(84)		(74)		5		(26)		(14)		(84)		(14)
Market volatility	14		44		64		62		67		14		67
Divested businesses	—		—		—		—		—		—		—
Policyholder liability remeasurement (gains) losses - Divested businesses	—		—		—		—		—		—		—
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting	(19)		10		44		(103)		(24)		(19)		(24)
Unit-linked contract costs	(303)		(301)		3		(582)		(539)		(303)		(539)
Divested businesses	—		—		—		—		—		—		—
Capitalization of DAC - Divested businesses	—		—		—		—		—		—		—
Amortization of DAC and VOBA - Divested businesses	—		—		—		—		—		—		—
Amortization of negative VOBA - Divested business	—		—		—		—		—		—		—
Interest expense on debt - Divested business	—		—		—		—		—		—		—
Other expenses
Other adjustments	(16)		(11)		(21)		(7)		(7)		(16)		(7)
Divested businesses	(11)		(9)		(9)		(9)		(4)		(11)		(4)
Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	180		419		429		6		260		180		260
Adjusted earnings	1,250		1,524		1,555		1,394		1,401		1,250		1,401
Less: Preferred stock dividends	66		32		67		33		67		66		67
Adjusted earnings available to common shareholders	$	1,184	$	1,492	$	1,488	$	1,361	$	1,334	$	1,184	$	1,334

A-1

Table of Contents



APPENDIX METLIFE NOTABLE ITEMS (1)

METLIFE TOTAL
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024


Actuarial assumption review and other insurance adjustments		$	—	$	—	$	14	$	—	$	—	$	—	$	—
Litigation reserves and settlement costs		—		—		—		(76)		—		—		—




Total notable items		$	—	$	—	$	14	$	(76)	$	—	$	—	$	—


GROUP BENEFITS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024


Actuarial assumption review and other insurance adjustments		$	—	$	—	$	27	$	—	$	—	$	—	$	—


Total notable items		$	—	$	—	$	27	$	—	$	—	$	—	$	—

RIS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Actuarial assumption review and other insurance adjustments		$	—	$	—	$	61	$	—	$	—	$	—	$	—

Total notable items		$	—	$	—	$	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.

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APPENDIX METLIFE NOTABLE ITEMS (1) CONTINUED














ASIA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Actuarial assumption review and other insurance adjustments		$	—	$	—	$	(94)	$	—	$	—	$	—	$	—

Total notable items		$	—	$	—	$	(94)	$	—	$	—	$	—	$	—

LATIN AMERICA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024


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

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

EMEA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	18	$	—	$	—	$	—	$	—
Total notable items		$	—	$	—	$	18	$	—	$	—	$	—	$	—

METLIFE HOLDINGS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024

Actuarial assumption review and other insurance adjustments		$	—	$	—	$	2	$	—	$	—	$	—	$	—


Total notable items		$	—	$	—	$	2	$	—	$	—	$	—	$	—

CORPORATE & OTHER
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024


Litigation reserves and settlement costs		—		—		—		(76)		—		—		—




Total notable items		$	—	$	—	$	—	$	(76)	$	—	$	—	$	—

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

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APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Total MetLife, Inc.'s stockholders' equity	$	32,194		$	30,261		$	25,658		$	30,015		$	28,535
Less: Preferred stock	3,818			3,818			3,818			3,818			3,818
MetLife, Inc.'s common stockholders' equity	28,376			26,443			21,840			26,197			24,717
Less: Net unrealized investment gains (losses), net of income tax	(14,606)			(16,800)			(26,548)			(14,323)			(16,611)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	2,748			3,919			10,245			2,658			4,773
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	186			108			(4)			27			(47)
Defined benefit plans adjustment, net of income tax	(1,356)			(1,331)			(1,308)			(1,446)			(1,421)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	41,404			40,547			39,455			39,281			38,023
Less: Accumulated year-to-date total notable items (2)	—			—			14			(62)			—
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	41,404		$	40,547		$	39,441		$	39,343		$	38,023

Unaudited (In millions, except per share data)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Book value per common share	$	36.89		$	34.92		$	29.34		$	35.85		$	34.54
Less: Net unrealized investment gains (losses), net of income tax	(18.99)			(22.19)			(35.66)			(19.60)			(23.21)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	3.57			5.18			13.77			3.64			6.68
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	0.24			0.14			(0.01)			0.04			(0.07)
Defined benefit plans adjustment, net of income tax	(1.76)			(1.76)			(1.76)			(1.98)			(1.99)
Book value per common share, excluding AOCI other than FCTA	$	53.83		$	53.55		$	53.00		$	53.75		$	53.13

Common shares outstanding, end of period	769.2			757.2			744.4			730.8			715.7

	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024

Return on MetLife, Inc.'s:
Common stockholders' equity	0.2		%	5.4		%	7.0		%	9.6		%	12.6		%

Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	17.4		%	21.8		%	24.7		%	22.7		%	21.0		%
Common stockholders' equity, excluding AOCI other than FCTA	11.3		%	14.6		%	14.9		%	13.8		%	13.8		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	11.3		%	14.6		%	14.7		%	14.6		%	13.8		%

Average common stockholders' equity	$	27,220		$	27,410		$	24,142		$	24,019		$	25,457
Average common stockholders' equity, excluding AOCI other than FCTA	$	41,856		$	40,976		$	40,001		$	39,368		$	38,652
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	41,856		$	40,976		$	39,994		$	39,392		$	38,652

(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.

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

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

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
GROUP BENEFITS (1)	$	6,049	$	6,013	$	5,866	$	6,001	$	6,330
RIS (1)	648		2,823		2,478		2,883		813
ASIA	1,659		1,645		1,712		1,697		1,744
LATIN AMERICA	1,380		1,353		1,440		1,489		1,496
EMEA	568		565		579		593		620
METLIFE HOLDINGS (1)	959		938		910		901		841
CORPORATE & OTHER (1)	117		126		112		100		104
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,380	$	13,463	$	13,097	$	13,664	$	11,948
Adjusted premiums, fees and other revenues	$	11,520	$	13,594	$	13,181	$	13,671	$	11,948

ASIA (including operating joint ventures) (2), (3)	$	2,140	$	2,056	$	2,139	$	2,064	$	2,272

OTHER EXPENSES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
GROUP BENEFITS (1)	$	932	$	950	$	937	$	977	$	1,003
RIS (1)	146		146		138		135		172
ASIA	740		735		772		779		744
LATIN AMERICA	443		459		483		526		512
EMEA	291		302		310		329		332
METLIFE HOLDINGS (1)	238		231		238		220		223
CORPORATE & OTHER (1)	177		229		250		290		194
Adjusted other expenses on a constant currency basis	$	2,967	$	3,052	$	3,128	$	3,256	$	3,180
Adjusted other expenses	$	3,030	$	3,113	$	3,159	$	3,261	$	3,180

ASIA (including operating joint ventures) (2), (4)	$	864	$	851	$	886	$	877	$	860

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024
GROUP BENEFITS (1)	$	307	$	372	$	510	$	466	$	284
RIS (1)	400		417		470		421		399
ASIA	269		422		273		296		423
LATIN AMERICA	221		213		194		206		233
EMEA	57		66		87		48		77
METLIFE HOLDINGS (1)	158		211		208		156		159
CORPORATE & OTHER (1)	(236)		(228)		(262)		(232)		(241)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,176	$	1,473	$	1,480	$	1,361	$	1,334
Adjusted earnings available to common shareholders	$	1,184	$	1,492	$	1,488	$	1,361	$	1,334

(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 15 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.

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APPENDIX

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 and 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.

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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

Adjusted earnings and related measures

•

adjusted earnings;

•

adjusted earnings available to common shareholders;

•

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

•

adjusted earnings available to common shareholders per diluted common share;

•

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

•

adjusted earnings available to common shareholders on a constant currency basis.

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

Adjusted revenues and adjusted expenses

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (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 and exclude asymmetrical accounting associated with in-force reinsurance.

•

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, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) 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 and asymmetrical accounting associated with in-force reinsurance.

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.

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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

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).

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.

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			APPENDIX 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


			RIS			Retirement and Income Solutions
			VOBA			Value of business acquired

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MetLife (MET) 8-KMetlife Announces First Quarter 2024 Results