met-20230201
0001099219false00010992192023-02-012023-02-010001099219us-gaap:CommonStockMember2023-02-012023-02-010001099219us-gaap:SeriesAPreferredStockMember2023-02-012023-02-010001099219us-gaap:SeriesEPreferredStockMember2023-02-012023-02-010001099219us-gaap:SeriesFPreferredStockMember2023-02-012023-02-01

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): February 1, 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 F		MET PRF
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02 Results of Operations and Financial Condition.
On February 1, 2023, MetLife, Inc. issued (i) a news release announcing its results for the quarter and full year ended December 31, 2022 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Quarterly Financial Supplement for the quarter ended December 31, 2022 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.
Item 7.01 Regulation FD Disclosure.
On February 1, 2023, MetLife, Inc. issued a supplemental slide presentation for the quarter and full year ended December 31, 2022, as well as outlook information (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement and provide outlook information. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.
Item 8.01 Other Events.
As used herein, “MetLife,” “we,” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.
Consolidated Company Outlook
Our outlook reflects the impacts of the adoption of targeted improvements to the accounting for long-duration contracts (“LDTI”). We assume COVID-19 to be endemic consistent with the recent trends that we have been experiencing. We expect continued uncertainty to persist around inflation and a potential recession.
We expect interest rates to remain elevated relative to December 31, 2022. We believe that our investment portfolio is highly diversified and positioned to perform well in a variety of economic scenarios.
As of December 31, 2022, we had $5.4 billion of cash and liquid assets at the holding companies which is above the high end of our $3.0 billion to $4.0 billion holding company cash target. In 2023, we expect to maintain this holding company cash target.
Our continued capital stress testing and longstanding commitment to liquidity position us to withstand a variety of economic conditions. We do not expect any material liquidity deficiencies, and we expect to remain able to comply with the financial covenants of our credit agreements. We will continue reviewing accounting estimates, asset valuations and various financial scenarios for capital and liquidity implications.
Assuming (i) interest rates following the observable forward yield curves as of December 31, 2022, including a 10-year U.S. Treasury rate of 3.88% at December 31, 2022, and 3.84% at December 31, 2023, (ii) S&P 500 equity index annual return of 5% over the near-term, and (iii) private equity annual returns of 12% over the near-term consistent with historical long-term averages; we expect to maintain the two-year average annual ratio of free cash flow to adjusted earnings, excluding total notable items, at 65% to 75%.
Further, based on the aforementioned assumptions, the growing impact of our mix of business and higher new business returns over the last several years, as well as the impact of LDTI, we are increasing our target for adjusted return on equity, excluding accumulated other comprehensive income (“AOCI”) other than foreign currency translation adjustments (“FCTA”), to 13% to 15% over the near-term. Lastly, we expect to exceed our goals to generate approximately $20.0 billion of free cash flow and make available an additional $1.0 billion to invest in growth and innovation, over the time period of 2020 through 2024.
Our full year direct expense ratio target, excluding total notable items related to direct expenses and pension risk transfers, is 12.6% over the near-term. This increase from the previous target of 12.3% reflects a reduction in adjusted premiums, fees and other revenues, excluding pension risk transfers, due to the impact of the adoption of LDTI. Since this change in accounting will be applied retrospectively to January 1, 2021, our previously reported direct expense ratios will likewise be re-calibrated to put 2021 and 2022 on the same basis as 2023 and beyond.
Our outlook relies on the accuracy of our assumptions about future economic and business conditions, which can be affected by known and unknown risks, uncertainties and other factors. We continually review our assumptions, implement mitigation plans, and take precautions. We may revise our outlook as we obtain more information regarding economic conditions, regulatory changes, and other events, and the impact of these events on our business operations, investment portfolio, derivatives, financial results and financial condition.
Forward-Looking Statements
The forward-looking statements in this Item 8.01 of MetLife, Inc.’s Current Report on Form 8-K, which contain words such as “anticipate,” “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
2

future periods or future performance, 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 forward-looking statement if MetLife becomes aware that such statement is not likely to be achieved.
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.
3

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)
4

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: February 1, 2023
5

Exhibit 99.1

mllogonewa22a.jpg
                    For Immediate Release İ Global Communications İ MetLife, Inc.


METLIFE ANNOUNCES FULL YEAR AND FOURTH QUARTER 2022 RESULTS
NEW YORK, February 1, 2023 - MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2022 results.
Full Year Results Summary
•Net income of $2.4 billion, compared to net income of $6.4 billion for the full year 2021. Net income of $2.91 per share, down 60 percent from the prior year.
•Adjusted earnings of $5.5 billion, compared to adjusted earnings of $8.0 billion for the full year 2021. Adjusted earnings of $6.85 per share, down 25 percent from the prior year.
•Adjusted earnings, excluding total notable items, of $5.4 billion, compared to $7.9 billion for the full year 2021. On a per share basis, adjusted earnings, excluding total notable items, of $6.72, down 26 percent from $9.07 for the full year 2021.
•Book value of $29.81 per share, down 61 percent from $77.12 per share at December 31, 2021.
•Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $56.34 per share, down 2 percent from $57.65 per share at December 31, 2021.
•Return on equity (ROE) of 6.1 percent.
•Adjusted ROE, excluding AOCI other than FCTA, of 12.3 percent.
•Holding company cash and liquid assets of $5.4 billion at December 31, 2022, which is above the target cash buffer of $3.0 - $4.0 billion.

Fourth Quarter Results Summary
•Net income of $1.3 billion, or $1.66 per share, compared to net income of $1.2 billion, or $1.39 per share, in the fourth quarter of 2021.
•Adjusted earnings of $1.2 billion, or $1.55 per share, compared to adjusted earnings of $1.8 billion, or $2.17 per share, in the fourth quarter of 2021.
•Adjusted earnings, excluding total notable items, of $1.2 billion, or $1.55 per share, compared to adjusted earnings, excluding total notable items, of $1.7 billion, or $2.01 per share, in the fourth quarter of 2021.
•ROE of 23.6 percent.
•Adjusted ROE, excluding AOCI other than FCTA, of 11.3 percent.


Commenting on the company's results, MetLife President and CEO Michel Khalaf said: "MetLife's strong underlying fundamentals were on full display in the fourth quarter and full year of 2022. With our great set of market-leading businesses, good growth prospects around the world, and the strength of our balance sheet and our free cash flow, I believe MetLife is very well-positioned for the future. As we begin 2023, we are raising the bar and setting our standards higher as we focus on creating value for all of our stakeholders.”
Page 1 of 29







Page 2 of 29


Fourth Quarter and Full Year 2022 Summary
($ in millions, except per share data)
Three months ended
December 31,		Year ended
December 31,
20222021Change20222021Change
Premiums, fees and other revenues
$11,335 $15,178 (25)%$57,616 $50,384 14%
Net investment income
4,464 5,233 (15)%15,916 21,395 (26)%
Net investment gains (losses)
355 (126)(1,262)1,529 
Net derivative gains (losses)
162 (196)(2,372)(2,228)
Total revenues
$16,316 $20,089 $69,898 $71,080 
Adjusted premiums, fees and other revenues
$11,306 $15,010 (25)%$57,359 $48,964 17%
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)$11,375 $11,459 (1)%$45,140 $45,451 (1)%
Net income (loss)
$1,314 $1,176 12%$2,354 $6,353 (63)%
Net income (loss) per share
$1.66 $1.39 19%$2.91 $7.31 (60)%
Adjusted earnings
$1,226 $1,838 (33)%$5,545 $7,954 (30)%
Adjusted earnings per share
$1.55 $2.17 (29)%$6.85 $9.15 (25)%
Adjusted earnings, excluding total notable items
$1,226 $1,698 (28)%$5,434 $7,888 (31)%
Adjusted earnings, excluding total notable items per share
$1.55 $2.01 (23)%$6.72 $9.07 (26)%
Book value per share
$29.81 $77.12 (61)%$29.81 $77.12 (61)%
Book value per share, excluding AOCI other than FCTA
$56.34 $57.65 (2)%$56.34 $57.65 (2)%
Expense ratio
21.3 %16.1 %   16.0 %18.2 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT
13.1 %12.9 %12.2 %11.6 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT20.7 %20.4 %19.8 %19.3 %
ROE
23.6 %7.3 %6.1 %9.7 %
Adjusted ROE, excluding AOCI other than FCTA
11.3 %15.3 %12.3 %16.6 %
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA)
11.3 %14.2 %12.1 %16.5 %
    

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
Page 3 of 29


and Other Financial Disclosures” below and in the tables that accompany this news release.

Supplemental slides for the fourth quarter of 2022, titled “4Q22 Supplemental Slides and Outlook,” 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. Additionally, further information is available under the heading "Consolidated Company Outlook" in Item 8.01 of the Form 8-K.
Total Company Discussion
MetLife reported fourth quarter 2022 premiums, fees and other revenues of $11.3 billion, down 25 percent from the fourth quarter of 2021. Adjusted premiums, fees and other revenues were $11.3 billion, down 25 percent on a reported basis and down 23 percent on a constant currency basis from the prior-year period.
Net investment income was $4.5 billion, down 15 percent from the fourth quarter of 2021, largely driven by lower variable investment income primarily due to lower private equity returns. Adjusted net investment income was $4.5 billion, down 13 percent from the prior-year period, driven by lower variable investment income primarily due to lower private equity returns.
Net derivative gains amounted to $162 million, or $128 million after tax during the quarter, primarily driven by a weakening of the U.S. dollar.
Net income was $1.3 billion, compared to net income of $1.2 billion in the fourth quarter of 2021, primarily driven by net investment and net derivative gains. On a per share basis, net income was $1.66, compared to net income of $1.39 in the prior-year period.
MetLife reported adjusted earnings of $1.2 billion, down 33 percent on a reported basis and down 32 percent on a constant currency basis from the fourth quarter of 2021. On a per share basis, adjusted earnings were $1.55, down 29 percent from the prior-year period.

Adjusted Earnings by Segment Summary*
Three months ended
December 31, 2022		Year ended
December 31, 2022
SegmentChange from
prior-year period		Change from
prior-year
period (on a
constant
currency
basis)		Change from
prior-year		Change from
prior-year (on a
constant
currency
basis)
U.S.20%(7)%
Asia(63)%(62)%(40)%(38)%
Latin America 45%51%162%201%
Europe, the Middle East and Africa (EMEA)
67%112%(18)%—%
MetLife Holdings(57)%(55)%
* The percentages in this table are on a reported and constant currency basis, and do not exclude notable items.



Page 4 of 29



Business Discussions
All comparisons of the results for the fourth quarter of 2022 in the business discussions that follow are with the fourth quarter of 2021, unless otherwise noted. There were no notable items in the fourth quarter of 2022, as indicated in the notable items table which follows the Business Discussions section of this release.

U.S.
($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted earnings
$771$64020%
Adjusted premiums, fees and other revenues
$6,666$10,100(34)%
Adjusted premiums, fees and other revenues, excluding PRT
$6,735$6,5493%
Notable item(s)
$0$0

•Adjusted earnings were $771 million, up 20 percent, primarily driven by favorable underwriting and volume growth, partially offset by lower variable investment income.
•Adjusted return on allocated equity was 27.0 percent, and adjusted return on allocated tangible equity was 36.2 percent.
•Adjusted premiums, fees and other revenues were $6.7 billion, down 34 percent, primarily driven by higher pension risk transfer sales in the prior-year period.












Page 5 of 29




Group Benefits
($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted earnings
$400$20NM%*
Adjusted premiums, fees and other revenues
$5,799$5,791—%
Notable item(s)$0$0
* Not meaningful. For more information, refer to "Non-GAAP and Other Financial Disclosures".

•Adjusted earnings were $400 million, compared to $20 million at 2021, primarily driven by favorable underwriting and volume growth.
•Adjusted premiums, fees and other revenues were $5.8 billion, essentially flat compared to the prior-year period, driven by solid growth across most products, offset by higher premiums in the prior year related to participating life contracts. Premiums, fees and other revenues from participating life contracts can fluctuate with claims experience.
•Sales were down 15 percent for the full year 2022 compared to 2021 due to lower jumbo case activity.

Retirement and Income Solutions
($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted earnings
$371$620(40)%
Adjusted premiums, fees and other revenues
$867$4,309(80)%
Adjusted premiums, fees and other revenues, excluding PRT
$936$75823%
Notable item(s)$0$0 

•Adjusted earnings were $371 million, down 40 percent, largely driven by lower variable investment income.
•Adjusted premiums, fees and other revenues were $867 million, compared to $4.3 billion in the fourth quarter of 2021, largely driven by higher pension risk transfer sales in the prior-year period.
•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $936 million, up 23 percent, primarily driven by strong structured settlement sales.
•Sales were up 23 percent for the full year 2022, primarily driven by pension risk transfer transactions, stable value products and structured settlements.






Page 6 of 29



ASIA
($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted earnings$215$586(63)%
Adjusted earnings (constant currency)
$215$560(62)%
Adjusted premiums, fees and other revenues
$1,770$2,022(12)%
Notable item(s)$0$0
Asia general account assets under management (at amortized cost)$126,335$130,310(3)%

•Adjusted earnings were $215 million, down 63 percent on a reported basis and down 62 percent on a constant currency basis, largely driven by lower variable investment income.
•Adjusted return on allocated equity was 6.0 percent, and adjusted return on allocated tangible equity was 9.0 percent.
•Adjusted premiums, fees and other revenues were $1.8 billion, down 12 percent, and up 3 percent on a constant currency basis.
•Asia general account assets under management (at amortized cost) were $126.3 billion, down 3 percent, and up 4 percent on a constant currency basis.
•Sales were $618 million, up 12 percent on a constant currency basis, primarily driven by sales in Japan.




















LATIN AMERICA
Page 7 of 29


($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted earnings$181$12545%
Adjusted earnings (constant currency)
$181$12051%
Adjusted premiums, fees and other revenues
$1,154$96220%
Notable item(s)$0$0

•Adjusted earnings were $181 million, up 45 percent on a reported basis, and up 51 percent on a constant currency basis, primarily driven by favorable underwriting and volume growth. Higher investment margins and Chilean encaje returns were offset by lower variable investment income.
•Adjusted return on allocated equity was 26.5 percent, and adjusted return on allocated tangible equity was 41.4 percent.
•Adjusted premiums, fees and other revenues were $1.2 billion, up 20 percent on both a reported and constant currency basis, driven by strong sales and solid persistency across the region.
•Sales were $297 million, up 22 percent on a constant currency basis, driven by growth across the region.





























EMEA
Page 8 of 29


($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted earnings
$70$4267%
Adjusted earnings (constant currency)
$70$33112%
Adjusted premiums, fees and other revenues
$562$621(10)%
Notable item(s)
$0$0

•Adjusted earnings were $70 million, up 67 percent on a reported basis, and up 112 percent on a constant currency basis, primarily driven by favorable underwriting.
•Adjusted return on allocated equity was 12.4 percent, and adjusted return on allocated tangible equity was 18.4 percent.
•Adjusted premiums, fees and other revenues were $562 million, down 10 percent on a reported basis, but up 2 percent on a constant currency basis, primarily driven by sales growth.
•Sales were $185 million, up 13 percent on a constant currency basis, driven by growth across the region.

METLIFE HOLDINGS
($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted earnings
$208$482(57)%
Adjusted premiums, fees and other revenues
$1,051$1,206(13)%
Notable item(s)
$0$0

•Adjusted earnings were $208 million, down 57 percent, largely driven by lower variable investment income.
•Adjusted return on allocated equity was 7.6 percent, and adjusted return on allocated tangible equity was 8.3 percent.
•Adjusted premiums, fees and other revenues were $1.1 billion, down 13 percent.



CORPORATE & OTHER
($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted earnings$(219)$(37)
Notable item(s)$0$140

•Adjusted loss of $219 million, compared to an adjusted loss of $37 million in the prior-year period.

Page 9 of 29



INVESTMENTS
($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted net investment income
$4,530$5,201(13)%

•Adjusted net investment income was $4.5 billion, down 13 percent. Variable investment income was $24 million, compared to variable investment income of $1.3 billion in the prior-year period, primarily driven by lower private equity returns.



FOURTH QUARTER 2022 NOTABLE ITEMS
($ in millions)
Adjusted Earnings
Three months ended December 31, 2022
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

###

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 combined fourth quarter and full year 2022 earnings and outlook conference call and audio webcast on Thursday, February 2, 2023, from 9-10 a.m. (ET). The conference call
Page 10 of 29


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, February 2, 2023, until Thursday, February 9, 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 3034929. 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)book value per share-tangible common stockholders’ equity;(vii) book value per common share-tangible common stockholders’ equity;
(viii)return on equity;(viii)return on MetLife, Inc.’s common stockholders’ equity;
(ix)adjusted return on equity, excluding AOCI other than FCTA; and(ix)adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA; and
(x)adjusted tangible return on equity.(x)adjusted return on MetLife, Inc.’s tangible common stockholders’ equity.

In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding 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:
Page 11 of 29


(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)adjusted tangible return on equity;(xiv)return on equity;
(xv)investment portfolio gains (losses);(xv)net investment gains (losses);
(xvi)derivative gains (losses);(xvi)net derivative gains (losses);
(xvii)total MetLife, Inc.’s tangible common stockholders’ equity;(xvii)total MetLife, Inc.’s stockholders’ equity;
(xviii)total MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;(xviii)total MetLife, Inc.’s stockholders’ equity;
(xix)total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;(xix)total MetLife, Inc.’s stockholders’ equity;
(xx)total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);(xx)total MetLife, Inc.’s stockholders’ equity;
(xxi)book value per common share, excluding AOCI other than FCTA;(xxi)book value per common share;
(xxii)book value per common share - tangible common stockholders' equity;(xxii)book value per common share;
(xxiii)free cash flow of all holding companies;(xxiii)MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;
(xxiv)adjusted other expenses;(xxiv)other expenses;
(xxv)adjusted other expenses, net of adjusted capitalization of DAC;(xxv)other expenses, net of capitalization of DAC;
Page 12 of 29


(xxvi)adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses;(xxvi)other expenses, net of capitalization of DAC;
(xxvii)adjusted expense ratio;(xxvii)expense ratio;
(xxviii)adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT;(xxviii)expense ratio;
(xxix)direct expenses;(xxix)other expenses;
(xxx)direct expenses, excluding total notable items related to direct expenses;(xxx)other expenses;
(xxxi)direct expense ratio; and(xxxi)expense ratio; and
(xxxii)direct expense ratio, excluding total notable items related to direct expenses and PRT.(xxxii)expense ratio.

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

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

MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:
Adjusted earnings and related measures
•adjusted earnings;
•adjusted earnings available to common shareholders;
•adjusted earnings available to common shareholders on a constant currency basis;
•adjusted earnings available to common shareholders, excluding total notable items;
•adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;
•adjusted earnings available to common shareholders per diluted common share;
•adjusted earnings available to common shareholders on a constant currency basis per diluted common share;
•adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share.

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as
Page 13 of 29


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

Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
•Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees);
•Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (Operating joint venture adjustments), (iii) excludes certain amounts related to contractholder-directed equity securities (Unit-linked contract income), (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP (Securitization entities income); and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP (Certain partnership distributions); and
•Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees).
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
•Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (PBC hedge adjustments), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL (PDO adjustments), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (Inflation and pass-through adjustments), (iv) benefits and hedging costs related to GMIBs (GMIB costs), and (v) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments);
•Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (PAB hedge adjustments) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (Unit-linked contract costs);
•Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;
•Amortization of negative VOBA excludes amounts related to Market value adjustments;
Page 14 of 29


•Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (Securitization entities debt expense); and
•Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (Regulatory implementation costs), and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
Investment portfolio gains (losses) and derivative gains (losses)
These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity, allocated equity, tangible equity and related measures
•Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: total MetLife, Inc.’s common stockholders’ equity, excluding net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): total MetLife, Inc.’s common stockholders’ equity, excluding net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.'s common stockholders' equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity.
•Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA.
•Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA).
•Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
•Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by
Page 15 of 29


allocated equity. 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.
•Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements acquired (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.
•Total MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA, VOCRA and total notable items, all net of income tax.
•Adjusted return on MetLife, Inc.'s tangible common stockholders' equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders' equity.
•Allocated tangible equity: allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues.
•Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
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 which are actively managed and stated at estimated fair value. Asia GA AUM 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 and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and 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 mortgage loans (including commercial, agricultural and residential) 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:
Page 16 of 29


•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.
•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.
•Not Meaningful (NM) indicates a percentage change in a financial metric over a specified period of time and reflects changes in factors that are subject to volatility, and should not, accordingly be viewed as representative of a reasonable trend currently or in the future. For example,
Page 17 of 29


($ in millions)Three months ended December 31, 2022Three months ended December 31, 2021Change
Adjusted earnings - Group Benefits$400$201,900%


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,” “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 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;
(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;
Page 18 of 29


(25)goodwill or other asset impairment, or deferred income tax asset allowance;
(26)impairment of VOBA, VODA or VOCRA;
(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.

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

Page 19 of 29


MetLife, Inc.
GAAP Consolidated Statements of Operations
(Unaudited)
(In millions)
For the Three Months EndedFor the Year Ended
December 31,December 31,
2022202120222021
Revenues
Premiums$9,358 $13,095 $49,397 $42,009 
Universal life and investment-type product policy fees1,349 1,422 5,585 5,756 
Net investment income4,464 5,233 15,916 21,395 
Other revenues628 661 2,634 2,619 
Net investment gains (losses)355 (126)(1,262)1,529 
Net derivative gains (losses)162 (196)(2,372)(2,228)
Total revenues16,316 20,089 69,898 71,080 
Expenses
Policyholder benefits and claims9,636 13,923 50,612 43,954 
Interest credited to policyholder account balances1,590 1,385 3,692 5,538 
Policyholder dividends155 204 701 876 
Capitalization of DAC(671)(666)(2,558)(2,718)
Amortization of DAC and VOBA560 612 1,931 2,555 
Amortization of negative VOBA(10)(9)(41)(34)
Interest expense on debt248 224 938 920 
Other expenses3,081 3,110 11,764 11,863 
Total expenses14,589 18,783 67,039 62,954 
Income (loss) before provision for income tax1,727 1,306 2,859 8,126 
Provision for income tax expense (benefit)381 95 301 1,551 
Net income (loss)1,346 1,211 2,558 6,575 
Less: Net income (loss) attributable to noncontrolling interests3 6 19 21 
Net income (loss) attributable to MetLife, Inc.1,343 1,205 2,539 6,554 
Less: Preferred stock dividends29 29 185 195 
         Preferred stock redemption premium— — — 6 
Net income (loss) available to MetLife, Inc.'s common shareholders$1,314 $1,176 $2,354 $6,353 
See footnotes on last page.
Page 20 of 29


MetLife, Inc.
(Unaudited)
(In millions, except per share data)
For the Three Months EndedFor the Year Ended
December 31,December 31,
2022202120222021
Reconciliation to Adjusted Earnings Available to Common ShareholdersEarnings Per
Weighted Average
Common Share Diluted (1)		Earnings Per
Weighted Average
Common Share Diluted (1)		Earnings Per
Weighted Average
Common Share Diluted (1)		Earnings Per
Weighted Average
Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders$1,314 $1.66 $1,176 $1.39 $2,354 $2.91 $6,353 $7.31 
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)355 0.45 (126)(0.15)(1,262)(1.56)1,529 1.76 
Net derivative gains (losses)162 0.21 (196)(0.23)(2,372)(2.93)(2,228)(2.56)
Premiums— — 60 0.07 41 0.05 982 1.13 
Universal life and investment-type product policy fees4 0.01 50 0.06 53 0.07 195 0.22 
Net investment income(66)(0.08)32 0.04 (2,273)(2.81)115 0.13 
Other revenues25 0.03 58 0.07 163 0.20 243 0.28 
Policyholder benefits and claims and policyholder dividends(56)(0.07)(258)(0.30)53 0.07 (1,179)(1.36)
Interest credited to policyholder account balances(180)(0.24)(251)(0.30)1,319 1.63 (946)(1.09)
Capitalization of DAC— — 15 0.02 11 0.01 119 0.14 
Amortization of DAC and VOBA— — (82)(0.10)106 0.13 (219)(0.25)
Amortization of negative VOBA— — — — — — — — 
Interest expense on debt— — — — — — (1)— 
Other expenses(57)(0.08)(125)(0.15)(263)(0.33)(564)(0.65)
Goodwill impairment— — — — — — — — 
Provision for income tax (expense) benefit(96)(0.12)167 0.20 1,252 1.55 380 0.44 
Add: Net income (loss) attributable to noncontrolling interests3 — 6 0.01 19 0.02 21 0.02 
  Preferred stock redemption premium— — — — — — 6 0.01 
Adjusted earnings available to common shareholders1,226 1.55 1,838 2.17 5,545 6.85 7,954 9.15 
Less: Total notable items (2)— — 140 0.17 111 0.14 66 0.08 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,226 $1.55 $1,698 $2.01 $5,434 $6.72 $7,888 $9.07 
Adjusted earnings available to common shareholders on a constant currency basis$1,226 $1.55 $1,798 $2.13 $5,545 $6.85 $7,780 $8.95 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)$1,226 $1.55 $1,658 $1.96 $5,434 $6.72 7,714 $8.87 
Weighted average common shares outstanding - diluted790.2 845.2 808.9 869.4 
See footnotes on last page.
Page 21 of 29


MetLife, Inc.
(Unaudited)
(In millions)
 For the Three Months EndedFor the Year Ended
December 31,December 31,
2022202120222021
Premiums, Fees and Other Revenues
Premiums, fees and other revenues$11,335 $15,178 $57,616 $50,384 
Less: Unearned revenue adjustments(14)13 (42)71 
GMIB fees18 24 84 98 
Settlement of foreign currency earnings hedges— — — — 
TSA fees25 53 160 221 
Divested businesses— 78 55 1,030 
Adjusted premiums, fees and other revenues$11,306 $15,010 $57,359 $48,964 
Adjusted premiums, fees and other revenues, on a constant currency basis$11,306 $14,632 $57,359 $47,519 
Less: PRT (3)(69)3,551 12,219 3,513 
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis$11,375 $11,081 $45,140 $44,006 
Net Investment Income
Net investment income$4,464 $5,233 $15,916 $21,395 
Less: Investment hedge adjustments(277)(235)(976)(895)
Operating joint venture adjustments1 — (9)(1)
Unit-linked contract income209 253 (1,298)952 
Securitization entities income— — — — 
Certain partnership distributions1 (1)(1)(8)
Divested businesses— 15 11 67 
Adjusted net investment income$4,530 $5,201 $18,189 $21,280 
Revenues and Expenses
Total revenues$16,316 $20,089 $69,898 $71,080 
Less: Net investment gains (losses)355 (126)(1,262)1,529 
Less: Net derivative gains (losses)162 (196)(2,372)(2,228)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)(14)13 (42)71 
Less: Other adjustments to revenues:
GMIB fees18 24 84 98 
Investment hedge adjustments(277)(235)(976)(895)
Operating joint venture adjustments1 — (9)(1)
Unit-linked contract income209 253 (1,298)952 
Securitization entities income— — — — 
Certain partnership distributions1 (1)(1)(8)
Settlement of foreign currency earnings hedges— — — — 
TSA fees25 53 160 221 
Divested businesses— 93 66 1,097 
Total adjusted revenues$15,836 $20,211 $75,548 $70,244 
Total expenses$14,589 $18,783 $67,039 $62,954 
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)8 63 (105)100 
Less: Goodwill impairment— — — — 
Less: Other adjustments to expenses:
PBC hedge adjustments6 7 25 32 
Inflation and pass-through adjustments144 99 423 3 
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs(28)93 (371)395 
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments(74)23 (162)83 
PAB hedge adjustments— — — (2)
Unit-linked contract costs180 246 (1,322)938 
Securitization entities debt expense— — — — 
Noncontrolling interest(5)(9)(24)(28)
Regulatory implementation costs1 1 4 4 
Acquisition, integration and other costs15 (1)49 9 
TSA fees25 53 160 221 
Divested businesses21 126 97 1,035 
Total adjusted expenses$14,296 $18,082 $68,265 $60,164 
See footnotes on last page.
Page 22 of 29


MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
For the Three Months EndedFor the Year Ended
December 31,December 31,
2022202120222021
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC $(671)$(666)$(2,558)$(2,718)
Less: Divested businesses— (15)(11)(119)
Adjusted capitalization of DAC$(671)$(651)$(2,547)$(2,599)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses $3,081 $3,110 $11,764 $11,863 
Less: Noncontrolling interests(5)(9)(24)(28)
Less: Regulatory implementation costs1 1 4 4 
Less: Acquisition, integration and other costs15 (1)49 9 
Less: TSA fees25 53 160 221 
Less: Divested businesses21 81 74 358 
Adjusted other expenses$3,024 $2,985 $11,501 $11,299 
Other Detail and Ratios
Other expenses$3,081 $3,110 $11,764 $11,863 
Capitalization of DAC(671)(666)(2,558)(2,718)
Other expenses, net of capitalization of DAC$2,410 $2,444 $9,206 $9,145 
Premiums, fees and other revenues$11,335 $15,178 $57,616 $50,384 
Expense ratio21.3 %16.1 %16.0 %18.2 %
Direct expenses$1,485 $1,483 $5,523 $5,196 
Less: Total notable items related to direct expenses (2)— — — (84)
Direct expenses, excluding total notable items related to direct expenses (2)$1,485 $1,483 $5,523 $5,280 
Adjusted other expenses$3,024 $2,985 $11,501 $11,299 
Adjusted capitalization of DAC(671)(651)(2,547)(2,599)
Adjusted other expenses, net of adjusted capitalization of DAC2,353 2,334 8,954 8,700 
Less: Total notable items related to adjusted other expenses (2)— — — (84)
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2)$2,353 $2,334 $8,954 $8,784 
Adjusted premiums, fees and other revenues$11,306 $15,010 $57,359 $48,964 
Less: PRT(69)3,551 12,219 3,513 
Adjusted premiums, fees and other revenues, excluding PRT$11,375 $11,459 $45,140 $45,451 
Direct expense ratio 13.1 %9.9 %9.6 %10.6 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)13.1 %12.9 %12.2 %11.6 %
Adjusted expense ratio20.8 %15.5 %15.6 %17.8 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2)20.7 %20.4 %19.8 %19.3 %
See footnotes on last page.
Page 23 of 29


MetLife, Inc.
(Unaudited)
(In millions, except per share data)
December 31,
Equity Details20222021
Total MetLife, Inc.'s stockholders' equity$27,040 $67,482 
Less: Preferred stock3,818 3,818 
MetLife, Inc.'s common stockholders' equity 23,222 63,664 
Less: Net unrealized investment gains (losses), net of income tax(19,294)17,671 
  Defined benefit plans adjustment, net of income tax(1,377)(1,598)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA43,893 47,591 
Less: Goodwill, net of income tax8,964 9,221 
  VODA and VOCRA, net of income tax649 718 
Total MetLife, Inc.'s tangible common stockholders' equity$34,280 $37,652 
December 31,
20222021
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$43,893 $47,591 
Less: Accumulated year-to-date total notable items (2)111 66 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)43,782 47,525 
Less: Goodwill, net of income tax8,964 9,221 
  VODA and VOCRA, net of income tax649 718 
Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2)$34,169 $37,586 
December 31,
Book Value (4)20222021
Book value per common share$29.81 $77.12 
Less: Net unrealized investment gains (losses), net of income tax(24.76)21.41 
   Defined benefit plans adjustment, net of income tax(1.77)(1.94)
Book value per common share, excluding AOCI other than FCTA56.34 57.65 
Less: Goodwill, net of income tax11.51 11.17 
   VODA and VOCRA, net of income tax0.83 0.87 
Book value per common share - tangible common stockholders' equity$44.00 $45.61 
Common shares outstanding, end of period (5)779.1 825.5 
For the Three Months EndedFor the Year Ended
December 31,December 31,
Average Common Stockholders' Equity 2022202120222021
Average common stockholders' equity$22,240 $64,448 $38,315 $65,203 
Average common stockholders' equity, excluding AOCI other than FCTA$43,348 $47,985 $45,025 $47,917 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$43,237 $47,989 $44,965 $47,905 
Average tangible common stockholders' equity$33,868 $37,976 $35,371 $37,615 
Average tangible common stockholders' equity, excluding total notable items (2)$33,757 $37,980 $35,311 $37,604 
See footnotes on last page.
Page 24 of 29


MetLife, Inc.
(Unaudited)
For the Three Months EndedFor the Year Ended
December 31, (6)December 31,
2022202120222021
Return on Equity
Return on MetLife, Inc.'s:
Common stockholders' equity23.6 %7.3 %6.1 %9.7 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity22.1 %11.4 %14.5 %12.2 %
Common stockholders' equity, excluding AOCI other than FCTA11.3 %15.3 %12.3 %16.6 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)11.3 %14.2 %12.1 %16.5 %
Tangible common stockholders' equity (7)14.7 %19.6 %15.9 %21.4 %
Tangible common stockholders' equity, excluding total notable items (2), (7)14.7 %18.1 %15.6 %21.2 %
Adjusted Return on Allocated Equity:
U.S.27.0 %27.5 %
Asia6.0 %16.0 %
Latin America26.5 %18.1 %
EMEA12.4 %5.9 %
MetLife Holdings7.6 %18.5 %
Adjusted Return on Allocated Tangible Equity:
U.S.36.2 %32.2 %
Asia9.0 %23.9 %
Latin America41.4 %28.5 %
EMEA18.4 %10.2 %
MetLife Holdings8.3 %20.3 %
See footnotes on last page.

Page 25 of 29


Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.
to Free Cash Flow of All Holding Companies
(Unaudited)
For the Year Ended December 31,
20222021
(In billions, except ratios)
MetLife, Inc. (parent company only) net cash provided by operating activities$4.4 $3.8 
Adjustments from net cash provided by operating activities to free cash flow:
Add: Incremental debt to be at or below target leverage ratios1 — 
Add: Adjustments from net cash provided by operating activities to free cash flow (8)(0.2)(0.3)
MetLife, Inc. (parent company only) free cash flow5.2 3.5 
Other MetLife, Inc. holding companies free cash flow (9)(0.5)0.3 
Free cash flow of all holding companies$4.7 $3.8 
Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:
MetLife, Inc. (parent company only) net cash provided by operating activities$4.4 $3.8 
Consolidated net income (loss) available to MetLife, Inc.'s common shareholders$2.4 $6.4 
Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (10)188 %59 %
Ratio of free cash flow to adjusted earnings available to common shareholders:
Free cash flow of all holding companies (11)$4.7 $3.8 
Consolidated adjusted earnings available to common shareholders (11)$5.5 $8.0 
Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (11)84 %48 %
December 31,
20222021
Cash & Capital (12), (13), (14)(In billions)
Holding Companies Cash & Liquid Assets$5.4 $5.4 
See footnotes on last page.

Page 26 of 29


MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
For the Three Months EndedFor the Year Ended
December 31,December 31,
2022202120222021
U.S. (3):
Adjusted earnings available to common shareholders$771 $640 $2,996 $3,221 
Less: Total notable items (2)— — 91 — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$771 $640 $2,905 $3,221 
Adjusted premiums, fees and other revenues$6,666 $10,100 $38,462 $29,036 
Less: PRT(69)3,551 12,219 3,513 
Adjusted premiums, fees and other revenues, excluding PRT$6,735 $6,549 $26,243 $25,523 
Group Benefits (3):
Adjusted earnings available to common shareholders$400 $20 $1,311 $472 
Less: Total notable items (2)— — — — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$400 $20 $1,311 $472 
Adjusted premiums, fees and other revenues (15)$5,799 $5,791 $23,266 $22,543 
Retirement & Income Solutions (3):
Adjusted earnings available to common shareholders$371 $620 $1,685 $2,749 
Less: Total notable items (2)— — 91 — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$371 $620 $1,594 $2,749 
Adjusted premiums, fees and other revenues$867 $4,309 $15,196 $6,493 
Less: PRT(69)3,551 12,219 3,513 
Adjusted premiums, fees and other revenues, excluding PRT$936 $758 $2,977 $2,980 
See footnotes on last page.
Page 27 of 29


MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(Unaudited)
(In millions)
For the Three Months EndedFor the Year Ended
December 31,December 31,
2022202120222021
Asia:
Adjusted earnings available to common shareholders$215 $586 $1,378 $2,298 
Less: Total notable items (2)— — 23 (79)
Adjusted earnings available to common shareholders, excluding total notable items (2), (16)$215 $586 $1,355 $2,377 
Adjusted earnings available to common shareholders on a constant currency basis $215 $560 $1,378 $2,218 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)$215 $560 $1,355 $2,297 
Adjusted premiums, fees and other revenues$1,770 $2,022 $7,498 $8,308 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,770 $1,712 $7,498 $7,263 
Latin America:
Adjusted earnings available to common shareholders$181 $125 $761 $291 
Less: Total notable items (2)— — 7 (2)
Adjusted earnings available to common shareholders, excluding total notable items (2), (17)$181 $125 $754 $293 
Adjusted earnings available to common shareholders on a constant currency basis $181 $120 $761 $253 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)$181 $120 $754 $255 
Adjusted premiums, fees and other revenues$1,154 $962 $4,440 $3,759 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,154 $965 $4,440 $3,643 
EMEA:
Adjusted earnings available to common shareholders$70 $42 $246 $301 
Less: Total notable items (2)— — 4 (6)
Adjusted earnings available to common shareholders, excluding total notable items (2)$70 $42 $242 $307 
Adjusted earnings available to common shareholders on a constant currency basis$70 $33 $246 $245 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)$70 $33 $242 $251 
Adjusted premiums, fees and other revenues$562 $621 $2,299 $2,713 
Adjusted premiums, fees and other revenues, on a constant currency basis$562 $550 $2,299 $2,429 
MetLife Holdings (3):
Adjusted earnings available to common shareholders$208 $482 $1,008 $2,242 
Less: Total notable items (2)— — (14)(53)
Adjusted earnings available to common shareholders, excluding total notable items (2)$208 $482 $1,022 $2,295 
Adjusted premiums, fees and other revenues$1,051 $1,206 $4,278 $4,691 
Corporate & Other (3):
Adjusted earnings available to common shareholders$(219)$(37)$(844)$(399)
Less: Total notable items (2)— 140 — 206 
Adjusted earnings available to common shareholders, excluding total notable items (2)$(219)$(177)$(844)$(605)
Adjusted premiums, fees and other revenues$103 $99 $382 $457 
See footnotes on last page.


Page 28 of 29









MetLife, Inc.
(Unaudited)
For the Three Months EndedFor the Year Ended
March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2022
Variable investment income
(post-tax, in millions) (18)
U.S.
Group Benefits$12 $7 $(1)$3 $21 
Retirement and Income Solutions277 75 (35)5 322 
Total U.S.289 82 (36)8 343 
Asia288 101 (18)4 375 
Latin America16 16 — (3)29 
EMEA— — — — — 
MetLife Holdings208 85 (21)12 284 
Corporate & Other135 23 33 (1)190 
Total variable investment income$936 $307 $(42)$20 $1,221 
Average asset balances (in billions)
Private equity$14.0 
Real estate and other funds4.5 
Total average asset balances$18.5 
See footnotes on last page.

Page 29 of 29


MetLife, Inc.
(Unaudited)
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 December 31, 2022 and 2021, respectively.
(5)There were share repurchases of $596 million and $3.3 billion for the three months and year ended December 31, 2022, respectively.
(6)Annualized using quarter-to-date results.
(7)Adjusted earnings available to common shareholders, used to calculate the adjusted return on tangible common stockholders' equity, excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2022 and 2021 of $18 million and $19 million, respectively and for the years ended December 31, 2022 and 2021 of $72 million and $79 million.
respectively.
(8)Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net.
(9)Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net.
(10)Including the free cash flow of other MetLife, Inc. holding companies of ($0.5) billion and $0.3 billion for the years ended December 31, 2022 and 2021, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 167% and 64%, respectively.
(11)i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2022, was positively impacted by notable items, related to actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2022, would be 86%.
ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2021, was positively impacted by notable items, related to tax adjustments of $0.1 billion, net of income tax, and litigation reserves and settlement costs of $0.1 billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2021, would be 49%.
(12)The 2022 combined U.S. risk based capital ratio is estimated to be above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end.
(13)
The total U.S. statutory adjusted capital is expected to be approximately $18.3 billion at December 31, 2022, down 3% from September 30, 2022. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods.
(14)
As of September 30, 2022, the solvency margin ratio of MetLife's insurance subsidiary in Japan was 456.9%, which is calculated quarterly and does not reflect conditions and factors occurring after September 30, 2022. The expected Japan solvency margin ratio will be approximately 700% at December 31, 2022.
(15)
For the full year ended 2022, Group Benefits adjusted premiums, fees and other revenues includes excess premiums from participating group life contracts of $750 million.
(16)
For the full year ended 2022, Asia adjusted earnings available to common shareholders, excluding total notable items includes COVID-19 claims of approximately $270 million.
(17)
For the full year ended 2022, Latin America adjusted earnings available to common shareholders, excluding total notable items includes favorable market impacts of approximately $80 million.
(18)
Assumes a 21% tax rate.
Page 30 of 29

Table of Contents
Exhibit 99.2



 imagk05a.jpg
Fourth Quarter
Financial Supplement
December 31, 2022
4

Table of Contents
image9.jpg
METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
Table of Contents
image9.jpg
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 our 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 Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Revenues
Premiums$13,095 $10,771 $11,721 $17,547 $9,358 $42,009 $49,397 
Universal life and investment-type product policy fees1,422 1,418 1,516 1,302 1,349 5,756 5,585 
Net investment income5,233 4,284 3,583 3,585 4,464 21,395 15,916 
Other revenues661 660 616 730 628 2,619 2,634 
Net investment gains (losses)(126)(518)(685)(414)355 1,529 (1,262)
Net derivative gains (losses)(196)(859)(1,195)(480)162 (2,228)(2,372)
Total revenues20,089 15,756 15,556 22,270 16,316 71,080 69,898 
Expenses
Policyholder benefits and claims13,923 11,193 11,790 17,993 9,636 43,954 50,612 
Interest credited to policyholder account balances1,385 630 492 980 1,590 5,538 3,692 
Policyholder dividends204 198 193 155 155 876 701 
Capitalization of DAC(666)(650)(622)(615)(671)(2,718)(2,558)
Amortization of DAC and VOBA612 537 616 218 560 2,555 1,931 
Amortization of negative VOBA(9)(9)(10)(12)(10)(34)(41)
Interest expense on debt224 225 226 239 248 920 938 
Other expenses3,110 2,917 2,873 2,893 3,081 11,863 11,764 
Total expenses18,783 15,041 15,558 21,851 14,589 62,954 67,039 
Income (loss) before provision for income tax1,306 715 (2)419 1,727 8,126 2,859 
Provision for income tax expense (benefit)95 41 (140)19 381 1,551 301 
Net income (loss) 1,211 674 138 400 1,346 6,575 2,558 
Less: Net income (loss) attributable to noncontrolling interests6 5 6 5 3 21 19 
Net income (loss) attributable to MetLife, Inc.1,205 669 132 395 1,343 6,554 2,539 
Less: Preferred stock dividends29 63 29 64 29 195 185 
 Preferred stock redemption premium — — — — — 6 — 
Net income (loss) available to MetLife, Inc.'s common shareholders$1,176 $606 $103 $331 $1,314 $6,353 $2,354 
Premiums, fees and other revenues$15,178 $12,849 $13,853 $19,579 $11,335 $50,384 $57,616 
2
Table of Contents
image9.jpg
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Net income (loss) available to MetLife, Inc.'s common shareholders$1,176 $606 $103 $331 $1,314 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (126)(518)(685)(414)355 
Less: Net derivative gains (losses)(196)(859)(1,195)(480)162 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(501)(183)(253)(24)(330)
Less: Provision for income tax (expense) benefit 167 444 616 288 (96)
Add: Net income (loss) attributable to noncontrolling interests6 5 6 5 3 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,838 1,727 1,626 966 1,226 
Less: Total notable items (2)140 — 77 34 — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,698 $1,727 $1,549 $932 $1,226 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.39 $0.73 $0.13 $0.41 $1.66 
Less: Net investment gains (losses)(0.15)(0.62)(0.84)(0.52)0.45 
Less: Net derivative gains (losses)(0.23)(1.03)(1.47)(0.60)0.21 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.59)(0.22)(0.31)(0.03)(0.43)
Less: Provision for income tax (expense) benefit0.20 0.53 0.76 0.36 (0.12)
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 2.17 2.08 2.00 1.21 1.55 
Less: Total notable items per diluted common share (2)0.17 — 0.09 0.04 — 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$2.01 $2.08 $1.90 $1.16 $1.55 
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $77 $34 $— 
Tax adjustments 140 — — — — 
Total notable items $140 $— $77 $34 $— 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $— $0.09 $0.04 $— 
Tax adjustments0.17 — — — — 
Total notable items $0.17 $— $0.09 $0.04 $— 
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Weighted average common shares outstanding - diluted845.2 830.5 814.5 800.7 790.2 
(1)See Page A-1 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3
Table of Contents
image9.jpg
METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedDecember 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Book value per common share (1) $77.12 $61.55 $41.73 $27.00 $29.81 
Book value per common share, excluding AOCI other than FCTA (1) $57.65 $57.12 $55.54 $54.37 $56.34 
Book value per common share - tangible common stockholders' equity (1) $45.61 $45.02 $43.62 $42.49 $44.00 
For the Three Months Ended
UnauditedDecember 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Return on MetLife, Inc.'s (2):
Common stockholders' equity 7.3 %4.3 %1.0 %4.9 %23.6 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 11.4 %12.1 %15.6 %14.2 %22.1 %
Common stockholders' equity, excluding AOCI other than FCTA 15.3 %14.7 %14.3 %8.9 %11.3 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)14.2 %14.7 %13.7 %8.6 %11.3 %
Tangible common stockholders' equity19.6 %18.8 %18.4 %11.5 %14.7 %
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Common shares outstanding, beginning of period844.5 825.5 814.8 797.6 787.3 
Share repurchases (19.4)(13.6)(17.3)(10.3)(8.5)
Newly issued shares0.4 2.9 0.1 — 0.3 
Common shares outstanding, end of period 825.5 814.8 797.6 787.3 779.1 
Weighted average common shares outstanding - basic838.1 823.8 809.7 795.8 784.2 
Dilutive effect of the exercise or issuance of stock-based awards 7.1 6.7 4.8 4.9 6.0 
Weighted average common shares outstanding - diluted845.2 830.5 814.5 800.7 790.2 
MetLife Policyholder Trust Shares129.3 127.8 126.2 125.1 123.6 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-3 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

4
Table of Contents
image9.jpg
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Total revenues$20,089 $15,756 $15,556 $22,270 $16,316 $71,080 $69,898 
Less: Net investment gains (losses)(126)(518)(685)(414)355 1,529 (1,262)
Less: Net derivative gains (losses)(196)(859)(1,195)(480)162 (2,228)(2,372)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)13 (8)(11)(9)(14)71 (42)
Less: Other adjustments to revenues:
GMIB fees
24 23 22 21 18 98 84 
Investment hedge adjustments
(235)(215)(232)(252)(277)(895)(976)
Operating joint venture adjustments
— (6)1 (5)1 (1)(9)
Unit-linked contract income
253 (498)(688)(321)209 952 (1,298)
Securitization entities income
— — — — — — — 
Certain partnership distributions
(1)— (2)— 1 (8)(1)
Settlement of foreign currency earnings hedges
— — — — — — — 
TSA fees
53 47 48 40 25 221 160 
Divested businesses
93 66 — — — 1,097 66 
Total adjusted revenues$20,211 $17,724 $18,298 $23,690 $15,836 $70,244 $75,548 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Net investment income$5,233 $4,284 $3,583 $3,585 $4,464 $21,395 $15,916 
Less: Adjustments to net investment income:
Investment hedge adjustments(235)(215)(232)(252)(277)(895)(976)
Operating joint venture adjustments— (6)1 (5)1 (1)(9)
Unit-linked contract income253 (498)(688)(321)209 952 (1,298)
Securitization entities income— — — — — — — 
Certain partnership distributions(1)— (2)— 1 (8)(1)
Divested businesses 15 11 — — — 67 11 
Adjusted net investment income$5,201 $4,992 $4,504 $4,163 $4,530 $21,280 $18,189 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Variable investment income (Included in net investment income above)$1,269 $1,185 $389 $(53)$24 $5,650 $1,545 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Premiums, fees and other revenues$15,178 $12,849 $13,853 $19,579 $11,335 $50,384 $57,616 
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments
13 (8)(11)(9)(14)71 (42)
GMIB fees
24 23 22 21 18 98 84 
Settlement of foreign currency earnings hedges
— — — — — — — 
TSA fees
53 47 48 40 25 221 160 
Divested businesses
78 55 — — — 1,030 55 
Adjusted premiums, fees and other revenues$15,010 $12,732 $13,794 $19,527 $11,306 $48,964 $57,359 
Adjusted premiums, fees and other revenues, on a constant currency basis$14,632 $12,384 $13,601 $19,508 $11,306 
5
Table of Contents
image9.jpg
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Total expenses$18,783 $15,041 $15,558 $21,851 $14,589 $62,954 $67,039 
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)63 (19)4 (98)8 100 (105)
Less: Goodwill impairment— — — — — — — 
Less: Other adjustments to expenses:
PBC hedge adjustment
7 7 6 6 6 32 25 
Inflation and pass-through adjustments
99 39 152 88 144 3 423 
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs
93 (44)(109)(190)(28)395 (371)
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments
23 12 (34)(66)(74)83 (162)
PAB hedge adjustments
— — — — — (2)— 
Unit-linked contract costs
246 (505)(695)(302)180 938 (1,322)
Securitization entities debt expense
— — — — — — — 
Noncontrolling interests(9)(7)(4)(8)(5)(28)(24)
Regulatory implementation costs
1 — 2 1 1 4 4 
Acquisition, integration and other costs
(1)7 13 14 15 9 49 
TSA fees
53 47 48 40 25 221 160 
Divested businesses
126 55 8 13 21 1,035 97 
Total adjusted expenses$18,082 $15,449 $16,167 $22,353 $14,296 $60,164 $68,265 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Capitalization of DAC $(666)$(650)$(622)$(615)$(671)$(2,718)$(2,558)
Less: Divested businesses(15)(11)— — — (119)(11)
Adjusted capitalization of DAC$(651)$(639)$(622)$(615)$(671)$(2,599)$(2,547)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Other expenses $3,110 $2,917 $2,873 $2,893 $3,081 $11,863 $11,764 
Less: Noncontrolling interests
(9)(7)(4)(8)(5)(28)(24)
Less: Regulatory implementation costs
1 — 2 1 1 4 4 
Less: Acquisition, integration and other costs
(1)7 13 14 15 9 49 
Less: TSA fees
53 47 48 40 25 221 160 
Less: Divested businesses
81 32 8 13 21 358 74 
Adjusted other expenses$2,985 $2,838 $2,806 $2,833 $3,024 $11,299 $11,501 
Adjusted other expenses on a constant currency basis$2,809 $2,686 $2,725 $2,823 $3,024 

6
Table of Contents
image9.jpg
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Other expenses$3,110 $2,917 $2,873 $2,893 $3,081 $11,863 $11,764 
Capitalization of DAC(666)(650)(622)(615)(671)(2,718)(2,558)
Other expenses, net of capitalization of DAC$2,444 $2,267 $2,251 $2,278 $2,410 $9,145 $9,206 
Premiums, fees and other revenues$15,178 $12,849 $13,853 $19,579 $11,335 $50,384 $57,616 
Expense ratio16.1 %17.6 %16.2 %11.6 %21.3 %18.2 %16.0 %
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Adjusted other expenses by major category
Direct expenses$1,483 $1,337 $1,341 $1,360 $1,485 $5,196 $5,523 
Pension, postretirement and postemployment benefit costs52 25 24 24 25 164 98 
Premium taxes, other taxes, and licenses & fees147 151 137 172 146 607 606 
Commissions and other variable expenses1,303 1,325 1,304 1,277 1,368 5,332 5,274 
Adjusted other expenses
2,985 2,838 2,806 2,833 3,024 11,299 11,501 
Adjusted capitalization of DAC(651)(639)(622)(615)(671)(2,599)(2,547)
Adjusted other expenses, net of adjusted capitalization of DAC
2,334 2,199 2,184 2,218 2,353 8,700 8,954 
Less: Total notable items related to adjusted other expenses (1)— — — — — (84)— 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,334 $2,199 $2,184 $2,218 $2,353 $8,784 $8,954 
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Employee related costs$906 $899 $866 $875 $864 $3,385 $3,504 
Third party staffing costs413 375 371 349 433 1,395 1,528 
General and administrative expenses164 63 104 136 188 416 491 
Direct expenses1,483 1,337 1,341 1,360 1,485 5,196 5,523 
Less: Total notable items related to direct expenses (1)— — — — — (84)— 
Direct expenses, excluding total notable items related to direct expenses (1)$1,483 $1,337 $1,341 $1,360 $1,485 $5,280 $5,523 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,334 $2,199 $2,184 $2,218 $2,353 $8,700 $8,954 
Less: Total notable items related to adjusted other expenses (1)— — — — — (84)— 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,334 $2,199 $2,184 $2,218 $2,353 $8,784 $8,954 
Adjusted premiums, fees and other revenues$15,010 $12,732 $13,794 $19,527 $11,306 $48,964 $57,359 
Less: PRT3,551 1,258 2,564 8,466 (69)3,513 12,219 
Adjusted premiums, fees and other revenues, excluding PRT$11,459 $11,474 $11,230 $11,061 $11,375 $45,451 $45,140 
Direct expense ratio 9.9 %10.5 %9.7 %7.0 %13.1 %10.6 %9.6 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)12.9 %11.7 %11.9 %12.3 %13.1 %11.6 %12.2 %
Adjusted expense ratio15.5 %17.3 %15.8 %11.4 %20.8 %17.8 %15.6 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.4 %19.2 %19.4 %20.1 %20.7 %19.3 %19.8 %
(1)Notable items are related to “litigation reserves and settlement costs.” Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

7
Table of Contents
image9.jpg
METLIFE
CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$340,274 $320,079 $284,178 $270,765 $276,780 
Equity securities, at estimated fair value1,269 988 1,085 973 1,684 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 12,142 11,418 9,875 8,954 9,668 
Mortgage loans79,353 79,968 82,055 82,437 83,763 
Policy loans9,111 9,036 8,876 8,783 8,874 
Real estate and real estate joint ventures12,216 12,379 12,376 12,532 13,137 
Other limited partnership interests14,625 14,570 14,636 14,387 14,414 
Short-term investments, principally at estimated fair value7,176 3,146 3,043 5,266 4,935 
Other invested assets18,655 18,696 19,901 22,299 20,038 
Total investments494,821 470,280 436,025 426,396 433,293 
Cash and cash equivalents, principally at estimated fair value20,047 23,488 20,548 22,200 20,195 
Accrued investment income3,185 3,251 3,154 3,355 3,446 
Premiums, reinsurance and other receivables17,149 17,926 17,769 17,666 17,461 
Deferred policy acquisition costs and value of business acquired16,061 18,409 20,248 21,523 22,983 
Current income tax recoverable184 39 274 194 42 
Deferred income tax asset189 225 616 2,700 2,830 
Goodwill9,535 9,510 9,151 9,005 9,297 
Assets held-for-sale7,238 4,582 — — — 
Other assets11,426 11,518 11,279 11,294 11,026 
Separate account assets179,873 165,056 143,829 135,771 146,038 
Total assets$759,708 $724,284 $662,893 $650,104 $666,611 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$199,721 $195,789 $193,474 $199,671 $204,228 
Policyholder account balances203,473 206,762 200,580 198,251 203,082 
Other policy-related balances17,751 19,553 19,284 19,491 19,651 
Policyholder dividends payable478 450 457 429 387 
Policyholder dividend obligation1,682 — — — — 
Payables for collateral under securities loaned and other transactions31,920 30,481 23,819 24,890 20,937 
Short-term debt341 323 196 183 175 
Long-term debt 13,933 13,848 13,677 14,520 14,647 
Collateral financing arrangement766 754 741 729 716 
Junior subordinated debt securities3,156 3,156 3,157 3,158 3,158 
Deferred income tax liability9,693 5,690 1,301 172 325 
Liabilities held-for-sale6,634 4,297 — — — 
Other liabilities 22,538 23,888 25,011 27,509 25,980 
Separate account liabilities179,873 165,056 143,829 135,771 146,038 
Total liabilities691,959 670,047 625,526 624,774 639,324 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,511 33,531 33,548 33,589 33,616 
Retained earnings41,197 41,406 41,101 41,032 41,953 
Treasury stock, at cost(18,157)(19,072)(20,188)(20,862)(21,458)
Accumulated other comprehensive income (loss)10,919 (1,912)(17,372)(28,695)(27,083)
Total MetLife, Inc.'s stockholders' equity67,482 53,965 37,101 25,076 27,040 
Noncontrolling interests267 272 266 254 247 
Total equity67,749 54,237 37,367 25,330 27,287 
Total liabilities and equity$759,708 $724,284 $662,893 $650,104 $666,611 

8
Table of Contents
image9.jpg
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
  For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS$25 $143 $507 $507 $506 
RETIREMENT AND INCOME SOLUTIONS784 733 489 434 468 
TOTAL U.S.$809 $876 $996 $941 $974 
ASIA819 813 545 292 304 
LATIN AMERICA149 192 352 220 228 
EMEA60 68 84 79 79 
METLIFE HOLDINGS603 472 456 69 258 
CORPORATE & OTHER(311)(146)(302)(264)(303)
Total adjusted earnings before provision for income tax
$2,129 $2,275 $2,131 $1,337 $1,540 
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS$5 $31 $107 $108 $106 
RETIREMENT AND INCOME SOLUTIONS164 152 101 89 97 
TOTAL U.S.$169 $183 $208 $197 $203 
ASIA233 233 159 95 89 
LATIN AMERICA24 50 85 49 47 
EMEA18 16 20 19 9 
METLIFE HOLDINGS121 95 92 10 50 
CORPORATE & OTHER(303)(92)(88)(63)(113)
Total provision for income tax expense (benefit)
$262 $485 $476 $307 $285 
Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS$20 $112 $400 $399 $400 
RETIREMENT AND INCOME SOLUTIONS620 581 388 345 371 
TOTAL U.S.$640 $693 $788 $744 $771 
ASIA586 580 386 197 215 
LATIN AMERICA125 142 267 171 181 
EMEA42 52 64 60 70 
METLIFE HOLDINGS482 377 364 59 208 
CORPORATE & OTHER (1)(37)(117)(243)(265)(219)
Total adjusted earnings available to common shareholders (1)$1,838 $1,727 $1,626 $966 $1,226 
(1)Includes impact of preferred stock dividends of $29 million, $63 million, $29 million, $64 million and $29 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and December 31, 2022, respectively.
9
Table of Contents
image9.jpg
METLIFE
ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)
 
ADJUSTED RETURN ON ALLOCATED EQUITY
  For the Three Months Ended
Unaudited December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
U.S.
GROUP BENEFITS2.8 %9.4 %33.7 %33.6 %33.7 %
RETIREMENT AND INCOME SOLUTIONS38.6 %34.8 %23.3 %20.7 %22.2 %
TOTAL U.S.27.5 %24.3 %27.6 %26.1 %27.0 %
ASIA16.0 %16.1 %10.7 %5.5 %6.0 %
LATIN AMERICA18.1 %20.8 %39.1 %25.1 %26.5 %
EMEA5.9 %9.2 %11.4 %10.7 %12.4 %
METLIFE HOLDINGS18.5 %13.7 %13.2 %2.1 %7.6 %
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
  For the Three Months Ended
Unaudited December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
U.S.
32.2 %32.6 %37.0 %35.0 %36.2 %
ASIA
23.9 %24.1 %16.1 %8.2 %9.0 %
LATIN AMERICA
28.5 %32.5 %61.1 %39.1 %41.4 %
EMEA
10.2 %13.7 %16.9 %15.8 %18.4 %
METLIFE HOLDINGS
20.3 %15.0 %14.5 %2.4 %8.3 %
(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
  ALLOCATED EQUITYALLOCATED TANGIBLE EQUITY
Unaudited (In millions)2021202220212022
U.S.
GROUP BENEFITS
$2,899$4,745
RETIREMENT AND INCOME SOLUTIONS
6,4186,672
TOTAL U.S.
$9,317$11,417$8,116 $8,653 
ASIA
$14,648$14,437$9,824 $9,639 
LATIN AMERICA
$2,757$2,730$1,757 $1,748 
EMEA
$2,844$2,250$1,683 $1,543 
METLIFE HOLDINGS
$10,428$11,011$9,581 $10,125 
(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
U.S.$13$13$13$13$13
ASIA $1$1$1$1$1
LATIN AMERICA$—$—$—$—$—
EMEA $1$1$1$1$1
METLIFE HOLDINGS$4$3$4$2$3

10
Table of Contents
image9.jpg
U.S.
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Adjusted revenues
Premiums$9,439 $7,164 $8,254 $14,164 $5,966 $26,358 $35,548 
Universal life and investment-type product policy fees282 297 284 286 291 1,140 1,158 
Net investment income1,942 1,874 1,710 1,716 2,040 8,048 7,340 
Other revenues379 426 405 516 409 1,538 1,756 
Total adjusted revenues12,042 9,761 10,653 16,682 8,706 37,084 45,802 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends9,958 7,566 8,320 14,265 6,122 27,957 36,273 
Interest credited to policyholder account balances342 347 387 478 577 1,422 1,789 
Capitalization of DAC(17)(23)(14)(23)(17)(65)(77)
Amortization of DAC and VOBA10 14 14 15 16 60 59 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt3 2 1 3 3 7 9 
Other expenses937 979 949 1,003 1,031 3,632 3,962 
Total adjusted expenses11,233 8,885 9,657 15,741 7,732 33,013 42,015 
Adjusted earnings before provision for income tax809 876 996 941 974 4,071 3,787 
Provision for income tax expense (benefit)169 183 208 197 203 850 791 
Adjusted earnings640 693 788 744 771 3,221 2,996 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$640 $693 $788 $744 $771 $3,221 $2,996 
Adjusted premiums, fees and other revenues$10,100 $7,887 $8,943 $14,966 $6,666 $29,036 $38,462 
Less: PRT
3,551 1,258 2,564 8,466 (69)3,513 12,219 
Adjusted premiums, fees and other revenues, excluding PRT$6,549 $6,629 $6,379 $6,500 $6,735 $25,523 $26,243 
11
Table of Contents
image9.jpg
U.S.
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Adjusted revenues
Premiums$5,278 $5,433 $5,210 $5,161 $5,247 $20,475 $21,051 
Universal life and investment-type product policy fees206 216 210 215 214 829 855 
Net investment income296 280 278 279 299 1,160 1,136 
Other revenues307 355 336 331 338 1,239 1,360 
Total adjusted revenues6,087 6,284 6,034 5,986 6,098 23,703 24,402 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends5,206 5,259 4,649 4,565 4,634 19,790 19,107 
Interest credited to policyholder account balances32 31 32 34 46 127 143 
Capitalization of DAC(4)(4)(6)(4)(4)(19)(18)
Amortization of DAC and VOBA7 5 8 7 8 28 28 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 — — 1 — 1 1 
Other expenses820 850 844 876 908 3,176 3,478 
Total adjusted expenses6,062 6,141 5,527 5,479 5,592 23,103 22,739 
Adjusted earnings before provision for income tax25 143 507 507 506 600 1,663 
Provision for income tax expense (benefit)5 31 107 108 106 128 352 
Adjusted earnings20 112 400 399 400 472 1,311 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$20 $112 $400 $399 $400 $472 $1,311 
Adjusted premiums, fees and other revenues$5,791 $6,004 $5,756 $5,707 $5,799 $22,543 $23,266 
12
Table of Contents
image9.jpg
U.S.
RETIREMENT AND INCOME SOLUTIONS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Adjusted revenues
Premiums$4,161 $1,731 $3,044 $9,003 $719 $5,883 $14,497 
Universal life and investment-type product policy fees76 81 74 71 77 311 303 
Net investment income1,646 1,594 1,432 1,437 1,741 6,888 6,204 
Other revenues72 71 69 185 71 299 396 
Total adjusted revenues5,955 3,477 4,619 10,696 2,608 13,381 21,400 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,752 2,307 3,671 9,700 1,488 8,167 17,166 
Interest credited to policyholder account balances310 316 355 444 531 1,295 1,646 
Capitalization of DAC(13)(19)(8)(19)(13)(46)(59)
Amortization of DAC and VOBA3 9 6 8 8 32 31 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 2 1 2 3 6 8 
Other expenses117 129 105 127 123 456 484 
Total adjusted expenses5,171 2,744 4,130 10,262 2,140 9,910 19,276 
Adjusted earnings before provision for income tax784 733 489 434 468 3,471 2,124 
Provision for income tax expense (benefit)164 152 101 89 97 722 439 
Adjusted earnings620 581 388 345 371 2,749 1,685 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$620 $581 $388 $345 $371 $2,749 $1,685 
Adjusted premiums, fees and other revenues$4,309 $1,883 $3,187 $9,259 $867 $6,493 $15,196 
Less: PRT
3,551 1,258 2,564 8,466 (69)3,513 12,219 
Adjusted premiums, fees and other revenues, excluding PRT$758 $625 $623 $793 $936 $2,980 $2,977 
13
Table of Contents
image9.jpg
U.S.
GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
  For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, beginning of period$19,682 $19,825 $19,996 $20,132 $20,239 
Premiums and deposits6,227 6,483 6,121 6,014 6,024 
Surrenders and withdrawals(657)(683)(688)(685)(686)
Benefit payments(5,165)(5,213)(4,631)(4,511)(4,633)
Net flows405 587 802 818 705 
Net transfers from (to) separate accounts— 4 3 3 1 
Interest125 124 129 137 158 
Policy charges(147)(150)(155)(153)(155)
Other(240)(394)(643)(698)(617)
Balance, end of period$19,825 $19,996 $20,132 $20,239 $20,331 
SEPARATE ACCOUNT LIABILITIES
  For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, beginning of period$1,220 $1,292 $1,182 $986 $935 
Premiums and deposits68 69 69 69 70 
Surrenders and withdrawals(19)(21)(17)(11)(16)
Benefit payments— (5)(2)(3)(3)
Net flows49 43 50 55 51 
Investment performance80 (88)(183)(43)64 
Net transfers from (to) general account— (4)(3)(3)(1)
Policy charges(58)(60)(60)(60)(60)
Other1 (1)— — 1 
Balance, end of period$1,292 $1,182 $986 $935 $990 
14
Table of Contents
image9.jpg
U.S.
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Direct and allocated expenses$434 $438 $436 $444 $475 
Pension, postretirement and postemployment benefit costs7 1 1 2 (1)
Premium taxes, other taxes, and licenses & fees74 77 73 88 80 
Commissions and other variable expenses305 334 334 342 354 
Adjusted other expenses$820 $850 $844 $876 $908 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Group Life (2)
Adjusted premiums, fees and other revenues$2,151 $2,180 $2,126 $2,125 $2,131 
Mortality ratio106.3 %103.8 %85.8 %86.0 %87.6 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,388 $2,519 $2,481 $2,475 $2,533 
Interest adjusted benefit ratio (4)74.2 %72.5 %73.1 %70.8 %69.4 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

15
Table of Contents
image9.jpg
U.S.
RETIREMENT AND INCOME SOLUTIONS
 
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
  For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, beginning of period$134,283 $136,331 $136,782 $137,214 $144,564 
Premiums and deposits20,151 25,113 26,017 31,052 14,156 
Surrenders and withdrawals(17,271)(20,104)(23,750)(22,157)(14,488)
Benefit payments(1,495)(1,488)(1,479)(1,540)(1,535)
Net flows1,385 3,521 788 7,355 (1,867)
Net transfers from (to) separate accounts1 (26)— — — 
Interest943 954 1,005 1,132 1,307 
Policy charges(28)(45)(46)(46)(16)
Other(253)(3,953)(1,315)(1,091)834 
Balance, end of period$136,331 $136,782 $137,214 $144,564 $144,822 
SEPARATE ACCOUNT LIABILITIES
  For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, beginning of period$81,091 $79,925 $69,123 $61,622 $58,838 
Premiums and deposits838 2,617 1,309 927 1,642 
Surrenders and withdrawals (1)(2,781)(8,953)(1,424)(1,053)(1,992)
Benefit payments(36)(25)(20)(33)(50)
Net flows(1,979)(6,361)(135)(159)(400)
Investment performance954 (3,138)(3,168)(2,286)1,197 
Net transfers from (to) general account(1)26 — — — 
Policy charges(82)(94)(84)(82)(75)
Other(58)(1,235)(4,114)(257)480 
Balance, end of period$79,925 $69,123 $61,622 $58,838 $60,040 
SYNTHETIC GICS (2)
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, beginning of period$39,365 $40,121 $43,485 $44,841 $45,066 
Premiums and deposits (1)1,547 3,598 1,268 157 1,567 
Surrenders and withdrawals(993)(436)(132)(173)(590)
Net flows 554 3,162 1,136 (16)977 
Interest202 202 220 241 273 
Balance, end of period$40,121 $43,485 $44,841 $45,066 $46,316 
LONGEVITY REINSURANCE (3)
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, end of period$14,824 $14,898 $14,753 $13,427 $16,602 
(1)Includes $750 million, $1,884 million, $0, $0 and $147 million of transfers from separate account GICs to synthetic GICs at December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market.

16
Table of Contents
image9.jpg
U.S.
RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Direct and allocated expenses$60 $65 $61 $64 $70 
Pension, postretirement and postemployment benefit costs3 — 1 — — 
Premium taxes, other taxes, and licenses & fees15 5 4 22 10 
Commissions and other variable expenses39 59 39 41 43 
Adjusted other expenses$117 $129 $105 $127 $123 
SPREAD
For the Three Months Ended
UnauditedDecember 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Investment income yield excluding variable investment income yield3.72 %3.68 %3.94 %4.27 %4.78 %
Variable investment income yield1.11 %0.92 %0.13 %(0.30)%(0.16)%
Total investment income yield4.83 %4.60 %4.07 %3.97 %4.62 %
Average crediting rate2.81 %2.79 %2.91 %3.26 %3.66 %
Annualized general account spread2.02 %1.81 %1.16 %0.71 %0.96 %
Annualized general account spread excluding variable investment income yield0.91 %0.89 %1.03 %1.01 %1.12 %

17
Table of Contents
image9.jpg
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Adjusted revenues
Premiums$1,560 $1,553 $1,395 $1,347 $1,273 $6,421 $5,568 
Universal life and investment-type product policy fees443 448 498 421 473 1,814 1,840 
Net investment income1,276 1,242 1,012 827 828 5,052 3,909 
Other revenues19 21 24 21 24 73 90 
Total adjusted revenues3,298 3,264 2,929 2,616 2,598 13,360 11,407 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,258 1,228 1,185 1,257 1,082 5,008 4,752 
Interest credited to policyholder account balances497 498 493 497 515 1,995 2,003 
Capitalization of DAC(404)(392)(370)(358)(404)(1,607)(1,524)
Amortization of DAC and VOBA289 288 321 190 306 1,369 1,105 
Amortization of negative VOBA(7)(8)(8)(11)(9)(27)(36)
Interest expense on debt— — — — — — — 
Other expenses846 837 763 749 804 3,388 3,153 
Total adjusted expenses2,479 2,451 2,384 2,324 2,294 10,126 9,453 
Adjusted earnings before provision for income tax819 813 545 292 304 3,234 1,954 
Provision for income tax expense (benefit)233 233 159 95 89 936 576 
Adjusted earnings586 580 386 197 215 2,298 1,378 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$586 $580 $386 $197 $215 $2,298 $1,378 
Adjusted premiums, fees and other revenues$2,022 $2,022 $1,917 $1,789 $1,770 $8,308 $7,498 
18
Table of Contents
image9.jpg
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Adjusted premiums, fees and other revenues$2,022 $2,022 $1,917 $1,789 $1,770 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,712 $1,748 $1,783 $1,756 $1,770 
Add: Operating joint ventures, on a constant currency basis (1), (2)290 360 292 380 369 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,002 $2,108 $2,075 $2,136 $2,139 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Direct and allocated expenses$319 $326 $291 $285 $300 
Pension, postretirement and postemployment benefit costs31 20 19 17 23 
Premium taxes, other taxes, and licenses & fees41 39 31 36 37 
Commissions and other variable expenses455 452 422 411 444 
Adjusted other expenses$846 $837 $763 $749 $804 
Adjusted other expenses, net of adjusted capitalization of DAC$442 $445 $393 $391 $400 
Adjusted other expenses on a constant currency basis$708 $718 $709 $735 $804 
Add: Operating joint ventures, on a constant currency basis (1), (2)93 107 99 108 108 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$801 $825 $808 $843 $912 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$446 $465 $447 $470 $488 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Japan:
Life$184 $180 $105 $100 $101 
Accident & Health62 73 70 65 61 
Annuities71 97 129 202 267 
Other1 2 2 3 1 
Total Japan318 352 306 370 430 
Other Asia235 188 155 206 188 
   Total sales$553 $540 $461 $576 $618 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Adjusted earnings available to common shareholders$586 $580 $386 $197 $215 
Adjusted earnings available to common shareholders, on a constant currency basis$560 $555 $374 $190 $215 
(1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders for operating joint ventures.
(2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

19
Table of Contents
image9.jpg
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
GA AUM $140,317 $131,989 $117,597 $109,930 $116,289 
GA AUM (at amortized cost)$130,310 $129,935 $122,257 $119,302 $126,335 
GA AUM (at amortized cost), on a constant currency basis$121,729 $123,899 $123,528 $124,952 $126,335 
  Add: Operating joint ventures, on a constant currency basis (1)6,208 6,930 7,143 7,340 7,700 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$127,937 $130,829 $130,671 $132,292 $134,035 
(1)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments.

20
Table of Contents
image9.jpg
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Adjusted revenues
Premiums$673 $732 $826 $823 $845 $2,609 $3,226 
Universal life and investment-type product policy fees278 290 296 290 299 1,109 1,175 
Net investment income358 322 459 399 413 1,271 1,593 
Other revenues11 9 10 10 10 41 39 
Total adjusted revenues1,320 1,353 1,591 1,522 1,567 5,030 6,033 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends773 769 811 874 847 3,143 3,301 
Interest credited to policyholder account balances67 68 84 89 94 249 335 
Capitalization of DAC(110)(113)(120)(130)(136)(414)(499)
Amortization of DAC and VOBA80 80 90 68 101 285 339 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 3 4 3 2 5 12 
Other expenses360 354 370 398 431 1,401 1,553 
Total adjusted expenses1,171 1,161 1,239 1,302 1,339 4,669 5,041 
Adjusted earnings before provision for income tax149 192 352 220 228 361 992 
Provision for income tax expense (benefit)24 50 85 49 47 70 231 
Adjusted earnings125 142 267 171 181 291 761 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$125 $142 $267 $171 $181 $291 $761 
Adjusted premiums, fees and other revenues$962 $1,031 $1,132 $1,123 $1,154 $3,759 $4,440 
21
Table of Contents
image9.jpg
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Direct and allocated expenses$132 $126 $122 $134 $144 
Pension, postretirement and postemployment benefit costs— 1 1 1 1 
Premium taxes, other taxes, and licenses & fees8 12 11 12 13 
Commissions and other variable expenses220 215 236 251 273 
Adjusted other expenses$360 $354 $370 $398 $431 
Adjusted other expenses, net of adjusted capitalization of DAC$250 $241 $250 $268 $295 
Adjusted other expenses on a constant currency basis$359 $347 $358 $404 $431 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$249 $236 $242 $272 $295 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Mexico127 158 129 132 131 
Chile58 64 76 80 85 
All other59 54 63 79 81 
Total sales$244 $276 $268 $291 $297 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Adjusted premiums, fees and other revenues$962 $1,031 $1,132 $1,123 $1,154 
Adjusted earnings available to common shareholders$125 $142 $267 $171 $181 
Adjusted premiums, fees and other revenues, on a constant currency basis$965 $1,014 $1,104 $1,142 $1,154 
Adjusted earnings available to common shareholders, on a constant currency basis$120 $135 $260 $176 $181 

22
Table of Contents
image9.jpg
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Adjusted revenues
Premiums$520 $509 $492 $475 $488 $2,271 $1,964 
Universal life and investment-type product policy fees93 88 86 62 64 395 300 
Net investment income44 41 38 40 41 215 160 
Other revenues8 9 8 8 10 47 35 
Total adjusted revenues665 647 624 585 603 2,928 2,459 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends297 282 237 239 232 1,241 990 
Interest credited to policyholder account balances20 17 20 16 18 86 71 
Capitalization of DAC(110)(101)(108)(96)(106)(469)(411)
Amortization of DAC and VOBA82 86 95 79 73 356 333 
Amortization of negative VOBA(2)(1)(2)(1)(1)(7)(5)
Interest expense on debt— — — — — — — 
Other expenses318 296 298 269 308 1,324 1,171 
Total adjusted expenses605 579 540 506 524 2,531 2,149 
Adjusted earnings before provision for income tax60 68 84 79 79 397 310 
Provision for income tax expense (benefit)18 16 20 19 9 96 64 
Adjusted earnings42 52 64 60 70 301 246 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$42 $52 $64 $60 $70 $301 $246 
Adjusted premiums, fees and other revenues$621 $606 $586 $545 $562 $2,713 $2,299 
23
Table of Contents
image9.jpg
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Direct and allocated expenses$102 $97 $101 $91 $100 
Pension, postretirement and postemployment benefit costs2 1 2 1 1 
Premium taxes, other taxes, and licenses & fees4 6 4 3 6 
Commissions and other variable expenses210 192 191 174 201 
Adjusted other expenses$318 $296 $298 $269 $308 
Adjusted other expenses, net of adjusted capitalization of DAC$208 $195 $190 $173 $202 
Adjusted other expenses on a constant currency basis $281 $270 $283 $267 $308 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$186 $179 $181 $171 $202 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Adjusted premiums, fees and other revenues$621 $606 $586 $545 $562 
Adjusted earnings available to common shareholders$42 $52 $64 $60 $70 
Adjusted premiums, fees and other revenues, on a constant currency basis$550 $549 $555 $540 $562 
Adjusted earnings available to common shareholders, on a constant currency basis$33 $42 $57 $60 $70 
Total sales on a constant currency basis$164 $212 $208 $171 $185 
24
Table of Contents
image9.jpg
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Adjusted revenues
Premiums$862 $776 $760 $745 $785 $3,333 $3,066 
Universal life and investment-type product policy fees275 269 339 232 217 1,101 1,057 
Net investment income1,490 1,409 1,280 1,118 1,164 6,450 4,971 
Other revenues69 44 23 39 49 257 155 
Total adjusted revenues2,696 2,498 2,402 2,134 2,215 11,141 9,249 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,585 1,518 1,433 1,659 1,446 6,268 6,056 
Interest credited to policyholder account balances208 202 203 202 206 840 813 
Capitalization of DAC(8)(7)(8)(6)(7)(33)(28)
Amortization of DAC and VOBA67 76 74 (20)62 257 192 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 1 2 2 3 5 8 
Other expenses240 236 242 228 247 992 953 
Total adjusted expenses2,093 2,026 1,946 2,065 1,957 8,329 7,994 
Adjusted earnings before provision for income tax603 472 456 69 258 2,812 1,255 
Provision for income tax expense (benefit)121 95 92 10 50 570 247 
Adjusted earnings482 377 364 59 208 2,242 1,008 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$482 $377 $364 $59 $208 $2,242 $1,008 
Adjusted premiums, fees and other revenues$1,206 $1,089 $1,122 $1,016 $1,051 $4,691 $4,278 
25
Table of Contents
image9.jpg
METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, beginning of period$82,115 $82,383 $81,617 $81,626 $81,598 
Premiums and deposits (2), (3)1,121 1,035 966 936 955 
Surrenders and withdrawals(529)(504)(520)(496)(522)
Benefit payments(805)(907)(734)(788)(799)
Net flows(213)(376)(288)(348)(366)
Net transfers from (to) separate accounts10 8 10 17 (6)
Interest839 835 839 853 848 
Policy charges(180)(181)(180)(180)(177)
Other(188)(1,052)(372)(370)(336)
Balance, end of period$82,383 $81,617 $81,626 $81,598 $81,561 
ANNUITIESFor the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, beginning of period$18,341 $18,061 $17,676 $17,606 $17,642 
Premiums and deposits (2), (3)89 84 91 68 60 
Surrenders and withdrawals(410)(323)(327)(348)(495)
Benefit payments(152)(161)(148)(147)(153)
Net flows(473)(400)(384)(427)(588)
Net transfers from (to) separate accounts52 66 69 32 32 
Interest125 119 119 119 119 
Policy charges(4)(4)(4)(4)(4)
Other20 (166)130 316 (172)
Balance, end of period$18,061 $17,676 $17,606 $17,642 $17,029 
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, beginning of period$7,248 $7,512 $6,776 $5,527 $5,225 
Premiums and deposits (3)57 59 56 53 55 
Surrenders and withdrawals(64)(61)(38)(39)(41)
Benefit payments(19)(18)(15)(12)(15)
Net flows(26)(20)3 2 (1)
Investment performance367 (646)(1,176)(225)315 
Net transfers from (to) general account(10)(8)(10)(17)6 
Policy charges(65)(66)(66)(65)(65)
Other(2)4 — 3 (5)
Balance, end of period$7,512 $6,776 $5,527 $5,225 $5,475 
ANNUITIES
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Balance, beginning of period$39,840 $40,173 $36,079 $30,163 $27,680 
Premiums and deposits (3)74 72 74 55 65 
Surrenders and withdrawals(1,177)(866)(728)(648)(669)
Benefit payments(135)(124)(105)(99)(102)
Net flows(1,238)(918)(759)(692)(706)
Investment performance
1,819 (2,937)(4,919)(1,594)1,712 
Net transfers from (to) general account(52)(66)(69)(32)(32)
Policy charges(195)(174)(170)(166)(155)
Other(1)1 1 1 — 
Balance, end of period$40,173 $36,079 $30,163 $27,680 $28,499 
(1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.
26
Table of Contents
image9.jpg
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Direct and allocated expenses$163 $167 $160 $164 $178 
Pension, postretirement and postemployment benefit costs4 1 1 — 1 
Premium taxes, other taxes, and licenses & fees16 16 17 20 15 
Commissions and other variable expenses57 52 64 44 53 
Adjusted other expenses$240 $236 $242 $228 $247 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Life (1)
Adjusted premiums, fees and other revenues$791 $704 $758 $657 $703 
Interest adjusted benefit ratio54.3 %54.1 %33.2 %53.9 %49.1 %
Lapse Ratio (2)
Traditional life4.0 %4.2 %4.4 %4.5 %4.6 %
Variable & universal life3.3 %3.4 %3.3 %3.3 %3.4 %
Fixed annuity6.8 %6.3 %6.2 %6.6 %7.3 %
Variable annuity10.2 %10.0 %9.8 %9.5 %9.2 %
(1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.                                        
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

27
Table of Contents
image9.jpg
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Adjusted revenues
Premiums$(19)$(4)$(6)$(7)$1 $35 $(16)
Universal life and investment-type product policy fees1 — 2 (1)1 2 2 
Net investment income91 104 5 63 44 244 216 
Other revenues117 101 98 96 101 420 396 
Total adjusted revenues190 201 99 151 147 701 598 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends(2)(7)(2)(3)6 34 (6)
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(2)(3)(2)(2)(1)(11)(8)
Amortization of DAC and VOBA2 2 2 3 2 9 9 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt219 219 219 231 240 902 909 
Other expenses284 136 184 186 203 562 709 
Total adjusted expenses501 347 401 415 450 1,496 1,613 
Adjusted earnings before provision for income tax(311)(146)(302)(264)(303)(795)(1,015)
Provision for income tax expense (benefit)(303)(92)(88)(63)(113)(591)(356)
Adjusted earnings(8)(54)(214)(201)(190)(204)(659)
Preferred stock dividends29 63 29 64 29 195 185 
Adjusted earnings available to common shareholders$(37)$(117)$(243)$(265)$(219)$(399)$(844)
Adjusted premiums, fees and other revenues$99 $97 $94 $88 $103 $457 $382 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Business activities$45 $36 $34 $36 $32 $143 $138 
Net investment income89 104 6 60 49 248 219 
Interest expense on debt(228)(227)(226)(240)(250)(944)(943)
Corporate initiatives and projects(54)(12)(21)(15)(16)(128)(64)
Other(163)(47)(95)(105)(118)(114)(365)
Provision for income tax (expense) benefit and other tax-related items303 92 88 63 113 591 356 
Preferred stock dividends(29)(63)(29)(64)(29)(195)(185)
Adjusted earnings available to common shareholders$(37)$(117)$(243)$(265)$(219)$(399)$(844)
28
Table of Contents
image9.jpg
INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
At or For the Three Months Ended (1)At or For the Year Ended (1)
Unaudited (In millions, except yields)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Fixed Maturity Securities
Yield3.77 %3.52 %3.66 %3.81 %4.04 %3.74 %3.76 %
Investment income (2), (3)$2,816 $2,638 $2,709 $2,773 $2,978 $11,146 $11,098 
Investment gains (losses)(2)(599)(671)(286)(356)70 (1,912)
Ending carrying value (4)341,876 321,656 285,573 272,079 278,215 341,876 278,215 
Mortgage Loans
Yield4.23 %4.13 %4.11 %4.37 %4.73 %4.19 %4.34 %
Investment income (3)847 823 832 898 983 3,430 3,536 
Investment gains (losses)(119)44 48 47 (118)(18)21 
Ending carrying value79,353 79,968 82,055 82,437 83,763 79,353 83,763 
Real Estate and Real Estate Joint Ventures
Yield6.36 %7.82 %8.98 %5.75 %3.16 %4.81 %6.40 %
Investment income194 241 277 179 101 579 798 
Investment gains (losses)20 4 159 — 490 502 653 
Ending carrying value12,216 12,379 12,376 12,532 13,137 12,216 13,137 
Policy Loans
Yield5.02 %5.13 %5.09 %5.18 %5.22 %5.11 %5.15 %
Investment income115 116 114 114 115 474 459 
Ending carrying value9,111 9,036 8,876 8,783 8,874 9,111 8,874 
Equity Securities
Yield3.76 %3.48 %2.46 %6.40 %3.58 %4.45 %3.96 %
Investment income8 7 5 14 10 36 36 
Investment gains (losses)11 (50)(42)(23)(18)108 (133)
Ending carrying value1,269 988 1,085 973 1,684 1,269 1,684 
Other Limited Partnership Interests
Yield (5)30.11 %25.35 %4.69 %(5.35)%(1.18)%40.71 %5.92 %
Investment income (5)1,058 926 171 (194)(43)4,935 860 
Investment gains (losses)11 18 (2)(1)38 (6)53 
Ending carrying value (6)14,625 14,570 14,636 14,387 14,414 14,625 14,414 
Cash and Short-term Investments
Yield0.93 %1.08 %1.53 %2.54 %3.70 %0.80 %2.31 %
Investment income25 30 43 78 131 87 282 
Investment gains (losses)15 14 42 63 (37)27 82 
Ending carrying value27,223 26,634 23,591 27,466 25,130 27,223 25,130 
Other Invested Assets
Investment income 291 364 484 426 396 1,197 1,670 
Investment gains (losses)51 47 69 (14)(15)99 87 
Ending carrying value18,655 18,696 19,901 22,299 20,038 18,655 20,038 
Total Investments
Investment income yield4.94 %4.72 %4.29 %3.98 %4.27 %5.05 %4.32 %
Investment fees and expenses yield(0.13)%(0.13)%(0.12)%(0.12)%(0.13)%(0.12)%(0.12)%
Net Investment Income Yield4.81 %4.59 %4.17 %3.86 %4.14 %4.93 %4.20 %
Investment income$5,354 $5,145 $4,635 $4,288 $4,671 $21,884 $18,739 
Investment fees and expenses(138)(142)(131)(125)(141)(537)(539)
Net investment income including divested businesses5,216 5,003 4,504 4,163 4,530 21,347 18,200 
Less: Net investment income from divested businesses15 11 — — — 67 11 
Adjusted Net Investment Income (7)$5,201 $4,992 $4,504 $4,163 $4,530 $21,280 $18,189 
Ending Carrying Value$504,328 $483,927 $448,093 $440,956 $445,255 $504,328 $445,255 
Investment Portfolio Gains (Losses) including divested businesses$(13)$(522)$(397)$(214)$(16)$782 $(1,149)
Less: Divested businesses2 — — — — 30 — 
Investment Portfolio Gains (Losses) (8)$(15)$(522)$(397)$(214)$(16)$752 $(1,149)
Gross investment gains331 310 597 259 1,117 1,711 2,283 
Gross investment losses(242)(548)(1,084)(541)(1,084)(850)(3,257)
Net credit loss (provision) release and (impairments)(104)(284)90 68 (49)(109)(175)
Investment Portfolio Gains (Losses) (8)(15)(522)(397)(214)(16)752 (1,149)
Investment portfolio gains (losses) income tax (expense) benefit17 116 92 51 3 (146)262 
Investment Portfolio Gains (Losses), Net of Income Tax$2 $(406)$(305)$(163)$(13)$606 $(887)
Derivative gains (losses) including Divested businesses $(431)$(1,074)$(1,427)$(732)$(115)$(3,121)$(3,348)
Less: Derivative gains (losses) from divested businesses— — — — — (1)— 
Derivative gains (losses) (8)(431)(1,074)(1,427)(732)(115)(3,120)(3,348)
Derivative gains (losses) income tax (expense) benefit96 265 396 196 (1)759 856 
Derivative Gains (Losses), Net of Income Tax$(335)$(809)$(1,031)$(536)$(116)$(2,361)$(2,492)
See footnotes on Page 32.

29
Table of Contents
image9.jpg
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$93,034 27.3 %$87,136 27.2 %$80,555 28.3 %$78,824 29.1 %$80,030 28.9 %
Foreign corporate63,640 18.7 %61,129 19.1 %54,177 19.1 %49,927 18.4 %52,572 19.0 %
Foreign government61,609 18.1 %57,282 17.9 %48,016 16.9 %44,050 16.3 %46,747 16.9 %
U.S. government and agency46,599 13.7 %40,334 12.6 %33,690 11.9 %31,562 11.7 %32,229 11.6 %
Residential mortgage-backed30,404 8.9 %30,080 9.4 %27,303 9.6 %27,145 10.0 %26,165 9.5 %
Asset-backed securities and collateralized loan obligations18,569 5.5 %19,305 6.0 %17,054 6.0 %16,766 6.2 %16,822 6.1 %
Municipals14,212 4.2 %12,958 4.1 %12,513 4.4 %12,014 4.4 %12,152 4.4 %
Commercial mortgage-backed12,207 3.6 %11,855 3.7 %10,870 3.8 %10,477 3.9 %10,063 3.6 %
Fixed Maturity Securities Available-For-Sale$340,274 100.0 %$320,079 100.0 %$284,178 100.0 %$270,765 100.0 %$276,780 100.0 %
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$239,394 70.4 %$222,096 69.4 %$195,090 68.7 %$185,780 68.6 %$190,021 68.7 %
Baa285,209 25.0 %82,616 25.8 %74,783 26.3 %71,276 26.3 %73,194 26.5 %
Ba311,973 3.5 %11,788 3.7 %11,129 3.9 %10,652 4.0 %10,511 3.8 %
B43,150 0.9 %2,923 0.9 %2,653 0.9 %2,618 1.0 %2,571 0.9 %
Caa and lower5526 0.2 %480 0.1 %389 0.2 %306 0.1 %401 0.1 %
In or near default622 — %176 0.1 %134 — %133 — %82 — %
Total Fixed Maturity Securities Available-For-Sale (9)$340,274 100.0 %$320,079 100.0 %$284,178 100.0 %$270,765 100.0 %$276,780 100.0 %
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Gross unrealized gains$31,901 $16,145 $8,666 $5,488 $5,239 
Gross unrealized losses2,420 9,583 23,759 36,982 34,301 
Net Unrealized Gains (Losses)$29,481 $6,562 $(15,093)$(31,494)$(29,062)
See footnotes on Page 32.

30
Table of Contents
image9.jpg
INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
          
Commercial mortgage loans$50,553 $51,117 $52,348 $52,273 $52,502 
Agricultural mortgage loans18,111 17,882 18,563 18,923 19,306 
Residential mortgage loans11,323 11,584 11,606 11,708 12,482 
Mortgage loans held-for-sale— — 24 — — 
Mortgage Loans79,987 80,583 82,541 82,904 84,290 
Valuation allowances(634)(615)(486)(467)(527)
Mortgage Loans, net$79,353 $79,968 $82,055 $82,437 $83,763 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
 
December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$9,676 19.1 %$9,824 19.2 %$9,901 18.9 %$9,805 18.7 %$9,628 18.3 %
Non-U.S.9,969 19.7 %10,064 19.7 %9,726 18.6 %8,977 17.2 %9,299 17.7 %
Middle Atlantic7,537 14.9 %7,876 15.4 %7,918 15.1 %7,748 14.8 %7,574 14.4 %
South Atlantic6,800 13.5 %6,849 13.4 %6,852 13.1 %6,691 12.8 %6,617 12.6 %
West South Central3,492 6.9 %3,587 7.0 %3,943 7.5 %4,005 7.7 %3,721 7.1 %
New England2,748 5.4 %2,752 5.4 %2,781 5.3 %2,754 5.3 %2,764 5.3 %
Mountain1,993 4.0 %2,078 4.1 %2,268 4.3 %2,269 4.3 %2,284 4.4 %
East North Central2,129 4.2 %2,013 3.9 %1,489 2.9 %1,596 3.1 %1,594 3.0 %
East South Central759 1.5 %725 1.4 %636 1.2 %635 1.2 %620 1.2 %
West North Central663 1.3 %458 0.9 %428 0.8 %471 0.9 %597 1.1 %
Multi-Region and Other4,787 9.5 %4,891 9.6 %6,406 12.3 %7,322 14.0 %7,804 14.9 %
Total$50,553 100.0 %$51,117 100.0 %$52,348 100.0 %$52,273 100.0 %$52,502 100.0 %
Office$22,388 44.3 %$22,170 43.4 %$21,923 41.9 %$21,144 40.5 %$21,009 40.0 %
Apartment9,121 18.0 %9,578 18.7 %10,536 20.1 %10,793 20.6 %10,575 20.2 %
Retail8,548 16.9 %8,766 17.2 %8,524 16.3 %8,305 15.9 %8,046 15.3 %
Industrial5,096 10.1 %5,055 9.9 %4,902 9.4 %5,068 9.7 %5,607 10.7 %
Hotel3,201 6.3 %3,137 6.1 %3,323 6.3 %3,261 6.2 %3,172 6.0 %
Other2,199 4.4 %2,411 4.7 %3,140 6.0 %3,702 7.1 %4,093 7.8 %
Total$50,553 100.0 %$51,117 100.0 %$52,348 100.0 %$52,273 100.0 %$52,502 100.0 %

31
Table of Contents
image9.jpg
INVESTMENTS
FOOTNOTES
(1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending 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 $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, respectively.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Fixed maturity securities available-for-sale$340,274 $320,079 $284,178 $270,765 $276,780 
Contractholder-directed equity securities and fair value option securities12,142 11,418 9,875 8,954 9,668 
Total fixed maturity securities352,416 331,497 294,053 279,719 286,448 
Less: Contractholder-directed equity securities10,540 9,841 8,480 7,640 8,233 
Fixed maturity securities$341,876 $321,656 $285,573 $272,079 $278,215 
(5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively.
(6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively.
(7)Adjusted net investment income reflects the adjustments as presented on Page 5.
(8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year Ended
December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Net investment gains (losses) $(126)$(518)$(685)$(414)$355 $1,529 $(1,262)
Less: Operating joint venture adjustments— 6 (1)5 (1)1 9 
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures22 7 (1)(18)(2)45 (14)
Less: Non-investment portfolio gains (losses)(135)(9)(286)(187)374 701 (108)
Less: Divested businesses2 — — — — 30 — 
Investment portfolio gains (losses) $(15)$(522)$(397)$(214)$(16)$752 $(1,149)
For the Three Months EndedFor the Year Ended
December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Net derivative gains (losses) $(196)$(859)$(1,195)$(480)$162 $(2,228)$(2,372)
Less: Investment hedge adjustments235 215 232 252 277 895 976 
Less: PAB hedge adjustments— — — — — (2)— 
Less: Divested businesses— — — — — (1)— 
Derivative gains (losses) $(431)$(1,074)$(1,427)$(732)$(115)$(3,120)$(3,348)
(9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. 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, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
32
Table of Contents
image9.jpg
imagk05a.jpg
Appendix





Table of Contents
image9.jpg
APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$1,176 $606 $103 $331 $1,314 $6,353 $2,354 
Add: Preferred stock dividends29 63 29 64 29 195 185 
Add: Preferred stock redemption premium— — — — — 6 — 
Add: Net Income (loss) attributable to noncontrolling interests6 5 6 5 3 21 19 
Net income (loss) 1,211 674 138 400 1,346 $6,575 $2,558 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(126)(518)(685)(414)355 1,529 (1,262)
Net derivative gains (losses)(196)(859)(1,195)(480)162 (2,228)(2,372)
Premiums - Divested businesses
60 41 — — — 982 41 
Universal life and investment-type product policy fees
Unearned revenue adjustments13 (8)(11)(9)(14)71 (42)
GMIB fees24 23 22 21 18 98 84 
Divested businesses13 11 — — — 26 11 
Net investment income
Investment hedge adjustments(235)(215)(232)(252)(277)(895)(976)
Operating joint venture adjustments— (6)1 (5)1 (1)(9)
Unit-linked contract income253 (498)(688)(321)209 952 (1,298)
Securitization entities income— — — — — — — 
Certain partnership distributions(1)— (2)— 1 (8)(1)
Divested businesses15 11 — — — 67 11 
Other revenues
Settlement of foreign currency earnings hedges— — — — — — — 
TSA fees53 47 48 40 25 221 160 
Divested businesses5 3 — — — 22 3 
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments(7)(7)(6)(6)(6)(32)(25)
PDO adjustments— — — — — — — 
Inflation and pass-through adjustments(99)(39)(152)(88)(144)(3)(423)
GMIB costs(88)45 125 171 20 (402)361 
Market value adjustments(23)(12)34 66 74 (83)162 
Divested businesses(41)(22)— — — (659)(22)
Interest credited to policyholder account balances
PAB hedge adjustments— — — — — 2 — 
Unit-linked contract costs(246)505 695 302 (180)(938)1,322 
Divested businesses(5)(3)— — — (10)(3)
Capitalization of DAC - Divested businesses
15 11 — — — 119 11 
Amortization of DAC and VOBA
Related to NIGL and NDGL(63)19 (4)98 (8)(100)105 
Related to GMIB fees and GMIB costs(5)(1)(16)19 8 7 10 
Related to market value adjustments— — — — — — — 
Divested businesses(14)(9)— — — (126)(9)
Amortization of negative VOBA
Related to market value adjustments— — — — — — — 
Divested businesses— — — — — — — 
Interest expense on debt
Securitization entities debt expense— — — — — — — 
Divested businesses— — — — — (1)— 
Other expenses
Noncontrolling interests9 7 4 8 5 28 24 
Regulatory implementation costs(1)— (2)(1)(1)(4)(4)
Acquisition, integration and other costs1 (7)(13)(14)(15)(9)(49)
TSA fees(53)(47)(48)(40)(25)(221)(160)
Divested businesses(81)(32)(8)(13)(21)(358)(74)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit167 444 616 288 (96)380 1,252 
Adjusted earnings1,867 1,790 1,655 1,030 1,255 8,149 5,730 
Less: Preferred stock dividends29 63 29 64 29 195 185 
Adjusted earnings available to common shareholders$1,838 $1,727 $1,626 $966 $1,226 $7,954 $5,545 
A-1
Table of Contents
image9.jpg
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Actuarial assumption review and other insurance adjustments$— $— $77 $34 $— $(140)$111 
Litigation reserves and settlement costs— — — — — 66 — 
Tax adjustments140 — — — — 140 — 
Total notable items$140 $— $77 $34 $— $66 $111 
U.S.
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Actuarial assumption review and other insurance adjustments $— $— $— $91 $— $— $91 
Total notable items$— $— $— $91 $— $— $91 
GROUP BENEFITS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Actuarial assumption review and other insurance adjustments $— $— $— $— $— $— $— 
Total notable items $— $— $— $— $— $— $— 
RETIREMENT AND INCOME SOLUTIONS
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Actuarial assumption review and other insurance adjustments $— $— $— $91 $— $— $91 
Total notable items $— $— $— $91 $— $— $91 
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2
Table of Contents
image9.jpg
APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED) (1)
ASIA
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Actuarial assumption review and other insurance adjustments
$— $— $— $23 $— $(79)$23 
Total notable items
$— $— $— $23 $— $(79)$23 
LATIN AMERICA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Actuarial assumption review and other insurance adjustments
$— $— $— $7 $— $(2)$7 
Total notable items
$— $— $— $7 $— $(2)$7 
EMEA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Actuarial assumption review and other insurance adjustments
$— $— $— $4 $— $(6)$4 
Total notable items
$— $— $— $4 $— $(6)$4 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Actuarial assumption review and other insurance adjustments
$— $— $77 $(91)$— $(53)$(14)
Total notable items
$— $— $77 $(91)$— $(53)$(14)
CORPORATE & OTHER
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Litigation reserves and settlement costs$— $— $— $— $— $66 $— 
Tax adjustments140 — — — — 140 — 
Total notable items$140 $— $— $— $— $206 $— 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-3
Table of Contents
image9.jpg
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Total MetLife, Inc.'s stockholders' equity$67,482 $53,965 $37,101 $25,076 $27,040 
Less: Preferred stock
3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 63,664 50,147 33,283 21,258 23,222 
Less: Net unrealized investment gains (losses), net of income tax
17,671 5,182 (9,457)(20,008)(19,294)
  Defined benefit plans adjustment, net of income tax(1,598)(1,577)(1,555)(1,536)(1,377)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$47,591 $46,542 $44,295 $42,802 $43,893 
Less: Goodwill, net of income tax
9,221 9,163 8,828 8,683 8,964 
  VODA and VOCRA, net of income tax
718 699 679 663 649 
Total MetLife, Inc.'s tangible common stockholders' equity$37,652 $36,680 $34,788 $33,456 $34,280 
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$47,591 $46,542 $44,295 $42,802 $43,893 
Less: Accumulated year-to-date total notable items (2)
66 — 77 111 111 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$47,525 $46,542 $44,218 $42,691 $43,782 
Unaudited (In millions, except per share data)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
Book value per common share $77.12 $61.55 $41.73 $27.00 $29.81 
Less: Net unrealized investment gains (losses), net of income tax
21.41 6.36 (11.86)(25.42)(24.76)
  Defined benefit plans adjustment, net of income tax
(1.94)(1.93)(1.95)(1.95)(1.77)
Book value per common share, excluding AOCI other than FCTA$57.65 $57.12 $55.54 $54.37 $56.34 
Less: Goodwill, net of income tax
11.17 11.24 11.07 11.04 11.51 
  VODA and VOCRA, net of income tax
0.87 0.86 0.85 0.84 0.83 
Book value per common share - tangible common stockholders' equity$45.61 $45.02 $43.62 $42.49 $44.00 
Common shares outstanding, end of period 825.5 814.8 797.6 787.3 779.1 
For the Three Months Ended (1)For the Year Ended
Unaudited (In millions, except ratios)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022December 31, 2021December 31, 2022
Return on MetLife, Inc.'s:
Common stockholders' equity 7.3 %4.3 %1.0 %4.9 %23.6 %9.7 %6.1 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 11.4 %12.1 %15.6 %14.2 %22.1 %12.2 %14.5 %
Common stockholders' equity, excluding AOCI other than FCTA 15.3 %14.7 %14.3 %8.9 %11.3 %16.6 %12.3 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)14.2 %14.7 %13.7 %8.6 %11.3 %16.5 %12.1 %
Tangible common stockholders' equity (3) 19.6 %18.8 %18.4 %11.5 %14.7 %21.4 %15.9 %
Average common stockholders' equity $64,448 $56,906 $41,715 $27,271 $22,240 $65,203 $38,315 
Average common stockholders' equity, excluding AOCI other than FCTA $47,985 $47,067 $45,419 $43,549 $43,348 $47,917 $45,025 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$47,989 $47,067 $45,380 $43,455 $43,237 $47,905 $44,965 
Average tangible common stockholders' equity
$37,976 $37,166 $35,734 $34,122 $33,868 $37,615 $35,371 
(1) Annualized using quarter-to-date results.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.
(3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.
A-4
Table of Contents
image9.jpg
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)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
U.S. (1)$10,100 $7,887 $8,943 $14,966 $6,666 
ASIA 1,712 1,748 1,783 1,756 1,770 
LATIN AMERICA965 1,014 1,104 1,142 1,154 
EMEA 550 549 555 540 562 
METLIFE HOLDINGS (1)1,206 1,089 1,122 1,016 1,051 
CORPORATE & OTHER (1)99 97 94 88 103 
Adjusted premiums, fees and other revenues, on a constant currency basis$14,632 $12,384 $13,601 $19,508 $11,306 
Adjusted premiums, fees and other revenues$15,010 $12,732 $13,794 $19,527 $11,306 
ASIA (including operating joint ventures) (2), (3)$2,002 $2,108 $2,075 $2,136 $2,139 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
U.S. (1)$937 $979 $949 $1,003 $1,031 
ASIA 708 718 709 735 804 
LATIN AMERICA359 347 358 404 431 
EMEA281 270 283 267 308 
METLIFE HOLDINGS (1)240 236 242 228 247 
CORPORATE & OTHER (1)284 136 184 186 203 
Adjusted other expenses on a constant currency basis$2,809 $2,686 $2,725 $2,823 $3,024 
Adjusted other expenses$2,985 $2,838 $2,806 $2,833 $3,024 
ASIA (including operating joint ventures) (2), (3)$801 $825 $808 $843 $912 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2021March 31, 2022June 30, 2022September 30, 2022December 31, 2022
U.S. (1)$640 $693 $788 $744 $771 
ASIA 560 555 374 190 215 
LATIN AMERICA120 135 260 176 181 
EMEA 33 42 57 60 70 
METLIFE HOLDINGS (1)482 377 364 59 208 
CORPORATE & OTHER (1)(37)(117)(243)(265)(219)
Adjusted earnings available to common shareholders on a constant currency basis$1,798 $1,685 $1,600 $964 $1,226 
Adjusted earnings available to common shareholders$1,838 $1,727 $1,626 $966 $1,226 
 (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 18 for operating joint ventures.
 (3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.
A-5
Table of Contents
image9.jpg
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)adjusted tangible return on equity(xiv)return on equity
(xv)investment portfolio gains (losses)(xv)net investment gains (losses)
(xvi)derivative gains (losses)(xvi)net derivative gains (losses)
(xvii)adjusted capitalization of DAC(xvii)capitalization of DAC
(xviii)total MetLife, Inc.’s tangible common stockholders’ equity(xviii)total MetLife, Inc.’s stockholders’ equity
(xix)total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA(xix)total MetLife, Inc.’s stockholders’ equity
(xx)total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)(xx)total MetLife, Inc.’s stockholders’ equity
(xxi)book value per common share, excluding AOCI other than FCTA(xxi)book value per common share
(xxii)book value per common share - tangible common stockholders' equity(xxii)book value per common share
(xxiii)adjusted other expenses(xxiii)other expenses
(xxiv)adjusted other expenses, net of adjusted capitalization of DAC(xxiv)other expenses, net of capitalization of DAC
(xxv)adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses(xxv)other expenses, net of capitalization of DAC
(xxvi)adjusted expense ratio(xxvi)expense ratio
(xxvii)adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT(xxvii)expense ratio
(xxviii)direct expenses(xxviii)other expenses
(xxix)direct expenses, excluding total notable items related to direct expenses(xxix)other expenses
(xxx)direct expense ratio(xxx)expense ratio
(xxxi)direct expense ratio, excluding total notable items related to direct expenses and PRT(xxxi)expense ratio
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at www.metlife.com.

A-6
Table of Contents
image9.jpg
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

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

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted revenues and adjusted expenses
These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
•Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
•Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed equity securities (“Unit-linked contract income”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP ("Certain partnership distributions"); and
•Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
•Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits ("PBC hedge adjustments"), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (“Inflation and pass-through adjustments”), (iv) benefits and hedging costs related to GMIBs (“GMIB costs”), and (v) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
•Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (“Unit-linked contract costs”);
•Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
•Amortization of negative VOBA excludes amounts related to Market value adjustments;
•Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
•Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (“Regulatory implementation costs”) and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

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

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

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, 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).
A-7

Table of Contents
image9.jpg
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity, allocated equity, tangible equity and related measures
•Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).
•Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
•Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.
•Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
•Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues.
•Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
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 which are actively managed and stated at estimated fair value. Asia GA AUM 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 and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) 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 mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance results:
•Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
A-8
Table of Contents
image9.jpg
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
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
TSATransition service agreement
VIEVariable interest entity
VOBAValue of business acquired
VOCRAValue of customer relationships acquired
VODAValue of distribution agreements
A-9
Table of Contents

imagk05a.jpg
navigatinglifetogethera04.jpg

4Q22 Supplemental Slides and Outlook1 John McCallion Chief Financial Officer Exhibit 99.3 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

 
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 Direct expense ratio 7 Cash & capital 8 Outlook 9 Appendix 14

 
3 Net income (loss) to adjusted earnings 4Q22 FY22 (post-tax) $ in millions $ per share1 $ in millions $ per share1 Net Income (Loss) $1,314 $1.66 $2,354 $2.91 Less: Net Investment Gains (Losses) 280 0.35 (997) (1.23) Net Derivative Gains (Losses)2 128 0.16 (1,601) (1.98) Investment Hedge Adjustments (219) (0.28) (771) (0.95) Actuarial Assumption Review2,3 — — 20 0.02 Other2 (101) (0.13) 158 0.20 Adjusted Earnings $1,226 $1.55 $5,545 $6.85 Less Notable Items: Actuarial Assumption Review3 — — 111 0.14 Adjusted Earnings ex. Total Notable Items $1,226 $1.55 $5,434 $6.72 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. 2 The full year 2022 Actuarial Assumption Review line item reflecting $20 million of after-tax gains includes $273 million after-tax derivative losses and $293 million of other after-tax gains. These amounts are therefore not included in the Net Derivative Gains (Losses) or Other line items. 3 Includes other insurance adjustments.

 
4 ($ in millions - post-tax) 4Q22 4Q21 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $400 $20 NM2 Underwriting Margins; Volume Growth Expense Margins Retirement and Income Solutions 371 620 (40%) Investment Margins U.S. 771 640 20% Asia 215 586 (63%) (62%) Investment Margins; Taxes Latin America 181 125 45% 51% Underwriting Margins; Volume Growth EMEA 70 42 67% 112% Underwriting Margins Expense Margins MetLife Holdings 208 482 (57%) Investment Margins Corporate & Other (219) (177) Expenses Taxes; Investment Margins Adjusted Earnings ex. Total Notable Items $1,226 $1,698 (28%) (26%) Adjusted EPS ex. Total Notable Items $1.55 $2.01 (23%) (21%) Adjusted earnings, ex. total notable items, by segment 1 To be discussed on MetLife, Inc.'s fourth quarter and full year 2022 earnings conference call and audio webcast. 2 Not Meaningful.

 
5 $24 $1,185 $389 ($53) $1,545 1Q22 2Q22 3Q22 4Q22 FY22 2022 VII below guidance1 driven by lower private equity returns ($ in millions - pre-tax) Private Equity Other 1 Quarterly VII range of $450 million - $500 million, based on full year 2022 guidance range of $1.8 - $2.0 billion. ( ) $0

 
6 ($ in millions - post-tax1) 1Q22 2Q22 3Q22 4Q22 FY22 Group Benefits $12 $7 $(1) $3 $21 Retirement and Income Solutions 277 75 (35) 5 322 U.S. 289 82 (36) 8 343 Asia 288 101 (18) 4 375 Latin America 16 16 — (3) 29 EMEA — — — — — MetLife Holdings 208 85 (21) 12 284 Corporate & Other 135 23 33 (1) 190 Total Variable Investment Income $936 $307 $(42) $20 $1,221 1 Assumes a 21% U.S. statutory tax rate. VII by segment

 
7 11.0% 11.7% 11.4% 11.9% 11.1% 12.3% 12.9% 13.1% 11.6% 12.2% 1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 FY21 FY22 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.3% Target FY22 direct expense ratio1 of 12.2% achieving target

 
8 Holding Company Cash1 $5.4 $4.2 $4.5 $5.2 $5.4 4Q21 1Q22 2Q22 3Q22 4Q22 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Excludes total notable items. 3 Based on estimate and includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. 4 MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. 5 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 • Share repurchases of $0.6 billion in 4Q22 and $3.3 billion in FY22 • ~ $250 million shares repurchased in January 2023 • Average 2021-2022 free cash flow ratio2 of 68% • 2022 Combined NAIC Risk-Based Capital ratio3,4 above 360% target • Expected total U.S. Statutory Adjusted Capital5 of $18.3 billion at 12/31/22, down 3% from 9/30/22 • Expected Japan Solvency Margin ratio of ~700% at 12/31/22 ($ in billions)

 
Outlook 2023-2025 outlook is reflected on an LDTI1 basis while 2022 actuals shown on a pre-LDTI basis 1Long-duration targeted improvements.

 
10 Overview • COVID-19 assumed endemic • Continued uncertainty around inflation / recession • Interest rates expected to remain elevated relative to 12/31/22 • S&P 500 annual return of 5%; private equity annual return of 12% Near-term1 targets: • Adjusted return on equity2 of 13-15% • Free cash flow ratio of 65-75% of adjusted earnings3 • Direct expense ratio target of 12.6%4 Corporate guidance for 2023: • Variable investment income of ~ $2.0 billion5 • Corporate & Other adjusted loss of $650 – $750 million • Effective tax rate to be between 22-24% Macro Assumptions Near-Term1 Targets and Corporate Guidance Key Sensitivities Adjusted Earnings Impact from Rates $ in millions 2023 2024 2025 50 bps declining interest rate scenario6 ($52) ($98) ($169) 50 bps rising interest rate scenario6 $88 $119 $181 10 bps increase in LIBOR7 $16 $9 $10 10 bps decrease in LIBOR7 ($7) ($5) ($6) 1 One to three years. 2 Excluding AOCI other than FCTA. 3 2-year average excluding total notable items. 4 Excluding total notable items related to direct expenses and PRT. 5 Pre- tax. 6 See pages 16 and 17 in the Appendix for more information. 7 Increase/decrease of 10 basis points from base for interest rates shorter than 1 year; no change in longer-term interest rates.

 
11 2021 2022 2023 Expected VII average asset balances and key drivers ($ in billions) Private Equity Real Estate and Other Funds Average Asset Balance • Long-term annual return assumptions: – Private equity: 12% – Real estate and other funds: 7% • VII includes prepayment fees on fixed maturity securities and mortgage loans $14.7 $19.0$18.5 $13.6 $5.4 $14.0 $4.5 $11.5 $3.2 Key Drivers

 
12 Near-Term Guidance1 • Adjusted premiums, fees and other revenues (PFOs) expected to grow 4-6%2 annually • Group Life mortality ratio of 90.8% in 2022; target of 85-90% • Group Non-Medical Health interest adjusted benefit ratio of 71.5% in 2022; target of 70-75% • Liability exposures3 expected to grow 2-4% annually • Investment spread4 of 116 bps in 2022; expected to be 135-160 bps in 2023 • Adjusted PFOs expected to decline by ~12-14% in 2023, then 6-8% annually thereafter • Adjusted earnings of $1.0 - $1.2 billion in 2023 • Life interest adjusted benefit ratio of 47.6% in 2022; target of 40-45% in 2023 Group Benefits Retirement and Income Solutions MetLife Holdings 1 2023-2025 outlook is reflected on an LDTI basis while 2022 actuals on a pre-LDTI basis as reported in the Quarterly Financial Supplement. 2 Excludes 2022 excess premiums from participating group life contracts of $750 million. 3 Includes future policy benefits, policyholder account liabilities, and separate account liabilities, as well as notional amounts not recorded on MetLife's balance sheet. 4 Average annualized general account spread.

 
13 Near-Term Guidance1,2 • Mid-to-high single-digit sales growth • General account assets under management3 to grow at mid single-digits • Mid-single-digit adjusted earnings growth in 2023 - 2025, excluding COVID-19 claims4 • Low double-digit growth in adjusted PFOs • 2022 adjusted earnings benefited from favorable market impacts • Adjusted earnings growth of high single-digits5 in 2023 - 2025 • Sales and adjusted PFOs6 growth of mid-to-high single-digits • Adjusted earnings run-rate of ~ $55 million per quarter in 2023 • Adjusted earnings expected to grow high single-digits in 2024-2025 Asia Latin America EMEA 1 2023-2025 outlook is reflected on an LDTI basis while 2022 actuals on a pre-LDTI basis as reported in the Quarterly Financial Supplement. 2 Sales and AUM growth rates on a constant currency basis; adjusted earnings and PFOs growth rates on a reported basis, unless otherwise noted. 3 Excludes fair value adjustments and includes operating joint ventures. 4Excludes COVID-19 claims of ~$270 million post-tax in 2022. 5 Excludes 2022 favorable market impacts of ~ $80 million. 6 EMEA adjusted PFOs growth rates on a constant currency basis.

 
Appendix

 
15 Value of new business1 $3.1 $3.8 $3.8 $3.2 $2.8 $1.3 $2.1 $1.8 $1.9 $1.9 Capital Deployed Value of New Business 2017 2018 2019 2020 2021 ($ in billions) Internal Rate of Return Payback Period 15% 7 Years 15% 7 Years 17% 6 Years 14% 7 Years 1 Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales. 17% 6 Years

 
16 12/31/22 12/31/23 12/31/24 12/31/25 Base Declining Rate Base Declining Rate Base Declining Rate Base Declining Rate 3-Month LIBOR1 4.77% 4.77% 4.74% 4.24% 3.52% 3.02% 3.41% 2.91% 10-Year U.S. Treasury1 3.88% 3.88% 3.84% 3.34% 3.86% 3.36% 3.93% 3.43% 30-Year U.S. Treasury1 3.97% 3.97% 3.91% 3.41% 3.89% 3.39% 3.88% 3.38% Interest Rates: Base vs. Declining Rate Scenario 1 Base rates based on forward curve as of December 31, 2022.

 
17 12/31/22 12/31/23 12/31/24 12/31/25 Base Rising Rate Base Rising Rate Base Rising Rate Base Rising Rate 3-Month LIBOR1 4.77% 4.77% 4.74% 5.24% 3.52% 4.02% 3.41% 3.91% 10-Year U.S. Treasury1 3.88% 3.88% 3.84% 4.34% 3.86% 4.36% 3.93% 4.43% 30-Year U.S. Treasury1 3.97% 3.97% 3.91% 4.41% 3.89% 4.39% 3.88% 4.38% Interest Rates: Base vs. Rising Rate Scenario 1 Base rates based on forward curve as of December 31, 2022.

 
18 Key Sensitivities • 1% change in Group Life mortality ratio translates to ~$70 million of adjusted earnings1 • 1% change in Group Non-Medical Health interest adjusted benefit ratio translates to ~$80 million of adjusted earnings1 • Roughly 70% of the separate account (SA) assets are in equities • +/- 10% change in SA returns translates to ~$30 million ongoing annual impact to adjusted earnings • 1% change in life interest adjusted benefit ratio translates to $15-20 million of adjusted earnings1 Group Benefits Retirement and Income Solutions MetLife Holdings Impact on $ in millions Change Adjusted Earnings1 LIBOR2, 3 +10 bps +$7 -10 bps -$7 U.S. Treasury4 +10 bps +$4 -10 bps -$4 • $1 billion of PRT sales translates to $8-9 million of adjusted earnings1 1 Annual impact. 2 LIBOR is used as a proxy for all short-term funding rates 3 months or less; change from base rates, no change in other interest rates. 3 This sensitivity holds for a rate change of +/- 50 basis points. 4 Parallel shift in base scenario U.S. Treasury rates from 1 to 30 years. No change in other interest rates.

 
19 Key Sensitivities Asia Latin America EMEA 1 Higher yields increase adjusted earnings and lower regulatory ratios. 2 Higher yields increase adjusted earnings and improve regulatory ratios. 3 The ProVida encaje is capital required by Superintendencia de Pensiones. The encaje is invested in the same manner as the total pension fund, and the investment income is included in adjusted earnings. Annual Impact on Regulatory $ in millions Change Adjusted Earnings Ratios (%) Parallel shift in yield curve: Japan - UST1 +/-10 bps $1-2 15-20% Japan - JPY1 +/-10 bps $1-2 5-10% Korea2 +/-10 bps $0-1 0-5% Annual Impact on $ in millions Change Adjusted Earnings Mexican peso to U.S. dollar +1% $5 Chilean peso to U.S. dollar +1% $3 Annual return on the ProVida encaje3 +1% $3 Annual Impact on $ in millions Change Adjusted Earnings Euro to U.S. Dollar +1% $1 British Pound to U.S. Dollar +1% $0.5 Romania Leu to U.S. Dollar +1% $0.2 Egyptian Pound to U.S. Dollar +1% $0.1 Turkish Lira to U.S. Dollar +1% $0.1

 
20 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words such as “anticipate,” “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.

 
21 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; (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; and (v) book value per common share; and (vi) book value per share, excluding AOCI other than FCTA. (vi) book value per common share, excluding AOCI other than FCTA. 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.

 
22 Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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) total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA; (viii) total MetLife, Inc.’s stockholders’ equity; (ix) book value per common share, excluding AOCI other than FCTA; (ix) book value per common share; (x) free cash flows of all holding companies; (x) MetLife, Inc. (parent company only) net cash provided by (used in) operating activiites; (xi) adjusted other expenses; (xi) other expenses; (xii) adjusted other expenses, net of adjusted capitalization of DAC; (xii) other expenses, net of capitalization of DAC; (xiii) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; (xiii) other expenses, net of capitalization of DAC; (xiv) adjusted expense ratio; (xiv) expense ratio; (xv) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; (xv) expense ratio; (xvi) direct expenses; (xvi) other expenses; (xvii) direct expenses, excluding total notable items related to direct expenses; (xvii) other expenses; (xviii) direct expense ratio; and (xviii) expense ratio; and (xix) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xix) expense ratio. (xx) free cash flows of all holding companies. (xx) MeLife, Inc. (parent company) net cash provided by (used in) operating activities.

 
23 Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period and applied to the comparable prior period. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this presentation and in this period’s quarterly financial supplement and earnings news release, which are available at www.metlife.com. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income. MetLife’s definitions of non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders on a constant currency basis per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non- core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (Divested businesses). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments. Explanatory Note on Non-GAAP and Other Financial Information (Continued)

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

 
25 Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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 which are actively managed and stated at estimated fair value. Asia GA AUM 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 and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) 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 mortgage loans (including commercial, agricultural and residential) 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). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. The following additional information is relevant to an understanding of MetLife’s performance results and outlook: • Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. • Notable items 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.

 
26 Explanatory Note on Non-GAAP and Other Financial Information (Continued) The following additional information is relevant to an understanding of MetLife’s performance results and outlook (continued): • 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. • Not Meaningful (NM) indicates a percentage change in a financial metric over a specified period of time and reflects changes in factors that are subject to volatility, and should not, accordingly be viewed as representative of a reasonable trend currently or in the future. For example, ($ in millions) Three months ended December 31, 2022 Three months ended December 31, 2021 Change Adjusted earnings - Group Benefits $400 $20 1,900%

 
27 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2022 4Q22 4Q21 Earnings Per Weighted Average Common Share Diluted1 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 $ 2,354 $ 2.91 $ 1,314 $ 1.66 $ 1,176 $ 1.39 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (1,262) (1.56) 355 0.45 (126) (0.15) Less: Net derivative gains (losses) (2,372) (2.93) 162 0.21 (196) (0.23) Less: Other adjustments to net income (loss) (790) (0.98) (330) (0.43) (501) (0.59) Less: Provision for income tax (expense) benefit 1,252 1.55 (96) (0.12) 167 0.20 Add: Net income (loss) attributable to noncontrolling interests 19 0.02 3 — 6 0.01 Add: Preferred stock redemption premium — — — — — — Adjusted earnings available to common shareholders 5,545 6.85 1,226 1.55 1,838 2.17 Less: Total notable items 111 0.14 — — 140 0.17 Adjusted earnings available to common shareholders, excluding total notable items $ 5,434 6.72 $ 1,226 $ 1.55 $ 1,698 $ 2.01 Adjusted earnings available to common shareholders on a constant currency basis $ 5,545 $ 6.85 $ 1,226 $ 1.55 $ 1,798 $ 2.13 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 5,434 $ 6.72 $ 1,226 $ 1.55 $ 1,658 $ 1.96 constant currency basis Weighted average common shares outstanding - diluted 808.9 790.2 845.2 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.

 
28 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q22 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 771 $ 400 $ 371 $ 215 $ 181 $ 70 $ 208 $ (219) Less: Total notable items — — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 771 $ 400 $ 371 $ 215 $ 181 $ 70 $ 208 $ (219) Adjusted earnings available to common shareholders on a constant currency basis $ 215 $ 181 $ 70 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 215 $ 181 $ 70 4Q21 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 640 $ 20 $ 620 $ 586 $ 125 $ 42 $ 482 $ (37) Less: Total notable items — — — — — — — 140 Adjusted earnings available to common shareholders, excluding total notable items $ 640 $ 20 $ 620 $ 586 $ 125 $ 42 $ 482 $ (177) Adjusted earnings available to common shareholders on a constant currency basis $ 560 $ 120 $ 33 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 560 $ 120 $ 33 1Results on a constant currency basis are not included as constant currency impact is not significant.

 
29 Expense Detail and Ratios (In millions, except ratio data) 1Q21 2Q21 3Q21 4Q21 2021 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (775) $ (642) $ (635) $ (666) $ (2,718) Less: Divested businesses (89) — (15) (15) (119) Adjusted capitalization of DAC $ (686) $ (642) $ (620) $ (651) $ (2,599) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 3,116 $ 2,768 $ 2,869 $ 3,110 $ 11,863 Less: Noncontrolling interests (6) (6) (7) (9) (28) Less: Regulatory implementation costs (3) 6 — 1 4 Less: Acquisition, integration and other costs 4 4 2 (1) 9 Less: TSA fees 35 60 73 53 221 Less: Divested businesses 232 4 41 81 358 Adjusted other expenses $ 2,854 $ 2,700 $ 2,760 $ 2,985 $ 11,299 Other Detail and Ratios Other expenses $ 3,116 $ 2,768 $ 2,869 $ 3,110 $ 11,863 Capitalization of DAC (775) (642) (635) (666) (2,718) Other expenses, net of capitalization of DAC $ 2,341 $ 2,126 $ 2,234 $ 2,444 $ 9,145 Premiums, fees and other revenues $ 12,349 $ 11,218 $ 11,639 $ 15,178 $ 50,384 Expense ratio 19.0 % 19.0 % 19.2 % 16.1 % 18.2 % Direct expenses $ 1,259 $ 1,188 $ 1,266 $ 1,483 $ 5,196 Less: Total notable items related to direct expenses — (84) — — (84) Direct expenses, excluding total notable items related to direct expenses $ 1,259 $ 1,272 $ 1,266 $ 1,483 $ 5,280 Adjusted other expenses $ 2,854 $ 2,700 $ 2,760 $ 2,985 $ 11,299 Adjusted capitalization of DAC (686) (642) (620) (651) (2,599) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,168 $ 2,058 $ 2,140 $ 2,334 $ 8,700 Less: Total notable items related to adjusted other expenses — (84) — — (84) Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,168 $ 2,142 $ 2,140 $ 2,334 $ 8,784 Adjusted premiums, fees and other revenues $ 11,413 $ 11,122 $ 11,419 $ 15,010 $ 48,964 Less: PRT — (14) (24) 3,551 3,513 Adjusted premiums, fees and other revenues, excluding PRT $ 11,413 $ 11,136 $ 11,443 $ 11,459 $ 45,451 Direct expense ratio 11.0 % 10.7 % 11.1 % 9.9 % 10.6 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.0 % 11.4 % 11.1 % 12.9 % 11.6 % Adjusted expense ratio 19.0 % 18.5 % 18.7 % 15.5 % 17.8 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.0 % 19.2 % 18.7 % 20.4 % 19.3 %

 
30 Expense Detail and Ratios (In millions, except ratio data) 1Q22 2Q22 3Q22 4Q22 2022 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (650) $ (622) $ (615) $ (671) $ (2,558) Less: Divested businesses (11) — — — (11) Adjusted capitalization of DAC $ (639) $ (622) $ (615) $ (671) $ (2,547) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 2,917 $ 2,873 $ 2,893 $ 3,081 $ 11,764 Less: Noncontrolling interests (7) (4) (8) (5) (24) Less: Regulatory implementation costs — 2 1 1 4 Less: Acquisition, integration and other costs 7 13 14 15 49 Less: TSA fees 47 48 40 25 160 Less: Divested businesses 32 8 13 21 74 Adjusted other expenses $ 2,838 $ 2,806 $ 2,833 $ 3,024 $ 11,501 Other Detail and Ratios Other expenses $ 2,917 $ 2,873 $ 2,893 $ 3,081 $ 11,764 Capitalization of DAC (650) (622) (615) (671) (2,558) Other expenses, net of capitalization of DAC $ 2,267 $ 2,251 $ 2,278 $ 2,410 $ 9,206 Premiums, fees and other revenues $ 12,849 $ 13,853 $ 19,579 $ 11,335 $ 57,616 Expense ratio 17.6 % 16.2 % 11.6 % 21.3 % 16.0 % Direct expenses $ 1,337 $ 1,341 $ 1,360 $ 1,485 $ 5,523 Less: Total notable items related to direct expenses — — — — — Direct expenses, excluding total notable items related to direct expenses $ 1,337 $ 1,341 $ 1,360 $ 1,485 $ 5,523 Adjusted other expenses $ 2,838 $ 2,806 $ 2,833 $ 3,024 $ 11,501 Adjusted capitalization of DAC (639) (622) (615) (671) (2,547) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,199 $ 2,184 $ 2,218 $ 2,353 $ 8,954 Less: Total notable items related to adjusted other expenses — — — — — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,199 $ 2,184 $ 2,218 $ 2,353 $ 8,954 Adjusted premiums, fees and other revenues $ 12,732 $ 13,794 $ 19,527 $ 11,306 $ 57,359 Less: PRT 1,258 2,564 8,466 (69) 12,219 Adjusted premiums, fees and other revenues, excluding PRT $ 11,474 $ 11,230 $ 11,061 $ 11,375 $ 45,140 Direct expense ratio 10.5 % 9.7 % 7.0 % 13.1 % 9.6 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.7 % 11.9 % 12.3 % 13.1 % 12.2 % Adjusted expense ratio 17.3 % 15.8 % 11.4 % 20.8 % 15.6 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.2 % 19.4 % 20.1 % 20.7 % 19.8 %

 
31 Premiums, Fees and Other Revenues 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 Total Company - Premiums, Fees and Other Revenues (In millions) Premiums, fees and other revenues $ 12,349 $ 11,218 $ 11,639 $ 15,178 $ 50,384 $ 12,849 $ 13,853 $ 19,579 $ 11,335 $ 57,616 Less: Unearned revenue adjustments — 12 46 13 71 (8) (11) (9) (14) (42) Less: GMIB fees 25 24 25 24 98 23 22 21 18 84 Less: TSA fees 35 60 73 53 221 47 48 40 25 160 Less: Divested businesses 876 — 76 78 1,030 55 — — — 55 Adjusted premiums, fees and other revenues $ 11,413 $ 11,122 $ 11,419 $ 15,010 $ 48,964 $ 12,732 $ 13,794 $ 19,527 $ 11,306 $ 57,359

 
32 Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies 2022 2021 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $ 4.4 $ 3.8 Adjustments from net cash provided by operating activities to free cash flow: Add: Incremental debt to be at or below target leverage ratios 1 — Add: Adjustments from net cash provided by operating activities to free cash flow1 (0.2) (0.3) MetLife, Inc. (parent company only) free cash flow 5.2 3.5 Other MetLife, Inc. holding companies free cash flow2 (0.5) 0.3 Free cash flow of all holding companies $ 4.7 $ 3.8 Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders: MetLife, Inc. (parent company only) net cash provided by operating activities $ 4.4 $ 3.8 Consolidated net income (loss) available to MetLife, Inc.'s common shareholders $ 2.4 $ 6.4 Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders3 188 % 59 % Ratio of free cash flow to adjusted earnings available to common shareholders: Free cash flow of all holding companies4 $ 4.7 $ 3.8 Consolidated adjusted earnings available to common shareholders4 $ 5.5 $ 8.0 Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders4 84 % 48 % 1Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net. 2Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net. 3Including the free cash flow of other MetLife, Inc. holding companies of $(0.5) billion and $0.3 billion for the years ended December 31, 2022 and 2021, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 167% and 64%, respectively. 4i)Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2022, was positively impacted by notable items, related to actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2022, would be 86%. ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2021, was positively impacted by notable items, related to tax adjustments of $0.1 billion, net of income tax, and litigation reserves and settlement costs of $0.1 billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2021, would be 49%.

 
33