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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549  
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 2, 2023
METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
 
1-1578713-4075851
(Commission File Number)(IRS Employer Identification No.)
200 Park Avenue,New York,NY10166-0188
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01METNew York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,
Series A, par value $0.01		MET PRANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th
interest in a share of 5.625% Non-Cumulative
Preferred Stock, Series E		MET PRENew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series FMET 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.
2

Item 9.01 Financial Statements and Exhibits.

101Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)
3

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
METLIFE, INC.
By:/s/ Tamara L. Schock
Name:Tamara L. Schock
Title:Executive Vice President and
Chief Accounting Officer
Date: August 2, 2023
4

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
June 30,
20232022Change
Premiums, fees and other revenues$13,587$13,543
Net investment income
5,0723,58342%
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$13,4951%
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)$11,570$10,9316%
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$52.302%
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 PRT20.6 %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
June 30, 2023
SegmentChange from
prior-year period		Change from
prior-year
period (on a
constant
currency
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
June 30, 2023		Three Months Ended
June 30, 2022		Change
Adjusted earnings
$789$7801%
Adjusted premiums, fees and other revenues
$8,836$8,7811%
Adjusted premiums, fees and other revenues, excluding PRT
$6,812$6,21710%
Notable item(s)
$0$0

•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
June 30, 2023		Three Months Ended
June 30, 2022		Change
Adjusted earnings
$372$406(8)%
Adjusted premiums, fees and other revenues
$6,013$5,7564%
Notable item(s)$0$0

•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
June 30, 2023		Three Months Ended
June 30, 2022		Change
Adjusted earnings
$417$37411%
Adjusted premiums, fees and other revenues
$2,823$3,025(7)%
Adjusted premiums, fees and other revenues, excluding PRT
$799$46173%
Notable item(s)$0$0 

•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
June 30, 2023		Three Months Ended
June 30, 2022		Change
Adjusted earnings$431$486(11)%
Adjusted earnings (constant currency)
$431$472(9)%
Adjusted premiums, fees and other revenues
$1,727$1,837(6)%
Notable item(s)$0$0
Asia general account assets under management (at amortized cost)$125,266$122,2572%

•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
June 30, 2023		Three Months Ended
June 30, 2022		Change
Adjusted earnings$219$251(13)%
Adjusted earnings (constant currency)
$219$278(21)%
Adjusted premiums, fees and other revenues
$1,385$1,12623%
Notable item(s)$0$0

•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
June 30, 2023		Three Months Ended
June 30, 2022		Change
Adjusted earnings
$70$666%
Adjusted earnings (constant currency)
$70$6115%
Adjusted premiums, fees and other revenues
$582$5781%
Notable item(s)
$0$0

•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
June 30, 2023		Three Months Ended
June 30, 2022		Change
Adjusted earnings
$211$382(45)%
Adjusted premiums, fees and other revenues
$938$1,079(13)%
Notable item(s)
$0$77

•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
June 30, 2023		Three Months Ended
June 30, 2022		Change
Adjusted earnings$(228)$(227)
Notable item(s)$0$0

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

INVESTMENTS
($ in millions)Three Months Ended
June 30, 2023		Three Months Ended
June 30, 2022		Change
Adjusted net investment income
$5,040$4,50412%

•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
Three Months Ended June 30, 2023
Notable ItemsU.S.AsiaLatin
America		EMEAMetLife
Holdings		Corporate
&
Other		Total
Group BenefitsRetirement and Income Solutions
Total notable items$0$0$0$0$0$0$0$0

###
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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.
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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,
20232022
Revenues
Premiums$11,678 $11,556 
Universal life and investment-type product policy fees1,288 1,372 
Net investment income5,072 3,583 
Other revenues621 615 
Net investment gains (losses)(1,039)(682)
Net derivative gains (losses)(997)(970)
Total revenues16,623 15,474 
Expenses
Policyholder benefits and claims11,809 11,615 
Policyholder liability remeasurement (gains) losses(16)(1)
Market risk benefit remeasurement (gains) losses(817)(757)
Interest credited to policyholder account balances1,933 527 
Policyholder dividends151 194 
Amortization of DAC and VOBA479 458 
Amortization of negative VOBA(6)(7)
Interest expense on debt256 226 
Other expenses, net of capitalization of DAC2,404 2,231 
Total expenses16,193 14,486 
Income (loss) before provision for income tax430 988 
Provision for income tax expense (benefit)22 73 
Net income (loss)408 915 
Less: Net income (loss) attributable to noncontrolling interests6 5 
Net income (loss) attributable to MetLife, Inc.402 910 
Less: Preferred stock dividends32 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,
20232022
Reconciliation to Adjusted Earnings Available to Common ShareholdersEarnings Per
Weighted Average
Common Share Diluted (1)		Earnings Per
Weighted Average
Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders$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 income32 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) benefit419 0.54 439 0.54 
Add: Net income (loss) attributable to noncontrolling interests6 0.01 5 0.01 
Preferred stock redemption premium— — — — 
Adjusted earnings available to common shareholders1,492 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 - diluted769.6 814.5 
See footnotes on last page.
Page 19 of 24


MetLife, Inc.
(Unaudited)
(In millions)
 For the Three Months Ended
June 30,
20232022
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 income296 (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 income296 (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 accounting64 184 
Market volatility(44)(34)
Unit-linked contract costs301 (695)
Other adjustments11 60 
Divested businesses9 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,
20232022
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 adjustments11 60 
Less: Divested businesses9 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 ratio17.7 %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 DAC2,384 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: PRT2,024 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 ratio17.5 %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 Details20232022
Total MetLife, Inc.'s stockholders' equity$30,261 $33,744 
Less: Preferred stock3,818 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 tax3,919 (136)
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax108 193 
  Defined benefit plans adjustment, net of income tax(1,331)(1,555)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA40,547 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)20232022
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 tax5.18 (0.17)
Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax0.14 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 20232022
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 Equity20232022
Return on MetLife, Inc.'s:
Common stockholders' equity5.4 %10.3 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity21.8 %20.3 %
Common stockholders' equity, excluding AOCI other than FCTA14.6 %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,
20232022
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: PRT2,024 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: PRT2,024 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,
20232022
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,
20232022
Variable investment income (post-tax, in millions) (7)
U.S.
Group Benefits$4 $7 
Retirement and Income Solutions29 75 
Total U.S.33 82 
Asia84 101 
Latin America4 16 
EMEA— — 
MetLife Holdings41 85 
Corporate & Other13 23 
Total variable investment income$175 $307 
See footnotes on last page.

Page 25 of 24


MetLife, Inc.
(Unaudited)
June 30, 2023
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%.
Page 26 of 24

Table of Contents
Exhibit 99.2




 
Second Quarter
Financial Supplement
June 30, 2023
2

Table of Contents
METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 fees1,372 1,275 1,266 1,289 1,288 2,684 2,577 
Net investment income3,583 3,585 4,464 4,645 5,072 7,867 9,717 
Other revenues615 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 revenues15,474 22,283 15,608 15,388 16,623 30,879 32,011 
Expenses
Policyholder benefits and claims11,615 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 balances527 1,014 1,727 1,864 1,933 1,153 3,797 
Policyholder dividends194 158 155 159 151 393 310 
Amortization of DAC and VOBA458 441 457 470 479 933 949 
Amortization of negative VOBA(7)(7)(7)(7)(6)(15)(13)
Interest expense on debt226 239 248 255 256 451 511 
Other expenses, net of capitalization of DAC2,231 2,249 2,379 2,339 2,404 4,491 4,743 
Total expenses14,486 20,868 13,582 15,131 16,193 27,956 31,324 
Income (loss) before provision for income tax988 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 interests5 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 dividends29 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 
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Table of Contents
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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 interests5 5 3 5 6 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,738 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) benefit0.54 0.14 (0.19)0.23 0.54 
Add: Net income (loss) attributable to noncontrolling interests0.01 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, 2022September 30, 2022December 31, 2022March 31, 2023June 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Weighted average common shares outstanding - diluted814.5 800.7 790.2 781.2 769.6 
(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.

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METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedJune 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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
UnauditedJune 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Common shares outstanding, beginning of period814.8 797.6 787.3 779.1 769.2 
Share repurchases (17.3)(10.3)(8.5)(11.6)(12.1)
Newly issued shares0.1 — 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 - basic809.7 795.8 784.2 775.4 765.9 
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 - diluted814.5 800.7 790.2 781.2 769.6 
MetLife Policyholder Trust Shares126.2 125.1 123.6 122.1 120.5 
(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.

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Table of Contents
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 adjustments47 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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Variable investment income (Included in net investment income above)$389 $(53)$24 $(44)$221 $1,574 $177 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 adjustments48 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 
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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 accounting184 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 adjustments60 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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Other expenses $2,868 $2,875 $3,078 $3,057 $3,133 $5,780 $6,190 
Less: Adjustments to other expenses:
Other adjustments60 47 37 16 11 107 27 
Divested businesses8 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 
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METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 ratio16.5 %11.6 %21.8 %20.3 %17.7 %17.2 %18.9 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 costs24 24 25 59 59 49 118 
Premium taxes, other taxes, and licenses & fees137 172 146 161 184 288 345 
Commissions and other variable expenses1,304 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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Employee-related costs$866 $875 $864 $929 $895 $1,765 $1,824 
Third-party staffing costs371 349 433 331 346 746 677 
General and administrative expenses98 118 184 127 174 156 301 
Direct expenses1,335 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: PRT2,564 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 ratio16.0 %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
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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 value1,085 973 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 loans82,055 82,437 83,763 85,572 92,986 
Policy loans8,876 8,783 8,874 8,863 8,788 
Real estate and real estate joint ventures12,376 12,532 13,137 13,155 13,045 
Other limited partnership interests14,636 14,387 14,414 14,437 14,722 
Short-term investments, principally at estimated fair value3,043 5,266 4,935 4,184 6,921 
Other invested assets19,901 22,299 20,038 19,479 19,656 
Total investments436,025 426,396 433,293 441,302 450,948 
Cash and cash equivalents, principally at estimated fair value20,548 22,200 20,195 18,456 15,417 
Accrued investment income3,154 3,355 3,446 3,554 3,505 
Premiums, reinsurance and other receivables17,713 17,550 17,364 18,692 18,530 
Market risk benefits, at estimated fair value25 253 280 227 279 
Deferred policy acquisition costs and value of business acquired18,946 18,545 19,653 19,976 19,850 
Current income tax recoverable274 194 42 — 189 
Deferred income tax assets1,949 2,161 2,439 2,257 2,377 
Goodwill9,151 9,005 9,297 9,379 9,261 
Other assets11,280 10,992 11,025 12,006 10,977 
Separate account assets143,829 135,771 146,038 148,417 145,946 
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 balances207,921 205,279 210,597 212,569 214,413 
Market risk benefits, at estimated fair value4,704 4,039 3,763 3,869 3,259 
Other policy-related balances18,652 18,509 18,424 19,598 19,642 
Policyholder dividends payable457 429 387 356 366 
Payables for collateral under securities loaned and other transactions23,819 24,890 20,937 19,863 18,806 
Short-term debt196 183 175 168 200 
Long-term debt 13,677 14,520 14,647 14,622 14,539 
Collateral financing arrangement741 729 716 704 675 
Junior subordinated debt securities3,157 3,158 3,158 3,159 3,160 
Current income tax payable— — — 554 — 
Deferred income tax liability1,828 991 950 1,111 752 
Other liabilities 24,988 27,472 25,933 25,112 34,555 
Separate account liabilities143,829 135,771 146,038 148,417 145,946 
Total liabilities628,885 616,782 632,947 641,843 646,787 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,548 33,589 33,616 33,617 33,630 
Retained earnings38,478 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' equity33,744 29,389 29,881 32,194 30,261 
Noncontrolling interests265 251 244 229 231 
Total equity34,009 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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METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
  For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS$515 $530 $495 $391 $471 
RETIREMENT AND INCOME SOLUTIONS473 420 477 505 527 
TOTAL U.S.$988 $950 $972 $896 $998 
ASIA684 385 369 405 611 
LATIN AMERICA330 203 233 303 281 
EMEA88 90 72 76 92 
METLIFE HOLDINGS479 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 SOLUTIONS99 86 96 105 110 
TOTAL U.S.$208 $199 $199 $189 $209 
ASIA198 118 104 125 180 
LATIN AMERICA79 44 49 88 62 
EMEA22 26 8 16 22 
METLIFE HOLDINGS97 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 SOLUTIONS374 334 381 400 417 
TOTAL U.S.$780 $751 $773 $707 $789 
ASIA486 267 265 280 431 
LATIN AMERICA251 159 184 215 219 
EMEA66 64 64 60 70 
METLIFE HOLDINGS382 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.
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U.S.
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 fees283 286 291 297 294 581 591 
Net investment income1,710 1,716 2,040 2,124 2,275 3,584 4,399 
Other revenues404 514 408 448 434 830 882 
Total adjusted revenues10,491 16,470 8,356 8,821 11,111 20,094 19,932 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends8,115 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 balances453 548 650 692 750 859 1,442 
Capitalization of DAC(23)(38)(38)(51)(55)(55)(106)
Amortization of DAC and VOBA15 17 17 17 19 32 36 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 3 3 3 5 3 8 
Other expenses949 1,003 1,031 1,078 1,096 1,928 2,174 
Total adjusted expenses9,503 15,520 7,384 7,925 10,113 18,269 18,038 
Adjusted earnings before provision for income tax988 950 972 896 998 1,825 1,894 
Provision for income tax expense (benefit)208 199 199 189 209 382 398 
Adjusted earnings780 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.
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 fees210 215 214 218 223 426 441 
Net investment income278 279 299 310 327 558 637 
Other revenues336 331 338 380 363 691 743 
Total adjusted revenues6,034 5,986 6,098 6,359 6,340 12,318 12,699 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,640 4,538 4,645 4,994 4,866 9,893 9,860 
Policyholder liability remeasurement (gains) losses2 4 2 (4)2 1 (2)
Interest credited to policyholder account balances32 34 46 46 48 63 94 
Capitalization of DAC(6)(4)(4)(6)(5)(10)(11)
Amortization of DAC and VOBA7 7 6 6 7 13 13 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt— 1 — — 1 — 1 
Other expenses844 876 908 932 950 1,694 1,882 
Total adjusted expenses5,519 5,456 5,603 5,968 5,869 11,654 11,837 
Adjusted earnings before provision for income tax515 530 495 391 471 664 862 
Provision for income tax expense (benefit)109 113 103 84 99 141 183 
Adjusted earnings406 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.
RETIREMENT AND INCOME SOLUTIONS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$2,884 $8,793 $370 $501 $2,681 $4,456 $3,182 
Universal life and investment-type product policy fees73 71 77 79 71 155 150 
Net investment income1,432 1,437 1,741 1,814 1,948 3,026 3,762 
Other revenues68 183 70 68 71 139 139 
Total adjusted revenues4,457 10,484 2,258 2,462 4,771 7,776 7,233 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends3,475 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 balances421 514 604 646 702 796 1,348 
Capitalization of DAC(17)(34)(34)(45)(50)(45)(95)
Amortization of DAC and VOBA8 10 11 11 12 19 23 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 2 3 3 4 3 7 
Other expenses105 127 123 146 146 234 292 
Total adjusted expenses3,984 10,064 1,781 1,957 4,244 6,615 6,201 
Adjusted earnings before provision for income tax473 420 477 505 527 1,161 1,032 
Provision for income tax expense (benefit)99 86 96 105 110 241 215 
Adjusted earnings374 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.
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$436 $444 $475 $474 $468 
Pension, postretirement and postemployment benefit costs1 2 (1)13 13 
Premium taxes, other taxes, and licenses & fees73 88 80 80 101 
Commissions and other variable expenses334 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Group Life (2)
Adjusted premiums, fees and other revenues$2,126 $2,125 $2,131 $2,232 $2,254 
Mortality ratio85.4 %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)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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) loss720 (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)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Balance, end of period$79,821 $79,311 $80,066 $79,973 $81,249 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Balance, end of period$61,622 $58,838 $60,040 $57,990 $54,501 
SYNTHETIC GICS (3), (4)
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Balance, end of period$44,841 $45,066 $46,316 $47,850 $50,453 
LONGEVITY REINSURANCE (5)
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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.
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U.S.
RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$61 $64 $70 $71 $67 
Pension, postretirement and postemployment benefit costs1 — — 3 3 
Premium taxes, other taxes, and licenses & fees4 22 10 9 12 
Commissions and other variable expenses39 41 43 63 64 
Adjusted other expenses$105 $127 $123 $146 $146 
SPREAD
For the Three Months Ended
UnauditedJune 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Investment income yield excluding variable investment income yield3.88 %4.20 %4.69 %4.98 %5.18 %
Variable investment income yield7.03 %(3.24)%0.50 %(0.27)%2.57 %
Total investment income yield4.01 %3.90 %4.53 %4.78 %5.08 %
Average crediting rate2.96 %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 rate2.75 %3.08 %3.45 %3.61 %3.76 %
Annualized general account spread1.26 %0.82 %1.08 %1.17 %1.32 %
Annualized general account spread excluding variable investment income yield1.13 %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
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 fees420 438 432 397 396 823 793 
Net investment income1,012 827 828 881 1,050 2,254 1,931 
Other revenues24 21 24 20 21 45 41 
Total adjusted revenues2,849 2,632 2,556 2,675 2,777 6,067 5,452 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,123 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 balances493 497 515 536 570 991 1,106 
Capitalization of DAC(381)(351)(410)(401)(397)(769)(798)
Amortization of DAC and VOBA182 178 191 193 190 376 383 
Amortization of negative VOBA(5)(6)(6)(6)(5)(12)(11)
Interest expense on debt— — — — — — — 
Other expenses763 749 804 807 778 1,600 1,585 
Total adjusted expenses2,165 2,247 2,187 2,270 2,166 4,546 4,436 
Adjusted earnings before provision for income tax684 385 369 405 611 1,521 1,016 
Provision for income tax expense (benefit)198 118 104 125 180 436 305 
Adjusted earnings486 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, 2022September 30, 2022December 31, 2022March 31, 2023June 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$291 $285 $300 $303 $285 
Pension, postretirement and postemployment benefit costs19 17 23 17 15 
Premium taxes, other taxes, and licenses & fees31 36 37 33 32 
Commissions and other variable expenses422 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Japan:
Life$105 $101 $102 $83 $200 
Accident & Health71 67 62 66 63 
Annuities130 202 267 264 173 
Other2 3 2 2 2 
Total Japan308 373 433 415 438 
Other Asia157 209 190 230 184 
   Total sales$465 $582 $623 $645 $622 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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, 2022September 30, 2022December 31, 2022March 31, 2023June 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
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$822 $822 $842 $1,025 $1,023 $1,560 $2,048 
Universal life and investment-type product policy fees294 293 299 335 352 583 687 
Net investment income459 399 413 379 418 781 797 
Other revenues10 10 10 12 10 19 22 
Total adjusted revenues1,585 1,524 1,564 1,751 1,803 2,943 3,554 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends812 872 856 966 976 1,592 1,942 
Policyholder liability remeasurement (gains) losses6 3 (16)(4)3 (8)(1)
Interest credited to policyholder account balances84 89 94 99 105 152 204 
Capitalization of DAC(116)(130)(137)(151)(148)(227)(299)
Amortization of DAC and VOBA101 104 105 106 117 201 223 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt4 3 2 2 4 7 6 
Other expenses364 380 427 430 465 713 895 
Total adjusted expenses1,255 1,321 1,331 1,448 1,522 2,430 2,970 
Adjusted earnings before provision for income tax330 203 233 303 281 513 584 
Provision for income tax expense (benefit)79 44 49 88 62 127 150 
Adjusted earnings251 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$116 $116 $140 $133 $143 
Pension, postretirement and postemployment benefit costs1 1 1 1 1 
Premium taxes, other taxes, and licenses & fees11 12 13 21 20 
Commissions and other variable expenses236 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Mexico$143 $146 $146 $214 153 
Chile87 92 97 102 101 
All other67 84 86 99 82 
Total sales$297 $322 $329 $415 $336 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$493 $472 $488 $496 $499 $1,002 $995 
Universal life and investment-type product policy fees77 57 67 77 75 160 152 
Net investment income38 40 41 45 47 79 92 
Other revenues8 8 10 8 8 17 16 
Total adjusted revenues616 577 606 626 629 1,258 1,255 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends226 235 239 261 237 502 498 
Policyholder liability remeasurement (gains) losses6 (11)(5)(3)2 10 (1)
Interest credited to policyholder account balances20 16 18 16 19 37 35 
Capitalization of DAC(108)(96)(106)(108)(119)(209)(227)
Amortization of DAC and VOBA88 75 81 85 85 167 170 
Amortization of negative VOBA(2)(1)(1)(1)(1)(3)(2)
Interest expense on debt— — — — — — — 
Other expenses298 269 308 300 314 594 614 
Total adjusted expenses528 487 534 550 537 1,098 1,087 
Adjusted earnings before provision for income tax88 90 72 76 92 160 168 
Provision for income tax expense (benefit)22 26 8 16 22 39 38 
Adjusted earnings66 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$101 $91 $100 $94 $97 
Pension, postretirement and postemployment benefit costs2 1 1 1 1 
Premium taxes, other taxes, and licenses & fees4 3 6 5 6 
Commissions and other variable expenses191 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, 2022September 30, 2022December 31, 2022March 31, 2023June 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
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$760 $745 $785 $723 $719 $1,536 $1,442 
Universal life and investment-type product policy fees296 202 176 183 170 524 353 
Net investment income1,268 1,103 1,150 1,127 1,170 2,661 2,297 
Other revenues23 39 49 53 49 67 102 
Total adjusted revenues2,347 2,089 2,160 2,086 2,108 4,788 4,194 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,354 1,385 1,415 1,369 1,341 2,836 2,710 
Policyholder liability remeasurement (gains) losses4 74 7 20 15 20 35 
Interest credited to policyholder account balances203 202 206 199 198 405 397 
Capitalization of DAC(7)(9)(7)(6)(6)(13)(12)
Amortization of DAC and VOBA70 64 61 68 64 145 132 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 2 3 3 3 3 6 
Other expenses242 228 247 238 231 478 469 
Total adjusted expenses1,868 1,946 1,932 1,891 1,846 3,874 3,737 
Adjusted earnings before provision for income tax479 143 228 195 262 914 457 
Provision for income tax expense (benefit)97 26 44 37 51 184 88 
Adjusted earnings382 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Annuities$1,696 $1,582 $1,593 $1,606 $1,581 
Life and Other54,830 54,605 54,573 54,365 54,187 
Long Term Care14,828 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 Other41 (93)(60)(16)18 
Long Term Care800 (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 Other54,789 54,698 54,633 54,381 54,169 
Long Term Care14,028 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Annuities$13,985 $13,701 $13,286 $12,818 $12,410 
Life and Other12,607 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, 2022September 30, 2022December 31, 2022March 31, 2023June 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Annuities$30,163 $27,680 $28,499 $29,320 $29,616 
Life and Other5,527 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$160 $164 $178 $171 $165 
Pension, postretirement and postemployment benefit costs1 — 1 6 6 
Premium taxes, other taxes, and licenses & fees17 20 15 18 17 
Commissions and other variable expenses64 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Life (1)
Adjusted premiums, fees and other revenues$745 $654 $694 $639 $614 
Interest adjusted benefit ratio33.2 %53.9 %49.1 %45.8 %39.5 %
Lapse Ratio (2)
Traditional life4.4 %4.5 %4.6 %4.7 %4.8 %
Variable & universal life3.3 %3.3 %3.4 %3.5 %3.7 %
Fixed annuity6.2 %6.6 %7.3 %9.0 %10.3 %
Variable annuity9.8 %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
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$(6)$(7)$1 $16 $19 $(10)$35 
Universal life and investment-type product policy fees2 (1)1 — 1 2 1 
Net investment income17 78 58 50 80 137 130 
Other revenues98 96 101 101 106 199 207 
Total adjusted revenues111 166 161 167 206 328 373 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends(2)(3)6 16 12 (9)28 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(2)(2)(1)(1)(4)(5)(5)
Amortization of DAC and VOBA2 3 2 1 4 4 5 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt219 231 240 247 244 438 491 
Other expenses184 186 203 177 229 320 406 
Total adjusted expenses401 415 450 440 485 748 925 
Adjusted earnings before provision for income tax(290)(249)(289)(273)(279)(420)(552)
Provision for income tax expense (benefit)(92)(55)(108)(103)(83)(180)(186)
Adjusted earnings(198)(194)(181)(170)(196)(240)(366)
Preferred stock dividends29 64 29 66 32 92 98 
Adjusted earnings available to common shareholders$(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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Business activities$34 $36 $32 $19 $20 $70 $39 
Net investment income18 75 63 51 81 138 132 
Interest expense on debt(226)(240)(250)(258)(254)(453)(512)
Corporate initiatives and projects(21)(15)(16)(14)(32)(33)(46)
Other(95)(105)(118)(71)(94)(142)(165)
Provision for income tax (expense) benefit and other tax-related items92 55 108 103 83 180 186 
Preferred stock dividends(29)(64)(29)(66)(32)(92)(98)
Adjusted earnings available to common shareholders$(227)$(258)$(210)$(236)$(228)$(332)$(464)
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INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
At or For the Three Months EndedAt or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 income277 179 101 (69)27 518 (42)
Investment gains (losses)159 — 490 18 13 163 31 
Ending carrying value12,376 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 income114 114 115 119 119 230 238 
Ending carrying value8,876 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 income5 14 10 12 10 12 22 
Investment gains (losses)(42)(23)(18)48 32 (92)80 
Ending carrying value1,085 973 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 income43 78 131 167 195 73 362 
Investment gains (losses)42 63 (37)(11)29 56 18 
Ending carrying value23,591 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 value19,901 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 businesses4,504 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 gains597 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) benefit92 51 3 181 188 208 369 
Investment Portfolio Gains (Losses), Net of Income Tax$(305)$(163)$(13)$(510)$(686)$(711)$(1,196)
Derivative gains (losses) (9)(1,202)(478)(381)(372)(1,278)(2,368)(1,650)
Derivative gains (losses) income tax (expense) benefit355 129 69 47 320 630 367 
Derivative Gains (Losses), Net of Income Tax$(847)$(349)$(312)$(325)$(958)$(1,738)$(1,283)
See footnotes on Page 30.

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INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% 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 corporate54,177 19.1 %49,927 18.4 %52,572 19.0 %54,285 19.1 %53,690 18.9 %
Foreign government48,016 16.9 %44,050 16.3 %46,747 16.9 %48,111 16.9 %45,994 16.2 %
U.S. government and agency33,690 11.9 %31,562 11.7 %32,229 11.6 %32,878 11.6 %33,129 11.7 %
Residential mortgage-backed27,303 9.6 %27,145 10.0 %26,165 9.5 %26,543 9.4 %28,458 10.0 %
Asset-backed securities and collateralized loan obligations17,054 6.0 %16,766 6.2 %16,822 6.1 %16,970 6.0 %17,480 6.2 %
Municipals12,513 4.4 %12,014 4.4 %12,152 4.4 %12,597 4.4 %12,324 4.3 %
Commercial mortgage-backed10,870 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 %
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$195,090 68.7 %$185,780 68.6 %$190,021 68.7 %$195,535 69.0 %$196,361 69.3 %
Baa274,783 26.3 %71,276 26.3 %73,194 26.5 %74,661 26.3 %73,827 26.0 %
Ba311,129 3.9 %10,652 4.0 %10,511 3.8 %10,856 3.8 %10,885 3.8 %
B42,653 0.9 %2,618 1.0 %2,571 0.9 %2,296 0.8 %2,311 0.8 %
Caa and lower5389 0.2 %306 0.1 %401 0.1 %395 0.1 %346 0.1 %
In or near default6134 — %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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Gross unrealized gains$8,666 $5,488 $5,239 $6,554 $5,991 
Gross unrealized losses23,759 36,982 34,301 27,469 28,982 
Net Unrealized Gains (Losses)$(15,093)$(31,494)$(29,062)$(20,915)$(22,991)
See footnotes on Page 30.

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INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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 loans11,606 11,708 12,482 13,206 13,129 
Mortgage loans held-for-sale24 — — — — 
Total82,541 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
BY REGION AND PROPERTY TYPE (5)
 
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% 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 %
Pacific9,901 18.9 %9,805 18.7 %9,628 18.3 %9,736 18.1 %9,171 17.4 %
Middle Atlantic7,918 15.1 %7,748 14.8 %7,574 14.4 %7,647 14.2 %7,572 14.4 %
South Atlantic6,852 13.1 %6,691 12.8 %6,617 12.6 %6,671 12.4 %6,514 12.4 %
West South Central3,943 7.5 %4,005 7.7 %3,721 7.1 %3,765 7.0 %3,496 6.6 %
New England2,781 5.3 %2,754 5.3 %2,764 5.3 %2,876 5.4 %2,878 5.5 %
Mountain2,268 4.3 %2,269 4.3 %2,284 4.4 %2,284 4.3 %2,227 4.2 %
East North Central1,489 2.9 %1,596 3.1 %1,594 3.0 %1,768 3.3 %1,809 3.4 %
East South Central636 1.2 %635 1.2 %620 1.2 %624 1.2 %623 1.2 %
West North Central428 0.8 %471 0.9 %597 1.1 %596 1.1 %602 1.1 %
Multi-Region and Other6,406 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 %
Apartment10,536 20.1 %10,793 20.6 %10,575 20.2 %11,357 21.2 %11,928 22.6 %
Retail8,524 16.3 %8,305 15.9 %8,046 15.3 %8,289 15.4 %7,433 14.1 %
Industrial4,902 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 %
Hotel3,323 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.
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INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-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.
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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 securities9,875 8,954 9,668 10,063 10,204 
Total fixed maturity securities294,053 279,719 286,448 293,917 294,061 
Less: Contractholder-directed equity securities8,480 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 Three Months EndedFor the Year-to-Date Period Ended
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Net investment gains (losses) $(682)$(411)$350 $(684)$(1,039)$(1,199)$(1,723)
Less: Non-investment portfolio gains (losses)(283)(184)369 13 (95)(291)(82)
Less: Provision for credit loss on certain mortgage loans originated for third parties— — — — (73)— (73)
Less: Other adjustments(2)(13)(3)(6)3 11 (3)
Investment portfolio gains (losses) $(397)$(214)$(16)$(691)$(874)$(919)$(1,565)
For the Three Months EndedFor the Year-to-Date Period Ended
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Net derivative gains (losses) $(970)$(226)$(104)$(90)$(997)$(1,921)$(1,087)
Less: Investment hedge adjustments232 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.
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Appendix





Table of Contents
APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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 dividends29 64 29 66 32 92 98 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net Income (loss) attributable to noncontrolling interests5 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 adjustments48 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 volatility34 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 accounting31 36 (64)(19)10 94 (9)
Unit-linked contract costs695 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) benefit439 110 (149)180 419 619 599 
Adjusted earnings1,767 1,164 1,289 1,250 1,524 3,525 2,774 
Less: Preferred stock dividends29 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
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments$77 $12 $— $— $— $77 $— 
Total notable items$77 $12 $— $— $— $77 $— 
U.S.
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments $— $79 $— $— $— $— $— 
Total notable items$— $79 $— $— $— $— $— 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments $— $— $— $— $— $— $— 
Total notable items $— $— $— $— $— $— $— 
RETIREMENT AND INCOME SOLUTIONS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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
METLIFE
NOTABLE ITEMS (1) CONTINUED
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments
$— $(32)$— $— $— $— $— 
Total notable items
$— $(32)$— $— $— $— $— 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments
$— $1 $— $— $— $— $— 
Total notable items
$— $1 $— $— $— $— $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments
$— $15 $— $— $— $— $— 
Total notable items
$— $15 $— $— $— $— $— 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 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
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Total MetLife, Inc.'s stockholders' equity$33,744 $29,389 $29,881 $32,194 $30,261 
Less: Preferred stock3,818 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 tax193 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 FCTA41,713 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, 2022September 30, 2022December 31, 2022March 31, 2023June 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 tax0.24 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, 2022September 30, 2022December 31, 2022March 31, 2023June 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
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
 ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 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 AMERICA1,220 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
U.S. (1)$949 $1,003 $1,031 $1,078 $1,096 
ASIA 724 752 822 783 778 
LATIN AMERICA388 424 471 448 465 
EMEA290 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, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
U.S. (1)$780 $751 $773 $707 $789 
ASIA 472 264 269 276 431 
LATIN AMERICA278 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
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:Comparable GAAP financial measures:
(i)total adjusted revenues(i)total revenues
(ii)total adjusted expenses(ii)total expenses
(iii)adjusted premiums, fees and other revenues(iii)premiums, fees and other revenues
(iv)adjusted premiums, fees & 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
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

Adjusted earnings and related measures
•adjusted earnings;
•adjusted earnings available to common shareholders;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders per diluted common share;
•adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•adjusted earnings available to common shareholders on a constant currency basis.
These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.

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.

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.
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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Table of Contents
METLIFE
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
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
GMIBGuaranteed minimum income benefits
NAICNational Association of Insurance Commissioners
NDGLNet derivative gains (losses)
NIGLNet investment gains (losses)
NRSRONationally Recognized Statistical Rating Organization
PABPolicyholder account balances
PBCPolicyholder benefits and claims
PDOPolicyholder dividend obligation
PRTPension risk transfers
QFSQuarterly financial supplement
VIEVariable interest entity
VOBAValue of business acquired
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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

 
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.

 
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."

 
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

 
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.

 
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.

 
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

 
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

 
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

 
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%

 
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

 
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

 
Appendix

 
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.

 
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.

 
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.

 
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).

 
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.

 
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.

 
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.

 
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.

 
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

 
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

 
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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