MetLife 8K Announces Second Quarter 2024 Results | MET 31 Jul 24

Exhibit 99.2

Second Quarter

Financial Supplement

June 30, 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

Table of Contents



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

Revenues
Premiums		$	11,678	$	11,230	$	11,786	$	10,053		$	11,628	$	21,267	$	21,681
Universal life and investment-type product policy fees		1,288		1,334		1,241		1,248			1,281		2,577		2,529
Net investment income		5,072		4,825		5,366		5,436			5,205		9,717		10,641
Other revenues		621		606		660		674			638		1,260		1,312
Net investment gains (losses)		(1,039)		(927)		(174)		(375)			(421)		(1,723)		(796)
Net derivative gains (losses)		(997)		(1,202)		149		(979)			(508)		(1,087)		(1,487)
Total revenues		16,623		15,866		19,028		16,057			17,823		32,011		33,880

Expenses
Policyholder benefits and claims		11,809		11,130		11,779		10,074			11,485		21,681		21,559
Policyholder liability remeasurement (gains) losses		(16)		(17)		(3)		(22)			(10)		(25)		(32)
Market risk benefit remeasurement (gains) losses		(817)		(796)		431		(694)			(182)		(629)		(876)
Interest credited to policyholder account balances		1,933		1,658		2,405		2,290			2,000		3,797		4,290
Policyholder dividends		151		153		159		147			148		310		295

Amortization of DAC and VOBA		479		499		504		508			499		949		1,007
Amortization of negative VOBA		(6)		(7)		(6)		(6)			(6)		(13)		(12)
Interest expense on debt		256		265		269		264			257		511		521
Other expenses, net of capitalization of DAC		2,404		2,447		2,549		2,451			2,430		4,743		4,881
Total expenses		16,193		15,332		18,087		15,012			16,621		31,324		31,633
Income (loss) before provision for income tax		430		534		941		1,045			1,202		687		2,247
Provision for income tax expense (benefit)		22		39		327		170			249		194		419


Net income (loss)		408		495		614		875			953		493		1,828
Less: Net income (loss) attributable to noncontrolling interests		6		6		7		8			7		11		15
Net income (loss) attributable to MetLife, Inc.		402		489		607		867			946		482		1,813
Less: Preferred stock dividends		32		67		33		67			34		98		101

Net income (loss) available to MetLife, Inc.'s common shareholders		$	370	$	422	$	574	$	800		$	912	$	384	$	1,712

Premiums, fees and other revenues		$	13,587	$	13,170	$	13,687	$	11,975		$	13,547	$	25,104	$	25,522

Table of Contents



METLIFE CORPORATE OVERVIEW


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

Net income (loss) available to MetLife, Inc.'s common shareholders	$	370	$	422	$	574	$	800	$	912
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(1,039)		(927)		(174)		(375)		(421)
Less: Net derivative gains (losses)	(997)		(1,202)		149		(979)		(508)
Less: Market risk benefit remeasurement gains (losses)	817		796		(431)		694		182
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(316)		(156)		(330)		(126)		(232)
Less: Provision for income tax (expense) benefit	419		429		6		260		270

Add: Net income (loss) attributable to noncontrolling interests	6		6		7		8		7
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders	1,492		1,488		1,361		1,334		1,628
Less: Total notable items (2)	—		14		(76)		—		—
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,492	$	1,474	$	1,437	$	1,334	$	1,628

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	0.48	$	0.56	$	0.77	$	1.10	$	1.28

Less: Net investment gains (losses)	(1.35)		(1.23)		(0.23)		(0.51)		(0.59)
Less: Net derivative gains (losses)	(1.30)		(1.59)		0.20		(1.34)		(0.71)
Less: Market risk benefit remeasurement gains (losses)	1.06		1.05		(0.58)		0.95		0.25
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.40)		(0.20)		(0.45)		(0.18)		(0.32)
Less: Provision for income tax (expense) benefit	0.54		0.57		0.01		0.36		0.38

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	1.94		1.97		1.83		1.83		2.28
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)	$	1.94	$	1.95	$	1.93	$	1.83	$	2.28

	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 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)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Weighted average common shares outstanding - diluted	769.6		755.5		743.4		728.4		714.7

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

Book value per common share (1)	$	34.92		$	29.34		$	35.85		$	34.54		$	33.30
Book value per common share, excluding AOCI other than FCTA (1)	$	53.55		$	53.00		$	53.75		$	53.13		$	53.12


	For the Three Months Ended
Unaudited	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024
Return on MetLife, Inc.'s (2):
Common stockholders' equity	5.4		%	7.0		%	9.6		%	12.6		%	15.2		%

Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	21.8		%	24.7		%	22.7		%	21.0		%	27.0		%
Common stockholders' equity, excluding AOCI other than FCTA	14.6		%	14.9		%	13.8		%	13.8		%	17.3		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	14.6		%	14.7		%	14.6		%	13.8		%	17.3		%


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

Common shares outstanding, beginning of period	769.2			757.2			744.4			730.8			715.7
Share repurchases	(12.1)			(12.9)			(13.7)			(16.9)			(12.0)
Newly issued shares	0.1			0.1			0.1			1.8			0.1
Common shares outstanding, end of period	757.2			744.4			730.8			715.7			703.8

Weighted average common shares outstanding - basic	765.9			751.4			738.6			723.2			710.5
Dilutive effect of the exercise or issuance of stock-based awards	3.7			4.1			4.8			5.2			4.2
Weighted average common shares outstanding - diluted	769.6			755.5			743.4			728.4			714.7

MetLife Policyholder Trust Shares	120.5			119.1			117.6			116.0			114.3

(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)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		June 30, 2023		June 30, 2024

Total revenues	$	16,623	$	15,866	$	19,028	$	16,057	$	17,823	$	32,011	$	33,880
Less: Adjustments to total revenues:
Net investment gains (losses)	(1,039)		(927)		(174)		(375)		(421)		(1,723)		(796)
Net derivative gains (losses)	(997)		(1,202)		149		(979)		(508)		(1,087)		(1,487)
Investment hedge adjustments	(263)		(232)		(253)		(176)		(172)		(527)		(348)
Asymmetrical and non-economic accounting	—		—		29		39		35		—		74
Unit-linked contract income	296		4		580		542		219		599		761
Other adjustments	(8)		(14)		(21)		(10)		(13)		(11)		(23)
Divested businesses	—		—		—		—		—		—		—
Total adjusted revenues	$	18,634	$	18,237	$	18,718	$	17,016	$	18,683	$	34,760	$	35,699

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

Net investment income	$	5,072	$	4,825	$	5,366	$	5,436	$	5,205	$	9,717	$	10,641
Less: Adjustments to net investment income:
Investment hedge adjustments	(263)		(232)		(253)		(176)		(172)		(527)		(348)
Unit-linked contract income	296		4		580		542		219		599		761
Other adjustments	(1)		(3)		(8)		2		(2)		(1)		—
Divested businesses	—		—		—		—		—		—		—
Adjusted net investment income	$	5,040	$	5,056	$	5,047	$	5,068	$	5,160	$	9,646	$	10,228

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

Variable investment income (Included in net investment income above)	$	221	$	179	$	63	$	260	$	298	$	177	$	558

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

Premiums, fees and other revenues	$	13,587	$	13,170	$	13,687	$	11,975	$	13,547	$	25,104	$	25,522
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	—		—		29		39		35		—		74
Other adjustments	(7)		(11)		(13)		(12)		(11)		(10)		(23)
Divested businesses	—		—		—		—		—		—		—
Adjusted premiums, fees and other revenues	$	13,594	$	13,181	$	13,671	$	11,948	$	13,523	$	25,114	$	25,471
Adjusted premiums, fees and other revenues, on a constant currency basis	$	13,384	$	13,018	$	13,582	$	11,863	$	13,523

Table of Contents



METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)



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

Total expenses	$	16,193	$	15,332	$	18,087	$	15,012	$	16,621	$	31,324	$	31,633
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses	(817)		(796)		431		(694)		(182)		(629)		(876)
Goodwill impairment	—		—		—		—		—		—		—
Asymmetrical and non-economic accounting	64		(49)		129		38		166		167		204
Market volatility	(44)		(64)		(62)		(67)		(88)		(58)		(155)
Unit-linked contract costs	301		(3)		582		539		214		604		753
Other adjustments	11		21		7		7		5		27		12
Divested businesses	9		9		9		4		4		20		8
Total adjusted expenses	$	16,669	$	16,214	$	16,991	$	15,185	$	16,502	$	31,193	$	31,687

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

Capitalization of DAC	$	(729)	$	(742)	$	(728)	$	(740)	$	(683)	$	(1,447)	$	(1,423)
Less: Divested businesses	—		—		—		—		—		—		—
Adjusted capitalization of DAC	$	(729)	$	(742)	$	(728)	$	(740)	$	(683)	$	(1,447)	$	(1,423)

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

Other expenses	$	3,133	$	3,189	$	3,277	$	3,191	$	3,113	$	6,190	$	6,304
Less: Adjustments to other expenses:
Other adjustments	11		21		7		7		5		27		12
Divested businesses	9		9		9		4		4		20		8
Adjusted other expenses	$	3,113	$	3,159	$	3,261	$	3,180	$	3,104	$	6,143	$	6,284
Adjusted other expenses on a constant currency basis	$	3,013	$	3,086	$	3,213	$	3,139	$	3,104

Table of Contents



METLIFE EXPENSE DETAIL AND RATIOS





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


Other expenses, net of capitalization of DAC	$	2,404		$	2,447		$	2,549		$	2,451		$	2,430		$	4,743		$	4,881

Premiums, fees and other revenues	$	13,587		$	13,170		$	13,687		$	11,975		$	13,547		$	25,104		$	25,522

Expense ratio	17.7		%	18.6		%	18.6		%	20.5		%	17.9		%	18.9		%	19.1		%

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			June 30, 2023			June 30, 2024
Adjusted other expenses by major category
Direct expenses	$	1,415		$	1,447		$	1,559		$	1,426		$	1,397		$	2,802		$	2,823
Pension, postretirement and postemployment benefit costs	59			59			69			65			65			118			130
Premium taxes, other taxes, and licenses & fees	184			162			153			176			171			345			347
Commissions and other variable expenses	1,455			1,491			1,480			1,513			1,471			2,878			2,984
Adjusted other expenses	3,113			3,159			3,261			3,180			3,104			6,143			6,284
Adjusted capitalization of DAC	(729)			(742)			(728)			(740)			(683)			(1,447)			(1,423)
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,384		$	2,417		$	2,533		$	2,440		$	2,421		$	4,696		$	4,861



	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			June 30, 2023			June 30, 2024
Employee-related costs	$	895		$	913		$	882		$	950		$	900		$	1,824		$	1,850
Third-party staffing costs	346			350			399			342			356			677			698
General and administrative expenses	174			184			278			134			141			301			275
Direct expenses	1,415			1,447			1,559			1,426			1,397			2,802			2,823
Less: Total notable items related to direct expenses (1)	—			—			96			—			—			—			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,415		$	1,447		$	1,463		$	1,426		$	1,397		$	2,802		$	2,823

Adjusted other expenses, net of adjusted capitalization of DAC	$	2,384		$	2,417		$	2,533		$	2,440		$	2,421		$	4,696		$	4,861
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)	$	2,384		$	2,417		$	2,437		$	2,440		$	2,421		$	4,696		$	4,861

Adjusted premiums, fees and other revenues	$	13,594		$	13,181		$	13,671		$	11,948		$	13,523		$	25,114		$	25,471
Less: PRT	2,024			1,461			1,860			(25)			1,752			2,003			1,727
Adjusted premiums, fees and other revenues, excluding PRT	$	11,570		$	11,720		$	11,811		$	11,973		$	11,771		$	23,111		$	23,744

Direct expense ratio	10.4		%	11.0		%	11.4		%	11.9		%	10.3		%	11.2		%	11.1		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.2		%	12.3		%	12.4		%	11.9		%	11.9		%	12.1		%	11.9		%

Adjusted expense ratio	17.5		%	18.3		%	18.5		%	20.4		%	17.9		%	18.7		%	19.1		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	20.6		%	20.6		%	20.6		%	20.4		%	20.6		%	20.3		%	20.5		%

(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)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	283,857	$	270,982	$	281,412	$	278,409	$	277,736
Equity securities, at estimated fair value	769		742		757		750		754
Contractholder-directed equity securities and fair value option securities, at estimated fair value	10,204		9,680		10,331		10,313		10,106
Mortgage loans	92,986		92,230		92,506		91,458		89,802
Policy loans	8,788		8,725		8,788		8,800		8,691
Real estate and real estate joint ventures	13,045		13,133		13,332		12,992		13,517
Other limited partnership interests	14,722		14,918		14,764		14,301		14,288
Short-term investments, principally at estimated fair value	6,921		6,497		6,045		4,884		3,804
Other invested assets	19,656		18,755		18,202		18,097		18,131
Total investments	450,948		435,662		446,137		440,004		436,829
Cash and cash equivalents, principally at estimated fair value	15,417		14,912		20,639		19,840		20,786
Accrued investment income	3,505		3,704		3,589		3,636		3,657
Premiums, reinsurance and other receivables	18,530		19,002		28,971		29,986		31,820
Market risk benefits, at estimated fair value	279		334		286		351		356
Deferred policy acquisition costs and value of business acquired	19,850		19,737		20,151		19,842		19,568
Current income tax recoverable	189		—		190		—		348
Deferred income tax assets	2,377		3,174		2,612		2,751		2,681
Goodwill	9,261		9,109		9,236		9,037		8,950

Other assets	10,977		10,862		11,139		11,126		11,043
Separate account assets	145,946		135,624		144,634		141,003		139,707
Total assets	$	677,279	$	652,120	$	687,584	$	677,576	$	675,745

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	190,474	$	181,755	$	196,406	$	191,013	$	190,993
Policyholder account balances	214,413		213,933		219,269		219,168		219,543
Market risk benefits, at estimated fair value	3,259		2,738		3,179		2,696		2,618
Other policy-related balances	19,642		19,665		19,736		20,219		19,379
Policyholder dividends payable	366		381		386		357		365
Payables for collateral under securities loaned and other transactions	18,806		17,797		17,524		17,470		17,719
Short-term debt	200		161		119		127		390
Long-term debt	14,539		15,475		15,548		15,972		14,809
Collateral financing arrangement	675		651		637		590		555
Junior subordinated debt securities	3,160		3,160		3,161		3,162		3,163
Current income tax payable	—		59		—		10		—
Deferred income tax liability	752		128		927		835		216

Other liabilities	34,555		34,698		35,805		36,158		38,748
Separate account liabilities	145,946		135,624		144,634		141,003		139,707
Total liabilities	646,787		626,225		657,331		648,780		648,205

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

Common stock, at par value	12		12		12		12		12
Additional paid-in capital	33,630		33,666		33,690		33,718		33,740
Retained earnings	39,928		39,958		40,146		40,350		40,873
Treasury stock, at cost	(22,923)		(23,724)		(24,591)		(25,774)		(26,637)
Accumulated other comprehensive income (loss)	(20,386)		(24,254)		(19,242)		(19,771)		(20,736)
Total MetLife, Inc.'s stockholders' equity	30,261		25,658		30,015		28,535		27,252
Noncontrolling interests	231		237		238		261		288
Total equity	30,492		25,895		30,253		28,796		27,540
Total liabilities and equity	$	677,279	$	652,120	$	687,584	$	677,576	$	675,745

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

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

Adjusted earnings before provision for income tax
GROUP BENEFITS		$	471	$	645	$	590	$	359	$	674
RIS		527		594		532		504		518
ASIA		611		405		419		582		625
LATIN AMERICA		281		282		271		331		311
EMEA		92		112		63		103		98
METLIFE HOLDINGS		262		259		193		196		188
CORPORATE & OTHER		(279)		(274)		(341)		(244)		(233)
Total adjusted earnings before provision for income tax		$	1,965	$	2,023	$	1,727	$	1,831	$	2,181

Provision for income tax expense (benefit)
GROUP BENEFITS		$	99	$	135	$	124	$	75	$	141
RIS		110		124		111		105		108
ASIA		180		130		123		159		176
LATIN AMERICA		62		83		64		98		85
EMEA		22		24		16		26		21
METLIFE HOLDINGS		51		51		37		37		35
CORPORATE & OTHER		(83)		(79)		(142)		(70)		(47)
Total provision for income tax expense (benefit)		$	441	$	468	$	333	$	430	$	519

Adjusted earnings available to common shareholders
GROUP BENEFITS		$	372	$	510	$	466	$	284	$	533
RIS		417		470		421		399		410
ASIA		431		275		296		423		449
LATIN AMERICA		219		199		207		233		226
EMEA		70		88		47		77		77
METLIFE HOLDINGS		211		208		156		159		153
CORPORATE & OTHER (2)		(228)		(262)		(232)		(241)		(220)
Total adjusted earnings available to common shareholders (2)		$	1,492	$	1,488	$	1,361	$	1,334	$	1,628

(1)Includes impact of preferred stock dividends of $32 million, $67 million, $33 million, $67 million and $34 million for the three months ended June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 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)		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		June 30, 2023		June 30, 2024

Adjusted revenues
Premiums		$	5,427	$	5,276	$	5,404	$	5,711	$	5,599	$	10,878	$	11,310
Universal life and investment-type product policy fees		223		219		218		222		229		441		451
Net investment income		327		330		334		315		313		637		628
Other revenues		363		371		379		397		382		743		779
Total adjusted revenues		6,340		6,196		6,335		6,645		6,523		12,699		13,168

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,866		4,592		4,712		5,236		4,780		9,860		10,016
Policyholder liability remeasurement (gains) losses		2		(29)		3		(3)		2		(2)		(1)
Interest credited to policyholder account balances		48		50		49		48		48		94		96
Capitalization of DAC		(5)		(5)		(4)		(4)		(5)		(11)		(9)
Amortization of DAC and VOBA		7		6		7		6		7		13		13
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		—		1		—		1		1		1
Other expenses		950		937		977		1,003		1,016		1,882		2,019
Total adjusted expenses		5,869		5,551		5,745		6,286		5,849		11,837		12,135
Adjusted earnings before provision for income tax		471		645		590		359		674		862		1,033
Provision for income tax expense (benefit)		99		135		124		75		141		183		216
Adjusted earnings		372		510		466		284		533		679		817
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	372	$	510	$	466	$	284	$	533	$	679	$	817

Adjusted premiums, fees and other revenues		$	6,013	$	5,866	$	6,001	$	6,330	$	6,210	$	12,062	$	12,540

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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

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

Direct and allocated expenses	$	468		$	464		$	490		$	505		$	490
Pension, postretirement and postemployment benefit costs	13			12			12			14			14
Premium taxes, other taxes, and licenses & fees	101			83			79			89			95
Commissions and other variable expenses	368			378			396			395			417
Adjusted other expenses	$	950		$	937		$	977		$	1,003		$	1,016

OTHER STATISTICAL INFORMATION (1)

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

Group Life (2)
Adjusted premiums, fees and other revenues	$	2,254		$	2,215		$	2,199		$	2,340		$	2,309
Mortality ratio	85.3		%	83.6		%	83.5		%	90.2		%	79.1		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,617		$	2,620		$	2,689		$	2,773		$	2,742
Interest adjusted benefit ratio (4)	73.7		%	69.0		%	70.7		%	73.9		%	70.8		%

(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)		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		June 30, 2023		June 30, 2024

Adjusted revenues
Premiums		$	2,681	$	2,330	$	2,736	$	675	$	2,448	$	3,182	$	3,123
Universal life and investment-type product policy fees		71		82		81		75		73		150		148
Net investment income		1,948		2,009		2,032		2,089		2,117		3,762		4,206
Other revenues		71		66		66		63		61		139		124
Total adjusted revenues		4,771		4,487		4,915		2,902		4,699		7,233		7,601

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,441		3,100		3,503		1,471		3,248		4,666		4,719
Policyholder liability remeasurement (gains) losses		(11)		(76)		(15)		1		(23)		(40)		(22)
Interest credited to policyholder account balances		702		756		783		796		838		1,348		1,634
Capitalization of DAC		(50)		(41)		(40)		(61)		(46)		(95)		(107)
Amortization of DAC and VOBA		12		13		13		15		16		23		31
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		4		3		4		4		3		7		7
Other expenses		146		138		135		172		145		292		317
Total adjusted expenses		4,244		3,893		4,383		2,398		4,181		6,201		6,579
Adjusted earnings before provision for income tax		527		594		532		504		518		1,032		1,022
Provision for income tax expense (benefit)		110		124		111		105		108		215		213
Adjusted earnings		417		470		421		399		410		817		809
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	417	$	470	$	421	$	399	$	410	$	817	$	809

Adjusted premiums, fees and other revenues		$	2,823	$	2,478	$	2,883	$	813	$	2,582	$	3,471	$	3,395
Less: PRT		2,024		1,461		1,860		(25)		1,752		2,003		1,727
Adjusted premiums, fees and other revenues, excluding PRT		$	799	$	1,017	$	1,023	$	838	$	830	$	1,468	$	1,668

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RIS
FUTURE POLICY BENEFITS (1)

Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Balance, end of period (at balance sheet discount rate) (2), (3)	$	64,446	$	61,947	$	69,407	$	67,402	$	69,385
Less: Accumulated other comprehensive (income) loss	(2,135)		(5,598)		(278)		(1,735)		(2,952)
Balance, end of period (at original discount rate)	$	66,581	$	67,545	$	69,685	$	69,137	$	72,337

POLICYHOLDER ACCOUNT BALANCES

Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Balance, end of period	$	81,249	$	80,929	$	82,405	$	83,049	$	84,270

SEPARATE ACCOUNT LIABILITIES

Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Balance, end of period	$	54,501	$	51,740	$	53,093	$	51,012	$	50,033

SYNTHETIC GICS (4), (5)

Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Balance, end of period	$	50,453	$	49,003	$	49,066	$	48,100	$	48,982

LONGEVITY REINSURANCE (6)

Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Balance, end of period	$	19,401	$	19,175	$	21,945	$	21,333	$	24,422

(1)Includes $3,481 million, $3,731 million, $3,782 million, $3,791 million and $3,830 million of DPL at June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)Includes $43 million, $40 million, $311 million, $296 million and $1,972 million of future policy benefits subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets at June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, respectively.
(4)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.
(5)Includes $3,112 million, $0, $1,282 million, $0 and $0 of transfers from separate account GICs to synthetic GICs at June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 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.
(6)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)	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024

Direct and allocated expenses	$	67		$	66		$	71		$	80		$	74
Pension, postretirement and postemployment benefit costs	3			4			3			4			3
Premium taxes, other taxes, and licenses & fees	12			9			1			17			11
Commissions and other variable expenses	64			59			60			71			57
Adjusted other expenses	$	146		$	138		$	135		$	172		$	145

SPREAD

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

Investment income yield excluding variable investment income yield	5.18		%	5.28		%	5.32		%	5.24		%	5.28		%
Variable investment income yield	2.57		%	3.08		%	1.96		%	6.30		%	5.83		%
Total investment income yield	5.08		%	5.20		%	5.19		%	5.28		%	5.30		%

Average crediting rate	3.97		%	4.12		%	4.20		%	4.23		%	4.31		%
Amortization of DPL and losses at inception (1)	(0.21)		%	(0.22)		%	(0.22)		%	(0.22)		%	(0.22)		%
Total average crediting rate	3.76		%	3.90		%	3.98		%	4.01		%	4.09		%

Annualized general account spread	1.32		%	1.30		%	1.21		%	1.27		%	1.21		%
Annualized general account spread excluding variable investment income yield	1.42		%	1.38		%	1.34		%	1.23		%	1.19		%

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

Adjusted revenues
Premiums		$	1,310	$	1,312	$	1,252	$	1,297	$	1,216	$	2,687	$	2,513
Universal life and investment-type product policy fees		396		411		428		426		434		793		860
Net investment income		1,050		1,023		1,003		1,108		1,167		1,931		2,275
Other revenues		21		20		25		21		18		41		39
Total adjusted revenues		2,777		2,766		2,708		2,852		2,835		5,452		5,687

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,057		1,095		1,051		1,067		988		2,187		2,055
Policyholder liability remeasurement (gains) losses		(27)		108		13		(32)		(4)		(16)		(36)
Interest credited to policyholder account balances		570		576		619		647		657		1,106		1,304
Capitalization of DAC		(397)		(404)		(381)		(361)		(335)		(798)		(696)
Amortization of DAC and VOBA		190		204		207		210		207		383		417
Amortization of negative VOBA		(5)		(6)		(5)		(5)		(5)		(11)		(10)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		778		788		785		744		702		1,585		1,446
Total adjusted expenses		2,166		2,361		2,289		2,270		2,210		4,436		4,480
Adjusted earnings before provision for income tax		611		405		419		582		625		1,016		1,207
Provision for income tax expense (benefit)		180		130		123		159		176		305		335
Adjusted earnings		431		275		296		423		449		711		872
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	431	$	275	$	296	$	423	$	449	$	711	$	872

Adjusted premiums, fees and other revenues		$	1,727	$	1,743	$	1,705	$	1,744	$	1,668	$	3,521	$	3,412

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

Adjusted premiums, fees and other revenues	$	1,727	$	1,743	$	1,705	$	1,744	$	1,668

Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,591	$	1,659	$	1,644	$	1,687	$	1,668
Add: Operating joint ventures, on a constant currency basis (1)	408		424		364		524		648
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	1,999	$	2,083	$	2,008	$	2,211	$	2,316

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

Direct and allocated expenses	$	285	$	284	$	300	$	282	$	272
Pension, postretirement and postemployment benefit costs	15		16		20		15		15
Premium taxes, other taxes, and licenses & fees	32		33		34		33		28
Commissions and other variable expenses	446		455		431		414		387
Adjusted other expenses	$	778	$	788	$	785	$	744	$	702
Adjusted other expenses, net of adjusted capitalization of DAC	$	381	$	384	$	404	$	383	$	367

Adjusted other expenses on a constant currency basis	$	707	$	743	$	750	$	717	$	702
Add: Operating joint ventures, on a constant currency basis (2)	115		113		97		115		106
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	822	$	856	$	847	$	832	$	808
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	432	$	452	$	471	$	439	$	432

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

Japan:
Life	$	198	$	176	$	193	$	134	$	136
Accident & Health	56		49		56		67		62
Annuities	172		146		178		148		146
Other	2		2		1		2		2
Total Japan	428		373		428		351		346
Other Asia	178		218		176		224		284
Total sales	$	606	$	591	$	604	$	575	$	630

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

Adjusted earnings available to common shareholders	$	431	$	275	$	296	$	423	$	449
Adjusted earnings available to common shareholders, on a constant currency basis	$	417	$	273	$	292	$	416	$	449

(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)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024

GA AUM	$	118,188	$	113,105	$	123,434	$	120,743	$	117,606
GA AUM (at amortized cost)	$	125,266	$	124,684	$	130,093	$	128,618	$	126,997

GA AUM (at amortized cost), on a constant currency basis	$	120,797	$	121,730	$	124,025	$	126,083	$	126,997
Add: Operating joint ventures, on a constant currency basis (1)	8,110		8,295		7,953		8,232		9,184
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	128,907	$	130,025	$	131,978	$	134,315	$	136,181

(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)		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		June 30, 2023		June 30, 2024

Adjusted revenues
Premiums		$	1,023	$	1,116	$	1,123	$	1,115	$	1,122	$	2,048	$	2,237
Universal life and investment-type product policy fees		352		359		352		370		373		687		743
Net investment income		418		365		482		386		398		797		784
Other revenues		10		9		11		11		11		22		22
Total adjusted revenues		1,803		1,849		1,968		1,882		1,904		3,554		3,786

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		976		1,020		1,132		983		1,018		1,942		2,001
Policyholder liability remeasurement (gains) losses		3		(4)		(20)		(8)		(3)		(1)		(11)
Interest credited to policyholder account balances		105		106		116		114		115		204		229
Capitalization of DAC		(148)		(171)		(181)		(178)		(175)		(299)		(353)
Amortization of DAC and VOBA		117		121		124		125		129		223		254
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		4		2		3		3		4		6		7
Other expenses		465		493		523		512		505		895		1,017
Total adjusted expenses		1,522		1,567		1,697		1,551		1,593		2,970		3,144
Adjusted earnings before provision for income tax		281		282		271		331		311		584		642
Provision for income tax expense (benefit)		62		83		64		98		85		150		183
Adjusted earnings		219		199		207		233		226		434		459
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	219	$	199	$	207	$	233	$	226	$	434	$	459

Adjusted premiums, fees and other revenues		$	1,385	$	1,484	$	1,486	$	1,496	$	1,506	$	2,757	$	3,002

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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY

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

Direct and allocated expenses	$	143	$	148	$	154	$	140	$	145
Pension, postretirement and postemployment benefit costs	1		1		1		2		1
Premium taxes, other taxes, and licenses & fees	20		19		29		20		19
Commissions and other variable expenses	301		325		339		350		340
Adjusted other expenses	$	465	$	493	$	523	$	512	$	505
Adjusted other expenses, net of adjusted capitalization of DAC	$	317	$	322	$	342	$	334	$	330
Adjusted other expenses on a constant currency basis	$	453	$	476	$	518	$	505	$	505
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	308	$	310	$	339	$	330	$	330

SALES ON A CONSTANT CURRENCY BASIS

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

Mexico	$	157	$	197	$	164	$	236	211
Chile	87		91		95		95		99
All other	80		76		82		76		85
Total sales	$	324	$	364	$	341	$	407	$	395

OTHER STATISTICAL INFORMATION

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

Adjusted premiums, fees and other revenues	$	1,385	$	1,484	$	1,486	$	1,496	$	1,506
Adjusted earnings available to common shareholders	$	219	$	199	$	207	$	233	$	226

Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,339	$	1,427	$	1,473	$	1,481	$	1,506
Adjusted earnings available to common shareholders, on a constant currency basis	$	209	$	191	$	206	$	233	$	226

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

Adjusted revenues
Premiums		$	499	$	502	$	519	$	536	$	536	$	995	$	1,072
Universal life and investment-type product policy fees		75		79		67		77		77		152		154
Net investment income		47		51		54		54		54		92		108
Other revenues		8		7		9		7		8		16		15
Total adjusted revenues		629		639		649		674		675		1,255		1,349

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		237		230		256		258		265		498		523
Policyholder liability remeasurement (gains) losses		2		(9)		7		—		1		(1)		1
Interest credited to policyholder account balances		19		19		18		19		17		35		36
Capitalization of DAC		(119)		(114)		(116)		(128)		(115)		(227)		(243)
Amortization of DAC and VOBA		85		87		91		91		82		170		173
Amortization of negative VOBA		(1)		(1)		(1)		(1)		(1)		(2)		(2)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		314		315		331		332		328		614		660
Total adjusted expenses		537		527		586		571		577		1,087		1,148
Adjusted earnings before provision for income tax		92		112		63		103		98		168		201
Provision for income tax expense (benefit)		22		24		16		26		21		38		47
Adjusted earnings		70		88		47		77		77		130		154
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	70	$	88	$	47	$	77	$	77	$	130	$	154

Adjusted premiums, fees and other revenues		$	582	$	588	$	595	$	620	$	621	$	1,163	$	1,241

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EMEA
OTHER EXPENSES BY MAJOR CATEGORY

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

Direct and allocated expenses	$	97	$	104	$	109	$	101	$	104
Pension, postretirement and postemployment benefit costs	1		2		6		1		2
Premium taxes, other taxes, and licenses & fees	6		6		6		6		5
Commissions and other variable expenses	210		203		210		224		217
Adjusted other expenses	$	314	$	315	$	331	$	332	$	328
Adjusted other expenses, net of adjusted capitalization of DAC	$	195	$	201	$	215	$	204	$	213
Adjusted other expenses on a constant currency basis	$	297	$	304	$	323	$	325	$	328
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	186	$	194	$	210	$	199	$	213

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

Adjusted premiums, fees and other revenues	$	582	$	588	$	595	$	620	$	621
Adjusted earnings available to common shareholders	$	70	$	88	$	47	$	77	$	77

Adjusted premiums, fees and other revenues, on a constant currency basis	$	554	$	566	$	580	$	607	$	621
Adjusted earnings available to common shareholders, on a constant currency basis	$	64	$	85	$	45	$	75	$	77
Total sales on a constant currency basis	$	212	$	189	$	200	$	281	$	278

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

Adjusted revenues
Premiums		$	719	$	685	$	754	$	713	$	692	$	1,442	$	1,405
Universal life and investment-type product policy fees		170		184		95		78		94		353		172
Net investment income		1,170		1,153		1,044		1,010		1,016		2,297		2,026
Other revenues		49		41		52		50		37		102		87
Total adjusted revenues		2,108		2,063		1,945		1,851		1,839		4,194		3,690

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,341		1,311		1,329		1,251		1,252		2,710		2,503
Policyholder liability remeasurement (gains) losses		15		(7)		9		20		17		35		37
Interest credited to policyholder account balances		198		198		135		103		106		397		209
Capitalization of DAC		(6)		(5)		(5)		(5)		(4)		(12)		(9)
Amortization of DAC and VOBA		64		65		61		59		57		132		116
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		3		4		3		4		3		6		7
Other expenses		231		238		220		223		220		469		443
Total adjusted expenses		1,846		1,804		1,752		1,655		1,651		3,737		3,306
Adjusted earnings before provision for income tax		262		259		193		196		188		457		384
Provision for income tax expense (benefit)		51		51		37		37		35		88		72
Adjusted earnings		211		208		156		159		153		369		312
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	211	$	208	$	156	$	159	$	153	$	369	$	312

Adjusted premiums, fees and other revenues		$	938	$	910	$	901	$	841	$	823	$	1,897	$	1,664

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METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)

Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Annuities	$	1,581	$	1,508	$	1,610	$	1,577	$	1,555
Life and Other	54,187		53,930		53,930		53,604		53,296
Long Term Care	14,498		13,025		15,240		14,845		14,455
Balance, end of period (at balance sheet discount rate) (2)	$	70,266	$	68,463	$	70,780	$	70,026	$	69,306

Less:
Annuities	$	(50)	$	(110)	$	(18)	$	(46)	$	(65)
Life and Other	18		(120)		27		(2)		(27)
Long Term Care	(172)		(1,754)		313		(215)		(755)
Accumulated other comprehensive (income) loss	$	(204)	$	(1,984)	$	322	$	(263)	$	(847)

Annuities	$	1,631	$	1,618	$	1,628	$	1,623	$	1,620
Life and Other	54,169		54,050		53,903		53,606		53,323
Long Term Care	14,670		14,779		14,927		15,060		15,210
Balance, end of period (at original discount rate)	$	70,470	$	70,447	$	70,458	$	70,289	$	70,153

Future policy benefits subject to reinsurance (at balance sheet discount rate) (3)
Annuities	$	—	$	—	$	1,519	$	1,526	$	1,468
Life and Other	$	1,030	$	1,044	$	2,341	$	2,345	$	2,372
Long Term Care	$	—	$	—	$	—	$	—	$	—

POLICYHOLDER ACCOUNT BALANCES

Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Annuities	$	12,410	$	12,006	$	11,537	$	11,129	$	10,747
Life and Other	12,044		11,844		11,641		11,486		11,303
Balance, end of period	$	24,454	$	23,850	$	23,178	$	22,615	$	22,050

Policyholder account balances subject to reinsurance (3)
Annuities	$	—	$	—	$	3,485	$	3,345	$	3,228
Life and Other	$	1,548	$	1,542	$	6,352	$	6,532	$	6,467

MARKET RISK BENEFITS (4)

Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Annuities	$	2,793	$	2,268	$	2,722	$	2,231	$	2,153
Balance, end of period	$	2,793	$	2,268	$	2,722	$	2,231	$	2,153

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

SEPARATE ACCOUNT LIABILITIES

Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Annuities	$	29,616	$	27,455	$	29,224	$	29,866	$	28,843
Life and Other	6,071		5,736		6,324		6,757		6,738
Balance, end of period	$	35,687	$	33,191	$	35,548	$	36,623	$	35,581

Separate accounts liabilities subject to modified coinsurance (5)
Annuities	$	—	$	—	$	83	$	85	$	82
Life and Other	$	—	$	—	$	5,597	$	5,980	$	5,944

(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)	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024

Direct and allocated expenses	$	165		$	166		$	164		$	165		$	156
Pension, postretirement and postemployment benefit costs	6			5			6			6			7
Premium taxes, other taxes, and licenses & fees	17			19			16			16			19

Commissions and other variable expenses	43			48			34			36			38
Adjusted other expenses	$	231		$	238		$	220		$	223		$	220


OTHER STATISTICAL INFORMATION

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

Lapse Ratio (1)
Traditional life	4.8		%	5.1		%	5.4		%	5.7		%	5.9		%
Variable annuity	9.9		%	10.5		%	11.1		%	11.6		%	12.4		%

(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)		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		June 30, 2023		June 30, 2024

Adjusted revenues
Premiums		$	19	$	9	$	(2)	$	6	$	15	$	35	$	21
Universal life and investment-type product policy fees		1		—		—		—		1		1		1
Net investment income		80		125		98		106		95		130		201
Other revenues		106		103		102		98		97		207		195
Total adjusted revenues		206		237		198		210		208		373		418

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		12		4		(9)		8		9		28		17
Policyholder liability remeasurement (gains) losses		—		—		—		—		—		—		—
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(4)		(2)		(1)		(3)		(3)		(5)		(6)
Amortization of DAC and VOBA		4		3		1		2		1		5		3
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		244		256		258		253		246		491		499
Other expenses		229		250		290		194		188		406		382
Total adjusted expenses		485		511		539		454		441		925		895

Adjusted earnings before provision for income tax		(279)		(274)		(341)		(244)		(233)		(552)		(477)
Provision for income tax expense (benefit)		(83)		(79)		(142)		(70)		(47)		(186)		(117)
Adjusted earnings		(196)		(195)		(199)		(174)		(186)		(366)		(360)
Preferred stock dividends		32		67		33		67		34		98		101
Adjusted earnings available to common shareholders		$	(228)	$	(262)	$	(232)	$	(241)	$	(220)	$	(464)	$	(461)

Adjusted premiums, fees and other revenues		$	126	$	112	$	100	$	104	$	113	$	243	$	217

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

Business activities		$	20	$	13	$	35	$	6	$	30	$	39	$	36
Net investment income		81		126		95		102		92		132		194
Interest expense on debt		(254)		(266)		(269)		(265)		(255)		(512)		(520)
Corporate initiatives and projects		(32)		(12)		(9)		(6)		(7)		(46)		(13)
Other		(94)		(135)		(193)		(81)		(93)		(165)		(174)
Provision for income tax (expense) benefit and other tax-related items		83		79		142		70		47		186		117
Preferred stock dividends		(32)		(67)		(33)		(67)		(34)		(98)		(101)
Adjusted earnings available to common shareholders		$	(228)	$	(262)	$	(232)	$	(241)	$	(220)	$	(464)	$	(461)

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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)	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			June 30, 2023			June 30, 2024
Fixed Maturity Securities
Yield (1)	4.17		%	4.19		%	4.39		%	4.38		%	4.38		%	4.12		%	4.38		%
Investment income (2), (3)	$	3,107		$	3,123		$	3,241		$	3,200		$	3,206		$	6,135		$	6,406
Investment gains (losses)	(996)			(699)			(197)			(85)			(246)			(1,576)			(331)
Ending carrying value (4)	285,444			272,456			282,861			279,855			279,170			285,444			279,170
Net Mortgage Loans
Yield (1)	5.12		%	5.18		%	5.36		%	5.25		%	5.30		%	5.02		%	5.28		%
Investment income (3)	1,091			1,094			1,127			1,100			1,096			2,132			2,196
Investment gains (losses)	32			3			(69)			(82)			6			(132)			(76)
Ending carrying value (5)	84,794			84,058			84,118			83,452			82,051			84,794			82,051
Real Estate and Real Estate Joint Ventures
Yield (1)	0.82		%	(0.31)		%	2.08		%	(2.74)		%	(0.97)		%	(0.65)		%	(1.85)		%
Investment income	27			(11)			69			(90)			(32)			(42)			(122)
Investment gains (losses)	13			1			37			35			12			31			47
Ending carrying value	13,045			13,133			13,332			12,992			13,517			13,045			13,517
Policy Loans
Yield (1)	5.39		%	5.52		%	5.36		%	5.56		%	5.44		%	5.37		%	5.50		%
Investment income	119			120			113			113			110			238			223
Ending carrying value	8,788			8,725			8,788			8,800			8,691			8,788			8,691
Equity Securities
Yield (1)	4.11		%	4.14		%	3.37		%	5.48		%	5.50		%	3.55		%	5.49		%
Investment income	10			5			4			7			7			22			14
Investment gains (losses)	32			(14)			15			28			(19)			80			9
Ending carrying value	769			742			757			750			754			769			754
Other Limited Partnership Interests
Yield (1), (6)	6.17		%	5.56		%	(0.06)		%	8.27		%	9.10		%	3.46		%	8.68		%
Investment income (6)	225			206			(2)			301			325			251			626
Investment gains (losses)	3			—			—			(50)			(9)			12			(59)
Ending carrying value (7)	14,722			14,918			14,764			14,301			14,288			14,722			14,288
Cash and Short-term Investments
Yield (1)	5.94		%	6.38		%	5.61		%	5.32		%	4.61		%	5.47		%	4.97		%
Investment income	195			220			229			246			209			362			455
Investment gains (losses)	29			5			(33)			25			37			18			62
Ending carrying value	22,338			21,409			26,684			24,724			24,590			22,338			24,590
Other Invested Assets
Investment income	397			420			410			348			386			836			734
Investment gains (losses)	13			(167)			7			(17)			(16)			2			(33)
Ending carrying value	19,656			18,755			18,202			18,097			18,131			19,656			18,131
Total Investments
Investment income yield (1)	4.66		%	4.68		%	4.69		%	4.75		%	4.83		%	4.48		%	4.79		%
Investment fees and expenses yield (1)	(0.12)		%	(0.11)		%	(0.13)		%	(0.14)		%	(0.13)		%	(0.13)		%	(0.14)		%
Net Investment Income Yield (1)	4.54		%	4.57		%	4.56		%	4.61		%	4.70		%	4.35		%	4.65		%
Investment income	$	5,171		$	5,177		$	5,191		$	5,225		$	5,307		$	9,934		$	10,532
Investment fees and expenses	(131)			(121)			(144)			(157)			(147)			(288)			(304)
Net investment income including divested businesses	5,040			5,056			5,047			5,068			5,160			9,646			10,228
Less: Net investment income from divested businesses	—			—			—			—			—			—			—
Adjusted Net Investment Income (8)	$	5,040		$	5,056		$	5,047		$	5,068		$	5,160		$	9,646		$	10,228
Ending Carrying Value	$	449,556		$	434,196		$	449,506		$	442,971		$	441,192		$	449,556		$	441,192


Investment Portfolio Gains (Losses) (9)	$	(874)		$	(871)		$	(240)		$	(146)		$	(235)		$	(1,565)		$	(381)
Gross investment gains	271			119			292			331			245			704			576
Gross investment losses	(276)			(418)			(465)			(435)			(458)			(1,212)			(893)
Net credit loss (provision) release and (impairments)	(869)			(572)			(67)			(42)			(22)			(1,057)			(64)
Investment Portfolio Gains (Losses) (9)	(874)			(871)			(240)			(146)			(235)			(1,565)			(381)
Investment portfolio gains (losses) income tax (expense) benefit	188			155			80			41			57			369			98
Investment Portfolio Gains (Losses), Net of Income Tax	$	(686)		$	(716)		$	(160)		$	(105)		$	(178)		$	(1,196)		$	(283)



Derivative gains (losses) (9)	(1,278)			(1,454)			(123)			(1,175)			(698)			(1,650)			(1,873)
Derivative gains (losses) income tax (expense) benefit	320			397			(45)			304			193			367			497
Derivative Gains (Losses), Net of Income Tax	$	(958)		$	(1,057)		$	(168)		$	(871)		$	(505)		$	(1,283)		$	(1,376)

See footnotes on Page 29.

Table of Contents



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

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

U.S. corporate		$	82,523	29.1	%	$	78,552	28.9	%	$	80,717	28.7	%	$	80,553	28.9	%	$	80,678	29.1	%
Foreign corporate		53,690		18.9	%	51,377		19.0	%	55,444		19.7	%	54,029		19.4	%	53,419		19.2	%
Foreign government		45,994		16.2	%	42,685		15.8	%	45,489		16.2	%	42,793		15.4	%	40,054		14.4	%
U.S. government and agency		33,129		11.7	%	31,729		11.7	%	32,252		11.5	%	31,848		11.4	%	33,238		12.0	%
Residential mortgage-backed		28,458		10.0	%	27,785		10.3	%	29,096		10.3	%	31,142		11.2	%	32,616		11.7	%
Asset-backed securities and collateralized loan obligations		17,480		6.2	%	17,412		6.4	%	17,294		6.1	%	17,468		6.3	%	17,775		6.4	%
Municipals		12,324		4.3	%	11,347		4.2	%	11,171		4.0	%	10,938		3.9	%	10,470		3.8	%
Commercial mortgage-backed		10,259		3.6	%	10,095		3.7	%	9,949		3.5	%	9,638		3.5	%	9,486		3.4	%
Fixed Maturity Securities Available-For-Sale		$	283,857	100.0	%	$	270,982	100.0	%	$	281,412	100.0	%	$	278,409	100.0	%	$	277,736	100.0	%

NRSRO	NAIC
RATING	DESIGNATION
Aaa / Aa / A	1	$	196,361	69.3	%	$	186,834	69.0	%	$	194,722	69.2	%	$	192,127	69.0	%	$	192,239	69.2	%
Baa	2	73,827		26.0	%	71,043		26.2	%	73,680		26.2	%	73,367		26.4	%	72,732		26.2	%
Ba	3	10,885		3.8	%	10,325		3.8	%	10,299		3.7	%	10,323		3.7	%	9,189		3.3	%
B	4	2,311		0.8	%	2,343		0.9	%	2,371		0.8	%	2,259		0.8	%	3,291		1.2	%
Caa and lower	5	346		0.1	%	338		0.1	%	258		0.1	%	267		0.1	%	226		0.1	%
In or near default	6	127		—	%	99		—	%	82		—	%	66		—	%	59		—	%
Total Fixed Maturity Securities Available-For-Sale (10)		$	283,857	100.0	%	$	270,982	100.0	%	$	281,412	100.0	%	$	278,409	100.0	%	$	277,736	100.0	%


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

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





Gross unrealized gains		$	5,991			$	3,685			$	6,876			$	6,021			$	5,096
Gross unrealized losses		28,982				38,702				25,835				28,122				30,430
Net Unrealized Gains (Losses)		$	(22,991)			$	(35,017)			$	(18,959)			$	(22,101)			$	(25,334)

See footnotes on Page 29.

Table of Contents


INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)

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

Commercial mortgage loans	$	52,737			$	52,053			$	52,111			$	51,527			$	50,109
Agricultural mortgage loans	19,579				19,658				19,559				19,461				19,383
Residential mortgage loans	13,129				12,986				13,096				13,201				13,273

Total	85,445				84,697				84,766				84,189				82,765
Allowance for credit loss	(651)				(639)				(648)				(737)				(714)
Net Mortgage Loans	$	84,794			$	84,058			$	84,118			$	83,452			$	82,051


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

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

Pacific	$	9,171	17.4	%	$	9,206	17.7	%	$	9,016	17.3	%	$	9,036	17.5	%	$	8,680	17.3	%
Non-U.S.	9,243		17.5	%	8,682		16.7	%	8,933		17.1	%	8,453		16.4	%	8,385		16.7	%
Middle Atlantic	7,572		14.4	%	7,581		14.6	%	7,477		14.3	%	7,430		14.4	%	7,250		14.5	%
South Atlantic	6,514		12.4	%	6,581		12.6	%	6,637		12.7	%	6,802		13.2	%	6,517		13.0	%
West South Central	3,496		6.6	%	3,417		6.6	%	3,472		6.7	%	3,502		6.8	%	3,386		6.8	%
New England	2,878		5.5	%	2,875		5.5	%	2,859		5.5	%	2,821		5.5	%	2,821		5.6	%
Mountain	2,227		4.2	%	2,191		4.2	%	2,193		4.2	%	2,192		4.3	%	2,264		4.5	%
East North Central	1,809		3.4	%	1,855		3.6	%	1,822		3.5	%	1,701		3.3	%	1,600		3.2	%
East South Central	623		1.2	%	622		1.2	%	654		1.3	%	653		1.3	%	652		1.3	%
West North Central	602		1.1	%	643		1.2	%	613		1.2	%	644		1.2	%	472		1.0	%
Multi-Region and Other	8,602		16.3	%	8,400		16.1	%	8,435		16.2	%	8,293		16.1	%	8,082		16.1	%
Total	$	52,737	100.0	%	$	52,053	100.0	%	$	52,111	100.0	%	$	51,527	100.0	%	$	50,109	100.0	%


Office	$	20,215	38.3	%	$	19,619	37.7	%	$	19,651	37.7	%	$	19,369	37.6	%	$	18,799	37.5	%
Apartment	11,928		22.6	%	11,807		22.7	%	11,974		23.0	%	11,353		22.0	%	10,954		21.9	%
Retail	7,433		14.1	%	7,441		14.3	%	7,218		13.9	%	7,371		14.3	%	7,443		14.8	%
Industrial	5,158		9.8	%	5,248		10.1	%	5,275		10.1	%	5,315		10.3	%	4,941		9.9	%
Single Family Rental	4,711		8.9	%	4,735		9.1	%	4,728		9.1	%	4,823		9.4	%	4,822		9.6	%
Hotel	3,170		6.0	%	3,088		5.9	%	3,140		6.0	%	3,199		6.2	%	3,049		6.1	%
Other	122		0.3	%	115		0.2	%	125		0.2	%	97		0.2	%	101		0.2	%
Total	$	52,737	100.0	%	$	52,053	100.0	%	$	52,111	100.0	%	$	51,527	100.0	%	$	50,109	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 $50 million, ($17) million, $107 million, $85 million and $22 million for the three months ended June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30,2024, respectively, and $98 million and $107 million for the year-to-date period ended June 30, 2023 and June 30, 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.
	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
Fixed maturity securities available-for-sale	$	283,857	$	270,982	$	281,412	$	278,409	$	277,736
Contractholder-directed equity securities and fair value option securities	10,204		9,680		10,331		10,313		10,106
Total fixed maturity securities	294,061		280,662		291,743		288,722		287,842
Less: Contractholder-directed equity securities	8,617		8,206		8,882		8,867		8,672

Fixed maturity securities	$	285,444	$	272,456	$	282,861	$	279,855	$	279,170

(5)Net mortgage loans exclude mortgage loans originated for third parties of $8,265 million, $8,238 million, $8,461 million, $8,083 million and $7,843 million at amortized cost, which is primarily comprised of commercial mortgage loans of $8,022 million, $7,998 million, $8,215 million, $7,832 million and $7,590 million at amortized cost, and does not include the related allowance for credit loss of $73 million, $66 million, $73 million, $77 million and $92 million at June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, respectively.
(6)Other limited partnership interests includes investment income related to private equity investments of $223 million, $203 million, ($2) million, $301 million and $326 million for the three months ended June 30, 2023, September 30, 2023, December 31, 2023. March 31, 2024 and June 30, 2024, respectively, and $240 million and $627 million for the year-to-date period ended June 30, 2023 and June 30, 2024, respectively. The annualized yields for these periods were 6.19%, 5.50%, (0.06%), 8.29%, 9.13%, 3.37% and 8.71%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of $14,608 million, $14,862 million, $14,738 million, $14,276 million and $14,270 million, at June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30,2024, 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
	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		June 30, 2023		June 30, 2024
Net investment gains (losses)	$	(1,039)	$	(927)	$	(174)	$	(375)	$	(421)	$	(1,723)	$	(796)
Less: Non-investment portfolio gains (losses)	(95)		(63)		64		(226)		(176)		(82)		(402)
Less: Provision for credit loss on certain mortgage loans originated for third parties	(73)		7		(7)		(4)		(15)		(73)		(19)
Less: Other adjustments	3		—		9		1		5		(3)		6

Investment portfolio gains (losses)	$	(874)	$	(871)	$	(240)	$	(146)	$	(235)	$	(1,565)	$	(381)

	For the Three Months Ended										For the Year-to-Date Period Ended
	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		June 30, 2023		June 30, 2024
Net derivative gains (losses)	$	(997)	$	(1,202)	$	149	$	(979)	$	(508)	$	(1,087)	$	(1,487)
Less: Investment hedge adjustments	263		232		253		176		172		527		348

Less: Other adjustments	18		20		19		20		18		36		38

Derivative gains (losses)	$	(1,278)	$	(1,454)	$	(123)	$	(1,175)	$	(698)	$	(1,650)	$	(1,873)

(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)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		June 30, 2023		June 30, 2024

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	370	$	422	$	574	$	800	$	912	$	384	$	1,712
Add: Preferred stock dividends	32		67		33		67		34		98		101
Add: Preferred stock redemption premium	—		—		—		—		—		—		—
Add: Net income (loss) attributable to noncontrolling interests	6		6		7		8		7		11		15

Net income (loss)	408		495		614		875		953		$	493	$	1,828
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(1,039)		(927)		(174)		(375)		(421)		(1,723)		(796)
Net derivative gains (losses)	(997)		(1,202)		149		(979)		(508)		(1,087)		(1,487)
Market risk benefit remeasurement gains (losses)	817		796		(431)		694		182		629		876
Premiums - Divested businesses	—		—		—		—		—		—		—
Universal life and investment-type product policy fees - Divested businesses	—		—		—		—		—		—		—
Net investment income
Investment hedge adjustments	(263)		(232)		(253)		(176)		(172)		(527)		(348)
Unit-linked contract income	296		4		580		542		219		599		761
Other adjustments	(1)		(3)		(8)		2		(2)		(1)		—
Divested businesses	—		—		—		—		—		—		—
Other revenues
Asymmetrical and non-economic accounting	—		—		29		39		35		—		74
Other adjustments	(7)		(11)		(13)		(12)		(11)		(10)		(23)
Divested businesses	—		—		—		—		—		—		—
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting	(74)		5		(26)		(14)		(161)		(158)		(175)
Market volatility	44		64		62		67		88		58		155
Divested businesses	—		—		—		—		—		—		—
Policyholder liability remeasurement (gains) losses - Divested businesses	—		—		—		—		—		—		—
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting	10		44		(103)		(24)		(5)		(9)		(29)
Unit-linked contract costs	(301)		3		(582)		(539)		(214)		(604)		(753)
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	(11)		(21)		(7)		(7)		(5)		(27)		(12)
Divested businesses	(9)		(9)		(9)		(4)		(4)		(20)		(8)
Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	419		429		6		260		270		599		530
Adjusted earnings	1,524		1,555		1,394		1,401		1,662		2,774		3,063
Less: Preferred stock dividends	32		67		33		67		34		98		101
Adjusted earnings available to common shareholders	$	1,492	$	1,488	$	1,361	$	1,334	$	1,628	$	2,676	$	2,962

A-1

Table of Contents



APPENDIX METLIFE NOTABLE ITEMS (1)

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

Total MetLife, Inc.'s stockholders' equity	$	30,261		$	25,658		$	30,015		$	28,535		$	27,252
Less: Preferred stock	3,818			3,818			3,818			3,818			3,818
MetLife, Inc.'s common stockholders' equity	26,443			21,840			26,197			24,717			23,434
Less: Net unrealized investment gains (losses), net of income tax	(16,800)			(26,548)			(14,323)			(16,611)			(19,088)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	3,919			10,245			2,658			4,773			6,606
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	108			(4)			27			(47)			(73)
Defined benefit plans adjustment, net of income tax	(1,331)			(1,308)			(1,446)			(1,421)			(1,396)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	40,547			39,455			39,281			38,023			37,385
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)	$	40,547		$	39,441		$	39,343		$	38,023		$	37,385

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

Book value per common share	$	34.92		$	29.34		$	35.85		$	34.54		$	33.30
Less: Net unrealized investment gains (losses), net of income tax	(22.19)			(35.66)			(19.60)			(23.21)			(27.12)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	5.18			13.77			3.64			6.68			9.38
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	0.14			(0.01)			0.04			(0.07)			(0.10)
Defined benefit plans adjustment, net of income tax	(1.76)			(1.76)			(1.98)			(1.99)			(1.98)
Book value per common share, excluding AOCI other than FCTA	$	53.55		$	53.00		$	53.75		$	53.13		$	53.12

Common shares outstanding, end of period	757.2			744.4			730.8			715.7			703.8

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

Return on MetLife, Inc.'s:
Common stockholders' equity	5.4		%	7.0		%	9.6		%	12.6		%	15.2		%

Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	21.8		%	24.7		%	22.7		%	21.0		%	27.0		%
Common stockholders' equity, excluding AOCI other than FCTA	14.6		%	14.9		%	13.8		%	13.8		%	17.3		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	14.6		%	14.7		%	14.6		%	13.8		%	17.3		%

Average common stockholders' equity	$	27,410		$	24,142		$	24,019		$	25,457		$	24,076
Average common stockholders' equity, excluding AOCI other than FCTA	$	40,976		$	40,001		$	39,368		$	38,652		$	37,704
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	40,976		$	39,994		$	39,392		$	38,652		$	37,704

(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)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
GROUP BENEFITS (1)	$	6,013	$	5,866	$	6,001	$	6,330	$	6,210
RIS (1)	2,823		2,478		2,883		813		2,582
ASIA	1,591		1,659		1,644		1,687		1,668
LATIN AMERICA	1,339		1,427		1,473		1,481		1,506
EMEA	554		566		580		607		621
METLIFE HOLDINGS (1)	938		910		901		841		823
CORPORATE & OTHER (1)	126		112		100		104		113
Adjusted premiums, fees and other revenues, on a constant currency basis	$	13,384	$	13,018	$	13,582	$	11,863	$	13,523
Adjusted premiums, fees and other revenues	$	13,594	$	13,181	$	13,671	$	11,948	$	13,523

ASIA (including operating joint ventures) (2), (3)	$	1,999	$	2,083	$	2,008	$	2,211	$	2,316

OTHER EXPENSES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
GROUP BENEFITS (1)	$	950	$	937	$	977	$	1,003	$	1,016
RIS (1)	146		138		135		172		145
ASIA	707		743		750		717		702
LATIN AMERICA	453		476		518		505		505
EMEA	297		304		323		325		328
METLIFE HOLDINGS (1)	231		238		220		223		220
CORPORATE & OTHER (1)	229		250		290		194		188
Adjusted other expenses on a constant currency basis	$	3,013	$	3,086	$	3,213	$	3,139	$	3,104
Adjusted other expenses	$	3,113	$	3,159	$	3,261	$	3,180	$	3,104

ASIA (including operating joint ventures) (2), (4)	$	822	$	856	$	847	$	832	$	808

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024
GROUP BENEFITS (1)	$	372	$	510	$	466	$	284	$	533
RIS (1)	417		470		421		399		410
ASIA	417		273		292		416		449
LATIN AMERICA	209		191		206		233		226
EMEA	64		85		45		75		77
METLIFE HOLDINGS (1)	211		208		156		159		153
CORPORATE & OTHER (1)	(228)		(262)		(232)		(241)		(220)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,462	$	1,475	$	1,354	$	1,325	$	1,628
Adjusted earnings available to common shareholders	$	1,492	$	1,488	$	1,361	$	1,334	$	1,628

(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 current period and applied to the comparable prior period ("constant currency basis").

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 Second Quarter 2024 Results