MetLife (MET) 8-K Metlife Announces Third Quarter 2024 Results

Exhibit 99.2

Third Quarter

Financial Supplement

September 30, 2024

3

METLIFE TABLE OF CONTENTS
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS	2
CORPORATE OVERVIEW	3
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5
EXPENSE DETAIL AND RATIOS	7
GAAP CONSOLIDATED BALANCE SHEETS	8
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	9
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

1

METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024			September 30, 2024		September 30, 2023		September 30, 2024
Revenues
Premiums		$	11,230	$	11,786	$	10,053	$	11,628		$	10,647	$	32,497	$	32,328
Universal life and investment-type product policy fees		1,334		1,241		1,248		1,281			1,228		3,911		3,757
Net investment income		4,825		5,366		5,436		5,205			5,227		14,542		15,868
Other revenues		606		660		674		638			648		1,866		1,960
Net investment gains (losses)		(927)		(174)		(375)		(421)			(77)		(2,650)		(873)
Net derivative gains (losses)		(1,202)		149		(979)		(508)			767		(2,289)		(720)
Total revenues		15,866		19,028		16,057		17,823			18,440		47,877		52,320
Expenses
Policyholder benefits and claims		11,130		11,779		10,074		11,485			10,597		32,811		32,156
Policyholder liability remeasurement (gains) losses		(17)		(3)		(22)		(10)			(132)		(42)		(164)
Market risk benefit remeasurement (gains) losses		(796)		431		(694)		(182)			531		(1,425)		(345)
Interest credited to policyholder account balances		1,658		2,405		2,290		2,000			2,037		5,455		6,327
Policyholder dividends		153		159		147		148			150		463		445
Amortization of DAC and VOBA		499		504		508		499			516		1,448		1,523
Amortization of negative VOBA		(7)		(6)		(6)		(6)			(7)		(20)		(19)
Interest expense on debt		265		269		264		257			257		776		778
Other expenses, net of capitalization of DAC		2,447		2,549		2,451		2,430			2,497		7,190		7,378
Total expenses		15,332		18,087		15,012		16,621			16,446		46,656		48,079
Income (loss) before provision for income tax		534		941		1,045		1,202			1,994		1,221		4,241
Provision for income tax expense (benefit)		39		327		170		249			653		233		1,072
Net income (loss)		495		614		875		953			1,341		988		3,169
Less: Net income (loss) attributable to noncontrolling interests		6		7		8		7			(1)		17		14
Net income (loss) attributable to MetLife, Inc.		489		607		867		946			1,342		971		3,155
Less: Preferred stock dividends		67		33		67		34			67		165		168
Net income (loss) available to MetLife, Inc.'s common shareholders		$	422	$	574	$	800	$	912		$	1,275	$	806	$	2,987
Premiums, fees and other revenues		$	13,170	$	13,687	$	11,975	$	13,547		$	12,523	$	38,274	$	38,045

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Net income (loss) available to MetLife, Inc.'s common shareholders	$	422	$	574	$	800	$	912	$	1,275
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(927)		(174)		(375)		(421)		(77)
Less: Net derivative gains (losses)	(1,202)		149		(979)		(508)		767
Less: Market risk benefit remeasurement gains (losses)	796		(431)		694		182		(531)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(156)		(330)		(126)		(232)		(65)
Less: Provision for income tax (expense) benefit	429		6		260		270		(195)
Add: Net income (loss) attributable to noncontrolling interests	6		7		8		7		(1)
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders	1,488		1,361		1,334		1,628		1,375
Less: Total notable items (2)	14		(76)		—		—		16
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,474	$	1,437	$	1,334	$	1,628	$	1,359
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	0.56	$	0.77	$	1.10	$	1.28	$	1.81
Less: Net investment gains (losses)	(1.23)		(0.23)		(0.51)		(0.59)		(0.11)
Less: Net derivative gains (losses)	(1.59)		0.20		(1.34)		(0.71)		1.09
Less: Market risk benefit remeasurement gains (losses)	1.05		(0.58)		0.95		0.25		(0.75)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.20)		(0.45)		(0.18)		(0.32)		(0.09)
Less: Provision for income tax (expense) benefit	0.57		0.01		0.36		0.38		(0.28)
Add: Net income (loss) attributable to noncontrolling interests	0.01		0.01		0.01		0.01		—
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders per diluted common share	1.97		1.83		1.83		2.28		1.95
Less: Total notable items per diluted common share (2)	0.02		(0.10)		—		—		0.02
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	1.95	$	1.93	$	1.83	$	2.28	$	1.93
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	14	$	—	$	—	$	—	$	16
Litigation reserves and settlement costs	—		(76)		—		—		—
Total notable items	$	14	$	(76)	$	—	$	—	$	16
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	0.02	$	—	$	—	$	—	$	0.02
Litigation reserves and settlement costs	—		(0.10)		—		—		—
Total notable items	$	0.02	$	(0.10)	$	—	$	—	$	0.02
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Weighted average common shares outstanding - diluted	755.5		743.4		728.4		714.7		703.7
(1)See Pages A-1 and A-7 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Book value per common share (1)	$	29.34		$	35.85		$	34.54		$	33.30		$	39.02
Book value per common share, excluding AOCI other than FCTA (1)	$	53.00		$	53.75		$	53.13		$	53.12		$	54.72
	For the Three Months Ended
Unaudited	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Return on MetLife, Inc.'s (2):
Common stockholders' equity	7.0		%	9.6		%	12.6		%	15.2		%	20.2		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	24.7		%	22.7		%	21.0		%	27.0		%	21.8		%
Common stockholders' equity, excluding AOCI other than FCTA	14.9		%	13.8		%	13.8		%	17.3		%	14.6		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	14.7		%	14.6		%	13.8		%	17.3		%	14.4		%
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Common shares outstanding, beginning of period	757.2			744.4			730.8			715.7			703.8
Share repurchases	(12.9)			(13.7)			(16.9)			(12.0)			(10.5)
Newly issued shares	0.1			0.1			1.8			0.1			0.4
Common shares outstanding, end of period	744.4			730.8			715.7			703.8			693.7
Weighted average common shares outstanding - basic	751.4			738.6			723.2			710.5			699.3
Dilutive effect of the exercise or issuance of stock-based awards	4.1			4.8			5.2			4.2			4.4
Weighted average common shares outstanding - diluted	755.5			743.4			728.4			714.7			703.7
MetLife Policyholder Trust Shares	119.1			117.6			116.0			114.3			113.1
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

4

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Total revenues	$	15,866	$	19,028	$	16,057	$	17,823	$	18,440	$	47,877	$	52,320
Less: Adjustments to total revenues:
Net investment gains (losses)	(927)		(174)		(375)		(421)		(77)		(2,650)		(873)
Net derivative gains (losses)	(1,202)		149		(979)		(508)		767		(2,289)		(720)
Investment hedge adjustments	(232)		(253)		(176)		(172)		(129)		(759)		(477)
Asymmetrical and non-economic accounting	—		29		39		35		50		—		124
Unit-linked contract income	4		580		542		219		147		603		908
Other adjustments	(14)		(21)		(10)		(13)		52		(25)		29
Divested businesses	—		—		—		—		16		—		16
Total adjusted revenues	$	18,237	$	18,718	$	17,016	$	18,683	$	17,614	$	52,997	$	53,313
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Net investment income	$	4,825	$	5,366	$	5,436	$	5,205	$	5,227	$	14,542	$	15,868
Less: Adjustments to net investment income:
Investment hedge adjustments	(232)		(253)		(176)		(172)		(129)		(759)		(477)
Unit-linked contract income	4		580		542		219		147		603		908
Other adjustments	(3)		(8)		2		(2)		66		(4)		66
Divested businesses	—		—		—		—		—		—		—
Adjusted net investment income	$	5,056	$	5,047	$	5,068	$	5,160	$	5,143	$	14,702	$	15,371
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Variable investment income (Included in net investment income above)	$	179	$	63	$	260	$	298	$	162	$	356	$	720
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Premiums, fees and other revenues	$	13,170	$	13,687	$	11,975	$	13,547	$	12,523	$	38,274	$	38,045
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	—		29		39		35		50		—		124
Other adjustments	(11)		(13)		(12)		(11)		(14)		(21)		(37)
Divested businesses	—		—		—		—		16		—		16
Adjusted premiums, fees and other revenues	$	13,181	$	13,671	$	11,948	$	13,523	$	12,471	$	38,295	$	37,942
Adjusted premiums, fees and other revenues, on a constant currency basis	$	12,992	$	13,554	$	11,838	$	13,490	$	12,471

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Total expenses	$	15,332	$	18,087	$	15,012	$	16,621	$	16,446	$	46,656	$	48,079
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses	(796)		431		(694)		(182)		531		(1,425)		(345)
Goodwill impairment	—		—		—		—		—		—		—
Asymmetrical and non-economic accounting	(49)		129		38		166		72		118		276
Market volatility	(64)		(62)		(67)		(88)		(52)		(122)		(207)
Unit-linked contract costs	(3)		582		539		214		143		601		896
Other adjustments	21		7		7		5		12		48		24
Divested businesses	9		9		4		4		26		29		34
Total adjusted expenses	$	16,214	$	16,991	$	15,185	$	16,502	$	15,714	$	47,407	$	47,401
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Capitalization of DAC	$	(742)	$	(728)	$	(740)	$	(683)	$	(691)	$	(2,189)	$	(2,114)
Less: Divested businesses	—		—		—		—		—		—		—
Adjusted capitalization of DAC	$	(742)	$	(728)	$	(740)	$	(683)	$	(691)	$	(2,189)	$	(2,114)
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Other expenses	$	3,189	$	3,277	$	3,191	$	3,113	$	3,188	$	9,379	$	9,492
Less: Adjustments to other expenses:
Other adjustments	21		7		7		5		12		48		24
Divested businesses	9		9		4		4		17		29		25
Adjusted other expenses	$	3,159	$	3,261	$	3,180	$	3,104	$	3,159	$	9,302	$	9,443
Adjusted other expenses on a constant currency basis	$	3,085	$	3,215	$	3,139	$	3,105	$	3,159

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024			September 30, 2023			September 30, 2024
Other expenses, net of capitalization of DAC	$	2,447		$	2,549		$	2,451		$	2,430		$	2,497		$	7,190		$	7,378
Premiums, fees and other revenues	$	13,170		$	13,687		$	11,975		$	13,547		$	12,523		$	38,274		$	38,045
Expense ratio	18.6		%	18.6		%	20.5		%	17.9		%	19.9		%	18.8		%	19.4		%
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024			September 30, 2023			September 30, 2024
Adjusted other expenses by major category
Direct expenses	$	1,447		$	1,559		$	1,426		$	1,397		$	1,392		$	4,249		$	4,215
Pension, postretirement and postemployment benefit costs	59			69			65			65			65			177			195
Premium taxes, other taxes, and licenses & fees	162			153			176			171			183			507			530
Commissions and other variable expenses	1,491			1,480			1,513			1,471			1,519			4,369			4,503
Adjusted other expenses	3,159			3,261			3,180			3,104			3,159			9,302			9,443
Adjusted capitalization of DAC	(742)			(728)			(740)			(683)			(691)			(2,189)			(2,114)
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,417		$	2,533		$	2,440		$	2,421		$	2,468		$	7,113		$	7,329
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024			September 30, 2023			September 30, 2024
Employee-related costs	$	913		$	882		$	950		$	900		$	891		$	2,737		$	2,741
Third-party staffing costs	350			399			342			356			354			1,027			1,052
General and administrative expenses	184			278			134			141			147			485			422
Direct expenses	1,447			1,559			1,426			1,397			1,392			4,249			4,215
Less: Total notable items related to direct expenses (1)	—			96			—			—			—			—			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,447		$	1,463		$	1,426		$	1,397		$	1,392		$	4,249		$	4,215
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,417		$	2,533		$	2,440		$	2,421		$	2,468		$	7,113		$	7,329
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)	$	2,417		$	2,437		$	2,440		$	2,421		$	2,468		$	7,113		$	7,329
Adjusted premiums, fees and other revenues	$	13,181		$	13,671		$	11,948		$	13,523		$	12,471		$	38,295		$	37,942
Less: PRT	1,461			1,860			(25)			1,752			529			3,464			2,256
Adjusted premiums, fees and other revenues, excluding PRT	$	11,720		$	11,811		$	11,973		$	11,771		$	11,942		$	34,831		$	35,686
Direct expense ratio	11.0		%	11.4		%	11.9		%	10.3		%	11.2		%	11.1		%	11.1		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.3		%	12.4		%	11.9		%	11.9		%	11.7		%	12.2		%	11.8		%
Adjusted expense ratio	18.3		%	18.5		%	20.4		%	17.9		%	19.8		%	18.6		%	19.3		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	20.6		%	20.6		%	20.4		%	20.6		%	20.7		%	20.4		%	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.

7

METLIFE GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	270,982	$	281,412	$	278,409	$	277,736	$	293,779
Equity securities, at estimated fair value	742		757		750		754		746
Contractholder-directed equity securities and fair value option securities, at estimated fair value	9,680		10,331		10,313		10,106		9,289
Mortgage loans	92,230		92,506		91,458		89,802		90,415
Policy loans	8,725		8,788		8,800		8,691		8,822
Real estate and real estate joint ventures	13,133		13,332		12,992		13,517		13,731
Other limited partnership interests	14,918		14,764		14,301		14,288		14,186
Short-term investments, principally at estimated fair value	6,497		6,045		4,884		3,804		4,609
Other invested assets	18,755		18,202		18,097		18,131		19,706
Total investments	435,662		446,137		440,004		436,829		455,283
Cash and cash equivalents, principally at estimated fair value	14,912		20,639		19,840		20,786		21,765
Accrued investment income	3,704		3,589		3,636		3,657		3,722
Premiums, reinsurance and other receivables	19,002		28,971		29,986		31,820		31,443
Market risk benefits, at estimated fair value	334		286		351		356		310
Deferred policy acquisition costs and value of business acquired	19,737		20,151		19,842		19,568		20,401
Current income tax recoverable	—		190		—		348		304
Deferred income tax assets	3,174		2,612		2,751		2,681		2,469
Goodwill	9,109		9,236		9,037		8,950		9,155
Other assets	10,862		11,139		11,126		11,043		11,315
Separate account assets	135,624		144,634		141,003		139,707		148,809
Total assets	$	652,120	$	687,584	$	677,576	$	675,745	$	704,976
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	181,755	$	196,406	$	191,013	$	190,993	$	201,340
Policyholder account balances	213,933		219,269		219,168		219,543		224,609
Market risk benefits, at estimated fair value	2,738		3,179		2,696		2,618		3,117
Other policy-related balances	19,665		19,736		20,219		19,379		19,932
Policyholder dividends payable	381		386		357		365		381
Payables for collateral under securities loaned and other transactions	17,797		17,524		17,470		17,719		17,132
Short-term debt	161		119		127		390		404
Long-term debt	15,475		15,548		15,972		14,809		15,278
Collateral financing arrangement	651		637		590		555		529
Junior subordinated debt securities	3,160		3,161		3,162		3,163		3,163
Current income tax payable	59		—		10		—		—
Deferred income tax liability	128		927		835		216		956
Other liabilities	34,698		35,805		36,158		38,748		38,162
Separate account liabilities	135,624		144,634		141,003		139,707		148,809
Total liabilities	626,225		657,331		648,780		648,205		673,812
Equity
Preferred stock, at par value	—		—		—		—		—
Common stock, at par value	12		12		12		12		12
Additional paid-in capital	33,666		33,690		33,718		33,740		33,766
Retained earnings	39,958		40,146		40,350		40,873		41,765
Treasury stock, at cost	(23,724)		(24,591)		(25,774)		(26,637)		(27,418)
Accumulated other comprehensive income (loss)	(24,254)		(19,242)		(19,771)		(20,736)		(17,240)
Total MetLife, Inc.'s stockholders' equity	25,658		30,015		28,535		27,252		30,885
Noncontrolling interests	237		238		261		288		279
Total equity	25,895		30,253		28,796		27,540		31,164
Total liabilities and equity	$	652,120	$	687,584	$	677,576	$	675,745	$	704,976

8

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Adjusted earnings before provision for income tax
GROUP BENEFITS		$	645	$	590	$	359	$	674	$	472
RIS		594		532		504		518		591
ASIA		405		419		582		625		431
LATIN AMERICA		282		271		331		311		309
EMEA		112		63		103		98		94
METLIFE HOLDINGS		259		193		196		188		226
CORPORATE & OTHER		(274)		(341)		(244)		(233)		(223)
Total adjusted earnings before provision for income tax		$	2,023	$	1,727	$	1,831	$	2,181	$	1,900
Provision for income tax expense (benefit)
GROUP BENEFITS		$	135	$	124	$	75	$	141	$	99
RIS		124		111		105		108		119
ASIA		130		123		159		176		125
LATIN AMERICA		83		64		98		85		88
EMEA		24		16		26		21		24
METLIFE HOLDINGS		51		37		37		35		44
CORPORATE & OTHER		(79)		(142)		(70)		(47)		(41)
Total provision for income tax expense (benefit)		$	468	$	333	$	430	$	519	$	458
Adjustedearnings available to common shareholders
GROUP BENEFITS		$	510	$	466	$	284	$	533	$	373
RIS		470		421		399		410		472
ASIA		275		296		423		449		306
LATIN AMERICA		199		207		233		226		221
EMEA		88		47		77		77		70
METLIFE HOLDINGS		208		156		159		153		182
CORPORATE & OTHER (1)		(262)		(232)		(241)		(220)		(249)
Total adjusted earnings available to common shareholders (1)		$	1,488	$	1,361	$	1,334	$	1,628	$	1,375
(1)Includes impact of preferred stock dividends of $67 million, $33 million, $67 million, $34 million and $67 million for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.

9

GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Adjusted revenues
Premiums		$	5,276	$	5,404	$	5,711	$	5,599	$	5,538	$	16,154	$	16,848
Universal life and investment-type product policy fees		219		218		222		229		231		660		682
Net investment income		330		334		315		313		311		967		939
Other revenues		371		379		397		382		377		1,114		1,156
Total adjusted revenues		6,196		6,335		6,645		6,523		6,457		18,895		19,625
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,592		4,712		5,236		4,780		4,927		14,452		14,943
Policyholder liability remeasurement (gains) losses		(29)		3		(3)		2		—		(31)		(1)
Interest credited to policyholder account balances		50		49		48		48		49		144		145
Capitalization of DAC		(5)		(4)		(4)		(5)		(4)		(16)		(13)
Amortization of DAC and VOBA		6		7		6		7		6		19		19
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		—		1		—		1		—		1		1
Other expenses		937		977		1,003		1,016		1,007		2,819		3,026
Total adjusted expenses		5,551		5,745		6,286		5,849		5,985		17,388		18,120
Adjusted earnings before provision for income tax		645		590		359		674		472		1,507		1,505
Provision for income tax expense (benefit)		135		124		75		141		99		318		315
Adjusted earnings		510		466		284		533		373		1,189		1,190
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	510	$	466	$	284	$	533	$	373	$	1,189	$	1,190
Adjusted premiums, fees and other revenues		$	5,866	$	6,001	$	6,330	$	6,210	$	6,146	$	17,928	$	18,686

10

GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Direct and allocated expenses	$	464		$	490		$	505		$	490		$	486
Pension, postretirement and postemployment benefit costs	12			12			14			14			14
Premium taxes, other taxes, and licenses & fees	83			79			89			95			93
Commissions and other variable expenses	378			396			395			417			414
Adjusted other expenses	$	937		$	977		$	1,003		$	1,016		$	1,007
OTHER STATISTICAL INFORMATION(1)
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Group Life (2)
Adjusted premiums, fees and other revenues	$	2,215		$	2,199		$	2,340		$	2,309		$	2,293
Mortality ratio	83.6		%	83.5		%	90.2		%	79.1		%	85.6		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,620		$	2,689		$	2,773		$	2,742		$	2,718
Interest adjusted benefit ratio (4)	69.0		%	70.7		%	73.9		%	70.8		%	72.4		%
(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.

11

RIS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Adjusted revenues
Premiums		$	2,330	$	2,736	$	675	$	2,448	$	1,451	$	5,512	$	4,574
Universal life and investment-type product policy fees		82		81		75		73		67		232		215
Net investment income		2,009		2,032		2,089		2,117		2,133		5,771		6,339
Other revenues		66		66		63		61		61		205		185
Total adjusted revenues		4,487		4,915		2,902		4,699		3,712		11,720		11,313
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,100		3,503		1,471		3,248		2,247		7,766		6,966
Policyholder liability remeasurement (gains) losses		(76)		(15)		1		(23)		(148)		(116)		(170)
Interest credited to policyholder account balances		756		783		796		838		874		2,104		2,508
Capitalization of DAC		(41)		(40)		(61)		(46)		(53)		(136)		(160)
Amortization of DAC and VOBA		13		13		15		16		14		36		45
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		3		4		4		3		4		10		11
Other expenses		138		135		172		145		183		430		500
Total adjusted expenses		3,893		4,383		2,398		4,181		3,121		10,094		9,700
Adjusted earnings before provision for income tax		594		532		504		518		591		1,626		1,613
Provision for income tax expense (benefit)		124		111		105		108		119		339		332
Adjusted earnings		470		421		399		410		472		1,287		1,281
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	470	$	421	$	399	$	410	$	472	$	1,287	$	1,281
Adjusted premiums, fees and other revenues		$	2,478	$	2,883	$	813	$	2,582	$	1,579	$	5,949	$	4,974
Less: PRT		1,461		1,860		(25)		1,752		529		3,464		2,256
Adjusted premiums, fees and other revenues, excluding PRT		$	1,017	$	1,023	$	838	$	830	$	1,050	$	2,485	$	2,718

12

RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Balance, end of period (at balance sheet discount rate) (2), (3)	$	61,947	$	69,407	$	67,402	$	69,385	$	72,914
Less: Accumulated other comprehensive (income) loss	(5,598)		(278)		(1,735)		(2,952)		297
Balance, end of period (at original discount rate)	$	67,545	$	69,685	$	69,137	$	72,337	$	72,617
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Balance, end of period	$	80,929	$	82,405	$	83,049	$	84,270	$	85,410
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Balance, end of period	$	51,740	$	53,093	$	51,012	$	50,033	$	52,537
SYNTHETIC GICS (4), (5)
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Balance, end of period	$	49,003	$	49,066	$	48,100	$	48,982	$	49,081
LONGEVITY REINSURANCE (6)
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Balance, end of period	$	19,175	$	21,945	$	21,333	$	24,422	$	25,699
(1)Includes $3,731 million, $3,782 million, $3,791 million, $3,830 million and $3,847 million of DPL at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)Includes $40 million, $311 million, $296 million, $1,972 million and $2,081 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 September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 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 $0, $1,282 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.
(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.

13

RIS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Direct and allocated expenses	$	66		$	71		$	80		$	74		$	75
Pension, postretirement and postemployment benefit costs	4			3			4			3			4
Premium taxes, other taxes, and licenses & fees	9			1			17			11			16
Commissions and other variable expenses	59			60			71			57			88
Adjusted other expenses	$	138		$	135		$	172		$	145		$	183
SPREAD
	For the Three Months Ended
Unaudited	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Investment income yield excluding variable investment income yield	5.28		%	5.32		%	5.24		%	5.28		%	5.25		%
Variable investment income yield	3.08		%	1.96		%	6.30		%	5.83		%	4.58		%
Total investment income yield	5.20		%	5.19		%	5.28		%	5.30		%	5.23		%
Average crediting rate	4.12		%	4.20		%	4.23		%	4.31		%	4.38		%
Amortization of DPL and losses at inception (1)	(0.22)		%	(0.22)		%	(0.22)		%	(0.22)		%	(0.21)		%
Total average crediting rate	3.90		%	3.98		%	4.01		%	4.09		%	4.17		%
Annualized general account spread	1.30		%	1.21		%	1.27		%	1.21		%	1.06		%
Annualized general account spread excluding variable investment income yield	1.38		%	1.34		%	1.23		%	1.19		%	1.08		%
(1)Includes the amortization of DPL of (0.23)%, (0.23)%, (0.23)%, (0.23)% and (0.23)% for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.

14

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Adjusted revenues
Premiums		$	1,312	$	1,252	$	1,297	$	1,216	$	1,272	$	3,999	$	3,785
Universal life and investment-type product policy fees		411		428		426		434		420		1,204		1,280
Net investment income		1,023		1,003		1,108		1,167		1,132		2,954		3,407
Other revenues		20		25		21		18		18		61		57
Total adjusted revenues		2,766		2,708		2,852		2,835		2,842		8,218		8,529
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,095		1,051		1,067		988		1,035		3,282		3,090
Policyholder liability remeasurement (gains) losses		108		13		(32)		(4)		60		92		24
Interest credited to policyholder account balances		576		619		647		657		683		1,682		1,987
Capitalization of DAC		(404)		(381)		(361)		(335)		(336)		(1,202)		(1,032)
Amortization of DAC and VOBA		204		207		210		207		217		587		634
Amortization of negative VOBA		(6)		(5)		(5)		(5)		(6)		(17)		(16)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		788		785		744		702		758		2,373		2,204
Total adjusted expenses		2,361		2,289		2,270		2,210		2,411		6,797		6,891
Adjusted earnings before provision for income tax		405		419		582		625		431		1,421		1,638
Provision for income tax expense (benefit)		130		123		159		176		125		435		460
Adjusted earnings		275		296		423		449		306		986		1,178
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	275	$	296	$	423	$	449	$	306	$	986	$	1,178
Adjusted premiums, fees and other revenues		$	1,743	$	1,705	$	1,744	$	1,668	$	1,710	$	5,264	$	5,122

15

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Adjusted premiums, fees and other revenues	$	1,743	$	1,705	$	1,744	$	1,668	$	1,710
Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,704	$	1,690	$	1,737	$	1,714	$	1,710
Add: Operating joint ventures, on a constant currency basis (1)	428		367		527		654		541
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,132	$	2,057	$	2,264	$	2,368	$	2,251
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Direct and allocated expenses	$	284	$	300	$	282	$	272	$	303
Pension, postretirement and postemployment benefit costs	16		20		15		15		15
Premium taxes, other taxes, and licenses & fees	33		34		33		28		31
Commissions and other variable expenses	455		431		414		387		409
Adjusted other expenses	$	788	$	785	$	744	$	702	$	758
Adjusted other expenses, net of adjusted capitalization of DAC	$	384	$	404	$	383	$	367	$	422
Adjusted other expenses on a constant currency basis	$	766	$	777	$	742	$	727	$	758
Add: Operating joint ventures, on a constant currency basis (2)	114		98		115		107		120
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	880	$	875	$	857	$	834	$	878
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	464	$	483	$	449	$	442	$	487
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Japan:
Life	$	177	$	194	$	136	$	138	$	142
Accident & Health	52		59		71		65		60
Annuities	146		178		148		146		147
Other	2		1		2		2		2
Total Japan	377		432		357		351		351
Other Asia	218		178		224		288		239
Total sales	$	595	$	610	$	581	$	639	$	590
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Adjusted earnings available to common shareholders	$	275	$	296	$	423	$	449	$	306
Adjusted earnings available to common shareholders, on a constant currency basis	$	271	$	295	$	423	$	451	$	306
(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.

16

ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
GA AUM	$	113,105	$	123,434	$	120,743	$	117,606	$	128,115
GA AUM (at amortized cost)	$	124,684	$	130,093	$	128,618	$	126,997	$	135,107
GA AUM (at amortized cost), on a constant currency basis	$	126,973	$	129,294	$	131,300	$	132,191	$	135,107
Add: Operating joint ventures, on a constant currency basis (1)	8,567		8,156		8,441		9,425		9,930
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	135,540	$	137,450	$	139,741	$	141,616	$	145,037
(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.

17

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Adjusted revenues
Premiums		$	1,116	$	1,123	$	1,115	$	1,122	$	1,141	$	3,164	$	3,378
Universal life and investment-type product policy fees		359		352		370		373		346		1,046		1,089
Net investment income		365		482		386		398		435		1,162		1,219
Other revenues		9		11		11		11		9		31		31
Total adjusted revenues		1,849		1,968		1,882		1,904		1,931		5,403		5,717
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,020		1,132		983		1,018		1,091		2,962		3,092
Policyholder liability remeasurement (gains) losses		(4)		(20)		(8)		(3)		(18)		(5)		(29)
Interest credited to policyholder account balances		106		116		114		115		108		310		337
Capitalization of DAC		(171)		(181)		(178)		(175)		(174)		(470)		(527)
Amortization of DAC and VOBA		121		124		125		129		126		344		380
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		3		3		4		4		8		11
Other expenses		493		523		512		505		485		1,388		1,502
Total adjusted expenses		1,567		1,697		1,551		1,593		1,622		4,537		4,766
Adjusted earnings before provision for income tax		282		271		331		311		309		866		951
Provision for income tax expense (benefit)		83		64		98		85		88		233		271
Adjusted earnings		199		207		233		226		221		633		680
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	199	$	207	$	233	$	226	$	221	$	633	$	680
Adjusted premiums, fees and other revenues		$	1,484	$	1,486	$	1,496	$	1,506	$	1,496	$	4,241	$	4,498

18

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Direct and allocated expenses	$	148	$	154	$	140	$	145	$	129
Pension, postretirement and postemployment benefit costs	1		1		2		1		1
Premium taxes, other taxes, and licenses & fees	19		29		20		19		22
Commissions and other variable expenses	325		339		350		340		333
Adjusted other expenses	$	493	$	523	$	512	$	505	$	485
Adjusted other expenses, net of adjusted capitalization of DAC	$	322	$	342	$	334	$	330	$	311
Adjusted other expenses on a constant currency basis	$	449	$	489	$	477	$	477	$	485
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	294	$	321	$	313	$	313	$	311
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Mexico	$	179	$	150	$	216	$	193	$	192
Chile	91		95		96		99		106
All other	72		77		71		81		85
Total sales	$	342	$	322	$	383	$	373	$	383
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Adjusted premiums, fees and other revenues	$	1,484	$	1,486	$	1,496	$	1,506	$	1,496
Adjusted earnings available to common shareholders	$	199	$	207	$	233	$	226	$	221
Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,349	$	1,393	$	1,400	$	1,422	$	1,496
Adjusted earnings available to common shareholders, on a constant currency basis	$	179	$	192	$	218	$	210	$	221

19

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Adjusted revenues
Premiums		$	502	$	519	$	536	$	536	$	562	$	1,497	$	1,634
Universal life and investment-type product policy fees		79		67		77		77		84		231		238
Net investment income		51		54		54		54		55		143		163
Other revenues		7		9		7		8		9		23		24
Total adjusted revenues		639		649		674		675		710		1,894		2,059
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		230		256		258		265		276		728		799
Policyholder liability remeasurement (gains) losses		(9)		7		—		1		9		(10)		10
Interest credited to policyholder account balances		19		18		19		17		17		54		53
Capitalization of DAC		(114)		(116)		(128)		(115)		(119)		(341)		(362)
Amortization of DAC and VOBA		87		91		91		82		92		257		265
Amortization of negative VOBA		(1)		(1)		(1)		(1)		(1)		(3)		(3)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		315		331		332		328		342		929		1,002
Total adjusted expenses		527		586		571		577		616		1,614		1,764
Adjusted earnings before provision for income tax		112		63		103		98		94		280		295
Provision for income tax expense (benefit)		24		16		26		21		24		62		71
Adjusted earnings		88		47		77		77		70		218		224
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	88	$	47	$	77	$	77	$	70	$	218	$	224
Adjusted premiums, fees and other revenues		$	588	$	595	$	620	$	621	$	655	$	1,751	$	1,896

20

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Direct and allocated expenses	$	104	$	109	$	101	$	104	$	109
Pension, postretirement and postemployment benefit costs	2		6		1		2		2
Premium taxes, other taxes, and licenses & fees	6		6		6		5		6
Commissions and other variable expenses	203		210		224		217		225
Adjusted other expenses	$	315	$	331	$	332	$	328	$	342
Adjusted other expenses, net of adjusted capitalization of DAC	$	201	$	215	$	204	$	213	$	223
Adjusted other expenses on a constant currency basis	$	307	$	327	$	328	$	332	$	342
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	197	$	212	$	202	$	216	$	223
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Adjusted premiums, fees and other revenues	$	588	$	595	$	620	$	621	$	655
Adjusted earnings available to common shareholders	$	88	$	47	$	77	$	77	$	70
Adjusted premiums, fees and other revenues, on a constant currency basis	$	573	$	586	$	613	$	626	$	655
Adjusted earnings available to common shareholders, on a constant currency basis	$	87	$	46	$	76	$	77	$	70
Total sales on a constant currency basis	$	189	$	201	$	282	$	278	$	249

21

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Adjusted revenues
Premiums		$	685	$	754	$	713	$	692	$	673	$	2,127	$	2,078
Universal life and investment-type product policy fees		184		95		78		94		80		537		252
Net investment income		1,153		1,044		1,010		1,016		981		3,450		3,007
Other revenues		41		52		50		37		40		143		127
Total adjusted revenues		2,063		1,945		1,851		1,839		1,774		6,257		5,464
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,311		1,329		1,251		1,252		1,221		4,021		3,724
Policyholder liability remeasurement (gains) losses		(7)		9		20		17		(35)		28		2
Interest credited to policyholder account balances		198		135		103		106		84		595		293
Capitalization of DAC		(5)		(5)		(5)		(4)		(4)		(17)		(13)
Amortization of DAC and VOBA		65		61		59		57		58		197		174
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		4		3		4		3		4		10		11
Other expenses		238		220		223		220		220		707		663
Total adjusted expenses		1,804		1,752		1,655		1,651		1,548		5,541		4,854
Adjusted earnings before provision for income tax		259		193		196		188		226		716		610
Provision for income tax expense (benefit)		51		37		37		35		44		139		116
Adjusted earnings		208		156		159		153		182		577		494
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	208	$	156	$	159	$	153	$	182	$	577	$	494
Adjusted premiums, fees and other revenues		$	910	$	901	$	841	$	823	$	793	$	2,807	$	2,457

22

METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Annuities	$	1,508	$	1,610	$	1,577	$	1,555	$	1,606
Life and Other	53,930		53,930		53,604		53,296		53,096
Long Term Care	13,025		15,240		14,845		14,455		15,657
Balance, end of period (at balance sheet discount rate) (2)	$	68,463	$	70,780	$	70,026	$	69,306	$	70,359
Less:
Annuities	$	(110)	$	(18)	$	(46)	$	(65)	$	(5)
Life and Other	(120)		27		(2)		(27)		31
Long Term Care	(1,754)		313		(215)		(755)		339
Accumulated other comprehensive (income) loss	$	(1,984)	$	322	$	(263)	$	(847)	$	365
Annuities	$	1,618	$	1,628	$	1,623	$	1,620	$	1,611
Life and Other	54,050		53,903		53,606		53,323		53,065
Long Term Care	14,779		14,927		15,060		15,210		15,318
Balance, end of period (at original discount rate)	$	70,447	$	70,458	$	70,289	$	70,153	$	69,994
Future policy benefits subject to reinsurance (at balance sheet discount rate) (3)
Annuities	$	—	$	1,519	$	1,526	$	1,468	$	1,505
Life and Other	$	1,044	$	2,341	$	2,345	$	2,372	$	2,398
Long Term Care	$	—	$	—	$	—	$	—	$	—
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Annuities	$	12,006	$	11,537	$	11,129	$	10,747	$	10,437
Life and Other	11,844		11,641		11,486		11,303		11,284
Balance, end of period	$	23,850	$	23,178	$	22,615	$	22,050	$	21,721
Policyholder account balances subject to reinsurance (3)
Annuities	$	—	$	3,485	$	3,345	$	3,228	$	3,124
Life and Other	$	1,542	$	6,352	$	6,532	$	6,467	$	6,410
MARKET RISK BENEFITS (4)
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Annuities	$	2,268	$	2,722	$	2,231	$	2,153	$	2,608
Balance, end of period	$	2,268	$	2,722	$	2,231	$	2,153	$	2,608
Market risk benefits subject to reinsurance	$	—	$	—	$	—	$	—	$	—
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Annuities	$	27,455	$	29,224	$	29,866	$	28,843	$	29,349
Life and Other	5,736		6,324		6,757		6,738		7,049
Balance, end of period	$	33,191	$	35,548	$	36,623	$	35,581	$	36,398
Separate accounts liabilities subject to modified coinsurance (5)
Annuities	$	—	$	83	$	85	$	82	$	83
Life and Other	$	—	$	5,597	$	5,980	$	5,944	$	6,226
(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.

23

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Direct and allocated expenses	$	166		$	164		$	165		$	156		$	159
Pension, postretirement and postemployment benefit costs	5			6			6			7			6
Premium taxes, other taxes, and licenses & fees	19			16			16			19			20
Commissions and other variable expenses	48			34			36			38			35
Adjusted other expenses	$	238		$	220		$	223		$	220		$	220
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Lapse Ratio (1)
Traditional life	5.1		%	5.4		%	5.7		%	5.9		%	6.2		%
Variable annuity	10.5		%	11.1		%	11.6		%	12.4		%	12.8		%
(1) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

24

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Adjusted revenues
Premiums		$	9	$	(2)	$	6	$	15	$	(6)	$	44	$	15
Universal life and investment-type product policy fees		—		—		—		1		—		1		1
Net investment income		125		98		106		95		96		255		297
Other revenues		103		102		98		97		98		310		293
Total adjusted revenues		237		198		210		208		188		610		606
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4		(9)		8		9		—		32		17
Policyholder liability remeasurement (gains) losses		—		—		—		—		—		—		—
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(2)		(1)		(3)		(3)		(1)		(7)		(7)
Amortization of DAC and VOBA		3		1		2		1		3		8		6
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		256		258		253		246		245		747		744
Other expenses		250		290		194		188		164		656		546
Total adjusted expenses		511		539		454		441		411		1,436		1,306
Adjusted earnings before provision for income tax		(274)		(341)		(244)		(233)		(223)		(826)		(700)
Provision for income tax expense (benefit)		(79)		(142)		(70)		(47)		(41)		(265)		(158)
Adjusted earnings		(195)		(199)		(174)		(186)		(182)		(561)		(542)
Preferred stock dividends		67		33		67		34		67		165		168
Adjusted earnings available to common shareholders		$	(262)	$	(232)	$	(241)	$	(220)	$	(249)	$	(726)	$	(710)
Adjusted premiums, fees and other revenues		$	112	$	100	$	104	$	113	$	92	$	355	$	309
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Business activities		$	13	$	35	$	6	$	30	$	20	$	52	$	56
Net investment income		126		95		102		92		96		258		290
Interest expense on debt		(266)		(269)		(265)		(255)		(256)		(778)		(776)
Corporate initiatives and projects		(12)		(9)		(6)		(7)		(8)		(58)		(21)
Other		(135)		(193)		(81)		(93)		(75)		(300)		(249)
Provision for income tax (expense) benefit and other tax-related items		79		142		70		47		41		265		158
Preferred stock dividends		(67)		(33)		(67)		(34)		(67)		(165)		(168)
Adjusted earnings available to common shareholders		$	(262)	$	(232)	$	(241)	$	(220)	$	(249)	$	(726)	$	(710)

25

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
	At or For the Three Months Ended															At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024			September 30, 2023			September 30, 2024
Fixed Maturity Securities
Yield (1)	4.19		%	4.39		%	4.38		%	4.38		%	4.52		%	4.14		%	4.43		%
Investment income (2), (3)	$	3,123		$	3,241		$	3,200		$	3,206		$	3,357		$	9,258		$	9,763
Investment gains (losses)	(699)			(197)			(85)			(246)			(157)			(2,275)			(488)
Ending carrying value (4)	272,456			282,861			279,855			279,170			295,460			272,456			295,460
Net Mortgage Loans
Yield (1)	5.18		%	5.36		%	5.25		%	5.30		%	5.32		%	5.07		%	5.29		%
Investment income (3)	1,094			1,127			1,100			1,096			1,097			3,226			3,293
Investment gains (losses)	3			(69)			(82)			6			(156)			(129)			(232)
Ending carrying value (5)	84,058			84,118			83,452			82,051			82,773			84,058			82,773
Real Estate and Real Estate Joint Ventures
Yield (1)	(0.31)		%	2.08		%	(2.74)		%	(0.97)		%	1.67		%	(0.54)		%	(0.65)		%
Investment income	(11)			69			(90)			(32)			57			(53)			(65)
Investment gains (losses)	1			37			35			12			128			32			175
Ending carrying value	13,133			13,332			12,992			13,517			13,731			13,133			13,731
Policy Loans
Yield (1)	5.52		%	5.36		%	5.56		%	5.44		%	5.72		%	5.42		%	5.57		%
Investment income	120			113			113			110			116			358			339
Ending carrying value	8,725			8,788			8,800			8,691			8,822			8,725			8,822
Equity Securities
Yield (1)	4.14		%	3.37		%	5.48		%	5.50		%	3.47		%	3.65		%	4.79		%
Investment income	5			4			7			7			4			27			18
Investment gains (losses)	(14)			15			28			(19)			(31)			66			(22)
Ending carrying value	742			757			750			754			746			742			746
Other Limited Partnership Interests
Yield (1), (6)	5.56		%	(0.06)		%	8.27		%	9.10		%	2.45		%	4.17		%	6.62		%
Investment income (6)	206			(2)			301			325			87			457			713
Investment gains (losses)	—			—			(50)			(9)			3			12			(56)
Ending carrying value (7)	14,918			14,764			14,301			14,288			14,186			14,918			14,186
Cash and Short-term Investments
Yield (1)	6.38		%	5.61		%	5.32		%	4.61		%	5.23		%	5.78		%	5.06		%
Investment income	220			229			246			209			257			582			712
Investment gains (losses)	5			(33)			25			37			(46)			23			16
Ending carrying value	21,409			26,684			24,724			24,590			26,374			21,409			26,374
Other Invested Assets
Investment income	420			410			348			386			312			1,256			1,046
Investment gains (losses)	(167)			7			(17)			(16)			56			(165)			23
Ending carrying value	18,755			18,202			18,097			18,131			19,706			18,755			19,706
Total Investments
Investment income yield (1)	4.68		%	4.69		%	4.75		%	4.83		%	4.75		%	4.55		%	4.77		%
Investment fees and expenses yield (1)	(0.11)		%	(0.13)		%	(0.14)		%	(0.13)		%	(0.13)		%	(0.12)		%	(0.14)		%
Net Investment Income Yield (1)	4.57		%	4.56		%	4.61		%	4.70		%	4.62		%	4.43		%	4.63		%
Investment income	$	5,177		$	5,191		$	5,225		$	5,307		$	5,287		$	15,111		$	15,819
Investment fees and expenses	(121)			(144)			(157)			(147)			(144)			(409)			(448)
Net investment income including divested businesses	5,056			5,047			5,068			5,160			5,143			14,702			15,371
Less: Net investment income from divested businesses	—			—			—			—			—			—			—
Adjusted Net Investment Income (8)	$	5,056		$	5,047		$	5,068		$	5,160		$	5,143		$	14,702		$	15,371
Ending Carrying Value	$	434,196		$	449,506		$	442,971		$	441,192		$	461,798		$	434,196		$	461,798
Investment Portfolio Gains (Losses) (9)	$	(871)		$	(240)		$	(146)		$	(235)		$	(203)		$	(2,436)		$	(584)
Gross investment gains	119			292			331			245			368			823			944
Gross investment losses	(418)			(465)			(435)			(458)			(417)			(1,630)			(1,310)
Net credit loss (provision) release and (impairments)	(572)			(67)			(42)			(22)			(154)			(1,629)			(218)
Investment Portfolio Gains (Losses) (9)	(871)			(240)			(146)			(235)			(203)			(2,436)			(584)
Investment portfolio gains (losses) income tax (expense) benefit	155			80			41			57			56			524			154
Investment Portfolio Gains (Losses), Net of Income Tax	$	(716)		$	(160)		$	(105)		$	(178)		$	(147)		$	(1,912)		$	(430)
Derivative gains (losses) (9)	(1,454)			(123)			(1,175)			(698)			619			(3,104)			(1,254)
Derivative gains (losses) income tax (expense) benefit	397			(45)			304			193			(206)			764			291
Derivative Gains (Losses), Net of Income Tax	$	(1,057)		$	(168)		$	(871)		$	(505)		$	413		$	(2,340)		$	(963)
See footnotes on Page 29.

26

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		September 30, 2023				December 31, 2023				March 31, 2024				June 30, 2024				September 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		$	78,552	28.9	%	$	80,717	28.7	%	$	80,553	28.9	%	$	80,678	29.1	%	$	84,851	28.9	%
Foreign corporate		51,377		19.0	%	55,444		19.7	%	54,029		19.4	%	53,419		19.2	%	56,752		19.3	%
Foreign government		42,685		15.8	%	45,489		16.2	%	42,793		15.4	%	40,054		14.4	%	44,132		15.0	%
Residential mortgage-backed		27,785		10.3	%	29,096		10.3	%	31,142		11.2	%	32,616		11.7	%	35,264		12.0	%
U.S. government and agency		31,729		11.7	%	32,252		11.5	%	31,848		11.4	%	33,238		12.0	%	34,676		11.8	%
Asset-backed securities and collateralized loan obligations		17,412		6.4	%	17,294		6.1	%	17,468		6.3	%	17,775		6.4	%	17,520		6.0	%
Municipals		11,347		4.2	%	11,171		4.0	%	10,938		3.9	%	10,470		3.8	%	10,798		3.7	%
Commercial mortgage-backed		10,095		3.7	%	9,949		3.5	%	9,638		3.5	%	9,486		3.4	%	9,786		3.3	%
Fixed Maturity Securities Available-For-Sale		$	270,982	100.0	%	$	281,412	100.0	%	$	278,409	100.0	%	$	277,736	100.0	%	$	293,779	100.0	%
NRSRO	NAIC
RATING	DESIGNATION
Aaa / Aa / A	1	$	186,834	69.0	%	$	194,722	69.2	%	$	192,127	69.0	%	$	192,239	69.2	%	$	203,560	69.3	%
Baa	2	71,043		26.2	%	73,680		26.2	%	73,367		26.4	%	72,732		26.2	%	77,031		26.2	%
Ba	3	10,325		3.8	%	10,299		3.7	%	10,323		3.7	%	9,189		3.3	%	9,666		3.3	%
B	4	2,343		0.9	%	2,371		0.8	%	2,259		0.8	%	3,291		1.2	%	3,131		1.1	%
Caa and lower	5	338		0.1	%	258		0.1	%	267		0.1	%	226		0.1	%	331		0.1	%
In or near default	6	99		—	%	82		—	%	66		—	%	59		—	%	60		—	%
Total Fixed Maturity Securities Available-For-Sale (10)		$	270,982	100.0	%	$	281,412	100.0	%	$	278,409	100.0	%	$	277,736	100.0	%	$	293,779	100.0	%
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)		September 30, 2023				December 31, 2023				March 31, 2024				June 30, 2024				September 30, 2024
Gross unrealized gains		$	3,685			$	6,876			$	6,021			$	5,096			$	8,093
Gross unrealized losses		38,702				25,835				28,122				30,430				23,558
Net Unrealized Gains (Losses)		$	(35,017)			$	(18,959)			$	(22,101)			$	(25,334)			$	(15,465)
See footnotes on Page 29.

27

INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)	September 30, 2023				December 31, 2023				March 31, 2024				June 30, 2024				September 30, 2024
Commercial mortgage loans	$	52,053			$	52,111			$	51,527			$	50,109			$	50,478
Agricultural mortgage loans	19,658				19,559				19,461				19,383				19,210
Residential mortgage loans	12,986				13,096				13,201				13,273				13,844
Total	84,697				84,766				84,189				82,765				83,532
Allowance for credit loss	(639)				(648)				(737)				(714)				(759)
Net Mortgage Loans	$	84,058			$	84,118			$	83,452			$	82,051			$	82,773
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE (5)
	September 30, 2023				December 31, 2023				March 31, 2024				June 30, 2024				September 30, 2024
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Pacific	$	9,206	17.7	%	$	9,016	17.3	%	$	9,036	17.5	%	$	8,680	17.3	%	$	8,745	17.3	%
Non-U.S.	8,682		16.7	%	8,933		17.1	%	8,453		16.4	%	8,385		16.7	%	8,593		17.0	%
Middle Atlantic	7,581		14.6	%	7,477		14.3	%	7,430		14.4	%	7,250		14.5	%	6,999		13.9	%
South Atlantic	6,581		12.6	%	6,637		12.7	%	6,802		13.2	%	6,517		13.0	%	6,459		12.8	%
West South Central	3,417		6.6	%	3,472		6.7	%	3,502		6.8	%	3,386		6.8	%	3,455		6.9	%
New England	2,875		5.5	%	2,859		5.5	%	2,821		5.5	%	2,821		5.6	%	2,838		5.6	%
Mountain	2,191		4.2	%	2,193		4.2	%	2,192		4.3	%	2,264		4.5	%	2,217		4.4	%
East North Central	1,855		3.6	%	1,822		3.5	%	1,701		3.3	%	1,600		3.2	%	1,543		3.1	%
East South Central	622		1.2	%	654		1.3	%	653		1.3	%	652		1.3	%	608		1.2	%
West North Central	643		1.2	%	613		1.2	%	644		1.2	%	472		1.0	%	472		0.9	%
Multi-Region and Other	8,400		16.1	%	8,435		16.2	%	8,293		16.1	%	8,082		16.1	%	8,549		16.9	%
Total	$	52,053	100.0	%	$	52,111	100.0	%	$	51,527	100.0	%	$	50,109	100.0	%	$	50,478	100.0	%
Office	$	19,619	37.7	%	$	19,651	37.7	%	$	19,369	37.6	%	$	18,799	37.5	%	$	18,861	37.4	%
Apartment	11,807		22.7	%	11,974		23.0	%	11,353		22.0	%	10,954		21.9	%	10,750		21.3	%
Retail	7,441		14.3	%	7,218		13.9	%	7,371		14.3	%	7,443		14.8	%	7,273		14.4	%
Industrial	5,248		10.1	%	5,275		10.1	%	5,315		10.3	%	4,941		9.9	%	5,313		10.5	%
Single Family Rental	4,735		9.1	%	4,728		9.1	%	4,823		9.4	%	4,822		9.6	%	5,141		10.2	%
Hotel	3,088		5.9	%	3,140		6.0	%	3,199		6.2	%	3,049		6.1	%	3,051		6.0	%
Other	115		0.2	%	125		0.2	%	97		0.2	%	101		0.2	%	89		0.2	%
Total	$	52,053	100.0	%	$	52,111	100.0	%	$	51,527	100.0	%	$	50,109	100.0	%	$	50,478	100.0	%
See footnotes on Page 29.

28

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 ($17) million, $107 million, $85 million, $22 million and $76 million for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively, and $81 million and $183 million for the year-to-date period ended September 30, 2023 and September 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.
	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Fixed maturity securities available-for-sale	$	270,982	$	281,412	$	278,409	$	277,736	$	293,779
Contractholder-directed equity securities and fair value option securities	9,680		10,331		10,313		10,106		9,289
Total fixed maturity securities	280,662		291,743		288,722		287,842		303,068
Less: Contractholder-directed equity securities	8,206		8,882		8,867		8,672		7,608
Fixed maturity securities	$	272,456	$	282,861	$	279,855	$	279,170	$	295,460
(5)Net mortgage loans exclude mortgage loans originated for third parties of $8,238 million, $8,461 million, $8,083 million, $7,843 million, and $7,730 million at amortized cost, which is primarily comprised of commercial mortgage loans of $7,998 million, $8,215 million, $7,832 million, $7,590 million and $7,471 million at amortized cost, and does not include the related allowance for credit loss of $66 million, $73 million, $77 million, $92 million and $88 million at September 30, 2023, December 31, 2023, March 31, 2024 , June 30, 2024 and September 30, 2024, respectively.
(6)Other limited partnership interests includes investment income related to private equity investments of $203 million, ($2) million, $301 million, $326 million and $87 million for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively, and $443 million and $714 million for the year-to-date period ended September 30, 2023 and September 30, 2024, respectively. The annualized yields for these periods were 5.50%, (0.06%), 8.29%, 9.13%, 2.46%, 4.09% and 6.64%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of $14,862 million, $14,738 million, $14,276 million, $14,270 million and $14,168 million, at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 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
	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Net investment gains (losses)	$	(927)	$	(174)	$	(375)	$	(421)	$	(77)	$	(2,650)	$	(873)
Less: Non-investment portfolio gains (losses)	(63)		64		(226)		(176)		188		(145)		(214)
Less: Provision for credit loss on certain mortgage loans originated for third parties	7		(7)		(4)		(15)		4		(66)		(15)
Less: Other adjustments	—		9		1		5		(66)		(3)		(60)
Investment portfolio gains (losses)	$	(871)	$	(240)	$	(146)	$	(235)	$	(203)	$	(2,436)	$	(584)
	For the Three Months Ended										For the Year-to-Date Period Ended
	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Net derivative gains (losses)	$	(1,202)	$	149	$	(979)	$	(508)	$	767	$	(2,289)	$	(720)
Less: Investment hedge adjustments	232		253		176		172		129		759		477
Less: Other adjustments	20		19		20		18		19		56		57
Derivative gains (losses)	$	(1,454)	$	(123)	$	(1,175)	$	(698)	$	619	$	(3,104)	$	(1,254)
(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 and designations 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.

29

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended								For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	422	$	574	$	800	$	912	$	1,275	$	806	$	2,987
Add: Preferred stock dividends	67		33		67		34		67		165		168
Add: Preferred stock redemption premium	—		—		—		—		—		—		—
Add: Net income (loss) attributable to noncontrolling interests	6		7		8		7		(1)		17		14
Net income (loss)	495		614		875		953		1,341		$	988	$	3,169
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(927)		(174)		(375)		(421)		(77)		(2,650)		(873)
Net derivative gains (losses)	(1,202)		149		(979)		(508)		767		(2,289)		(720)
Market risk benefit remeasurement gains (losses)	796		(431)		694		182		(531)		1,425		345
Premiums - Divested businesses	—		—		—		—		16		—		16
Universal life and investment-type product policy fees - Divested businesses	—		—		—		—		—		—		—
Net investment income
Investment hedge adjustments	(232)		(253)		(176)		(172)		(129)		(759)		(477)
Unit-linked contract income	4		580		542		219		147		603		908
Other adjustments	(3)		(8)		2		(2)		66		(4)		66
Divested businesses	—		—		—		—		—		—		—
Other revenues
Asymmetrical and non-economic accounting	—		29		39		35		50		—		124
Other adjustments	(11)		(13)		(12)		(11)		(14)		(21)		(37)
Divested businesses	—		—		—		—		—		—		—
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting	5		(26)		(14)		(161)		7		(153)		(168)
Market volatility	64		62		67		88		52		122		207
Divested businesses	—		—		—		—		(9)		—		(9)
Policyholder liability remeasurement (gains) losses - Divested businesses	—		—		—		—		—		—		—
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting	44		(103)		(24)		(5)		(79)		35		(108)
Unit-linked contract costs	3		(582)		(539)		(214)		(143)		(601)		(896)
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	(21)		(7)		(7)		(5)		(12)		(48)		(24)
Divested businesses	(9)		(9)		(4)		(4)		(17)		(29)		(25)
Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	429		6		260		270		(195)		1,028		335
Adjusted earnings	1,555		1,394		1,401		1,662		1,442		4,329		4,505
Less: Preferred stock dividends	67		33		67		34		67		165		168
Adjusted earnings available to common shareholders	$	1,488	$	1,361	$	1,334	$	1,628	$	1,375	$	4,164	$	4,337

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Actuarial assumption review and other insurance adjustments		$	14	$	—	$	—	$	—	$	16	$	14	$	16
Litigation reserves and settlement costs		—		(76)		—		—		—		—		—
Total notable items		$	14	$	(76)	$	—	$	—	$	16	$	14	$	16
GROUP BENEFITS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Actuarial assumption review and other insurance adjustments		$	27	$	—	$	—	$	—	$	(58)	$	27	$	(58)
Total notable items		$	27	$	—	$	—	$	—	$	(58)	$	27	$	(58)
RIS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Actuarial assumption review and other insurance adjustments		$	61	$	—	$	—	$	—	$	104	$	61	$	104
Total notable items		$	61	$	—	$	—	$	—	$	104	$	61	$	104
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

APPENDIX METLIFE NOTABLE ITEMS (1) (CONTINUED)
ASIA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Actuarial assumption review and other insurance adjustments		$	(94)	$	—	$	—	$	—	$	(41)	$	(94)	$	(41)
Total notable items		$	(94)	$	—	$	—	$	—	$	(41)	$	(94)	$	(41)
LATIN AMERICA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	—	$	4	$	—	$	4
Total notable items		$	—	$	—	$	—	$	—	$	4	$	—	$	4
EMEA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Actuarial assumption review and other insurance adjustments		$	18	$	—	$	—	$	—	$	(5)	$	18	$	(5)
Total notable items		$	18	$	—	$	—	$	—	$	(5)	$	18	$	(5)
METLIFE HOLDINGS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 30, 2024
Actuarial assumption review and other insurance adjustments		$	2	$	—	$	—	$	—	$	12	$	2	$	12
Total notable items		$	2	$	—	$	—	$	—	$	12	$	2	$	12
CORPORATE & OTHER
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2023		September 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.

A-3

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Total MetLife, Inc.'s stockholders' equity	$	25,658		$	30,015		$	28,535		$	27,252		$	30,885
Less: Preferred stock	3,818			3,818			3,818			3,818			3,818
MetLife, Inc.'s common stockholders' equity	21,840			26,197			24,717			23,434			27,067
Less: Net unrealized investment gains (losses), net of income tax	(26,548)			(14,323)			(16,611)			(19,088)			(11,531)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	10,245			2,658			4,773			6,606			2,004
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	(4)			27			(47)			(73)			4
Defined benefit plans adjustment, net of income tax	(1,308)			(1,446)			(1,421)			(1,396)			(1,371)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	39,455			39,281			38,023			37,385			37,961
Less: Accumulated year-to-date total notable items (2)	14			(62)			—			—			16
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	39,441		$	39,343		$	38,023		$	37,385		$	37,945
Unaudited (In millions, except per share data)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Book value per common share	$	29.34		$	35.85		$	34.54		$	33.30		$	39.02
Less: Net unrealized investment gains (losses), net of income tax	(35.66)			(19.60)			(23.21)			(27.12)			(16.62)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	13.77			3.64			6.68			9.38			2.89
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	(0.01)			0.04			(0.07)			(0.10)			0.01
Defined benefit plans adjustment, net of income tax	(1.76)			(1.98)			(1.99)			(1.98)			(1.98)
Book value per common share, excluding AOCI other than FCTA	$	53.00		$	53.75		$	53.13		$	53.12		$	54.72
Common shares outstanding, end of period	744.4			730.8			715.7			703.8			693.7
	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024
Return on MetLife, Inc.'s:
Common stockholders' equity	7.0		%	9.6		%	12.6		%	15.2		%	20.2		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	24.7		%	22.7		%	21.0		%	27.0		%	21.8		%
Common stockholders' equity, excluding AOCI other than FCTA	14.9		%	13.8		%	13.8		%	17.3		%	14.6		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	14.7		%	14.6		%	13.8		%	17.3		%	14.4		%
Average common stockholders' equity	$	24,142		$	24,019		$	25,457		$	24,076		$	25,251
Average common stockholders' equity, excluding AOCI other than FCTA	$	40,001		$	39,368		$	38,652		$	37,704		$	37,673
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	39,994		$	39,392		$	38,652		$	37,704		$	37,665
(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 Pages A-2 and A-3 for further detail.

A-4

APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
GROUP BENEFITS (1)	$	5,866	$	6,001	$	6,330	$	6,210	$	6,146
RIS (1)	2,478		2,883		813		2,582		1,579
ASIA	1,704		1,690		1,737		1,714		1,710
LATIN AMERICA	1,349		1,393		1,400		1,422		1,496
EMEA	573		586		613		626		655
METLIFE HOLDINGS (1)	910		901		841		823		793
CORPORATE & OTHER (1)	112		100		104		113		92
Adjusted premiums, fees and other revenues, on a constant currency basis	$	12,992	$	13,554	$	11,838	$	13,490	$	12,471
Adjusted premiums, fees and other revenues	$	13,181	$	13,671	$	11,948	$	13,523	$	12,471
ASIA (including operating joint ventures) (2), (3)	$	2,132	$	2,057	$	2,264	$	2,368	$	2,251
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
GROUP BENEFITS (1)	$	937	$	977	$	1,003	$	1,016	$	1,007
RIS (1)	138		135		172		145		183
ASIA	766		777		742		727		758
LATIN AMERICA	449		489		477		477		485
EMEA	307		327		328		332		342
METLIFE HOLDINGS (1)	238		220		223		220		220
CORPORATE & OTHER (1)	250		290		194		188		164
Adjusted other expenses on a constant currency basis	$	3,085	$	3,215	$	3,139	$	3,105	$	3,159
Adjusted other expenses	$	3,159	$	3,261	$	3,180	$	3,104	$	3,159
ASIA (including operating joint ventures) (2), (4)	$	880	$	875	$	857	$	834	$	878
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
GROUP BENEFITS (1)	$	510	$	466	$	284	$	533	$	373
RIS (1)	470		421		399		410		472
ASIA	271		295		423		451		306
LATIN AMERICA	179		192		218		210		221
EMEA	87		46		76		77		70
METLIFE HOLDINGS (1)	208		156		159		153		182
CORPORATE & OTHER (1)	(262)		(232)		(241)		(220)		(249)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,463	$	1,344	$	1,318	$	1,614	$	1,375
Adjusted earnings available to common shareholders	$	1,488	$	1,361	$	1,334	$	1,628	$	1,375
(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.

A-5

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 the MetLife Investor Relations webpage (https://investor.metlife.com).

A-6

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.

A-7

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, assets subject to reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance results:
•	Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

A-8

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

A-9