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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): November 4, 2020

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

 

1-15787

13-4075851

(Commission File Number)

(IRS Employer Identification No.)

200 Park Avenue,

New York,

NY

10166-0188

(Address of Principal Executive Offices)

(Zip Code)

(212) 578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01			MET			New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01			MET PRA			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E			MET PRE			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F			MET PRF			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

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Item 2.02 Results of Operations and Financial Condition.

On November 4, 2020, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended September 30, 2020 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Quarterly Financial Supplement for the quarter ended September 30, 2020 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 7.01 Regulation FD Disclosure.

On November 4, 2020, MetLife, Inc. issued a supplemental slide presentation for the quarter ended September 30, 2020 (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement for the quarter ending December 31, 2020. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 8.01 Other Events.

As used herein, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

Consolidated Company Outlook

The following information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Executive Summary — Consolidated Company Outlook” included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”). There have been no material changes to our consolidated company outlook from that previously discussed in the 2019 Annual Report except as noted below.

We continue to closely monitor developments relating to the novel coronavirus COVID-19 pandemic (the “COVID-19 Pandemic”) and assess its impact on our business. The COVID-19 Pandemic continues to impact the global economy and financial markets and has caused volatility in the global equity, credit and real estate markets. Governments and businesses have taken numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, social distancing, shelter in place or total lock down orders, and business limitations and shutdowns. Some governments and businesses have begun to ease some restrictions. Others have reinstated restrictions they previously lifted. Nevertheless, these measures have disrupted and will continue to disrupt business activity and have resulted in an economic slowdown and volatility in the financial markets, to which governments and central banks around the world have responded with unprecedented fiscal and monetary policies.

In addition, a prolonged low, zero, or negative interest rate environment remains possible. The economic projections of the Board of Governors of the Federal Reserve System suggest that the current low interest rate environment will continue until 2023, and potentially longer. We believe that our investment portfolio is highly diversified and well positioned to withstand economic downturns; however, we expect that the market-related effects of the COVID-19 Pandemic, as well as the sustained low interest rate environment, will continue to have an impact across our investment portfolio. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of a Sustained Low Interest Rate Environment” included in the 2019 Annual Report for discussion of the mitigating actions the Company has taken to reduce interest rate sensitivity as market interest rates are a key driver of our results.

Events related to the COVID-19 Pandemic may continue to adversely affect our business operations, investment portfolio, derivatives, financial results or financial condition. See “Risk Factors — Pandemic Risks — The Course of the Novel Coronavirus (COVID-19) Pandemic, and Responses to It, Are Uncertain and Difficult to Predict, But Have Adversely Affected and May Continue to Adversely Affect Our Business, Results of Operations, and Financial Condition” disclosed from time to time in MetLife, Inc.’s periodic reports. We have implemented risk management and business continuity plans and taken preventive measures and other precautions, such as employee business travel restrictions and remote work arrangements which, to date, have enabled us to maintain our critical business processes, customer service levels, relationships with key vendors, financial reporting systems, internal controls over financial reporting and disclosure controls and procedures.

We granted and continue to grant certain accommodations to our customers, borrowers and lessees, including (i) waiving exclusions, such as deferred rate increases, extending premium grace periods, waiving late payment fees, and relaxing claim documentation requirements, (ii) credits on auto and insured dental premiums, (iii) payment deferrals and other loan modifications on certain commercial, agricultural and residential mortgage loans, and (iv) certain operating and direct financing lease concessions. During the nine months ended September 30, 2020, MetLife, Inc. proactively raised $3.0 billion from the capital markets ($2.0 billion of preferred stock and $1.0 billion of senior debt), providing us with additional capital flexibility in dealing with cash flow volatility related to the current environment, as well as demonstrating our ongoing access to capital markets. As of September 30, 2020, we had $7.8 billion of cash and liquid assets at the holding companies which is above the high end of our $3.0 billion to $4.0 billion holding company cash target.

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In the fourth quarter of 2020, we expect to close the pending acquisition of Versant Health, Inc. for approximately $1.675 billion in an all cash transaction. In addition, we announced in September 2020 the expected repurchase of common stock remaining under MetLife, Inc.’s common stock repurchase authorization by the end of 2020. Further, in October 2020, we redeemed $1.0 billion of preferred stock. We still expect that, after all of these events, we will be above the high end of our holding company cash target.

Our capital stress testing and longstanding commitment to liquidity position us to withstand the current crisis. We have, and may continue to maintain, a higher than normal level of short-term liquidity, which may adversely affect net investment income if the reinvestment process occurs over an extended period of time. We do not expect any material liquidity deficiencies, and we expect to remain able to comply with the financial covenants of our credit agreements. We will continue reviewing accounting estimates, asset valuations and various financial scenarios for capital and liquidity. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Current Environment” and “Risk Factors” disclosed from time to time in MetLife, Inc.’s periodic reports for additional information.

As noted in our 2019 Annual Report, we expected (i) the average annual ratio of free cash flow to adjusted earnings over the two-year period of 2020 and 2021 to be 65% to 75%, assuming interest rates follow the observable forward yield curves as of December 31, 2019, including a 10-year U.S. Treasury rate between 1.5% and 4.5%, and (ii) to generate approximately $20.0 billion of free cash flow over the next five years. Equity market prices have increased during the second and third quarters of 2020, but continue to remain volatile while interest rates remain low. As a result, our ability to meet these targets could be challenged.

Assuming (i) interest rates follow the observable forward yield curves as of September 30, 2020, including a 10-year U.S. Treasury rate of 0.68% at September 30, 2020, and 0.74% at December 31, 2020, and (ii) a mid-single digit S&P Global Ratings (“S&P”) 500 equity index increase for the full year 2020, we expect the average annual ratio of free cash flow to adjusted earnings over the two-year period of 2019 and 2020 to be 65% to 75%. If, however, over the two-year period of 2020 and 2021, credit spreads and equity markets revert back to the March 31, 2020 levels, our average annual ratio of free cash flow to adjusted earnings could be 40% to 60% reflecting the impact of regulatory cash flow testing on our New York domiciled insurance entity, Metropolitan Life Insurance Company, and the related impact of the COVID-19 Pandemic on investment credit losses.

We continue to target an adjusted return on equity, excluding accumulated other comprehensive income other than foreign currency translation adjustments of 12% to 14% over the near-term under non-recessionary market conditions. However, with (i) recent macroeconomic changes and equity market volatility, (ii) actual private equity returns of negative 8% in the second quarter of 2020 and positive 7% in the third quarter of 2020, and (iii) assuming (a) interest rates follow the observable forward yield curves as of September 30, 2020, including our updated assumptions for the 10-year U.S. Treasury rates noted above, (b) a mid-single digit S&P 500 equity index increase for the full year 2020, and (c) positive low to mid-single digit private equity returns in the fourth quarter of 2020, we expect to be below the low end of the target range. This target range also included the completion of restructuring charges related to our unit cost improvement program which, as we noted in our 2019 Annual Report, is expected to result in an approximately $900 million of pre-tax expense margin expansion in 2020, or approximately a 12.3% direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers, in 2020. We remain committed to achieving this direct expense ratio in 2020 while creating additional capacity to fund over $1.0 billion in incremental technology and innovative investments to accelerate our growth over the next five years and to manage expense margins and protect profit margins in more challenging environments.

Furthermore, we remain fully committed to our Next Horizon Strategy, which was introduced at our December 2019 Investor Day.

Our outlook relies on the accuracy of our assumptions about future economic and business conditions, which can be affected by known and unknown risks and other uncertainties, such as those posed by the COVID-19 Pandemic. Due to the evolving and highly uncertain nature of the COVID-19 Pandemic, we are continually reviewing our assumptions, implementing plans, and taking precautions. As we obtain more information regarding the effects of the COVID-19 Pandemic, the effect and efficacy of efforts taken to respond to it, and the impact of these events on our business operations, investment portfolio, derivatives, financial results and financial condition, we may revise our outlook. Additional guidance from the U.S. Treasury, the U.S. Securities and Exchange Commission or the Financial Accounting Standards Board may also require us to revise our outlook in future periods.

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Forward-Looking Statements and Other Financial Information

The forward-looking statements in this Item 8.01 of MetLife’s Current Report on Form 8-K such as “accelerate,” “anticipate,” “assuming,” “believe,” “can be affected,” “committed to,” “continue,” “could,” “expect,” “if,” “may,” “next,” “possible,” “potential,” “project,” “remain,” “target,” “well positioned,” and “will” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

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Item 9.01 Financial Statements and Exhibits.

99.1			News release of MetLife, Inc., dated November 4, 2020, announcing its results for the quarter ended September 30, 2020

99.2			Quarterly Financial Supplement for the quarter ended September 30, 2020

99.3			Supplemental Slides for the quarter ended September 30, 2020

101			Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)

104			Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

METLIFE, INC.

By:

/s/ Tamara L. Schock

Name:

Tamara L. Schock

Title:

Executive Vice President and Chief Accounting Officer

Date: November 4, 2020

6

Exhibit 99.1

                    For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES THIRD QUARTER 2020 RESULTS

NEW YORK, Nov. 4, 2020 - MetLife, Inc. (NYSE: MET) today announced its third quarter 2020 results.

Third Quarter Results Summary

•Net income of $633 million, or $0.69 per share, compared to net income of $2.2 billion, or $2.30 per share in the third quarter of 2019.

•Adjusted earnings of $1.6 billion, or $1.73 per share, compared to adjusted earnings of $1.2 billion, or $1.27 per share in the third quarter of 2019.

•Adjusted earnings, excluding total notable items, of $1.8 billion, or $1.95 per share, compared to adjusted earnings, excluding total notable items, of $1.4 billion, or $1.54 per share in the third quarter of 2019.

•Book value of $76.20 per share, up 8 percent from $70.71 per share at September 30, 2019.

•Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $53.10 per share, up 9 percent from $48.56 per share at September 30, 2019.

•Return on equity (ROE) of 3.6 percent.

•Adjusted ROE, excluding AOCI other than FCTA, of 13.2 percent.

•Holding company cash and liquid assets of $7.8 billion at September 30, 2020, which is well above our target cash buffer of $3.0 - $4.0 billion.

“In what continues to be a challenging environment, MetLife delivered strong financial performance in the third quarter with adjusted earnings per share growing 36 percent year over year,” said MetLife President and CEO Michel Khalaf. “Variable investment income rebounded sharply, the diversity of our businesses was evident in our underwriting results, and we demonstrated strong expense discipline. We were also pleased to resume share repurchases in the third quarter.”

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Third Quarter 2020 Summary

($ in millions, except per share data)						Three months ended September 30,
						2020						2019						Change
Premiums, fees and other revenues						$	11,887					$	12,640					(6)%
Net investment income						4,729						4,623						2%
Net investment gains (losses)						(20)						161
Net derivative gains (losses)						(581)						1,254
Total revenues						$	16,015					$	18,678					(14)%
Total adjusted revenues						$	16,508					$	16,918					(2)%
Adjusted premiums, fees and other revenues						$	11,820					$	12,445					(5)%
Adjusted premiums, fees and other revenues, excluding pension risk transfer (PRT)						$	11,333					$	11,152					2%
Net income (loss)						$	633					$	2,152					(71)%
Net income (loss) per share						$	0.69					$	2.30					(70)%
Adjusted earnings						$	1,578					$	1,190					33%
Adjusted earnings per share						$	1.73					$	1.27					36%
Adjusted earnings, excluding total notable items						$	1,781					$	1,438					24%
Adjusted earnings, excluding total notable items per share						$	1.95					$	1.54					27%
Book value per share						$	76.20					$	70.71					8%
Book value per share, excluding AOCI other than FCTA						$	53.10					$	48.56					9%
Expense ratio						18.4		%				19.2		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT						11.4		%				12.2		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT						18.8		%				19.9		%
ROE						3.6		%				13.7		%
Adjusted ROE, excluding AOCI other than FCTA						13.2		%				10.7		%
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA)						14.9		%				12.9		%

MetLife reported third quarter 2020 premiums, fees and other revenues of $11.9 billion, down 6 percent over the third quarter of 2019. Adjusted premiums, fees and other revenues were $11.8 billion, down 5 percent, and down 4 percent on a constant currency basis from the prior-year period.

Net investment income was $4.7 billion, up 2 percent from the third quarter of 2019. Adjusted net investment income was $4.7 billion, up 5 percent from the prior-year period. The increase in net investment income was primarily driven by higher private equity returns.

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Net derivative losses amounted to $581 million, or $459 million after tax during the quarter, driven by higher long-term interest rates and stronger equity markets.

Net income was $633 million, compared to net income of $2.2 billion in the third quarter of 2019. On a per share basis, net income was $0.69, compared to net income of $2.30 in the prior-year period.

MetLife reported adjusted earnings of $1.6 billion, up 33 percent, and up 35 percent on a constant currency basis, from the third quarter of 2019. On a per share basis, adjusted earnings were $1.73, up 36 percent from the prior-year period.

Annual Actuarial Assumption Review

In the third quarter of 2020, MetLife performed the company's annual global actuarial assumption review. The actuarial assumption review during the quarter reduced net income and adjusted earnings by $301 million and $203 million, respectively.

Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP and Other Financial Disclosures” below and in the tables that accompany this news release.

Supplemental slides for the third quarter of 2020, titled "3Q20 Supplemental Slides," are available on the MetLife Investor Relations website at www.metlife.com, and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release.

Adjusted Earnings by Segment Summary*

			Three months ended September 30, 2020
Segment			Change from prior-year period			Change from prior-year period (on a constant currency basis)
U.S.			27%
Asia			33%			31%
Latin America			(75)%			(71)%
Europe, the Middle East and Africa (EMEA)			(2)%			2%
MetLife Holdings			70%

*The percentages in this table are on a reported and constant currency basis, and do not exclude notable items.

Business Discussions

All comparisons of the results for the third quarter of 2020 in the business discussions that follow are with the third quarter of 2019, unless otherwise noted. The third quarter of 2020 notable items table follows the Business Discussions section of this release.

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U.S.

($ in millions)			Three months ended September 30, 2020			Three months ended September 30, 2019			Change
Adjusted earnings			$900			$707			27%
Adjusted premiums, fees and other revenues			$6,833			$7,391			(8)%
Adjusted premiums, fees and other revenues, excluding PRT			$6,346			$6,098			4%
Notable item(s)			$0			$0

•Adjusted earnings were $900 million, up 27 percent, driven by an increase in variable investment income and volume growth.

•Adjusted return on allocated equity was 32.5 percent, and adjusted return on allocated tangible equity was 37.3 percent.

•Adjusted premiums, fees and other revenues were $6.8 billion, down 8 percent.

Group Benefits

($ in millions)			Three months ended September 30, 2020			Three months ended September 30, 2019			Change
Adjusted earnings			$392			$366			7%
Adjusted premiums, fees and other revenues			$4,901			$4,582			7%
Notable item(s)			$0			$0

•Adjusted earnings were $392 million, up 7 percent, driven by volume growth. Underwriting was mixed with favorable non-medical health largely offset by higher mortality.

•Adjusted premiums, fees and other revenues were $4.9 billion, up 7 percent, due to growth across markets, as well as a partial release of the unearned dental premium reserve established in the second quarter of 2020.

•Sales were down 13 percent year-to-date due to lower jumbo case activity compared to the first three quarters of 2019.

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Retirement and Income Solutions

($ in millions)			Three months ended September 30, 2020			Three months ended September 30, 2019			Change
Adjusted earnings			$490			$284			73%
Adjusted premiums, fees and other revenues			$1,024			$1,878			(45)%
Adjusted premiums, fees and other revenues, excluding PRT			$537			$585			(8)%
Notable item(s)			$0			$0

•Adjusted earnings were $490 million, up 73 percent, driven by favorable investment margins, mainly from higher variable investment income, as well as favorable underwriting and volume growth.

•Adjusted premiums, fees and other revenues were $1.0 billion, down 45 percent, primarily due to lower pension risk transfer activity.

•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $537 million, down 8 percent, driven by lower structured settlement and institutional income annuity sales.

•Sales were up 40 percent year-to-date, primarily driven by higher sales of stable value products.

Property & Casualty

($ in millions)			Three months ended September 30, 2020			Three months ended September 30, 2019			Change
Adjusted earnings			$18			$57			(68)%
Adjusted premiums, fees and other revenues			$908			$931			(2)%
Notable item(s)			$0			$0

•Adjusted earnings were $18 million, down 68 percent, driven by catastrophe losses.

•Adjusted premiums, fees and other revenues were $908 million, down 2 percent.

•Pre-tax catastrophe losses and prior year development totaled $175 million, compared to $64 million in the prior-year period.

•Sales were $105 million, down 34 percent, primarily driven by lower quote activity.

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ASIA

($ in millions)			At or for the three months ended September 30, 2020			At or for the three months ended September 30, 2019			Change
Adjusted earnings			$465			$349			33%
Adjusted earnings (constant currency)			$465			$354			31%
Adjusted premiums, fees and other revenues			$2,265			$2,098			8%
Notable item(s)			$(28)			$(19)
General account assets under management (at amortized cost)			$125,171			$117,917			6%

•Adjusted earnings were $465 million, up 33 percent, and up 31 percent on a constant currency basis, driven by an increase in variable investment income, favorable underwriting, expense margins and volume growth, partially offset by a negative impact from the annual actuarial assumption review.

•Excluding notable items from both periods, adjusted earnings were up 34 percent, and up 32 percent on a constant currency basis, driven by an increase in variable investment income, favorable underwriting, expense margins and volume growth.

•Adjusted return on allocated equity was 13.0 percent, and adjusted return on allocated tangible equity was 19.6 percent.

•Adjusted premiums, fees and other revenues were $2.3 billion, up 8 percent, and up 7 percent on a constant currency basis, driven by actuarial assumption updates.

•General account assets under management (at amortized cost) were $125.2 billion, up 6 percent, and up 4 percent on a constant currency basis.

•Sales were $559 million, down 16 percent on a constant currency basis.

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LATIN AMERICA

($ in millions)			Three months ended September 30, 2020			Three months ended September 30, 2019			Change
Adjusted earnings			$39			$155			(75)%
Adjusted earnings (constant currency)			$39			$135			(71)%
Adjusted premiums, fees and other revenues			$761			$967			(21)%
Notable item(s)			$(9)			$10

•Adjusted earnings were $39 million, down 75 percent and down 71 percent on a constant currency basis, primarily driven by unfavorable underwriting as a result of COVID-19. The other contributors were lower Chilean encaje returns and a negative impact from the annual actuarial assumption review.

•Excluding notable items from both periods, adjusted earnings were down 67 percent, and down 62 percent on a constant currency basis, primarily driven by unfavorable underwriting as a result of COVID-19. Lower Chilean encaje returns also contributed.

•Adjusted return on allocated equity was 5.1 percent, and adjusted return on allocated tangible equity was 8.3 percent.

•Adjusted premiums, fees and other revenues were $761 million, down 21 percent, and down 11 percent on a constant currency basis, driven by lower sales in Chile of single-premium income annuities.

•Sales were $154 million, down 21 percent on a constant currency basis, as COVID-19 related challenges impacted most of the region.

EMEA

($ in millions)			Three months ended September 30, 2020			Three months ended September 30, 2019			Change
Adjusted earnings			$52			$53			(2)%
Adjusted earnings (constant currency)			$52			$51			2%
Adjusted premiums, fees and other revenues			$680			$656			4%
Notable item(s)			$(31)			$(13)

•Adjusted earnings were $52 million, down 2 percent, and up 2 percent on a constant currency basis, primarily driven by favorable underwriting, expense margins and volume growth, offset by a negative impact from the annual actuarial assumption review.

•Excluding notable items from both periods, adjusted earnings were up 26 percent, and up 30 percent on a constant currency basis, primarily driven by favorable underwriting, expense margins and volume growth.

•Adjusted return on allocated equity was 7.3 percent, and adjusted return on allocated tangible equity was 12.9 percent.

•Adjusted premiums, fees and other revenues were $680 million, up 4 percent, and up 3 percent on a constant currency basis.

•Sales were $208 million, up 2 percent on a constant currency basis.

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METLIFE HOLDINGS

($ in millions)			Three months ended September 30, 2020			Three months ended September 30, 2019			Change
Adjusted earnings			$253			$149			70%
Adjusted premiums, fees and other revenues			$1,206			$1,261			(4)%
Notable item(s)			$(135)			$(138)

•Adjusted earnings were $253 million, up 70 percent.

•Excluding notable items from both periods, adjusted earnings were up 35 percent, driven primarily by an increase in variable investment income and favorable long-term care underwriting.

•Adjusted return on allocated equity was 10.2 percent, and adjusted return on allocated tangible equity was 11.4 percent.

•Adjusted premiums, fees and other revenues were $1.2 billion, down 4 percent.

CORPORATE & OTHER

($ in millions)			Three months ended September 30, 2020			Three months ended September 30, 2019			Change
Adjusted earnings			$(131)			$(223)
Notable item(s)			$0			$(88)

•Corporate & Other had an adjusted loss of $131 million, compared to an adjusted loss of $223 million in the third quarter of 2019. The notable item in the prior-year period is related to the company's completed cost saving initiative.

INVESTMENTS

($ in millions)			Three months ended September 30, 2020			Three months ended September 30, 2019			Change
Adjusted net investment income			$4,688			$4,473			5%

•Adjusted net investment income was $4.7 billion, up 5 percent. Variable investment income was $652 million, compared to $326 million in the third quarter of 2019, primarily driven by higher private equity returns.

THIRD QUARTER 2020 NOTABLE ITEMS

($ in millions)			Adjusted Earnings
			Three months ended September 30, 2020
Notable Items			U.S.									Asia			Latin America			EMEA			MetLife Holdings			Corporate & Other			Total
			Group Benefits			Retirement and Income Solutions			Property & Casualty
Actuarial assumption review and other insurance adjustments												$(28)			$(9)			$(31)			$(135)						$(203)
Total notable items			$0			$0			$0			$(28)			$(9)			$(31)			$(135)			$0			$(203)

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Contacts:     For Media:        Randy Clerihue (646) 552-0533    

For Investors:         John Hall (212) 578-7888

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Conference Call

MetLife will hold its third quarter 2020 earnings conference call and audio webcast on Thursday, November 5, 2020, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 844-291-6362 (U.S.) or 234-720-6995 (outside the U.S.). The participant access code is 2510803. To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 10 a.m. (ET) on Thursday, November 5, 2020, until Thursday, November 12, 2020, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 866-207-1041 (U.S.) or 402-970-0847 (outside the U.S.). The access code for the replay is 9289472. To access the replay of the conference call over the internet, visit the above-mentioned website.

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Non-GAAP and Other Financial Disclosures

Any references in this news release (except in this section and the tables that accompany this release) to:

should be read as, respectively:

(i)

net income (loss);

(i)

net income (loss) available to MetLife, Inc.’s common shareholders;

(ii)

net income (loss) per share;

(ii)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;

(iii)

adjusted earnings;

(iii)

adjusted earnings available to common shareholders;

(iv)

adjusted earnings per share;

(iv)

adjusted earnings available to common shareholders per diluted common share;

(v)

book value per share;

(v)

book value per common share;

(vi)

book value per share, excluding AOCI other than FCTA;

(vi)

book value per common share, excluding AOCI other than FCTA;

(vii)

book value per share-tangible common stockholders’ equity;

(vii)

book value per common share-tangible common stockholders’ equity;

(viii)

return on equity;

(viii)

return on MetLife, Inc.’s common stockholders’ equity;

(ix)

adjusted return on equity, excluding AOCI other than FCTA; and

(ix)

adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA; and

(x)

adjusted tangible return on equity.

(x)

adjusted return on MetLife, Inc.’s tangible common stockholders’ equity.

In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

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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 earnings;

(v)

net income (loss)

(vi)

adjusted net investment income;

(vi)

net investment income;

(vii)

adjusted capitalization of deferred policy acquisition costs (DAC);

(vii)

capitalization of DAC;

(viii)

adjusted earnings available to common shareholders;

(viii)

net income (loss) available to MetLife, Inc.’s common shareholders;

(ix)

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

(ix)

net income (loss) available to MetLife, Inc.’s common shareholders;

(x)

adjusted earnings available to common shareholders per diluted common share;

(x)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;

(xi)

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

(xi)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;

(xii)

adjusted return on equity;

(xii)

return on equity;

(xiii)

adjusted return on equity, excluding AOCI other than FCTA;

(xiii)

return on equity;

(xiv)

adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA);

(xiv)

return on equity;

(xv)

adjusted tangible return on equity;

(xv)

return on equity;

(xvi)

investment portfolio gains (losses);

(xvi)

net investment gains (losses);

(xvii)

derivative gains (losses);

(xvii)

net derivative gains (losses);

(xviii)

total MetLife, Inc.’s tangible common stockholders’ equity;

(xviii)

total MetLife, Inc.’s stockholders’ equity;

(xix)

total MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;

(xix)

total MetLife, Inc.’s stockholders’ equity;

(xx)

total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;

(xx)

total MetLife, Inc.’s stockholders’ equity;

(xxi)

total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);

(xxi)

total MetLife, Inc.’s stockholders’ equity;

(xxii)

book value per common share, excluding AOCI other than FCTA;

(xxii)

book value per common share;

(xxiii)

book value per common share - tangible common stockholders' equity;

(xxiii)

book value per common share;

(xxiv)

free cash flow of all holding companies;

(xxiv)

MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;

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(xxv)

adjusted other expenses;

(xxv)

other expenses;

(xxvi)

adjusted other expenses, net of adjusted capitalization of DAC;

(xxvi)

other expenses, net of capitalization of DAC;

(xxvii)

adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses;

(xxvii)

other expenses, net of capitalization of DAC;

(xxviii)

adjusted expense ratio;

(xxviii)

expense ratio;

(xxix)

adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT;

(xxix)

expense ratio;

(xxx)

direct expenses;

(xxx)

other expenses;

(xxxi)

direct expenses, excluding total notable items related to direct expenses;

(xxxi)

other expenses;

(xxxii)

direct expense ratio; and

(xxxii)

expense ratio; and

(xxxiii)

direct expense ratio, excluding total notable items related to direct expenses and PRT.

(xxxiii)

expense ratio.

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period and applied to the comparable prior period.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings news release and in this period’s quarterly financial supplement, which is available at www.metlife.com.

MetLife’s definitions of non-GAAP and other financial measures discussed in this news release 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 on a constant currency basis;

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

•adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;

•adjusted earnings available to common shareholders per diluted common share;

•adjusted earnings available to common shareholders on a constant currency basis 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, excluding total notable items, on a constant currency basis per diluted common share.

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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 loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

Adjusted revenues and adjusted expenses

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.

The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:

•Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees);

•Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (Operating joint venture adjustments), (iii) excludes certain amounts related to contractholder-directed equity securities (Unit-linked contract income), (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP (Securitization entities income); and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP (Certain partnership distributions); and

•Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees).

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The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:

•Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (PBC hedge adjustments), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL (PDO adjustments), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (Inflation and pass-through adjustments), (iv) benefits and hedging costs related to GMIBs (GMIB costs), and (v) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments);

•Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (PAB hedge adjustments) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (Unit-linked contract costs);

•Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;

•Amortization of negative VOBA excludes amounts related to Market value adjustments;

•Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (Securitization entities debt expense); and

•Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (Regulatory implementation costs), and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

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Investment portfolio gains (losses) and derivative gains (losses)

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses and goodwill impairment, 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, allocated equity, tangible equity and related measures

•Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

•Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.

•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.

•Adjusted return on MetLife, Inc.'s common stockholders' equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity.

•Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA.

•Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA).

•Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.

•Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.

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The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and components of, or other financial measures based on, adjusted earnings mentioned above.

•Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.

•Total MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements (VODA), value of customer relationships acquired (VOCRA) and total notable items, all net of income tax.

•Adjusted return on MetLife, Inc.'s tangible common stockholders' equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders' equity.

•Allocated tangible equity: allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

•Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

Expense ratio, direct expense ratio, adjusted expense ratio and related measures

•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.

•Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues.

•Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.

•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

General account (GA) assets under management (GA AUM) and related measures

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

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GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. GA AUM (at amortized cost) is presented net of related allowance for credit loss.

Statistical sales information:

•U.S.:

◦Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products.

◦Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance.

◦Property & Casualty: calculated based on first year direct written premium, net of cancellation and endorsement activity.

•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.

The following additional information is relevant to an understanding of MetLife’s performance results and outlook:

•Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.

•MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.

•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.

•We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

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Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words and terms such as "accelerate," "anticipate," "assume," "believe," "confident," "continue," "commit," "estimate," "expect," "fourth quarter," "long-term," "looking ahead," "navigate," "ongoing," "on track," "position," "remain," "return," "second half of 2020," "should," "target," "trend," "well-positioned," "will," "Q4," and other words and terms of similar meaning, in each of their forms of speech, or that are tied to future periods, in connection with a discussion of future performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Many factors will be important in determining the results of MetLife, Inc., its subsidiaries and affiliates. Forward-looking statements are based on our assumptions and current expectations, which may be inaccurate, and on the current economic environment, which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) the course of the COVID-19 pandemic and responses to it, which may also precipitate or exacerbate the remaining risks; (2) difficult economic conditions, including risks relating to interest rates, credit spreads, equity, real estate, obligors and counterparties, currency exchange rates, derivatives, and terrorism and security; (3) adverse global capital and credit market conditions, which may affect our ability to meet liquidity needs and access capital, including through credit facilities; (4) downgrades in our claims paying ability, financial strength or credit ratings; (5) availability and effectiveness of reinsurance, hedging or indemnification arrangements; (6) increasing cost and limited market capacity for statutory life insurance reserve financings; (7) the impact on us of changes to and implementation of the wide variety of laws and regulations to which we are subject; (8) regulatory, legislative or tax changes relating to our operations that may affect the cost of, or demand for, our products or services; (9) adverse results or other consequences from litigation, arbitration or regulatory investigations; (10) legal, regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (11) MetLife, Inc.’s primary reliance, as a holding company, on dividends from subsidiaries to meet free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (12) investment losses, defaults and volatility; (13) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (14) changes to securities and investment valuations, allowances and impairments taken on investments, and methodologies, estimates and assumptions; (15) differences between actual claims experience and underwriting and reserving assumptions; (16) political, legal, operational, economic and other risks relating to our global operations; (17) competitive pressures, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (18) the impact of technological changes on our businesses; (19) catastrophe losses; (20) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (21) impairment of goodwill or other long-lived assets, or the establishment of a valuation allowance against our deferred income tax asset; (22) changes in assumptions related to deferred policy acquisition costs, deferred sales inducements or value of business acquired; (23) exposure to losses related to guarantees in certain products; (24) ineffectiveness of risk management policies and procedures or models; (25) a failure in cybersecurity systems or other information security systems or disaster recovery plans; (26) any failure to protect the confidentiality of client information; (27) changes in accounting standards; (28) associates taking excessive risks; (29) difficulties in or complications from marketing and distributing products through our distribution channels; (30) increased expenses relating to pension and other

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postretirement benefit plans; (31) inability to protect our intellectual property rights or claims of infringement of others’ intellectual property rights; (32) difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from business acquisitions and dispositions, joint ventures, or other legal entity reorganizations; (33) unanticipated or adverse developments that could harm our expected operational or other benefits from the separation of Brighthouse Financial, Inc. and its subsidiaries; (34) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (35) provisions of laws and our incorporation documents that may delay, deter or prevent takeovers and corporate combinations involving MetLife; and (36) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the U.S. Securities and Exchange Commission.

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MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
(In millions)
						For the Three Months Ended
						September 30,
						2020						2019
Revenues
Premiums						$	9,935					$	10,781
Universal life and investment-type product policy fees						1,497						1,440
Net investment income						4,729						4,623
Other revenues						455						419
Net investment gains (losses)						(20)						161
Net derivative gains (losses)						(581)						1,254
Total revenues						16,015						18,678
Expenses
Policyholder benefits and claims						10,000						10,648
Interest credited to policyholder account balances						1,416						1,500
Policyholder dividends						206						296
Capitalization of DAC						(764)						(882)
Amortization of DAC and VOBA						1,066						797
Amortization of negative VOBA						(15)						(4)
Interest expense on debt						229						223
Other expenses						2,954						3,309
Total expenses						15,092						15,887
Income (loss) before provision for income tax						923						2,791
Provision for income tax expense (benefit)						214						601
Net income (loss)						709						2,190
Less: Net income (loss) attributable to noncontrolling interests						3						6
Net income (loss) attributable to MetLife, Inc.						706						2,184
Less: Preferred stock dividends						59						32
Preferred stock redemption premium						14						—
Net income (loss) available to MetLife, Inc.'s common shareholders						$	633					$	2,152
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions, except per share data)
						For the Three Months Ended
						September 30,
						2020																		2019
Reconciliation to Adjusted Earnings Available to Common Shareholders												Earnings Per Weighted Average Common Share Diluted (1)																								Earnings Per Weighted Average Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders						$	633					$	0.69																	$	2,152					$	2.30
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)						(20)						(0.02)																		161						0.17
Net derivative gains (losses)						(581)						(0.64)																		1,254						1.34
Premiums						—						—																		35						0.04
Universal life and investment-type product policy fees						28						0.03																		88						0.09
Net investment income						41						0.04																		150						0.16
Other revenues						39						0.04																		72						0.08
Policyholder benefits and claims and policyholder dividends						(237)						(0.26)																		(86)						(0.09)
Interest credited to policyholder account balances						(267)						(0.28)																		(226)						(0.24)
Capitalization of DAC						—						—																		11						0.01
Amortization of DAC and VOBA						(71)						(0.08)																		(41)						(0.04)
Amortization of negative VOBA						—						—																		—						—
Interest expense on debt						—						—																		—						—
Other expenses						(55)						(0.06)																		(110)						(0.12)
Goodwill impairment						—						—																		—						—
Provision for income tax (expense) benefit						195						0.21																		(340)						(0.36)
Add: Net income (loss) attributable to noncontrolling interests						3						—																		6						0.01
Preferred stock redemption premium						14						0.02																		—						—
Adjusted earnings available to common shareholders						1,578						1.73																		1,190						1.27
Less: Total notable items (2)						(203)						(0.22)																		(248)						(0.26)
Adjusted earnings available to common shareholders, excluding total notable items (2)						$	1,781					$	1.95																	$	1,438					$	1.54
Adjusted earnings available to common shareholders on a constant currency basis						$	1,578					$	1.73																	$	1,173					$	1.25
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)						$	1,781					$	1.95																	$	1,421					$	1.52
Weighted average common shares outstanding - diluted												913.7																								936.4
See footnotes on last page.

Page 21 of 29

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MetLife, Inc.
(Unaudited)
(In millions)
			For the Three Months Ended
			September 30,
			2020						2019
Premiums, Fees and Other Revenues
Premiums, fees and other revenues			$	11,887					$	12,640
Less: Unearned revenue adjustments			2						59
GMIB fees			26						27
Settlement of foreign currency earnings hedges			—						3
TSA fees			39						69
Divested businesses			—						37
Adjusted premiums, fees and other revenues			$	11,820					$	12,445
Adjusted premiums, fees and other revenues, on a constant currency basis			$	11,820					$	12,359
Less: Pension risk transfer (PRT) (3)			487						1,293
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis			$	11,333					$	11,066
Net Investment Income
Net investment income			$	4,729					$	4,623
Less: Investment hedge adjustments			(229)						(121)
Operating joint venture adjustments			—						—
Unit-linked contract income			262						250
Securitization entities income			—						—
Certain partnership distributions			—						(2)
Divested businesses			8						23
Adjusted net investment income			$	4,688					$	4,473
Revenues and Expenses
Total revenues			$	16,015					$	18,678
Less: Net investment gains (losses)			(20)						161
Less: Net derivative gains (losses)			(581)						1,254
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)			2						59
Less: Other adjustments to revenues:
GMIB fees			26						27
Investment hedge adjustments			(229)						(121)
Operating joint venture adjustments			—						—
Unit-linked contract income			262						250
Securitization entities income			—						—
Certain partnership distributions			—						(2)
Settlement of foreign currency earnings hedges			—						3
TSA fees			39						69
Divested businesses			8						60
Total adjusted revenues			$	16,508					$	16,918
Total expenses			$	15,092					$	15,887
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)			64						39
Less: Goodwill impairment			—						—
Less: Other adjustments to expenses:
PBC hedge adjustments			9						9
Inflation and pass-through adjustments			(37)						87
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs			238						(47)
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments			21						3
PAB hedge adjustments			(1)						(5)
Unit-linked contract costs			266						223
Securitization entities debt expense			—						—
Noncontrolling interest			(4)						(8)
Regulatory implementation costs			6						5
Acquisition, integration and other costs			7						8
TSA fees			39						69
Divested businesses			22						69
Total adjusted expenses			$	14,462					$	15,435
See footnotes on last page.

Page 22 of 29

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MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
						For the Three Months Ended
						September 30,
						2020						2019
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC						$	(764)					$	(882)
Less: Divested businesses						—						(11)
Adjusted capitalization of DAC						$	(764)					$	(871)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses						$	2,954					$	3,309
Less: Noncontrolling interests						(4)						(8)
Less: Regulatory implementation costs						6						5
Less: Acquisition, integration and other costs						7						8
Less: TSA fees						39						69
Less: Divested businesses						7						36
Adjusted other expenses						$	2,899					$	3,199
Other Detail and Ratios
Other expenses						$	2,954					$	3,309
Capitalization of DAC						(764)						(882)
Other expenses, net of capitalization of DAC						$	2,190					$	2,427
Premiums, fees and other revenues						$	11,887					$	12,640
Expense ratio						18.4		%				19.2		%
Direct expenses						$	1,288					$	1,475
Less: Total notable items related to direct expenses (2)						—						111
Direct expenses, excluding total notable items related to direct expenses (2)						$	1,288					$	1,364
Adjusted other expenses						$	2,899					$	3,199
Adjusted capitalization of DAC						(764)						(871)
Adjusted other expenses, net of adjusted capitalization of DAC						2,135						2,328
Less: Total notable items related to adjusted other expenses (2)						—						111
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2)						$	2,135					$	2,217
Adjusted premiums, fees and other revenues						$	11,820					$	12,445
Less: PRT						487						1,293
Adjusted premiums, fees and other revenues, excluding PRT						$	11,333					$	11,152
Direct expense ratio						10.9		%				11.9		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)						11.4		%				12.2		%
Adjusted expense ratio						18.1		%				18.7		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2)						18.8		%				19.9		%
See footnotes on last page.

Page 23 of 29

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MetLife, Inc.
(Unaudited)
(In millions, except per share data)
						For the Three Months Ended
						September 30,
Equity Details						2020						2019
Total MetLife, Inc.'s stockholders' equity						$	73,316					$	68,368
Less: Preferred stock						4,312						3,340
MetLife, Inc.'s common stockholders' equity						69,004						65,028
Less: Net unrealized investment gains (losses), net of income tax						22,869						22,330
Defined benefit plans adjustment, net of income tax						(1,954)						(1,961)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA						48,089						44,659
Less: Goodwill, net of income tax						9,021						8,955
VODA and VOCRA, net of income tax						253						279
Total MetLife, Inc.'s tangible common stockholders' equity						$	38,815					$	35,425
						September 30,
						2020						2019
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA						$	48,089					$	44,659
Less: Accumulated year-to-date total notable items (2)						(203)						(373)
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)						48,292						45,032
Less: Goodwill, net of income tax						9,021						8,955
VODA and VOCRA, net of income tax						253						279
Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2)						$	39,018					$	35,798
						September 30,
Book Value (4)						2020						2019
Book value per common share						$	76.20					$	70.71
Less: Net unrealized investment gains (losses), net of income tax						25.26						24.28
Defined benefit plans adjustment, net of income tax						(2.16)						(2.13)
Book value per common share, excluding AOCI other than FCTA						53.10						48.56
Less: Goodwill, net of income tax						9.96						9.74
VODA and VOCRA, net of income tax						0.28						0.30
Book value per common share - tangible common stockholders' equity						$	42.86					$	38.52
Common shares outstanding, end of period						905.6						919.6
						For the Three Months Ended
						September 30,
Average Common Stockholders' Equity						2020						2019
Average common stockholders' equity						$	70,193					$	62,750
Average common stockholders' equity, excluding AOCI other than FCTA						$	47,763					$	44,367
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)						$	47,864					$	44,616
Average tangible common stockholders' equity						$	38,539					$	35,070
Average tangible common stockholders' equity, excluding total notable items (2)						$	38,640					$	35,319
See footnotes on last page.

Page 24 of 29

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MetLife, Inc.
(Unaudited)
						For the Three Months Ended
						September 30, (5)
						2020						2019
Return on Equity
Return on MetLife, Inc.'s:
Common stockholders' equity						3.6		%				13.7		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity						9.0		%				7.6		%
Common stockholders' equity, excluding AOCI other than FCTA						13.2		%				10.7		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)						14.9		%				12.9		%
Tangible common stockholders' equity (6)						16.5		%				13.7		%
Tangible common stockholders' equity, excluding total notable items (2), (6)						18.5		%				16.4		%
Adjusted Return on Allocated Equity:
U.S.						32.5		%				26.4		%
Asia						13.0		%				9.8		%
Latin America						5.1		%				20.9		%
EMEA						7.3		%				7.6		%
MetLife Holdings						10.2		%				6.2		%
Adjusted Return on Allocated Tangible Equity:
U.S.						37.3		%				30.0		%
Asia						19.6		%				14.9		%
Latin America						8.3		%				34.6		%
EMEA						12.9		%				13.8		%
MetLife Holdings						11.4		%				7.1		%
See footnotes on last page.

Page 25 of 29

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MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
									For the Three Months Ended
									September 30,
									2020												2019
U.S. (3):
			Adjusted earnings available to common shareholders						$	900											$	707
			Less: Total notable items (2)						—												—
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	900											$	707
			Adjusted premiums, fees and other revenues						$	6,833											$	7,391
			Less: PRT						487												1,293
			Adjusted premiums, fees and other revenues, excluding PRT						$	6,346											$	6,098
Group Benefits (3):
			Adjusted earnings available to common shareholders						$	392											$	366
			Less: Total notable items (2)						—												—
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	392											$	366
			Adjusted premiums, fees and other revenues						$	4,901											$	4,582
Retirement & Income Solutions (3):
			Adjusted earnings available to common shareholders						$	490											$	284
			Less: Total notable items (2)						—												—
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	490											$	284
			Adjusted premiums, fees and other revenues						$	1,024											$	1,878
			Less: PRT						487												1,293
			Adjusted premiums, fees and other revenues, excluding PRT						$	537											$	585
Property & Casualty (3):
			Adjusted earnings available to common shareholders						$	18											$	57
			Less: Total notable items (2)						—												—
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	18											$	57
			Adjusted premiums, fees and other revenues						$	908											$	931
See footnotes on last page.

Page 26 of 29

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MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(Unaudited)
(In millions)
									For the Three Months Ended
									September 30,
									2020												2019
Asia:
			Adjusted earnings available to common shareholders						$	465											$	349
			Less: Total notable items (2)						(28)												(19)
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	493											$	368
			Adjusted earnings available to common shareholders on a constant currency basis						$	465											$	354
			Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)						$	493											$	373
			Adjusted premiums, fees and other revenues						$	2,265											$	2,098
			Adjusted premiums, fees and other revenues, on a constant currency basis						$	2,265											$	2,120
Latin America:
			Adjusted earnings available to common shareholders						$	39											$	155
			Less: Total notable items (2)						(9)												10
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	48											$	145
			Adjusted earnings available to common shareholders on a constant currency basis						$	39											$	135
			Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)						$	48											$	125
			Adjusted premiums, fees and other revenues						$	761											$	967
			Adjusted premiums, fees and other revenues, on a constant currency basis						$	761											$	854
EMEA:
			Adjusted earnings available to common shareholders						$	52											$	53
			Less: Total notable items (2)						(31)												(13)
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	83											$	66
			Adjusted earnings available to common shareholders on a constant currency basis						$	52											$	51
			Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)						$	83											$	64
			Adjusted premiums, fees and other revenues						$	680											$	656
			Adjusted premiums, fees and other revenues, on a constant currency basis						$	680											$	661
MetLife Holdings (3):
			Adjusted earnings available to common shareholders						$	253											$	149
			Less: Total notable items (2)						(135)												(138)
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	388											$	287
			Adjusted premiums, fees and other revenues						$	1,206											$	1,261
Corporate & Other (3):
			Adjusted earnings available to common shareholders						$	(131)											$	(223)
			Less: Total notable items (2)						—												(88)
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	(131)											$	(135)
			Adjusted premiums, fees and other revenues						$	75											$	72
See footnotes on last page.

Page 27 of 29

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MetLife, Inc.
(Unaudited)
(In millions)
						For the Three Months Ended
						September 30, 2020						June 30, 2020
Variable investment income (post-tax)
U.S.
Group Benefits						$	6					$	3
Retirement & Income Solutions						164						(122)
Property & Casualty						16						(9)
Total U.S.						$	186					$	(128)
Asia						148						(77)
Latin America						(3)						(7)
EMEA						—						—
MetLife Holdings						172						(161)
Corporate & Other						12						(65)
Total variable investment income						$	515					$	(438)
See footnotes on last page.

Page 28 of 29

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MetLife, Inc.
(Unaudited)
Cash & Capital (7), (8)
(In billions)
						September 30,
						2020						2019
Holding Companies Cash & Liquid Assets						$	7.8					$	3.5
Footnotes
(1)			Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is 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.
(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.
(3)			Results on a constant currency basis are not included as constant currency impact is not significant.
(4)			Book values exclude $4,312 million and $3,340 million of equity related to preferred stock at September 30, 2020 and 2019, respectively.
(5)			Annualized using quarter-to-date results.
(6)			Adjusted earnings available to common shareholders used to calculate the return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended September 30, 2020 and 2019 of $7 million and $9 million, respectively.
(7)			The total U.S. statutory adjusted capital is expected to be approximately $21 billion at September 30, 2020. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.
(8)			As of June 30, 2020 the solvency margin ratio of MetLife's insurance subsidiary in Japan was 892%, which is calculated quarterly and does not reflect conditions and factors occurring after June 30, 2020.

Page 29 of 29

Table of Contents

Exhibit 99.2

 

Third Quarter

Financial Supplement

September 30, 2020

3

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Table of Contents

			METLIFE TABLE OF CONTENTS
			GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS			2
			CORPORATE OVERVIEW			3
			KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS			5
			EXPENSE DETAIL AND RATIOS			7
			CONSOLIDATED BALANCE SHEETS			8
			SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			9
			ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY			10
			U.S.
			Statements of Adjusted Earnings Available to Common Shareholders			11
			Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders			12
			Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders			13
			Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders			14
			Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			15
			Group Benefits - Other Expenses by Major Category; and Other Statistical Information			16
			Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; and Synthetic GICs			17
			Retirement and Income Solutions - Other Expenses by Major Category; and Spread			18
			Property & Casualty - Other Expenses by Major Category; and Net Written Premiums By Product and Selected Financial Information and Supplemental Data			19
			ASIA
			Statements of Adjusted Earnings Available to Common Shareholders			20
			Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			21
			General Account Assets Under Management and Related Measures			22
			LATIN AMERICA
			Statements of Adjusted Earnings Available to Common Shareholders			23
			Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			24
			EMEA
			Statements of Adjusted Earnings Available to Common Shareholders			25
			Other Expenses by Major Category; and Other Statistical Information			26
			METLIFE HOLDINGS
			Statements of Adjusted Earnings Available to Common Shareholders			27
			Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			28
			Other Expenses by Major Category; and Other Statistical Information			29
			CORPORATE & OTHER
			Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source			30
			INVESTMENTS
			Investment Portfolio Results by Asset Category and Annualized Yields			31
			Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Unrealized Gains and Losses Aging Schedule: Fixed Maturity Securities Available-for-Sale			32
			Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type			33
			Footnotes			34
			APPENDIX
			Reconciliation Detail			A-1
			Notable Items			A-2
			Equity Details, Book Value Details and Return on Equity			A-3
			Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis			A-4
			Non-GAAP and Other Financial Disclosures			A-5
			Acronyms			A-8

1

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Table of Contents

			METLIFE
			As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
			GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
						For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020												September 30, 2019									September 30, 2020
			Revenues
			Premiums									$	10,781								$	11,920								$	9,466								$	8,736								$	9,935											$	30,315								$	28,137
			Universal life and investment-type product policy fees									1,440									1,386									1,431									1,299									1,497												4,217									4,227
			Net investment income									4,623									4,644									3,061									4,087									4,729												14,224									11,877
			Other revenues									419									451									439									456									455												1,391									1,350
			Net investment gains (losses)									161									207									(288)									231									(20)												237									(77)
			Net derivative gains (losses)									1,254									(1,465)									4,201									(710)									(581)												2,093									2,910
			Total revenues									18,678									17,143									18,310									14,099									16,015												52,477									48,424
			Expenses
			Policyholder benefits and claims									10,648									11,748									9,022									8,667									10,000												29,713									27,689
			Interest credited to policyholder account balances									1,500									1,488									80									1,962									1,416												4,976									3,458
			Policyholder dividends									296									313									292									290									206												898									788
			Capitalization of DAC									(882)									(827)									(774)									(671)									(764)												(2,531)									(2,209)
			Amortization of DAC and VOBA									797									786									788									560									1,066												2,110									2,414
			Amortization of negative VOBA									(4)									(9)									(10)									(10)									(15)												(24)									(35)
			Interest expense on debt									223									224									222									232									229												731									683
			Other expenses									3,309									3,457									3,047									2,872									2,954												9,772									8,873
			Total expenses									15,887									17,180									12,667									13,902									15,092												45,645									41,661
			Income (loss) before provision for income tax									2,791									(37)									5,643									197									923												6,832									6,763
			Provision for income tax expense (benefit)									601									(625)									1,242									47									214												1,511									1,503
			Net income (loss)									2,190									588									4,401									150									709												5,321									5,260
			Less: Net income (loss) attributable to noncontrolling interests									6									(5)									3									5									3												15									11
			Net income (loss) attributable to MetLife, Inc.									2,184									593									4,398									145									706												5,306									5,249
			Less: Preferred stock dividends									32									57									32									77									59												121									168
			Preferred stock redemption premium									—									—									—									—									14												—									14
			Net income (loss) available to MetLife, Inc.'s common shareholders									$	2,152								$	536								$	4,366								$	68								$	633											$	5,185								$	5,067
			Premiums, fees and other revenues									$	12,640								$	13,757								$	11,336								$	10,491								$	11,887											$	35,923								$	33,714

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			METLIFE CORPORATE OVERVIEW
									For the Three Months Ended
			Unaudited (In millions, except per share data)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Net income (loss) available to MetLife, Inc.'s common shareholders						$	2,152								$	536								$	4,366								$	68								$	633
			Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
			Less: Net investment gains (losses)						161									207									(288)									231									(20)
			Less: Net derivative gains (losses)						1,254									(1,465)									4,201									(710)									(581)
			Less: Goodwill impairment						—									—									—									—									—
			Less: Other adjustments to net income (loss) (1)						(107)									(418)									(65)									(357)									(522)
			Less: Provision for income tax (expense) benefit						(340)									373									(928)									151									195
			Add: Net income (loss) attributable to noncontrolling interests						6									(5)									3									5									3
			Add: Preferred stock redemption premium						—									—									—									—									14
			Adjusted earnings available to common shareholders						1,190									1,834									1,449									758									1,578
			Less: Total notable items (2)						(248)									420									—									—									(203)
			Adjusted earnings available to common shareholders, excluding total notable items (2)						$	1,438								$	1,414								$	1,449								$	758								$	1,781
			Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share						$	2.30								$	0.58								$	4.75								$	0.07								$	0.69
			Less: Net investment gains (losses)						0.17									0.22									(0.31)									0.25									(0.02)
			Less: Net derivative gains (losses)						1.34									(1.58)									4.57									(0.78)									(0.64)
			Less: Goodwill impairment						—									—									—									—									—
			Less: Other adjustments to net income (loss)						(0.11)									(0.45)									(0.08)									(0.39)									(0.57)
			Less: Provision for income tax (expense) benefit						(0.36)									0.40									(1.01)									0.17									0.21
			Add: Net income (loss) attributable to noncontrolling interests						0.01									(0.01)									—									0.01									—
			Add: Preferred stock redemption premium						—									—									—									—									0.02
			Adjusted earnings available to common shareholders per diluted common share						1.27									1.98									1.58									0.83									1.73
			Less: Total notable items per diluted common share (2)						(0.26)									0.45									—									—									(0.22)
			Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)						$	1.54								$	1.53								$	1.58								$	0.83								$	1.95
									For the Three Months Ended
			Unaudited (In millions, except per share data)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Notable items impacting adjusted earnings available to common shareholders (2):
			Actuarial assumption review and other insurance adjustments						$	(160)								$	—								$	—								$	—								$	(203)
			Expense initiative costs						(88)									(119)									—									—									—
			Interest on tax adjustments						—									64									—									—									—
			Tax adjustments						—									475									—									—									—
			Total notable items						$	(248)								$	420								$	—								$	—								$	(203)
			Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
			Actuarial assumption review and other insurance adjustments						$	(0.17)								$	—								$	—								$	—								$	(0.22)
			Expense initiative costs						$	(0.09)								$	(0.13)								$	—								$	—								$	—
			Interest on tax adjustments						$	—								$	0.07								$	—								$	—								$	—
			Tax adjustments						$	—								$	0.51								$	—								$	—								$	—
			Total notable items						$	(0.26)								$	0.45								$	—								$	—								$	(0.22)
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Weighted average common shares outstanding - diluted						936.4									925.7									920.0									913.1									913.7
			(1)See Page A-1 for further detail.
			(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
			(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

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			METLIFE CORPORATE OVERVIEW (CONTINUED)
			Unaudited						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Book value per common share (1)						$	70.71								$	68.62								$	72.62								$	78.65								$	76.20
			Book value per common share, excluding AOCI other than FCTA (1)						$	48.56								$	48.97								$	52.36								$	52.27								$	53.10
			Book value per common share - tangible common stockholders' equity (1)						$	38.52								$	38.86								$	42.33								$	42.16								$	42.86
									For the Three Months Ended
			Unaudited						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Return on MetLife, Inc.'s (2):
			Common stockholders' equity						13.7		%							3.4		%							27.1		%							0.4		%							3.6		%
			Adjusted return on MetLife, Inc.'s (2):
			Common stockholders' equity						7.6		%							11.5		%							9.0		%							4.4		%							9.0		%
			Common stockholders' equity, excluding AOCI other than FCTA						10.7		%							16.4		%							12.6		%							6.4		%							13.2		%
			Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)						12.9		%							12.6		%							12.6		%							6.4		%							14.9		%
			Tangible common stockholders' equity						13.7		%							20.7		%							15.8		%							8.0		%							16.5		%
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Common shares outstanding, beginning of period						935.9									919.6									915.3									907.6									907.6
			Share repurchases						(17.1)									(5.1)									(10.6)									—									(2.1)
			Newly issued shares						0.8									0.8									2.9									—									0.1
			Common shares outstanding, end of period						919.6									915.3									907.6									907.6									905.6
			Weighted average common shares outstanding - basic						929.6									918.7									914.1									908.8									908.7
			Dilutive effect of the exercise or issuance of stock-based awards						6.8									7.0									5.9									4.3									5.0
			Weighted average common shares outstanding - diluted						936.4									925.7									920.0									913.1									913.7
			MetLife Policyholder Trust Shares						142.8									140.7									139.2									138.4									137.3
			(1) Calculated using common shares outstanding, end of period.
			(2) Annualized using quarter-to-date results. See Page A-3 for further detail.
			(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

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			METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
									For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Total revenues						$	18,678					$	17,143					$	18,310					$	14,099					$	16,015								$	52,477					$	48,424
			Less: Net investment gains (losses)						161						207						(288)						231						(20)									237						(77)
			Less: Net derivative gains (losses)						1,254						(1,465)						4,201						(710)						(581)									2,093						2,910
			Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)						59						18						18						5						2									79						25
			Less: Other adjustments to revenues:
			GMIB fees						27						26						26						25						26									82						77
			Investment hedge adjustments						(121)						(125)						(138)						(188)						(229)									(344)						(555)
			Operating joint venture adjustments						—						—						—						—						—									—						—
			Unit-linked contract income						250						228						(1,140)						818						262									1,247						(60)
			Securitization entities income						—						—						—						—						—									—						—
			Certain partnership distributions						(2)						(5)						(4)						(1)						—									(10)						(5)
			Settlement of foreign currency earnings hedges						3						2						—						—						—									7						—
			TSA fees						69						40						42						39						39									206						120
			Divested businesses						60						63						56						35						8									60						99
			Total adjusted revenues						$	16,918					$	18,154					$	15,537					$	13,845					$	16,508								$	48,820					$	45,890
									For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Net investment income						$	4,623					$	4,644					$	3,061					$	4,087					$	4,729								$	14,224					$	11,877
			Less: Adjustments to net investment income:
			Investment hedge adjustments						(121)						(125)						(138)						(188)						(229)									(344)						(555)
			Operating joint venture adjustments						—						—						—						—						—									—						—
			Unit-linked contract income						250						228						(1,140)						818						262									1,247						(60)
			Securitization entities income						—						—						—						—						—									—						—
			Certain partnership distributions						(2)						(5)						(4)						(1)						—									(10)						(5)
			Divested businesses						23						24						22						14						8									23						44
			Adjusted net investment income						$	4,473					$	4,522					$	4,321					$	3,444					$	4,688								$	13,308					$	12,453
									For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Variable investment income (Included in net investment income above)						$	326					$	327					$	351					$	(555)					$	652								$	834					$	448
									For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Premiums, fees and other revenues						$	12,640					$	13,757					$	11,336					$	10,491					$	11,887								$	35,923					$	33,714
			Less: Adjustments to premiums, fees and other revenues:
			Unearned revenue adjustments						59						18						18						5						2									79						25
			GMIB fees						27						26						26						25						26									82						77
			Settlement of foreign currency earnings hedges						3						2						—						—						—									7						—
			TSA fees						69						40						42						39						39									206						120
			Divested businesses						37						39						34						21						—									37						55
			Adjusted premiums, fees and other revenues						$	12,445					$	13,632					$	11,216					$	10,401					$	11,820								$	35,512					$	33,437
			Adjusted premiums, fees and other revenues, on a constant currency basis						$	12,359					$	13,580					$	11,219					$	10,490					$	11,820

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			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, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Total expenses			$	15,887					$	17,180					$	12,667					$	13,902					$	15,092								$	45,645					$	41,661
			Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)			39						106						30						(6)						64									10						88
			Less: Goodwill impairment			—						—						—						—						—									—						—
			Less: Other adjustments to expenses:
			PBC hedge adjustment			9						10						9						9						9									9						27
			Inflation and pass-through adjustments			87						(6)						48						106						(37)									250						117
			GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs			(47)						105						(128)						85						238									38						195
			Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments			3						8						11						21						21									(12)						53
			PAB hedge adjustments			(5)						(5)						(5)						(2)						(1)									(14)						(8)
			Unit-linked contract costs			223						240						(1,138)						796						266									1,196						(76)
			Securitization entities debt expense			—						—						—						—						—									—						—
			Noncontrolling interests			(8)						5						(3)						(7)						(4)									(20)						(14)
			Regulatory implementation costs			5						3						2						—						6									15						8
			Acquisition, integration and other costs			8						7						6						—						7									37						13
			TSA fees			69						40						42						39						39									206						120
			Divested businesses			69						152						51						49						22									75						122
			Total adjusted expenses			$	15,435					$	16,515					$	13,742					$	12,812					$	14,462								$	43,855					$	41,016
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)			September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Capitalization of DAC			$	(882)					$	(827)					$	(774)					$	(671)					$	(764)								$	(2,531)					$	(2,209)
			Less: Divested businesses			(11)						(9)						(3)						(2)						—									(11)						(5)
			Adjusted capitalization of DAC			$	(871)					$	(818)					$	(771)					$	(669)					$	(764)								$	(2,520)					$	(2,204)
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)			September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Other expenses			$	3,309					$	3,457					$	3,047					$	2,872					$	2,954								$	9,772					$	8,873
			Less: Noncontrolling interests			(8)						5						(3)						(7)						(4)									(20)						(14)
			Less: Regulatory implementation costs			5						3						2						—						6									15						8
			Less: Acquisition, integration and other costs			8						7						6						—						7									37						13
			Less: TSA fees			69						40						42						39						39									206						120
			Less: Divested businesses			36						116						19						23						7									42						49
			Adjusted other expenses			$	3,199					$	3,286					$	2,981					$	2,817					$	2,899								$	9,492					$	8,697
			Adjusted other expenses on a constant currency basis			$	3,169					$	3,267					$	2,983					$	2,851					$	2,899

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			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, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Other expenses			$	3,309					$	3,457					$	3,047					$	2,872					$	2,954								$	9,772					$	8,873
			Capitalization of DAC			(882)						(827)						(774)						(671)						(764)									(2,531)						(2,209)
			Other expenses, net of capitalization of DAC			$	2,427					$	2,630					$	2,273					$	2,201					$	2,190								$	7,241					$	6,664
			Premiums, fees and other revenues			$	12,640					$	13,757					$	11,336					$	10,491					$	11,887								$	35,923					$	33,714
			Expense ratio			19.2		%				19.1		%				20.1		%				21.0		%				18.4		%							20.2		%				19.8		%
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)			September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Adjusted other expenses by major category
			Direct expenses			$	1,475					$	1,597					$	1,344					$	1,287					$	1,288								$	4,380					$	3,919
			Pension, postretirement and postemployment benefit costs			57						63						39						37						37									170						113
			Premium taxes, other taxes, and licenses & fees			164						165						193						176						194									508						563
			Commissions and other variable expenses			1,503						1,461						1,405						1,317						1,380									4,434						4,102
			Adjusted other expenses			3,199						3,286						2,981						2,817						2,899									9,492						8,697
			Adjusted capitalization of DAC			(871)						(818)						(771)						(669)						(764)									(2,520)						(2,204)
			Adjusted other expenses, net of adjusted capitalization of DAC			2,328						2,468						2,210						2,148						2,135									6,972						6,493
			Less: Total notable items related to adjusted other expenses (1)			111						69						—						—						—									269						—
			Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)			$	2,217					$	2,399					$	2,210					$	2,148					$	2,135								$	6,703					$	6,493
						For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions, except ratio data)			September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Employee related costs			$	871					$	948					$	866					$	840					$	865								$	2,709					$	2,571
			Third party staffing costs			422						536						343						300						306									1,216						949
			General and administrative expenses			182						113						135						147						117									455						399
			Direct expenses			1,475						1,597						1,344						1,287						1,288									4,380						3,919
			Less: Total notable items related to direct expenses (1)			111						69						—						—						—									269						—
			Direct expenses, excluding total notable items related to direct expenses (1)			$	1,364					$	1,528					$	1,344					$	1,287					$	1,288								$	4,111					$	3,919
			Adjusted other expenses, net of adjusted capitalization of DAC			$	2,328					$	2,468					$	2,210					$	2,148					$	2,135								$	6,972					$	6,493
			Less: Total notable items related to adjusted other expenses (1)			111						69						—						—						—									269						—
			Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)			$	2,217					$	2,399					$	2,210					$	2,148					$	2,135								$	6,703					$	6,493
			Adjusted premiums, fees and other revenues			$	12,445					$	13,632					$	11,216					$	10,401					$	11,820								$	35,512					$	33,437
			Less: PRT			1,293						2,499						(9)						(6)						487									1,847						472
			Adjusted premiums, fees and other revenues, excluding PRT			$	11,152					$	11,133					$	11,225					$	10,407					$	11,333								$	33,665					$	32,965
			Direct expense ratio			11.9		%				11.7		%				12.0		%				12.4		%				10.9		%							12.3		%				11.7		%
			Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)			12.2		%				13.7		%				12.0		%				12.4		%				11.4		%							12.2		%				11.9		%
			Adjusted expense ratio			18.7		%				18.1		%				19.7		%				20.7		%				18.1		%							19.6		%				19.4		%
			Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)			19.9		%				21.5		%				19.7		%				20.6		%				18.8		%							19.9		%				19.7		%
			(1)Notable items are related to “interest on tax adjustments” and “expense initiative costs.” Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

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			METLIFE CONSOLIDATED BALANCE SHEETS
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			ASSETS
			Investments:
			Fixed maturity securities available-for-sale, at estimated fair value						$	326,049								$	327,820								$	326,685								$	340,005								$	353,809
			Equity securities, at estimated fair value						1,341									1,342									1,050									1,105									1,111
			Contractholder-directed equity securities and fair value option securities, at estimated fair value						12,671									13,102									11,145									11,911									12,276
			Mortgage loans						78,959									80,529									81,344									82,890									82,881
			Policy loans						9,671									9,680									9,638									9,639									9,580
			Real estate and real estate joint ventures						10,246									10,741									11,250									11,524									11,643
			Other limited partnership interests						7,441									7,716									8,230									7,794									8,569
			Short-term investments, principally at estimated fair value						3,536									3,850									5,930									5,345									3,832
			Other invested assets						21,979									19,015									27,839									24,731									22,544
			Total investments						471,893									473,795									483,111									494,944									506,245
			Cash and cash equivalents, principally at estimated fair value						19,452									16,598									24,094									24,289									24,405
			Accrued investment income						3,561									3,523									3,828									3,388									3,424
			Premiums, reinsurance and other receivables						20,723									20,443									21,224									20,848									20,712
			Deferred policy acquisition costs and value of business acquired						17,382									17,833									17,254									16,353									16,179
			Goodwill						9,278									9,308									9,159									9,245									9,360
			Other assets						10,166									10,518									10,617									11,173									10,471
			Separate account assets						190,357									188,445									168,454									187,343									189,696
			Total assets						$	742,812								$	740,463								$	737,741								$	767,583								$	780,492
			LIABILITIES AND EQUITY
			Liabilities
			Future policy benefits						$	193,310								$	194,909								$	193,106								$	196,522								$	203,929
			Policyholder account balances						189,060									192,627									193,875									198,147									201,072
			Other policy-related balances						16,960									17,171									16,755									16,870									16,883
			Policyholder dividends payable						692									681									654									670									595
			Policyholder dividend obligation						2,370									2,020									1,677									2,798									2,944
			Payables for collateral under securities loaned and other transactions						28,443									26,745									35,530									34,133									34,772
			Short-term debt						142									235									298									303									351
			Long-term debt						13,443									13,466									14,510									14,513									14,539
			Collateral financing arrangements						1,013									993									981									968									924
			Junior subordinated debt securities						3,149									3,150									3,151									3,151									3,152
			Current income tax payable						31									363									708									928									638
			Deferred income tax liability						10,153									9,097									10,009									11,334									10,839
			Other liabilities						25,070									24,179									27,570									23,963									26,589
			Separate account liabilities						190,357									188,445									168,454									187,343									189,696
			Total liabilities						674,193									674,081									667,278									691,643									706,923
			Equity
			Preferred stock, at par value						—									—									—									—									—
			Common stock, at par value						12									12									12									12									12
			Additional paid-in capital						32,639									32,680									33,711									33,728									33,744
			Retained earnings						32,948									33,078									36,919									36,568									36,782
			Treasury stock, at cost						(12,428)									(12,678)									(13,178)									(13,178)									(13,258)
			Accumulated other comprehensive income (loss)						15,197									13,052									12,757									18,563									16,036
			Total MetLife, Inc.'s stockholders' equity						68,368									66,144									70,221									75,693									73,316
			Noncontrolling interests						251									238									242									247									253
			Total equity						68,619									66,382									70,463									75,940									73,569
			Total liabilities and equity						$	742,812								$	740,463								$	737,741								$	767,583								$	780,492

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			METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
															For the Three Months Ended
			Unaudited (In millions)												September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Adjusted earnings before provision for income tax
			U.S.
			GROUP BENEFITS												$	464								$	416								$	401								$	319								$	502
			RETIREMENT AND INCOME SOLUTIONS												357									404									452									240									618
			PROPERTY & CASUALTY												67									27									134									101									19
			TOTAL U.S.												$	888								$	847								$	987								$	660								$	1,139
			ASIA												501									468									491									361									662
			LATIN AMERICA												220									204									139									188									63
			EMEA												74									71									99									137									72
			METLIFE HOLDINGS												183									333									344									19									314
			CORPORATE & OTHER												(383)									(284)									(265)									(332)									(204)
			Total adjusted earnings before provision for income tax												$	1,483								$	1,639								$	1,795								$	1,033								$	2,046
			Provision for income tax expense (benefit)
			U.S.
			GROUP BENEFITS												$	98								$	87								$	89								$	71								$	110
			RETIREMENT AND INCOME SOLUTIONS												73									83									93									48									128
			PROPERTY & CASUALTY												10									2									25									18									1
			TOTAL U.S.												$	181								$	172								$	207								$	137								$	239
			ASIA												152									127									141									105									197
			LATIN AMERICA												65									43									44									56									24
			EMEA												21									5									21									21									20
			METLIFE HOLDINGS												34									64									67									(1)									61
			CORPORATE & OTHER												(192)									(663)									(166)									(120)									(132)
			Total provision for income tax expense (benefit)												$	261								$	(252)								$	314								$	198								$	409
			Adjusted earnings available to common shareholders
			U.S.
			GROUP BENEFITS												$	366								$	329								$	312								$	248								$	392
			RETIREMENT AND INCOME SOLUTIONS												284									321									359									192									490
			PROPERTY & CASUALTY												57									25									109									83									18
			TOTAL U.S.												$	707								$	675								$	780								$	523								$	900
			ASIA												349									341									350									256									465
			LATIN AMERICA												155									161									95									132									39
			EMEA												53									66									78									116									52
			METLIFE HOLDINGS												149									269									277									20									253
			CORPORATE & OTHER (1)												(223)									322									(131)									(289)									(131)
			Total adjusted earnings available to common shareholders (1)												$	1,190								$	1,834								$	1,449								$	758								$	1,578
			(1)Includes impact of preferred stock dividends of $32 million, $57 million, $32 million, $77 million and $59 million for the three months ended September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively.

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			METLIFE ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)
			ADJUSTED RETURN ON ALLOCATED EQUITY
															For the Three Months Ended
			Unaudited												September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			U.S.
			GROUP BENEFITS												52.0%						46.7%						43.1%						34.3%									54.1%
			RETIREMENT AND INCOME SOLUTIONS												19.3%						21.9%						23.2%						12.4%									31.7%
			PROPERTY & CASUALTY												11.3%						5.0%						21.9%						16.7%									3.6%
			TOTAL U.S.												26.4%						25.2%						28.2%						18.9%									32.5%
			ASIA												9.8%						9.6%						9.8%						7.2%									13.0%
			LATIN AMERICA												20.9%						21.7%						12.4%						17.2%									5.1%
			EMEA												7.6%						9.4%						10.9%						16.3%									7.3%
			METLIFE HOLDINGS												6.2%						11.2%						11.2%						0.8%									10.2%
			ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
															For the Three Months Ended
			Unaudited												September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			U.S.												30.0%						28.6%						32.4%						21.8%									37.3%
			ASIA												14.9%						14.6%						14.8%						10.9%									19.6%
			LATIN AMERICA												34.6%						36.0%						20.3%						28.1%									8.3%
			EMEA												13.8%						16.8%						19.2%						28.6%									12.9%
			METLIFE HOLDINGS												7.1%						12.5%						12.5%						1.1%									11.4%
			(1) Annualized using quarter-to-date results.
			(2) Allocated equity and allocated tangible equity are presented below:
																		ALLOCATED EQUITY												ALLOCATED TANGIBLE EQUITY
						Unaudited (In millions)												2019						2020						2019									2020
						U.S.
						GROUP BENEFITS												$	2,817					$	2,896
						RETIREMENT AND INCOME SOLUTIONS												5,876						6,187
						PROPERTY & CASUALTY												2,020						1,991
						TOTAL U.S.												$	10,713					$	11,074					$	9,447								$	9,652
						ASIA												$	14,274					$	14,313					$	9,396								$	9,490
						LATIN AMERICA												$	2,965					$	3,074					$	1,791								$	1,876
						EMEA												$	2,802					$	2,855					$	1,595								$	1,649
						METLIFE HOLDINGS												$	9,599					$	9,893					$	8,715								$	9,022
			(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
															For the Three Months Ended
						Unaudited (In millions)									September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
						U.S.									$	1					$	—					$	1					$	2								$	1
						ASIA									$	1					$	2					$	1					$	2								$	1
						LATIN AMERICA									$	—					$	—					$	—					$	—								$	—
						EMEA									$	2					$	1					$	1					$	2								$	1
						METLIFE HOLDINGS									$	5					$	3					$	4					$	4								$	4

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			U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020						September 30, 2020												September 30, 2019									September 30, 2020
			Adjusted revenues
			Premiums						$	6,903								$	8,097								$	5,674								$	5,184					$	6,333											$	18,704								$	17,191
			Universal life and investment-type product policy fees						264									270									275									268						263												808									806
			Net investment income						1,760									1,747									1,766									1,425						1,827												5,274									5,018
			Other revenues						224									219									240									240						237												668									717
			Total adjusted revenues						9,151									10,333									7,955									7,117						8,660												25,454									23,732
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						6,759									7,932									5,435									5,038						6,108												18,233									16,581
			Interest credited to policyholder account balances						507									472									458									412						381												1,512									1,251
			Capitalization of DAC						(131)									(112)									(112)									(122)						(119)												(372)									(353)
			Amortization of DAC and VOBA						121									123									119									115						123												352									357
			Amortization of negative VOBA						—									—									—									—						—												—									—
			Interest expense on debt						3									2									2									2						2												8									6
			Other expenses						1,004									1,069									1,066									1,012						1,026												3,006									3,104
			Total adjusted expenses						8,263									9,486									6,968									6,457						7,521												22,739									20,946
			Adjusted earnings before provision for income tax						888									847									987									660						1,139												2,715									2,786
			Provision for income tax expense (benefit)						181									172									207									137						239												552									583
			Adjusted earnings						707									675									780									523						900												2,163									2,203
			Preferred stock dividends						—									—									—									—						—												—									—
			Adjusted earnings available to common shareholders						$	707								$	675								$	780								$	523					$	900											$	2,163								$	2,203
			Adjusted premiums, fees and other revenues						$	7,391								$	8,586								$	6,189								$	5,692					$	6,833											$	20,180								$	18,714
			Less: PRT						1,293									2,499									(9)									(6)						487												1,847									472
			Adjusted premiums, fees and other revenues, excluding PRT						$	6,098								$	6,087								$	6,198								$	5,698					$	6,346											$	18,333								$	18,242

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			U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020						September 30, 2020									September 30, 2019									September 30, 2020
			Adjusted revenues
			Premiums						$	4,239								$	4,217								$	4,487								$	3,989					$	4,545								$	12,694								$	13,021
			Universal life and investment-type product policy fees						198									194									204									200						200									595									604
			Net investment income						293									297									277									277						290									865									844
			Other revenues						145									143									160									157						156									432									473
			Total adjusted revenues						4,875									4,851									5,128									4,623						5,191									14,586									14,942
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						3,724									3,685									3,973									3,602						3,965									11,247									11,540
			Interest credited to policyholder account balances						42									37									34									31						31									120									96
			Capitalization of DAC						(9)									(5)									(7)									(6)						(5)									(23)									(18)
			Amortization of DAC and VOBA						8									10									7									7						12									25									26
			Amortization of negative VOBA						—									—									—									—						—									—									—
			Interest expense on debt						—									—									—									—						1									1									1
			Other expenses						646									708									720									670						685									1,926									2,075
			Total adjusted expenses						4,411									4,435									4,727									4,304						4,689									13,296									13,720
			Adjusted earnings before provision for income tax						464									416									401									319						502									1,290									1,222
			Provision for income tax expense (benefit)						98									87									89									71						110									271									270
			Adjusted earnings						366									329									312									248						392									1,019									952
			Preferred stock dividends						—									—									—									—						—									—									—
			Adjusted earnings available to common shareholders						$	366								$	329								$	312								$	248					$	392								$	1,019								$	952
			Adjusted premiums, fees and other revenues						$	4,582								$	4,554								$	4,851								$	4,346					$	4,901								$	13,721								$	14,098

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			U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020						September 30, 2020									September 30, 2019									September 30, 2020
			Adjusted revenues
			Premiums						$	1,739								$	2,955								$	275								$	367					$	885								$	3,275								$	1,527
			Universal life and investment-type product policy fees						66									76									71									68						63									213									202
			Net investment income						1,419									1,409									1,444									1,126						1,484									4,272									4,054
			Other revenues						73									73									71									76						76									219									223
			Total adjusted revenues						3,297									4,513									1,861									1,637						2,508									7,979									6,006
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						2,361									3,550									870									909						1,428									5,079									3,207
			Interest credited to policyholder account balances						465									435									424									381						350									1,392									1,155
			Capitalization of DAC						(5)									—									(8)									(12)						(8)									(25)									(28)
			Amortization of DAC and VOBA						5									6									8									5						7									17									20
			Amortization of negative VOBA						—									—									—									—						—									—									—
			Interest expense on debt						3									2									2									2						1									7									5
			Other expenses						111									116									113									112						112									352									337
			Total adjusted expenses						2,940									4,109									1,409									1,397						1,890									6,822									4,696
			Adjusted earnings before provision for income tax						357									404									452									240						618									1,157									1,310
			Provision for income tax expense (benefit)						73									83									93									48						128									237									269
			Adjusted earnings						284									321									359									192						490									920									1,041
			Preferred stock dividends						—									—									—									—						—									—									—
			Adjusted earnings available to common shareholders						$	284								$	321								$	359								$	192					$	490								$	920								$	1,041
			Adjusted premiums, fees and other revenues						$	1,878								$	3,104								$	417								$	511					$	1,024								$	3,707								$	1,952
			Less: PRT						1,293									2,499									(9)									(6)						487									1,847									472
			Adjusted premiums, fees and other revenues, excluding PRT						$	585								$	605								$	426								$	517					$	537								$	1,860								$	1,480

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			U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
									For the Three Months Ended																																	For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020									September 30, 2019						September 30, 2020
			Adjusted revenues
			Premiums						$	925								$	925								$	912								$	828								$	903								$	2,735					$	2,643
			Universal life and investment-type product policy fees						—									—									—									—									—									—						—
			Net investment income						48									41									45									22									53									137						120
			Other revenues						6									3									9									7									5									17						21
			Total adjusted revenues						979									969									966									857									961									2,889						2,784
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						674									697									592									527									715									1,907						1,834
			Interest credited to policyholder account balances						—									—									—									—									—									—						—
			Capitalization of DAC						(117)									(107)									(97)									(104)									(106)									(324)						(307)
			Amortization of DAC and VOBA						108									107									104									103									104									310						311
			Amortization of negative VOBA						—									—									—									—									—									—						—
			Interest expense on debt						—									—									—									—									—									—						—
			Other expenses						247									245									233									230									229									728						692
			Total adjusted expenses						912									942									832									756									942									2,621						2,530
			Adjusted earnings before provision for income tax						67									27									134									101									19									268						254
			Provision for income tax expense (benefit)						10									2									25									18									1									44						44
			Adjusted earnings						57									25									109									83									18									224						210
			Preferred stock dividends						—									—									—									—									—									—						—
			Adjusted earnings available to common shareholders						$	57								$	25								$	109								$	83								$	18								$	224					$	210
			Adjusted premiums, fees and other revenues						$	931								$	928								$	921								$	835								$	908								$	2,752					$	2,664

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			U.S. GROUP BENEFITS
			FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Balance, beginning of period						$	18,965								$	18,963								$	18,965								$	18,935								$	19,665
			Premiums and deposits						5,051									5,001									5,327									5,220									5,298
			Surrenders and withdrawals						(638)									(592)									(625)									(537)									(565)
			Benefit payments						(3,798)									(3,757)									(4,072)									(3,655)									(4,078)
			Net flows						615									652									630									1,028									655
			Net transfers from (to) separate accounts						—									—									—									5									6
			Interest						149									145									138									130									131
			Policy charges						(145)									(149)									(146)									(149)									(145)
			Other						(621)									(646)									(652)									(284)									(288)
			Balance, end of period						$	18,963								$	18,965								$	18,935								$	19,665								$	20,024
			SEPARATE ACCOUNT LIABILITIES
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Balance, beginning of period						$	925								$	905								$	970								$	793								$	945
			Premiums and deposits						62									65									64									64									64
			Surrenders and withdrawals						(28)									(18)									(19)									(12)									(17)
			Benefit payments						(1)									(1)									—									(1)									(4)
			Net flows						33									46									45									51									43
			Investment performance						1									74									(162)									160									77
			Net transfers from (to) general account						—									—									—									(5)									(6)
			Policy charges						(53)									(54)									(55)									(55)									(56)
			Other						(1)									(1)									(5)									1									—
			Balance, end of period						$	905								$	970								$	793								$	945								$	1,003

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			U.S. GROUP BENEFITS
			OTHER EXPENSES BY MAJOR CATEGORY
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Direct and allocated expenses						$	316								$	363								$	354								$	326								$	332
			Pension, postretirement and postemployment benefit costs						15									19									5									4									4
			Premium taxes, other taxes, and licenses & fees						62									66									88									89									93
			Commissions and other variable expenses						253									260									273									251									256
			Adjusted other expenses						$	646								$	708								$	720								$	670								$	685
			OTHER STATISTICAL INFORMATION (1)
									For the Three Months Ended
			Unaudited (In millions, except ratios)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Group Life (2)
			Adjusted premiums, fees and other revenues						$	1,846								$	1,858								$	1,920								$	1,943								$	1,915
			Mortality ratio						87.0		%							85.4		%							87.9		%							95.9		%							89.6		%
			Group Non-Medical Health (3)
			Adjusted premiums, fees and other revenues						$	1,830								$	1,849								$	1,959								$	1,376								$	1,977
			Interest adjusted benefit ratio (4)						70.3		%							71.4		%							71.7		%							58.5		%							67.4		%
			(1) Results are derived from insurance contracts.
			(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
			(3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
			(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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			U.S. RETIREMENT AND INCOME SOLUTIONS
			FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			Balance, beginning of period						$	118,073					$	118,134					$	121,853					$	124,174								$	129,030
			Premiums and deposits						21,104						21,132						20,967						22,473									18,957
			Surrenders and withdrawals						(21,018)						(17,718)						(17,441)						(20,125)									(18,536)
			Benefit payments						(1,100)						(1,040)						(1,132)						(1,176)									(1,206)
			Net flows						(1,014)						2,374						2,394						1,172									(785)
			Net transfers from (to) separate accounts						—						—						—						—									—
			Interest						1,053						1,029						1,032						988									953
			Policy charges						(47)						(23)						(43)						(42)									(42)
			Other						69						339						(1,062)						2,738									3,220
			Balance, end of period						$	118,134					$	121,853					$	124,174					$	129,030								$	132,376
			SEPARATE ACCOUNT LIABILITIES
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			Balance, beginning of period						$	76,596					$	78,346					$	74,959					$	76,838								$	81,486
			Premiums and deposits						1,472						1,681						4,051						2,167									1,709
			Surrenders and withdrawals (1)						(1,461)						(4,360)						(2,729)						(2,319)									(2,127)
			Benefit payments						(21)						(27)						(34)						(24)									(25)
			Net flows						(10)						(2,706)						1,288						(176)									(443)
			Investment performance						1,508						865						(414)						3,618									1,447
			Net transfers from (to) general account						—						—						—						—									—
			Policy charges						(83)						(85)						(80)						(83)									(83)
			Other						335						(1,461)						1,085						1,289									1,480
			Balance, end of period						$	78,346					$	74,959					$	76,838					$	81,486								$	83,887
			SYNTHETIC GICS (2)
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			Balance, beginning of period						$	27,219					$	28,098					$	30,341					$	33,588								$	34,921
			Premiums and deposits (1)						1,054						3,019						3,906						1,424									1,598
			Surrenders and withdrawals						(369)						(985)						(863)						(318)									(417)
			Net flows						685						2,034						3,043						1,106									1,181
			Interest						194						209						204						227									228
			Balance, end of period						$	28,098					$	30,341					$	33,588					$	34,921								$	36,330
			(1)Includes $20 million, $2.4 billion, $0, $0 and $616 million of transfers from separate account GICs to synthetic GICs at September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
			(2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.

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			U.S. RETIREMENT AND INCOME SOLUTIONS
			OTHER EXPENSES BY MAJOR CATEGORY
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Direct and allocated expenses						$	56								$	61								$	61								$	56								$	57
			Pension, postretirement and postemployment benefit costs						2									3									2									1									1
			Premium taxes, other taxes, and licenses & fees						4									12									8									4									6
			Commissions and other variable expenses						49									40									42									51									48
			Adjusted other expenses						$	111								$	116								$	113								$	112								$	112
			SPREAD
									For the Three Months Ended
			Unaudited						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Investment income yield excluding variable investment income yield						4.43		%							4.32		%							4.24		%							4.02		%							3.99		%
			Variable investment income yield						0.23		%							0.23		%							0.31		%							(0.60)		%							0.58		%
			Total investment income yield						4.66		%							4.55		%							4.55		%							3.42		%							4.57		%
			Average crediting rate						3.64		%							3.49		%							3.41		%							3.17		%							3.01		%
			Annualized general account spread						1.02		%							1.06		%							1.14		%							0.25		%							1.56		%
			Annualized general account spread excluding variable investment income yield						0.79		%							0.83		%							0.83		%							0.85		%							0.98		%

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			U.S. PROPERTY & CASUALTY
			OTHER EXPENSES BY MAJOR CATEGORY
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Direct and allocated expenses									$	101								$	105								$	94								$	89								$	90
			Pension, postretirement and postemployment benefit costs									2									3									1									1									—
			Premium taxes, other taxes, and licenses & fees									24									23									21									25									24
			Commissions and other variable expenses									120									114									117									115									115
			Adjusted other expenses									$	247								$	245								$	233								$	230								$	229
			NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
												For the Three Months Ended
			Unaudited (In millions, except ratios)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Net Written Premiums by Product
			Auto									$	623								$	576								$	564								$	517								$	574
			Homeowners & Other									354									321									283									333									334
			Total									$	977								$	897								$	847								$	850								$	908
			Selected Financial Information and Supplemental Data (1)
			Total Property & Casualty
			Net earned premium									$	925								$	925								$	912								$	828								$	903
			Loss and loss adjustment expense ratio									72.9		%							75.3		%							64.9		%							63.7		%							79.1		%
			Other expense ratio									25.5		%							26.3		%							26.1		%							27.4		%							25.1		%
			Total combined ratio									98.4		%							101.6		%							91.0		%							91.1		%							104.2		%
			Effect of catastrophe losses									7.6		%							1.4		%							4.7		%							13.7		%							16.2		%
			Combined ratio, excluding catastrophes									90.8		%							100.2		%							86.3		%							77.4		%							88.0		%
			Prior year development									(0.6)		%							6.3		%							2.7		%							0.8		%							3.2		%
			Combined ratio, excluding catastrophes and prior year development, before provision for income tax									91.4		%							93.9		%							83.6		%							76.6		%							84.8		%
			Auto
			Net earned premium									$	603								$	599								$	588								$	512								$	581
			Loss and loss adjustment expense ratio									73.8		%							92.8		%							64.8		%							52.4		%							62.0		%
			Other expense ratio									24.9		%							25.8		%							25.2		%							27.3		%							23.6		%
			Total combined ratio									98.7		%							118.6		%							90.0		%							79.7		%							85.6		%
			Effect of catastrophe losses									2.1		%							0.3		%							0.5		%							1.3		%							2.3		%
			Combined ratio, excluding catastrophes									96.6		%							118.3		%							89.5		%							78.4		%							83.3		%
			Prior year development									(0.8)		%							10.9		%							(0.1)		%							1.4		%							—		%
			Combined ratio, excluding catastrophes and prior year development, before provision for income tax									97.4		%							107.4		%							89.6		%							77.0		%							83.3		%
			Homeowners & Other
			Net earned premium									$	322								$	326								$	324								$	316								$	322
			Loss and loss adjustment expense ratio									71.2		%							43.2		%							65.1		%							82.1		%							110.1		%
			Other expense ratio									26.6		%							27.1		%							27.8		%							27.4		%							27.7		%
			Total combined ratio									97.8		%							70.3		%							92.9		%							109.5		%							137.8		%
			Effect of catastrophe losses									17.9		%							3.5		%							12.3		%							33.9		%							41.2		%
			Combined ratio, excluding catastrophes									79.9		%							66.8		%							80.6		%							75.6		%							96.6		%
			Prior year development									(0.3)		%							(2.0)		%							8.0		%							(0.2)		%							8.8		%
			Combined ratio, excluding catastrophes and prior year development, before provision for income tax									80.2		%							68.8		%							72.6		%							75.8		%							87.8		%
			Catastrophe Losses Before Provision for Income Tax
			Auto									$	13								$	2								$	3								$	6								$	14
			Homeowners & Other									57									11									40									107									132
			Total									$	70								$	13								$	43								$	113								$	146
			(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.

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			ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020						September 30, 2020									September 30, 2019									September 30, 2020
			Adjusted revenues
			Premiums						$	1,654								$	1,648								$	1,636								$	1,584					$	1,654								$	4,984								$	4,874
			Universal life and investment-type product policy fees						430									419									430									420						595									1,255									1,445
			Net investment income						915									952									937									767						1,088									2,739									2,792
			Other revenues						14									13									14									14						16									43									44
			Total adjusted revenues						3,013									3,032									3,017									2,785						3,353									9,021									9,155
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						1,264									1,323									1,321									1,255						1,291									3,862									3,867
			Interest credited to policyholder account balances						440									443									445									447						470									1,267									1,362
			Capitalization of DAC						(498)									(464)									(421)									(351)						(431)									(1,449)									(1,203)
			Amortization of DAC and VOBA						353									316									315									284						506									972									1,105
			Amortization of negative VOBA						(2)									(7)									(8)									(8)						(14)									(18)									(30)
			Interest expense on debt						—									—									—									—						—									—									—
			Other expenses						955									953									874									797						869									2,865									2,540
			Total adjusted expenses						2,512									2,564									2,526									2,424						2,691									7,499									7,641
			Adjusted earnings before provision for income tax						501									468									491									361						662									1,522									1,514
			Provision for income tax expense (benefit)						152									127									141									105						197									458									443
			Adjusted earnings						349									341									350									256						465									1,064									1,071
			Preferred stock dividends						—									—									—									—						—									—									—
			Adjusted earnings available to common shareholders						$	349								$	341								$	350								$	256					$	465								$	1,064								$	1,071
			Adjusted premiums, fees and other revenues						$	2,098								$	2,080								$	2,080								$	2,018					$	2,265								$	6,282								$	6,363

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			ASIA
			ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Adjusted premiums, fees and other revenues									$	2,098								$	2,080								$	2,080								$	2,018								$	2,265
			Adjusted premiums, fees and other revenues, on a constant currency basis									$	2,120								$	2,118								$	2,130								$	2,053								$	2,265
			Add: Operating joint ventures, on a constant currency basis (1), (2)									250									280									278									266									286
			Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis									$	2,370								$	2,398								$	2,408								$	2,319								$	2,551
			OTHER EXPENSES BY MAJOR CATEGORY
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Direct and allocated expenses									$	316								$	343								$	321								$	309								$	313
			Pension, postretirement and postemployment benefit costs									23									23									23									24									24
			Premium taxes, other taxes, and licenses & fees									43									51									40									34									42
			Commissions and other variable expenses									573									536									490									430									490
			Adjusted other expenses									$	955								$	953								$	874								$	797								$	869
			Adjusted other expenses, net of adjusted capitalization of DAC									$	457								$	489								$	453								$	446								$	438
			Adjusted other expenses on a constant currency basis									$	964								$	969								$	894								$	808								$	869
			Add: Operating joint ventures, on a constant currency basis (1), (2)									104									112									95									105									99
			Adjusted other expenses, including operating joint ventures, on a constant currency basis									$	1,068								$	1,081								$	989								$	913								$	968
			Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis									$	531								$	573								$	533								$	524								$	512
			SALES ON A CONSTANT CURRENCY BASIS
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Japan:
			Life									$	169								$	156								$	174								$	101								$	203
			Accident & Health									92									94									80									50									77
			Annuities									123									65									62									30									56
			Other									4									5									2									2									2
			Total Japan									388									320									318									183									338
			Other Asia									274									207									192									159									221
			Total sales									$	662								$	527								$	510								$	342								$	559
			OTHER STATISTICAL INFORMATION
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Adjusted earnings available to common shareholders									$	349								$	341								$	350								$	256								$	465
			Adjusted earnings available to common shareholders, on a constant currency basis									$	354								$	343								$	357								$	263								$	465
			(1)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 for operating joint ventures.
			(2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

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			ASIA
			GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES (1)
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			GA AUM						$	131,309					$	130,861					$	131,521					$	134,769								$	139,445
			GA AUM (at amortized cost)						$	117,917					$	119,044					$	120,490					$	121,429								$	125,171
			GA AUM (at amortized cost), on a constant currency basis						$	120,421					$	120,906					$	124,477					$	123,527								$	125,171
			Add: Operating joint ventures, on a constant currency basis (2)						4,403						4,664						4,847						5,072									5,200
			GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis						$	124,824					$	125,570					$	129,324					$	128,599								$	130,371
			(1)In June 2020, MetLife completed the sale of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively, “MetLife Hong Kong”) to a third party. The GA AUM (at amortized cost) related to MetLife Hong Kong was historically reported in the Asia segment and is reflected in the above table for the periods through March 31, 2020. The GA AUM (at amortized cost) disposed in the sale was $2,226 million at June 30, 2020.
			(2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments.

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			LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020						September 30, 2020									September 30, 2019									September 30, 2020
			Adjusted revenues
			Premiums						$	703								$	601								$	640								$	489					$	529								$	2,122								$	1,658
			Universal life and investment-type product policy fees						256									274									270									238						225									820									733
			Net investment income						295									320									218									260						221									951									699
			Other revenues						8									13									11									10						7									31									28
			Total adjusted revenues						1,262									1,208									1,139									997						982									3,924									3,118
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						656									580									610									449						575									2,043									1,634
			Interest credited to policyholder account balances						74									78									70									56						52									254									178
			Capitalization of DAC						(102)									(100)									(100)									(74)						(84)									(296)									(258)
			Amortization of DAC and VOBA						58									76									74									70						62									215									206
			Amortization of negative VOBA						—									—									—									—						—									—									—
			Interest expense on debt						—									1									1									1						1									2									3
			Other expenses						356									369									345									307						313									1,074									965
			Total adjusted expenses						1,042									1,004									1,000									809						919									3,292									2,728
			Adjusted earnings before provision for income tax						220									204									139									188						63									632									390
			Provision for income tax expense (benefit)						65									43									44									56						24									184									124
			Adjusted earnings						155									161									95									132						39									448									266
			Preferred stock dividends						—									—									—									—						—									—									—
			Adjusted earnings available to common shareholders						$	155								$	161								$	95								$	132					$	39								$	448								$	266
			Adjusted premiums, fees and other revenues						$	967								$	888								$	921								$	737					$	761								$	2,973								$	2,419

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			LATIN AMERICA
			OTHER EXPENSES BY MAJOR CATEGORY
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Direct and allocated expenses						$	130								$	145								$	129								$	119								$	117
			Pension, postretirement and postemployment benefit costs						1									2									2									1									1
			Premium taxes, other taxes, and licenses & fees						15									14									15									8									11
			Commissions and other variable expenses						210									208									199									179									184
			Adjusted other expenses						$	356								$	369								$	345								$	307								$	313
			Adjusted other expenses, net of adjusted capitalization of DAC						$	254								$	269								$	245								$	233								$	229
			Adjusted other expenses on a constant currency basis						$	315								$	333								$	324								$	319								$	313
			Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis						$	225								$	244								$	231								$	242								$	229
			SALES ON A CONSTANT CURRENCY BASIS
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Mexico						$	73								$	87								$	110								$	60								$	69
			Chile						80									64									87									41									43
			All other						43									61									46									32									42
			Total sales						$	196								$	212								$	243								$	133								$	154
			OTHER STATISTICAL INFORMATION
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Adjusted premiums, fees and other revenues						$	967								$	888								$	921								$	737								$	761
			Adjusted earnings available to common shareholders						$	155								$	161								$	95								$	132								$	39
			Adjusted premiums, fees and other revenues, on a constant currency basis						$	854								$	798								$	869								$	771								$	761
			Adjusted earnings available to common shareholders, on a constant currency basis						$	135								$	145								$	83								$	141								$	39

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			EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020						September 30, 2020									September 30, 2019									September 30, 2020
			Adjusted revenues
			Premiums						$	526								$	558								$	568								$	557					$	551								$	1,619								$	1,676
			Universal life and investment-type product policy fees						117									98									116									92						116									325									324
			Net investment income						73									71									69									63						67									220									199
			Other revenues						13									14									13									11						13									40									37
			Total adjusted revenues						729									741									766									723						747									2,204									2,236
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						291									309									310									263						304									867									877
			Interest credited to policyholder account balances						25									26									27									27						29									72									83
			Capitalization of DAC						(128)									(134)									(130)									(115)						(122)									(371)									(367)
			Amortization of DAC and VOBA						128									101									130									85						125									327									340
			Amortization of negative VOBA						(2)									(2)									(2)									(2)						(1)									(6)									(5)
			Interest expense on debt						—									—									—									—						—									—									—
			Other expenses						341									370									332									328						340									1,029									1,000
			Total adjusted expenses						655									670									667									586						675									1,918									1,928
			Adjusted earnings before provision for income tax						74									71									99									137						72									286									308
			Provision for income tax expense (benefit)						21									5									21									21						20									70									62
			Adjusted earnings						53									66									78									116						52									216									246
			Preferred stock dividends						—									—									—									—						—									—									—
			Adjusted earnings available to common shareholders						$	53								$	66								$	78								$	116					$	52								$	216								$	246
			Adjusted premiums, fees and other revenues						$	656								$	670								$	697								$	660					$	680								$	1,984								$	2,037

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			EMEA
			OTHER EXPENSES BY MAJOR CATEGORY
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Direct and allocated expenses									$	115								$	142								$	110								$	110								$	119
			Pension, postretirement and postemployment benefit costs									2									1									2									2									1
			Premium taxes, other taxes, and licenses & fees									7									6									7									8									7
			Commissions and other variable expenses									217									221									213									208									213
			Adjusted other expenses									$	341								$	370								$	332								$	328								$	340
			Adjusted other expenses, net of adjusted capitalization of DAC									$	213								$	236								$	202								$	213								$	218
			Adjusted other expenses on a constant currency basis									$	343								$	371								$	335								$	339								$	340
			Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis									$	216								$	240								$	206								$	220								$	218
			OTHER STATISTICAL INFORMATION
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Adjusted premiums, fees and other revenues									$	656								$	670								$	697								$	660								$	680
			Adjusted earnings available to common shareholders									$	53								$	66								$	78								$	116								$	52
			Adjusted premiums, fees and other revenues, on a constant currency basis									$	661								$	670								$	702								$	680								$	680
			Adjusted earnings available to common shareholders, on a constant currency basis									$	51								$	65								$	77								$	119								$	52
			Total sales on a constant currency basis									$	204								$	218								$	253								$	196								$	208

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			METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Adjusted revenues
			Premiums						$	925								$	972								$	904								$	889					$	876								$	2,776					$	2,669
			Universal life and investment-type product policy fees						284									280									294									249						269									844						812
			Net investment income						1,316									1,340									1,315									981						1,427									3,941						3,723
			Other revenues						52									69									35									70						61									184						166
			Total adjusted revenues						2,577									2,661									2,548									2,189						2,633									7,745						7,370
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						1,856									1,763									1,661									1,705						1,697									5,207						5,063
			Interest credited to policyholder account balances						228									224									218									219						217									681						654
			Capitalization of DAC						(9)									(5)									(5)									(5)						(5)									(23)						(15)
			Amortization of DAC and VOBA						94									62									100									11						177									237						288
			Amortization of negative VOBA						—									—									—									—						—									—						—
			Interest expense on debt						2									2									2									1						2									6						5
			Other expenses						223									282									228									239						231									687						698
			Total adjusted expenses						2,394									2,328									2,204									2,170						2,319									6,795						6,693
			Adjusted earnings before provision for income tax						183									333									344									19						314									950						677
			Provision for income tax expense (benefit)						34									64									67									(1)						61									185						127
			Adjusted earnings						149									269									277									20						253									765						550
			Preferred stock dividends						—									—									—									—						—									—						—
			Adjusted earnings available to common shareholders						$	149								$	269								$	277								$	20					$	253								$	765					$	550
			Adjusted premiums, fees and other revenues						$	1,261								$	1,321								$	1,233								$	1,208					$	1,206								$	3,804					$	3,647

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			METLIFE HOLDINGS
			FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
			LIFE & OTHER (1)
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			Balance, beginning of period						$	80,830					$	81,118					$	81,161					$	81,458								$	81,497
			Premiums and deposits (2), (3)						1,177						1,322						1,236						1,227									1,236
			Surrenders and withdrawals						(682)						(680)						(642)						(554)									(607)
			Benefit payments						(717)						(813)						(800)						(892)									(830)
			Net flows						(222)						(171)						(206)						(219)									(201)
			Net transfers from (to) separate accounts						12						20						(1)						31									5
			Interest						833						834						832						833									836
			Policy charges						(190)						(188)						(188)						(186)									(184)
			Other						(145)						(452)						(140)						(420)									1,068
			Balance, end of period						$	81,118					$	81,161					$	81,458					$	81,497								$	83,021
			ANNUITIES						For the Three Months Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			Balance, beginning of period						$	19,309					$	19,402					$	18,755					$	19,895								$	19,538
			Premiums and deposits (2), (3)						100						97						116						107									91
			Surrenders and withdrawals						(389)						(512)						(390)						(277)									(286)
			Benefit payments						(149)						(161)						(168)						(158)									(149)
			Net flows						(438)						(576)						(442)						(328)									(344)
			Net transfers from (to) separate accounts						93						80						177						73									188
			Interest						138						134						134						132									130
			Policy charges						(4)						(4)						(4)						(4)									(4)
			Other						304						(281)						1,275						(230)									(42)
			Balance, end of period						$	19,402					$	18,755					$	19,895					$	19,538								$	19,466
			SEPARATE ACCOUNT LIABILITIES
			LIFE & OTHER
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			Balance, beginning of period						$	5,368					$	5,324					$	5,647					$	4,586								$	5,583
			Premiums and deposits (3)						62						62						63						60									59
			Surrenders and withdrawals						(61)						(59)						(60)						(38)									(51)
			Benefit payments						(9)						(7)						(10)						(10)									(10)
			Net flows						(8)						(4)						(7)						12									(2)
			Investment performance						(9)						409						(987)						1,082									527
			Net transfers from (to) general account						(12)						(20)						1						(31)									(5)
			Policy charges						(67)						(66)						(65)						(65)									(65)
			Other						52						4						(3)						(1)									1
			Balance, end of period						$	5,324					$	5,647					$	4,586					$	5,583								$	6,039
			ANNUITIES
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020
			Balance, beginning of period						$	40,255					$	39,122					$	39,962					$	32,942								$	36,852
			Premiums and deposits (3)						77						79						85						77									65
			Surrenders and withdrawals						(1,070)						(1,147)						(1,111)						(641)									(812)
			Benefit payments						(104)						(105)						(100)						(98)									(106)
			Net flows						(1,097)						(1,173)						(1,126)						(662)									(853)
			Investment performance						269						2,294						(5,531)						4,831									2,269
			Net transfers from (to) general account						(93)						(80)						(177)						(73)									(188)
			Policy charges						(212)						(201)						(187)						(185)									(197)
			Other						—						—						1						(1)									—
			Balance, end of period						$	39,122					$	39,962					$	32,942					$	36,852								$	37,883
			(1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other.
			(2) Includes premiums and deposits directed to the general account investment option of variable products.
			(3) Includes company-sponsored internal exchanges.

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			METLIFE HOLDINGS
			OTHER EXPENSES BY MAJOR CATEGORY
									For the Three Months Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Direct and allocated expenses						$	141								$	184								$	151								$	149								$	155
			Pension, postretirement and postemployment benefit costs						7									9									3									3									3
			Premium taxes, other taxes, and licenses & fees						17									14									17									17									17
			Commissions and other variable expenses						58									75									57									70									56
			Adjusted other expenses						$	223								$	282								$	228								$	239								$	231
			OTHER STATISTICAL INFORMATION
									For the Three Months Ended
			Unaudited (In millions, except ratios)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			Life (1)
			Adjusted premiums, fees and other revenues						$	845								$	906								$	830								$	817								$	811
			Interest adjusted benefit ratio						67.5		%							55.5		%							51.0		%							59.1		%							60.2		%
			Lapse Ratio (2)
			Traditional life						4.8		%							4.8		%							4.7		%							4.5		%							4.3		%
			Variable & universal life						4.2		%							4.1		%							4.1		%							3.9		%							3.7		%
			Fixed annuity						10.7		%							11.3		%							9.6		%							9.1		%							8.5		%
			Variable annuity						10.2		%							10.2		%							10.6		%							9.8		%							9.2		%
			(1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.
			(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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			CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
						For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Adjusted revenues
			Premiums						$	35								$	8								$	12								$	13					$	(8)								$	75					$	17
			Universal life and investment-type product policy fees						1									—									—									1						1									2						2
			Net investment income						114									92									16									(52)						58									183						22
			Other revenues						36									79									84									72						82									212						238
			Total adjusted revenues						186									179									112									34						133									472						279
			Adjusted expenses
			Policyholder benefits and claims and policyholder dividends						32									3									26									3						(6)									70						23
			Interest credited to policyholder account balances						—									—									—									—						—									—						—
			Capitalization of DAC						(3)									(3)									(3)									(2)						(3)									(9)						(8)
			Amortization of DAC and VOBA						2									1									1									3						2									5						6
			Amortization of negative VOBA						—									—									—									—						—									—						—
			Interest expense on debt						218									219									217									228						224									715						669
			Other expenses						320									243									136									134						120									831						390
			Total adjusted expenses						569									463									377									366						337									1,612						1,080
			Adjusted earnings before provision for income tax						(383)									(284)									(265)									(332)						(204)									(1,140)						(801)
			Provision for income tax expense (benefit)						(192)									(663)									(166)									(120)						(132)									(538)						(418)
			Adjusted earnings						(191)									379									(99)									(212)						(72)									(602)						(383)
			Preferred stock dividends						32									57									32									77						59									121						168
			Adjusted earnings available to common shareholders						$	(223)								$	322								$	(131)								$	(289)					$	(131)								$	(723)					$	(551)
			Adjusted premiums, fees and other revenues						$	72								$	87								$	96								$	86					$	75								$	289					$	257
			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, 2019									December 31, 2019									March 31, 2020									June 30, 2020						September 30, 2020									September 30, 2019						September 30, 2020
			Business activities						$	25								$	20								$	18								$	12					$	30								$	50					$	60
			Net investment income						114									101									17									(50)						59									189						26
			Interest expense on debt						(229)									(230)									(229)									(238)						(238)									(748)						(705)
			Corporate initiatives and projects						(151)									(195)									(31)									(25)						(27)									(368)						(83)
			Other						(142)									(67)									(40)									(31)						(28)									(263)						(99)
			Provision for income tax (expense) benefit and other tax-related items						192									750									166									120						132									538						418
			Preferred stock dividends						(32)									(57)									(32)									(77)						(59)									(121)						(168)
			Adjusted earnings available to common shareholders						$	(223)								$	322								$	(131)								$	(289)					$	(131)								$	(723)					$	(551)

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			INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
			This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
									At or For the Three Months Ended (1)																																							At or For the Year-to-Date Period Ended (1)
			Unaudited (In millions, except yields)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020												September 30, 2019						September 30, 2020
			Fixed Maturity Securities
			Yield						4.15		%				4.19		%				3.82		%				3.99		%							3.87		%										4.23		%				3.89		%
			Investment income (2), (3)						$	2,901					$	2,965					$	2,739					$	2,885								$	2,849											$	8,778					$	8,473
			Investment gains (losses)						82						71						4						146									113												196						263
			Ending carrying value (4)						327,203						329,067						327,913						341,365									355,220												327,203						355,220
			Mortgage Loans
			Yield						4.74		%				5.00		%				4.37		%				4.20		%							4.27		%										4.76		%				4.28		%
			Investment income (3)						929						998						884						862									885												2,784						2,631
			Investment gains (losses)						(16)						6						(63)						(80)									(5)												(17)						(148)
			Ending carrying value						78,959						80,529						81,344						82,890									82,881												78,959						82,881
			Real Estate and Real Estate Joint Ventures
			Yield						3.53		%				3.58		%				2.95		%				0.62		%							0.39		%										3.08		%				1.30		%
			Investment income						91						94						81						18									11												233						110
			Investment gains (losses)						96						297						1						2									1												102						4
			Ending carrying value						10,246						10,741						11,250						11,524									11,643												10,246						11,643
			Policy Loans
			Yield						5.33		%				5.21		%				5.23		%				5.15		%							5.15		%										5.32		%				5.18		%
			Investment income						129						126						126						124									124												386						374
			Ending carrying value						9,671						9,680						9,638						9,639									9,580												9,671						9,580
			Equity Securities
			Yield						4.62		%				5.85		%				5.43		%				4.12		%							5.56		%										5.07		%				5.03		%
			Investment income						13						16						14						11									15												45						40
			Investment gains (losses)						17						12						(284)						72									2												122						(210)
			Ending carrying value						1,341						1,342						1,050						1,105									1,111												1,341						1,111
			Other Limited Partnership Interests
			Yield						15.37		%				9.87		%				16.22		%				(30.23)		%							28.28		%										12.51		%				4.90		%
			Investment income						279						187						323						(605)									578												653						296
			Investment gains (losses)						3						3						4						1									(4)												3						1
			Ending carrying value						7,441						7,716						8,230						7,794									8,569												7,441						8,569
			Cash and Short-term Investments
			Yield						2.31		%				2.09		%				1.73		%				1.35		%							1.28		%										2.58		%				1.44		%
			Investment income						62						50						44						38									34												206						116
			Investment gains (losses)						(1)						9						4						(5)									(19)												(6)						(20)
			Ending carrying value (5)						22,988						20,448						30,024						29,631									28,234												22,988						28,234
			Other Invested Assets
			Investment income						226						247						266						247									331												654						844
			Investment gains (losses)						(30)						(10)						21						106									54												(135)						181
			Ending carrying value						21,979						19,015						27,839						24,731									22,544												21,979						22,544
			Total Investments
			Investment income yield						4.57		%				4.57		%				4.30		%				3.40		%							4.52		%										4.55		%				4.07		%
			Investment fees and expenses yield						(0.13)		%				(0.13)		%				(0.13)		%				(0.12)		%							(0.12)		%										(0.14)		%				(0.12)		%
			Net Investment Income Yield						4.44		%				4.44		%				4.17		%				3.28		%							4.40		%										4.41		%				3.95		%
			Investment income						$	4,630					$	4,683					$	4,477					$	3,580								$	4,827											$	13,739					$	12,884
			Investment fees and expenses						(134)						(137)						(134)						(122)									(131)												(408)						(387)
			Net investment income including Divested businesses						4,496						4,546						4,343						3,458									4,696												13,331						12,497
			Less: Net investment income from Divested businesses						23						24						22						14									8												23						44
			Adjusted Net Investment Income (6)						$	4,473					$	4,522					$	4,321					$	3,444								$	4,688											$	13,308					$	12,453
			Ending Carrying Value						$	479,828					$	478,538					$	497,288					$	508,679								$	519,782											$	479,828					$	519,782
			Investment Portfolio Gains (Losses) including Divested businesses						$	151					$	388					$	(313)					$	242								$	142											$	265					$	71
			Less: Divested businesses						—						—						—						—									18												—						18
			Investment Portfolio Gains (Losses) (7)						$	151					$	388					$	(313)					$	242								$	124											$	265					$	53
			Gross investment gains						332						672						436						677									289												1,035						1,402
			Gross investment losses						(159)						(144)						(495)						(339)									(202)												(619)						(1,036)
			Net credit loss (provision) release and (impairments)						(22)						(140)						(254)						(96)									37												(151)						(313)
			Investment Portfolio Gains (Losses) (7)						151						388						(313)						242									124												265						53
			Investment portfolio gains (losses) income tax (expense) benefit						(64)						(96)						69						(166)									(19)												(107)						(116)
			Investment Portfolio Gains (Losses), Net of Income Tax						$	87					$	292					$	(244)					$	76								$	105											$	158					$	(63)
			Derivative gains (losses) (7)						$	1,141					$	(1,583)					$	4,068					$	(896)								$	(809)											$	1,770					$	2,363
			Derivative gains (losses) income tax (expense) benefit						(259)						364						(885)						195									165												(427)						(525)
			Derivative Gains (Losses), Net of Income Tax						$	882					$	(1,219)					$	3,183					$	(701)								$	(644)											$	1,343					$	1,838
			See footnotes on Page 34.

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			INVESTMENTS
			SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
															September 30, 2019												December 31, 2019												March 31, 2020												June 30, 2020															September 30, 2020
			Unaudited (In millions, except ratios)												Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total									Amount						% of Total
			U.S. corporate securities												$	87,114					26.7		%				$	87,753					26.8		%				$	85,071					26.0		%				$	90,112					26.5		%							$	90,622					25.6		%
			Foreign government securities												67,547						20.7		%				67,229						20.5		%				64,844						19.9		%				65,706						19.3		%							68,611						19.4		%
			Foreign corporate securities												63,100						19.3		%				64,165						19.6		%				59,195						18.1		%				62,817						18.5		%							65,394						18.5		%
			U.S. government and agency securities												40,802						12.5		%				42,084						12.8		%				47,959						14.7		%				47,287						13.9		%							51,644						14.6		%
			Residential mortgage-backed securities												29,591						9.1		%				28,547						8.7		%				30,469						9.3		%				31,875						9.4		%							33,454						9.5		%
			Asset-backed securities												14,345						4.4		%				14,542						4.4		%				14,838						4.5		%				16,324						4.8		%							17,355						4.9		%
			Municipals												12,942						4.0		%				13,053						4.0		%				13,871						4.3		%				14,611						4.3		%							14,958						4.2		%
			Commercial mortgage-backed securities												10,608						3.3		%				10,447						3.2		%				10,438						3.2		%				11,273						3.3		%							11,771						3.3		%
			Fixed Maturity Securities Available-For-Sale												$	326,049					100.0		%				$	327,820					100.0		%				$	326,685					100.0		%				$	340,005					100.0		%							$	353,809					100.0		%
			NAIC						NRSRO
			DESIGNATION						RATING
			1						Aaa / Aa / A						$	229,104					70.3		%				$	230,708					70.4		%				$	235,650					72.1		%				$	243,645					71.7		%							$	255,171					72.1		%
			2						Baa						81,478						25.0		%				81,425						24.8		%				76,239						23.3		%				80,714						23.7		%							82,519						23.3		%
			3						Ba						11,400						3.5		%				11,652						3.6		%				10,999						3.4		%				11,250						3.3		%							11,710						3.3		%
			4						B						3,423						1.0		%				3,337						1.0		%				3,200						1.0		%				3,654						1.1		%							3,672						1.1		%
			5						Caa and lower						609						0.2		%				693						0.2		%				564						0.2		%				640						0.2		%							721						0.2		%
			6						In or near default						35						—		%				5						—		%				33						—		%				102						—		%							16						—		%
			Fixed Maturity Securities Available-For-Sale (8)												$	326,049					100.0		%				$	327,820					100.0		%				$	326,685					100.0		%				$	340,005					100.0		%							$	353,809					100.0		%
			UNREALIZED GAINS AND LOSSES AGING SCHEDULE
			FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
															September 30, 2019												December 31, 2019												March 31, 2020												June 30, 2020															September 30, 2020
			Unaudited (In millions, except ratios)												Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total									Amount						% of Total
			Less than 20%												$	1,499					73.3		%				$	1,370					83.2		%				$	5,301					68.3		%				$	2,539					80.1		%							$	1,728					81.7		%
			20% or more for less than six months												370						18.1		%				116						7.0		%				2,371						30.6		%				574						18.1		%							194						9.2		%
			20% or more for six months or greater												176						8.6		%				161						9.8		%				85						1.1		%				57						1.8		%							192						9.1		%
			Gross Unrealized Losses												2,045						100.0		%				1,647						100.0		%				7,757						100.0		%				3,170						100.0		%							2,114						100.0		%
			Gross Unrealized Gains												34,964												31,812												32,005												40,479															42,902
			Net Unrealized Gains (Losses)												$	32,919											$	30,165											$	24,248											$	37,309														$	40,788
			See footnotes on Page 34.

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			INVESTMENTS
			SUMMARY OF MORTGAGE LOANS
			Unaudited (In millions)						September 30, 2019												December 31, 2019												March 31, 2020												June 30, 2020															September 30, 2020
			Commercial mortgage loans						$	49,898											$	49,624											$	50,077											$	51,043														$	51,448
			Agricultural mortgage loans						15,752												16,695												16,788												17,167															17,402
			Residential mortgage loans						13,659												14,504												14,943												15,235															14,551
			Mortgage loans held-for-sale						—												59												—												—															—
			Mortgage Loans						79,309												80,882												81,808												83,445															83,401
			Valuation allowances						(350)												(353)												(464)												(555)															(520)
			Mortgage Loans, net						$	78,959											$	80,529											$	81,344											$	82,890														$	82,881
			SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
									September 30, 2019												December 31, 2019												March 31, 2020												June 30, 2020															September 30, 2020
			Unaudited (In millions, except ratios)						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total									Amount						% of Total
			Pacific						$	10,079					20.2		%				$	10,169					20.5		%				$	10,183					20.3		%				$	10,275					20.1		%							$	10,374					20.2		%
			Non-U.S.						9,480						19.0		%				10,093						20.3		%				9,424						18.8		%				9,542						18.7		%							9,828						19.1		%
			Middle Atlantic						8,210						16.4		%				8,302						16.7		%				7,967						15.9		%				8,257						16.2		%							8,234						16.0		%
			South Atlantic						6,896						13.8		%				6,487						13.1		%				6,461						12.9		%				6,513						12.8		%							6,661						13.0		%
			West South Central						4,454						8.9		%				4,255						8.6		%				3,970						7.9		%				3,945						7.7		%							3,973						7.7		%
			East North Central						3,225						6.5		%				3,066						6.2		%				2,183						4.4		%				2,443						4.8		%							2,518						4.9		%
			New England						1,705						3.4		%				1,433						2.9		%				1,670						3.3		%				1,719						3.4		%							2,019						3.9		%
			Mountain						1,774						3.6		%				1,602						3.2		%				1,755						3.5		%				1,755						3.4		%							1,753						3.4		%
			West North Central						592						1.2		%				607						1.2		%				635						1.3		%				633						1.2		%							635						1.2		%
			East South Central						530						1.1		%				502						1.0		%				483						1.0		%				482						1.0		%							499						1.0		%
			Multi-Region and Other						2,953						5.9		%				3,108						6.3		%				5,346						10.7		%				5,479						10.7		%							4,954						9.6		%
			Total						$	49,898					100.0		%				$	49,624					100.0		%				$	50,077					100.0		%				$	51,043					100.0		%							$	51,448					100.0		%
			Office						$	23,455					47.0		%				$	22,925					46.2		%				$	22,857					45.6		%				$	23,359					45.8		%							$	23,657					46.0		%
			Retail						9,707						19.5		%				9,052						18.2		%				8,842						17.7		%				8,906						17.4		%							8,903						17.3		%
			Apartment						6,906						13.8		%				8,212						16.6		%				8,869						17.7		%				8,639						16.9		%							8,651						16.8		%
			Industrial						4,226						8.5		%				3,985						8.0		%				4,101						8.2		%				4,431						8.7		%							4,770						9.3		%
			Hotel						3,617						7.2		%				3,471						7.0		%				3,328						6.6		%				3,333						6.5		%							3,361						6.5		%
			Other						1,987						4.0		%				1,979						4.0		%				2,080						4.2		%				2,375						4.7		%							2,106						4.1		%
			Total						$	49,898					100.0		%				$	49,624					100.0		%				$	50,077					100.0		%				$	51,043					100.0		%							$	51,448					100.0		%

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			INVESTMENTS FOOTNOTES
			(1)We calculate yields using average quarterly asset carrying values. Yields exclude the impact of recognized gains and losses, include the impact of changes in foreign currency exchange rates and reflect the adjustments described on Page A-6 and presented on Page 5. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed equity securities. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
			(2)Fixed maturity securities includes investment income related to fair value option securities of $59 million, $32 million, ($78) million, $114 million and $36 million for the three months ended September 30, 2019, December 31,2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively, and $152 million and $72 million for the year-to-date period ended September 30, 2019 and September 30, 2020, respectively.
			(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
			(4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
						September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020
			Fixed maturity securities available-for-sale			$	326,049		$	327,820		$	326,685		$	340,005		$	353,809
			Contractholder-directed equity securities and fair value option securities			12,671			13,102			11,145			11,911			12,276
			Total fixed maturity securities			338,720			340,922			337,830			351,916			366,085
			Less: Contractholder-directed equity securities			11,514			11,852			9,914			10,548			10,865
			Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs			3			3			3			3			—
			Fixed maturity securities			$	327,203		$	329,067		$	327,913		$	341,365		$	355,220
			(5)Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $3 million at both June 30, 2020 and September 30, 2020 and less than $1 million for each of the other periods presented.
			(6)Adjusted net investment income reflects the adjustments as presented on Page 5.
			(7)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
						For the Three Months Ended																		For the Year-to-Date Period Ended
						September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020						September 30, 2019			September 30, 2020
			Net investment gains (losses)			$	161		$	207		$	(288)		$	231		$	(20)					$	237		$	(77)
			Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures			(1)			(1)			1			(13)			3						(13)			(9)
			Less: Non-investment portfolio gains (losses)			11			(180)			24			2			(165)						(15)			(139)
			Less: Divested businesses			—			—			—			—			18						—			18
			Investment portfolio gains (losses)			$	151		$	388		$	(313)		$	242		$	124					$	265		$	53
						For the Three Months Ended																		For the Year-to-Date Period Ended
						September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020						September 30, 2019			September 30, 2020
			Net derivative gains (losses)			$	1,254		$	(1,465)		$	4,201		$	(710)		$	(581)					$	2,093		$	2,910
			Less: Investment hedge adjustments			121			125			138			188			229						344			555
			Less: Settlement of foreign currency earnings hedges			(3)			(2)			—			—			—						(7)			—
			Less: PAB hedge adjustments			(5)			(5)			(5)			(2)			(1)						(14)			(8)
			Derivative gains (losses)			$	1,141		$	(1,583)		$	4,068		$	(896)		$	(809)					$	1,770		$	2,363
			(8)Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain mortgage-backed securities (non-agency residential mortgage-backed securities and commercial mortgage-backed securities). NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO continuous monitoring process. Amounts presented for certain mortgage-backed securities held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting reflect designations based on revised NAIC methodologies. The NAIC's present methodology is to evaluate certain mortgage-backed securities held by insurers using revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.

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Appendix

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			APPENDIX METLIFE RECONCILIATION DETAIL
									For the Three Months Ended																																				For the Year-to-Date Period Ended
			Unaudited (In millions)						September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020									September 30, 2019						September 30, 2020
			Reconciliation to Adjusted Earnings Available to Common Shareholders
			Net income (loss) available to MetLife, Inc.'s common shareholders						$	2,152								$	536								$	4,366								$	68								$	633								$	5,185					$	5,067
			Add: Preferred stock dividends						32									57									32									77									59									121						168
			Add: Preferred stock redemption premium						—									—									—									—									14									—						14
			Add: Net Income (loss) attributable to noncontrolling interests						6									(5)									3									5									3									15						11
			Net income (loss)						2,190									588									4,401									150									709									$	5,321					$	5,260
			Less: adjustments from net income (loss) to adjusted earnings:
			Net investment gains (losses)						161									207									(288)									231									(20)									237						(77)
			Net derivative gains (losses)						1,254									(1,465)									4,201									(710)									(581)									2,093						2,910
			Premiums - Divested businesses						35									36									32									20									—									35						52
			Universal life and investment-type product policy fees
			Unearned revenue adjustments						59									18									18									5									2									79						25
			GMIB fees						27									26									26									25									26									82						77
			Divested businesses						2									1									2									1									—									2						3
			Net investment income
			Investment hedge adjustments						(121)									(125)									(138)									(188)									(229)									(344)						(555)
			Operating joint venture adjustments						—									—									—									—									—									—						—
			Unit-linked contract income						250									228									(1,140)									818									262									1,247						(60)
			Securitization entities income						—									—									—									—									—									—						—
			Certain partnership distributions						(2)									(5)									(4)									(1)									—									(10)						(5)
			Divested businesses						23									24									22									14									8									23						44
			Other revenues
			Settlement of foreign currency earnings hedges						3									2									—									—									—									7						—
			TSA fees						69									40									42									39									39									206						120
			Divested businesses						—									2									—									—									—									—						—
			Policyholder benefits and claims and policyholder dividends
			PBC hedge adjustments						(9)									(10)									(9)									(9)									(9)									(9)						(27)
			PDO adjustments						—									—									—									—									—									—						—
			Inflation and pass-through adjustments						(87)									6									(48)									(106)									37									(250)						(117)
			GMIB costs						47									(106)									141									(90)									(231)									(48)						(180)
			Market value adjustments						(3)									(8)									(11)									(21)									(21)									12						(53)
			Divested businesses						(34)									(33)									(24)									(18)									(13)									(34)						(55)
			Interest credited to policyholder account balances
			PAB hedge adjustments						5									5									5									2									1									14						8
			Unit-linked contract costs						(223)									(240)									1,138									(796)									(266)									(1,196)						76
			Divested businesses						(8)									(10)									(5)									(7)									(2)									(8)						(14)
			Capitalization of DAC - Divested businesses						11									9									3									2									—									11						5
			Amortization of DAC and VOBA
			Related to NIGL and NDGL						(39)									(106)									(30)									6									(64)									(10)						(88)
			Related to GMIB fees and GMIB costs						—									1									(13)									5									(7)									10						(15)
			Related to market value adjustments						—									—									—									—									—									—						—
			Divested businesses						(2)									(2)									(6)									(3)									—									(2)						(9)
			Amortization of negative VOBA
			Related to market value adjustments						—									—									—									—									—									—						—
			Divested businesses						—									—									—									—									—									—						—
			Interest expense on debt
			Securitization entities debt expense						—									—									—									—									—									—						—
			Divested businesses						—									—									—									—									—									—						—
			Other expenses
			Noncontrolling interests						8									(5)									3									7									4									20						14
			Regulatory implementation costs						(5)									(3)									(2)									—									(6)									(15)						(8)
			Acquisition, integration and other costs						(8)									(7)									(6)									—									(7)									(37)						(13)
			TSA fees						(69)									(40)									(42)									(39)									(39)									(206)						(120)
			Divested businesses						(36)									(116)									(19)									(23)									(7)									(42)						(49)
			Goodwill impairment						—									—									—									—									—									—						—
			Provision for income tax (expense) benefit						(340)									373									(928)									151									195									(600)						(582)
			Adjusted earnings						1,222									1,891									1,481									835									1,637									4,054						3,953
			Less: Preferred stock dividends						32									57									32									77									59									121						168
			Adjusted earnings available to common shareholders						$	1,190								$	1,834								$	1,449								$	758								$	1,578								$	3,933					$	3,785

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			APPENDIX METLIFE NOTABLE ITEMS (1)
			METLIFE TOTAL
									For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions)									September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020												September 30, 2019									September 30, 2020
			Actuarial assumption review and other insurance adjustments									$	(160)					$	—					$	—					$	—								$	(203)											$	(160)								$	(203)
			Expense initiative costs									(88)						(119)						—						—									—												(213)									—
			Interest on tax adjustments									—						64						—						—									—												—									—
			Tax adjustments									—						475						—						—									—												—									—
			Total notable items									$	(248)					$	420					$	—					$	—								$	(203)											$	(373)								$	(203)
			ASIA
									For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions)									September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020												September 30, 2019									September 30, 2020
			Actuarial assumption review and other insurance adjustments									$	(19)					$	—					$	—					$	—								$	(28)											$	(19)								$	(28)
			Total notable items									$	(19)					$	—					$	—					$	—								$	(28)											$	(19)								$	(28)
			LATIN AMERICA
									For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions)									September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020												September 30, 2019									September 30, 2020
			Actuarial assumption review and other insurance adjustments									$	10					$	—					$	—					$	—								$	(9)											$	10								$	(9)
			Total notable items									$	10					$	—					$	—					$	—								$	(9)											$	10								$	(9)
			EMEA
									For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions)									September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020												September 30, 2019									September 30, 2020
			Actuarial assumption review and other insurance adjustments									$	(13)					$	—					$	—					$	—								$	(31)											$	(13)								$	(31)
			Total notable items									$	(13)					$	—					$	—					$	—								$	(31)											$	(13)								$	(31)
			METLIFE HOLDINGS
									For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions)									September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020												September 30, 2019									September 30, 2020
			Actuarial assumption review and other insurance adjustments									$	(138)					$	—					$	—					$	—								$	(135)											$	(138)								$	(135)
			Total notable items									$	(138)					$	—					$	—					$	—								$	(135)											$	(138)								$	(135)
			CORPORATE & OTHER
									For the Three Months Ended																																							For the Year-to-Date Period Ended
			Unaudited (In millions)									September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020									September 30, 2020												September 30, 2019									September 30, 2020
			Expense initiative costs									(88)						(119)						—						—									—												(213)									—
			Interest on tax adjustments									—						64						—						—									—												—									—
			Tax adjustments									—						475						—						—									—												—									—
			Total notable items									$	(88)					$	420					$	—					$	—								$	—											$	(213)								$	—
			(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

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			APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
			Unaudited (In millions)			September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020
			Total MetLife, Inc.'s stockholders' equity			$	68,368					$	66,144					$	70,221					$	75,693					$	73,316
			Less: Preferred stock			3,340						3,340						4,312						4,312						4,312
			MetLife, Inc.'s common stockholders' equity			65,028						62,804						65,909						71,381						69,004
			Less: Net unrealized investment gains (losses), net of income tax			22,330						19,981						20,369						25,913						22,869
			Defined benefit plans adjustment, net of income tax			(1,961)						(2,002)						(1,985)						(1,968)						(1,954)
			Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA			$	44,659					$	44,825					$	47,525					$	47,436					$	48,089
			Less: Goodwill, net of income tax			8,955						8,986						8,828						8,910						9,021
			VODA and VOCRA, net of income tax			279						268						276						264						253
			Total MetLife, Inc.'s tangible common stockholders' equity			$	35,425					$	35,571					$	38,421					$	38,262					$	38,815
			Unaudited (In millions)			September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020
			Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA			$	44,659					$	44,825					$	47,525					$	47,436					$	48,089
			Less: Accumulated year-to-date total notable items (2)			(373)						47						—						—						(203)
			Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)			$	45,032					$	44,778					$	47,525					$	47,436					$	48,292
			Unaudited (In millions, except per share data)			September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020
			Book value per common share			$	70.71					$	68.62					$	72.62					$	78.65					$	76.20
			Less: Net unrealized investment gains (losses), net of income tax			24.28						21.84						22.45						28.55						25.26
			Defined benefit plans adjustment, net of income tax			(2.13)						(2.19)						(2.19)						(2.17)						(2.16)
			Book value per common share, excluding AOCI other than FCTA			$	48.56					$	48.97					$	52.36					$	52.27					$	53.10
			Less: Goodwill, net of income tax			9.74						9.82						9.73						9.82						9.96
			VODA and VOCRA, net of income tax			0.30						0.29						0.30						0.29						0.28
			Book value per common share - tangible common stockholders' equity			$	38.52					$	38.86					$	42.33					$	42.16					$	42.86
			Common shares outstanding, end of period			919.6						915.3						907.6						907.6						905.6
						For the Three Months Ended (1)
			Unaudited (In millions, except ratios)			September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020						September 30, 2020
			Return on MetLife, Inc.'s:
			Common stockholders' equity			13.7		%				3.4		%				27.1		%				0.4		%				3.6		%
			Adjusted return on MetLife, Inc.'s:
			Common stockholders' equity			7.6		%				11.5		%				9.0		%				4.4		%				9.0		%
			Common stockholders' equity, excluding AOCI other than FCTA			10.7		%				16.4		%				12.6		%				6.4		%				13.2		%
			Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)			12.9		%				12.6		%				12.6		%				6.4		%				14.9		%
			Tangible common stockholders' equity (3)			13.7		%				20.7		%				15.8		%				8.0		%				16.5		%
			Average common stockholders' equity			$	62,750					$	63,916					$	64,357					$	68,645					$	70,193
			Average common stockholders' equity, excluding AOCI other than FCTA			$	44,367					$	44,742					$	46,175					$	47,481					$	47,763
			Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)			$	44,616					$	44,905					$	46,175					$	47,481					$	47,864
			Average tangible common stockholders' equity			$	35,070					$	35,498					$	36,996					$	38,342					$	38,539
			(1) Annualized using quarter-to-date results.
			(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.
			(3)Adjusted earnings available to common shareholders used to calculate the return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020 of $9 million, $6 million, $8 million, $10 million and $7 million, respectively.

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			APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
			ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			U.S. (1)									$	7,391								$	8,586								$	6,189								$	5,692								$	6,833
			ASIA									2,120									2,118									2,130									2,053									2,265
			LATIN AMERICA									854									798									869									771									761
			EMEA									661									670									702									680									680
			METLIFE HOLDINGS (1)									1,261									1,321									1,233									1,208									1,206
			CORPORATE & OTHER (1)									72									87									96									86									75
			Adjusted premiums, fees and other revenues, on a constant currency basis									$	12,359								$	13,580								$	11,219								$	10,490								$	11,820
			Adjusted premiums, fees and other revenues									$	12,445								$	13,632								$	11,216								$	10,401								$	11,820
			ASIA (including operating joint ventures) (2), (3)									$	2,370								$	2,398								$	2,408								$	2,319								$	2,551
			OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			U.S. (1)									$	1,004								$	1,069								$	1,066								$	1,012								$	1,026
			ASIA									964									969									894									808									869
			LATIN AMERICA									315									333									324									319									313
			EMEA									343									371									335									339									340
			METLIFE HOLDINGS (1)									223									282									228									239									231
			CORPORATE & OTHER (1)									320									243									136									134									120
			Adjusted other expenses on a constant currency basis									$	3,169								$	3,267								$	2,983								$	2,851								$	2,899
			Adjusted other expenses									$	3,199								$	3,286								$	2,981								$	2,817								$	2,899
			ASIA (including operating joint ventures) (2), (3)									$	1,068								$	1,081								$	989								$	913								$	968
			ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
												For the Three Months Ended
			Unaudited (In millions)									September 30, 2019									December 31, 2019									March 31, 2020									June 30, 2020									September 30, 2020
			U.S. (1)									$	707								$	675								$	780								$	523								$	900
			ASIA									354									343									357									263									465
			LATIN AMERICA									135									145									83									141									39
			EMEA									51									65									77									119									52
			METLIFE HOLDINGS (1)									149									269									277									20									253
			CORPORATE & OTHER (1)									(223)									322									(131)									(289)									(131)
			Adjusted earnings available to common shareholders on a constant currency basis									$	1,173								$	1,819								$	1,443								$	777								$	1,578
			Adjusted earnings available to common shareholders									$	1,190								$	1,834								$	1,449								$	758								$	1,578
			(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 20 for operating joint ventures.
			(3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

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METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:

Comparable GAAP financial measures:

(i)

total adjusted revenues

(i)

total revenues

(ii)

total adjusted expenses

(ii)

total expenses

(iii)

adjusted premiums, fees and other revenues

(iii)

premiums, fees and other revenues

(iv)

adjusted premiums, fees & other revenues, excluding PRT

(iv)

premiums, fees and other revenues

(v)

adjusted net investment income

(v)

net investment income

(vi)

adjusted earnings

(vi)

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)

adjusted tangible return on equity

(xiv)

return on equity

(xv)

investment portfolio gains (losses)

(xv)

net investment gains (losses)

(xvi)

derivative gains (losses)

(xvi)

net derivative gains (losses)

(xvii)

adjusted capitalization of DAC

(xvii)

capitalization of DAC

(xviii)

total MetLife, Inc.’s tangible common stockholders’ equity

(xviii)

total MetLife, Inc.’s stockholders’ equity

(xix)

total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA

(xix)

total MetLife, Inc.’s stockholders’ equity

(xx)

total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)

(xx)

total MetLife, Inc.’s stockholders’ equity

(xxi)

book value per common share, excluding AOCI other than FCTA

(xxi)

book value per common share

(xxii)

book value per common share - tangible common stockholders' equity

(xxii)

book value per common share

(xxiii)

adjusted other expenses

(xxiii)

other expenses

(xxiv)

adjusted other expenses, net of adjusted capitalization of DAC

(xxiv)

other expenses, net of capitalization of DAC

(xxv)

adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses

(xxv)

other expenses, net of capitalization of DAC

(xxvi)

adjusted expense ratio

(xxvi)

expense ratio

(xxvii)

adjusted expense ratio, excluding total notable items related to other adjusted expenses and PRT

(xxvii)

expense ratio

(xxviii)

direct expenses

(xxviii)

other expenses

(xxix)

direct expenses, excluding total notable items related to direct expenses

(xxix)

other expenses

(xxx)

direct expense ratio

(xxx)

expense ratio

(xxxi)

direct expense ratio, excluding total notable items related to direct expenses and PRT

(xxxi)

expense ratio

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at www.metlife.com.

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METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

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

•

adjusted earnings;

•

adjusted earnings available to common shareholders;

•

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

•

adjusted earnings available to common shareholders per diluted common share;

•

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

•

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

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

Adjusted revenues and adjusted expenses

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.

The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:

•

Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);

•

Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed equity securities (“Unit-linked contract income”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP ("Certain partnership distributions"); and

•

Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").

The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:

•

Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits ("PBC hedge adjustments"), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (“Inflation and pass-through adjustments”), (iv) benefits and hedging costs related to GMIBs (“GMIB costs”), and (v) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);

•

Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (“Unit-linked contract costs”);

•

Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;

•

Amortization of negative VOBA excludes amounts related to Market value adjustments;

•

Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and

•

Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (“Regulatory implementation costs”) and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium. which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses and goodwill impairment, 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).

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Table of Contents

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

Return on equity, allocated equity, tangible equity and related measures

•

Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

•

Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.

•

Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.

•

Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.

•

Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.

•

Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).

•

Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.

•

Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and components of, or other financial measures based on, adjusted earnings mentioned above.

•

Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

•

Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.

•

Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

•

Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

Expense ratio, direct expense ratio, adjusted expense ratio and related measures

•

Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.

•

Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues.

•

Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

•

Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.

•

Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

General account assets under management and related measures

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

GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. GA AUM (at amortized cost) is presented net of related allowance for credit loss.

Other items

The following additional information is relevant to an understanding of our performance results:

•

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

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Table of Contents

			METLIFE ACRONYMS
			AOCI			Accumulated other comprehensive income (loss)
			CSE			Consolidated securitization entity
			DAC			Deferred policy acquisition costs
			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
			GMIB			Guaranteed minimum income benefits
			NAIC			National Association of Insurance Commissioners
			NDGL			Net derivative gains (losses)
			NIGL			Net investment gains (losses)
			NRSRO			Nationally Recognized Statistical Rating Organizations
			PAB			Policyholder account balances
			PBC			Policyholder benefits and claims
			PDO			Policyholder dividend obligation
			PRT			Pension risk transfers
			QFS			Quarterly financial supplement
			TSA			Transition service agreement
			VIE			Variable interest entity
			VOBA			Value of business acquired
			VOCRA			Value of customer relationships acquired
			VODA			Value of distribution agreements

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Table of Contents

Exhibit 99.3 3Q20 Supplemental Slides1 John McCallion Chief Financial Officer 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

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Table of contents Topic Page No. Net Income (Loss) to Adjusted Earnings 3 Actuarial Assumption Review 4 Adjusted Earnings ex. Total Notable Items by Segment 6 Variable Investment Income (VII) 7 Direct Expense Ratio 9 Cash & Capital 10 Appendix 11 2

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Net income (loss) to adjusted earnings 3Q20 1 (post-tax) $ in millions $ Per Share Net Income (Loss) $633 $0.69 Less: Net Investment Gains (Losses) (16) (0.02) Net Derivative Gains (Losses)2 (459) (0.50) Investment Hedge Adjustments (181) (0.20) Actuarial Assumption Review2 (98) (0.11) Other2 (191) (0.21) Adjusted Earnings $1,578 $1.73 Less Notable Item: Actuarial Assumption Review (203) (0.22) Adjusted Earnings ex. Notable Item $1,781 $1.95 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. 2 Net Derivative Gains (Losses) includes a $34 million post-tax gain associated with our Actuarial Assumption Review that is also included within the $98 million Actuarial Assumption Review line item. As a result, the Other line item reflects the removal of this gain being included within both categories. 3 See Appendix for non-GAAP financial information, definitions and/or reconciliations.

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Assumption review reflects low interest rates for longer 3Q20 Actuarial Assumption Review Highlights $ in $ Per • Lowered U.S. mean reversion interest (post-tax) 1 millions Share rate from 3.75% to 2.75% Adjusted Earnings $(203) $(0.22) • Extended U.S. mean reversion Non-Adjusted Earnings (98) (0.11) period to 12 years Total Net Income Impact ($301) ($0.33) • Largest impact in MetLife Holdings 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. See Appendix for non-GAAP financial information, definitions and/or reconciliations. 4

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Actuarial assumption review by segment Adjusted Non-Adjusted ($ in millions - post-tax) Earnings Earnings Net Income Highlights Lowered long-term returns and raised lapse Asia ($28) $10 ($18) assumptions in Korea Raised expense assumption in Chile ProVida, Latin America (9) — (9) increased premium persistency in Mexico Lowered interest rates and increased annuitization EMEA (31) 3 (28) in retirement; raised lapse rates in life Lowered mean reversion interest rate to 2.75% and MetLife Holdings (135) (111) (246) extended mean reversion period to 12 years Total ($203) ($98) ($301) Total per Share1 ($0.22) ($0.11) ($0.33) 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. See Appendix for non-GAAP financial information, definitions and/or reconciliations. 5

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Adjusted earnings ex. total notable items by segment % % Change 1 ($ in millions - post-tax) 3Q20 3Q19 Change (Constant Rate) Highlights Group Benefits $392 $366 7% + Volume Growth + Investment Margins; + Underwriting Margins; Retirement and Income Solutions 490 284 73% + Volume Growth Property & Casualty 18 57 (68%) - Underwriting Margins U.S. $900 $707 27% + Investment Margins; + Underwriting Margins; Asia 493 368 34% 32% + Expense Margins; + Volume Growth Latin America 48 145 (67%) (62%) - Underwriting Margins; - Equity Markets + Underwriting Margins; + Expense Margins; EMEA 83 66 26% 30% + Volume Growth MetLife Holdings 388 287 35% + Investment Margins; + Underwriting Margins + Expense Margins; - Investment Margins; Corporate & Other (131) (135) 3% - Preferred Stock Dividends Adjusted Earnings, ex. Total Notable Items $1,781 $1,438 24% 25% Adjusted EPS, ex. Total Notable Items $1.95 $1.54 27% 28% 1 To be discussed on MetLife, Inc.'s third quarter 2020 earnings conference call and audio webcast. 6 See Appendix for non-GAAP financial information, definitions and/or reconciliations.

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3Q20 VII driven by strong rebound in private equities ($ in millions - pre-tax) $652 $326 $327 $351 $0 ($555) 3Q19 4Q19 1Q20 2Q20 3Q20 Private Equity Other 7

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3Q20 VII by segment ($ in millions - post-tax) 2Q20 3Q20 Group Benefits $3 $6 Retirement and Income Solutions (122) 164 Property & Casualty (9) 16 U.S. (128) 186 Asia (77) 148 Latin America (7) (3) EMEA — — MetLife Holdings (161) 172 Corporate & Other (65) 12 Total Variable Investment Income ($438) $515 8

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Managing to ~12.3% direct expense ratio; 3Q20 ratio includes favorable items Direct Expense Ratio1 14.3% -170bps 13.3% 13.3% 12.9% 12.6% 12.4% 12.0% 11.4% 2015 2016 2017 2018 2019 1Q20 2Q20 3Q20 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 9 See Appendix for non-GAAP financial information, definitions and/or reconciliations.

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Cash & capital Holding Company Cash1 Capital $7.8B • Higher 3Q20 holding company cash driven by preferred stock issuance of $1 billion $6.6B • Share repurchases of $80 million in 3Q20 $5.3B • Expected total U.S. Statutory Adjusted Capital2 $4.2B $3.5B of ~$21 billion at Sept. 30, 2020, up 12% from year-end 2019 • Japan Solvency Margin ratio3 of 892% at June 30, 2020 3Q19 4Q19 1Q20 2Q20 3Q20 $3.0B to $4.0B Cash Buffer 1 At quarter-end. Includes cash and liquid assets. 2 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. 3 Solvency ratio of MetLife's insurance subsidiary in Japan, which is calculated quarterly and does not reflect conditions and factors occurring after June 30, 2020. 10

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Appendix

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Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, such as “assumption,” "expect," "long-term," and “managing to" are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements. 12

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Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non- GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) net income (loss) per share; (ii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (iii) adjusted earnings; and (iii) adjusted earnings available to common shareholders; and (iv) adjusted earnings per share. (iv) adjusted earnings available to common shareholders per diluted common share. In this presentation, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the 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) adjusted premiums, fees and other revenues; (i) premiums, fees and other revenues; (ii) adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT); (ii) premiums, fees and other revenues; (iii) adjusted capitalization of deferred policy acquisition costs (DAC); (iii) capitalization of DAC; (iv) adjusted earnings available to common shareholders; (iv) net income (loss) available to MetLife, Inc.’s common shareholders; (v) adjusted earnings available to common shareholders, excluding total notable items; (v) net income (loss) available to MetLife, Inc.’s common shareholders; (vi) adjusted earnings available to common shareholders per diluted common share; (vi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (vii) adjusted earnings available to common shareholders, excluding total notable items, per (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted diluted common share; common share; (viii) adjusted other expenses; (viii) other expenses; (ix) adjusted other expenses, net of adjusted capitalization of DAC; (ix) other expenses, net of capitalization of DAC; (x) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable (x) other expenses, net of capitalization of DAC; items related to adjusted other expenses; (xi) adjusted expense ratio; (xi) expense ratio; (xii) adjusted expense ratio, excluding total notable items related to adjusted other (xii) expense ratio; expenses and PRT; (xiii) direct expenses; (xiii) other expenses; (xiv) direct expenses, excluding total notable items related to direct expenses; (xiv) other expenses; (xv) direct expense ratio; and (xv) expense ratio; and (xvi) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xvi) expense ratio. 13

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Explanatory Note on Non-GAAP and Other Financial Information (Continued) Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period and applied to the comparable prior period. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this presentation and in this period’s quarterly financial supplement and earnings news release, which are available at www.metlife.com. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income. MetLife’s definitions of non-GAAP and other financial measures discussed in this presentation 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 on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders on a constant currency basis 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, excluding total notable items, on a constant currency basis per diluted common share. 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 loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non- core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (Divested businesses). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. In addition, for the year ended December 31, 2016, adjusted revenues and adjusted expenses exclude the financial impact of converting the Company’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods and is referred to as lag elimination. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments. 14

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Explanatory Note on Non-GAAP and Other Financial Information (Continued) The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees); • Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder- directed equity securities, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP; and • Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees). The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) changes in the policyholder dividend obligation related to NIGL and NDGL, (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments, (iv) benefits and hedging costs related to GMIBs (GMIB costs), and (v) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments); • Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes certain amounts related to net investment income earned on contractholder-directed equity securities; • Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments; • Amortization of negative VOBA excludes amounts related to Market value adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (Regulatory implementation costs), and (iii) acquisition, integration and other costs. Other expenses includes TSA fees. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. 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. Expense ratio, direct expense ratio, adjusted expense ratio and related measures: • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. 15

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Explanatory Note on Non-GAAP and Other Financial Information (Continued) Statistical sales information: • U.S.: ◦ Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. ◦ Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance. ◦ Property & Casualty: calculated based on first year direct written premium, net of cancellation and endorsement activity. • 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. The following additional information is relevant to an understanding of MetLife’s performance results and outlook: • Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • 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. 16

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Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 3Q20 3Q19 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Share Diluted1 Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 633 $ 0.69 $ 2,152 $ 2.30 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (20) (0.02) 161 0.17 Less: Net derivative gains (losses) (581) (0.64) 1,254 1.34 Less: Other adjustments to net income (loss)2 (522) (0.57) (107) (0.11) Less: Provision for income tax (expense) benefit 195 0.21 (340) (0.36) Add: Net income (loss) attributable to noncontrolling interests 3 — 6 0.01 Add: Preferred stock redemption premium 14 0.02 — — Adjusted earnings available to common shareholders 1,578 1.73 1,190 1.27 Less: Total notable items (203) (0.22) (248) (0.26) Adjusted earnings available to common shareholders, excluding total notable items $ 1,781 $ 1.95 $ 1,438 $ 1.54 Adjusted earnings available to common shareholders on a constant currency basis $ 1,578 $ 1.73 $ 1,173 $ 1.25 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 1,781 $ 1.95 $ 1,421 $ 1.52 Weighted average common shares outstanding - diluted 913.7 936.4 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is 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. 17 2 Includes investment hedge adjustments.

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Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 3Q20 Retirement and Group Income Property & Latin MetLife Corporate U.S.1 Benefits1 Solutions1 Casualty1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 900 $ 392 $ 490 $ 18 $ 465 $ 39 $ 52 $ 253 $ (131) Less: Total notable items — — — — (28) (9) (31) (135) — Adjusted earnings available to common shareholders, excluding total notable items $ 900 $ 392 $ 490 $ 18 $ 493 $ 48 $ 83 $ 388 $ (131) Adjusted earnings available to common shareholders on a constant currency basis $ 465 $ 39 $ 52 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 493 $ 48 $ 83 3Q19 Retirement and Group Income Property & Latin MetLife Corporate U.S.1 Benefits1 Solutions1 Casualty1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 707 $ 366 $ 284 $ 57 $ 349 $ 155 $ 53 $ 149 $ (223) Less: Total notable items — — — — (19) 10 (13) (138) (88) Adjusted earnings available to common shareholders, excluding total notable items $ 707 $ 366 $ 284 $ 57 $ 368 $ 145 $ 66 $ 287 $ (135) Adjusted earnings available to common shareholders on a constant currency basis $ 354 $ 135 $ 51 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 373 $ 125 $ 64 1Results on a constant currency basis are not included as constant currency impact is not significant. 18

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Expense Detail and Ratios (In millions, except ratio data) 2015 2016 2017 2018 2019 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (3,319) $ (3,152) $ (3,002) $ (3,254) $ (3,358) Less: Divested businesses and lag elimination1 120 (1) 34 (1) (20) Adjusted capitalization of DAC $ (3,439) $ (3,151) $ (3,036) $ (3,253) $ (3,338) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 13,229 Less: Noncontrolling interests (13) (6) (12) (10) (15) Less: Regulatory implementation costs 2 1 — 11 18 Less: Acquisition, integration and other costs 28 64 65 24 44 Less: TSA fees — — — 305 246 Less: Divested businesses1 265 296 491 68 158 Adjusted other expenses $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 12,778 Other Detail and Ratios Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 13,229 Capitalization of DAC (3,319) (3,152) (3,002) (3,254) (3,358) Other expenses, net of capitalization of DAC $ 10,786 $ 10,143 $ 9,951 $ 9,673 $ 9,871 Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 49,680 Expense ratio 24.6 % 22.9 % 21.7 % 18.9 % 19.9 % Direct expenses $ 6,444 $ 5,754 $ 6,006 $ 5,874 $ 5,977 Less: Total notable items related to direct expenses 362 79 296 214 338 Direct expenses, excluding total notable items related to direct expenses $ 6,082 $ 5,675 $ 5,710 $ 5,660 $ 5,639 Adjusted other expenses $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 12,778 Adjusted capitalization of DAC (3,439) (3,151) (3,036) (3,253) (3,338) Adjusted other expenses, net of adjusted capitalization of DAC $ 10,384 $ 9,789 $ 9,373 $ 9,276 $ 9,440 Less: Total notable items related to adjusted other expenses 362 507 377 214 338 Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 10,022 $ 9,282 $ 8,996 $ 9,062 $ 9,102 Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 49,144 Less: PRT 1,740 1,761 3,305 6,894 4,346 Adjusted premiums, fees and other revenues, excluding PRT $ 42,589 $ 42,718 $ 42,895 $ 43,884 $ 44,798 Direct expense ratio 14.5 % 12.9 % 13.0 % 11.6 % 12.2 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 14.3 % 13.3 % 13.3 % 12.9 % 12.6 % Adjusted expense ratio 23.4 % 22.0 % 20.3 % 18.3 % 19.2 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 23.5 % 21.7 % 21.0 % 20.6 % 20.3 % 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s 19 Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

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Expense Detail and Ratios (Continued) (In millions, except ratio data) 1Q20 2Q20 3Q20 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (774) $ (671) $ (764) Less: Divested businesses (3) (2) — Adjusted capitalization of DAC $ (771) $ (669) $ (764) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 3,047 $ 2,872 $ 2,954 Less: Noncontrolling interests (3) (7) (4) Less: Regulatory implementation costs 2 — 6 Less: Acquisition, integration and other costs 6 — 7 Less: TSA fees 42 39 39 Less: Divested businesses 19 23 7 Adjusted other expenses $ 2,981 $ 2,817 $ 2,899 Other Detail and Ratios Other expenses $ 3,047 $ 2,872 $ 2,954 Capitalization of DAC (774) (671) (764) Other expenses, net of capitalization of DAC $ 2,273 $ 2,201 $ 2,190 Premiums, fees and other revenues $ 11,336 $ 10,491 $ 11,887 Expense ratio 20.1 % 21.0 % 18.4 % Direct expenses $ 1,344 $ 1,287 $ 1,288 Less: Total notable items related to direct expenses — — — Direct expenses, excluding total notable items related to direct expenses $ 1,344 $ 1,287 $ 1,288 Adjusted other expenses $ 2,981 $ 2,817 $ 2,899 Adjusted capitalization of DAC (771) (669) (764) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,210 $ 2,148 $ 2,135 Less: Total notable items related to adjusted other expenses — — — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,210 $ 2,148 $ 2,135 Adjusted premiums, fees and other revenues $ 11,216 $ 10,401 $ 11,820 Less: PRT (9) (6) 487 Adjusted premiums, fees and other revenues, excluding PRT $ 11,225 $ 10,407 $ 11,333 Direct expense ratio 12.0 % 12.4 % 10.9 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 12.0 % 12.4 % 11.4 % Adjusted expense ratio 19.7 % 20.7 % 18.1 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.7 % 20.6 % 18.8 % 20

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Premiums, Fees and Other Revenues (In millions) 2015 2016 2017 2018 2019 1Q20 2Q20 3Q20 Total Company - Premiums, Fees and Other Revenues Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 49,680 $ 11,336 $ 10,491 $ 11,887 Less: Unearned revenue adjustments 7 30 12 (7) 97 18 5 2 Less: GMIB fees 97 124 125 120 108 26 25 26 Less: Settlement of foreign currency earnings hedges (37) 4 22 19 9 — — — Less: TSA fees — — — 305 246 42 39 39 Less: Divested businesses and lag elimination1 (496) (267) (516) 7 76 34 21 — Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 49,144 $ 11,216 $ 10,401 $ 11,820 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods. 21

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