8-K

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): August 2, 2023

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,<br>Series A, par value $0.01	MET PRA	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th<br>interest in a share of 5.625% Non-Cumulative <br>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.    ☐

Item 2.02 Results of Operations and Financial Condition.

On August 2, 2023, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended June 30, 2023 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended June 30, 2023 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference and (iii) a fact sheet setting forth its total assets under management as of June 30, 2023 (the "Total AUM Fact Sheet"), a copy of which is attached hereto as Exhibit 99.3 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. The foregoing description of the Total AUM Fact Sheet is not complete and is qualified in its entirety by reference to the Total AUM Fact Sheet, which is filed as Exhibit 99.3.

Item 7.01 Regulation FD Disclosure.

On August 2, 2023, MetLife, Inc. issued a supplemental slide presentation for the quarter ended June 30, 2023 (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.4 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement, as well as other prior public disclosures. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 8.01 Other Events.

The text of Item 2.02 above with respect to the Total AUM Fact Sheet is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

| 99.1 | News release of MetLife, Inc., dated August 2, 2023, announcing its results for the quarter ended June 30, 2023 | | --- | --- || 99.2 | Quarterly Financial Supplement for the quarter ended June 30, 2023 | | --- | --- || 99.3 | Total AUM Fact Sheet as of June 30, 2023 | | --- | --- || 99.4 | Supplemental Slides for the quarter ended June 30, 2023 | | --- | --- | | 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) | | --- | --- |

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<br>Chief Accounting Officer

Date: August 2, 2023

4

Document

Exhibit 99.1

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES SECOND QUARTER 2023 RESULTS

NEW YORK, August 2, 2023 - MetLife, Inc. (NYSE: MET) today announced its second quarter 2023 results.

Second Quarter Results Summary*

•Net income of $370 million, or $0.48 per share, compared to net income of $881 million, or $1.08 per share, in the second quarter of 2022.

•Adjusted earnings of $1.5 billion, or $1.94 per share, compared to adjusted earnings of $1.7 billion, or $2.13 per share, in the second quarter of 2022.

•Book value of $34.92 per share, down 7 percent from $37.52 per share at June 30, 2022.

•Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $53.55 per share, up 2 percent from $52.30 per share at June 30, 2022.

•Return on equity (ROE) of 5.4 percent.

•Adjusted ROE, excluding AOCI other than FCTA, of 14.6 percent.

•Holding company cash and liquid assets of $4.2 billion at June 30, 2023, which is above the target cash buffer of $3.0 - $4.0 billion.

Commenting on the company’s results, MetLife President and CEO Michel Khalaf said: "The resilience of our all-weather strategy and our focus on what we can control — how we execute, how we invest, and how we deploy capital — were on full display in the quarter. The momentum of our market-leading businesses is driving strong underlying growth."

*Long-Duration Targeted Improvements (LDTI)

Financial results presented in this news release reflect LDTI accounting, pursuant to Financial Accounting Standards Board Accounting Standards Update No. 2018-12, which became effective on January 1, 2023. For more information, refer to "Non-GAAP and Other Financial Disclosures."

Second Quarter 2023 Summary

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($ in millions, except per share data)	Three months ended<br>June 30,
	2023			2022			Change
Premiums, fees and other revenues	$	13,587		$	13,543
Net investment income	5,072			3,583			42%
Net investment gains (losses)	(1,039)			(682)
Net derivative gains (losses)	(997)			(970)
Total revenues	$	16,623		$	15,474
Adjusted premiums, fees and other revenues	$	13,594		$	13,495		1%
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)	$	11,570		$	10,931		6%
Market risk benefit remeasurement gains (losses)	$	817		$	757
Net income (loss)	$	370		$	881		(58)%
Net income (loss) per share	$	0.48		$	1.08		(56)%
Adjusted earnings	$	1,492		$	1,738		(14)%
Adjusted earnings per share	$	1.94		$	2.13		(9)%
Adjusted earnings, excluding total notable items	$	1,492		$	1,661		(10)%
Adjusted earnings, excluding total notable items per share	$	1.94		$	2.04		(5)%
Book value per share	$	34.92		$	37.52		(7)%
Book value per share, excluding AOCI other than FCTA	$	53.55		$	52.30		2%
Expense ratio	17.7		%	16.5		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	12.2		%	12.2		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT	20.6		%	19.8		%
ROE	5.4		%	10.3		%
Adjusted ROE, excluding AOCI other than FCTA	14.6		%	16.4		%
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA)	14.6		%	15.7		%

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 second quarter of 2023, titled “2Q23 Supplemental Slides,” are available on the MetLife Investor Relations website at https://investor.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. Supplemental information about MetLife's diversified global investment portfolio is contained in the "2Q23 - General Account Assets Under Management Fact Sheet," available on the above-mentioned website.

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Total Company Discussion

MetLife reported second quarter 2023 premiums, fees and other revenues of $13.6 billion, essentially flat compared to the second quarter of 2022. Adjusted premiums, fees and other revenues were $13.6 billion, up 1 percent on a reported basis and up 1 percent on a constant currency basis from the prior-year period.

Net investment income was $5.1 billion, up 42 percent from the second quarter of 2022, driven by increases in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.0 billion, up 12 percent from the prior-year period, largely driven by higher interest rates and asset growth.

Net investment losses were $1.0 billion, or $821 million after tax during the quarter, primarily the result of certain required accounting adjustments associated with the pending reinsurance transaction with Global Atlantic Financial Group. Net derivative losses amounted to $997 million, or $788 million after tax during the quarter, primarily driven by changes in currency rates, stronger equity markets and higher interest rates. Net derivative losses were mostly offset by market risk benefit (MRB) remeasurement gains, also due to higher equity markets and interest rates.

Net income was $370 million, primarily driven by net investment losses associated with the pending reinsurance transaction, compared to net income of $881 million in the second quarter of 2022. On a per share basis, net income was $0.48, compared to net income of $1.08 in the prior-year period.

MetLife reported adjusted earnings of $1.5 billion, down 14 percent on a reported basis and down 15 percent on a constant currency basis from the second quarter of 2022. On a per share basis, adjusted earnings were $1.94, down 9 percent from the prior-year period.

Adjusted Earnings by Segment Summary*

	Three Months Ended<br>June 30, 2023
Segment	Change from<br>prior-year period	Change from<br>prior-year<br>period (on a<br>constant<br>currency<br>basis)
U.S.	1%
Asia	(11)%	(9)%
Latin America	(13)%	(21)%
Europe, the Middle East and Africa (EMEA)	6%	15%
MetLife Holdings	(45)%

*The percentages in this table are on a reported and constant currency basis.

Business Discussions

All comparisons of the results for the second quarter of 2023 in the business discussions that

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follow are with the second quarter of 2022, unless otherwise noted. There were no notable items in the second quarter of 2023, as indicated in the notable items table which follows the Business Discussions section of this release.

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U.S.

($ in millions)	Three Months Ended<br>June 30, 2023	Three Months EndedJune 30, 2022
Adjusted earnings	$789	780
Adjusted premiums, fees and other revenues	$8,836	8,781
Adjusted premiums, fees and other revenues, excluding PRT	$6,812	6,217
Notable item(s)	$0	0

All values are in US Dollars.

•Adjusted earnings were $789 million, up 1 percent, primarily driven by higher recurring interest margins and volume growth, partially offset by less favorable underwriting margins and variable expenses.

•Adjusted premiums, fees and other revenues were $8.8 billion, up 1 percent, primarily driven by growth in Group Benefits and strong structured settlement sales in RIS, partially offset by higher pension risk transfer sales in the prior-year period.

Group Benefits

($ in millions)	Three Months Ended<br>June 30, 2023	Three Months EndedJune 30, 2022
Adjusted earnings	$372	406
Adjusted premiums, fees and other revenues	$6,013	5,756
Notable item(s)	$0	0

All values are in US Dollars.

•Adjusted earnings were $372 million, down 8 percent, primarily driven by less favorable underwriting margins and variable expenses, partially offset by volume growth.

•Adjusted premiums, fees and other revenues were $6.0 billion, up 4 percent, driven by solid underlying growth across most products, including voluntary.

•Sales were up 13 percent year-to-date, driven by strong growth across all market segments.

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Retirement and Income Solutions

($ in millions)	Three Months Ended<br>June 30, 2023	Three Months EndedJune 30, 2022
Adjusted earnings	$417	374
Adjusted premiums, fees and other revenues	$2,823	3,025
Adjusted premiums, fees and other revenues, excluding PRT	$799	461
Notable item(s)	$0	0

All values are in US Dollars.

•Adjusted earnings were $417 million, up 11 percent, largely driven by higher recurring interest margins and volume growth, partially offset by lower variable investment income.

•Adjusted premiums, fees and other revenues were $2.8 billion, down 7 percent, as a result of pension risk transfer sales of $2.0 billion compared to $2.6 billion in the prior-year period.

•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $799 million, up 73 percent, primarily driven by strong structured settlement sales and growth in UK longevity reinsurance.

•Sales were down 28 percent year-to-date, primarily due to higher stable value sales in the prior-year period, partially offset by strong structured settlement sales in the current-year period.

ASIA

($ in millions)	Three Months Ended<br>June 30, 2023	Three Months EndedJune 30, 2022
Adjusted earnings	$431	486
Adjusted earnings (constant currency)	$431	472
Adjusted premiums, fees and other revenues	$1,727	1,837
Notable item(s)	$0	0
Asia general account assets under management (at amortized cost)	$125,266	122,257

All values are in US Dollars.

•Adjusted earnings were $431 million, down 11 percent on a reported basis, and down 9 percent on a constant currency basis, largely driven by lower variable investment income.

•Adjusted premiums, fees and other revenues were $1.7 billion, down 6 percent, and down 1 percent on a constant currency basis.

•Asia general account assets under management (at amortized cost) were $125.3 billion, up 2 percent, and up 5 percent on a constant currency basis.

•Sales were $622 million, up 34 percent on a constant currency basis, driven by strong sales across the region, particularly in Japan.

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LATIN AMERICA

($ in millions)	Three Months Ended<br>June 30, 2023	Three Months EndedJune 30, 2022
Adjusted earnings	$219	251
Adjusted earnings (constant currency)	$219	278
Adjusted premiums, fees and other revenues	$1,385	1,126
Notable item(s)	$0	0

All values are in US Dollars.

•Adjusted earnings were $219 million, down 13 percent on a reported basis, and down 21 percent on a constant currency basis, primarily driven by a COVID-related reserve release in the prior-year period and capital market factors.

•Adjusted premiums, fees and other revenues were $1.4 billion, up 23 percent, and up 14 percent on a constant currency basis, driven by strong sales and solid persistency across the region.

•Sales were $336 million, up 13 percent on a constant currency basis, driven by growth across the region.

EMEA

($ in millions)	Three Months Ended<br>June 30, 2023	Three Months EndedJune 30, 2022
Adjusted earnings	$70	66
Adjusted earnings (constant currency)	$70	61
Adjusted premiums, fees and other revenues	$582	578
Notable item(s)	$0	0

All values are in US Dollars.

•Adjusted earnings were $70 million, up 6 percent on a reported basis, and up 15 percent on a constant currency basis, primarily driven by higher recurring interest margins.

•Adjusted premiums, fees and other revenues were $582 million, up 1 percent, and up 4 percent on a constant currency basis, primarily due to strong sales across the region.

•Sales were $234 million, up 13 percent on a constant currency basis, driven by growth across the region.

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METLIFE HOLDINGS

($ in millions)	Three Months Ended<br>June 30, 2023	Three Months EndedJune 30, 2022
Adjusted earnings	$211	382
Adjusted premiums, fees and other revenues	$938	1,079
Notable item(s)	$0	77

All values are in US Dollars.

•Adjusted earnings were $211 million, down 45 percent, largely driven by lower variable investment income. The notable item in the prior-year period is related to a reinsurance settlement.

•Adjusted premiums, fees and other revenues were $938 million, down 13 percent.

CORPORATE & OTHER

($ in millions)	Three Months Ended<br>June 30, 2023	Three Months EndedJune 30, 2022
Adjusted earnings	$(228)	(227)
Notable item(s)	$0	0

All values are in US Dollars.

•Adjusted loss of $228 million, compared to an adjusted loss of $227 million in the prior-year period.

INVESTMENTS

($ in millions)	Three Months Ended<br>June 30, 2023	Three Months Ended<br>June 30, 2022	Change
Adjusted net investment income	$5,040	$4,504	12%

•Adjusted net investment income was $5.0 billion, up 12 percent. Variable investment income was $221 million, compared to variable investment income of $389 million in the prior-year period, driven by lower returns on real estate equity funds.

SECOND QUARTER 2023 NOTABLE ITEMS

( in millions)	Adjusted Earnings
Notable Items	U.S.		Asia	Latin<br>America	EMEA	MetLife<br>Holdings	Corporate<br>&<br>Other	Total
Total notable items	0	$0	$0	$0	$0	$0	$0	$0

All values are in US Dollars.

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Contacts:     For Media:        Brian Blaser (212) 578-2415

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 individual and institutional customers build a more confident future. 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 second quarter 2023 earnings conference call and audio webcast on Thursday, August 3, 2023, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 877-692-8955 (U.S.) or 234-720-6979 (outside the U.S.). The participant access code is 2510803. To listen to the conference call via the internet, click the link to the webcast on the MetLife Investor Relations web page (https://investor.metlife.com). 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 11 a.m. (ET) on Thursday, August 3, 2023, until Thursday, August 10, 2023, 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 6053536. To access the replay of the conference call over the internet, visit the above-mentioned website.

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)	return on equity; and	(vii)	return on MetLife, Inc.’s common stockholders’ equity; and

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(viii)	adjusted return on equity, excluding AOCI other than FCTA.	(viii)	adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA.

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 for MetLife and its investors 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)	total adjusted revenues;	(i)	total revenues;
(ii)	total adjusted expenses;	(ii)	total expenses;
(iii)	adjusted premiums, fees and other revenues;	(iii)	premiums, fees and other revenues;
(iv)	adjusted premiums, fees and other revenues, excluding PRT;	(iv)	premiums, fees and other revenues;
(v)	adjusted net investment income;	(v)	net investment income
(vi)	adjusted capitalization of deferred policy acquisition costs (DAC);	(vi)	capitalization of DAC;
(vii)	adjusted earnings available to common shareholders;	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(viii)	adjusted earnings available to common shareholders, excluding total notable items;	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(ix)	adjusted earnings available to common shareholders per diluted common share;	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(x)	adjusted earnings available to common shareholders, excluding total notable items, per diluted common share;	(x)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xi)	adjusted return on equity;	(xi)	return on equity;
(xii)	adjusted return on equity, excluding AOCI other than FCTA;	(xii)	return on equity;
(xiii)	adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA);	(xiii)	return on equity;
(xiv)	investment portfolio gains (losses);	(xiv)	net investment gains (losses);
(xv)	derivative gains (losses);	(xv)	net derivative gains (losses);
(xvi)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;	(xvi)	total MetLife, Inc.’s stockholders’ equity;
(xvii)	total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);	(xvii)	total MetLife, Inc.’s stockholders’ equity;
(xviii)	book value per common share, excluding AOCI other than FCTA;	(xviii)	book value per common share;

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(xix)	free cash flow of all holding companies;	(xix)	MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;
(xx)	adjusted other expenses;	(xx)	other expenses;
(xxi)	adjusted other expenses, net of adjusted capitalization of DAC;	(xxi)	other expenses, net of capitalization of DAC;
(xxii)	adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses;	(xxii)	other expenses, net of capitalization of DAC;
(xxiii)	adjusted expense ratio;	(xxiii)	expense ratio;
(xxiv)	adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT;	(xxiv)	expense ratio;
(xxv)	direct expenses;	(xxv)	other expenses;
(xxvi)	direct expenses, excluding total notable items related to direct expenses;	(xxvi)	other expenses;
(xxvii)	direct expense ratio; and	(xxvii)	expense ratio; and
(xxviii)	direct expense ratio, excluding total notable items related to direct expenses and PRT.	(xxviii)	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 currency exchange rates.

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.

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

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management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.

Effective January 1, 2023, MetLife adopted ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended ("LDTI"), with a transition date of January 1, 2021, which impacted the calculation of adjusted earnings. Due to the adoption of LDTI, the measurement model was simplified for DAC and value of business acquired ("VOBA"), and most embedded derivatives were reclassified as market risk benefits. As a result, MetLife updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with market risk benefits, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings.

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

Adjusted revenues and adjusted expenses

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments").

•Other revenues include settlements of foreign currency earnings hedges.

•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

•Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments.

Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Page 12 of 24

Other adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs").

•Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

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

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

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

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

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

Return on equity and related measures

•Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

•Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, and total notable items, net of income tax.

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

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

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

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

Page 13 of 24

total notable items, divided by MetLife, Inc.'s average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA).

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses.

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

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

•Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.

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

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

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

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

Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

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

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.

•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).

Page 14 of 24

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.

•Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.

•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 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 represent a positive (negative) impact to adjusted earnings available to common shareholders.

•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.

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 and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” "are confident," “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial results.

Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may

Page 15 of 24

change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors, including those relating to the COVID-19 pandemic, identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1)economic condition difficulties, including risks relating to public health, interest rates, credit spreads, equity, real estate, obligors and counterparties, government default, currency exchange rates, derivatives, climate change and terrorism and security;

(2)global capital and credit market adversity;

(3)credit facility inaccessibility;

(4)financial strength or credit ratings downgrades;

(5)unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers' credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

(6)statutory life insurance reserve financing costs or limited market capacity;

(7)legal, regulatory, and supervisory and enforcement policy changes;

(8)changes in tax rates, tax laws or interpretations;

(9)litigation and regulatory investigations;

(10)London Interbank Offered Rate discontinuation and transition to alternative reference rates;

(11)unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(12)MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(13)MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;

(14)investment defaults, downgrades, or volatility;

(15)investment sales or lending difficulties;

(16)collateral or derivative-related payments;

(17)investment valuations, allowances, or impairments changes;

(18)claims or other results that differ from our estimates, assumptions, or models;

(19)global political, legal, or operational risks;

(20)business competition;

(21)technological changes;

(22)catastrophes;

(23)climate changes or responses to it;

(24)deficiencies in our closed block;

(25)goodwill or other asset impairment, or deferred income tax asset allowance;

(26)impairment of VOBA, value of distribution agreements acquired or value of customer relationships acquired;

(27)product guarantee volatility, costs, and counterparty risks;

(28)risk management failures;

(29)insufficient protection from operational risks;

(30)failure to protect confidentiality and integrity of data or other cybersecurity or disaster recovery failures;

(31)accounting standards changes;

(32)excessive risk-taking;

(33)marketing and distribution difficulties;

(34)pension and other postretirement benefit assumption changes;

(35)inability to protect our intellectual property or avoid infringement claims;

(36)acquisition, integration, growth, disposition, or reorganization difficulties;

(37)Brighthouse Financial, Inc. separation risks;

(38)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(39)legal- and corporate governance-related effects on business combinations.

Page 16 of 24

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statements 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 subsequent reports to the U.S. Securities and Exchange Commission.

Page 17 of 24

MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
(In millions)
	For the Three Months Ended
	June 30,
	2023		2022
Revenues
Premiums	$	11,678	$	11,556
Universal life and investment-type product policy fees	1,288		1,372
Net investment income	5,072		3,583
Other revenues	621		615
Net investment gains (losses)	(1,039)		(682)
Net derivative gains (losses)	(997)		(970)
Total revenues	16,623		15,474
Expenses
Policyholder benefits and claims	11,809		11,615
Policyholder liability remeasurement (gains) losses	(16)		(1)
Market risk benefit remeasurement (gains) losses	(817)		(757)
Interest credited to policyholder account balances	1,933		527
Policyholder dividends	151		194
Amortization of DAC and VOBA	479		458
Amortization of negative VOBA	(6)		(7)
Interest expense on debt	256		226
Other expenses, net of capitalization of DAC	2,404		2,231
Total expenses	16,193		14,486
Income (loss) before provision for income tax	430		988
Provision for income tax expense (benefit)	22		73
Net income (loss)	408		915
Less: Net income (loss) attributable to noncontrolling interests	6		5
Net income (loss) attributable to MetLife, Inc.	402		910
Less: Preferred stock dividends	32		29
Net income (loss) available to MetLife, Inc.'s common shareholders	$	370	$	881
See footnotes on last page.

Page 18 of 24

MetLife, Inc.
(Unaudited)
(In millions, except per share data)
	For the Three Months Ended
	June 30,
	2023				2022
Reconciliation to Adjusted Earnings Available to Common Shareholders			Earnings Per <br>Weighted Average <br>Common Share Diluted (1)					Earnings Per <br>Weighted Average <br>Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders	$	370	$	0.48		$	881	$	1.08
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(1,039)		(1.35)			(682)		(0.84)
Net derivative gains (losses)	(997)		(1.30)			(970)		(1.19)
Market risk benefit remeasurement gains (losses)	817		1.06			757		0.93
Premiums	—		—			—		—
Universal life and investment-type product policy fees	—		—			—		—
Net investment income	32		0.04			(921)		(1.13)
Other revenues	(7)		(0.01)			48		0.06
Policyholder benefits and claims and policyholder dividends	(30)		(0.03)			(181)		(0.22)
Policyholder liability remeasurement (gains) losses	—		—			—		—
Interest credited to policyholder account balances	(291)		(0.37)			726		0.89
Capitalization of DAC	—		—			—		—
Amortization of DAC and VOBA	—		—			—		—
Amortization of negative VOBA	—		—			—		—
Interest expense on debt	—		—			—		—
Other expenses	(20)		(0.03)			(68)		(0.08)
Goodwill impairment	—		—			—		—
Provision for income tax (expense) benefit	419		0.54			439		0.54
Add: Net income (loss) attributable to noncontrolling interests	6		0.01			5		0.01
Preferred stock redemption premium	—		—			—		—
Adjusted earnings available to common shareholders	1,492		1.94			1,738		2.13
Less: Total notable items (2)	—		—			77		0.09
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,492	$	1.94		$	1,661	$	2.04
Adjusted earnings available to common shareholders on a constant currency basis	$	1,492	$	1.94		$	1,746	$	2.14
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	1,492	$	1.94		$	1,669	$	2.05
Weighted average common shares outstanding - diluted			769.6					814.5
See footnotes on last page.

Page 19 of 24

MetLife, Inc.
(Unaudited)
(In millions)
	For the Three Months Ended
	June 30,
	2023		2022
Premiums, Fees and Other Revenues
Premiums, fees and other revenues	$	13,587	$	13,543
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	—		—
Other adjustments	(7)		48
Divested businesses	—		—
Adjusted premiums, fees and other revenues	$	13,594	$	13,495
Adjusted premiums, fees and other revenues, on a constant currency basis	$	13,594	$	13,476
Less: PRT (3)	2,024		2,564
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis	$	11,570	$	10,912
Net Investment Income
Net investment income	$	5,072	$	3,583
Less: Adjustments to net investment income
Investment hedge adjustments	(263)		(232)
Unit-linked contract income	296		(688)
Other adjustments	(1)		(1)
Divested business	—		—
Adjusted net investment income	$	5,040	$	4,504
Revenues and Expenses
Total revenues	$	16,623	$	15,474
Less: Adjustments to total revenues:
Net investment gains (losses)	(1,039)		(682)
Net derivative gains (losses)	(997)		(970)
Investment hedge adjustments	(263)		(232)
Asymmetrical and non-economic accounting	—		—
Unit-linked contract income	296		(688)
Other adjustments	(8)		47
Divested businesses	—		—
Total adjusted revenues	$	18,634	$	17,999
Total expenses	$	16,193	$	14,486
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses	(817)		(757)
Goodwill impairment	—		—
Asymmetrical and non-economic accounting	64		184
Market volatility	(44)		(34)
Unit-linked contract costs	301		(695)
Other adjustments	11		60
Divested businesses	9		8
Total adjusted expenses	$	16,669	$	15,720
See footnotes on last page.

Page 20 of 24

MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
	For the Three Months Ended
	June 30,
	2023			2022
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC	$	(729)		$	(637)
Less: Divested businesses	—			—
Adjusted capitalization of DAC	$	(729)		$	(637)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses	$	3,133		$	2,868
Less: Other adjustments	11			60
Less: Divested businesses	9			8
Adjusted other expenses	$	3,113		$	2,800
Other Detail and Ratios
Other expenses, net of capitalization of DAC	$	2,404		$	2,231
Premiums, fees and other revenues	$	13,587		$	13,543
Expense ratio	17.7		%	16.5		%
Direct expenses	$	1,415		$	1,335
Less: Total notable items related to direct expenses (2)	—			—
Direct expenses, excluding total notable items related to direct expenses (2)	$	1,415		$	1,335
Adjusted other expenses	$	3,113		$	2,800
Adjusted capitalization of DAC	(729)			(637)
Adjusted other expenses, net of adjusted capitalization of DAC	2,384			2,163
Less: Total notable items related to adjusted other expenses (2)	—			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2)	$	2,384		$	2,163
Adjusted premiums, fees and other revenues	$	13,594		$	13,495
Less: PRT	2,024			2,564
Adjusted premiums, fees and other revenues, excluding PRT	$	11,570		$	10,931
Direct expense ratio	10.4		%	9.9		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)	12.2		%	12.2		%
Adjusted expense ratio	17.5		%	16.0		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2)	20.6		%	19.8		%
See footnotes on last page.

Page 21 of 24

MetLife, Inc.
(Unaudited)
(In millions, except per share data)
	June 30,
Equity Details	2023		2022
Total MetLife, Inc.'s stockholders' equity	$	30,261	$	33,744
Less: Preferred stock	3,818		3,818
MetLife, Inc.'s common stockholders' equity	26,443		29,926
Less: Net unrealized investment gains (losses), net of income tax	(16,800)		(10,289)
Future policy benefits discount rate remeasurement gain (losses), net of income tax	3,919		(136)
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	108		193
Defined benefit plans adjustment, net of income tax	(1,331)		(1,555)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	40,547		41,713
Less: Accumulated year-to-date total notable items (2)	—		77
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	40,547	$	41,636
	June 30,
Book Value (4)	2023		2022
Book value per common share	$	34.92	$	37.52
Less: Net unrealized investment gains (losses), net of income tax	(22.19)		(12.90)
Future policy benefits discount rate remeasurement gain (losses), net of income tax	5.18		(0.17)
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	0.14		0.24
Defined benefit plans adjustment, net of income tax	(1.76)		(1.95)
Book value per common share, excluding AOCI other than FCTA	$	53.55	$	52.30
Common shares outstanding, end of period (5)	757.2		797.6
	For the Three Months Ended
	June 30,
Average Common Stockholders' Equity	2023		2022
Average common stockholders' equity	$	27,410	$	34,270
Average common stockholders' equity, excluding AOCI other than FCTA	$	40,976	$	42,437
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	40,976	$	42,399			For the Three Months Ended
---	---	---	---	---
	June 30, (6)
Return on Equity	2023		2022
Return on MetLife, Inc.'s:
Common stockholders' equity	5.4	%	10.3	%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	21.8	%	20.3	%
Common stockholders' equity, excluding AOCI other than FCTA	14.6	%	16.4	%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	14.6	%	15.7	%
See footnotes on last page.

Page 22 of 24

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
		For the Three Months Ended
		June 30,
		2023		2022
U.S. (3):
	Adjusted earnings available to common shareholders	$	789	$	780
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	789	$	780
	Adjusted premiums, fees and other revenues	$	8,836	$	8,781
	Less: PRT	2,024		2,564
	Adjusted premiums, fees and other revenues, excluding PRT	$	6,812	$	6,217
Group Benefits (3):
	Adjusted earnings available to common shareholders	$	372	$	406
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	372	$	406
	Adjusted premiums, fees and other revenues	$	6,013	$	5,756
Retirement & Income Solutions (3):
	Adjusted earnings available to common shareholders	$	417	$	374
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	417	$	374
	Adjusted premiums, fees and other revenues	$	2,823	$	3,025
	Less: PRT	2,024		2,564
	Adjusted premiums, fees and other revenues, excluding PRT	$	799	$	461
See footnotes on last page.

Page 23 of 24

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(Unaudited)
(In millions)
		For the Three Months Ended
		June 30,
		2023		2022
Asia:
	Adjusted earnings available to common shareholders	$	431	$	486
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	431	$	486
	Adjusted earnings available to common shareholders on a constant currency basis	$	431	$	472
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	431	$	472
	Adjusted premiums, fees and other revenues	$	1,727	$	1,837
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,727	$	1,744
Latin America:
	Adjusted earnings available to common shareholders	$	219	$	251
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	219	$	251
	Adjusted earnings available to common shareholders on a constant currency basis	$	219	$	278
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	219	$	278
	Adjusted premiums, fees and other revenues	$	1,385	$	1,126
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,385	$	1,220
EMEA:
	Adjusted earnings available to common shareholders	$	70	$	66
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	70	$	66
	Adjusted earnings available to common shareholders on a constant currency basis	$	70	$	61
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	70	$	61
	Adjusted premiums, fees and other revenues	$	582	$	578
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	582	$	558
MetLife Holdings (3):
	Adjusted earnings available to common shareholders	$	211	$	382
	Less: Total notable items (2)	—		77
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	211	$	305
	Adjusted premiums, fees and other revenues	$	938	$	1,079
Corporate & Other (3):
	Adjusted earnings available to common shareholders	$	(228)	$	(227)
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	(228)	$	(227)
	Adjusted premiums, fees and other revenues	$	126	$	94
See footnotes on last page.

Page 24 of 24

MetLife, Inc.
(Unaudited)
	For the Three Months Ended
	June 30,
	2023		2022
Variable investment income (post-tax, in millions) (7)
U.S.
Group Benefits	$	4	$	7
Retirement and Income Solutions	29		75
Total U.S.	33		82
Asia	84		101
Latin America	4		16
EMEA	—		—
MetLife Holdings	41		85
Corporate & Other	13		23
Total variable investment income	$	175	$	307
See footnotes on last page.

Page 25 of 24

MetLife, Inc.
(Unaudited)
Cash & Capital (8), (9) (in billions)
Holding Companies Cash & Liquid Assets		$	4.2
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 3,818 million of equity related to preferred stock at both June 30, 2023 and 2022.
(5)	There were share repurchases of 0.7 billion for the three months ended June 30, 2023. There were share repurchases of approximately 300 million in July 2023.
(6)	Annualized using quarter-to-date results.
(7)	Assumes a 21% tax rate.
(8)	The total U.S. statutory adjusted capital is expected to be approximately 17.4 billion at June 30, 2023, down 2% from March 31, 2023. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.
(9)	The expected Japan solvency margin ratio as of June 30, 2023 is approximately 700%.

All values are in US Dollars.

Page 26 of 24

Document

Table of Contents

Exhibit 99.2

Second Quarter

Financial Supplement

June 30, 2023

Table of Contents

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

Table of Contents

METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023			June 30, 2023		June 30, 2022		June 30, 2023
Revenues
Premiums		$	11,556	$	17,332	$	9,005	$	9,589		$	11,678	$	22,173	$	21,267
Universal life and investment-type product policy fees		1,372		1,275		1,266		1,289			1,288		2,684		2,577
Net investment income		3,583		3,585		4,464		4,645			5,072		7,867		9,717
Other revenues		615		728		627		639			621		1,275		1,260
Net investment gains (losses)		(682)		(411)		350		(684)			(1,039)		(1,199)		(1,723)
Net derivative gains (losses)		(970)		(226)		(104)		(90)			(997)		(1,921)		(1,087)
Total revenues		15,474		22,283		15,608		15,388			16,623		30,879		32,011
Expenses
Policyholder benefits and claims		11,615		17,603		9,115		9,872			11,809		22,789		21,681
Policyholder liability remeasurement (gains) losses		(1)		136		20		(9)			(16)		(42)		(25)
Market risk benefit remeasurement (gains) losses		(757)		(965)		(512)		188			(817)		(2,197)		(629)
Interest credited to policyholder account balances		527		1,014		1,727		1,864			1,933		1,153		3,797
Policyholder dividends		194		158		155		159			151		393		310
Amortization of DAC and VOBA		458		441		457		470			479		933		949
Amortization of negative VOBA		(7)		(7)		(7)		(7)			(6)		(15)		(13)
Interest expense on debt		226		239		248		255			256		451		511
Other expenses, net of capitalization of DAC		2,231		2,249		2,379		2,339			2,404		4,491		4,743
Total expenses		14,486		20,868		13,582		15,131			16,193		27,956		31,324
Income (loss) before provision for income tax		988		1,415		2,026		257			430		2,923		687
Provision for income tax expense (benefit)		73		248		445		172			22		369		194
Net income (loss)		915		1,167		1,581		85			408		2,554		493
Less: Net income (loss) attributable to noncontrolling interests		5		5		3		5			6		10		11
Net income (loss) attributable to MetLife, Inc.		910		1,162		1,578		80			402		2,544		482
Less: Preferred stock dividends		29		64		29		66			32		92		98
Net income (loss) available to MetLife, Inc.'s common shareholders		$	881	$	1,098	$	1,549	$	14		$	370	$	2,452	$	384
Premiums, fees and other revenues		$	13,543	$	19,335	$	10,898	$	11,517		$	13,587	$	26,132	$	25,104

Table of Contents

METLIFE<br>CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Net income (loss) available to MetLife, Inc.'s common shareholders	$	881	$	1,098	$	1,549	$	14	$	370
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(682)		(411)		350		(684)		(1,039)
Less: Net derivative gains (losses)	(970)		(226)		(104)		(90)		(997)
Less: Market risk benefit remeasurement gains (losses)	757		965		512		(188)		817
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(396)		(435)		(317)		(383)		(316)
Less: Provision for income tax (expense) benefit	439		110		(149)		180		419
Add: Net income (loss) attributable to noncontrolling interests	5		5		3		5		6
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders	1,738		1,100		1,260		1,184		1,492
Less: Total notable items (2)	77		12		—		—		—
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,661	$	1,088	$	1,260	$	1,184	$	1,492
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.08	$	1.37	$	1.96	$	0.02	$	0.48
Less: Net investment gains (losses)	(0.84)		(0.51)		0.44		(0.88)		(1.35)
Less: Net derivative gains (losses)	(1.19)		(0.28)		(0.13)		(0.12)		(1.30)
Less: Market risk benefit remeasurement gains (losses)	0.93		1.21		0.65		(0.24)		1.06
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.48)		(0.55)		(0.40)		(0.48)		(0.40)
Less: Provision for income tax (expense) benefit	0.54		0.14		(0.19)		0.23		0.54
Add: Net income (loss) attributable to noncontrolling interests	0.01		0.01		—		0.01		0.01
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders per diluted common share	2.13		1.37		1.59		1.52		1.94
Less: Total notable items per diluted common share (2)	0.09		0.01		—		—		—
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	2.04	$	1.36	$	1.59	$	1.52	$	1.94
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	77	$	12	$	—	$	—	—
Total notable items	$	77	$	12	$	—	$	—	—
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	0.09	$	0.01	$	—	$	—	—
Total notable items	$	0.09	$	0.01	$	—	$	—	$	—
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Weighted average common shares outstanding - diluted	814.5		800.7		790.2		781.2		769.6
(1)See Appendix for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

Table of Contents

METLIFE<br>CORPORATE OVERVIEW (CONTINUED)
Unaudited	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Book value per common share (1)	$	37.52		$	32.48		$	33.45		$	36.89		$	34.92
Book value per common share, excluding AOCI other than FCTA (1)	$	52.30		$	52.04		$	54.30		$	53.83		$	53.55
	For the Three Months Ended
Unaudited	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Return on MetLife, Inc.'s (2):
Common stockholders' equity	10.3		%	15.8		%	24.0		%	0.2		%	5.4		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	20.3		%	15.9		%	19.5		%	17.4		%	21.8		%
Common stockholders' equity, excluding AOCI other than FCTA	16.4		%	10.6		%	12.1		%	11.3		%	14.6		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	15.7		%	10.5		%	12.1		%	11.3		%	14.6		%
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Common shares outstanding, beginning of period	814.8			797.6			787.3			779.1			769.2
Share repurchases	(17.3)			(10.3)			(8.5)			(11.6)			(12.1)
Newly issued shares	0.1			—			0.3			1.7			0.1
Common shares outstanding, end of period	797.6			787.3			779.1			769.2			757.2
Weighted average common shares outstanding - basic	809.7			795.8			784.2			775.4			765.9
Dilutive effect of the exercise or issuance of stock-based awards	4.8			4.9			6.0			5.8			3.7
Weighted average common shares outstanding - diluted	814.5			800.7			790.2			781.2			769.6
MetLife Policyholder Trust Shares	126.2			125.1			123.6			122.1			120.5
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

Table of Contents

METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Total revenues	$	15,474	$	22,283	$	15,608	$	15,388	$	16,623	$	30,879	$	32,011
Less: Adjustments to total revenues:
Net investment gains (losses)	(682)		(411)		350		(684)		(1,039)		(1,199)		(1,723)
Net derivative gains (losses)	(970)		(226)		(104)		(90)		(997)		(1,921)		(1,087)
Investment hedge adjustments	(232)		(252)		(277)		(264)		(263)		(447)		(527)
Asymmetrical and non-economic accounting	—		—		—		—		—		—		—
Unit-linked contract income	(688)		(321)		209		303		296		(1,186)		599
Other adjustments	47		35		27		(3)		(8)		88		(11)
Divested businesses	—		—		—		—		—		66		—
Total adjusted revenues	$	17,999	$	23,458	$	15,403	$	16,126	$	18,634	$	35,478	$	34,760
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Net investment income	$	3,583	$	3,585	$	4,464	$	4,645	$	5,072	$	7,867	$	9,717
Less: Adjustments to net investment income:
Investment hedge adjustments	(232)		(252)		(277)		(264)		(263)		(447)		(527)
Unit-linked contract income	(688)		(321)		209		303		296		(1,186)		599
Other adjustments	(1)		(5)		2		—		(1)		(7)		(1)
Divested businesses	—		—		—		—		—		11		—
Adjusted net investment income	$	4,504	$	4,163	$	4,530	$	4,606	$	5,040	$	9,496	$	9,646
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Variable investment income (Included in net investment income above)	$	389	$	(53)	$	24	$	(44)	$	221	$	1,574	$	177
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Premiums, fees and other revenues	$	13,543	$	19,335	$	10,898	$	11,517	$	13,587	$	26,132	$	25,104
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting	—		—		—		—		—		—		—
Other adjustments	48		40		25		(3)		(7)		95		(10)
Divested businesses	—		—		—		—		—		55		—
Adjusted premiums, fees and other revenues	$	13,495	$	19,295	$	10,873	$	11,520	$	13,594	$	25,982	$	25,114
Adjusted premiums, fees and other revenues, on a constant currency basis	$	13,476	$	19,448	$	11,046	$	11,526	$	13,594

Table of Contents

METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Total expenses	$	14,486	$	20,868	$	13,582	$	15,131	$	16,193	$	27,956	$	31,324
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses	(757)		(965)		(512)		188		(817)		(2,197)		(629)
Goodwill impairment	—		—		—		—		—		—		—
Asymmetrical and non-economic accounting	184		205		143		103		64		240		167
Market volatility	(34)		(66)		(105)		(14)		(44)		(22)		(58)
Unit-linked contract costs	(695)		(302)		180		303		301		(1,200)		604
Other adjustments	60		47		37		16		11		107		27
Divested businesses	8		13		21		11		9		63		20
Total adjusted expenses	$	15,720	$	21,936	$	13,818	$	14,524	$	16,669	$	30,965	$	31,193
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Capitalization of DAC	$	(637)	$	(626)	$	(699)	$	(718)	$	(729)	$	(1,289)	$	(1,447)
Less: Divested businesses	—		—		—		—		—		(11)		—
Adjusted capitalization of DAC	$	(637)	$	(626)	$	(699)	$	(718)	$	(729)	$	(1,278)	$	(1,447)
	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Other expenses	$	2,868	$	2,875	$	3,078	$	3,057	$	3,133	$	5,780	$	6,190
Less: Adjustments to other expenses:
Other adjustments	60		47		37		16		11		107		27
Divested businesses	8		13		21		11		9		40		20
Adjusted other expenses	$	2,800	$	2,815	$	3,020	$	3,030	$	3,113	$	5,633	$	6,143
Adjusted other expenses on a constant currency basis	$	2,777	$	2,867	$	3,089	$	3,027	$	3,113

Table of Contents

METLIFE<br>EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			June 30, 2022			June 30, 2023
Other expenses, net of capitalization of DAC	$	2,231		$	2,249		$	2,379		$	2,339		$	2,404		$	4,491		$	4,743
Premiums, fees and other revenues	$	13,543		$	19,335		$	10,898		$	11,517		$	13,587		$	26,132		$	25,104
Expense ratio	16.5		%	11.6		%	21.8		%	20.3		%	17.7		%	17.2		%	18.9		%
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			June 30, 2022			June 30, 2023
Adjusted other expenses by major category
Direct expenses	$	1,335		$	1,342		$	1,481		$	1,387		$	1,415		$	2,667		$	2,802
Pension, postretirement and postemployment benefit costs	24			24			25			59			59			49			118
Premium taxes, other taxes, and licenses & fees	137			172			146			161			184			288			345
Commissions and other variable expenses	1,304			1,277			1,368			1,423			1,455			2,629			2,878
Adjusted other expenses	2,800			2,815			3,020			3,030			3,113			5,633			6,143
Adjusted capitalization of DAC	(637)			(626)			(699)			(718)			(729)			(1,278)			(1,447)
Adjusted other expenses, net of adjusted capitalization of DAC	2,163			2,189			2,321			2,312			2,384			4,355			4,696
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—			—			—			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,163		$	2,189		$	2,321		$	2,312		$	2,384		$	4,355		$	4,696
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			June 30, 2022			June 30, 2023
Employee-related costs	$	866		$	875		$	864		$	929		$	895		$	1,765		$	1,824
Third-party staffing costs	371			349			433			331			346			746			677
General and administrative expenses	98			118			184			127			174			156			301
Direct expenses	1,335			1,342			1,481			1,387			1,415			2,667			2,802
Less: Total notable items related to direct expenses (1)	—			—			—			—			—			—			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,335		$	1,342		$	1,481		$	1,387		$	1,415		$	2,667		$	2,802
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,163		$	2,189		$	2,321		$	2,312		$	2,384		$	4,355		$	4,696
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—			—			—			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,163		$	2,189		$	2,321		$	2,312		$	2,384		$	4,355		$	4,696
Adjusted premiums, fees and other revenues	$	13,495		$	19,295		$	10,873		$	11,520		$	13,594		$	25,982		$	25,114
Less: PRT	2,564			8,466			(69)			(21)			2,024			3,822			2,003
Adjusted premiums, fees and other revenues, excluding PRT	$	10,931		$	10,829		$	10,942		$	11,541		$	11,570		$	22,160		$	23,111
Direct expense ratio	9.9		%	7.0		%	13.6		%	12.0		%	10.4		%	10.3		%	11.2		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.2		%	12.4		%	13.5		%	12.0		%	12.2		%	12.0		%	12.1		%
Adjusted expense ratio	16.0		%	11.3		%	21.3		%	20.1		%	17.5		%	16.8		%	18.7		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	19.8		%	20.2		%	21.2		%	20.0		%	20.6		%	19.7		%	20.3		%
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

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METLIFE<br>GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	284,178	$	270,765	$	276,780	$	283,854	$	283,857
Equity securities, at estimated fair value	1,085		973		1,684		1,695		769
Contractholder-directed equity securities and fair value option securities, at estimated fair value	9,875		8,954		9,668		10,063		10,204
Mortgage loans	82,055		82,437		83,763		85,572		92,986
Policy loans	8,876		8,783		8,874		8,863		8,788
Real estate and real estate joint ventures	12,376		12,532		13,137		13,155		13,045
Other limited partnership interests	14,636		14,387		14,414		14,437		14,722
Short-term investments, principally at estimated fair value	3,043		5,266		4,935		4,184		6,921
Other invested assets	19,901		22,299		20,038		19,479		19,656
Total investments	436,025		426,396		433,293		441,302		450,948
Cash and cash equivalents, principally at estimated fair value	20,548		22,200		20,195		18,456		15,417
Accrued investment income	3,154		3,355		3,446		3,554		3,505
Premiums, reinsurance and other receivables	17,713		17,550		17,364		18,692		18,530
Market risk benefits, at estimated fair value	25		253		280		227		279
Deferred policy acquisition costs and value of business acquired	18,946		18,545		19,653		19,976		19,850
Current income tax recoverable	274		194		42		—		189
Deferred income tax assets	1,949		2,161		2,439		2,257		2,377
Goodwill	9,151		9,005		9,297		9,379		9,261
Other assets	11,280		10,992		11,025		12,006		10,977
Separate account assets	143,829		135,771		146,038		148,417		145,946
Total assets	$	662,894	$	646,422	$	663,072	$	674,266	$	677,279
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	184,916	$	180,812	$	187,222	$	191,741	$	190,474
Policyholder account balances	207,921		205,279		210,597		212,569		214,413
Market risk benefits, at estimated fair value	4,704		4,039		3,763		3,869		3,259
Other policy-related balances	18,652		18,509		18,424		19,598		19,642
Policyholder dividends payable	457		429		387		356		366
Payables for collateral under securities loaned and other transactions	23,819		24,890		20,937		19,863		18,806
Short-term debt	196		183		175		168		200
Long-term debt	13,677		14,520		14,647		14,622		14,539
Collateral financing arrangement	741		729		716		704		675
Junior subordinated debt securities	3,157		3,158		3,158		3,159		3,160
Current income tax payable	—		—		—		554		—
Deferred income tax liability	1,828		991		950		1,111		752
Other liabilities	24,988		27,472		25,933		25,112		34,555
Separate account liabilities	143,829		135,771		146,038		148,417		145,946
Total liabilities	628,885		616,782		632,947		641,843		646,787
Equity
Preferred stock, at par value	—		—		—		—		—
Common stock, at par value	12		12		12		12		12
Additional paid-in capital	33,548		33,589		33,616		33,617		33,630
Retained earnings	38,478		39,176		40,332		39,957		39,928
Treasury stock, at cost	(20,188)		(20,862)		(21,458)		(22,245)		(22,923)
Accumulated other comprehensive income (loss)	(18,106)		(22,526)		(22,621)		(19,147)		(20,386)
Total MetLife, Inc.'s stockholders' equity	33,744		29,389		29,881		32,194		30,261
Noncontrolling interests	265		251		244		229		231
Total equity	34,009		29,640		30,125		32,423		30,492
Total liabilities and equity	$	662,894	$	646,422	$	663,072	$	674,266	$	677,279

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METLIFESUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	515	$	530	$	495	$	391	$	471
RETIREMENT AND INCOME SOLUTIONS	473		420		477		505		527
TOTAL U.S.	$	988	$	950	$	972	$	896	$	998
ASIA	684		385		369		405		611
LATIN AMERICA	330		203		233		303		281
EMEA	88		90		72		76		92
METLIFE HOLDINGS	479		143		228		195		262
CORPORATE & OTHER	(290)		(249)		(289)		(273)		(279)
Total adjusted earnings before provision for income tax	$	2,279	$	1,522	$	1,585	$	1,602	$	1,965
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	109	$	113	$	103	$	84	$	99
RETIREMENT AND INCOME SOLUTIONS	99		86		96		105		110
TOTAL U.S.	$	208	$	199	$	199	$	189	$	209
ASIA	198		118		104		125		180
LATIN AMERICA	79		44		49		88		62
EMEA	22		26		8		16		22
METLIFE HOLDINGS	97		26		44		37		51
CORPORATE & OTHER	(92)		(55)		(108)		(103)		(83)
Total provision for income tax expense (benefit)	$	512	$	358	$	296	$	352	$	441
Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS	$	406	$	417	$	392	$	307	$	372
RETIREMENT AND INCOME SOLUTIONS	374		334		381		400		417
TOTAL U.S.	$	780	$	751	$	773	$	707	$	789
ASIA	486		267		265		280		431
LATIN AMERICA	251		159		184		215		219
EMEA	66		64		64		60		70
METLIFE HOLDINGS	382		117		184		158		211
CORPORATE & OTHER (1)	(227)		(258)		(210)		(236)		(228)
Total adjusted earnings available to common shareholders (1)	$	1,738	$	1,100	$	1,260	$	1,184	$	1,492
(1)Includes impact of preferred stock dividends of 29 million, 64 million, 29 million, 66 million and 32 million for the three months ended June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively.

All values are in US Dollars.

Table of Contents

U.S. <br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023			June 30, 2022		June 30, 2023
Adjusted revenues
Premiums		$	8,094	$	13,954	$	5,617	$	5,952	$	8,108		$	15,099	$	14,060
Universal life and investment-type product policy fees		283		286		291		297		294			581		591
Net investment income		1,710		1,716		2,040		2,124		2,275			3,584		4,399
Other revenues		404		514		408		448		434			830		882
Total adjusted revenues		10,491		16,470		8,356		8,821		11,111			20,094		19,932
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		8,115		13,978		5,729		6,219		8,307			15,532		14,526
Policyholder liability remeasurement (gains) losses		(7)		9		(8)		(33)		(9)			(30)		(42)
Interest credited to policyholder account balances		453		548		650		692		750			859		1,442
Capitalization of DAC		(23)		(38)		(38)		(51)		(55)			(55)		(106)
Amortization of DAC and VOBA		15		17		17		17		19			32		36
Amortization of negative VOBA		—		—		—		—		—			—		—
Interest expense on debt		1		3		3		3		5			3		8
Other expenses		949		1,003		1,031		1,078		1,096			1,928		2,174
Total adjusted expenses		9,503		15,520		7,384		7,925		10,113			18,269		18,038
Adjusted earnings before provision for income tax		988		950		972		896		998			1,825		1,894
Provision for income tax expense (benefit)		208		199		199		189		209			382		398
Adjusted earnings		780		751		773		707		789			1,443		1,496
Preferred stock dividends		—		—		—		—		—			—		—
Adjusted earnings available to common shareholders		$	780	$	751	$	773	$	707	$	789		$	1,443	$	1,496
Adjusted premiums, fees and other revenues		$	8,781	$	14,754	$	6,316	$	6,697	$	8,836		$	16,510	$	15,533
Less: PRT		2,564		8,466		(69)		(21)		2,024			3,822		2,003
Adjusted premiums, fees and other revenues, excluding PRT		$	6,217	$	6,288	$	6,385	$	6,718	$	6,812		$	12,688	$	13,530

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U.S.<br>GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Adjusted revenues
Premiums		$	5,210	$	5,161	$	5,247	$	5,451	$	5,427	$	10,643	$	10,878
Universal life and investment-type product policy fees		210		215		214		218		223		426		441
Net investment income		278		279		299		310		327		558		637
Other revenues		336		331		338		380		363		691		743
Total adjusted revenues		6,034		5,986		6,098		6,359		6,340		12,318		12,699
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,640		4,538		4,645		4,994		4,866		9,893		9,860
Policyholder liability remeasurement (gains) losses		2		4		2		(4)		2		1		(2)
Interest credited to policyholder account balances		32		34		46		46		48		63		94
Capitalization of DAC		(6)		(4)		(4)		(6)		(5)		(10)		(11)
Amortization of DAC and VOBA		7		7		6		6		7		13		13
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		—		1		—		—		1		—		1
Other expenses		844		876		908		932		950		1,694		1,882
Total adjusted expenses		5,519		5,456		5,603		5,968		5,869		11,654		11,837
Adjusted earnings before provision for income tax		515		530		495		391		471		664		862
Provision for income tax expense (benefit)		109		113		103		84		99		141		183
Adjusted earnings		406		417		392		307		372		523		679
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	406	$	417	$	392	$	307	$	372	$	523	$	679
Adjusted premiums, fees and other revenues		$	5,756	$	5,707	$	5,799	$	6,049	$	6,013	$	11,760	$	12,062

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U.S.<br>RETIREMENT AND INCOME SOLUTIONS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Adjusted revenues
Premiums		$	2,884	$	8,793	$	370	$	501	$	2,681	$	4,456	$	3,182
Universal life and investment-type product policy fees		73		71		77		79		71		155		150
Net investment income		1,432		1,437		1,741		1,814		1,948		3,026		3,762
Other revenues		68		183		70		68		71		139		139
Total adjusted revenues		4,457		10,484		2,258		2,462		4,771		7,776		7,233
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,475		9,440		1,084		1,225		3,441		5,639		4,666
Policyholder liability remeasurement (gains) losses		(9)		5		(10)		(29)		(11)		(31)		(40)
Interest credited to policyholder account balances		421		514		604		646		702		796		1,348
Capitalization of DAC		(17)		(34)		(34)		(45)		(50)		(45)		(95)
Amortization of DAC and VOBA		8		10		11		11		12		19		23
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		2		3		3		4		3		7
Other expenses		105		127		123		146		146		234		292
Total adjusted expenses		3,984		10,064		1,781		1,957		4,244		6,615		6,201
Adjusted earnings before provision for income tax		473		420		477		505		527		1,161		1,032
Provision for income tax expense (benefit)		99		86		96		105		110		241		215
Adjusted earnings		374		334		381		400		417		920		817
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	374	$	334	$	381	$	400	$	417	$	920	$	817
Adjusted premiums, fees and other revenues		$	3,025	$	9,047	$	517	$	648	$	2,823	$	4,750	$	3,471
Less: PRT		2,564		8,466		(69)		(21)		2,024		3,822		2,003
Adjusted premiums, fees and other revenues, excluding PRT		$	461	$	581	$	586	$	669	$	799	$	928	$	1,468

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U.S.<br>GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Direct and allocated expenses	$	436		$	444		$	475		$	474		$	468
Pension, postretirement and postemployment benefit costs	1			2			(1)			13			13
Premium taxes, other taxes, and licenses & fees	73			88			80			80			101
Commissions and other variable expenses	334			342			354			365			368
Adjusted other expenses	$	844		$	876		$	908		$	932		$	950
OTHER STATISTICAL INFORMATION (1)
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Group Life (2)
Adjusted premiums, fees and other revenues	$	2,126		$	2,125		$	2,131		$	2,232		$	2,254
Mortality ratio	85.4		%	85.7		%	87.3		%	90.5		%	85.3		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,481		$	2,475		$	2,533		$	2,601		$	2,617
Interest adjusted benefit ratio (4)	73.1		%	70.1		%	70.1		%	72.9		%	73.7		%
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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U.S.RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Balance, end of period (at balance sheet discount rate) (2)	58,840	$	61,264	$	62,737	$	63,671	$	64,446
Less: Accumulated other comprehensive (income) loss		(4,531)		(2,856)		(1,302)		(2,135)
Balance, end of period (at original discount rate)	58,120	$	65,795	$	65,593	$	64,973	$	66,581
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Balance, end of period	79,821	$	79,311	$	80,066	$	79,973	$	81,249
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Balance, end of period	61,622	$	58,838	$	60,040	$	57,990	$	54,501
SYNTHETIC GICS (3), (4)
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Balance, end of period	44,841	$	45,066	$	46,316	$	47,850	$	50,453
LONGEVITY REINSURANCE (5)
Unaudited (In millions)		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Balance, end of period	14,753	$	13,427	$	16,602	$	17,085	$	19,401
(1)Includes 3,291 million, 3,394 million, 3,392 million, 3,449 million and 3,481 million of DPL at June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(4)Includes 0, 0, 147 million, 2,262 million, and 3,112 million of transfers from separate account GICs to synthetic GICs at June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023, and June 30, 2023, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.

All values are in US Dollars.

Table of Contents

U.S.<br>RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Direct and allocated expenses	$	61		$	64		$	70		$	71		$	67
Pension, postretirement and postemployment benefit costs	1			—			—			3			3
Premium taxes, other taxes, and licenses & fees	4			22			10			9			12
Commissions and other variable expenses	39			41			43			63			64
Adjusted other expenses	$	105		$	127		$	123		$	146		$	146
SPREAD
	For the Three Months Ended
Unaudited	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Investment income yield excluding variable investment income yield	3.88		%	4.20		%	4.69		%	4.98		%	5.18		%
Variable investment income yield	7.03		%	(3.24)		%	0.50		%	(0.27)		%	2.57		%
Total investment income yield	4.01		%	3.90		%	4.53		%	4.78		%	5.08		%
Average crediting rate	2.96		%	3.29		%	3.65		%	3.82		%	3.97		%
Amortization of DPL and losses at inception (1)	(0.21)		%	(0.21)		%	(0.20)		%	(0.21)		%	(0.21)		%
Total average crediting rate	2.75		%	3.08		%	3.45		%	3.61		%	3.76		%
Annualized general account spread	1.26		%	0.82		%	1.08		%	1.17		%	1.32		%
Annualized general account spread excluding variable investment income yield	1.13		%	1.12		%	1.24		%	1.37		%	1.42		%
(1)Includes the amortization of DPL of (0.21)%, (0.22)%, (0.20)%, (0.22)% and (0.21)% for the three months ended June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively.

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ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Adjusted revenues
Premiums		$	1,393	$	1,346	$	1,272	$	1,377	$	1,310	$	2,945	$	2,687
Universal life and investment-type product policy fees		420		438		432		397		396		823		793
Net investment income		1,012		827		828		881		1,050		2,254		1,931
Other revenues		24		21		24		20		21		45		41
Total adjusted revenues		2,849		2,632		2,556		2,675		2,777		6,067		5,452
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,123		1,119		1,051		1,130		1,057		2,394		2,187
Policyholder liability remeasurement (gains) losses		(10)		61		42		11		(27)		(34)		(16)
Interest credited to policyholder account balances		493		497		515		536		570		991		1,106
Capitalization of DAC		(381)		(351)		(410)		(401)		(397)		(769)		(798)
Amortization of DAC and VOBA		182		178		191		193		190		376		383
Amortization of negative VOBA		(5)		(6)		(6)		(6)		(5)		(12)		(11)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		763		749		804		807		778		1,600		1,585
Total adjusted expenses		2,165		2,247		2,187		2,270		2,166		4,546		4,436
Adjusted earnings before provision for income tax		684		385		369		405		611		1,521		1,016
Provision for income tax expense (benefit)		198		118		104		125		180		436		305
Adjusted earnings		486		267		265		280		431		1,085		711
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	486	$	267	$	265	$	280	$	431	$	1,085	$	711
Adjusted premiums, fees and other revenues		$	1,837	$	1,805	$	1,728	$	1,794	$	1,727	$	3,813	$	3,521

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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Adjusted premiums, fees and other revenues	$	1,837	$	1,805	$	1,728	$	1,794	$	1,727
Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,744	$	1,806	$	1,764	$	1,742	$	1,727
Add: Operating joint ventures, on a constant currency basis (1)	295		384		373		492		420
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,039	$	2,190	$	2,137	$	2,234	$	2,147
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Direct and allocated expenses	$	291	$	285	$	300	$	303	$	285
Pension, postretirement and postemployment benefit costs	19		17		23		17		15
Premium taxes, other taxes, and licenses & fees	31		36		37		33		32
Commissions and other variable expenses	422		411		444		454		446
Adjusted other expenses	$	763	$	749	$	804	$	807	$	778
Adjusted other expenses, net of adjusted capitalization of DAC	$	382	$	398	$	394	$	406	$	381
Adjusted other expenses on a constant currency basis	$	724	$	752	$	822	$	783	$	778
Add: Operating joint ventures, on a constant currency basis (2)	100		109		109		127		119
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	824	$	861	$	931	$	910	$	897
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	443	$	486	$	492	$	486	$	469
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Japan:
Life	$	105	$	101	$	102	$	83	$	200
Accident & Health	71		67		62		66		63
Annuities	130		202		267		264		173
Other	2		3		2		2		2
Total Japan	308		373		433		415		438
Other Asia	157		209		190		230		184
Total sales	$	465	$	582	$	623	$	645	$	622
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Adjusted earnings available to common shareholders	$	486	$	267	$	265	$	280	$	431
Adjusted earnings available to common shareholders, on a constant currency basis	$	472	$	264	$	269	$	276	$	431
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
GA AUM	$	117,597	$	109,930	$	116,289	$	121,072	$	118,188
GA AUM (at amortized cost)	$	122,257	$	119,302	$	126,335	$	127,120	$	125,266
GA AUM (at amortized cost), on a constant currency basis	$	118,882	$	120,236	$	121,685	$	123,311	$	125,266
Add: Operating joint ventures, on a constant currency basis (1)	6,910		7,102		7,451		7,860		8,162
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	125,792	$	127,338	$	129,136	$	131,171	$	133,428
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Adjusted revenues
Premiums		$	822	$	822	$	842	$	1,025	$	1,023	$	1,560	$	2,048
Universal life and investment-type product policy fees		294		293		299		335		352		583		687
Net investment income		459		399		413		379		418		781		797
Other revenues		10		10		10		12		10		19		22
Total adjusted revenues		1,585		1,524		1,564		1,751		1,803		2,943		3,554
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		812		872		856		966		976		1,592		1,942
Policyholder liability remeasurement (gains) losses		6		3		(16)		(4)		3		(8)		(1)
Interest credited to policyholder account balances		84		89		94		99		105		152		204
Capitalization of DAC		(116)		(130)		(137)		(151)		(148)		(227)		(299)
Amortization of DAC and VOBA		101		104		105		106		117		201		223
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		4		3		2		2		4		7		6
Other expenses		364		380		427		430		465		713		895
Total adjusted expenses		1,255		1,321		1,331		1,448		1,522		2,430		2,970
Adjusted earnings before provision for income tax		330		203		233		303		281		513		584
Provision for income tax expense (benefit)		79		44		49		88		62		127		150
Adjusted earnings		251		159		184		215		219		386		434
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	251	$	159	$	184	$	215	$	219	$	386	$	434
Adjusted premiums, fees and other revenues		$	1,126	$	1,125	$	1,151	$	1,372	$	1,385	$	2,162	$	2,757

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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Direct and allocated expenses	$	116	$	116	$	140	$	133	$	143
Pension, postretirement and postemployment benefit costs	1		1		1		1		1
Premium taxes, other taxes, and licenses & fees	11		12		13		21		20
Commissions and other variable expenses	236		251		273		275		301
Adjusted other expenses	$	364	$	380	$	427	$	430	$	465
Adjusted other expenses, net of adjusted capitalization of DAC	$	248	$	250	$	290	$	279	$	317
Adjusted other expenses on a constant currency basis	$	388	$	424	$	471	$	448	$	465
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	262	$	277	$	319	$	290	$	317
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Mexico	$	143	$	146	$	146	$	214	153
Chile	87		92		97		102		101
All other	67		84		86		99		82
Total sales	$	297	$	322	$	329	$	415	$	336
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Adjusted premiums, fees and other revenues	$	1,126	$	1,125	$	1,151	$	1,372	$	1,385
Adjusted earnings available to common shareholders	$	251	$	159	$	184	$	215	$	219
Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,220	$	1,272	$	1,277	$	1,424	$	1,385
Adjusted earnings available to common shareholders, on a constant currency basis	$	278	$	186	$	207	$	225	$	219

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EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Adjusted revenues
Premiums		$	493	$	472	$	488	$	496	$	499	$	1,002	$	995
Universal life and investment-type product policy fees		77		57		67		77		75		160		152
Net investment income		38		40		41		45		47		79		92
Other revenues		8		8		10		8		8		17		16
Total adjusted revenues		616		577		606		626		629		1,258		1,255
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		226		235		239		261		237		502		498
Policyholder liability remeasurement (gains) losses		6		(11)		(5)		(3)		2		10		(1)
Interest credited to policyholder account balances		20		16		18		16		19		37		35
Capitalization of DAC		(108)		(96)		(106)		(108)		(119)		(209)		(227)
Amortization of DAC and VOBA		88		75		81		85		85		167		170
Amortization of negative VOBA		(2)		(1)		(1)		(1)		(1)		(3)		(2)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		298		269		308		300		314		594		614
Total adjusted expenses		528		487		534		550		537		1,098		1,087
Adjusted earnings before provision for income tax		88		90		72		76		92		160		168
Provision for income tax expense (benefit)		22		26		8		16		22		39		38
Adjusted earnings		66		64		64		60		70		121		130
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	66	$	64	$	64	$	60	$	70	$	121	$	130
Adjusted premiums, fees and other revenues		$	578	$	537	$	565	$	581	$	582	$	1,179	$	1,163

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EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Direct and allocated expenses	$	101	$	91	$	100	$	94	$	97
Pension, postretirement and postemployment benefit costs	2		1		1		1		1
Premium taxes, other taxes, and licenses & fees	4		3		6		5		6
Commissions and other variable expenses	191		174		201		200		210
Adjusted other expenses	$	298	$	269	$	308	$	300	$	314
Adjusted other expenses, net of adjusted capitalization of DAC	$	190	$	173	$	202	$	192	$	195
Adjusted other expenses on a constant currency basis	$	290	$	274	$	315	$	303	$	314
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	185	$	175	$	206	$	194	$	195
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Adjusted premiums, fees and other revenues	$	578	$	537	$	565	$	581	$	582
Adjusted earnings available to common shareholders	$	66	$	64	$	64	$	60	$	70
Adjusted premiums, fees and other revenues, on a constant currency basis	$	558	$	542	$	576	$	587	$	582
Adjusted earnings available to common shareholders, on a constant currency basis	$	61	$	66	$	67	$	61	$	70
Total sales on a constant currency basis	$	207	$	172	$	185	$	264	$	234

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METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Adjusted revenues
Premiums		$	760	$	745	$	785	$	723	$	719	$	1,536	$	1,442
Universal life and investment-type product policy fees		296		202		176		183		170		524		353
Net investment income		1,268		1,103		1,150		1,127		1,170		2,661		2,297
Other revenues		23		39		49		53		49		67		102
Total adjusted revenues		2,347		2,089		2,160		2,086		2,108		4,788		4,194
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,354		1,385		1,415		1,369		1,341		2,836		2,710
Policyholder liability remeasurement (gains) losses		4		74		7		20		15		20		35
Interest credited to policyholder account balances		203		202		206		199		198		405		397
Capitalization of DAC		(7)		(9)		(7)		(6)		(6)		(13)		(12)
Amortization of DAC and VOBA		70		64		61		68		64		145		132
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		2		3		3		3		3		6
Other expenses		242		228		247		238		231		478		469
Total adjusted expenses		1,868		1,946		1,932		1,891		1,846		3,874		3,737
Adjusted earnings before provision for income tax		479		143		228		195		262		914		457
Provision for income tax expense (benefit)		97		26		44		37		51		184		88
Adjusted earnings		382		117		184		158		211		730		369
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	382	$	117	$	184	$	158	$	211	$	730	$	369
Adjusted premiums, fees and other revenues		$	1,079	$	986	$	1,010	$	959	$	938	$	2,127	$	1,897

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METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Annuities	$	1,696	$	1,582	$	1,593	$	1,606	$	1,581
Life and Other	54,830		54,605		54,573		54,365		54,187
Long Term Care	14,828		12,986		13,845		14,617		14,498
Balance, end of period (at balance sheet discount rate) (2)	$	71,354	$	69,173	$	70,011	$	70,588	$	70,266
Less:
Annuities	$	12	$	(89)	$	(60)	$	(29)	$	(50)
Life and Other	41		(93)		(60)		(16)		18
Long Term Care	800		(1,217)		(513)		111		(172)
Accumulated other comprehensive (income) loss	$	853	$	(1,399)	$	(633)	$	66	$	(204)
Annuities	$	1,684	$	1,671	$	1,653	$	1,635	$	1,631
Life and Other	54,789		54,698		54,633		54,381		54,169
Long Term Care	14,028		14,203		14,358		14,506		14,670
Balance, end of period (at original discount rate)	$	70,501	$	70,572	$	70,644	$	70,522	$	70,470
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Annuities	$	13,985	$	13,701	$	13,286	$	12,818	$	12,410
Life and Other	12,607		12,544		12,402		12,234		12,044
Balance, end of period	$	26,592	$	26,245	$	25,688	$	25,052	$	24,454
MARKET RISK BENEFITS (3)
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Annuities	$	4,256	$	3,534	$	3,225	$	3,361	$	2,793
Balance, end of period	$	4,256	$	3,534	$	3,225	$	3,361	$	2,793
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Annuities	$	30,163	$	27,680	$	28,499	$	29,320	$	29,616
Life and Other	5,527		5,225		5,475		5,794		6,071
Balance, end of period	$	35,690	$	32,905	$	33,974	$	35,114	$	35,687
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Represents the current discount rate at the respective balance sheet date.
(3) Market risk benefits include Japan reinsurance.

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METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Direct and allocated expenses	$	160		$	164		$	178		$	171		$	165
Pension, postretirement and postemployment benefit costs	1			—			1			6			6
Premium taxes, other taxes, and licenses & fees	17			20			15			18			17
Commissions and other variable expenses	64			44			53			43			43
Adjusted other expenses	$	242		$	228		$	247		$	238		$	231
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Life (1)
Adjusted premiums, fees and other revenues	$	745		$	654		$	694		$	639		$	614
Interest adjusted benefit ratio	33.2		%	53.9		%	49.1		%	45.8		%	39.5		%
Lapse Ratio (2)
Traditional life	4.4		%	4.5		%	4.6		%	4.7		%	4.8		%
Variable & universal life	3.3		%	3.3		%	3.4		%	3.5		%	3.7		%
Fixed annuity	6.2		%	6.6		%	7.3		%	9.0		%	10.3		%
Variable annuity	9.8		%	9.5		%	9.2		%	9.5		%	9.9		%
(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<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Adjusted revenues
Premiums		$	(6)	$	(7)	$	1	$	16	$	19	$	(10)	$	35
Universal life and investment-type product policy fees		2		(1)		1		—		1		2		1
Net investment income		17		78		58		50		80		137		130
Other revenues		98		96		101		101		106		199		207
Total adjusted revenues		111		166		161		167		206		328		373
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		(2)		(3)		6		16		12		(9)		28
Policyholder liability remeasurement (gains) losses		—		—		—		—		—		—		—
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(2)		(2)		(1)		(1)		(4)		(5)		(5)
Amortization of DAC and VOBA		2		3		2		1		4		4		5
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		219		231		240		247		244		438		491
Other expenses		184		186		203		177		229		320		406
Total adjusted expenses		401		415		450		440		485		748		925
Adjusted earnings before provision for income tax		(290)		(249)		(289)		(273)		(279)		(420)		(552)
Provision for income tax expense (benefit)		(92)		(55)		(108)		(103)		(83)		(180)		(186)
Adjusted earnings		(198)		(194)		(181)		(170)		(196)		(240)		(366)
Preferred stock dividends		29		64		29		66		32		92		98
Adjusted earnings available to common shareholders		$	(227)	$	(258)	$	(210)	$	(236)	$	(228)	$	(332)	$	(464)
Adjusted premiums, fees and other revenues		$	94	$	88	$	103	$	117	$	126	$	191	$	243
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Business activities		$	34	$	36	$	32	$	19	$	20	$	70	$	39
Net investment income		18		75		63		51		81		138		132
Interest expense on debt		(226)		(240)		(250)		(258)		(254)		(453)		(512)
Corporate initiatives and projects		(21)		(15)		(16)		(14)		(32)		(33)		(46)
Other		(95)		(105)		(118)		(71)		(94)		(142)		(165)
Provision for income tax (expense) benefit and other tax-related items		92		55		108		103		83		180		186
Preferred stock dividends		(29)		(64)		(29)		(66)		(32)		(92)		(98)
Adjusted earnings available to common shareholders		$	(227)	$	(258)	$	(210)	$	(236)	$	(228)	$	(332)	$	(464)

Table of Contents

INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
	At or For the Three Months Ended															At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023			June 30, 2022			June 30, 2023
Fixed Maturity Securities
Yield (1)	3.66		%	3.81		%	4.04		%	4.07		%	4.17		%	3.59		%	4.12		%
Investment income (2), (3)	$	2,709		$	2,773		$	2,978		$	3,028		$	3,107		$	5,347		$	6,135
Investment gains (losses)	(671)			(286)			(356)			(580)			(996)			(1,270)			(1,576)
Ending carrying value (4)	285,573			272,079			278,215			285,397			285,444			285,573			285,444
Net Mortgage Loans
Yield (1)	4.11		%	4.37		%	4.73		%	4.92		%	5.12		%	4.12		%	5.02		%
Investment income (3)	832			898			983			1,041			1,091			1,655			2,132
Investment gains (losses)	48			47			(118)			(164)			32			92			(132)
Ending carrying value (5)	82,055			82,437			83,763			85,572			84,794			82,055			84,794
Real Estate and Real Estate Joint Ventures
Yield (1)	8.98		%	5.75		%	3.16		%	(2.10)		%	0.82		%	8.40		%	(0.65)		%
Investment income	277			179			101			(69)			27			518			(42)
Investment gains (losses)	159			—			490			18			13			163			31
Ending carrying value	12,376			12,532			13,137			13,155			13,045			12,376			13,045
Policy Loans
Yield (1)	5.09		%	5.18		%	5.22		%	5.35		%	5.39		%	5.11		%	5.37		%
Investment income	114			114			115			119			119			230			238
Ending carrying value	8,876			8,783			8,874			8,863			8,788			8,876			8,788
Equity Securities
Yield (1)	2.46		%	6.40		%	3.58		%	3.17		%	4.11		%	2.99		%	3.55		%
Investment income	5			14			10			12			10			12			22
Investment gains (losses)	(42)			(23)			(18)			48			32			(92)			80
Ending carrying value	1,085			973			1,684			1,695			769			1,085			769
Other Limited Partnership Interests
Yield (1), (6)	4.69		%	(5.35)		%	(1.18)		%	0.73		%	6.17		%	15.02		%	3.46		%
Investment income (6)	171			(194)			(43)			26			225			1,097			251
Investment gains (losses)	(2)			(1)			38			9			3			16			12
Ending carrying value (7)	14,636			14,387			14,414			14,437			14,722			14,636			14,722
Cash and Short-term Investments
Yield (1)	1.53		%	2.54		%	3.70		%	5.01		%	5.94		%	1.30		%	5.47		%
Investment income	43			78			131			167			195			73			362
Investment gains (losses)	42			63			(37)			(11)			29			56			18
Ending carrying value	23,591			27,466			25,130			22,640			22,338			23,591			22,338
Other Invested Assets
Investment income	484			426			396			439			397			848			836
Investment gains (losses)	69			(14)			(15)			(11)			13			116			2
Ending carrying value	19,901			22,299			20,038			19,479			19,656			19,901			19,656
Total Investments
Investment income yield (1)	4.29		%	3.98		%	4.27		%	4.31		%	4.66		%	4.51		%	4.48		%
Investment fees and expenses yield (1)	(0.12)		%	(0.12)		%	(0.13)		%	(0.14)		%	(0.12)		%	(0.13)		%	(0.13)		%
Net Investment Income Yield (1)	4.17		%	3.86		%	4.14		%	4.17		%	4.54		%	4.38		%	4.35		%
Investment income	$	4,635		$	4,288		$	4,671		$	4,763		$	5,171		$	9,780		$	9,934
Investment fees and expenses	(131)			(125)			(141)			(157)			(131)			(273)			(288)
Net investment income including divested businesses	4,504			4,163			4,530			4,606			5,040			9,507			9,646
Less: Net investment income from divested businesses	—			—			—			—			—			11			—
Adjusted Net Investment Income (8)	$	4,504		$	4,163		$	4,530		$	4,606		$	5,040		$	9,496		$	9,646
Ending Carrying Value	$	448,093		$	440,956		$	445,255		$	451,238		$	449,556		$	448,093		$	449,556
Investment Portfolio Gains (Losses) (9)	$	(397)		$	(214)		$	(16)		$	(691)		$	(874)		$	(919)		$	(1,565)
Gross investment gains	597			259			1,117			433			271			907			704
Gross investment losses	(1,084)			(541)			(1,084)			(936)			(276)			(1,632)			(1,212)
Net credit loss (provision) release and (impairments)	90			68			(49)			(188)			(869)			(194)			(1,057)
Investment Portfolio Gains (Losses) (9)	(397)			(214)			(16)			(691)			(874)			(919)			(1,565)
Investment portfolio gains (losses) income tax (expense) benefit	92			51			3			181			188			208			369
Investment Portfolio Gains (Losses), Net of Income Tax	$	(305)		$	(163)		$	(13)		$	(510)		$	(686)		$	(711)		$	(1,196)
Derivative gains (losses) (9)	(1,202)			(478)			(381)			(372)			(1,278)			(2,368)			(1,650)
Derivative gains (losses) income tax (expense) benefit	355			129			69			47			320			630			367
Derivative Gains (Losses), Net of Income Tax	$	(847)		$	(349)		$	(312)		$	(325)		$	(958)		$	(1,738)		$	(1,283)
See footnotes on Page 30.

Table of Contents

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION
		June 30, 2022				September 30, 2022				December 31, 2022				March 31, 2023				June 30, 2023
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate		$	80,555	28.3	%	$	78,824	29.1	%	$	80,030	28.9	%	$	82,482	29.1	%	$	82,523	29.1	%
Foreign corporate		54,177		19.1	%	49,927		18.4	%	52,572		19.0	%	54,285		19.1	%	53,690		18.9	%
Foreign government		48,016		16.9	%	44,050		16.3	%	46,747		16.9	%	48,111		16.9	%	45,994		16.2	%
U.S. government and agency		33,690		11.9	%	31,562		11.7	%	32,229		11.6	%	32,878		11.6	%	33,129		11.7	%
Residential mortgage-backed		27,303		9.6	%	27,145		10.0	%	26,165		9.5	%	26,543		9.4	%	28,458		10.0	%
Asset-backed securities and collateralized loan obligations		17,054		6.0	%	16,766		6.2	%	16,822		6.1	%	16,970		6.0	%	17,480		6.2	%
Municipals		12,513		4.4	%	12,014		4.4	%	12,152		4.4	%	12,597		4.4	%	12,324		4.3	%
Commercial mortgage-backed		10,870		3.8	%	10,477		3.9	%	10,063		3.6	%	9,988		3.5	%	10,259		3.6	%
Fixed Maturity Securities Available-For-Sale		$	284,178	100.0	%	$	270,765	100.0	%	$	276,780	100.0	%	$	283,854	100.0	%	$	283,857	100.0	%
NRSRO	NAIC
RATING	DESIGNATION
Aaa / Aa / A	1	$	195,090	68.7	%	$	185,780	68.6	%	$	190,021	68.7	%	$	195,535	69.0	%	$	196,361	69.3	%
Baa	2	74,783		26.3	%	71,276		26.3	%	73,194		26.5	%	74,661		26.3	%	73,827		26.0	%
Ba	3	11,129		3.9	%	10,652		4.0	%	10,511		3.8	%	10,856		3.8	%	10,885		3.8	%
B	4	2,653		0.9	%	2,618		1.0	%	2,571		0.9	%	2,296		0.8	%	2,311		0.8	%
Caa and lower	5	389		0.2	%	306		0.1	%	401		0.1	%	395		0.1	%	346		0.1	%
In or near default	6	134		—	%	133		—	%	82		—	%	111		—	%	127		—	%
Total Fixed Maturity Securities Available-For-Sale (10)		$	284,178	100.0	%	$	270,765	100.0	%	$	276,780	100.0	%	$	283,854	100.0	%	$	283,857	100.0	%
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)		June 30, 2022				September 30, 2022				December 31, 2022				March 31, 2023				June 30, 2023
Gross unrealized gains		$	8,666			$	5,488			$	5,239			$	6,554			$	5,991
Gross unrealized losses		23,759				36,982				34,301				27,469				28,982
Net Unrealized Gains (Losses)		$	(15,093)			$	(31,494)			$	(29,062)			$	(20,915)			$	(22,991)
See footnotes on Page 30.

Table of Contents

INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)	June 30, 2022				September 30, 2022				December 31, 2022				March 31, 2023				June 30, 2023
Commercial mortgage loans	$	52,348			$	52,273			$	52,502			$	53,697			$	52,737
Agricultural mortgage loans	18,563				18,923				19,306				19,361				19,579
Residential mortgage loans	11,606				11,708				12,482				13,206				13,129
Mortgage loans held-for-sale	24				—				—				—				—
Total	82,541				82,904				84,290				86,264				85,445
Allowance for credit loss	(486)				(467)				(527)				(692)				(651)
Net Mortgage Loans	$	82,055			$	82,437			$	83,763			$	85,572			$	84,794
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS<br><br>BY REGION AND PROPERTY TYPE (5)
	June 30, 2022				September 30, 2022				December 31, 2022				March 31, 2023				June 30, 2023
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Non-U.S.	$	9,726	18.6	%	$	8,977	17.2	%	$	9,299	17.7	%	$	9,383	17.5	%	$	9,243	17.5	%
Pacific	9,901		18.9	%	9,805		18.7	%	9,628		18.3	%	9,736		18.1	%	9,171		17.4	%
Middle Atlantic	7,918		15.1	%	7,748		14.8	%	7,574		14.4	%	7,647		14.2	%	7,572		14.4	%
South Atlantic	6,852		13.1	%	6,691		12.8	%	6,617		12.6	%	6,671		12.4	%	6,514		12.4	%
West South Central	3,943		7.5	%	4,005		7.7	%	3,721		7.1	%	3,765		7.0	%	3,496		6.6	%
New England	2,781		5.3	%	2,754		5.3	%	2,764		5.3	%	2,876		5.4	%	2,878		5.5	%
Mountain	2,268		4.3	%	2,269		4.3	%	2,284		4.4	%	2,284		4.3	%	2,227		4.2	%
East North Central	1,489		2.9	%	1,596		3.1	%	1,594		3.0	%	1,768		3.3	%	1,809		3.4	%
East South Central	636		1.2	%	635		1.2	%	620		1.2	%	624		1.2	%	623		1.2	%
West North Central	428		0.8	%	471		0.9	%	597		1.1	%	596		1.1	%	602		1.1	%
Multi-Region and Other	6,406		12.3	%	7,322		14.0	%	7,804		14.9	%	8,347		15.5	%	8,602		16.3	%
Total	$	52,348	100.0	%	$	52,273	100.0	%	$	52,502	100.0	%	$	53,697	100.0	%	$	52,737	100.0	%
Office	$	21,923	41.9	%	$	21,144	40.5	%	$	21,009	40.0	%	$	21,134	39.4	%	$	20,215	38.3	%
Apartment	10,536		20.1	%	10,793		20.6	%	10,575		20.2	%	11,357		21.2	%	11,928		22.6	%
Retail	8,524		16.3	%	8,305		15.9	%	8,046		15.3	%	8,289		15.4	%	7,433		14.1	%
Industrial	4,902		9.4	%	5,068		9.7	%	5,607		10.7	%	5,219		9.7	%	5,158		9.8	%
Single Family Rental (11)	3,039		5.8	%	3,601		6.9	%	3,979		7.6	%	4,457		8.3	%	4,711		8.9	%
Hotel	3,323		6.3	%	3,261		6.2	%	3,172		6.0	%	3,117		5.8	%	3,170		6.0	%
Other (11)	101		0.2	%	101		0.2	%	114		0.2	%	124		0.2	%	122		0.3	%
Total	$	52,348	100.0	%	$	52,273	100.0	%	$	52,502	100.0	%	$	53,697	100.0	%	$	52,737	100.0	%
See footnotes on Page 30.

Table of Contents

INVESTMENTSFOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-6 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, asset carrying values utilized in the calculation of yields include invested assets reclassified to held-for-sale; otherwise, carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of (89) million, (43) million, 70 million, 48 million and 50 million for the three months ended June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively, and (154) million and 98 million for the year-to-date period ended June 30, 2022 and June 30, 2023, respectively.
(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
(4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
Fixed maturity securities available-for-sale	284,178	$	270,765	$	276,780	$	283,854	$	283,857
Contractholder-directed equity securities and fair value option securities		8,954		9,668		10,063		10,204
Total fixed maturity securities		279,719		286,448		293,917		294,061
Less: Contractholder-directed equity securities		7,640		8,233		8,520		8,617
Fixed maturity securities	285,573	$	272,079	$	278,215	$	285,397	$	285,444
(5)Net mortgage loans as of June 30, 2023 does not include mortgage loans originated for third parties of 8,265 million at amortized cost, which is primarily comprised of commercial mortgage loans of 8,022 million at amortized cost, and does not include the related allowance for credit loss of 73 million. Prior to the second quarter of 2023, these mortgage loans originated for third parties were accounted for by MetLife as sales of portions of the related mortgage loans.
(6)Other limited partnership interests includes investment income related to private equity investments of 216 million, (188) million, (40) million, 17 million and 223 million for the three months ended June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively, and 1,200 million and 240 million for the year-to-date period ended June 30, 2022 and June 30, 2023, respectively. The annualized yields for these periods were 6.17%, (5.37%), (1.15%), 0.48%, 6.19%, 17.14% and 3.37%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of 14,092 million, 13,855 million, 14,000 million, 14,225 million and 14,608 million at March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively.
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
										For the Year-to-Date Period Ended
		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Net investment gains (losses)	(682)	$	(411)	$	350	$	(684)	$	(1,039)	$	(1,199)	$	(1,723)
Less: Non-investment portfolio gains (losses)		(184)		369		13		(95)		(291)		(82)
Less: Provision for credit loss on certain mortgage loans originated for third parties		—		—		—		(73)		—		(73)
Less: Other adjustments		(13)		(3)		(6)		3		11		(3)
Investment portfolio gains (losses)	(397)	$	(214)	$	(16)	$	(691)	$	(874)	$	(919)	$	(1,565)
										For the Year-to-Date Period Ended
		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Net derivative gains (losses)	(970)	$	(226)	$	(104)	$	(90)	$	(997)	$	(1,921)	$	(1,087)
Less: Investment hedge adjustments		252		277		264		263		447		527
Less: Other adjustments		—		—		18		18		—		36
Derivative gains (losses)	(1,202)	$	(478)	$	(381)	$	(372)	$	(1,278)	$	(2,368)	$	(1,650)
(10)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
(11)Certain amounts in prior periods are reclassified to conform to current period presentation.

All values are in US Dollars.

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APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL
	For the Three Months Ended								For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	881	$	1,098	$	1,549	$	14	$	370	$	2,452	$	384
Add: Preferred stock dividends	29		64		29		66		32		92		98
Add: Preferred stock redemption premium	—		—		—		—		—		—		—
Add: Net Income (loss) attributable to noncontrolling interests	5		5		3		5		6		10		11
Net income (loss)	915		1,167		1,581		85		408		$	2,554	$	493
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(682)		(411)		350		(684)		(1,039)		(1,199)		(1,723)
Net derivative gains (losses)	(970)		(226)		(104)		(90)		(997)		(1,921)		(1,087)
Market risk benefit remeasurement gains (losses)	757		965		512		(188)		817		2,197		629
Premiums - Divested businesses	—		—		—		—		—		41		—
Universal life and investment-type product policy fees - Divested businesses	—		—		—		—		—		11		—
Net investment income
Investment hedge adjustments	(232)		(252)		(277)		(264)		(263)		(447)		(527)
Unit-linked contract income	(688)		(321)		209		303		296		(1,186)		599
Other adjustments	(1)		(5)		2		—		(1)		(7)		(1)
Divested businesses	—		—		—		—		—		11		—
Other revenues
Asymmetrical and non-economic accounting	—		—		—		—		—		—		—
Other adjustments	48		40		25		(3)		(7)		95		(10)
Divested businesses	—		—		—		—		—		3		—
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting	(215)		(241)		(79)		(84)		(74)		(334)		(158)
Market volatility	34		66		105		14		44		22		58
Divested businesses	—		—		—		—		—		(23)		—
Policyholder liability remeasurement (gains) losses - Divested businesses	—		—		—		—		—		—		—
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting	31		36		(64)		(19)		10		94		(9)
Unit-linked contract costs	695		302		(180)		(303)		(301)		1,200		(604)
Divested businesses	—		—		—		—		—		(3)		—
Capitalization of DAC - Divested businesses	—		—		—		—		—		11		—
Amortization of DAC and VOBA - Divested businesses	—		—		—		—		—		(8)		—
Amortization of negative VOBA - Divested business	—		—		—		—		—		—		—
Interest expense on debt - Divested business	—		—		—		—		—		—		—
Other expenses
Other adjustments	(60)		(47)		(37)		(16)		(11)		(107)		(27)
Divested businesses	(8)		(13)		(21)		(11)		(9)		(40)		(20)
Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	439		110		(149)		180		419		619		599
Adjusted earnings	1,767		1,164		1,289		1,250		1,524		3,525		2,774
Less: Preferred stock dividends	29		64		29		66		32		92		98
Adjusted earnings available to common shareholders	$	1,738	$	1,100	$	1,260	$	1,184	$	1,492	$	3,433	$	2,676

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APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)			June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Actuarial assumption review and other insurance adjustments			$	77	$	12	$	—	$	—	$	—	$	77	$	—
Total notable items			$	77	$	12	$	—	$	—	$	—	$	77	$	—
U.S.
		For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)			June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Actuarial assumption review and other insurance adjustments			$	—	$	79	$	—	$	—	$	—	$	—	$	—
Total notable items			$	—	$	79	$	—	$	—	$	—	$	—	$	—
	GROUP BENEFITS
		For the Three Months Ended											For the Year-to-Date Period Ended
	Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
	Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	—	$	—	$	—	$	—
	Total notable items		$	—	$	—	$	—	$	—	$	—	$	—	$	—
	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended											For the Year-to-Date Period Ended
	Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
	Actuarial assumption review and other insurance adjustments		$	—	$	79	$	—	$	—	$	—	$	—	$	—
	Total notable items		$	—	$	79	$	—	$	—	$	—	$	—	$	—
(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<br>METLIFE<br>NOTABLE ITEMS (1) CONTINUED
ASIA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Actuarial assumption review and other insurance adjustments		$	—	$	(32)	$	—	$	—	$	—	$	—	$	—
Total notable items		$	—	$	(32)	$	—	$	—	$	—	$	—	$	—
LATIN AMERICA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Actuarial assumption review and other insurance adjustments		$	—	$	1	$	—	$	—	$	—	$	—	$	—
Total notable items		$	—	$	1	$	—	$	—	$	—	$	—	$	—
EMEA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Actuarial assumption review and other insurance adjustments		$	—	$	15	$	—	$	—	$	—	$	—	$	—
Total notable items		$	—	$	15	$	—	$	—	$	—	$	—	$	—
METLIFE HOLDINGS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
Actuarial assumption review and other insurance adjustments		$	77	$	(51)	$	—	$	—	$	—	$	77	$	—
Total notable items		$	77	$	(51)	$	—	$	—	$	—	$	77	$	—
(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<br>METLIFE<br>EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Total MetLife, Inc.'s stockholders' equity	$	33,744		$	29,389		$	29,881		$	32,194		$	30,261
Less: Preferred stock	3,818			3,818			3,818			3,818			3,818
MetLife, Inc.'s common stockholders' equity	29,926			25,571			26,063			28,376			26,443
Less: Net unrealized investment gains (losses), net of income tax	(10,289)			(21,652)			(21,089)			(14,606)			(16,800)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	(136)			7,612			6,115			2,748			3,919
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	193			174			107			186			108
Defined benefit plans adjustment, net of income tax	(1,555)			(1,536)			(1,377)			(1,356)			(1,331)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	41,713			40,973			42,307			41,404			40,547
Less: Accumulated year-to-date total notable items (2)	77			89			89			—			—
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	41,636		$	40,884		$	42,218		$	41,404		$	40,547
Unaudited (In millions, except per share data)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Book value per common share	$	37.52		$	32.48		$	33.45		$	36.89		$	34.92
Less: Net unrealized investment gains (losses), net of income tax	(12.90)			(27.50)			(27.07)			(18.99)			(22.19)
Future policy benefits discount rate remeasurement gains (losses), net of income tax	(0.17)			9.67			7.85			3.57			5.18
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax	0.24			0.22			0.14			0.24			0.14
Defined benefit plans adjustment, net of income tax	(1.95)			(1.95)			(1.77)			(1.76)			(1.76)
Book value per common share, excluding AOCI other than FCTA	$	52.30		$	52.04		$	54.30		$	53.83		$	53.55
Common shares outstanding, end of period	797.6			787.3			779.1			769.2			757.2
	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	June 30, 2022			September 30, 2022			December 31, 2022			March 31, 2023			June 30, 2023
Return on MetLife, Inc.'s:
Common stockholders' equity	10.3		%	15.8		%	24.0		%	0.2		%	5.4		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	20.3		%	15.9		%	19.5		%	17.4		%	21.8		%
Common stockholders' equity, excluding AOCI other than FCTA	16.4		%	10.6		%	12.1		%	11.3		%	14.6		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	15.7		%	10.5		%	12.1		%	11.3		%	14.6		%
Average common stockholders' equity	$	34,270		$	27,749		$	25,817		$	27,220		$	27,410
Average common stockholders' equity, excluding AOCI other than FCTA	$	42,437		$	41,343		$	41,640		$	41,856		$	40,976
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	42,399		$	41,260		$	41,551		$	41,856		$	40,976
(1) Annualized using quarter-to-date results.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

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APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
U.S. (1)	$	8,781	$	14,754	$	6,316	$	6,697	$	8,836
ASIA	1,744		1,806		1,764		1,742		1,727
LATIN AMERICA	1,220		1,272		1,277		1,424		1,385
EMEA	558		542		576		587		582
METLIFE HOLDINGS (1)	1,079		986		1,010		959		938
CORPORATE & OTHER (1)	94		88		103		117		126
Adjusted premiums, fees and other revenues, on a constant currency basis	$	13,476	$	19,448	$	11,046	$	11,526	$	13,594
Adjusted premiums, fees and other revenues	$	13,495	$	19,295	$	10,873	$	11,520	$	13,594
ASIA (including operating joint ventures) (2), (3)	$	2,039	$	2,190	$	2,137	$	2,234	$	2,147
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
U.S. (1)	$	949	$	1,003	$	1,031	$	1,078	$	1,096
ASIA	724		752		822		783		778
LATIN AMERICA	388		424		471		448		465
EMEA	290		274		315		303		314
METLIFE HOLDINGS (1)	242		228		247		238		231
CORPORATE & OTHER (1)	184		186		203		177		229
Adjusted other expenses on a constant currency basis	$	2,777	$	2,867	$	3,089	$	3,027	$	3,113
Adjusted other expenses	$	2,800	$	2,815	$	3,020	$	3,030	$	3,113
ASIA (including operating joint ventures) (2), (4)	$	824	$	861	$	931	$	910	$	897
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023
U.S. (1)	$	780	$	751	$	773	$	707	$	789
ASIA	472		264		269		276		431
LATIN AMERICA	278		186		207		225		219
EMEA	61		66		67		61		70
METLIFE HOLDINGS (1)	382		117		184		158		211
CORPORATE & OTHER (1)	(227)		(258)		(210)		(236)		(228)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,746	$	1,126	$	1,290	$	1,191	$	1,492
Adjusted earnings available to common shareholders	$	1,738	$	1,100	$	1,260	$	1,184	$	1,492
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16 for operating joint ventures.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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

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

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

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METLIFE<br>ACRONYMS
AOCI	Accumulated other comprehensive income (loss)
DAC	Deferred policy acquisition costs
DPL	Deferred profit liabilities
EMEA	Europe, the Middle East and Africa
FCTA	Foreign currency translation adjustments
GA	General account
GA AUM	General account assets under management
GAAP	Accounting principles generally accepted in the United States of America
GICs	Guaranteed interest contracts
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 Organization
PAB	Policyholder account balances
PBC	Policyholder benefits and claims
PDO	Policyholder dividend obligation
PRT	Pension risk transfers
QFS	Quarterly financial supplement
VIE	Variable interest entity
VOBA	Value of business acquired

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ex993q22023totalaum

Assets Under Management June 30, 2023 Investors turn to MetLife Investment Management for our deep and long-established expertise in Public Fixed Income, Private Capital and Real Estate. Seeking to deliver strong, risk-adjusted returns, we create tailored portfolio solutions by listening first, strategizing second, and collaborating constantly. We are institutional, but far from typical. Total Assets Under Management1 By Asset Type $587.5 Billion Mortgage Loans $108.2 Public Corporates $104.9 Structured Products $65.1 Private Corporates $55.8 U.S. Government and Agency $50.2 Foreign Government $40.8 Private Infrastructure $31.4 Real Estate Equity $26.4 Cash and Short-Term Investments $24.7 Common and Preferred Equity $17.7 Alternatives $16.0 Municipals $14.3 Emerging Market Debt $12.8 Bank Loans $6.3 Private Structured Credit $5.6 High Yield $4.7 Middle Market Private Capital $2.6 Institutional Client Assets Under Management1 $167.3 Billion Insurance/Financial $76.8 Sub-Advisory $35.6 Corporate $26.0 Commingled Fund2 $13.1 Public $13.0 Other3 $2.8 1 As of June 30, 2023. At estimated fair value. Dollars in billions. Cash and Short-Term Investments includes cash equivalents. See Explanatory Note. 2 Includes limited partnerships, collective trusts, mutual funds registered under the Investment Company Act and other vehicles offered or available to qualifying investors, including third parties and affiliates. 3 Includes non-profit clients, Taft-Hartley pension fund clients and asset manager clients. 423 Mandates Representative Capabilities Private Capital Corporate Private Placements Infrastructure Debt Middle Market Direct Lending Private Structured Credit Residential Whole Loans Public Fixed Income Bank Loans Core Core Plus Corporate Emerging Market Debt High Yield Long Duration Multi-Sector Short Duration Stable Value Real Estate Commercial Mortgage Loans Real Estate Equity Index Strategies Insurance Advisory Liability Driven Investing (LDI) 40% 19% 17% 12% 5% 7% Mandates Profile Institutional Client AUM investments.metlife.com Exhibit 99.3

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Explanatory Note The following information is relevant to an understanding of our assets under management ("AUM") managed by MetLife Investment Management, LLC and certain of its affiliates ("MIM"). MIM is MetLife, Inc.'s institutional investment management business. Our definitions may differ from those used by other companies. Total Assets Under Management (“Total AUM”) is comprised of GA AUM plus Institutional Client AUM (each, as defined below). General Account AUM (“GA AUM”) is used by MetLife to describe assets in its general account ("GA") investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties (“net mortgage loans”) (including commercial (“net commercial mortgage loans”), agricultural (“net agricultural mortgage loans”) and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily net commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as net commercial mortgage loans. Institutional Client AUM is comprised of SA AUM plus TP AUM (each, as defined below). MIM manages Institutional Client AUM in accordance with client guidelines contained in each investment advisory agreement (“Mandates”). Separate Account AUM (“SA AUM”) is comprised of separate account investment portfolios of MetLife insurance companies, which are managed by MIM and included in MetLife, Inc.’s consolidated financial statements at estimated fair value. Third Party AUM (“TP AUM”) is comprised of non-proprietary assets managed by MIM on behalf of unaffiliated/third party clients, which are stated at estimated fair value. Such non-proprietary assets are owned by unaffiliated/third-party clients and, accordingly, are generally not included in MetLife, Inc.’s consolidated financial statements. Additional information about MetLife’s general account investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended June 30, 2023, which may be accessed through MetLife’s Investor Relations web page at https://investor.metlife.com. Neither MetLife, Inc.’s quarterly financial materials, nor any other information from the MetLife website, is a part of or incorporated by reference into this Total AUM Fact Sheet. L0823033927[exp0824][All States] One MetLife Way | Whippany, New Jersey 07981 © 2023 METLIFE, INC.

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ex9942q23supplementalsli

2Q23 Supplemental Slides1 John McCallion Chief Financial Officer Exhibit 99.4 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Financial results in this presentation reflect LDTI accounting, pursuant to Financial Accounting Standards Board Accounting Standards Update No. 2018-12, which became effective on January 1, 2023. For more information, refer to "Explanatory Note on Non-GAAP and Other Financial Information."

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2 Table of contents Topic Page No. Net income (loss) to adjusted earnings 3 Adjusted earnings, ex. total notable items, by segment 4 Variable investment income (VII) 5 Investments 7 Direct expense ratio 9 Cash & capital 10 Appendix 11

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3 Net income (loss) to adjusted earnings 2Q23 (post-tax) $ in millions $ per share1 Net Income (Loss) $370 $0.48 Less: Intent to Transfer Mark-to-Market Impact2 (699) (0.91) Net Investment Gains (Losses)2 (122) (0.16) Net Derivative Gains (Losses) (788) (1.02) Market Risk Benefit Remeasurement Gains (Losses) 645 0.84 Investment Hedge Adjustments (208) (0.27) Other 50 0.06 Adjusted Earnings $1,492 $1.94 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. 2 Total net investment losses in 2Q23 are $821 million post-tax, including adjustments of $699 million related to the pending reinsurance transaction with Global Atlantic Financial Group.

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4 ($ in millions - except per share data) 2Q23 2Q22 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $372 $406 (8%) Volume Growth Expense Margins; Underwriting Margins Retirement and Income Solutions 417 374 11% Investment Margins; Volume Growth U.S. 789 780 1% Asia 431 486 (11%) (9%) Investment Margins Latin America 219 251 (13%) (21%) Volume Growth Underwriting Margins; Investment Margins EMEA 70 66 6% 15% Investment Margins MetLife Holdings 211 305 (31%) Investment Margins Corporate & Other (228) (227) Adjusted Earnings ex. Total Notable Items $1,492 $1,661 (10%) (11%) Adjusted EPS ex. Total Notable Items $1.94 $2.04 (5%) (5%) Adjusted earnings, ex. total notable items, by segment 1 To be discussed on MetLife, Inc.'s second quarter 2023 earnings conference call and audio webcast.

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5 $24 ($44) $389 ($53) $221 2Q22 3Q22 4Q22 1Q23 2Q23 2Q23 VII driven by private equity returns1 ($ in millions - pre-tax) Private Equity Other 1 Quarterly target VII range of $500 million, based on full year 2023 guidance range of ~ $2.0 billion. ($53) $0

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6 ($ in millions - post-tax1) 2Q22 3Q22 4Q22 1Q23 2Q23 Group Benefits $7 $(1) $3 $— $4 Retirement and Income Solutions 75 (35) 5 (3) 29 U.S. 82 (36) 8 (3) 33 Asia 101 (18) 4 (25) 84 Latin America 16 — (3) (2) 4 EMEA — — — — — MetLife Holdings 85 (21) 12 2 41 Corporate & Other 23 33 (1) (7) 13 Total Variable Investment Income $307 $(42) $20 $(35) $175 1 Assumes a 21% U.S. statutory tax rate. VII by segment

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7 FY20 FY21 FY22 2Q22 2Q23 Strong recurring income supported by higher interest rates and asset growth ($ in billions) Recurring income VII Net Investment Income1 $16.7 $4.1 $16.1 $5.7 $1.2 Roll Off vs. Reinvestment $15.6 $1.5 $0.4 New Money Yield Roll Off Yield 10-Year Treasury Yield 2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 2Q23 0% 1% 2% 3% 4% 5% 6% 7% $5.0 6.06% 4.49% 3.84% 1 As reported, on an adjusted basis. $17.3 $21.3 $18.2 $4.5 $4.8 $0.2

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8 High quality commercial mortgage loan (CML) portfolio1 • Concentrated in high-quality assets and in larger, primary markets • 62% average Loan-to-Value (LTV) Ratio and 2.3x average Debt Service Coverage Ratio (DSCR) – 89% of CML portfolio with LTVs less than 80% – 93% of CML portfolio with DSCRs greater than 1x – U.S. office CML collateral valuations updated through 6/30/23, reflecting peak-to-trough decline of 25% – 68% average office LTV ratio and 2.2x average DSCR • Successful resolution of 69% of 2023 CML maturities2 1At June 30, 2023, except where noted. All references to commercial mortgage loans in this earnings presentation are to net commercial mortgage loans, consisting of commercial mortgage loans, excluding commercial mortgage loans originated for third parties and related allowance for credit loss. 2 At July 31, 2023. LTV and DSCR Matrix $52.7 Billion LTV >1.2x 1.0-1.2x <1.0x Total <65% 52.3% 3.2% 2.4% 57.9% 65-75% 19.7% 1.9% 2.1% 23.7% 76-80% 5.9% 0.9% 0.7% 7.5% >80% 7.0% 1.9% 2.0% 10.9% Total 84.9% 7.9% 7.2% 100.0%

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9 12.5% 12.0% 12.2% FY22 1Q23 2Q23 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.6% Annual Target 2Q23 direct expense ratio1 of 12.2%, below 12.6% annual target

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10 Holding Company Cash1 $4.5 $5.2 $5.4 $4.2 $4.2 2Q22 3Q22 4Q22 1Q23 2Q23 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. $3.0B to $4.0B Cash Buffer Capital ($ in billions) • Share repurchases of $0.7 billion in 2Q23 – ~$300 million shares repurchased in July 2023 • Expected total U.S. Statutory Adjusted Capital2 of $17.4 billion at 6/30/23, down 2% from 3/31/23 • Reinsurance transaction expected to add ~60 combined NAIC RBC percentage points • Expected Japan Solvency Margin ratio of ~700% at 6/30/23

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Appendix

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12 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words such as “anticipate,” “are confident,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “grow,” “guidance,” “if,” “intend,” “likely,” “long-term,” “may,” “near-term,” “ongoing,” “outlook,” “plan,” “potential,” “project,” “remain,” “should,” “target,” “to be,” “will,” and “would” 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 does not undertake any obligation to publicly correct or update any of these statements.

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13 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 for MetLife and its investors 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 diluted common share; (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted 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 items related to adjusted other expenses; (x) other expenses, net of capitalization of DAC; (xi) adjusted expense ratio; (xi) expense ratio; (xii) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; (xii) expense ratio; (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.

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14 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, excluding total notable items; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders on a constant currency basis. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results. Effective January 1, 2023, MetLife adopted ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended ("LDTI"), with a transition date of January 1, 2021, which impacted the calculation of adjusted earnings. With the the adoption of LDTI, the measurement model was simplified for DAC and VOBA, and most embedded derivatives were reclassified as market risk benefits. As a result, MetLife updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with market risk benefits, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP. Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments. 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. 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 presentation and in this period’s earnings news release, which is available at www.metlife.com.

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15 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings: • Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments"). • Other revenues include settlements of foreign currency earnings hedges. • Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation- indexed investments, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts. • Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments. Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Other adjustments are made to the line items indicated in calculating adjusted earnings: • Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs"). • Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives. • Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements. • Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders. Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

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16 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Return on equity and related measures • Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, net of income tax. • Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, and total notable items, net of income tax. • Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity. • Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA. • Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA). The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Expense ratio, direct expense ratio, adjusted expense ratio and related measures • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. General Account (GA) assets under management (GA AUM) GA AUM is used by MetLife to describe assets in its GA investment portfolio. GA AUM is stated at estimated fair value and is comprised of GA total investments, the portion of the GA investment portfolio classified within assets held-for-sale, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties (“net mortgage loans”) (including commercial (“net commercial mortgage loans”), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily net commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from real estate equity and include them as net commercial mortgage loans. Asia GA AUM and related measures Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM. Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.

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17 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. • 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 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 represent a positive (negative) impact to adjusted earnings available to common shareholders. • Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.

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18 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2Q23 2Q22 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 370 $ 0.48 $ 881 $ 1.08 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (1,039) (1.35) (682) (0.84) Less: Net derivative gains (losses) (997) (1.30) (970) (1.19) Less: Market risk benefit remeasurement gains (losses) 817 1.06 757 0.93 Less: Other adjustments to net income (loss) (316) (0.40) (396) (0.48) Less: Provision for income tax (expense) benefit 419 0.54 439 0.54 Add: Net income (loss) attributable to noncontrolling interests 6 0.01 5 0.01 Adjusted earnings available to common shareholders 1,492 1.94 1,738 2.13 Less: Total notable items — — 77 0.09 Adjusted earnings available to common shareholders, excluding total notable items $ 1,492 1.94 $ 1,661 $ 2.04 Adjusted earnings available to common shareholders on a constant currency basis $ 1,492 $ 1.94 $ 1,746 $ 2.14 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 1,492 $ 1.94 $ 1,669 $ 2.05 constant currency basis Weighted average common shares outstanding - diluted 769.6 814.5 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.

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19 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q23 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 789 $ 372 $ 417 $ 431 $ 219 $ 70 $ 211 $ (228) Less: Total notable items — — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 789 $ 372 $ 417 $ 431 $ 219 $ 70 $ 211 $ (228) Adjusted earnings available to common shareholders on a constant currency basis $ 431 $ 219 $ 70 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 431 $ 219 $ 70 2Q22 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 780 $ 406 $ 374 $ 486 $ 251 $ 66 $ 382 $ (227) Less: Total notable items — — — — — — 77 — Adjusted earnings available to common shareholders, excluding total notable items $ 780 $ 406 $ 374 $ 486 $ 251 $ 66 $ 305 $ (227) Adjusted earnings available to common shareholders on a constant currency basis $ 472 $ 278 $ 61 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 472 $ 278 $ 61 1Results on a constant currency basis are not included as constant currency impact is not significant.

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20 Reconciliation of Net Investment Income to Adjusted Net Investment Income FY20 FY21 FY22 2Q22 2Q23 (In millions) Net investment income $ 17,117 $ 21,395 $ 15,916 $ 3,583 $ 5,072 Less: Adjustments to net investment income Investment hedge adjustments (815) (895) (976) (232) (263) Unit-linked contract income 568 952 (1,298) (688) 296 Other adjustments (10) (9) (10) (1) (1) Divested business 46 67 11 — — Adjusted net investment income $ 17,328 $ 21,280 $ 18,189 $ 4,504 $ 5,040

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21 Reconciliation of Premiums, Fees and Other Revenues to Adjusted Premiums, Fees and Other Revenues FY22 1Q23 2Q23 (In millions) Premiums, fees and other revenues $ 56,365 $ 11,517 $ 13,587 Less: Adjustments to premiums, fees and other revenues: Asymmetrical and non-economic accounting — — — Other adjustments 160 (3) (7) Divested business 55 — — Adjusted premiums, fees and other revenues $ 56,150 $ 11,520 $ 13,594

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22 Expense Detail and Ratios (In millions, except ratio data) FY22 1Q23 2Q23 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (2,614) $ (718) $ (729) Less: Divested businesses (11) — — Adjusted capitalization of DAC $ (2,603) $ (718) $ (729) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 11,733 $ 3,057 $ 3,133 Less Adjustments to other expenses: Other adjustments 191 16 11 Divested businesses 74 11 9 Adjusted other expenses $ 11,468 $ 3,030 $ 3,113 Other Detail and Ratios Other expenses, net of capitalization of DAC $ 9,119 $ 2,339 $ 2,404 Premiums, fees and other revenues $ 56,365 $ 11,517 $ 13,587 Expense ratio 16.2 % 20.3 % 17.7 % Direct expenses $ 5,490 $ 1,387 $ 1,415 Less: Total notable items related to direct expenses — $ — $ — Direct expenses, excluding total notable items related to direct expenses $ 5,490 $ 1,387 $ 1,415 Adjusted other expenses $ 11,468 $ 3,030 $ 3,113 Adjusted capitalization of DAC (2,603) (718) (729) Adjusted other expenses, net of adjusted capitalization of DAC $ 8,865 $ 2,312 $ 2,384 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 $ 8,865 $ 2,312 $ 2,384 Adjusted premiums, fees and other revenues $ 56,150 $ 11,520 $ 13,594 Less: PRT 12,219 (21) 2,024 Adjusted premiums, fees and other revenues, excluding PRT $ 43,931 $ 11,541 $ 11,570 Direct expense ratio 9.8 % 12.0 % 10.4 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 12.5 % 12.0 % 12.2 % Adjusted expense ratio 15.8 % 20.1 % 17.5 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 20.2 % 20.0 % 20.6 %

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