met-20220504
0001099219false00010992192022-05-042022-05-040001099219us-gaap:CommonStockMember2022-05-042022-05-040001099219us-gaap:SeriesAMember2022-05-042022-05-040001099219us-gaap:SeriesEPreferredStockMember2022-05-042022-05-040001099219us-gaap:SeriesFPreferredStockMember2022-05-042022-05-04

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): May 4, 2022
METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
 
1-1578713-4075851
(Commission File Number)(IRS Employer Identification No.)
200 Park Avenue,New York,NY10166-0188
(Address of Principal Executive Offices)(Zip Code)
(212) 578-9500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01METNew York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,
Series A, par value $0.01		MET PRANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th
interest in a share of 5.625% Non-Cumulative
Preferred Stock, Series E		MET PRENew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series FMET PRF
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02 Results of Operations and Financial Condition.
On May 4, 2022, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended March 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 March 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 May 4, 2022, MetLife, Inc. issued a supplemental slide presentation for the quarter ended March 31, 2022 (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. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.
Item 8.01 Other Events.
On May 4, 2022, MetLife, Inc. announced its Board of Directors approved a new $3 billion authorization to repurchase its common stock.
2

Item 9.01 Financial Statements and Exhibits.
101Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)
3

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
METLIFE, INC.
By:/s/ Tamara L. Schock
Name:Tamara L. Schock
Title:Executive Vice President and
Chief Accounting Officer
Date: May 4, 2022
4

Exhibit 99.1

                    For Immediate Release İ Global Communications İ MetLife, Inc.


METLIFE ANNOUNCES FIRST QUARTER 2022 RESULTS
NEW YORK, May 4, 2022 - MetLife, Inc. (NYSE: MET) today announced its first quarter 2022 results.
First Quarter Results Summary
•Net income of $606 million, or $0.73 per share, compared to net income of $290 million, or $0.33 per share, in the first quarter of 2021.
•Adjusted earnings of $1.7 billion, or $2.08 per share, compared to adjusted earnings of $2.0 billion, or $2.20 per share, in the first quarter of 2021.
•Book value of $61.55 per share, down 12 percent from $70.08 per share at March 31, 2021.
•Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $57.12 per share, up 7 percent from $53.16 per share at March 31, 2021.
•Return on equity (ROE) of 4.3 percent.
•Adjusted ROE, excluding AOCI other than FCTA, of 14.7 percent.
•Holding company cash and liquid assets of $4.2 billion at March 31, 2022, which is above the target cash buffer of $3.0 - $4.0 billion.



“Building on our outstanding performance in 2021, MetLife delivered strong financial results in the first quarter of 2022,” said MetLife President and CEO Michel Khalaf. “While global uncertainty persists, we remain laser focused on consistent execution.”












Page 1 of 26


First Quarter 2022 Summary
($ in millions, except per share data)
Three months ended
March 31,
20222021Change
Premiums, fees and other revenues
$12,849 $12,349 4%
Net investment income
4,284 5,314 (19)%
Net investment gains (losses)
(518)134 
Net derivative gains (losses)
(859)(2,235)
Total revenues
$15,756 $15,562 
Adjusted premiums, fees and other revenues
$12,732 $11,413 12%
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)$11,474 $11,413 1%
Net income (loss)
$606 $290 109%
Net income (loss) per share
$0.73 $0.33 121%
Adjusted earnings
$1,727 $1,965 (12)%
Adjusted earnings per share
$2.08 $2.20 (5)%
Adjusted earnings, excluding total notable items
$1,727 $1,965 (12)%
Adjusted earnings, excluding total notable items per share
$2.08 $2.20 (5)%
Book value per share
$61.55 $70.08 (12)%
Book value per share, excluding AOCI other than FCTA
$57.12 $53.16 7%
Expense ratio
17.6 %19.0 %   
Direct expense ratio, excluding total notable items related to direct expenses and PRT
11.7 %11.0 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT19.2 %19.0 %
ROE
4.3 %1.8 %
Adjusted ROE, excluding AOCI other than FCTA
14.7 %16.5 %
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA)
14.7 %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 and Other Financial Disclosures” below and in the tables that accompany this news release.

Supplemental slides for the first quarter of 2022, titled “1Q22 Supplemental Slides,” are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release.


Page 2 of 26


Total Company Discussion
MetLife reported first quarter 2022 premiums, fees and other revenues of $12.8 billion, up 4 percent from the first quarter of 2021. Adjusted premiums, fees and other revenues were $12.7 billion, up 12 percent on a reported basis and up 14 percent on a constant currency basis from the prior-year period.
Net investment income was $4.3 billion, down 19 percent from the first quarter of 2021. The decline in net investment income was driven by unfavorable changes in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP. Adjusted net investment income was $5.0 billion, down 6 percent from the prior-year period, largely driven by lower variable investment income.
Net derivative losses amounted to $859 million, or $679 million after tax during the quarter, driven by an increase in long-term interest rates.
Net income was $606 million, compared to net income of $290 million in the first quarter of 2021, primarily driven by higher derivative losses in the prior-year period. On a per share basis, net income was $0.73, compared to net income of $0.33 in the prior-year period.
MetLife reported adjusted earnings of $1.7 billion, down 12 percent on a reported basis and down 10 percent on a constant currency basis from the first quarter of 2021. On a per share basis, adjusted earnings were $2.08, down 5 percent from the prior-year period.


Adjusted Earnings by Segment Summary*
Three months ended
March 31, 2022
SegmentChange from
prior-year period		Change from
prior-year
period (on a
constant
currency
basis)
U.S.(12)%
Asia(7)%(4)%
Latin America 255%358%
Europe, the Middle East and Africa (EMEA)
(27)%(15)%
MetLife Holdings(39)%
* The percentages in this table are on a reported and constant currency basis, and do not exclude notable items.


Business Discussions
All comparisons of the results for the first quarter of 2022 in the business discussions that follow are with the first quarter of 2021, unless otherwise noted. The first quarter of 2022 notable items table follows the Business Discussions section of this release.
Page 3 of 26


U.S.
($ in millions)Three months ended March 31, 2022Three months ended March 31, 2021Change
Adjusted earnings
$693$784(12)%
Adjusted premiums, fees and other revenues
$7,887$6,39223%
Adjusted premiums, fees and other revenues, excluding PRT
$6,629$6,3924%
Notable item(s)
$0$0

•Adjusted earnings were $693 million, down 12 percent, primarily driven by lower variable investment income. A decline in COVID-19 life insurance claims and favorable volume growth were partial offsets.
•Adjusted return on allocated equity was 24.3 percent, and adjusted return on allocated tangible equity was 32.6 percent.
•Adjusted premiums, fees and other revenues were $7.9 billion, up 23 percent, driven by higher pension risk transfer sales and solid growth across Group Benefits.


Group Benefits
($ in millions)Three months ended March 31, 2022Three months ended March 31, 2021Change
Adjusted earnings
$112$9320%
Adjusted premiums, fees and other revenues
$6,004$5,6367%
Notable item(s)$0$0

•Adjusted earnings were $112 million, up 20 percent, primarily driven by a decline in COVID-19 life insurance claims and favorable volume growth.
•Adjusted premiums, fees and other revenues were $6.0 billion, up 7 percent, primarily driven by solid growth across most products, including voluntary, and the impact of participating contracts, where premiums, fees and other revenues can fluctuate with claims experience.
•Sales were down 31 percent due to higher jumbo case activity in the prior-year period.








Page 4 of 26


Retirement and Income Solutions
($ in millions)Three months ended March 31, 2022Three months ended March 31, 2021Change
Adjusted earnings
$581$691(16)%
Adjusted premiums, fees and other revenues
$1,883$756149%
Adjusted premiums, fees and other revenues, excluding PRT
$625$756(17)%
Notable item(s)$0$0 

•Adjusted earnings were $581 million, down 16 percent, largely driven by lower variable investment income, partially offset by volume growth.
•Adjusted premiums, fees and other revenues were $1.9 billion, up 149 percent, largely driven by higher pension risk transfer sales.
•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $625 million, down 17 percent, primarily due to higher single-premium annuity and life insurance sales in the prior-year period.
•Sales were up 6 percent, primarily driven by stable value products and pension risk transfers.


ASIA
($ in millions)Three months ended March 31, 2022Three months ended March 31, 2021Change
Adjusted earnings$580$623(7)%
Adjusted earnings (constant currency)
$580$605(4)%
Adjusted premiums, fees and other revenues
$2,022$2,161(6)%
Notable item(s)$0$0
Asia general account assets under management (at amortized cost)$129,935$127,6952%

•Adjusted earnings were $580 million, down 7 percent on a reported basis, and down 4 percent on a constant currency basis, largely driven by lower recurring interest margins and less favorable equity markets. Volume growth was a partial offset.
•Adjusted return on allocated equity was 16.1 percent, and adjusted return on allocated tangible equity was 24.1 percent.
•Adjusted premiums, fees and other revenues were $2.0 billion, down 6 percent, and up 1 percent on a constant currency basis.
•Asia general account assets under management (at amortized cost) were $129.9 billion, up 2 percent, and up 7 percent on a constant currency basis.
•Sales were $582 million, up 2 percent on a constant currency basis, primarily driven by strong sales in Japan.


Page 5 of 26


LATIN AMERICA*
($ in millions)Three months ended March 31, 2022Three months ended March 31, 2021Change
Adjusted earnings$142$40255%
Adjusted earnings (constant currency)
$142$31358%
Adjusted premiums, fees and other revenues
$1,031$87518%
Notable item(s)$0$0
* For the three months ended March 31, 2022, Latin America results exclude the Argentina business, which was sold in the third quarter of 2021. This business is included in the prior-year period.

•Adjusted earnings were $142 million, compared to $40 million for the first quarter of 2021, primarily driven by a decline in COVID-19 related claims and favorable volume growth. Lower Chilean encaje returns were a partial offset.
•Adjusted return on allocated equity was 20.8 percent, and adjusted return on allocated tangible equity was 32.5 percent.
•Adjusted premiums, fees and other revenues were $1.0 billion, up 18 percent, and up 22 percent on a constant currency basis, driven by strong sales and persistency across the region.
•Sales were $281 million, up 40 percent on a constant currency basis, driven by growth across the region.


EMEA*
($ in millions)Three months ended March 31, 2022Three months ended March 31, 2021Change
Adjusted earnings
$52$71(27)%
Adjusted earnings (constant currency)
$52$61(15)%
Adjusted premiums, fees and other revenues
$606$678(11)%
Notable item(s)
$0$0
* For the three months ended March 31, 2022, EMEA results exclude the Greece and Poland businesses, which were sold or reported as divested business in the first quarter of 2022. These businesses are included in the prior-year period.

•Adjusted earnings were $52 million, down 27 percent on a reported basis, and down 15 percent on a constant currency basis, driven by the exclusion of divested businesses in the current-year period and higher expenses. A decline in COVID-19 related claims and favorable volume growth were partial offsets.
•Adjusted return on allocated equity was 9.2 percent, and adjusted return on allocated tangible equity was 13.7 percent.
•Adjusted premiums, fees and other revenues were $606 million, down 11 percent, and down 4 percent on a constant currency basis, primarily due to the exclusion of divested businesses.
•Sales were $243 million, flat on a constant currency basis due to the exclusion of divested businesses.
Page 6 of 26


METLIFE HOLDINGS
($ in millions)Three months ended March 31, 2022Three months ended March 31, 2021Change
Adjusted earnings
$377$618(39)%
Adjusted premiums, fees and other revenues
$1,089$1,163(6)%
Notable item(s)
$0$0

•Adjusted earnings were $377 million, down 39 percent, largely driven by lower variable investment income and less favorable underwriting.
•Adjusted return on allocated equity was 13.7 percent, and adjusted return on allocated tangible equity was 15.0 percent.
•Adjusted premiums, fees and other revenues were $1.1 billion, down 6 percent.


CORPORATE & OTHER
($ in millions)Three months ended March 31, 2022Three months ended March 31, 2021Change
Adjusted earnings$(117)$(171)
Notable item(s)$0$0

•Adjusted loss of $117 million, compared to an adjusted loss of $171 million in the prior-year period.

INVESTMENTS
($ in millions)Three months ended March 31, 2022Three months ended March 31, 2021Change
Adjusted net investment income
$4,992$5,294(6)%

•Adjusted net investment income was $5.0 billion, down 6 percent. Variable investment income was $1.2 billion, compared to $1.4 billion in the prior-year period, primarily driven by lower private equity returns.


FIRST QUARTER 2022 NOTABLE ITEMS
($ in millions)
Adjusted Earnings
Three months ended March 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

###
Page 7 of 26



Contacts:     For Media:        Meredith Hyland (212) 578-9415    
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 first quarter 2022 earnings conference call and audio webcast on Thursday, May 5, 2022, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 877-692-8955 (U.S.) or 234-720-6979 (outside the U.S.). The participant access code is 2510803. To listen to the conference call via the internet, click the link to the webcast on the MetLife Investor Relations web page (https://investor.metlife.com). Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Thursday, May 5, 2022, until Thursday, May 12, 2022, 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 7388727. 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;
Page 8 of 26


(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:
(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;
Page 9 of 26


(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;
(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;
Page 10 of 26


•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 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
Page 11 of 26


adjustments), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL (PDO adjustments), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (Inflation and pass-through adjustments), (iv) benefits and hedging costs related to GMIBs (GMIB costs), and (v) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments);
•Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (PAB hedge adjustments) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (Unit-linked contract costs);
•Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;
•Amortization of negative VOBA excludes amounts related to Market value adjustments;
•Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (Securitization entities debt expense); and
•Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (Regulatory implementation costs), and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
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 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.
Page 12 of 26


•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, 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 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
Page 13 of 26


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:
•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.
•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.
Page 14 of 26


Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.


Forward-Looking Statements
This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “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, currency exchange rates, derivatives, 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 it dividends;
(14)investment defaults, downgrades, or volatility;
(15)investment sales or lending difficulties;
(16)collateral or derivative-related payments;
(17)investment valuations, allowances, or impairments changes;
(18)claims or other results that differ from our estimates, assumptions, or models;
(19)global political, legal, or operational risks;
(20)business competition;
(21)technological changes;
(22)catastrophes;
(23)climate changes or responses to it;
(24)deficiencies in our closed block;
(25)goodwill or other asset impairment, or deferred income tax asset allowance;
(26)acceleration of amortization of DAC, deferred sales inducements, VOBA, VODA or VOCRA;
Page 15 of 26


(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 statements if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

Page 16 of 26


MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
(In millions)
For the Three Months Ended
March 31,
20222021
Revenues
Premiums$10,771 $10,327 
Universal life and investment-type product policy fees1,418 1,391 
Net investment income4,284 5,314 
Other revenues660 631 
Net investment gains (losses)(518)134 
Net derivative gains (losses)(859)(2,235)
Total revenues15,756 15,562 
Expenses
Policyholder benefits and claims11,193 10,523 
Interest credited to policyholder account balances630 1,351 
Policyholder dividends198 247 
Capitalization of DAC(650)(775)
Amortization of DAC and VOBA537 590 
Amortization of negative VOBA(9)(9)
Interest expense on debt225 228 
Other expenses2,917 3,116 
Total expenses15,041 15,271 
Income (loss) before provision for income tax715 291 
Provision for income tax expense (benefit)41 (72)
Net income (loss)674 363 
Less: Net income (loss) attributable to noncontrolling interests5 5 
Net income (loss) attributable to MetLife, Inc.669 358 
Less: Preferred stock dividends63 68 
Net income (loss) available to MetLife, Inc.'s common shareholders$606 $290 
See footnotes on last page.
Page 17 of 26


MetLife, Inc.
(Unaudited)
(In millions, except per share data)
For the Three Months Ended
March 31,
20222021
Reconciliation to Adjusted Earnings Available to Common ShareholdersEarnings Per
Weighted Average
Common Share Diluted (1)		Earnings Per
Weighted Average
Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders$606 $0.73 $290 $0.33 
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)(518)(0.62)134 0.15 
Net derivative gains (losses)(859)(1.03)(2,235)(2.51)
Premiums41 0.05 865 0.97 
Universal life and investment-type product policy fees26 0.03 25 0.03 
Net investment income(708)(0.85)20 0.02 
Other revenues50 0.06 46 0.05 
Policyholder benefits and claims and policyholder dividends(35)(0.03)(664)(0.74)
Interest credited to policyholder account balances502 0.60 (210)(0.24)
Capitalization of DAC11 0.01 89 0.10 
Amortization of DAC and VOBA9 0.01 (82)(0.09)
Amortization of negative VOBA— — — — 
Interest expense on debt— — (1)— 
Other expenses(79)(0.10)(262)(0.29)
Goodwill impairment— — — — 
Provision for income tax (expense) benefit444 0.53 605 0.69 
Add: Net income (loss) attributable to noncontrolling interests5 0.01 5 0.01 
  Preferred stock redemption premium— — — — 
Adjusted earnings available to common shareholders1,727 2.08 1,965 2.20 
Less: Total notable items (2)— — — — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,727 $2.08 $1,965 $2.20 
Adjusted earnings available to common shareholders on a constant currency basis$1,727 $2.08 $1,928 $2.16 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)$1,727 $2.08 $1,928 $2.16 
Weighted average common shares outstanding - diluted830.5 892.1 
See footnotes on last page.
Page 18 of 26


MetLife, Inc.
(Unaudited)
(In millions)
 For the Three Months Ended
March 31,
20222021
Premiums, Fees and Other Revenues
Premiums, fees and other revenues$12,849 $12,349 
Less: Unearned revenue adjustments(8)— 
GMIB fees23 25 
Settlement of foreign currency earnings hedges— — 
TSA fees47 35 
Divested businesses55 876 
Adjusted premiums, fees and other revenues$12,732 $11,413 
Adjusted premiums, fees and other revenues, on a constant currency basis$12,732 $11,181 
Less: PRT (3)1,258 — 
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis$11,474 $11,181 
Net Investment Income
Net investment income$4,284 $5,314 
Less: Investment hedge adjustments(215)(220)
Operating joint venture adjustments(6)— 
Unit-linked contract income(498)207 
Securitization entities income— — 
Certain partnership distributions— (3)
Divested businesses11 36 
Adjusted net investment income$4,992 $5,294 
Revenues and Expenses
Total revenues$15,756 $15,562 
Less: Net investment gains (losses)(518)134 
Less: Net derivative gains (losses)(859)(2,235)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)(8)— 
Less: Other adjustments to revenues:
GMIB fees23 25 
Investment hedge adjustments(215)(220)
Operating joint venture adjustments(6)— 
Unit-linked contract income(498)207 
Securitization entities income— — 
Certain partnership distributions— (3)
Settlement of foreign currency earnings hedges— — 
TSA fees47 35 
Divested businesses66 912 
Total adjusted revenues$17,724 $16,707 
Total expenses$15,041 $15,271 
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)(19)(3)
Less: Goodwill impairment— — 
Less: Other adjustments to expenses:
PBC hedge adjustments7 9 
Inflation and pass-through adjustments39 (78)
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs(44)115 
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments12 23 
PAB hedge adjustments— — 
Unit-linked contract costs(505)210 
Securitization entities debt expense— — 
Noncontrolling interest(7)(6)
Regulatory implementation costs— (3)
Acquisition, integration and other costs7 4 
TSA fees47 35 
Divested businesses55 824 
Total adjusted expenses$15,449 $14,141 
See footnotes on last page.
Page 19 of 26


MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
For the Three Months Ended
March 31,
20222021
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC $(650)$(775)
Less: Divested businesses(11)(89)
Adjusted capitalization of DAC$(639)$(686)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses $2,917 $3,116 
Less: Noncontrolling interests
(7)(6)
Less: Regulatory implementation costs
— (3)
Less: Acquisition, integration and other costs
7 4 
Less: TSA fees
47 35 
Less: Divested businesses
32 232 
Adjusted other expenses$2,838 $2,854 
Other Detail and Ratios
Other expenses$2,917 $3,116 
Capitalization of DAC(650)(775)
Other expenses, net of capitalization of DAC$2,267 $2,341 
Premiums, fees and other revenues$12,849 $12,349 
Expense ratio17.6 %19.0 %
Direct expenses$1,337 $1,259 
Less: Total notable items related to direct expenses (2)— — 
Direct expenses, excluding total notable items related to direct expenses (2)$1,337 $1,259 
Adjusted other expenses$2,838 $2,854 
Adjusted capitalization of DAC(639)(686)
Adjusted other expenses, net of adjusted capitalization of DAC2,199 2,168 
Less: Total notable items related to adjusted other expenses (2)— — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2)$2,199 $2,168 
Adjusted premiums, fees and other revenues$12,732 $11,413 
Less: PRT1,258 — 
Adjusted premiums, fees and other revenues, excluding PRT$11,474 $11,413 
Direct expense ratio 10.5 %11.0 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)11.7 %11.0 %
Adjusted expense ratio17.3 %19.0 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2)19.2 %19.0 %
See footnotes on last page.
Page 20 of 26


MetLife, Inc.
(Unaudited)
(In millions, except per share data)
March 31,
Equity Details20222021
Total MetLife, Inc.'s stockholders' equity$53,965 $65,864 
Less: Preferred stock3,818 4,312 
MetLife, Inc.'s common stockholders' equity 50,147 61,552 
Less: Net unrealized investment gains (losses), net of income tax5,182 16,712 
  Defined benefit plans adjustment, net of income tax(1,577)(1,848)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA46,542 46,688 
Less: Goodwill, net of income tax9,163 9,571 
  VODA and VOCRA, net of income tax699 807 
Total MetLife, Inc.'s tangible common stockholders' equity$36,680 $36,310 
March 31,
20222021
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$46,542 $46,688 
Less: Accumulated year-to-date total notable items (2)— — 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)46,542 46,688 
Less: Goodwill, net of income tax9,163 9,571 
  VODA and VOCRA, net of income tax699 807 
Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2)$36,680 $36,310 
March 31,
Book Value (4)20222021
Book value per common share$61.55 $70.08 
Less: Net unrealized investment gains (losses), net of income tax6.36 19.02 
   Defined benefit plans adjustment, net of income tax(1.93)(2.10)
Book value per common share, excluding AOCI other than FCTA57.12 53.16 
Less: Goodwill, net of income tax11.24 10.90 
   VODA and VOCRA, net of income tax0.86 0.92 
Book value per common share - tangible common stockholders' equity$45.02 $41.34 
Common shares outstanding, end of period (5)814.8 878.3 
For the Three Months Ended
March 31,
Average Common Stockholders' Equity 20222021
Average common stockholders' equity$56,906 $65,899 
Average common stockholders' equity, excluding AOCI other than FCTA$47,067 $47,534 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$47,067 $47,534 
Average tangible common stockholders' equity$37,166 $36,878 
Average tangible common stockholders' equity, excluding total notable items (2)$37,166 $36,878 
See footnotes on last page.
Page 21 of 26


MetLife, Inc.
(Unaudited)
For the Three Months Ended
March 31, (6)
20222021
Return on Equity
Return on MetLife, Inc.'s:
Common stockholders' equity4.3 %1.8 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity12.1 %11.9 %
Common stockholders' equity, excluding AOCI other than FCTA14.7 %16.5 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)14.7 %16.5 %
Tangible common stockholders' equity (7)18.8 %21.5 %
Tangible common stockholders' equity, excluding total notable items (2), (7)18.8 %21.5 %
Adjusted Return on Allocated Equity:
U.S.24.3 %33.7 %
Asia16.1 %17.0 %
Latin America20.8 %5.8 %
EMEA9.2 %10.0 %
MetLife Holdings13.7 %23.7 %
Adjusted Return on Allocated Tangible Equity:
U.S.32.6 %39.3 %
Asia24.1 %25.4 %
Latin America32.5 %9.1 %
EMEA13.7 %17.1 %
MetLife Holdings15.0 %26.0 %
See footnotes on last page.

Page 22 of 26


MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
For the Three Months Ended
March 31,
20222021
U.S. (3):
Adjusted earnings available to common shareholders$693 $784 
Less: Total notable items (2)— — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$693 $784 
Adjusted premiums, fees and other revenues$7,887 $6,392 
Less: PRT1,258 — 
Adjusted premiums, fees and other revenues, excluding PRT$6,629 $6,392 
Group Benefits (3):
Adjusted earnings available to common shareholders$112 $93 
Less: Total notable items (2)— — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$112 $93 
Adjusted premiums, fees and other revenues$6,004 $5,636 
Retirement & Income Solutions (3):
Adjusted earnings available to common shareholders$581 $691 
Less: Total notable items (2)— — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$581 $691 
Adjusted premiums, fees and other revenues$1,883 $756 
Less: PRT1,258 — 
Adjusted premiums, fees and other revenues, excluding PRT$625 $756 
See footnotes on last page.
Page 23 of 26


MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(Unaudited)
(In millions)
For the Three Months Ended
March 31,
20222021
Asia:
Adjusted earnings available to common shareholders$580 $623 
Less: Total notable items (2)— — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$580 $623 
Adjusted earnings available to common shareholders on a constant currency basis $580 $605 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)$580 $605 
Adjusted premiums, fees and other revenues$2,022 $2,161 
Adjusted premiums, fees and other revenues, on a constant currency basis $2,022 $2,003 
Latin America:
Adjusted earnings available to common shareholders$142 $40 
Less: Total notable items (2)— — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$142 $40 
Adjusted earnings available to common shareholders on a constant currency basis $142 $31 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)$142 $31 
Adjusted premiums, fees and other revenues$1,031 $875 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,031 $848 
EMEA:
Adjusted earnings available to common shareholders$52 $71 
Less: Total notable items (2)— — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$52 $71 
Adjusted earnings available to common shareholders on a constant currency basis$52 $61 
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)$52 $61 
Adjusted premiums, fees and other revenues$606 $678 
Adjusted premiums, fees and other revenues, on a constant currency basis$606 $631 
MetLife Holdings (3):
Adjusted earnings available to common shareholders$377 $618 
Less: Total notable items (2)— — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$377 $618 
Adjusted premiums, fees and other revenues$1,089 $1,163 
Corporate & Other (3):
Adjusted earnings available to common shareholders$(117)$(171)
Less: Total notable items (2)— — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$(117)$(171)
Adjusted premiums, fees and other revenues$97 $144 
See footnotes on last page.





Page 24 of 26






MetLife, Inc.
(Unaudited)
For the Three Months Ended
March 31,
20222021
Variable investment income (post-tax, in millions) (8)
U.S.
Group Benefits$12 $11 
Retirement and Income Solutions277 390 
Total U.S.289 401 
Asia288 273 
Latin America16 17 
EMEA— — 
MetLife Holdings208 381 
Corporate & Other135 26 
Total variable investment income$936 $1,098 

Page 25 of 26


MetLife, Inc.
(Unaudited)
Cash & Capital (9), (10), (11)
(In billions)
March 31,
20222021
Holding Companies Cash & Liquid Assets
$4.2 $3.8 
Group Benefits Underwriting (12)
For the Three Months Ended
March 31,
20222021
Group Life Mortality Ratio (13)103.8 %106.3 %
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 and $4,312 million of equity related to preferred stock at March 31, 2022 and 2021, respectively.
(5)There were share repurchases of $915 million for the three months ended March 31, 2022.
(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 March 31, 2022 and 2021 of $18 million and $20 million, respectively.
(8)
Assumes a 21% tax rate.
(9)The 2021 combined NAIC U.S. risk based capital ratio was 386%. 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.
(10)
The total U.S. statutory adjusted capital is expected to be approximately $18.7 billion at March 31, 2022, down 2% from December 31, 2021. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.
(11)
As of December 31, 2021, the solvency margin ratio of MetLife's insurance subsidiary in Japan was 947%, which is calculated quarterly and does not reflect conditions and factors occurring after December 31, 2021.
(12)
Results are derived from insurance and non-administrative services-only contracts.
(13)
Excludes certain experience-rated contracts and includes accidental death and dismemberment. For the three months ended March 31, 2022 there was an estimated 14 percentage point impact to the ratio due to COVID-19 reported deaths with an estimated impact to adjusted earnings of approximately ($230) million, and an estimated 1-2 percentage point impact to the ratio due to excess non-COVID mortality.
Page 26 of 26

Table of Contents
Exhibit 99.2



 
First Quarter
Financial Supplement
March 31, 2022
1

Table of Contents
METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
Table of Contents
METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Revenues
Premiums$10,327 $9,132 $9,455 $13,095 $10,771 $10,327 $10,771 
Universal life and investment-type product policy fees1,391 1,422 1,521 1,422 1,418 1,391 1,418 
Net investment income5,314 5,280 5,568 5,233 4,284 5,314 4,284 
Other revenues631 664 663 661 660 631 660 
Net investment gains (losses)134 1,605 (84)(126)(518)134 (518)
Net derivative gains (losses)(2,235)421 (218)(196)(859)(2,235)(859)
Total revenues15,562 18,524 16,905 20,089 15,756 15,562 15,756 
Expenses
Policyholder benefits and claims10,523 9,405 10,103 13,923 11,193 10,523 11,193 
Interest credited to policyholder account balances1,351 1,515 1,287 1,385 630 1,351 630 
Policyholder dividends247 236 189 204 198 247 198 
Capitalization of DAC(775)(642)(635)(666)(650)(775)(650)
Amortization of DAC and VOBA590 537 816 612 537 590 537 
Amortization of negative VOBA(9)(10)(6)(9)(9)(9)(9)
Interest expense on debt228 228 240 224 225 228 225 
Other expenses3,116 2,768 2,869 3,110 2,917 3,116 2,917 
Total expenses15,271 14,037 14,863 18,783 15,041 15,271 15,041 
Income (loss) before provision for income tax291 4,487 2,042 1,306 715 291 715 
Provision for income tax expense (benefit)(72)1,075 453 95 41 (72)41 
Net income (loss) 363 3,412 1,589 1,211 674 363 674 
Less: Net income (loss) attributable to noncontrolling interests5 5 5 6 5 5 5 
Net income (loss) attributable to MetLife, Inc.358 3,407 1,584 1,205 669 358 669 
Less: Preferred stock dividends68 35 63 29 63 68 63 
 Preferred stock redemption premium — 6 — — — — — 
Net income (loss) available to MetLife, Inc.'s common shareholders$290 $3,366 $1,521 $1,176 $606 $290 $606 
Premiums, fees and other revenues$12,349 $11,218 $11,639 $15,178 $12,849 $12,349 $12,849 
2
Table of Contents
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Net income (loss) available to MetLife, Inc.'s common shareholders$290 $3,366 $1,521 $1,176 $606 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) 134 1,605 (84)(126)(518)
Less: Net derivative gains (losses)(2,235)421 (218)(196)(859)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(174)(247)(333)(501)(183)
Less: Provision for income tax (expense) benefit 605 (491)99 167 444 
Add: Net income (loss) attributable to noncontrolling interests5 5 5 6 5 
Add: Preferred stock redemption premium— 6 — — — 
Adjusted earnings available to common shareholders1,965 2,089 2,062 1,838 1,727 
Less: Total notable items (2)— 66 (140)140 — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,965 $2,023 $2,202 $1,698 $1,727 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$0.33 $3.83 $1.77 $1.39 $0.73 
Less: Net investment gains (losses)0.15 1.82 (0.10)(0.15)(0.62)
Less: Net derivative gains (losses)(2.51)0.48 (0.25)(0.23)(1.03)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.19)(0.27)(0.37)(0.59)(0.22)
Less: Provision for income tax (expense) benefit0.69 (0.55)0.11 0.20 0.53 
Add: Net income (loss) attributable to noncontrolling interests0.01 0.01 0.01 0.01 0.01 
Add: Preferred stock redemption premium— 0.01 — — — 
Adjusted earnings available to common shareholders per diluted common share 2.20 2.37 2.39 2.17 2.08 
Less: Total notable items per diluted common share (2)— 0.08 (0.16)0.17 — 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$2.20 $2.30 $2.56 $2.01 $2.08 
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $(140)$— $— 
Litigation reserves and settlement costs— 66 — — — 
Tax adjustments — — — 140 — 
Total notable items $— $66 $(140)$140 $— 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $— $(0.16)$— $— 
Litigation reserves and settlement costs$— $0.08 $— $— $— 
Tax adjustments$— $— $— $0.17 $— 
Total notable items $— $0.08 $(0.16)$0.17 $— 
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Weighted average common shares outstanding - diluted892.1 879.7 861.2 845.2 830.5 
(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
METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedMarch 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Book value per common share (1) $70.08 $75.86 $77.24 $77.12 $61.55 
Book value per common share, excluding AOCI other than FCTA (1) $53.16 $56.38 $57.29 $57.65 $57.12 
Book value per common share - tangible common stockholders' equity (1) $41.34 $44.56 $45.35 $45.61 $45.02 
For the Three Months Ended
UnauditedMarch 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Return on MetLife, Inc.'s (2):
Common stockholders' equity 1.8 %21.2 %9.3 %7.3 %4.3 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 11.9 %13.2 %12.6 %11.4 %12.1 %
Common stockholders' equity, excluding AOCI other than FCTA 16.5 %17.5 %17.0 %15.3 %14.7 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)16.5 %17.0 %18.2 %14.2 %14.7 %
Tangible common stockholders' equity21.5 %22.6 %21.7 %19.6 %18.8 %
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Common shares outstanding, beginning of period892.9 878.3 861.1 844.5 825.5 
Share repurchases (18.6)(17.6)(16.7)(19.4)(13.6)
Newly issued shares4.0 0.4 0.1 0.4 2.9 
Common shares outstanding, end of period 878.3 861.1 844.5 825.5 814.8 
Weighted average common shares outstanding - basic885.4 873.3 854.9 838.1 823.8 
Dilutive effect of the exercise or issuance of stock-based awards 6.7 6.4 6.3 7.1 6.7 
Weighted average common shares outstanding - diluted892.1 879.7 861.2 845.2 830.5 
MetLife Policyholder Trust Shares134.4 132.4 131.1 129.3 127.8 
(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
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Total revenues$15,562 $18,524 $16,905 $20,089 $15,756 $15,562 $15,756 
Less: Net investment gains (losses)134 1,605 (84)(126)(518)134 (518)
Less: Net derivative gains (losses)(2,235)421 (218)(196)(859)(2,235)(859)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)— 12 46 13 (8)— (8)
Less: Other adjustments to revenues:
GMIB fees
25 24 25 24 23 25 23 
Investment hedge adjustments
(220)(212)(228)(235)(215)(220)(215)
Operating joint venture adjustments
— — (1)— (6)— (6)
Unit-linked contract income
207 378 114 253 (498)207 (498)
Securitization entities income
— — — — — — — 
Certain partnership distributions
(3)(3)(1)(1)— (3)— 
Settlement of foreign currency earnings hedges
— — — — — — — 
TSA fees
35 60 73 53 47 35 47 
Divested businesses
912 — 92 93 66 912 66 
Total adjusted revenues$16,707 $16,239 $17,087 $20,211 $17,724 $16,707 $17,724 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Net investment income$5,314 $5,280 $5,568 $5,233 $4,284 $5,314 $4,284 
Less: Adjustments to net investment income:
Investment hedge adjustments(220)(212)(228)(235)(215)(220)(215)
Operating joint venture adjustments— — (1)— (6)— (6)
Unit-linked contract income207 378 114 253 (498)207 (498)
Securitization entities income— — — — — — — 
Certain partnership distributions(3)(3)(1)(1)— (3)— 
Divested businesses 36 — 16 15 11 36 11 
Adjusted net investment income$5,294 $5,117 $5,668 $5,201 $4,992 $5,294 $4,992 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Variable investment income (Included in net investment income above)$1,390 $1,202 $1,789 $1,269 $1,185 $1,390 $1,185 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Premiums, fees and other revenues$12,349 $11,218 $11,639 $15,178 $12,849 $12,349 $12,849 
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments
— 12 46 13 (8)— (8)
GMIB fees
25 24 25 24 23 25 23 
Settlement of foreign currency earnings hedges
— — — — — — — 
TSA fees
35 60 73 53 47 35 47 
Divested businesses
876 — 76 78 55 876 55 
Adjusted premiums, fees and other revenues$11,413 $11,122 $11,419 $15,010 $12,732 $11,413 $12,732 
Adjusted premiums, fees and other revenues, on a constant currency basis$11,181 $10,923 $11,276 $14,978 $12,732 
5
Table of Contents
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Total expenses$15,271 $14,037 $14,863 $18,783 $15,041 $15,271 $15,041 
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)(3)9 31 63 (19)(3)(19)
Less: Goodwill impairment— — — — — — — 
Less: Other adjustments to expenses:
PBC hedge adjustment
9 8 8 7 7 9 7 
Inflation and pass-through adjustments
(78)(18)— 99 39 (78)39 
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs
115 58 129 93 (44)115 (44)
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments
23 16 21 23 12 23 12 
PAB hedge adjustments
— (1)(1)— — — — 
Unit-linked contract costs
210 366 116 246 (505)210 (505)
Securitization entities debt expense
— — — — — — — 
Noncontrolling interests(6)(6)(7)(9)(7)(6)(7)
Regulatory implementation costs
(3)6 — 1 — (3)— 
Acquisition, integration and other costs
4 4 2 (1)7 4 7 
TSA fees
35 60 73 53 47 35 47 
Divested businesses
824 4 81 126 55 824 55 
Total adjusted expenses$14,141 $13,531 $14,410 $18,082 $15,449 $14,141 $15,449 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Capitalization of DAC $(775)$(642)$(635)$(666)$(650)$(775)$(650)
Less: Divested businesses(89)— (15)(15)(11)(89)(11)
Adjusted capitalization of DAC$(686)$(642)$(620)$(651)$(639)$(686)$(639)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Other expenses $3,116 $2,768 $2,869 $3,110 $2,917 $3,116 $2,917 
Less: Noncontrolling interests
(6)(6)(7)(9)(7)(6)(7)
Less: Regulatory implementation costs
(3)6 — 1 — (3)— 
Less: Acquisition, integration and other costs
4 4 2 (1)7 4 7 
Less: TSA fees
35 60 73 53 47 35 47 
Less: Divested businesses
232 4 41 81 32 232 32 
Adjusted other expenses$2,854 $2,700 $2,760 $2,985 $2,838 $2,854 $2,838 
Adjusted other expenses on a constant currency basis$2,749 $2,617 $2,696 $2,963 $2,838 

6
Table of Contents
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Other expenses$3,116 $2,768 $2,869 $3,110 $2,917 $3,116 $2,917 
Capitalization of DAC(775)(642)(635)(666)(650)(775)(650)
Other expenses, net of capitalization of DAC$2,341 $2,126 $2,234 $2,444 $2,267 $2,341 $2,267 
Premiums, fees and other revenues$12,349 $11,218 $11,639 $15,178 $12,849 $12,349 $12,849 
Expense ratio19.0 %19.0 %19.2 %16.1 %17.6 %19.0 %17.6 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Adjusted other expenses by major category
Direct expenses$1,259 $1,188 $1,266 $1,483 $1,337 $1,259 $1,337 
Pension, postretirement and postemployment benefit costs25 43 44 52 25 25 25 
Premium taxes, other taxes, and licenses & fees149 169 142 147 151 149 151 
Commissions and other variable expenses1,421 1,300 1,308 1,303 1,325 1,421 1,325 
Adjusted other expenses
2,854 2,700 2,760 2,985 2,838 2,854 2,838 
Adjusted capitalization of DAC(686)(642)(620)(651)(639)(686)(639)
Adjusted other expenses, net of adjusted capitalization of DAC
2,168 2,058 2,140 2,334 2,199 2,168 2,199 
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)
$2,168 $2,142 $2,140 $2,334 $2,199 $2,168 $2,199 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Employee related costs$897 $793 $789 $906 $899 $897 $899 
Third party staffing costs302 333 347 413 375 302 375 
General and administrative expenses60 62 130 164 63 60 63 
Direct expenses1,259 1,188 1,266 1,483 1,337 1,259 1,337 
Less: Total notable items related to direct expenses (1)— (84)— — — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,259 $1,272 $1,266 $1,483 $1,337 $1,259 $1,337 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,168 $2,058 $2,140 $2,334 $2,199 $2,168 $2,199 
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)
$2,168 $2,142 $2,140 $2,334 $2,199 $2,168 $2,199 
Adjusted premiums, fees and other revenues$11,413 $11,122 $11,419 $15,010 $12,732 $11,413 $12,732 
Less: PRT— (14)(24)3,551 1,258 — 1,258 
Adjusted premiums, fees and other revenues, excluding PRT$11,413 $11,136 $11,443 $11,459 $11,474 $11,413 $11,474 
Direct expense ratio 11.0 %10.7 %11.1 %9.9 %10.5 %11.0 %10.5 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)11.0 %11.4 %11.1 %12.9 %11.7 %11.0 %11.7 %
Adjusted expense ratio19.0 %18.5 %18.7 %15.5 %17.3 %19.0 %17.3 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)19.0 %19.2 %18.7 %20.4 %19.2 %19.0 %19.2 %
(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
METLIFE
CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$332,941 $340,695 $341,038 $340,274 $320,079 
Equity securities, at estimated fair value1,063 1,001 941 1,269 988 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 12,975 12,177 12,055 12,142 11,418 
Mortgage loans83,015 81,497 80,964 79,353 79,968 
Policy loans9,334 9,256 9,186 9,111 9,036 
Real estate and real estate joint ventures12,007 11,901 12,182 12,216 12,379 
Other limited partnership interests10,961 11,980 13,480 14,625 14,570 
Short-term investments, principally at estimated fair value4,781 3,759 7,150 7,176 3,146 
Other invested assets18,677 18,977 18,683 18,655 18,696 
Total investments485,754 491,243 495,679 494,821 470,280 
Cash and cash equivalents, principally at estimated fair value19,635 25,037 18,956 20,047 23,488 
Accrued investment income3,363 3,202 3,354 3,185 3,251 
Premiums, reinsurance and other receivables18,727 18,236 17,816 17,149 17,926 
Deferred policy acquisition costs and value of business acquired17,214 16,527 16,191 16,061 18,409 
Current income tax recoverable214 52 — 184 39 
Goodwill9,944 9,768 9,638 9,535 9,510 
Assets held-for-sale6,599 7,590 7,462 7,238 4,582 
Other assets12,164 11,651 11,614 11,615 11,743 
Separate account assets196,200 189,947 180,954 179,873 165,056 
Total assets$769,814 $773,253 $761,664 $759,708 $724,284 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$197,755 $199,376 $197,086 $199,721 $195,789 
Policyholder account balances205,186 204,948 203,973 203,473 206,762 
Other policy-related balances18,045 17,527 17,735 17,751 19,553 
Policyholder dividends payable562 572 525 478 450 
Policyholder dividend obligation1,546 2,115 1,952 1,682 — 
Payables for collateral under securities loaned and other transactions28,694 30,620 31,382 31,920 30,481 
Short-term debt302 393 346 341 323 
Long-term debt 14,509 14,518 14,010 13,933 13,848 
Collateral financing arrangement833 818 806 766 754 
Junior subordinated debt securities3,153 3,154 3,155 3,156 3,156 
Current income tax payable— — 103 — — 
Deferred income tax liability8,570 9,748 9,850 9,693 5,690 
Liabilities held-for-sale3,865 6,844 6,757 6,634 4,297 
Other liabilities 24,457 23,250 23,697 22,538 23,888 
Separate account liabilities196,200 189,947 180,954 179,873 165,056 
Total liabilities703,677 703,830 692,331 691,959 670,047 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,910 33,440 33,457 33,511 33,531 
Retained earnings36,373 39,318 40,426 41,197 41,406 
Treasury stock, at cost(14,828)(15,941)(16,956)(18,157)(19,072)
Accumulated other comprehensive income (loss)10,397 12,309 12,111 10,919 (1,912)
Total MetLife, Inc.'s stockholders' equity65,864 69,138 69,050 67,482 53,965 
Noncontrolling interests273 285 283 267 272 
Total equity66,137 69,423 69,333 67,749 54,237 
Total liabilities and equity$769,814 $773,253 $761,664 $759,708 $724,284 

8
Table of Contents
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
  For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS$119 $315 $141 $25 $143 
RETIREMENT AND INCOME SOLUTIONS872 826 989 784 733 
TOTAL U.S.$991 $1,141 $1,130 $809 $876 
ASIA868 741 806 819 813 
LATIN AMERICA53 131 28 149 192 
EMEA92 129 116 60 68 
METLIFE HOLDINGS776 672 761 603 472 
CORPORATE & OTHER(214)(106)(164)(311)(146)
Total adjusted earnings before provision for income tax
$2,566 $2,708 $2,677 $2,129 $2,275 
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS$26 $67 $30 $5 $31 
RETIREMENT AND INCOME SOLUTIONS181 172 205 164 152 
TOTAL U.S.$207 $239 $235 $169 $183 
ASIA245 221 237 233 233 
LATIN AMERICA13 34 (1)24 50 
EMEA21 35 22 18 16 
METLIFE HOLDINGS158 136 155 121 95 
CORPORATE & OTHER(111)(81)(96)(303)(92)
Total provision for income tax expense (benefit)
$533 $584 $552 $262 $485 
Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS$93 $248 $111 $20 $112 
RETIREMENT AND INCOME SOLUTIONS691 654 784 620 581 
TOTAL U.S.$784 $902 $895 $640 $693 
ASIA623 520 569 586 580 
LATIN AMERICA40 97 29 125 142 
EMEA71 94 94 42 52 
METLIFE HOLDINGS618 536 606 482 377 
CORPORATE & OTHER (1)(171)(60)(131)(37)(117)
Total adjusted earnings available to common shareholders (1)$1,965 $2,089 $2,062 $1,838 $1,727 
(1)Includes impact of preferred stock dividends of $68 million, $35 million, $63 million, $29 million and $63 million for the three months ended March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, respectively.
9
Table of Contents
METLIFE
ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)
 
ADJUSTED RETURN ON ALLOCATED EQUITY
  For the Three Months Ended
Unaudited March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
U.S.
GROUP BENEFITS12.8%34.2%15.3%2.8%9.4%
RETIREMENT AND INCOME SOLUTIONS43.1%40.8%48.9%38.6%34.8%
TOTAL U.S.33.7%38.7%38.4%27.5%24.3%
ASIA17.0%14.2%15.5%16.0%16.1%
LATIN AMERICA5.8%14.1%4.2%18.1%20.8%
EMEA10.0%13.2%13.2%5.9%9.2%
METLIFE HOLDINGS23.7%20.6%23.2%18.5%13.7%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
  For the Three Months Ended
Unaudited March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
U.S.
39.3%45.1%44.8%32.2%32.6%
ASIA
25.4%21.3%23.2%23.9%24.1%
LATIN AMERICA
9.1%22.1%6.6%28.5%32.5%
EMEA
17.1%22.6%22.8%10.2%13.7%
METLIFE HOLDINGS
26.0%22.5%25.4%20.3%15.0%
(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
6,418 6,672 
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)
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
U.S.
$14$13$14$13$13
ASIA
$1$2$1$1$1
LATIN AMERICA
$—$—$—$—$—
EMEA
$1$1$2$1$1
METLIFE HOLDINGS
$4$4$3$4$3

10
Table of Contents
U.S.
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Adjusted revenues
Premiums$5,699 $5,474 $5,746 $9,439 $7,164 $5,699 $7,164 
Universal life and investment-type product policy fees297 282 279 282 297 297 297 
Net investment income2,010 1,998 2,098 1,942 1,874 2,010 1,874 
Other revenues396 380 383 379 426 396 426 
Total adjusted revenues8,402 8,134 8,506 12,042 9,761 8,402 9,761 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends6,142 5,739 6,118 9,958 7,566 6,142 7,566 
Interest credited to policyholder account balances359 359 362 342 347 359 347 
Capitalization of DAC(18)(13)(17)(17)(23)(18)(23)
Amortization of DAC and VOBA16 8 26 10 14 16 14 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 2 1 3 2 1 2 
Other expenses911 898 886 937 979 911 979 
Total adjusted expenses7,411 6,993 7,376 11,233 8,885 7,411 8,885 
Adjusted earnings before provision for income tax991 1,141 1,130 809 876 991 876 
Provision for income tax expense (benefit)207 239 235 169 183 207 183 
Adjusted earnings784 902 895 640 693 784 693 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$784 $902 $895 $640 $693 $784 $693 
Adjusted premiums, fees and other revenues$6,392 $6,136 $6,408 $10,100 $7,887 $6,392 $7,887 
Less: PRT
— (14)(24)3,551 1,258 — 1,258 
Adjusted premiums, fees and other revenues, excluding PRT$6,392 $6,150 $6,432 $6,549 $6,629 $6,392 $6,629 
11
Table of Contents
U.S.
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Adjusted revenues
Premiums$5,106 $5,085 $5,006 $5,278 $5,433 $5,106 $5,433 
Universal life and investment-type product policy fees212 207 204 206 216 212 216 
Net investment income279 295 290 296 280 279 280 
Other revenues318 307 307 307 355 318 355 
Total adjusted revenues5,915 5,894 5,807 6,087 6,284 5,915 6,284 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,970 4,761 4,853 5,206 5,259 4,970 5,259 
Interest credited to policyholder account balances32 30 33 32 31 32 31 
Capitalization of DAC(5)(5)(5)(4)(4)(5)(4)
Amortization of DAC and VOBA5 8 8 7 5 5 5 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt— — — 1 — — — 
Other expenses794 785 777 820 850 794 850 
Total adjusted expenses5,796 5,579 5,666 6,062 6,141 5,796 6,141 
Adjusted earnings before provision for income tax119 315 141 25 143 119 143 
Provision for income tax expense (benefit)26 67 30 5 31 26 31 
Adjusted earnings93 248 111 20 112 93 112 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$93 $248 $111 $20 $112 $93 $112 
Adjusted premiums, fees and other revenues$5,636 $5,599 $5,517 $5,791 $6,004 $5,636 $6,004 
12
Table of Contents
U.S.
RETIREMENT AND INCOME SOLUTIONS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Adjusted revenues
Premiums$593 $389 $740 $4,161 $1,731 $593 $1,731 
Universal life and investment-type product policy fees85 75 75 76 81 85 81 
Net investment income1,731 1,703 1,808 1,646 1,594 1,731 1,594 
Other revenues78 73 76 72 71 78 71 
Total adjusted revenues2,487 2,240 2,699 5,955 3,477 2,487 3,477 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,172 978 1,265 4,752 2,307 1,172 2,307 
Interest credited to policyholder account balances327 329 329 310 316 327 316 
Capitalization of DAC(13)(8)(12)(13)(19)(13)(19)
Amortization of DAC and VOBA11 — 18 3 9 11 9 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 2 1 2 2 1 2 
Other expenses117 113 109 117 129 117 129 
Total adjusted expenses1,615 1,414 1,710 5,171 2,744 1,615 2,744 
Adjusted earnings before provision for income tax872 826 989 784 733 872 733 
Provision for income tax expense (benefit)181 172 205 164 152 181 152 
Adjusted earnings691 654 784 620 581 691 581 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$691 $654 $784 $620 $581 $691 $581 
Adjusted premiums, fees and other revenues$756 $537 $891 $4,309 $1,883 $756 $1,883 
Less: PRT
— (14)(24)3,551 1,258 — 1,258 
Adjusted premiums, fees and other revenues, excluding PRT$756 $551 $915 $758 $625 $756 $625 
13
Table of Contents
U.S.
GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
  For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, beginning of period$19,932 $19,694 $19,783 $19,682 $19,825 
Premiums and deposits6,068 6,014 5,897 6,227 6,483 
Surrenders and withdrawals(642)(700)(673)(657)(683)
Benefit payments(4,970)(4,795)(4,895)(5,165)(5,213)
Net flows456 519 329 405 587 
Net transfers from (to) separate accounts2 2 1 — 4 
Interest123 123 125 125 124 
Policy charges(149)(147)(146)(147)(150)
Other(670)(408)(410)(240)(394)
Balance, end of period$19,694 $19,783 $19,682 $19,825 $19,996 
SEPARATE ACCOUNT LIABILITIES
  For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, beginning of period$1,123 $1,161 $1,233 $1,220 $1,292 
Premiums and deposits68 67 68 68 69 
Surrenders and withdrawals(18)(18)(16)(19)(21)
Benefit payments(1)(2)(2)— (5)
Net flows49 47 50 49 43 
Investment performance49 85 (4)80 (88)
Net transfers from (to) general account(2)(2)(1)— (4)
Policy charges(57)(58)(58)(58)(60)
Other(1)— — 1 (1)
Balance, end of period$1,161 $1,233 $1,220 $1,292 $1,182 
14
Table of Contents
U.S.
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Direct and allocated expenses$405 $392 $400 $434 $438 
Pension, postretirement and postemployment benefit costs(1)7 8 7 1 
Premium taxes, other taxes, and licenses & fees70 83 73 74 77 
Commissions and other variable expenses320 303 296 305 334 
Adjusted other expenses$794 $785 $777 $820 $850 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Group Life (2)
Adjusted premiums, fees and other revenues$2,088 $2,078 $2,074 $2,151 $2,180 
Mortality ratio106.3 %94.3 %106.2 %106.3 %103.8 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,371 $2,341 $2,352 $2,388 $2,519 
Interest adjusted benefit ratio (4)71.1 %73.8 %70.7 %74.2 %72.5 %
(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
U.S.
RETIREMENT AND INCOME SOLUTIONS
 
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
  For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, beginning of period$136,703 $134,056 $136,524 $134,283 $136,331 
Premiums and deposits22,008 20,382 20,813 20,151 25,113 
Surrenders and withdrawals(19,926)(19,759)(20,936)(17,271)(20,104)
Benefit payments(1,317)(1,344)(1,379)(1,495)(1,488)
Net flows765 (721)(1,502)1,385 3,521 
Net transfers from (to) separate accounts— 8 — 1 (26)
Interest946 938 942 943 954 
Policy charges(10)(44)(43)(28)(45)
Other(4,348)2,287 (1,638)(253)(3,953)
Balance, end of period$134,056 $136,524 $134,283 $136,331 $136,782 
SEPARATE ACCOUNT LIABILITIES
  For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, beginning of period$84,193 $82,183 $82,432 $81,091 $79,925 
Premiums and deposits1,393 1,443 1,027 838 2,617 
Surrenders and withdrawals (1)(2,390)(2,329)(3,214)(2,781)(8,953)
Benefit payments(22)(64)(27)(36)(25)
Net flows(1,019)(950)(2,214)(1,979)(6,361)
Investment performance(1,302)2,167 256 954 (3,138)
Net transfers from (to) general account— (8)— (1)26 
Policy charges(84)(83)(87)(82)(94)
Other395 (877)704 (58)(1,235)
Balance, end of period$82,183 $82,432 $81,091 $79,925 $69,123 
SYNTHETIC GICS (2)
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, beginning of period$38,646 $38,514 $37,773 $39,365 $40,121 
Premiums and deposits (1)482 314 1,857 1,547 3,598 
Surrenders and withdrawals(829)(1,251)(463)(993)(436)
Net flows (347)(937)1,394 554 3,162 
Interest215 196 198 202 202 
Balance, end of period$38,514 $37,773 $39,365 $40,121 $43,485 
LONGEVITY REINSURANCE (3)
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, end of period$8,833 $9,502 $9,358 $14,824 $14,898 
(1)Includes $86 million, $0, $119 million, $750 million and $1,884 million of transfers from separate account GICs to synthetic GICs at March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and March 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
U.S.
RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Direct and allocated expenses$61 $58 $57 $60 $65 
Pension, postretirement and postemployment benefit costs— 2 2 3 — 
Premium taxes, other taxes, and licenses & fees4 11 3 15 5 
Commissions and other variable expenses52 42 47 39 59 
Adjusted other expenses$117 $113 $109 $117 $129 
SPREAD
For the Three Months Ended
UnauditedMarch 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Investment income yield excluding variable investment income yield3.77 %3.82 %3.77 %3.72 %3.68 %
Variable investment income yield1.46 %1.26 %1.63 %1.11 %0.92 %
Total investment income yield5.23 %5.08 %5.40 %4.83 %4.60 %
Average crediting rate2.89 %2.84 %2.84 %2.81 %2.79 %
Annualized general account spread2.34 %2.24 %2.56 %2.02 %1.81 %
Annualized general account spread excluding variable investment income yield0.88 %0.98 %0.93 %0.91 %0.89 %

17
Table of Contents
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Adjusted revenues
Premiums$1,685 $1,582 $1,594 $1,560 $1,553 $1,685 $1,553 
Universal life and investment-type product policy fees458 436 477 443 448 458 448 
Net investment income1,264 1,158 1,354 1,276 1,242 1,264 1,242 
Other revenues18 19 17 19 21 18 21 
Total adjusted revenues3,425 3,195 3,442 3,298 3,264 3,425 3,264 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,297 1,233 1,220 1,258 1,228 1,297 1,228 
Interest credited to policyholder account balances489 496 513 497 498 489 498 
Capitalization of DAC(435)(395)(373)(404)(392)(435)(392)
Amortization of DAC and VOBA314 296 470 289 288 314 288 
Amortization of negative VOBA(7)(8)(5)(7)(8)(7)(8)
Interest expense on debt— — — — — — — 
Other expenses899 832 811 846 837 899 837 
Total adjusted expenses2,557 2,454 2,636 2,479 2,451 2,557 2,451 
Adjusted earnings before provision for income tax868 741 806 819 813 868 813 
Provision for income tax expense (benefit)245 221 237 233 233 245 233 
Adjusted earnings623 520 569 586 580 623 580 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$623 $520 $569 $586 $580 $623 $580 
Adjusted premiums, fees and other revenues$2,161 $2,037 $2,088 $2,022 $2,022 $2,161 $2,022 
18
Table of Contents
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Adjusted premiums, fees and other revenues$2,161 $2,037 $2,088 $2,022 $2,022 
Adjusted premiums, fees and other revenues, on a constant currency basis $2,003 $1,928 $2,003 $1,986 $2,022 
Add: Operating joint ventures, on a constant currency basis (1), (2)346 281 324 321 402 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,349 $2,209 $2,327 $2,307 $2,424 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Direct and allocated expenses$318 $314 $305 $319 $326 
Pension, postretirement and postemployment benefit costs23 22 22 31 20 
Premium taxes, other taxes, and licenses & fees46 45 39 41 39 
Commissions and other variable expenses512 451 445 455 452 
Adjusted other expenses$899 $832 $811 $846 $837 
Adjusted other expenses, net of adjusted capitalization of DAC$464 $437 $438 $442 $445 
Adjusted other expenses on a constant currency basis$830 $787 $772 $825 $837 
Add: Operating joint ventures, on a constant currency basis (1), (2)116 93 100 103 119 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$946 $880 $872 $928 $956 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$514 $485 $494 $510 $530 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Japan:
Life$166 $162 $163 $192 $186 
Accident & Health57 67 61 73 85 
Annuities92 76 66 71 98 
Other1 1 2 2 2 
Total Japan316 306 292 338 371 
Other Asia252 179 197 261 211 
   Total sales$568 $485 $489 $599 $582 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Adjusted earnings available to common shareholders$623 $520 $569 $586 $580 
Adjusted earnings available to common shareholders, on a constant currency basis$605 $509 $566 $584 $580 
(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
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
GA AUM $137,258 $140,875 $141,304 $140,317 $131,989 
GA AUM (at amortized cost)$127,695 $129,411 $130,777 $130,310 $129,935 
GA AUM (at amortized cost), on a constant currency basis$121,953 $124,031 $126,599 $127,780 $129,935 
  Add: Operating joint ventures, on a constant currency basis (1)5,850 6,035 6,200 6,775 7,564 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$127,803 $130,066 $132,799 $134,555 $137,499 
(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
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Adjusted revenues
Premiums$595 $636 $705 $673 $732 $595 $732 
Universal life and investment-type product policy fees270 287 274 278 290 270 290 
Net investment income299 308 306 358 322 299 322 
Other revenues10 11 9 11 9 10 9 
Total adjusted revenues1,174 1,242 1,294 1,320 1,353 1,174 1,353 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends761 724 885 773 769 761 769 
Interest credited to policyholder account balances59 60 63 67 68 59 68 
Capitalization of DAC(95)(100)(109)(110)(113)(95)(113)
Amortization of DAC and VOBA60 83 62 80 80 60 80 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 1 2 1 3 1 3 
Other expenses335 343 363 360 354 335 354 
Total adjusted expenses1,121 1,111 1,266 1,171 1,161 1,121 1,161 
Adjusted earnings before provision for income tax53 131 28 149 192 53 192 
Provision for income tax expense (benefit)13 34 (1)24 50 13 50 
Adjusted earnings40 97 29 125 142 40 142 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$40 $97 $29 $125 $142 $40 $142 
Adjusted premiums, fees and other revenues$875 $934 $988 $962 $1,031 $875 $1,031 
21
Table of Contents
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Direct and allocated expenses$121 $120 $126 $132 $126 
Pension, postretirement and postemployment benefit costs1 1 2 — 1 
Premium taxes, other taxes, and licenses & fees11 11 10 8 12 
Commissions and other variable expenses202 211 225 220 215 
Adjusted other expenses$335 $343 $363 $360 $354 
Adjusted other expenses, net of adjusted capitalization of DAC$240 $243 $254 $250 $241 
Adjusted other expenses on a constant currency basis$325 $328 $355 $368 $354 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$233 $232 $249 $255 $241 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Mexico (1)113 106 111 122 152 
Chile47 55 64 66 72 
All other41 68 71 62 57 
Total sales$201 $229 $246 $250 $281 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Adjusted premiums, fees and other revenues$875 $934 $988 $962 $1,031 
Adjusted earnings available to common shareholders$40 $97 $29 $125 $142 
Adjusted premiums, fees and other revenues, on a constant currency basis$848 $892 $963 $980 $1,031 
Adjusted earnings available to common shareholders, on a constant currency basis$31 $87 $26 $129 $142 
(1)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(1)In addition to the fluctuations related to reporting sales on a constant currency basis, certain amounts in prior periods have been updated to conform to the current period presentation.

22
Table of Contents
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Adjusted revenues
Premiums$598 $621 $532 $520 $509 $598 $509 
Universal life and investment-type product policy fees67 107 128 93 88 67 88 
Net investment income63 62 46 44 41 63 41 
Other revenues13 16 10 8 9 13 9 
Total adjusted revenues741 806 716 665 647 741 647 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends343 333 268 297 282 343 282 
Interest credited to policyholder account balances24 25 17 20 17 24 17 
Capitalization of DAC(127)(122)(110)(110)(101)(127)(101)
Amortization of DAC and VOBA62 94 118 82 86 62 86 
Amortization of negative VOBA(2)(2)(1)(2)(1)(2)(1)
Interest expense on debt— — — — — — — 
Other expenses349 349 308 318 296 349 296 
Total adjusted expenses649 677 600 605 579 649 579 
Adjusted earnings before provision for income tax92 129 116 60 68 92 68 
Provision for income tax expense (benefit)21 35 22 18 16 21 16 
Adjusted earnings71 94 94 42 52 71 52 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$71 $94 $94 $42 $52 $71 $52 
Adjusted premiums, fees and other revenues$678 $744 $670 $621 $606 $678 $606 
23
Table of Contents
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Direct and allocated expenses$112 $116 $98 $102 $97 
Pension, postretirement and postemployment benefit costs1 2 3 2 1 
Premium taxes, other taxes, and licenses & fees8 6 5 4 6 
Commissions and other variable expenses228 225 202 210 192 
Adjusted other expenses$349 $349 $308 $318 $296 
Adjusted other expenses, net of adjusted capitalization of DAC$222 $227 $198 $208 $195 
Adjusted other expenses on a constant currency basis $323 $326 $291 $309 $296 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$208 $214 $190 $203 $195 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Adjusted premiums, fees and other revenues$678 $744 $670 $621 $606 
Adjusted earnings available to common shareholders$71 $94 $94 $42 $52 
Adjusted premiums, fees and other revenues, on a constant currency basis$631 $696 $637 $607 $606 
Adjusted earnings available to common shareholders, on a constant currency basis$61 $83 $86 $39 $52 
Total sales on a constant currency basis$242 $216 $177 $187 $243 
24
Table of Contents
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Adjusted revenues
Premiums$827 $839 $805 $862 $776 $827 $776 
Universal life and investment-type product policy fees274 273 279 275 269 274 269 
Net investment income1,646 1,543 1,771 1,490 1,409 1,646 1,409 
Other revenues62 69 57 69 44 62 44 
Total adjusted revenues2,809 2,724 2,912 2,696 2,498 2,809 2,498 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,523 1,549 1,611 1,585 1,518 1,523 1,518 
Interest credited to policyholder account balances210 210 212 208 202 210 202 
Capitalization of DAC(8)(9)(8)(8)(7)(8)(7)
Amortization of DAC and VOBA54 56 80 67 76 54 76 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 2 1 1 1 1 1 
Other expenses253 244 255 240 236 253 236 
Total adjusted expenses2,033 2,052 2,151 2,093 2,026 2,033 2,026 
Adjusted earnings before provision for income tax776 672 761 603 472 776 472 
Provision for income tax expense (benefit)158 136 155 121 95 158 95 
Adjusted earnings618 536 606 482 377 618 377 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$618 $536 $606 $482 $377 $618 $377 
Adjusted premiums, fees and other revenues$1,163 $1,181 $1,141 $1,206 $1,089 $1,163 $1,089 
25
Table of Contents
METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, beginning of period$83,004 $81,446 $81,993 $82,115 $82,383 
Premiums and deposits (2), (3)1,142 1,100 1,070 1,121 1,035 
Surrenders and withdrawals(529)(538)(532)(529)(504)
Benefit payments(936)(790)(818)(805)(907)
Net flows(323)(228)(280)(213)(376)
Net transfers from (to) separate accounts2 9 12 10 8 
Interest831 834 838 839 835 
Policy charges(185)(183)(183)(180)(181)
Other(1,883)115 (265)(188)(1,052)
Balance, end of period$81,446 $81,993 $82,115 $82,383 $81,617 
ANNUITIESFor the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, beginning of period$19,029 $18,367 $18,270 $18,341 $18,061 
Premiums and deposits (2), (3)107 91 72 89 84 
Surrenders and withdrawals(340)(306)(326)(410)(323)
Benefit payments(171)(150)(144)(152)(161)
Net flows(404)(365)(398)(473)(400)
Net transfers from (to) separate accounts96 29 61 52 66 
Interest129 125 125 125 119 
Policy charges(4)(4)(4)(4)(4)
Other(479)118 287 20 (166)
Balance, end of period$18,367 $18,270 $18,341 $18,061 $17,676 
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, beginning of period$6,848 $7,021 $7,424 $7,248 $7,512 
Premiums and deposits (3)62 57 56 57 59 
Surrenders and withdrawals(68)(67)(61)(64)(61)
Benefit payments(16)(18)(15)(19)(18)
Net flows(22)(28)(20)(26)(20)
Investment performance260 508 (80)367 (646)
Net transfers from (to) general account(2)(9)(12)(10)(8)
Policy charges(66)(66)(66)(65)(66)
Other3 (2)2 (2)4 
Balance, end of period$7,021 $7,424 $7,248 $7,512 $6,776 
ANNUITIES
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Balance, beginning of period$40,825 $40,444 $41,543 $39,840 $40,173 
Premiums and deposits (3)79 83 61 74 72 
Surrenders and withdrawals(1,062)(1,094)(1,127)(1,177)(866)
Benefit payments(128)(121)(116)(135)(124)
Net flows(1,111)(1,132)(1,182)(1,238)(918)
Investment performance
1,017 2,460 (258)1,819 (2,937)
Net transfers from (to) general account(96)(29)(61)(52)(66)
Policy charges(190)(200)(203)(195)(174)
Other(1)— 1 (1)1 
Balance, end of period$40,444 $41,543 $39,840 $40,173 $36,079 
(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
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Direct and allocated expenses$166 $164 $165 $163 $167 
Pension, postretirement and postemployment benefit costs— 4 4 4 1 
Premium taxes, other taxes, and licenses & fees14 18 16 16 16 
Commissions and other variable expenses73 58 70 57 52 
Adjusted other expenses$253 $244 $255 $240 $236 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Life (1)
Adjusted premiums, fees and other revenues$762 $766 $734 $791 $704 
Interest adjusted benefit ratio54.8 %47.1 %53.3 %54.3 %54.1 %
Lapse Ratio (2)
Traditional life4.0 %4.0 %4.0 %4.0 %4.2 %
Variable & universal life3.3 %3.3 %3.3 %3.3 %3.4 %
Fixed annuity6.6 %6.7 %6.8 %6.8 %6.3 %
Variable annuity8.5 %9.2 %9.7 %10.2 %10.0 %
(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
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Adjusted revenues
Premiums$58 $(20)$16 $(19)$(4)$58 $(4)
Universal life and investment-type product policy fees— 1 — 1 — — — 
Net investment income12 48 93 91 104 12 104 
Other revenues86 109 108 117 101 86 101 
Total adjusted revenues156 138 217 190 201 156 201 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends40 (13)9 (2)(7)40 (7)
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(3)(3)(3)(2)(3)(3)(3)
Amortization of DAC and VOBA2 3 2 2 2 2 2 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt224 223 236 219 219 224 219 
Other expenses107 34 137 284 136 107 136 
Total adjusted expenses370 244 381 501 347 370 347 
Adjusted earnings before provision for income tax(214)(106)(164)(311)(146)(214)(146)
Provision for income tax expense (benefit)(111)(81)(96)(303)(92)(111)(92)
Adjusted earnings(103)(25)(68)(8)(54)(103)(54)
Preferred stock dividends68 35 63 29 63 68 63 
Adjusted earnings available to common shareholders$(171)$(60)$(131)$(37)$(117)$(171)$(117)
Adjusted premiums, fees and other revenues$144 $90 $124 $99 $97 $144 $97 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Business activities$29 $28 $41 $45 $36 $29 $36 
Net investment income13 51 95 89 104 13 104 
Interest expense on debt(234)(235)(247)(228)(227)(234)(227)
Corporate initiatives and projects(25)(24)(25)(54)(12)(25)(12)
Other3 74 (28)(163)(47)3 (47)
Provision for income tax (expense) benefit and other tax-related items111 81 96 303 92 111 92 
Preferred stock dividends(68)(35)(63)(29)(63)(68)(63)
Adjusted earnings available to common shareholders$(171)$(60)$(131)$(37)$(117)$(171)$(117)
28
Table of Contents
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)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Fixed Maturity Securities
Yield3.72 %3.76 %3.71 %3.77 %3.52 %3.72 %3.52 %
Investment income (2), (3)$2,784 $2,785 $2,761 $2,816 $2,638 $2,784 $2,638 
Investment gains (losses)(64)6 130 (2)(599)(64)(599)
Ending carrying value (4)334,594 342,344 342,591 341,876 321,656 334,594 321,656 
Mortgage Loans
Yield4.11 %4.29 %4.12 %4.23 %4.13 %4.11 %4.13 %
Investment income (3)861 885 837 847 823 861 823 
Investment gains (losses)60 (2)43 (119)44 60 44 
Ending carrying value83,015 81,497 80,964 79,353 79,968 83,015 79,968 
Real Estate and Real Estate Joint Ventures
Yield3.18 %3.65 %6.00 %6.36 %7.82 %3.18 %7.82 %
Investment income95 109 181 194 241 95 241 
Investment gains (losses)48 368 66 20 4 48 4 
Ending carrying value12,007 11,901 12,182 12,216 12,379 12,007 12,379 
Policy Loans
Yield5.14 %5.18 %5.09 %5.02 %5.13 %5.14 %5.13 %
Investment income121 120 118 115 116 121 116 
Ending carrying value9,334 9,256 9,186 9,111 9,036 9,334 9,036 
Equity Securities
Yield4.90 %4.30 %4.85 %3.76 %3.48 %4.90 %3.48 %
Investment income11 9 8 8 7 11 7 
Investment gains (losses)75 55 (33)11 (50)75 (50)
Ending carrying value1,063 1,001 941 1,269 988 1,063 988 
Other Limited Partnership Interests
Yield (5)50.30 %36.58 %48.43 %30.11 %25.35 %50.30 %25.35 %
Investment income (5)1,285 1,050 1,542 1,058 926 1,285 926 
Investment gains (losses)(5)(8)(4)11 18 (5)18 
Ending carrying value (6)10,961 11,980 13,480 14,625 14,570 10,961 14,570 
Cash and Short-term Investments
Yield0.87 %0.72 %0.70 %0.93 %1.08 %0.87 %1.08 %
Investment income21 21 20 25 30 21 30 
Investment gains (losses)4 2 6 15 14 4 14 
Ending carrying value24,416 28,796 26,106 27,223 26,634 24,416 26,634 
Other Invested Assets
Investment income 298 266 342 291 364 298 364 
Investment gains (losses)17 19 12 51 47 17 47 
Ending carrying value18,677 18,977 18,683 18,655 18,696 18,677 18,696 
Total Investments
Investment income yield5.05 %4.85 %5.36 %4.94 %4.72 %5.05 %4.72 %
Investment fees and expenses yield(0.13)%(0.12)%(0.12)%(0.13)%(0.13)%(0.13)%(0.13)%
Net Investment Income Yield4.92 %4.73 %5.24 %4.81 %4.59 %4.92 %4.59 %
Investment income$5,476 $5,245 $5,809 $5,354 $5,145 $5,476 $5,145 
Investment fees and expenses(146)(128)(125)(138)(142)(146)(142)
Net investment income including divested businesses5,330 5,117 5,684 5,216 5,003 5,330 5,003 
Less: Net investment income from divested businesses36 — 16 15 11 36 11 
Adjusted Net Investment Income (7)$5,294 $5,117 $5,668 $5,201 $4,992 $5,294 $4,992 
Ending Carrying Value$494,067 $505,752 $504,133 $504,328 $483,927 $494,067 $483,927 
Investment Portfolio Gains (Losses) including divested businesses$135 $440 $220 $(13)$(522)$135 $(522)
Less: Divested businesses28 — — 2 — 28 — 
Investment Portfolio Gains (Losses) (8)$107 $440 $220 $(15)$(522)$107 $(522)
Gross investment gains372 656 352 331 310 372 310 
Gross investment losses(288)(164)(156)(242)(548)(288)(548)
Net credit loss (provision) release and (impairments)23 (52)24 (104)(284)23 (284)
Investment Portfolio Gains (Losses) (8)107 440 220 (15)(522)107 (522)
Investment portfolio gains (losses) income tax (expense) benefit(25)(78)(60)17 116 (25)116 
Investment Portfolio Gains (Losses), Net of Income Tax$82 $362 $160 $2 $(406)$82 $(406)
Derivative gains (losses) including Divested businesses $(2,455)$210 $(445)$(431)$(1,074)$(2,455)$(1,074)
Less: Derivative gains (losses) from divested businesses(1)— — — — (1)— 
Derivative gains (losses) (8)(2,454)210 (445)(431)(1,074)(2,454)(1,074)
Derivative gains (losses) income tax (expense) benefit599 (63)127 96 265 599 265 
Derivative Gains (Losses), Net of Income Tax$(1,855)$147 $(318)$(335)$(809)$(1,855)$(809)
See footnotes on Page 32.

29
Table of Contents
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$88,002 26.4 %$91,371 26.8 %$92,012 27.0 %$93,034 27.3 %$87,136 27.2 %
Foreign corporate65,883 19.8 %65,605 19.2 %63,922 18.7 %63,640 18.7 %61,129 19.1 %
Foreign government67,137 20.2 %64,630 19.0 %63,380 18.6 %61,609 18.1 %57,282 17.9 %
U.S. government and agency41,402 12.4 %46,556 13.7 %48,100 14.1 %46,599 13.7 %40,334 12.6 %
Residential mortgage-backed29,302 8.8 %29,848 8.8 %30,267 8.9 %30,404 8.9 %30,080 9.4 %
Asset-backed securities and collateralized loan obligations16,217 4.9 %16,713 4.9 %17,403 5.1 %18,569 5.5 %19,305 6.0 %
Municipals13,212 4.0 %13,923 4.1 %14,040 4.1 %14,212 4.2 %12,958 4.1 %
Commercial mortgage-backed11,786 3.5 %12,049 3.5 %11,914 3.5 %12,207 3.6 %11,855 3.7 %
Fixed Maturity Securities Available-For-Sale$332,941 100.0 %$340,695 100.0 %$341,038 100.0 %$340,274 100.0 %$320,079 100.0 %
NAICNRSRO
DESIGNATIONRATING
1Aaa / Aa / A$231,570 69.6 %$237,231 69.6 %$239,158 70.1 %$239,394 70.4 %$222,096 69.4 %
2Baa84,467 25.4 %86,293 25.3 %84,831 24.9 %85,209 25.0 %82,616 25.8 %
3Ba12,825 3.8 %12,978 3.8 %12,876 3.8 %11,973 3.5 %11,788 3.7 %
4B3,397 1.0 %3,534 1.1 %3,584 1.0 %3,150 0.9 %2,923 0.9 %
5Caa and lower633 0.2 %604 0.2 %565 0.2 %526 0.2 %480 0.1 %
6In or near default49 — %55 — %24 — %22 — %176 0.1 %
Fixed Maturity Securities Available-For-Sale (9)$332,941 100.0 %$340,695 100.0 %$341,038 100.0 %$340,274 100.0 %$320,079 100.0 %
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Gross unrealized gains$31,251 $35,681 $33,349 $31,901 $16,145 
Gross unrealized losses2,973 1,989 2,247 2,420 9,583 
Net Unrealized Gains (Losses)$28,278 $33,692 $31,102 $29,481 $6,562 
See footnotes on Page 32.

30
Table of Contents
INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
          
Commercial mortgage loans$52,300 $51,602 $51,336 $50,553 $51,117 
Agricultural mortgage loans18,051 18,044 18,353 18,111 17,882 
Residential mortgage loans13,192 12,421 11,838 11,323 11,584 
Mortgage Loans83,543 82,067 81,527 79,987 80,583 
Valuation allowances(528)(570)(563)(634)(615)
Mortgage Loans, net$83,015 $81,497 $80,964 $79,353 $79,968 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
 
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Non-U.S.$10,507 20.1 %$10,227 19.8 %$9,501 18.5 %$9,969 19.7 %$10,064 19.7 %
Pacific 10,401 19.9 %10,161 19.7 %10,249 20.0 %9,676 19.1 %9,824 19.2 %
Middle Atlantic8,170 15.6 %8,115 15.7 %7,877 15.3 %7,537 14.9 %7,876 15.4 %
South Atlantic7,134 13.6 %7,186 13.9 %7,047 13.7 %6,800 13.5 %6,849 13.4 %
West South Central3,655 7.0 %3,636 7.0 %3,434 6.7 %3,492 6.9 %3,587 7.0 %
New England2,148 4.1 %2,214 4.3 %2,623 5.1 %2,748 5.4 %2,752 5.4 %
Mountain1,650 3.2 %1,903 3.7 %1,996 3.9 %1,993 4.0 %2,078 4.1 %
East North Central2,555 4.9 %2,197 4.3 %2,229 4.3 %2,129 4.2 %2,013 3.9 %
East South Central753 1.4 %781 1.5 %824 1.6 %759 1.5 %725 1.4 %
West North Central616 1.2 %649 1.3 %649 1.3 %663 1.3 %458 0.9 %
Multi-Region and Other4,711 9.0 %4,533 8.8 %4,907 9.6 %4,787 9.5 %4,891 9.6 %
Total$52,300 100.0 %$51,602 100.0 %$51,336 100.0 %$50,553 100.0 %$51,117 100.0 %
Office$23,443 44.8 %$22,883 44.3 %$22,573 44.0 %$22,388 44.3 %$22,170 43.4 %
Apartment8,748 16.7 %8,699 16.9 %8,910 17.4 %9,121 18.0 %9,578 18.7 %
Retail9,028 17.3 %8,960 17.4 %8,684 16.9 %8,548 16.9 %8,766 17.2 %
Industrial5,625 10.7 %5,437 10.5 %5,562 10.8 %5,096 10.1 %5,055 9.9 %
Hotel3,281 6.3 %3,187 6.2 %3,175 6.2 %3,201 6.3 %3,137 6.1 %
Other2,175 4.2 %2,436 4.7 %2,432 4.7 %2,199 4.4 %2,411 4.7 %
Total$52,300 100.0 %$51,602 100.0 %$51,336 100.0 %$50,553 100.0 %$51,117 100.0 %

31
Table of Contents
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-6 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 $36 million, $50 million, $6 million, $75 million and ($65) million for the three months ended March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, respectively, and $36 million and ($65) million for the year-to-date period ended March 31, 2021 and March 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.
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Fixed maturity securities available-for-sale$332,941 $340,695 $341,038 $340,274 $320,079 
Contractholder-directed equity securities and fair value option securities12,975 12,177 12,055 12,142 11,418 
Total fixed maturity securities345,916 352,872 353,093 352,416 331,497 
Less: Contractholder-directed equity securities11,322 10,528 10,502 10,540 9,841 
Fixed maturity securities$334,594 $342,344 $342,591 $341,876 $321,656 
(5)Other limited partnership interests includes investment income related to private equity investments of $1,278 million, $1,045 million, $1,516 million, $1,059 million and $984 million for the three months ended March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, respectively, and $1,278 million and $984 million for the year-to-date period ended March 31, 2021 and March 31, 2022, respectively. The annualized yields for these periods were 53.35%, 38.60%, 50.19%, 31.64%, 28.16%, 53.35% and 28.16%, respectively.
(6)Other limited partnership interests includes ending carrying value related to private equity investments of $10,321 million, $11,337 million, $12,811 million, $13,963 million and $13,971 million at March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and March 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-to-Date Period Ended
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Net investment gains (losses) $134 $1,605 $(84)$(126)$(518)$134 $(518)
Less: Operating joint venture adjustments— — 1 — 6 — 6 
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures9 5 9 22 7 9 7 
Less: Non-investment portfolio gains (losses)(10)1,160 (314)(135)(9)(10)(9)
Less: Divested businesses28 — — 2 — 28 — 
Investment portfolio gains (losses) $107 $440 $220 $(15)$(522)$107 $(522)
For the Three Months EndedFor the Year-to-Date Period Ended
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Net derivative gains (losses) $(2,235)$421 $(218)$(196)$(859)$(2,235)$(859)
Less: Investment hedge adjustments220 212 228 235 215 220 215 
Less: PAB hedge adjustments— (1)(1)— — — — 
Less: Divested businesses(1)— — — — (1)— 
Derivative gains (losses) $(2,454)$210 $(445)$(431)$(1,074)$(2,454)$(1,074)
(9)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
32
Table of Contents
Appendix





Table of Contents
APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$290 $3,366 $1,521 $1,176 $606 $290 $606 
Add: Preferred stock dividends68 35 63 29 63 68 63 
Add: Preferred stock redemption premium— 6 — — — — — 
Add: Net Income (loss) attributable to noncontrolling interests5 5 5 6 5 5 5 
Net income (loss) 363 3,412 1,589 1,211 674 $363 $674 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)134 1,605 (84)(126)(518)134 (518)
Net derivative gains (losses)(2,235)421 (218)(196)(859)(2,235)(859)
Premiums - Divested businesses
865 — 57 60 41 865 41 
Universal life and investment-type product policy fees
Unearned revenue adjustments— 12 46 13 (8)— (8)
GMIB fees25 24 25 24 23 25 23 
Divested businesses— — 13 13 11 — 11 
Net investment income
Investment hedge adjustments(220)(212)(228)(235)(215)(220)(215)
Operating joint venture adjustments— — (1)— (6)— (6)
Unit-linked contract income207 378 114 253 (498)207 (498)
Securitization entities income— — — — — — — 
Certain partnership distributions(3)(3)(1)(1)— (3)— 
Divested businesses36 — 16 15 11 36 11 
Other revenues
Settlement of foreign currency earnings hedges— — — — — — — 
TSA fees35 60 73 53 47 35 47 
Divested businesses11 — 6 5 3 11 3 
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments(9)(8)(8)(7)(7)(9)(7)
PDO adjustments— — — — — — — 
Inflation and pass-through adjustments78 18 — (99)(39)78 (39)
GMIB costs(128)(70)(116)(88)45 (128)45 
Market value adjustments(23)(16)(21)(23)(12)(23)(12)
Divested businesses(582)— (36)(41)(22)(582)(22)
Interest credited to policyholder account balances
PAB hedge adjustments— 1 1 — — — — 
Unit-linked contract costs(210)(366)(116)(246)505 (210)505 
Divested businesses— — (5)(5)(3)— (3)
Capitalization of DAC - Divested businesses
89 — 15 15 11 89 11 
Amortization of DAC and VOBA
Related to NIGL and NDGL3 (9)(31)(63)19 3 19 
Related to GMIB fees and GMIB costs13 12 (13)(5)(1)13 (1)
Related to market value adjustments— — — — — — — 
Divested businesses(98)— (14)(14)(9)(98)(9)
Amortization of negative VOBA
Related to market value adjustments— — — — — — — 
Divested businesses— — — — — — — 
Interest expense on debt
Securitization entities debt expense— — — — — — — 
Divested businesses(1)— — — — (1)— 
Other expenses
Noncontrolling interests6 6 7 9 7 6 7 
Regulatory implementation costs3 (6)— (1)— 3 — 
Acquisition, integration and other costs(4)(4)(2)1 (7)(4)(7)
TSA fees(35)(60)(73)(53)(47)(35)(47)
Divested businesses(232)(4)(41)(81)(32)(232)(32)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit605 (491)99 167 444 605 444 
Adjusted earnings2,033 2,124 2,125 1,867 1,790 2,033 1,790 
Less: Preferred stock dividends68 35 63 29 63 68 63 
Adjusted earnings available to common shareholders$1,965 $2,089 $2,062 $1,838 $1,727 $1,965 $1,727 
A-1
Table of Contents
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Actuarial assumption review and other insurance adjustments$— $— $(140)$— $— $— $— 
Litigation reserves and settlement costs— 66 — — — — — 
Tax adjustments— — — 140 — — — 
Total notable items$— $66 $(140)$140 $— $— $— 
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Actuarial assumption review and other insurance adjustments
$— $— $(79)$— $— $— $— 
Total notable items
$— $— $(79)$— $— $— $— 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Actuarial assumption review and other insurance adjustments
$— $— $(2)$— $— $— $— 
Total notable items
$— $— $(2)$— $— $— $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Actuarial assumption review and other insurance adjustments
$— $— $(6)$— $— $— $— 
Total notable items
$— $— $(6)$— $— $— $— 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Actuarial assumption review and other insurance adjustments
$— $— $(53)$— $— $— $— 
Total notable items
$— $— $(53)$— $— $— $— 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022March 31, 2021March 31, 2022
Litigation reserves and settlement costs$— $66 $— $— $— $— $— 
Tax adjustments— — — 140 — — — 
Total notable items$— $66 $— $140 $— $— $— 
(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
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Total MetLife, Inc.'s stockholders' equity$65,864 $69,138 $69,050 $67,482 $53,965 
Less: Preferred stock
4,312 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 61,552 65,320 65,232 63,664 50,147 
Less: Net unrealized investment gains (losses), net of income tax
16,712 18,608 18,658 17,671 5,182 
  Defined benefit plans adjustment, net of income tax(1,848)(1,836)(1,805)(1,598)(1,577)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$46,688 $48,548 $48,379 $47,591 $46,542 
Less: Goodwill, net of income tax
9,571 9,398 9,317 9,221 9,163 
  VODA and VOCRA, net of income tax
807 779 763 718 699 
Total MetLife, Inc.'s tangible common stockholders' equity$36,310 $38,371 $38,299 $37,652 $36,680 
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$46,688 $48,548 $48,379 $47,591 $46,542 
Less: Accumulated year-to-date total notable items (2)
— 66 (74)66 — 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$46,688 $48,482 $48,453 $47,525 $46,542 
Unaudited (In millions, except per share data)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Book value per common share $70.08 $75.86 $77.24 $77.12 $61.55 
Less: Net unrealized investment gains (losses), net of income tax
19.02 21.61 22.09 21.41 6.36 
  Defined benefit plans adjustment, net of income tax
(2.10)(2.13)(2.14)(1.94)(1.93)
Book value per common share, excluding AOCI other than FCTA$53.16 $56.38 $57.29 $57.65 $57.12 
Less: Goodwill, net of income tax
10.90 10.92 11.04 11.17 11.24 
  VODA and VOCRA, net of income tax
0.92 0.90 0.90 0.87 0.86 
Book value per common share - tangible common stockholders' equity$41.34 $44.56 $45.35 $45.61 $45.02 
Common shares outstanding, end of period 878.3 861.1 844.5 825.5 814.8 
For the Three Months Ended (1)
Unaudited (In millions, except ratios)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
Return on MetLife, Inc.'s:
Common stockholders' equity 1.8 %21.2 %9.3 %7.3 %4.3 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 11.9 %13.2 %12.6 %11.4 %12.1 %
Common stockholders' equity, excluding AOCI other than FCTA 16.5 %17.5 %17.0 %15.3 %14.7 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)16.5 %17.0 %18.2 %14.2 %14.7 %
Tangible common stockholders' equity (3) 21.5 %22.6 %21.7 %19.6 %18.8 %
Average common stockholders' equity $65,899 $63,436 $65,276 $64,448 $56,906 
Average common stockholders' equity, excluding AOCI other than FCTA $47,534 $47,618 $48,464 $47,985 $47,067 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$47,534 $47,585 $48,468 $47,989 $47,067 
Average tangible common stockholders' equity
$36,878 $37,341 $38,335 $37,976 $37,166 
(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 March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022 of $20 million, $20 million, $20 million, $19 million and $18 million, respectively.
A-3
Table of Contents
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)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
U.S. (1)$6,392 $6,136 $6,408 $10,100 $7,887 
ASIA 2,003 1,928 2,003 1,986 2,022 
LATIN AMERICA848 892 963 980 1,031 
EMEA 631 696 637 607 606 
METLIFE HOLDINGS (1)1,163 1,181 1,141 1,206 1,089 
CORPORATE & OTHER (1)144 90 124 99 97 
Adjusted premiums, fees and other revenues, on a constant currency basis$11,181 $10,923 $11,276 $14,978 $12,732 
Adjusted premiums, fees and other revenues$11,413 $11,122 $11,419 $15,010 $12,732 
ASIA (including operating joint ventures) (2), (3)$2,349 $2,209 $2,327 $2,307 $2,424 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
U.S. (1)$911 $898 $886 $937 $979 
ASIA 830 787 772 825 837 
LATIN AMERICA325 328 355 368 354 
EMEA323 326 291 309 296 
METLIFE HOLDINGS (1)253 244 255 240 236 
CORPORATE & OTHER (1)107 34 137 284 136 
Adjusted other expenses on a constant currency basis$2,749 $2,617 $2,696 $2,963 $2,838 
Adjusted other expenses$2,854 $2,700 $2,760 $2,985 $2,838 
ASIA (including operating joint ventures) (2), (3)$946 $880 $872 $928 $956 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2021June 30, 2021September 30, 2021December 31, 2021March 31, 2022
U.S. (1)$784 $902 $895 $640 $693 
ASIA 605 509 566 584 580 
LATIN AMERICA31 87 26 129 142 
EMEA 61 83 86 39 52 
METLIFE HOLDINGS (1)618 536 606 482 377 
CORPORATE & OTHER (1)(171)(60)(131)(37)(117)
Adjusted earnings available to common shareholders on a constant currency basis$1,928 $2,057 $2,048 $1,837 $1,727 
Adjusted earnings available to common shareholders$1,965 $2,089 $2,062 $1,838 $1,727 
 (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-4
Table of Contents
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-5
Table of Contents
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-6

Table of Contents
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity, allocated equity, tangible equity and related measures
•Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).
•Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
•Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.
•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 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-7
Table of Contents
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-8
Table of Contents


1Q22 Supplemental Slides1 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 Group Benefits underwriting 5 Variable investment income (VII) 6 Direct expense ratio 8 Cash & capital 9 Appendix 10

 
3 Net income (loss) to adjusted earnings 1Q22 (post-tax) $ in millions $ per share1 Net Income (Loss) $606 $0.73 Less: Net Investment Gains (Losses) (409) (0.49) Net Derivative Gains (Losses) (679) (0.82) Investment Hedge Adjustments (170) (0.20) Other 137 0.16 Adjusted Earnings $1,727 $2.08 1 The per share data for each item is calculated on a standalone basis and may not sum to the total.

 
4 ($ in millions - post-tax) 1Q22 1Q21 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $112 $93 20% Volume Growth; Underwriting Margins Retirement and Income Solutions 581 691 (16%) Volume Growth Investment Margins U.S. 693 784 (12%) Asia 580 623 (7%) (4%) Volume Growth Investment Margins; Equity Markets Latin America 142 40 255% 358% Underwriting Margins; Volume Growth Equity Markets EMEA 52 71 (27%) (15%) Underwriting Margins; Volume Growth Divested Businesses;2 Expense Margins MetLife Holdings 377 618 (39%) Investment Margins; Underwriting Margins Corporate & Other (117) (171) Investment Margins Expenses Adjusted Earnings ex. Total Notable Items $1,727 $1,965 (12%) (10%) Adjusted EPS ex. Total Notable Items $2.08 $2.20 (5%) (4%) Adjusted earnings, ex. total notable items, by segment 1 To be discussed on MetLife, Inc.'s first quarter 2022 earnings conference call and audio webcast. 2 For the three months ended March 31, 2022, EMEA results exclude the Greece and Poland businesses, which were sold or reported as divested business in the first quarter of 2022. These businesses are included in the prior-year period.

 
5 Group Benefits underwriting impacted by COVID-19 mortality 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 COVID-19 reported deaths. Group Benefits Adjusted Earnings 106.3% 94.3% 106.2% 106.3% 103.8% Ratio (as reported) Ratio ex. COVID-19 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 85.0% 90.0% 95.0% 100.0% 105.0% 110.0% Group Life Mortality Ratio1,2 1Q22 Highlights COVID-19 Impact to Adjusted Earnings (~$280M) (~$75M) (~$290M) $93M $248M $111M COVID-19 Impact on Ratio3 85-90% target range ~17 pts • COVID-19 life claims remain elevated • Lower percentage of COVID-19 deaths under age 65 relative to 4Q21 • Excess non-COVID-19 mortality of 1-2 points ~5 pts ~18 pts $20M (~$300M) ~18 pts $112M (~$230M) ~14 pts

 
6 $1,390 $1,202 $1,789 $1,269 $1,185 1Q21 2Q21 3Q21 4Q21 1Q22 1Q22 VII driven by private equity returns ($ 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.

 
7 ($ in millions - post-tax1) 1Q21 2Q21 3Q21 4Q21 1Q22 Group Benefits $11 $14 $17 $17 $12 Retirement and Income Solutions 390 351 449 324 277 U.S. 401 365 466 341 289 Asia 273 218 373 307 288 Latin America 17 22 22 17 16 EMEA — — — — — MetLife Holdings 381 301 487 266 208 Corporate & Other 26 44 65 72 135 Total Variable Investment Income $1,098 $950 $1,413 $1,003 $936 1 Assumes a 21% tax rate. VII by segment

 
8 11.0% 11.4% 11.1% 12.9% 11.7% 1Q21 2Q21 3Q21 4Q21 1Q22 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.3% Target 1Q22 direct expense ratio1 of 11.7%, below 12.3% target

 
9 Holding Company Cash1 $6.5 $5.1 $5.4 $4.2 1Q21 2Q21 3Q21 4Q21 1Q22 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. 3 MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. 4 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. 5 Solvency ratio of MetLife's insurance subsidiary in Japan, which is calculated quarterly and does not reflect conditions and factors occurring after December 31, 2021. $3.0B to $4.0B Cash Buffer Capital • Share repurchases of $915 million in 1Q22 • 2021 Combined NAIC Risk-Based Capital ratio2,3 of 386%, above 360% target • Expected total U.S. Statutory Adjusted Capital4 of $18.7 billion at 3/31/22, down 2% from 12/31/21 • Japan Solvency Margin ratio5 of 947% at 12/31/21 $3.8 ($ in billions)

 
Appendix

 
11 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, which contain words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “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 has no obligation to correct or update any of these statements.

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

 
13 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)

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

 
15 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Statistical sales information: • U.S.: ◦ Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. ◦ Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate- owned life insurance. • Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. The following additional information is relevant to an understanding of MetLife’s performance results and outlook: • Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.

 
16 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 1Q22 1Q21 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 $ 606 $ 0.73 $ 290 $ 0.33 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (518) (0.62) 134 0.15 Less: Net derivative gains (losses) (859) (1.03) (2,235) (2.51) Less: Other adjustments to net income (loss) (183) (0.22) (174) (0.19) Less: Provision for income tax (expense) benefit 444 0.53 605 0.69 Add: Net income (loss) attributable to noncontrolling interests 5 0.01 5 0.01 Adjusted earnings available to common shareholders 1,727 2.08 1,965 2.20 Less: Total notable items — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 1,727 $ 2.08 $ 1,965 $ 2.20 Adjusted earnings available to common shareholders on a constant currency basis $ 1,727 $ 2.08 $ 1,928 $ 2.16 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 1,727 $ 2.08 $ 1,928 $ 2.16 constant currency basis Weighted average common shares outstanding - diluted 830.5 892.1 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

 
17 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 1Q22 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 693 $ 112 $ 581 $ 580 $ 142 $ 52 $ 377 $ (117) Less: Total notable items — — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 693 $ 112 $ 581 $ 580 $ 142 $ 52 $ 377 $ (117) Adjusted earnings available to common shareholders on a constant currency basis $ 580 $ 142 $ 52 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 580 $ 142 $ 52 1Q21 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 784 $ 93 $ 691 $ 623 $ 40 $ 71 $ 618 $ (171) Less: Total notable items — — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 784 $ 93 $ 691 $ 623 $ 40 $ 71 $ 618 $ (171) Adjusted earnings available to common shareholders on a constant currency basis $ 605 $ 31 $ 61 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 605 $ 31 $ 61 1Results on a constant currency basis are not included as constant currency impact is not significant.

 
18 Expense Detail and Ratios (In millions, except ratio data) 1Q21 2Q21 3Q21 4Q21 1Q22 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (775) $ (642) $ (635) $ (666) $ (650) Less: Divested businesses (89) — (15) (15) (11) Adjusted capitalization of DAC $ (686) $ (642) $ (620) $ (651) $ (639) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 3,116 $ 2,768 $ 2,869 $ 3,110 $ 2,917 Less: Noncontrolling interests (6) (6) (7) (9) (7) Less: Regulatory implementation costs (3) 6 — 1 — Less: Acquisition, integration and other costs 4 4 2 (1) 7 Less: TSA fees 35 60 73 53 47 Less: Divested businesses 232 4 41 81 32 Adjusted other expenses $ 2,854 $ 2,700 $ 2,760 $ 2,985 $ 2,838 Other Detail and Ratios Other expenses $ 3,116 $ 2,768 $ 2,869 $ 3,110 $ 2,917 Capitalization of DAC (775) (642) (635) (666) (650) Other expenses, net of capitalization of DAC $ 2,341 $ 2,126 $ 2,234 $ 2,444 $ 2,267 Premiums, fees and other revenues $ 12,349 $ 11,218 $ 11,639 $ 15,178 $ 12,849 Expense ratio 19.0 % 19.0 % 19.2 % 16.1 % 17.6 % Direct expenses $ 1,259 $ 1,188 $ 1,266 $ 1,483 $ 1,337 Less: Total notable items related to direct expenses — (84) — — — Direct expenses, excluding total notable items related to direct expenses $ 1,259 $ 1,272 $ 1,266 $ 1,483 $ 1,337 Adjusted other expenses $ 2,854 $ 2,700 $ 2,760 $ 2,985 $ 2,838 Adjusted capitalization of DAC (686) (642) (620) (651) (639) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,168 $ 2,058 $ 2,140 $ 2,334 $ 2,199 Less: Total notable items related to adjusted other expenses — (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 $ 2,199 Adjusted premiums, fees and other revenues $ 11,413 $ 11,122 $ 11,419 $ 15,010 $ 12,732 Less: PRT — (14) (24) 3,551 1,258 Adjusted premiums, fees and other revenues, excluding PRT $ 11,413 $ 11,136 $ 11,443 $ 11,459 $ 11,474 Direct expense ratio 11.0 % 10.7 % 11.1 % 9.9 % 10.5 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.0 % 11.4 % 11.1 % 12.9 % 11.7 % Adjusted expense ratio 19.0 % 18.5 % 18.7 % 15.5 % 17.3 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.0 % 19.2 % 18.7 % 20.4 % 19.2 %

 
19 Premiums, Fees and Other Revenues 1Q21 2Q21 3Q21 4Q21 1Q22 Total Company - Premiums, Fees and Other Revenues Premiums, fees and other revenues $ 12,349 $ 11,218 $ 11,639 $ 15,178 $ 12,849 Less: Unearned revenue adjustments — 12 46 13 (8) Less: GMIB fees 25 24 25 24 23 Less: TSA fees 35 60 73 53 47 Less: Divested businesses 876 — 76 78 55 Adjusted premiums, fees and other revenues $ 11,413 $ 11,122 $ 11,419 $ 15,010 $ 12,732

 
20