Document

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 6, 2020

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)



1-15787				13-4075851
(Commission File Number)				(IRS Employer Identification No.)

	200 Park Avenue,	New York,	NY	10166-0188
(Address of Principal Executive Offices)				(Zip Code)

(212) 578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

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

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



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



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



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



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

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



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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2020, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended March 31, 2020 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Quarterly Financial Supplement for the quarter ended March 31, 2020 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 7.01 Regulation FD Disclosure.

On May 6, 2020, MetLife, Inc. issued a supplemental slide presentation for the quarter ended March 31, 2020 (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement, and provide certain outlook information for the quarter ending June 30, 2020. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 8.01 Other Events.

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

Risk Factors

The following should be read in conjunction with, and supplements and amends, the factors that may affect MetLife, Inc.’s business or operations described under “Risk Factors” in Part I, Item 1A, of MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report").

The Course of the Novel Coronavirus (COVID-19) Pandemic, and Responses to it, Are Uncertain and Difficult to Predict, but Have Adversely Affected and May Continue to Adversely Affect Our Business, Results of Operations, and Financial Condition.

Major public health issues, including the novel coronavirus COVID-19 pandemic (the "COVID-19 Pandemic"), have caused and may continue to cause a large number of illnesses and deaths. Various government bodies in any number of jurisdictions, their representatives, regulators, executive branch officials, legislators, courts, employee representatives, arbitrators, mediators and other persons exercising governmental, political, or related authority or influence (collectively, "Authorities") and other organizations may not effectively respond to the spread and severity of the COVID-19 Pandemic, and their actions and the resulting impacts are unpredictable. The ultimate spread, duration, and severity of the COVID-19 Pandemic, and of Authorities' actions to address it, are uncertain, and may persist. Adverse conditions may worsen over time. Actions to respond to the COVID-19 Pandemic have reduced and altered economic activity and financial markets. New information about the severity and duration of the COVID-19 Pandemic or other public health issues, and Authorities’, businesses’, and societal reactions to that information, may increase the severity or duration of the COVID-19 Pandemic and its effects.

The COVID-19 Pandemic, and its effect on financial markets, have adversely affected our investment portfolio (and, specifically, increased the risk of defaults, downgrades and volatility in the value of the investments we hold, and lowered variable investment income and returns) and may continue to do so. Market volatility may slow or prevent us from reacting to market events as effectively as we otherwise could. When we sell our investment holdings, we may not receive the prices we seek, and may sell at a price lower than our carrying value, due to reduced liquidity during periods of market volatility or disruption, or other reasons. This may affect privately-placed fixed income securities, certain derivative instruments, mortgage or other loans, direct financing and leveraged leases, other limited partnership interests, tax credit and renewable energy partnerships and real estate equity, including real estate joint ventures and funds. Borrowers may delay or fail to pay principal and interest when due, and Authorities may delay or place a moratorium on foreclosures or otherwise impair enforcement actions, affecting the value of our mortgage investments, mortgage-backed securities, and other investments, and the cash flows they produce. Market volatility has also significantly increased credit spreads and may continue to do so, which may increase our borrowing costs and decrease product fee income.

Low, zero or negative interest rates, yields, returns, reduced liquidity and a continued slowdown in U.S. or global economic conditions, and COVID-19 Pandemic-related actions, have adversely affected the values and cash flows of assets in our investment portfolio and may continue to do so, especially if prolonged. Such conditions, whether due to the COVID-19 Pandemic or efforts to counter it or its impact, may make any of the effects we have described for low interest rates, yields, and returns more severe. Conversely, Authorities' actions, including activity by the U.S. Federal Reserve and other central banks, in response to the COVID-19 Pandemic could cause inflation to be higher than we expected, which could require us to strengthen certain reserves.

We have built, and may continue to build, our cash and other liquid assets beyond the range we anticipated before the COVID-19 Pandemic. As a result, we may have less capital to devote to other uses, such as innovation, acquisitions, development, return of capital to shareholders, or other uses. In addition, Authorities may limit the dividends that our operating companies may distribute to holding companies, limiting the capital available for a variety of purposes at the holding companies.

Market dislocations, decreases in observable market activity, or unavailability of information, may restrict our access to key inputs used to derive certain estimates and assumptions made in connection with financial reporting or otherwise. As a result, the variability of our financial statement balances, estimates and assumptions we use to run our business may increase, and their reliability decrease.

The COVID-19 Pandemic has increased, and may continue to increase, claims under many of our policies (for example, life, disability, long-term care, and supplemental health products) and our resulting costs. Beginning in the second quarter of 2020, the impact on claims in each quarter may be far greater than in prior quarters. In addition, an increased number of policyholders and contractholders may have less income or assets, and so may have difficulty paying premiums and fees. Authorities may require (or suggest) “no lapse” in policy coverage for uncertain or prolonged periods of time, regardless of whether we receive premiums or are able to assess fees against policyholder account balances. Legal and regulatory responses to the COVID-19 Pandemic and related public health issues may also include the extension of insurance coverage beyond our policy or contract language, and/or changes to insurance policy conditions such as premium grace periods, suspension of cancellations, and extensions of proof of loss deadlines. Authorities may also purport to change policy coverage, including retroactively, exposing us to risks and costs we were unable to foresee or underwrite. We may also voluntarily (or in response to requirements, guidance, or pressure) adopt customer accommodations, such as waiving exclusions, forgoing rate increases or implementing lower rate increases than we would otherwise, relaxation of claim documentation requirements, premium credit, or accommodations for customers experiencing economic or other distress as a result of the COVID-19 Pandemic. Our New York regulator's annual letters on Special Considerations that affect year-end asset adequacy testing may impose unforeseen assumptions or requirements that require us to increase or release reserves, which could affect our statutory capital and surplus.

Our cost of reinsurance for policies could increase, and we may find reinsurance unavailable. Reinsurers may dispute, or seek to reduce or eliminate, coverage on policies as a result of any changes to policies or practices we make as a result of the COVID-19 Pandemic.

Policyholders may change their behavior in unexpected ways. For example, policyholders and contractholders seeking sources of liquidity due to COVID-19 Pandemic-related economic uncertainty and increased unemployment may withdraw or surrender at greater rates than we expected. They may also change their premium payment practices, exercise product options, or take other actions as a result of the COVID-19 Pandemic and Authorities' efforts to respond to it.

We have incurred, and may continue to incur, increased administrative expenses as a result of the COVID-19 Pandemic and Authorities' efforts to respond to it. These conditions may affect our employees, agents, brokers and distribution partners, as well as the workforces of our vendors, service providers and counterparties. We may have difficulties conducting our business, including in selling our products, such as those traditionally sold in person. We may find it difficult or impossible to obtain required or appropriate signatures from our representatives, customers, or others for a variety of purposes, including property title-related or other filings with Authorities, increasing the uncertainties and risks from various transactions, such as product sales, regulatory matters, or real estate-related transactions. We may face increased workplace safety costs and risks, lose access to critical employees, and face increased employment-related claims and employee-relations challenges, each of which may increase when our employees begin to return to our workplaces. Any of the third parties to whom we outsource certain critical business activities may fail to perform as a result of the COVID-19 Pandemic or claim that it cannot perform due to a force majeure.

Our risk management, contingency, and business continuity plans may not adequately protect our operations. Extended periods of remote work arrangements and other unusual business conditions and circumstances as a result of the COVID-19 Pandemic could strain our business continuity plans, introduce operational risk, increase our cybersecurity risks, and impair our ability to manage our business. The frequency and sophistication of attempts at unauthorized access to our technology systems and fraud may increase, and COVID-19 Pandemic conditions may impair our cybersecurity efforts and risk management. Our efforts to prevent money-laundering or other fraud, whether due to limited abilities to "know our customers," strains on our programs to avoid and deter foreign corrupt practices, or otherwise, may increase our compliance costs and risk of violations.

The COVID-19 Pandemic could affect our internal controls over financial reporting. We have developed, and may continue to develop, new and less-seasoned processes, procedures, and controls to respond to changes in our business environment. If any employees who are key to our controls become ill from the COVID-19 Pandemic and are unable to work, this may affect our ability to operate our internal controls.

Authorities may delay, or consider delaying, implementing legal or regulatory changes, increasing uncertainty and creating the potential for later, rapid changes. Authorities may also not be able to act on other policy or regulatory priorities as a result of

the COVID-19 Pandemic. The United Kingdom and the European Union may extend their trade negotiations. This could prolong the United Kingdom’s post-exit transition period beyond 2020, thereby extending its prior relationship with the European Union.

Our efforts to return excess capital to our shareholders may be challenged. For example, Authorities, investors, or media may exert pressure on us not to repurchase shares of our common stock or other securities, or prohibit us from doing so. Our use of other means to return excess capital to shareholders may be less tax-efficient than repurchases.

Any uncertainty as a result of any of these events, including but not limited to investment portfolio impact, mortality or morbidity rate changes, an increase in expenses, or policyholder behavior changes, may require us to change our estimates, assumptions, models or reserves. Authorities may not accurately report population and impact data, such as death rates, infections, morbidity, hospitalizations, or illness that we use in our estimates, assumptions, models or reserves.

Any of the direct or indirect effects of the COVID-19 Pandemic may cause litigation or regulatory, investor, media, or public inquiries. Our costs to manage and effectively respond to these matters, and to address them in settlement or other ways, may increase.

Any of the events described above have adversely affected, may continue to adversely affect, or may yet adversely affect the global economy, global financial markets, our business, our results of operations, or our financial condition. These events could also cause, contribute to, or exacerbate the risks and uncertainties we described in our 2019 Annual Report.

Consolidated Company Outlook

The following information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Executive Summary - Consolidated Company Outlook” included in the 2019 Annual Report. There have been no material changes to our consolidated company outlook from that previously discussed in the 2019 Annual Report except as noted below.

We are closely monitoring developments relating to the COVID-19 Pandemic and assessing its impact on our business. The COVID-19 Pandemic has had a major impact on the global economy and financial markets. Governments and businesses have taken numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, social distancing, shelter in place or total lock down orders, and business limitations and shutdowns. These measures have disrupted and will continue to disrupt business activity and have resulted in economic slowdown and significant volatility in the financial markets, to which central banks around the world are responding with unprecedented fiscal and monetary policies. The COVID-19 Pandemic and these actions have significantly increased economic uncertainty and reduced economic activity. In addition, a prolonged low, zero, or negative interest rate environment remains possible. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Industry Trends - Impact of a Sustained Low Interest Rate Environment” included in the 2019 Annual Report for discussion of the mitigating actions the Company has taken to reduce interest rate sensitivity as market interest rates are a key driver of our results.

We have implemented risk management and business continuity plans and taken preventive measures and other precautions, such as employee business travel restrictions and remote work arrangements which, to date, have enabled us to maintain our critical business processes, customer service levels, relationships with key vendors, financial reporting systems, internal controls over financial reporting and disclosure controls and procedures.

Events related to the COVID-19 Pandemic could materially adversely affect our business operations, investment portfolio, financial results or financial condition. We will continue reviewing accounting estimates, asset valuations and various financial scenarios for capital and liquidity; however, in light of evolving health, economic, social, regulatory, and other factors, the potential impact of the COVID-19 Pandemic and actions taken in response to it on our business operations, investment portfolio, financial results and financial condition remains uncertain.

During the first quarter of 2020, MetLife, Inc. proactively raised $2.0 billion from the capital markets ($1.0 billion of preferred stock and $1.0 billion of senior debt), providing us with additional capital flexibility in dealing with cash flow volatility related to the current environment, as well as demonstrating our ongoing access to capital markets. As of March 31, 2020, we had $5.3 billion of cash and liquid assets at the holding companies.

Our capital stress testing and longstanding commitment to liquidity, position us to withstand the current crisis. We do not expect any material liquidity deficiencies, and we expect to remain able to comply with the financial covenants of our credit agreements.

As noted in our 2019 Annual Report, we expected (i) the average annual ratio of free cash flow to adjusted earnings over the two-year period of 2020 and 2021 to be 65% to 75%, assuming interest rates follow the observable forward yield curves, as of December 31, 2019, including a 10-year U.S. Treasury rate between 1.5% and 4.5%, and (ii) to generate approximately $20.0 billion of free cash flow over the next five years. However, with recent macroeconomic changes and significant equity market volatility, our ability to meet these targets could be challenged. Assuming (i) interest rates follow the observable forward yield curves as of March 31, 2020, including a 10-year U.S. Treasury rate of 0.67% at March 31, 2020, 0.82% at December 31, 2020 and 0.96% at December 31, 2021, (ii) a 20% S&P 500 equity index decline for the full year 2020, and (iii) a 5% S&P 500 equity index increase for the full year 2021, we expect the average annual ratio of free cash flow to adjusted earnings over the two-year period of 2019 and 2020 to be 65% to 75%. Over the two-year period of 2020 and 2021, our average annual ratio of free cash flow to adjusted earnings could be 40% to 60% reflecting the impact of regulatory cash flow testing on our New York domiciled insurance entity, Metropolitan Life Insurance Company, and the related impact of COVID-19 on investment credit losses.

We continue to target an adjusted return on equity, excluding accumulated other comprehensive income (“AOCI”) other than foreign currency translation adjustments (“FCTA”) of 12% to 14% over the near-term under non-recessionary market conditions. However, with recent macroeconomic changes and significant equity market volatility, and assuming (i) interest rates follow the observable forward yield curves as of March 31, 2020, including our updated ranges for the 10-year U.S. Treasury rates noted above, (ii) a 20% S&P 500 equity index decline for the full year 2020, and (iii) our expectation of high single digit to low double digit negative private equity returns in the second quarter of 2020 decreasing our variable investment income, we would expect to be below the low end of this range in 2020. This target range of 12% to 14% also included the completion of restructuring charges related to our unit cost improvement program which, as we noted in our 2019 Annual Report, is expected to result in an approximately $900 million of pre-tax expense margin expansion in 2020, or approximately a 12.3% direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers, in 2020. We remain committed to achieving this direct expense ratio in 2020 while creating additional capacity to fund over $1.0 billion in incremental technology and innovative investments to accelerate our growth over the next five years or to manage expense margins in more challenging environments.

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

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

Forward-Looking Statements and Other Financial Information

The forward-looking statements in this Item 8.01 of MetLife’s Current Report on Form 8-K such as “will,” “continue,” “remain,” “could,” “expect,” “target” and “would” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in this Item 8.01 and in its other U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

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

Item 9.01 Financial Statements and Exhibits.



99.1	News release of MetLife, Inc., dated May 6, 2020, announcing its results for the quarter ended March 31, 2020



99.2	Quarterly Financial Supplement for the quarter ended March 31, 2020



99.3	Supplemental Slides for the quarter ended March 31, 2020



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



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

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 6, 2020

Exhibit 99.1

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES FIRST QUARTER 2020 RESULTS

NEW YORK, May 6, 2020 - MetLife, Inc. (NYSE: MET) today announced its first quarter 2020 results.

First Quarter Results Summary


•	Net income of $4.4 billion, or $4.75 per share, compared to net income of $1.3 billion, or $1.40 per share in the first quarter of 2019.


•	Adjusted earnings of $1.4 billion, or $1.58 per share, compared to adjusted earnings of $1.4 billion, or $1.48 per share in the first quarter 2019.


•	Adjusted earnings, excluding total notable items, of $1.4 billion, or $1.58 per share, compared to adjusted earnings, excluding total notable items, of $1.5 billion, or $1.54 per share in the first quarter 2019.


•	Book value of $72.62 per share, up 25 percent from $58.06 per share at March 31, 2019.


•	Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $52.36 per share, up 15 percent from $45.58 per share at March 31, 2019.


•	Return on equity (ROE) of 27.1 percent.


•	Adjusted ROE, excluding AOCI other than FCTA, of 12.6 percent.

Strong Financial Position


•	$5.3 billion of cash and liquid assets held at the holding company level at March 31, 2020, which is above our target cash buffer of $3.0-4.0 billion.


•	MetLife’s combined U.S. NAIC risk-based capital ratio (RBC) at December 31, 2019, excluding American Life Insurance Company, was 395 percent, which is above our 360 percent target; MetLife Japan solvency margin ratio was 931 percent at December 31, 2019. As these are year-end 2019 calculations, they do not reflect conditions and factors occurring after the year end.


•	MetLife’s next debt maturity is December 2022, when $500 million of senior notes will mature.


•	Returned over $900 million of capital in the first quarter 2020 through payment of common stock dividend and share repurchases.

“Our commitment to being a purpose-driven company is even more important in the face of this pandemic. For our employees, we’ve introduced a variety of programs to protect their well-being. For our customers, we’re showing flexibility and compassion to help them navigate this challenge. And for our communities, we’re providing significantly increased support,” said MetLife President and CEO Michel Khalaf.

“In the first quarter, MetLife delivered solid results that affirm our underlying financial strength. We entered this period of uncertainty with a business that is less capital intensive, an investment portfolio that is well positioned for a downturn, and a commitment to expense discipline that is stronger than ever. By continuing to execute on our Next Horizon strategy, we're confident we will position MetLife for long-term success.”

Page 1 of 28

First Quarter 2020 Summary



($ in millions, except per share data)	Three months ended March 31,
	2020			2019			Change
Premiums, fees and other revenues	$	11,336		$	11,264		1%
Net investment income	3,061			4,908			(38)%
Net investment gains (losses)	(288		)	15
Net derivative gains (losses)	4,201			115
Total revenues	$	18,310		$	16,302		12%

Total adjusted revenues	$	15,537		$	15,448		1%
Adjusted premiums, fees and other revenues	$	11,216		$	11,167
Adjusted premiums, fees and other revenues, excluding pension risk transfer (PRT)	$	11,225		$	11,169		1%

Net income (loss)	$	4,366		$	1,349		224%
Net income (loss) per share	$	4.75		$	1.40		239%

Adjusted earnings	$	1,449		$	1,424		2%
Adjusted earnings per share	$	1.58		$	1.48		7%
Adjusted earnings, excluding total notable items	$	1,449		$	1,479		(2)%
Adjusted earnings, excluding total notable items per share	$	1.58		$	1.54		3%

Book value per share	$	72.62		$	58.06		25%
Book value per share, excluding AOCI other than FCTA	$	52.36		$	45.58		15%

Expense ratio	20.1		%	21.1		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	12.0		%	12.1		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	19.7		%	19.9		%

ROE	27.1		%	10.3		%
ROE, excluding AOCI other than FCTA	37.8		%	12.5		%
Adjusted ROE, excluding AOCI other than FCTA	12.6		%	13.2		%
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA)	12.6		%	13.7		%

MetLife reported first quarter 2020 premiums, fees and other revenues of $11.3 billion, up 1 percent over the first quarter of 2019. Adjusted premiums, fees and other revenues were $11.2 billion, essentially flat from the prior-year period, and up 1 percent on a constant currency basis.

Page 2 of 28

Net investment income was $3.1 billion, down 38 percent from the first quarter of 2019. 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. On an adjusted basis, net investment income was $4.3 billion, up 1 percent from the prior-year period.

Net derivative gains amounted to $4.2 billion, or $3.3 billion after tax during the quarter, driven by lower interest rates.

Net income was $4.4 billion, compared to net income of $1.3 billion in the first quarter of 2019. On a per share basis, net income was $4.75, compared to net income of $1.40 in the prior-year period.

MetLife reported adjusted earnings of $1.4 billion, up 2 percent, and up 4 percent on a constant currency basis, from the first quarter of 2019. On a per share basis, which includes the impact of share repurchases, adjusted earnings were $1.58, up 7 percent from the prior-year period.

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.

Details about projected COVID-19 impacts to MetLife are available under the heading “2Q20 Outlook” in MetLife’s first quarter 2020 supplemental slides, titled “1Q20 Supplemental Slides,” which are available together with MetLife’s Quarterly Financial Supplement for this period on the MetLife Investor Relations website at www.metlife.com, and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release.

Adjusted Earnings by Segment Summary*



	Three months ended March 31, 2020
Segment	Change from prior-year period	Change from prior-year period (on a constant currency basis)
U.S.	8%
Asia	(2)%	—%
Latin America	(29)%	(19)%
Europe, the Middle East and Africa (EMEA)	(9)%	(6)%
MetLife Holdings	(13)%

*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 2020 in the business discussions that follow are with the first quarter of 2019, unless otherwise noted. The first quarter of 2020 notable items table follows the Business Discussions section of this release.

Page 3 of 28

U.S.



($ in millions)	Three months ended March 31, 2020	Three months ended March 31, 2019	Change
Adjusted earnings	$780	$724	8%
Adjusted premiums, fees and other revenues	$6,189	$6,058	2%
Adjusted premiums, fees and other revenues, excluding PRT	$6,198	$6,060	2%
Notable item(s)	$0	$0


•	Adjusted earnings for the U.S. were $780 million, up 8 percent.


•	Adjusted return on allocated equity was 28.2 percent, and adjusted return on allocated tangible equity was 32.4 percent.


•	Adjusted premiums, fees and other revenues were $6.2 billion, up 2 percent.

Group Benefits



($ in millions)	Three months ended March 31, 2020	Three months ended March 31, 2019	Change
Adjusted earnings	$312	$342	(9)%
Adjusted premiums, fees and other revenues	$4,851	$4,545	7%
Notable item(s)	$0	$0


•	Adjusted earnings for Group Benefits were $312 million, down 9 percent, as volume growth was offset by less favorable underwriting and expense margins.


•	Adjusted premiums, fees and other revenues were $4.9 billion, up 7 percent, driven by growth across all markets.


•	Sales for Group Benefits were down 18 percent for the first quarter of 2020, due to lower jumbo case activity compared to the first quarter 2019.

Page 4 of 28

Retirement and Income Solutions



($ in millions)	Three months ended March 31, 2020	Three months ended March 31, 2019	Change
Adjusted earnings	$359	$285	26%
Adjusted premiums, fees and other revenues	$417	$609	(32)%
Adjusted premiums, fees and other revenues, excluding PRT	$426	$611	(30)%
Notable item(s)	$0	$0


•	Adjusted earnings for Retirement and Income Solutions were $359 million, up 26 percent, driven by favorable variable investment income and volume growth.


•	Adjusted premiums, fees and other revenues were $417 million, down 32 percent, primarily driven by lower structured settlement and institutional income annuity sales.


•	Excluding pension risk transfers, adjusted premiums, fees and other revenues were $426 million, down 30 percent.


•	Sales for Retirement and Income Solutions were up 123 percent over the first quarter of 2019, driven by stable value and capital market investment product deposits.

Property & Casualty



($ in millions)	Three months ended March 31, 2020	Three months ended March 31, 2019	Change
Adjusted earnings	$109	$97	12%
Adjusted premiums, fees and other revenues	$921	$904	2%
Notable item(s)	$0	$0


•	Adjusted earnings for Property & Casualty were $109 million, up 12 percent, driven by favorable underwriting and expense margins.


•	Adjusted premiums, fees and other revenues were $921 million, up 2 percent.


•	Pre-tax catastrophe losses and prior year development totaled $68 million, compared to $38 million in the prior-year period.


•	Sales for Property & Casualty were $125 million, down 19 percent, partially driven by targeted management actions and lower quote activity.

Page 5 of 28

ASIA



($ in millions)	At or for the three months ended March 31, 2020	At or for the three months ended March 31, 2019	Change
Adjusted earnings	$350	$356	(2)%
Adjusted earnings (constant currency)	$350	$350	—%
Adjusted premiums, fees and other revenues	$2,080	$2,121	(2)%
Notable item(s)	$0	$0
General account assets under management (at amortized cost)	$120,490	$112,220	7%


•	Adjusted earnings for Asia were $350 million, down 2 percent, and flat on a constant currency basis, as volume growth was offset by less favorable underwriting, unfavorable equity markets and lower investment margins.


•	Adjusted return on allocated equity was 9.8 percent, and adjusted return on allocated tangible equity was 14.8 percent.


•	Adjusted premiums, fees and other revenues were $2.1 billion, down 2 percent on both a reported and constant currency basis.


•	General account assets under management for Asia (at amortized cost) were $120.5 billion, up 7 percent, and up 9 percent on a constant currency basis.


•	Sales for Asia were $507 million, down 26 percent on a constant currency basis, primarily driven by lower sales in China and Japan.

LATIN AMERICA



($ in millions)	Three months ended March 31, 2020	Three months ended March 31, 2019	Change
Adjusted earnings	$95	$134	(29)%
Adjusted earnings (constant currency)	$95	$118	(19)%
Adjusted premiums, fees and other revenues	$921	$942	(2)%
Notable item(s)	$0	$0


•	Adjusted earnings for Latin America were $95 million, down 29 percent, and down 19 percent on a constant currency basis, driven by lower equity markets impacting Chilean encaje returns.


•	Adjusted return on allocated equity was 12.4 percent, and adjusted return on allocated tangible equity was 20.3 percent.


•	Adjusted premiums, fees and other revenues were $921 million, down 2 percent, and up 8 percent on a constant currency basis.


•	Sales for Latin America were $258 million, up 27 percent on a constant currency basis, driven by higher group sales in Chile, Mexico and Brazil.

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EMEA



($ in millions)	Three months ended March 31, 2020	Three months ended March 31, 2019	Change
Adjusted earnings	$78	$86	(9)%
Adjusted earnings (constant currency)	$78	$83	(6)%
Adjusted premiums, fees and other revenues	$697	$659	6%
Notable item(s)	$0	$0


•	Adjusted earnings for EMEA were $78 million, down 9 percent, and down 6 percent on a constant currency basis, primarily driven by lower equity markets and unfavorable underwriting.


•	Adjusted return on allocated equity was 10.9 percent, and adjusted return on allocated tangible equity was 19.2 percent.


•	Adjusted premiums, fees and other revenues were $697 million, up 6 percent, and up 8 percent on a constant currency basis.


•	Sales for EMEA were $255 million, up 2 percent on a constant currency basis.

METLIFE HOLDINGS



($ in millions)	Three months ended March 31, 2020	Three months ended March 31, 2019	Change
Adjusted earnings	$277	$317	(13)%
Adjusted premiums, fees and other revenues	$1,233	$1,268	(3)%
Notable item(s)	$0	$0


•	Adjusted earnings for MetLife Holdings were $277 million, down 13 percent, driven by lower equity markets.


•	Adjusted return on allocated equity was 11.2 percent, and adjusted return on allocated tangible equity was 12.5 percent.


•	Adjusted premiums, fees and other revenues were $1.2 billion, down 3 percent.

CORPORATE & OTHER



($ in millions)	Three months ended March 31, 2020	Three months ended March 31, 2019	Change
Adjusted earnings	$(131)	$(193)
Notable item(s)	$0	$(55)


•	Corporate & Other had an adjusted loss of $131 million, compared to an adjusted loss of $193 million in the first quarter of 2019. The notable item in the prior-year period is related to the company's previously announced cost saving initiative.

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INVESTMENTS



($ in millions)	Three months ended March 31, 2020	Three months ended March 31, 2019	Change
Net investment income (as reported on an adjusted basis)	$4,321	$4,281	1%


•	Net investment income (as reported on an adjusted basis) was $4.3 billion, up 1 percent. Variable investment income was $351 million, compared to $174 million in the first quarter of 2019, driven by higher private equity income.

FIRST QUARTER 2020 NOTABLE ITEMS



($ in millions)	Adjusted Earnings
	Three months ended March 31, 2020
Notable Items	U.S.			Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions	Property & Casualty
Total notable items	$0	$0	$0	$0	$0	$0	$0	$0	$0

###

Contacts: For Media: Ashia Razzaq (212) 578-1538

For Investors: John Hall (347) 401-3404

About MetLife

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

Conference Call

MetLife will hold its first quarter 2020 earnings conference call and audio webcast on Thursday, May 7, 2020, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 844-291-6362 (U.S.) or 234-720-6995 (outside the U.S.). The participant access code is 6162808. To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 2:15 p.m. (ET) on Thursday, May 7, 2020, until Thursday, May 14, 2020, at 10:55 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 9798723. To access the replay of the conference call over the internet, visit the above-mentioned website.

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Non-GAAP and Other Financial Disclosures



Any references in this news release (except in this section and the tables that accompany this release) to:		should be read as, respectively:

(i)	net income (loss);	(i)	net income (loss) available to MetLife, Inc.’s common shareholders;
(ii)	net income (loss) per share;	(ii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(iii)	adjusted earnings;	(iii)	adjusted earnings available to common shareholders;
(iv)	adjusted earnings per share;	(iv)	adjusted earnings available to common shareholders per diluted common share;
(v)	book value per share;	(v)	book value per common share;
(vi)	book value per share, excluding AOCI other than FCTA;	(vi)	book value per common share, excluding AOCI other than FCTA;
(vii)	book value per share-tangible common stockholders’ equity;	(vii)	book value per common share-tangible common stockholders’ equity;
(viii)	premiums, fees and other revenues;	(viii)	premiums, fees and other revenues (adjusted);
(ix)	return on equity;	(ix)	return on MetLife, Inc.’s common stockholders’ equity;
(x)	return on equity, excluding AOCI other than FCTA;	(x)	return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI, other than FCTA;
(xi)	adjusted return on equity, excluding AOCI other than FCTA;	(xi)	adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;
(xii)	tangible return on equity; and	(xii)	return on MetLife, Inc.’s tangible common stockholders' equity; and
(xiii)	adjusted tangible return on equity.	(xiii)	adjusted return on MetLife, Inc.’s tangible common stockholders’ equity.

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

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The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:



Non-GAAP financial measures:		Comparable GAAP financial measures:

(i)	total adjusted revenues;	(i)	total revenues;
(ii)	total adjusted expenses;	(ii)	total expenses;
(iii)	adjusted premiums, fees and other revenues;	(iii)	premiums, fees and other revenues;
(iv)	adjusted premiums, fees and other revenues, excluding PRT;	(iv)	premiums, fees and other revenues;
(v)	adjusted earnings;	(v)	income (loss) from continuing operations, net of income tax;
(vi)	net investment income, as reported on an adjusted basis;	(vi)	net investment income;
(vii)	capitalization of deferred policy acquisition costs (DAC), as reported on an adjusted basis;	(vii)	capitalization of DAC;
(viii)	adjusted earnings available to common shareholders;	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(ix)	adjusted earnings available to common shareholders, excluding total notable items;	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders;
(x)	adjusted earnings available to common shareholders per diluted common share;	(x)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xi)	adjusted earnings available to common shareholders, excluding total notable items, per diluted common share;	(xi)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xii)	adjusted return on equity;	(xii)	return on equity;
(xiii)	adjusted return on equity, excluding AOCI other than FCTA;	(xiii)	return on equity;
(xiv)	adjusted tangible return on equity;	(xiv)	return on equity;
(xv)	investment portfolio gains (losses);	(xv)	net investment gains (losses);
(xvi)	derivative gains (losses);	(xvi)	net derivative gains (losses);
(xvii)	total MetLife, Inc.’s tangible common stockholders’ equity;	(xvii)	total MetLife, Inc.’s stockholders’ equity;
(xviii)	total MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;	(xviii)	total MetLife, Inc.’s stockholders’ equity;
(xix)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;	(xix)	total MetLife, Inc.’s stockholders’ equity;
(xx)	total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);	(xx)	total MetLife, Inc.’s stockholders’ equity;
(xxi)	book value per common share, excluding AOCI other than FCTA;	(xxi)	book value per common share;
(xxii)	book value per common share - tangible common stockholders' equity;	(xxii)	book value per common share;
(xxiii)	free cash flow of all holding companies;	(xxiii)	MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;

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(xxiv)	other expenses, as reported on an adjusted basis;	(xxiv)	other expenses;
(xxv)	other expenses, net of capitalization of DAC, as reported on an adjusted basis;	(xxv)	other expenses, net of capitalization of DAC;
(xxvi)	other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis;	(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 other expenses and PRT;	(xxviii)	expense ratio;
(xxix)	direct expenses;	(xxix)	other expenses;
(xxx)	direct expenses, excluding total notable items related to direct expenses;	(xxx)	other expenses;
(xxxi)	direct expense ratio; and	(xxxi)	expense ratio; and
(xxxii)	direct expense ratio, excluding total notable items related to direct expenses and PRT.	(xxxii)	expense ratio.

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

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

MetLife’s definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:

Adjusted earnings and related measures


•	adjusted earnings;


•	adjusted earnings available to common shareholders;


•	adjusted earnings available to common shareholders on a constant currency basis;


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


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


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


•	adjusted earnings available to common shareholders on a constant currency basis per diluted common share;


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


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

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These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its Business Plan and facilitate comparisons to industry results.

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

Adjusted revenues and adjusted expenses

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

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

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


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

•

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


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

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

•

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

•

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


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


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


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


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

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

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

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

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


•	Return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: net income (loss) available to MetLife, Inc.’s 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: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity.


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


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

•

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


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

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


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


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


•	Return on MetLife, Inc.’s tangible common stockholders' equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders' equity.


•	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: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.


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


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


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

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

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

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

Statistical sales information:


•	U.S.:


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


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


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

•

Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group).

Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

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

•

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

•

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

•

Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

•

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Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words and terms such as "2Q," “anticipate,” "continue," “estimate,” “expect,” "future," "ongoing," "outlook," "plan," "positioned," “project,” "remain," “second quarter,” "target," "will," "would," and other words and terms of similar meaning, in each of their forms of speech, or that are tied to future periods, in connection with a discussion of future performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Many factors will be important in determining the results of MetLife, Inc., its subsidiaries and affiliates. Forward-looking statements are based on our assumptions and current expectations, which may be inaccurate, and on the current economic environment, which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) the course of the COVID-19 pandemic and responses to it, which may also precipitate or exacerbate the remaining risks; (2) difficult economic conditions, including risks relating to interest rates, credit spreads, equity, real estate, obligors and counterparties, currency exchange rates, derivatives, and terrorism and security; (3) adverse global capital and credit market conditions, which may affect our ability to meet liquidity needs and access capital, including through credit facilities; (4) downgrades in our claims paying ability, financial strength or credit ratings; (5) availability and effectiveness of reinsurance, hedging or indemnification arrangements; (6) increasing cost and limited market capacity for statutory life insurance reserve financings; (7) the impact on us of changes to and implementation of the wide variety of laws and regulations to which we are subject; (8) regulatory, legislative or tax changes relating to our operations that may affect the cost of, or demand for, our products or services; (9) adverse results or other consequences from litigation, arbitration or regulatory investigations; (10) legal, regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (11) MetLife, Inc.’s primary reliance, as a holding company, on dividends from subsidiaries to meet free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (12) investment losses, defaults and volatility; (13) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (14) changes to securities and investment valuations, allowances and impairments taken on investments, and methodologies, estimates and assumptions;

Page 17 of 28

(15) differences between actual claims experience and underwriting and reserving assumptions; (16) political, legal, operational, economic and other risks relating to our global operations; (17) competitive pressures, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (18) the impact of technological changes on our businesses; (19) catastrophe losses; (20) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (21) impairment of goodwill or other long-lived assets, or the establishment of a valuation allowance against our deferred income tax asset; (22) changes in assumptions related to deferred policy acquisition costs, deferred sales inducements or value of business acquired; (23) exposure to losses related to guarantees in certain products; (24) ineffectiveness of risk management policies and procedures or models; (25) a failure in cybersecurity systems or other information security systems or disaster recovery plans; (26) any failure to protect the confidentiality of client information; (27) changes in accounting standards; (28) associates taking excessive risks; (29) difficulties in or complications from marketing and distributing products through our distribution channels; (30) increased expenses relating to pension and other postretirement benefit plans; (31) inability to protect our intellectual property rights or claims of infringement of others’ intellectual property rights; (32) difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from business acquisitions and dispositions, joint ventures, or other legal entity reorganizations; (33) unanticipated or adverse developments that could harm our expected operational or other benefits from the separation of Brighthouse Financial, Inc. and its subsidiaries; (34) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (35) provisions of laws and our incorporation documents that may delay, deter or prevent takeovers and corporate combinations involving MetLife; and (36) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

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

Page 18 of 28



MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
(In millions)

	For the Three Months Ended
	March 31,
	2020			2019
Revenues
Premiums	$	9,466		$	9,405
Universal life and investment-type product policy fees	1,431			1,365
Net investment income	3,061			4,908
Other revenues	439			494
Net investment gains (losses)	(288		)	15
Net derivative gains (losses)	4,201			115
Total revenues	18,310			16,302

Expenses
Policyholder benefits and claims	9,022			9,072
Interest credited to policyholder account balances	80			1,961
Policyholder dividends	292			300
Capitalization of DAC	(774		)	(812		)
Amortization of DAC and VOBA	788			624
Amortization of negative VOBA	(10		)	(10		)
Interest expense on debt	222			234
Other expenses	3,047			3,189
Total expenses	12,667			14,558

Income (loss) from continuing operations before provision for income tax	5,643			1,744
Provision for income tax expense (benefit)	1,242			359
Income (loss) from continuing operations, net of income tax	4,401			1,385
Income (loss) from discontinued operations, net of income tax	—			—
Net income (loss)	4,401			1,385
Less: Net income (loss) attributable to noncontrolling interests	3			4
Net income (loss) attributable to MetLife, Inc.	4,398			1,381
Less: Preferred stock dividends	32			32
Net income (loss) available to MetLife, Inc.'s common shareholders	$	4,366		$	1,349

See footnotes on last page.

Page 19 of 28



MetLife, Inc.
(Unaudited)
(In millions, except per share data)

	For the Three Months Ended
	March 31,
	2020						2019
Reconciliation to Adjusted Earnings Available to Common Shareholders				Earnings Per Weighted Average Common Share Diluted (1)						Earnings Per Weighted Average Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders	$	4,366		$	4.75		$	1,349		$	1.40

Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(288		)	(0.31		)	15			0.02
Net derivative gains (losses)	4,201			4.57			115			0.12
Premiums	32			0.03			—			—
Universal life and investment-type product policy fees	46			0.05			27			0.03
Net investment income	(1,260		)	(1.37		)	627			0.65
Other revenues	42			0.05			70			0.07
Policyholder benefits and claims and policyholder dividends	49			0.05			(131		)	(0.14		)
Interest credited to policyholder account balances	1,138			1.23			(713		)	(0.74		)
Capitalization of DAC	3			—			—			—
Amortization of DAC and VOBA	(49		)	(0.05		)	31			0.03
Amortization of negative VOBA	—			—			—			—
Interest expense on debt	—			—			—			—
Other expenses	(66		)	(0.07		)	(88		)	(0.09		)
Goodwill impairment	—			—			—			—
Provision for income tax (expense) benefit	(928		)	(1.01		)	(24		)	(0.03		)
Income (loss) from discontinued operations, net of income tax	—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	3			—			4			—
Adjusted earnings available to common shareholders	1,449			1.58			1,424			1.48
Less: Total notable items (2)	—			—			(55		)	(0.06		)
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,449		$	1.58		$	1,479		$	1.54

Adjusted earnings available to common shareholders on a constant currency basis	$	1,449		$	1.58		$	1,399		$	1.45
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	1,449		$	1.58		$	1,454		$	1.51

Weighted average common shares outstanding - diluted				920.0						963.3

See footnotes on last page.

Page 20 of 28



MetLife, Inc.
(Unaudited)
(In millions)

	For the Three Months Ended
	March 31,
	2020			2019
Premiums, Fees and Other Revenues
Premiums, fees and other revenues	$	11,336		$	11,264
Less: Unearned revenue adjustments	18			—
GMIB fees	26			27
Settlement of foreign currency earnings hedges	—			2
TSA fees	42			68
Divested businesses	34			—
Adjusted premiums, fees and other revenues	$	11,216		$	11,167

Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,216		$	11,062
Less: Pension risk transfer (PRT) (3)	(9		)	(2		)
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis	$	11,225		$	11,064

Net Investment Income
Net investment income	$	3,061		$	4,908
Less: Investment hedge adjustments	(138		)	(105		)
Operating joint venture adjustments	—			—
Unit-linked contract income	(1,140		)	736
Securitization entities income	—			—
Certain partnership distributions	(4		)	(4		)
Divested businesses	22			—
Net investment income, as reported on an adjusted basis	$	4,321		$	4,281

Revenues and Expenses
Total revenues	$	18,310		$	16,302
Less: Net investment gains (losses)	(288		)	15
Less: Net derivative gains (losses)	4,201			115
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	18			—
Less: Other adjustments to revenues:
GMIB fees	26			27
Investment hedge adjustments	(138		)	(105		)
Operating joint venture adjustments	—			—
Unit-linked contract income	(1,140		)	736
Securitization entities income	—			—
Certain partnership distributions	(4		)	(4		)
Settlement of foreign currency earnings hedges	—			2
TSA fees	42			68
Divested businesses	56			—
Total adjusted revenues	$	15,537		$	15,448

Total expenses	$	12,667		$	14,558
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	30			(24		)
Less: Goodwill impairment	—			—
Less: Other adjustments to expenses:
PBC hedge adjustments	9			—
Inflation and pass-through adjustments	48			79
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	(128		)	49
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	11			(4		)
PAB hedge adjustments	(5		)	(3		)
Unit-linked contract costs	(1,138		)	716
Securitization entities debt expense	—			—
Noncontrolling interest	(3		)	(6		)
Regulatory implementation costs	2			3
Acquisition, integration and other costs	6			23
TSA fees	42			68
Divested businesses	51			—
Total adjusted expenses	$	13,742		$	13,657

See footnotes on last page.

Page 21 of 28



MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)

	For the Three Months Ended
	March 31,
	2020			2019
Expense Detail and Ratios

Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis
Capitalization of DAC	$	(774	)	$	(812	)
Less: Divested businesses	(3		)	—
Capitalization of DAC, as reported on an adjusted basis	$	(771	)	$	(812	)

Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis
Other expenses	$	3,047		$	3,189
Less: Noncontrolling interest	(3		)	(6		)
Less: Regulatory implementation costs	2			3
Less: Acquisition, integration and other costs	6			23
Less: TSA fees	42			68
Less: Divested businesses	19			—
Other expenses, as reported on an adjusted basis	$	2,981		$	3,101

Other Detail and Ratios
Other expenses	$	3,047		$	3,189
Capitalization of DAC	(774		)	(812		)
Other expenses, net of capitalization of DAC	$	2,273		$	2,377

Premiums, fees and other revenues	$	11,336		$	11,264

Expense ratio	20.1		%	21.1		%

Direct expenses	$	1,344		$	1,420
Less: Total notable items related to direct expenses (2)	—			70
Direct expenses, excluding total notable items related to direct expenses (2)	$	1,344		$	1,350

Other expenses, as reported on an adjusted basis	$	2,981		$	3,101
Capitalization of DAC, as reported on an adjusted basis	(771		)	(812		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,210			2,289
Less: Total notable items related to other expenses, as reported on an adjusted basis (2)	—			70
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (2)	$	2,210		$	2,219

Adjusted premiums, fees and other revenues	$	11,216		$	11,167
Less: PRT	(9		)	(2		)
Adjusted premiums, fees and other revenues, excluding PRT	$	11,225		$	11,169

Direct expense ratio	12.0		%	12.7		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)	12.0		%	12.1		%
Adjusted expense ratio	19.7		%	20.5		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT (2)	19.7		%	19.9		%

See footnotes on last page.

Page 22 of 28



MetLife, Inc.
(Unaudited)
(In millions, except per share data)
	For the Three Months Ended
	March 31,
Equity Details	2020			2019
Total MetLife, Inc.'s stockholders' equity	$	70,221		$	58,509
Less: Preferred stock	4,312			3,340
MetLife, Inc.'s common stockholders' equity	65,909			55,169
Less: Net unrealized investment gains (losses), net of income tax	20,369			13,862
Defined benefit plans adjustment, net of income tax	(1,985		)	(2,004		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	47,525			43,311
Less: Goodwill, net of income tax	8,828			9,082
VODA and VOCRA, net of income tax	276			298
Total MetLife, Inc.'s tangible common stockholders' equity	$	38,421		$	33,931

	March 31,
	2020			2019
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	47,525		$	43,311
Less: Accumulated total notable items (2)	—			(55		)
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	47,525			43,366
Less: Goodwill, net of income tax	8,828			9,082
VODA and VOCRA, net of income tax	276			298
Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2)	$	38,421		$	33,986

	March 31,
Book Value (4)	2020			2019
Book value per common share	$	72.62		$	58.06
Less: Net unrealized investment gains (losses), net of income tax	22.45			14.59
Defined benefit plans adjustment, net of income tax	(2.19		)	(2.11		)
Book value per common share, excluding AOCI other than FCTA	52.36			45.58
Less: Goodwill, net of income tax	9.73			9.56
VODA and VOCRA, net of income tax	0.30			0.31
Book value per common share - tangible common stockholders' equity	$	42.33		$	35.71

Common shares outstanding, end of period	907.6			950.2


	For the Three Months Ended
	March 31,
Average Common Stockholders' Equity	2020			2019
Average common stockholders' equity	$	64,357		$	52,285
Average common stockholders' equity, excluding AOCI other than FCTA	$	46,175		$	43,043
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	46,175		$	43,070
Average tangible common stockholders' equity	$	36,996		$	33,630
Average tangible common stockholders' equity, excluding total notable items (2)	$	36,996		$	33,658

See footnotes on last page.

Page 23 of 28



MetLife, Inc.
(Unaudited)

	For the Three Months Ended
	March 31, (5)
	2020		2019
Return on Equity
Return on MetLife, Inc.'s:
Common stockholders' equity	27.1	%	10.3	%
Common stockholders' equity, excluding AOCI other than FCTA	37.8	%	12.5	%
Tangible common stockholders' equity (6)	47.3	%	16.2	%

Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	9.0	%	10.9	%
Common stockholders' equity, excluding AOCI other than FCTA	12.6	%	13.2	%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	12.6	%	13.7	%
Tangible common stockholders' equity (6)	15.8	%	17.1	%
Tangible common stockholders' equity, excluding total notable items (2), (6)	15.8	%	17.7	%

Adjusted Return on Allocated Equity:
U.S.	28.2	%	27.0	%
Asia	9.8	%	10.0	%
Latin America	12.4	%	18.1	%
EMEA	10.9	%	12.3	%
MetLife Holdings	11.2	%	13.2	%

Adjusted Return on Allocated Tangible Equity:
U.S.	32.4	%	30.7	%
Asia	14.8	%	15.2	%
Latin America	20.3	%	29.9	%
EMEA	19.2	%	22.1	%
MetLife Holdings	12.5	%	14.8	%

See footnotes on last page.

Page 24 of 28



MetLife, Inc.
(Unaudited)

Private Equity Returns (7)

Year	Return			Year			Return
2008	3.3%			2014			16.7%
2009	(1.4)%			2015			13.4%
2010	16.5%			2016			12.8%
2011	12.4%			2017			15.8%
2012	13.8%			2018			14.4%
2013	14.1%			2019			12.1%

Below Investment Grade Credit (8)
(in billions, except ratio data)

	March 31,			December 31,
Rating	2020			2015
BB	75		%	72		%
B	21		%	23		%
CC and below	4		%	5		%

Total	$	14.2		$	17.7
% of GA AUM	3.0		%	4.6		%

Syndicated Bank Loans (8)
(in billions, except ratio data)

	March 31,			December 31,
Rating	2020			2015
BBB and above	20		%	12		%
BB	55		%	59		%
B	23		%	28		%
CC and below	2		%	1		%

Total	$	4.0		$	5.3
% of GA AUM	0.9		%	1.4		%

Fixed Maturity Securities Exposure to Stressed Sectors
(in millions, except ratio data)

Sector	Book Value (9)			Investment Grade %			% of Total Investments (10)
March 31, 2020
Energy	$	8,696		85		%	1.7	%
Airports	3,489			93		%	0.7	%
Airlines	556			78		%	0.1	%
Cruise Lines / Leisure	504			86		%	0.1	%
Restaurants	415			89		%	0.1	%
Lodging	307			77		%	0.1	%
Fixed Maturity Securities Exposure to Stressed Sectors (11)	$	13,967					2.8	%

See footnotes on last page.

Page 25 of 28



MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)

		For the Three Months Ended
		March 31,
		2020			2019

U.S. (3):

	Adjusted earnings available to common shareholders	$	780		$	724
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	780		$	724


	Adjusted premiums, fees and other revenues	$	6,189		$	6,058
	Less: PRT	(9		)	(2		)
	Adjusted premiums, fees and other revenues, excluding PRT	$	6,198		$	6,060

Group Benefits (3):

	Adjusted earnings available to common shareholders	$	312		$	342
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	312		$	342


	Adjusted premiums, fees and other revenues	$	4,851		$	4,545

Retirement & Income Solutions (3):

	Adjusted earnings available to common shareholders	$	359		$	285
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	359		$	285


	Adjusted premiums, fees and other revenues	$	417		$	609
	Less: PRT	(9		)	(2		)
	Adjusted premiums, fees and other revenues, excluding PRT	$	426		$	611


Property & Casualty (3):

	Adjusted earnings available to common shareholders	$	109		$	97
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	109		$	97


	Adjusted premiums, fees and other revenues	$	921		$	904

See footnotes on last page.

Page 26 of 28



MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(Unaudited)
(In millions)

		For the Three Months Ended
		March 31,
		2020			2019

Asia:

	Adjusted earnings available to common shareholders	$	350		$	356
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	350		$	356

	Adjusted earnings available to common shareholders on a constant currency basis	$	350		$	350
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	350		$	350

	Adjusted premiums, fees and other revenues	$	2,080		$	2,121
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,080		$	2,117

Latin America:

	Adjusted earnings available to common shareholders	$	95		$	134
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	95		$	134

	Adjusted earnings available to common shareholders on a constant currency basis	$	95		$	118
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	95		$	118

	Adjusted premiums, fees and other revenues	$	921		$	942
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	921		$	854

EMEA:

	Adjusted earnings available to common shareholders	$	78		$	86
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	78		$	86

	Adjusted earnings available to common shareholders on a constant currency basis	$	78		$	83
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	78		$	83

	Adjusted premiums, fees and other revenues	$	697		$	659
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	697		$	646

MetLife Holdings (3):

	Adjusted earnings available to common shareholders	$	277		$	317
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	277		$	317

	Adjusted premiums, fees and other revenues	$	1,233		$	1,268

Corporate & Other (3):

	Adjusted earnings available to common shareholders	$	(131	)	$	(193	)
	Less: Total notable items (2)	—			(55		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	(131	)	$	(138	)

	Adjusted premiums, fees and other revenues	$	96		$	119


See footnotes on last page.

Page 27 of 28



MetLife, Inc.
(Unaudited)

(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 the sum of (i) adjusted earnings available to common shareholders per diluted common share and (ii) total notable items per diluted common share.

(2)	Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively.

(3)	Results on a constant currency basis are not included as constant currency impact is not significant.

(4)	Book values exclude $4,312 million and $3,340 of equity related to preferred stock at March 31, 2020 and 2019, respectively.

(5)	Annualized using quarter-to-date results.

(6)	Net income (loss) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended March 31, 2020 and 2019 of $8 million and $10 million, respectively.

(7)	Represents private equity and middle market capital component of other invested assets.

(8)	Credit portfolio is estimated at fair value and includes public and private corporates, municipals and foreign governments. Percentages presented include the below investment grade credit or syndicated bank loans by rating distribution.

(9)	Represents fixed maturity securities available-for-sale at amortized cost, net of allowance for credit loss.

(10)	Total investments represents cash, cash equivalents and invested assets.

(11)	The estimated fair value of fixed maturity securities was $13.0 billion.

Page 28 of 28

Table of Contents

Exhibit 99.2

First Quarter

Financial Supplement

March 31, 2020

Table of Contents




	METLIFE TABLE OF CONTENTS

	GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2

	CORPORATE OVERVIEW	3

	KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5

	EXPENSE DETAIL AND RATIOS	7

	CONSOLIDATED BALANCE SHEETS	8

	SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	9

	ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	10

	U.S.
	Statements of Adjusted Earnings Available to Common Shareholders	11
	Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	12
	Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	13
	Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	14
	Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	15
	Group Benefits - Other Expenses by Major Category; and Other Statistical Information	16
	Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; and Synthetic GICs	17
	Retirement and Income Solutions - Other Expenses by Major Category; and Spread	18
	Property & Casualty - Other Expenses by Major Category; and Net Written Premiums By Product and Selected Financial Information and Supplemental Data	19

	ASIA
	Statements of Adjusted Earnings Available to Common Shareholders	20
	Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	21
	General Account Assets Under Management and Related Measures	22

	LATIN AMERICA
	Statements of Adjusted Earnings Available to Common Shareholders	23
	Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	24

	EMEA
	Statements of Adjusted Earnings Available to Common Shareholders	25
	Other Expenses by Major Category; and Other Statistical Information	26

	METLIFE HOLDINGS
	Statements of Adjusted Earnings Available to Common Shareholders	27
	Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	28
	Other Expenses by Major Category; and Other Statistical Information	29

	CORPORATE & OTHER
	Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source	30

	INVESTMENTS
	Investment Portfolio Results by Asset Category and Annualized Yields	31
	Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses Aging Schedule: Fixed Maturity Securities Available-for-Sale	32
	Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	33
	Footnotes	34

	APPENDIX
	Reconciliation Detail	A-1
	Notable Items	A-2
	Equity Details, Book Value Details and Return on Equity	A-3
	Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-4
	Non-GAAP and Other Financial Disclosures	A-5
	Acronyms	A-8

Table of Contents




METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Revenues
Premiums		$	9,405		$	10,129		$	10,781		$	11,920		$	9,466		$	9,405		$	9,466
Universal life and investment-type product policy fees		1,365			1,412			1,440			1,386			1,431			1,365			1,431
Net investment income		4,908			4,693			4,623			4,644			3,061			4,908			3,061
Other revenues		494			478			419			451			439			494			439
Net investment gains (losses)		15			61			161			207			(288		)	15			(288		)
Net derivative gains (losses)		115			724			1,254			(1,465		)	4,201			115			4,201
Total revenues		16,302			17,497			18,678			17,143			18,310			16,302			18,310

Expenses
Policyholder benefits and claims		9,072			9,993			10,648			11,748			9,022			9,072			9,022
Interest credited to policyholder account balances		1,961			1,515			1,500			1,488			80			1,961			80
Policyholder dividends		300			302			296			313			292			300			292
Capitalization of DAC		(812		)	(837		)	(882		)	(827		)	(774		)	(812		)	(774		)
Amortization of DAC and VOBA		624			689			797			786			788			624			788
Amortization of negative VOBA		(10		)	(10		)	(4		)	(9		)	(10		)	(10		)	(10		)
Interest expense on debt		234			274			223			224			222			234			222
Other expenses		3,189			3,274			3,309			3,457			3,047			3,189			3,047
Total expenses		14,558			15,200			15,887			17,180			12,667			14,558			12,667
Income (loss) from continuing operations before provision for income tax		1,744			2,297			2,791			(37		)	5,643			1,744			5,643
Provision for income tax expense (benefit)		359			551			601			(625		)	1,242			359			1,242
Income (loss) from continuing operations, net of income tax		1,385			1,746			2,190			588			4,401			1,385			4,401
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		1,385			1,746			2,190			588			4,401			1,385			4,401
Less: Net income (loss) attributable to noncontrolling interests		4			5			6			(5		)	3			4			3
Net income (loss) attributable to MetLife, Inc.		1,381			1,741			2,184			593			4,398			1,381			4,398
Less: Preferred stock dividends		32			57			32			57			32			32			32
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,349		$	1,684		$	2,152		$	536		$	4,366		$	1,349		$	4,366

Premiums, fees and other revenues		$	11,264		$	12,019		$	12,640		$	13,757		$	11,336		$	11,264		$	11,336

Table of Contents




METLIFE CORPORATE OVERVIEW

	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,349		$	1,684		$	2,152		$	536		$	4,366
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	15			61			161			207			(288		)
Less: Net derivative gains (losses)	115			724			1,254			(1,465		)	4,201
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(177		)	(179		)	(107		)	(418		)	(65		)
Less: Provision for income tax (expense) benefit	(24		)	(236		)	(340		)	373			(928		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	4			5			6			(5		)	3
Adjusted earnings available to common shareholders	$	1,424		$	1,319		$	1,190		$	1,834		$	1,449

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.40		$	1.77		$	2.30		$	0.58		$	4.75
Less: Net investment gains (losses)	0.02			0.06			0.17			0.22			(0.31		)
Less: Net derivative gains (losses)	0.12			0.76			1.34			(1.58		)	4.57
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.19		)	(0.18		)	(0.11		)	(0.45		)	(0.08		)
Less: Provision for income tax (expense) benefit	(0.03		)	(0.24		)	(0.36		)	0.40			(1.01		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	—			0.01			0.01			(0.01		)	—
Adjusted earnings available to common shareholders per diluted common share	$	1.48		$	1.38		$	1.27		$	1.98		$	1.58

	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	—		$	—		$	(160	)	$	—		$	—
Expense initiative costs	(55		)	(70		)	(88		)	(119		)	—
Interest on tax adjustments	—			—			—			64			—
Tax adjustments	—			—			—			475			—
Total notable items	$	(55	)	$	(70	)	$	(248	)	$	420		$	—

Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	—		$	—		$	(0.17	)	$	—		$	—
Expense initiative costs	$	(0.06	)	$	(0.07	)	$	(0.09	)	$	(0.13	)	$	—
Interest on tax adjustments	$	—		$	—		$	—		$	0.07		$	—
Tax adjustments	$	—		$	—		$	—		$	0.51		$	—
Total notable items	$	(0.06	)	$	(0.07	)	$	(0.26	)	$	0.45		$	—


	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Weighted average common shares outstanding - diluted	963.3			952.9			936.4			925.7			920.0

(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.

Table of Contents




METLIFE CORPORATE OVERVIEW (CONTINUED)

Unaudited	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Book value per common share (1)	$	58.06		$	64.61		$	70.71		$	68.62		$	72.62
Book value per common share, excluding AOCI other than FCTA (1)	$	45.58		$	47.09		$	48.56		$	48.97		$	52.36
Book value per common share - tangible common stockholders' equity (1)	$	35.71		$	37.09		$	38.52		$	38.86		$	42.33


	For the Three Months Ended
Unaudited	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Return on MetLife, Inc.'s (2):
Common stockholders' equity	10.3		%	11.6		%	13.7		%	3.4		%	27.1		%
Common stockholders' equity, excluding AOCI other than FCTA	12.5		%	15.4		%	19.4		%	4.8		%	37.8		%
Tangible common stockholders' equity	16.2		%	19.7		%	24.6		%	6.1		%	47.3		%

Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	10.9		%	9.1		%	7.6		%	11.5		%	9.0		%
Common stockholders' equity, excluding AOCI other than FCTA	13.2		%	12.1		%	10.7		%	16.4		%	12.6		%
Tangible common stockholders' equity	17.1		%	15.5		%	13.7		%	20.7		%	15.8		%


	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Common shares outstanding, beginning of period	958.6			950.2			935.9			919.6			915.3
Share repurchases	(11.2		)	(15.8		)	(17.1		)	(5.1		)	(10.6		)
Newly issued shares	2.8			1.5			0.8			0.8			2.9
Common shares outstanding, end of period	950.2			935.9			919.6			915.3			907.6

Weighted average common shares outstanding - basic	956.5			946.2			929.6			918.7			914.1
Dilutive effect of the exercise or issuance of stock-based awards	6.8			6.7			6.8			7.0			5.9
Weighted average common shares outstanding - diluted	963.3			952.9			936.4			925.7			920.0

MetLife Policyholder Trust Shares	146.2			144.3			142.8			140.7			139.2

(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-3 for further detail.

Table of Contents




METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS



	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Total revenues	$	16,302		$	17,497		$	18,678		$	17,143		$	18,310		$	16,302		$	18,310
Less: Net investment gains (losses)	15			61			161			207			(288		)	15			(288		)
Less: Net derivative gains (losses)	115			724			1,254			(1,465		)	4,201			115			4,201
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	—			20			59			18			18			—			18
Less: Other adjustments to revenues:
GMIB fees	27			28			27			26			26			27			26
Investment hedge adjustments	(105		)	(118		)	(121		)	(125		)	(138		)	(105		)	(138		)
Operating joint venture adjustments	—			—			—			—			—			—			—
Unit-linked contract income	736			261			250			228			(1,140		)	736			(1,140		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(4		)	(4		)	(2		)	(5		)	(4		)	(4		)	(4		)
Settlement of foreign currency earnings hedges	2			2			3			2			—			2			—
TSA fees	68			69			69			40			42			68			42
Divested businesses	—			—			60			63			56			—			56
Total adjusted revenues	$	15,448		$	16,454		$	16,918		$	18,154		$	15,537		$	15,448		$	15,537

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Net investment income	$	4,908		$	4,693		$	4,623		$	4,644		$	3,061		$	4,908		$	3,061
Less: Adjustments to net investment income:
Investment hedge adjustments	(105		)	(118		)	(121		)	(125		)	(138		)	(105		)	(138		)
Operating joint venture adjustments	—			—			—			—			—			—			—
Unit-linked contract income	736			261			250			228			(1,140		)	736			(1,140		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(4		)	(4		)	(2		)	(5		)	(4		)	(4		)	(4		)
Divested businesses	—			—			23			24			22			—			22
Net investment income, as reported on an adjusted basis	$	4,281		$	4,554		$	4,473		$	4,522		$	4,321		$	4,281		$	4,321

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Variable investment income (Included in net investment income above)	$	174		$	334		$	326		$	327		$	351		$	174		$	351

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Premiums, fees and other revenues	$	11,264		$	12,019		$	12,640		$	13,757		$	11,336		$	11,264		$	11,336
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	—			20			59			18			18			—			18
GMIB fees	27			28			27			26			26			27			26
Settlement of foreign currency earnings hedges	2			2			3			2			—			2			—
TSA fees	68			69			69			40			42			68			42
Divested businesses	—			—			37			39			34			—			34
Adjusted premiums, fees and other revenues	$	11,167		$	11,900		$	12,445		$	13,632		$	11,216		$	11,167		$	11,216
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,062		$	11,797		$	12,356		$	13,575		$	11,216

Table of Contents




METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)



	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Total expenses	$	14,558		$	15,200		$	15,887		$	17,180		$	12,667		$	14,558		$	12,667
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	(24		)	(5		)	39			106			30			(24		)	30
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
PBC hedge adjustment	—			—			9			10			9			—			9
Inflation and pass-through adjustments	79			84			87			(6		)	48			79			48
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	49			36			(47		)	105			(128		)	49			(128		)
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(4		)	(11		)	3			8			11			(4		)	11
PAB hedge adjustments	(3		)	(6		)	(5		)	(5		)	(5		)	(3		)	(5		)
Unit-linked contract costs	716			257			223			240			(1,138		)	716			(1,138		)
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(6		)	(6		)	(8		)	5			(3		)	(6		)	(3		)
Regulatory implementation costs	3			7			5			3			2			3			2
Acquisition, integration and other costs	23			6			8			7			6			23			6
TSA fees	68			69			69			40			42			68			42
Divested businesses	—			6			69			152			51			—			51
Total adjusted expenses	$	13,657		$	14,763		$	15,435		$	16,515		$	13,742		$	13,657		$	13,742

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Capitalization of DAC	$	(812	)	$	(837	)	$	(882	)	$	(827	)	$	(774	)	$	(812	)	$	(774	)
Less: Divested businesses	—			—			(11		)	(9		)	(3		)	—			(3		)
Capitalization of DAC, as reported on an adjusted basis	$	(812	)	$	(837	)	$	(871	)	$	(818	)	$	(771	)	$	(812	)	$	(771	)

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Other expenses	$	3,189		$	3,274		$	3,309		$	3,457		$	3,047		$	3,189		$	3,047
Less: Noncontrolling interest	(6		)	(6		)	(8		)	5			(3		)	(6		)	(3		)
Less: Regulatory implementation costs	3			7			5			3			2			3			2
Less: Acquisition, integration and other costs	23			6			8			7			6			23			6
Less: TSA fees	68			69			69			40			42			68			42
Less: Divested businesses	—			6			36			116			19			—			19
Other expenses, as reported on an adjusted basis	$	3,101		$	3,192		$	3,199		$	3,286		$	2,981		$	3,101		$	2,981
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,058		$	3,161		$	3,163		$	3,260		$	2,981

Table of Contents




METLIFE EXPENSE DETAIL AND RATIOS




	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Other expenses	$	3,189		$	3,274		$	3,309		$	3,457		$	3,047		$	3,189		$	3,047
Capitalization of DAC	(812		)	(837		)	(882		)	(827		)	(774		)	(812		)	(774		)
Other expenses, net of capitalization of DAC	$	2,377		$	2,437		$	2,427		$	2,630		$	2,273		$	2,377		$	2,273

Premiums, fees and other revenues	$	11,264		$	12,019		$	12,640		$	13,757		$	11,336		$	11,264		$	11,336

Expense ratio	21.1		%	20.3		%	19.2		%	19.1		%	20.1		%	21.1		%	20.1		%

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,420		$	1,485		$	1,475		$	1,597		$	1,344		$	1,420		$	1,344
Pension, postretirement and postemployment benefit costs	56			57			57			63			39			56			39
Premium taxes, other taxes, and licenses & fees	170			174			164			165			193			170			193
Commissions and other variable expenses	1,455			1,476			1,503			1,461			1,405			1,455			1,405
Other expenses, as reported on an adjusted basis	3,101			3,192			3,199			3,286			2,981			3,101			2,981
Capitalization of DAC, as reported on an adjusted basis	(812		)	(837		)	(871		)	(818		)	(771		)	(812		)	(771		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,289			2,355			2,328			2,468			2,210			2,289			2,210
Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	70			88			111			69			—			70			—
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,219		$	2,267		$	2,217		$	2,399		$	2,210		$	2,219		$	2,210

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Employee related costs	$	922		$	916		$	871		$	948		$	866		$	922		$	866
Third party staffing costs	375			419			422			536			343			375			343
General and administrative expenses	123			150			182			113			135			123			135
Direct expenses	1,420			1,485			1,475			1,597			1,344			1,420			1,344
Less: Total notable items related to direct expenses (1)	70			88			111			69			—			70			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,350		$	1,397		$	1,364		$	1,528		$	1,344		$	1,350		$	1,344

Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,289		$	2,355		$	2,328		$	2,468		$	2,210		$	2,289		$	2,210
Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	70			88			111			69			—			70			—
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,219		$	2,267		$	2,217		$	2,399		$	2,210		$	2,219		$	2,210

Adjusted premiums, fees and other revenues	$	11,167		$	11,900		$	12,445		$	13,632		$	11,216		$	11,167		$	11,216
Less: PRT	(2		)	556			1,293			2,499			(9		)	(2		)	(9		)
Adjusted premiums, fees and other revenues, excluding PRT	$	11,169		$	11,344		$	11,152		$	11,133		$	11,225		$	11,169		$	11,225

Direct expense ratio	12.7		%	12.5		%	11.9		%	11.7		%	12.0		%	12.7		%	12.0		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.1		%	12.3		%	12.2		%	13.7		%	12.0		%	12.1		%	12.0		%

Adjusted expense ratio	20.5		%	19.8		%	18.7		%	18.1		%	19.7		%	20.5		%	19.7		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT (1)	19.9		%	20.0		%	19.9		%	21.5		%	19.7		%	19.9		%	19.7		%

(1) Notable items are related to “interest on tax adjustments” and “expense initiative costs”. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

Table of Contents




METLIFE CONSOLIDATED BALANCE SHEETS



Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	308,410		$	318,689		$	326,049		$	327,820		$	326,685
Equity securities, at estimated fair value	1,432			1,476			1,341			1,342			1,050
Contractholder-directed equity securities and fair value option securities, at estimated fair value	13,245			13,000			12,671			13,102			11,145
Mortgage loans	78,601			77,997			78,959			80,529			81,344
Policy loans	9,670			9,705			9,671			9,680			9,638
Real estate and real estate joint ventures	10,022			10,326			10,246			10,741			11,250
Other limited partnership interests	6,787			7,054			7,441			7,716			8,230
Short-term investments, principally at estimated fair value	4,524			2,811			3,536			3,850			5,930
Other invested assets	18,175			20,036			21,979			19,015			27,839
Total investments	450,866			461,094			471,893			473,795			483,111
Cash and cash equivalents, principally at estimated fair value	14,506			18,435			19,452			16,598			24,094
Accrued investment income	3,569			3,535			3,561			3,523			3,828
Premiums, reinsurance and other receivables	20,615			20,425			20,723			20,443			21,224
Deferred policy acquisition costs and value of business acquired	18,349			17,880			17,382			17,833			17,254
Current income tax recoverable	—			97			—			—			—
Goodwill	9,418			9,408			9,278			9,308			9,159
Other assets	10,100			10,029			10,166			10,518			10,617
Separate account assets	185,765			191,264			190,357			188,445			168,454
Total assets	$	713,188		$	732,167		$	742,812		$	740,463		$	737,741

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	187,508		$	191,139		$	193,310		$	194,909		$	193,106
Policyholder account balances	187,333			190,033			189,060			192,627			193,875
Other policy-related balances	16,967			16,815			16,960			17,171			16,755
Policyholder dividends payable	671			689			692			681			654
Policyholder dividend obligation	1,116			1,834			2,370			2,020			1,677
Payables for collateral under securities loaned and other transactions	25,084			25,354			28,443			26,745			35,530
Short-term debt	289			158			142			235			298
Long-term debt	12,850			13,346			13,443			13,466			14,510
Collateral financing arrangements	1,048			1,026			1,013			993			981
Junior subordinated debt securities	3,148			3,149			3,149			3,150			3,151
Current income tax payable	505			—			31			363			708
Deferred income tax liability	7,075			8,766			10,153			9,097			10,009
Other liabilities	25,091			24,548			25,070			24,179			27,570
Separate account liabilities	185,765			191,264			190,357			188,445			168,454
Total liabilities	654,450			668,121			674,193			674,081			667,278

Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	32,535			32,602			32,639			32,680			33,711
Retained earnings	29,944			31,209			32,948			33,078			36,919
Treasury stock, at cost	(10,893		)	(11,643		)	(12,428		)	(12,678		)	(13,178		)
Accumulated other comprehensive income (loss)	6,911			11,631			15,197			13,052			12,757
Total MetLife, Inc.'s stockholders' equity	58,509			63,811			68,368			66,144			70,221
Noncontrolling interests	229			235			251			238			242
Total equity	58,738			64,046			68,619			66,382			70,463
Total liabilities and equity	$	713,188		$	732,167		$	742,812		$	740,463		$	737,741

Table of Contents




METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	433		$	393		$	464		$	416		$	401
RETIREMENT AND INCOME SOLUTIONS	358			442			357			404			452
PROPERTY & CASUALTY	117			84			67			27			134
TOTAL U.S.	$	908		$	919		$	888		$	847		$	987
ASIA	505			516			501			468			491
LATIN AMERICA	196			216			220			204			139
EMEA	113			99			74			71			99
METLIFE HOLDINGS	395			372			183			333			344
CORPORATE & OTHER	(326		)	(431		)	(383		)	(284		)	(265		)
Total adjusted earnings before provision for income tax	$	1,791		$	1,691		$	1,483		$	1,639		$	1,795

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	91		$	82		$	98		$	87		$	89
RETIREMENT AND INCOME SOLUTIONS	73			91			73			83			93
PROPERTY & CASUALTY	20			14			10			2			25
TOTAL U.S.	$	184		$	187		$	181		$	172		$	207
ASIA	149			157			152			127			141
LATIN AMERICA	62			57			65			43			44
EMEA	27			22			21			5			21
METLIFE HOLDINGS	78			73			34			64			67
CORPORATE & OTHER	(165		)	(181		)	(192		)	(663		)	(166		)
Total provision for income tax expense (benefit)	$	335		$	315		$	261		$	(252	)	$	314

Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS	$	342		$	311		$	366		$	329		$	312
RETIREMENT AND INCOME SOLUTIONS	285			351			284			321			359
PROPERTY & CASUALTY	97			70			57			25			109
TOTAL U.S.	$	724		$	732		$	707		$	675		$	780
ASIA	356			359			349			341			350
LATIN AMERICA	134			159			155			161			95
EMEA	86			77			53			66			78
METLIFE HOLDINGS	317			299			149			269			277
CORPORATE & OTHER (1)	(193		)	(307		)	(223		)	322			(131		)
Total adjusted earnings available to common shareholders (1)	$	1,424		$	1,319		$	1,190		$	1,834		$	1,449

(1) Includes impact of preferred stock dividends of $32 million, $57 million, $32 million, $57 million and $32 million for the three months ended March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020, respectively.

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METLIFE ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)

ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

U.S.
GROUP BENEFITS		48.6		%	44.2		%	52.0		%	46.7		%	43.1		%
RETIREMENT AND INCOME SOLUTIONS		19.4		%	23.9		%	19.3		%	21.9		%	23.2		%
PROPERTY & CASUALTY		19.2		%	13.9		%	11.3		%	5.0		%	21.9		%
TOTAL U.S.		27.0		%	27.3		%	26.4		%	25.2		%	28.2		%
ASIA		10.0		%	10.1		%	9.8		%	9.6		%	9.8		%
LATIN AMERICA		18.1		%	21.5		%	20.9		%	21.7		%	12.4		%
EMEA		12.3		%	11.0		%	7.6		%	9.4		%	10.9		%
METLIFE HOLDINGS		13.2		%	12.5		%	6.2		%	11.2		%	11.2		%

ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

U.S.		30.7		%	31.0		%	30.0		%	28.6		%	32.4		%
ASIA		15.2		%	15.3		%	14.9		%	14.6		%	14.8		%
LATIN AMERICA		29.9		%	35.5		%	34.6		%	36.0		%	20.3		%
EMEA		22.1		%	19.8		%	13.8		%	16.8		%	19.2		%
METLIFE HOLDINGS		14.8		%	14.0		%	7.1		%	12.5		%	12.5		%

(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
					ALLOCATED EQUITY						ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)				2019			2020			2019			2020
	U.S.
	GROUP BENEFITS				$	2,817		$	2,896
	RETIREMENT AND INCOME SOLUTIONS				5,876			6,187
	PROPERTY & CASUALTY				2,020			1,991
	TOTAL U.S.				$	10,713		$	11,074		$	9,447		$	9,652
	ASIA				$	14,274		$	14,313		$	9,396		$	9,490
	LATIN AMERICA				$	2,965		$	3,074		$	1,791		$	1,876
	EMEA				$	2,802		$	2,855		$	1,595		$	1,649
	METLIFE HOLDINGS				$	9,599		$	9,893		$	8,715		$	9,022

(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
	U.S.	$	1		$	1		$	1		$	—		$	1
	ASIA	$	2		$	1		$	1		$	2		$	1
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	1		$	1
	METLIFE HOLDINGS	$	5		$	5		$	5		$	3		$	4

Table of Contents




U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	5,567		$	6,234		$	6,903		$	8,097		$	5,674		$	5,567		$	5,674
Universal life and investment-type product policy fees		270			274			264			270			275			270			275
Net investment income		1,719			1,795			1,760			1,747			1,766			1,719			1,766
Other revenues		221			223			224			219			240			221			240
Total adjusted revenues		7,777			8,526			9,151			10,333			7,955			7,777			7,955

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,373			6,101			6,759			7,932			5,435			5,373			5,435
Interest credited to policyholder account balances		501			504			507			472			458			501			458
Capitalization of DAC		(114		)	(127		)	(131		)	(112		)	(112		)	(114		)	(112		)
Amortization of DAC and VOBA		114			117			121			123			119			114			119
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			3			3			2			2			2			2
Other expenses		993			1,009			1,004			1,069			1,066			993			1,066
Total adjusted expenses		6,869			7,607			8,263			9,486			6,968			6,869			6,968
Adjusted earnings before provision for income tax		908			919			888			847			987			908			987
Provision for income tax expense (benefit)		184			187			181			172			207			184			207
Adjusted earnings		724			732			707			675			780			724			780
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	724		$	732		$	707		$	675		$	780		$	724		$	780

Adjusted premiums, fees and other revenues		$	6,058		$	6,731		$	7,391		$	8,586		$	6,189		$	6,058		$	6,189
Less: PRT		(2		)	556			1,293			2,499			(9		)	(2		)	(9		)
Adjusted premiums, fees and other revenues, excluding PRT		$	6,060		$	6,175		$	6,098		$	6,087		$	6,198		$	6,060		$	6,198

Table of Contents




U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	4,208		$	4,247		$	4,239		$	4,217		$	4,487		$	4,208		$	4,487
Universal life and investment-type product policy fees		194			203			198			194			204			194			204
Net investment income		280			292			293			297			277			280			277
Other revenues		143			144			145			143			160			143			160
Total adjusted revenues		4,825			4,886			4,875			4,851			5,128			4,825			5,128

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,711			3,812			3,724			3,685			3,973			3,711			3,973
Interest credited to policyholder account balances		39			39			42			37			34			39			34
Capitalization of DAC		(8		)	(6		)	(9		)	(5		)	(7		)	(8		)	(7		)
Amortization of DAC and VOBA		9			8			8			10			7			9			7
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			1			—			—			—			—			—
Other expenses		641			639			646			708			720			641			720
Total adjusted expenses		4,392			4,493			4,411			4,435			4,727			4,392			4,727
Adjusted earnings before provision for income tax		433			393			464			416			401			433			401
Provision for income tax expense (benefit)		91			82			98			87			89			91			89
Adjusted earnings		342			311			366			329			312			342			312
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	342		$	311		$	366		$	329		$	312		$	342		$	312

Adjusted premiums, fees and other revenues		$	4,545		$	4,594		$	4,582		$	4,554		$	4,851		$	4,545		$	4,851

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U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	461		$	1,075		$	1,739		$	2,955	$	275		$	461		$	275
Universal life and investment-type product policy fees		76			71			66			76		71			76			71
Net investment income		1,395			1,458			1,419			1,409		1,444			1,395			1,444
Other revenues		72			74			73			73		71			72			71
Total adjusted revenues		2,004			2,678			3,297			4,513		1,861			2,004			1,861

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,071			1,647			2,361			3,550		870			1,071			870
Interest credited to policyholder account balances		462			465			465			435		424			462			424
Capitalization of DAC		(8		)	(12		)	(5		)	—		(8		)	(8		)	(8		)
Amortization of DAC and VOBA		5			7			5			6		8			5			8
Amortization of negative VOBA		—			—			—			—		—			—			—
Interest expense on debt		2			2			3			2		2			2			2
Other expenses		114			127			111			116		113			114			113
Total adjusted expenses		1,646			2,236			2,940			4,109		1,409			1,646			1,409
Adjusted earnings before provision for income tax		358			442			357			404		452			358			452
Provision for income tax expense (benefit)		73			91			73			83		93			73			93
Adjusted earnings		285			351			284			321		359			285			359
Preferred stock dividends		—			—			—			—		—			—			—
Adjusted earnings available to common shareholders		$	285		$	351		$	284		$	321	$	359		$	285		$	359

Adjusted premiums, fees and other revenues		$	609		$	1,220		$	1,878		$	3,104	$	417		$	609		$	417
Less: PRT		(2		)	556			1,293			2,499		(9		)	(2		)	(9		)
Adjusted premiums, fees and other revenues, excluding PRT		$	611		$	664		$	585		$	605	$	426		$	611		$	426

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U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums	$	898		$	912		$	925		$	925		$	912		$	898		$	912
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	44			45			48			41			45			44			45
Other revenues	6			5			6			3			9			6			9
Total adjusted revenues	948			962			979			969			966			948			966

Adjusted expenses
Policyholder benefits and claims and policyholder dividends	591			642			674			697			592			591			592
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(98		)	(109		)	(117		)	(107		)	(97		)	(98		)	(97		)
Amortization of DAC and VOBA	100			102			108			107			104			100			104
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	238			243			247			245			233			238			233
Total adjusted expenses	831			878			912			942			832			831			832
Adjusted earnings before provision for income tax	117			84			67			27			134			117			134
Provision for income tax expense (benefit)	20			14			10			2			25			20			25
Adjusted earnings	97			70			57			25			109			97			109
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	97		$	70		$	57		$	25		$	109		$	97		$	109

Adjusted premiums, fees and other revenues	$	904		$	917		$	931		$	928		$	921		$	904		$	921

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U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	18,924		$	18,926		$	18,965		$	18,963		$	18,965
Premiums and deposits	5,019			5,081			5,051			5,001			5,327
Surrenders and withdrawals	(597		)	(619		)	(638		)	(592		)	(625		)
Benefit payments	(3,836		)	(3,887		)	(3,798		)	(3,757		)	(4,072		)
Net flows	586			575			615			652			630
Net transfers from (to) separate account	1			—			—			—			—
Interest	145			152			149			145			138
Policy charges	(147		)	(150		)	(145		)	(149		)	(146		)
Other	(583		)	(538		)	(621		)	(646		)	(652		)
Balance, end of period	$	18,926		$	18,965		$	18,963		$	18,965		$	18,935

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	813		$	902		$	925		$	905		$	970
Premiums and deposits	64			64			62			65			64
Surrenders and withdrawals	(18		)	(18		)	(28		)	(18		)	(19		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	—
Net flows	45			45			33			46			45
Investment performance	101			34			1			74			(162		)
Net transfers from (to) general account	(1		)	—			—			—			—
Policy charges	(53		)	(54		)	(53		)	(54		)	(55		)
Other	(3		)	(2		)	(1		)	(1		)	(5		)
Balance, end of period	$	902		$	925		$	905		$	970		$	793

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U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Direct and allocated expenses	$	310		$	314		$	316		$	363		$	354
Pension, postretirement and postemployment benefit costs	15			15			15			19			5
Premium taxes, other taxes, and licenses & fees	63			67			62			66			88
Commissions and other variable expenses	253			243			253			260			273
Other expenses, as reported on an adjusted basis	$	641		$	639		$	646		$	708		$	720

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Group Life (1)
Adjusted premiums, fees and other revenues	$	1,804		$	1,805		$	1,846		$	1,858		$	1,920
Mortality ratio	85.3		%	85.3		%	87.0		%	85.4		%	87.9		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,812		$	1,820		$	1,830		$	1,849		$	1,959
Interest adjusted benefit ratio (3)	72.9		%	75.4		%	70.3		%	71.4		%	71.7		%

(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	113,653		$	115,419		$	118,073		$	118,134		$	121,853
Premiums and deposits	19,068			17,898			21,104			21,132			20,967
Surrenders and withdrawals	(17,356		)	(16,582		)	(21,018		)	(17,718		)	(17,441		)
Benefit payments	(1,035		)	(1,021		)	(1,100		)	(1,040		)	(1,132		)
Net flows	677			295			(1,014		)	2,374			2,394
Net transfers from (to) separate account	—			—			—			—			—
Interest	1,052			1,051			1,053			1,029			1,032
Policy charges	(32		)	(46		)	(47		)	(23		)	(43		)
Other	69			1,354			69			339			(1,062		)
Balance, end of period	$	115,419		$	118,073		$	118,134		$	121,853		$	124,174

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	70,623		$	73,691		$	76,596		$	78,346		$	74,959
Premiums and deposits	1,088			1,469			1,472			1,681			4,051
Surrenders and withdrawals (1)	(1,164		)	(1,780		)	(1,461		)	(4,360		)	(2,729		)
Benefit payments	(16		)	(29		)	(21		)	(27		)	(34		)
Net flows	(92		)	(340		)	(10		)	(2,706		)	1,288
Investment performance	2,741			2,184			1,508			865			(414		)
Net transfers from (to) general account	—			—			—			—			—
Policy charges	(64		)	(75		)	(83		)	(85		)	(80		)
Other	483			1,136			335			(1,461		)	1,085
Balance, end of period	$	73,691		$	76,596		$	78,346		$	74,959		$	76,838

SYNTHETIC GICS (2)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	25,700		$	26,501		$	27,219		$	28,098		$	30,341
Premiums and deposits (1)	776			770			1,054			3,019			3,906
Surrenders and withdrawals	(150		)	(236		)	(369		)	(985		)	(863		)
Net flows	626			534			685			2,034			3,043
Interest	175			184			194			209			204
Balance, end of period	$	26,501		$	27,219		$	28,098		$	30,341		$	33,588

(1) Includes $0, $102 million, $20 million, $2.4 billion and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(2) A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.

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U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Direct and allocated expenses	$	62		$	64		$	56		$	61		$	61
Pension, postretirement and postemployment benefit costs	3			3			2			3			2
Premium taxes, other taxes, and licenses & fees	5			9			4			12			8
Commissions and other variable expenses	44			51			49			40			42
Other expenses, as reported on an adjusted basis	$	114		$	127		$	111		$	116		$	113

SPREAD

	For the Three Months Ended
Unaudited	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Investment income yield excluding variable investment income yield	4.52		%	4.50		%	4.43		%	4.32		%	4.24		%
Variable investment income yield	0.15		%	0.35		%	0.23		%	0.23		%	0.31		%
Total investment income yield	4.67		%	4.85		%	4.66		%	4.55		%	4.55		%
Average crediting rate	3.71		%	3.66		%	3.64		%	3.49		%	3.41		%
Annualized general account spread	0.96		%	1.19		%	1.02		%	1.06		%	1.14		%

Annualized general account spread excluding variable investment income yield	0.81		%	0.84		%	0.79		%	0.83		%	0.83		%

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U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Direct and allocated expenses	$	105		$	100		$	101		$	105		$	94
Pension, postretirement and postemployment benefit costs	2			2			2			3			1
Premium taxes, other taxes, and licenses & fees	22			27			24			23			21
Commissions and other variable expenses	109			114			120			114			117
Other expenses, as reported on an adjusted basis	$	238		$	243		$	247		$	245		$	233


NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Net Written Premiums by Product
Auto	$	588		$	615		$	623		$	576		$	564
Homeowners & Other	277			347			354			321			283
Total	$	865		$	962		$	977		$	897		$	847
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	898		$	912		$	925		$	925		$	912
Loss and loss adjustment expense ratio	65.5		%	70.4		%	72.9		%	75.3		%	64.9		%
Other expense ratio	26.7		%	25.7		%	25.5		%	26.3		%	26.1		%
Total combined ratio	92.2		%	96.1		%	98.4		%	101.6		%	91.0		%

Effect of catastrophe losses	4.6		%	8.6		%	7.6		%	1.4		%	4.7		%
Combined ratio excluding catastrophes	87.6		%	87.5		%	90.8		%	100.2		%	86.3		%
Prior year development	(0.3)		%	(0.6)		%	(0.6)		%	6.3		%	2.7		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	87.9		%	88.1		%	91.4		%	93.9		%	83.6		%
Auto
Net earned premium	$	591		$	598		$	603		$	599		$	588
Loss and loss adjustment expense ratio	67.7		%	67.8		%	73.8		%	92.8		%	64.8		%
Other expense ratio	26.6		%	25.2		%	24.9		%	25.8		%	25.2		%
Total combined ratio	94.3		%	93.0		%	98.7		%	118.6		%	90.0		%

Effect of catastrophe losses	0.4		%	1.7		%	2.1		%	0.3		%	0.5		%
Combined ratio excluding catastrophes	93.9		%	91.3		%	96.6		%	118.3		%	89.5		%
Prior year development	(0.4)		%	(0.7		)%	(0.8		)%	10.9		%	(0.1)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	94.3		%	92.0		%	97.4		%	107.4		%	89.6		%
Homeowners & Other
Net earned premium	$	307		$	314		$	322		$	326		$	324
Loss and loss adjustment expense ratio	61.3		%	75.4		%	71.2		%	43.2		%	65.1		%
Other expense ratio	27.0		%	26.7		%	26.6		%	27.1		%	27.8		%
Total combined ratio	88.3		%	102.1		%	97.8		%	70.3		%	92.9		%

Effect of catastrophe losses	12.5		%	21.6		%	17.9		%	3.5		%	12.3		%
Combined ratio excluding catastrophes	75.8		%	80.5		%	79.9		%	66.8		%	80.6		%
Prior year development	(0.1)		%	(0.2)		%	(0.3)		%	(2.0)		%	8.0		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	75.9		%	80.7		%	80.2		%	68.8		%	72.6		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	2		$	10		$	13		$	2		$	3
Homeowners & Other	39			68			57			11			40
Total	$	41		$	78		$	70		$	13		$	43

(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.

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ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	1,699		$	1,631		$	1,654		$	1,648		$	1,636		$	1,699		$	1,636
Universal life and investment-type product policy fees		406			419			430			419			430			406			430
Net investment income		880			944			915			952			937			880			937
Other revenues		16			13			14			13			14			16			14
Total adjusted revenues		3,001			3,007			3,013			3,032			3,017			3,001			3,017

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,319			1,279			1,264			1,323			1,321			1,319			1,321
Interest credited to policyholder account balances		403			424			440			443			445			403			445
Capitalization of DAC		(479		)	(472		)	(498		)	(464		)	(421		)	(479		)	(421		)
Amortization of DAC and VOBA		307			312			353			316			315			307			315
Amortization of negative VOBA		(9		)	(7		)	(2		)	(7		)	(8		)	(9		)	(8		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		955			955			955			953			874			955			874
Total adjusted expenses		2,496			2,491			2,512			2,564			2,526			2,496			2,526
Adjusted earnings before provision for income tax		505			516			501			468			491			505			491
Provision for income tax expense (benefit)		149			157			152			127			141			149			141
Adjusted earnings		356			359			349			341			350			356			350
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	356		$	359		$	349		$	341		$	350		$	356		$	350

Adjusted premiums, fees and other revenues		$	2,121		$	2,063		$	2,098		$	2,080		$	2,080		$	2,121		$	2,080

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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Adjusted premiums, fees and other revenues	$	2,121	$	2,063	$	2,098	$	2,080	$	2,080

Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,117	$	2,062	$	2,072	$	2,068	$	2,080
Add: Operating joint ventures, on a constant currency basis (1), (2)	242		276		250		279		278
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,359	$	2,338	$	2,322	$	2,347	$	2,358

OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Direct and allocated expenses	$	324	$	332	$	316	$	343	$	321
Pension, postretirement and postemployment benefit costs	23		23		23		23		23
Premium taxes, other taxes, and licenses & fees	43		43		43		51		40
Commissions and other variable expenses	565		557		573		536		490
Other expenses, as reported on an adjusted basis	$	955	$	955	$	955	$	953	$	874
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	476	$	483	$	457	$	489	$	453

Other expenses, as reported on an adjusted basis, on a constant currency basis	$	952	$	955	$	943	$	947	$	874
Add: Operating joint ventures, on a constant currency basis (1), (2)	104		107		104		112		95
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	1,056	$	1,062	$	1,047	$	1,059	$	969
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	539	$	552	$	521	$	562	$	523

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Japan:
Life	$	174	$	163	$	169	$	156	$	174
Accident & Health	114		104		90		92		78
Annuities	178		135		122		65		61
Other	1		2		4		5		2
Total Japan	467		404		385		318		315
Other Asia	222		198		272		205		192
Total sales	$	689	$	602	$	657	$	523	$	507

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Adjusted earnings available to common shareholders	$	356	$	359	$	349	$	341	$	350
Adjusted earnings available to common shareholders, on a constant currency basis	$	350	$	354	$	344	$	338	$	350

(1) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
(2) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

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ASIA

GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES

Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

GA AUM	$	121,373	$	127,809	$	131,309	$	130,861	$	131,521
GA AUM (at amortized cost)	$	112,220	$	116,009	$	117,917	$	119,044	$	120,490

GA AUM (at amortized cost), on a constant currency basis	$	110,684	$	113,360	$	116,384	$	116,915	$	120,490
Add: Operating joint ventures, on a constant currency basis (1)	3,908		4,070		4,239		4,491		4,667
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	114,592	$	117,430	$	120,623	$	121,406	$	125,157

(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.

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LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	646		$	773		$	703		$	601		$	640		$	646		$	640
Universal life and investment-type product policy fees		284			280			256			274			270			284			270
Net investment income		296			360			295			320			218			296			218
Other revenues		12			11			8			13			11			12			11
Total adjusted revenues		1,238			1,424			1,262			1,208			1,139			1,238			1,139

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		597			790			656			580			610			597			610
Interest credited to policyholder account balances		94			86			74			78			70			94			70
Capitalization of DAC		(94		)	(100		)	(102		)	(100		)	(100		)	(94		)	(100		)
Amortization of DAC and VOBA		78			79			58			76			74			78			74
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			1			—			1			1			1			1
Other expenses		366			352			356			369			345			366			345
Total adjusted expenses		1,042			1,208			1,042			1,004			1,000			1,042			1,000
Adjusted earnings before provision for income tax		196			216			220			204			139			196			139
Provision for income tax expense (benefit)		62			57			65			43			44			62			44
Adjusted earnings		134			159			155			161			95			134			95
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	134		$	159		$	155		$	161		$	95		$	134		$	95

Adjusted premiums, fees and other revenues		$	942		$	1,064		$	967		$	888		$	921		$	942		$	921

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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Direct and allocated expenses	$	148	$	134	$	130	$	145	$	129
Pension, postretirement and postemployment benefit costs	1		1		1		2		2
Premium taxes, other taxes, and licenses & fees	15		14		15		14		15
Commissions and other variable expenses	202		203		210		208		199
Other expenses, as reported on an adjusted basis	$	366	$	352	$	356	$	369	$	345
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	272	$	252	$	254	$	269	$	245
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	333	$	325	$	334	$	353	$	345
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	247	$	233	$	238	$	258	$	245

SALES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Mexico	$	106	$	81	$	80	$	94	$	120
Chile	63		81		78		62		85
All other	34		46		49		69		53
Total sales	$	203	$	208	$	207	$	225	$	258

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Adjusted premiums, fees and other revenues	$	942	$	1,064	$	967	$	888	$	921
Adjusted earnings available to common shareholders	$	134	$	159	$	155	$	161	$	95

Adjusted premiums, fees and other revenues, on a constant currency basis	$	854	$	969	$	906	$	849	$	921
Adjusted earnings available to common shareholders, on a constant currency basis	$	118	$	142	$	144	$	154	$	95

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EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	542		$	551		$	526		$	558		$	568		$	542		$	568
Universal life and investment-type product policy fees		103			105			117			98			116			103			116
Net investment income		74			73			73			71			69			74			69
Other revenues		14			13			13			14			13			14			13
Total adjusted revenues		733			742			729			741			766			733			766

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		284			292			291			309			310			284			310
Interest credited to policyholder account balances		24			23			25			26			27			24			27
Capitalization of DAC		(117		)	(126		)	(128		)	(134		)	(130		)	(117		)	(130		)
Amortization of DAC and VOBA		92			107			128			101			130			92			130
Amortization of negative VOBA		(1		)	(3		)	(2		)	(2		)	(2		)	(1		)	(2		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		338			350			341			370			332			338			332
Total adjusted expenses		620			643			655			670			667			620			667
Adjusted earnings before provision for income tax		113			99			74			71			99			113			99
Provision for income tax expense (benefit)		27			22			21			5			21			27			21
Adjusted earnings		86			77			53			66			78			86			78
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	86		$	77		$	53		$	66		$	78		$	86		$	78

Adjusted premiums, fees and other revenues		$	659		$	669		$	656		$	670		$	697		$	659		$	697

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EMEA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Direct and allocated expenses	$	122	$	128	$	115	$	142	$	110
Pension, postretirement and postemployment benefit costs	1		2		2		1		2
Premium taxes, other taxes, and licenses & fees	8		7		7		6		7
Commissions and other variable expenses	207		213		217		221		213
Other expenses, as reported on an adjusted basis	$	338	$	350	$	341	$	370	$	332
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	221	$	224	$	213	$	236	$	202
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	331	$	346	$	339	$	366	$	332
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	217	$	222	$	212	$	234	$	202

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020

Adjusted premiums, fees and other revenues	$	659	$	669	$	656	$	670	$	697
Adjusted earnings available to common shareholders	$	86	$	77	$	53	$	66	$	78

Adjusted premiums, fees and other revenues, on a constant currency basis	$	646	$	662	$	654	$	664	$	697
Adjusted earnings available to common shareholders, on a constant currency basis	$	83	$	76	$	52	$	66	$	78
Total sales on a constant currency basis	$	250	$	221	$	206	$	219	$	255

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METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Adjusted revenues
Premiums		$	927		$	924		$	925		$	972		$	904		$	927		$	904
Universal life and investment-type product policy fees		274			286			284			280			294			274			294
Net investment income		1,287			1,338			1,316			1,340			1,315			1,287			1,315
Other revenues		67			65			52			69			35			67			35
Total adjusted revenues		2,555			2,613			2,577			2,661			2,548			2,555			2,548

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,648			1,703			1,856			1,763			1,661			1,648			1,661
Interest credited to policyholder account balances		226			227			228			224			218			226			218
Capitalization of DAC		(6		)	(8		)	(9		)	(5		)	(5		)	(6		)	(5		)
Amortization of DAC and VOBA		63			80			94			62			100			63			100
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			2			2			2			2			2
Other expenses		227			237			223			282			228			227			228
Total adjusted expenses		2,160			2,241			2,394			2,328			2,204			2,160			2,204
Adjusted earnings before provision for income tax		395			372			183			333			344			395			344
Provision for income tax expense (benefit)		78			73			34			64			67			78			67
Adjusted earnings		317			299			149			269			277			317			277
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	317		$	299		$	149		$	269		$	277		$	317		$	277

Adjusted premiums, fees and other revenues		$	1,268		$	1,275		$	1,261		$	1,321		$	1,233		$	1,268		$	1,233

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METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	80,734		$	80,645		$	80,830		$	81,118		$	81,161
Premiums and deposits (2), (3)	1,195			1,167			1,177			1,322			1,236
Surrenders and withdrawals	(617		)	(607		)	(682		)	(680		)	(642		)
Benefit payments	(843		)	(736		)	(717		)	(813		)	(800		)
Net flows	(265		)	(176		)	(222		)	(171		)	(206		)
Net transfers from (to) separate account	12			14			12			20			(1		)
Interest	823			826			833			834			832
Policy charges	(191		)	(189		)	(190		)	(188		)	(188		)
Other	(468		)	(290		)	(145		)	(452		)	(140		)
Balance, end of period	$	80,645		$	80,830		$	81,118		$	81,161		$	81,458



ANNUITIES	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	19,784		$	19,371		$	19,309		$	19,402		$	18,755
Premiums and deposits (2), (3)	111			106			100			97			116
Surrenders and withdrawals	(497		)	(414		)	(389		)	(512		)	(390		)
Benefit payments	(173		)	(160		)	(149		)	(161		)	(168		)
Net flows	(559		)	(468		)	(438		)	(576		)	(442		)
Net transfers from (to) separate account	89			110			93			80			177
Interest	141			139			138			134			134
Policy charges	(4		)	(4		)	(4		)	(4		)	(4		)
Other	(80		)	161			304			(281		)	1,275
Balance, end of period	$	19,371		$	19,309		$	19,402		$	18,755		$	19,895

SEPARATE ACCOUNT LIABILITIES

LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	4,660		$	5,220		$	5,368		$	5,324		$	5,647
Premiums and deposits (3)	67			63			62			62			63
Surrenders and withdrawals	(59		)	(62		)	(61		)	(59		)	(60		)
Benefit payments	(8		)	(9		)	(9		)	(7		)	(10		)
Net flows	—			(8		)	(8		)	(4		)	(7		)
Investment performance	638			241			(9		)	409			(987		)
Net transfers from (to) general account	(12		)	(14		)	(12		)	(20		)	1
Policy charges	(65		)	(66		)	(67		)	(66		)	(65		)
Other	(1		)	(5		)	52			4			(3		)
Balance, end of period	$	5,220		$	5,368		$	5,324		$	5,647		$	4,586

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Balance, beginning of period	$	37,549		$	40,136		$	40,255		$	39,122		$	39,962
Premiums and deposits (3)	92			91			77			79			85
Surrenders and withdrawals	(978		)	(1,126		)	(1,070		)	(1,147		)	(1,111		)
Benefit payments	(100		)	(106		)	(104		)	(105		)	(100		)
Net flows	(986		)	(1,141		)	(1,097		)	(1,173		)	(1,126		)
Investment performance	3,854			1,574			269			2,294			(5,531		)
Net transfers from (to) general account	(89		)	(110		)	(93		)	(80		)	(177		)
Policy charges	(191		)	(205		)	(212		)	(201		)	(187		)
Other	(1		)	1			—			—			1
Balance, end of period	$	40,136		$	40,255		$	39,122		$	39,962		$	32,942

(1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.

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METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Direct and allocated expenses	$	146		$	154		$	141		$	184		$	151
Pension, postretirement and postemployment benefit costs	8			8			7			9			3
Premium taxes, other taxes, and licenses & fees	18			18			17			14			17
Commissions and other variable expenses	55			57			58			75			57
Other expenses, as reported on an adjusted basis	$	227		$	237		$	223		$	282		$	228


OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Life (1)
Adjusted premiums, fees and other revenues	$	849		$	851		$	845		$	906		$	830
Interest adjusted benefit ratio	50.0		%	53.9		%	67.5		%	55.5		%	51.0		%

Lapse Ratio (2)
Traditional life	4.8		%	4.8		%	4.8		%	4.8		%	4.7		%
Variable & universal life	4.3		%	4.2		%	4.2		%	4.1		%	4.1		%
Fixed annuity	10.2		%	10.7		%	10.7		%	11.3		%	9.6		%
Variable annuity	10.1		%	10.2		%	10.2		%	10.2		%	10.6		%

(1) Represents traditional life and variable & universal life, components of Life & Other.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Adjusted revenues
Premiums		$	24		$	16		$	35		$	8		$	12		$	24		$	12
Universal life and investment-type product policy fees		1			—			1			—			—			1			—
Net investment income		25			44			114			92			16			25			16
Other revenues		94			82			36			79			84			94			84
Total adjusted revenues		144			142			186			179			112			144			112

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		20			18			32			3			26			20			26
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		(2		)	(4		)	(3		)	(3		)	(3		)	(2		)	(3		)
Amortization of DAC and VOBA		1			2			2			1			1			1			1
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		229			268			218			219			217			229			217
Other expenses		222			289			320			243			136			222			136
Total adjusted expenses		470			573			569			463			377			470			377
Adjusted earnings before provision for income tax		(326		)	(431		)	(383		)	(284		)	(265		)	(326		)	(265		)
Provision for income tax expense (benefit)		(165		)	(181		)	(192		)	(663		)	(166		)	(165		)	(166		)
Adjusted earnings		(161		)	(250		)	(191		)	379			(99		)	(161		)	(99		)
Preferred stock dividends		32			57			32			57			32			32			32
Adjusted earnings available to common shareholders		$	(193	)	$	(307	)	$	(223	)	$	322		$	(131	)	$	(193	)	$	(131	)

Adjusted premiums, fees and other revenues		$	119		$	98		$	72		$	87		$	96		$	119		$	96

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Business activities		$	13		$	12		$	25		$	20		$	18		$	13		$	18
Net investment income		29			46			114			101			17			29			17
Interest expense on debt		(239		)	(280		)	(229		)	(230		)	(229		)	(239		)	(229		)
Corporate initiatives and projects		(100		)	(117		)	(151		)	(195		)	(31		)	(100		)	(31		)
Other		(29		)	(92		)	(142		)	(67		)	(40		)	(29		)	(40		)
Provision for income tax (expense) benefit and other tax-related items		165			181			192			750			166			165			166
Preferred stock dividends		(32		)	(57		)	(32		)	(57		)	(32		)	(32		)	(32		)
Adjusted earnings available to common shareholders		$	(193	)	$	(307	)	$	(223	)	$	322		$	(131	)	$	(193	)	$	(131	)

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
	At or For the Three Months Ended (1)															At or For the Year-to-Date Period Ended (1)
Unaudited (In millions, except yields)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Fixed Maturity Securities
Yield	4.23		%	4.30		%	4.15		%	4.19		%	3.82		%	4.23		%	3.82		%
Investment income (2), (3)	$	2,902		$	2,975		$	2,901		$	2,965		$	2,739		$	2,902		$	2,739
Investment gains (losses)	(24		)	138			82			71			4			(24		)	4
Ending carrying value (4)	309,368			319,696			327,203			329,067			327,913			309,368			327,913
Mortgage Loans
Yield	4.73		%	4.82		%	4.74		%	5.00		%	4.37		%	4.73		%	4.37		%
Investment income (3)	912			943			929			998			884			912			884
Investment gains (losses)	(15		)	14			(16		)	6			(63		)	(15		)	(63		)
Ending carrying value	78,601			77,997			78,959			80,529			81,344			78,601			81,344
Real Estate and Real Estate Joint Ventures
Yield	2.04		%	3.62		%	3.53		%	3.58		%	2.95		%	2.04		%	2.95		%
Investment income	50			92			91			94			81			50			81
Investment gains (losses)	5			1			96			297			1			5			1
Ending carrying value	10,022			10,326			10,246			10,741			11,250			10,022			11,250
Policy Loans
Yield	5.28		%	5.34		%	5.33		%	5.21		%	5.23		%	5.28		%	5.23		%
Investment income	128			129			129			126			126			128			126
Ending carrying value	9,670			9,705			9,671			9,680			9,638			9,670			9,638
Equity Securities
Yield	5.43		%	5.15		%	4.62		%	5.85		%	5.43		%	5.43		%	5.43		%
Investment income	16			16			13			16			14			16			14
Investment gains (losses)	107			(2		)	17			12			(284		)	107			(284		)
Ending carrying value	1,432			1,476			1,341			1,342			1,050			1,432			1,050
Other Limited Partnership Interests
Yield	7.59		%	14.28		%	15.37		%	9.87		%	16.22		%	7.59		%	16.22		%
Investment income	127			247			279			187			323			127			323
Investment gains (losses)	(1		)	1			3			3			4			(1		)	4
Ending carrying value	6,787			7,054			7,441			7,716			8,230			6,787			8,230
Cash and Short-term Investments
Yield	3.08		%	2.39		%	2.31		%	2.09		%	1.73		%	3.08		%	1.73		%
Investment income	79			65			62			50			44			79			44
Investment gains (losses)	—			(5		)	(1		)	9			4			—			4
Ending carrying value	19,030			21,246			22,988			20,448			30,024			19,030			30,024
Other Invested Assets
Investment income	203			225			226			247			266			203			266
Investment gains (losses)	(67		)	(38		)	(30		)	(10		)	21			(67		)	21
Ending carrying value	18,175			20,036			21,979			19,015			27,839			18,175			27,839
Total Investments
Investment income yield	4.44		%	4.66		%	4.57		%	4.57		%	4.30		%	4.44		%	4.30		%
Investment fees and expenses yield	(0.14		)%	(0.14		)%	(0.13		)%	(0.13		)%	(0.13		)%	(0.14		)%	(0.13		)%
Net Investment Income Yield	4.30		%	4.52		%	4.44		%	4.44		%	4.17		%	4.30		%	4.17		%
Investment income	$	4,417		$	4,692		$	4,630		$	4,683		$	4,477		$	4,417		$	4,477
Investment fees and expenses	(136		)	(138		)	(134		)	(137		)	(134		)	(136		)	(134		)
Net investment income including Divested businesses	4,281			4,554			4,496			4,546			4,343			4,281			4,343
Less: Net investment income from Divested businesses	—			—			23			24			22			—			22
Net Investment Income, as reported on an adjusted basis (5)	$	4,281		$	4,554		$	4,473		$	4,522		$	4,321		$	4,281		$	4,321
Ending Carrying Value	$	453,085		$	467,536		$	479,828		$	478,538		$	497,288		$	453,085		$	497,288
Gross investment gains	$	375		$	328		$	332		$	672		$	436		$	375		$	436
Gross investment losses	(271		)	(189		)	(159		)	(144		)	(495		)	(271		)	(495		)
Net credit loss (provision) release and (impairments)	(99		)	(30		)	(22		)	(140		)	(254		)	(99		)	(254		)
Investment Portfolio Gains (Losses) (6)	5			109			151			388			(313		)	5			(313		)
Investment portfolio gains (losses) income tax (expense) benefit	(17		)	(26		)	(64		)	(96		)	69			(17		)	69
Investment Portfolio Gains (Losses), Net of Income Tax	$	(12	)	$	83		$	87		$	292		$	(244	)	$	(12	)	$	(244	)

Derivative gains (losses) (6)	$	15		$	614		$	1,141		$	(1,583	)	$	4,068		$	15		$	4,068
Derivative gains (losses) income tax (expense) benefit	(18		)	(150		)	(259		)	364			(885		)	(18		)	(885		)
Derivative Gains (Losses), Net of Income Tax	$	(3	)	$	464		$	882		$	(1,219	)	$	3,183		$	(3	)	$	3,183

See footnotes on Page 34.

Table of Contents




INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION

		March 31, 2019				June 30, 2019				September 30, 2019				December 31, 2019				March 31, 2020
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	80,146	26.0	%	$	83,712	26.3	%	$	87,114	26.7	%	$	87,753	26.8	%	$	85,071	26.0	%
Foreign government securities		64,955		21.1	%	67,554		21.2	%	67,547		20.7	%	67,229		20.5	%	64,844		19.9	%
Foreign corporate securities		59,945		19.4	%	62,398		19.6	%	63,100		19.3	%	64,165		19.6	%	59,195		18.1	%
U.S. government and agency securities		41,008		13.3	%	40,003		12.6	%	40,802		12.5	%	42,084		12.8	%	47,959		14.7	%
Residential mortgage-backed securities		28,360		9.2	%	29,049		9.1	%	29,591		9.1	%	28,547		8.7	%	30,469		9.3	%
Asset-backed securities		12,631		4.1	%	13,712		4.3	%	14,345		4.4	%	14,542		4.4	%	14,838		4.5	%
Municipals		11,898		3.8	%	12,255		3.8	%	12,942		4.0	%	13,053		4.0	%	13,871		4.3	%
Commercial mortgage-backed securities		9,467		3.1	%	10,006		3.1	%	10,608		3.3	%	10,447		3.2	%	10,438		3.2	%
Fixed Maturity Securities Available-For-Sale		$	308,410	100.0	%	$	318,689	100.0	%	$	326,049	100.0	%	$	327,820	100.0	%	$	326,685	100.0	%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	216,343	70.1	%	$	223,594	70.2	%	$	229,104	70.3	%	$	230,708	70.4	%	$	235,650	72.1	%
2	Baa	75,769		24.6	%	78,943		24.8	%	81,478		25.0	%	81,425		24.8	%	76,239		23.3	%
3	Ba	11,350		3.7	%	11,490		3.6	%	11,400		3.5	%	11,652		3.6	%	10,999		3.4	%
4	B	4,324		1.4	%	4,176		1.3	%	3,423		1.0	%	3,337		1.0	%	3,200		1.0	%
5	Caa and lower	591		0.2	%	451		0.1	%	609		0.2	%	693		0.2	%	564		0.2	%
6	In or near default	33		—	%	35		—	%	35		—	%	5		—	%	33		—	%
Fixed Maturity Securities Available-For-Sale (7)		$	308,410	100.0	%	$	318,689	100.0	%	$	326,049	100.0	%	$	327,820	100.0	%	$	326,685	100.0	%


GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (8)

		March 31, 2019				June 30, 2019				September 30, 2019				December 31, 2019				March 31, 2020
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%		$	2,563	91.2	%	$	1,542	80.6	%	$	1,499	73.3	%	$	1,370	83.2	%	$	5,301	68.3	%
20% or more for less than six months		135		4.8	%	215		11.2	%	370		18.1	%	116		7.0	%	2,371		30.6	%
20% or more for six months or greater		113		4.0	%	156		8.2	%	176		8.6	%	161		9.8	%	85		1.1	%
Gross Unrealized Losses		$	2,811	100.0	%	$	1,913	100.0	%	$	2,045	100.0	%	$	1,647	100.0	%	$	7,757	100.0	%

Gross Unrealized Gains		$	22,662			$	29,373			$	34,964			$	31,812			$	32,005

See footnotes on Page 34.

Table of Contents



INVESTMENTS
SUMMARY OF MORTGAGE LOANS

Unaudited (In millions)	March 31, 2019					June 30, 2019					September 30, 2019					December 31, 2019					March 31, 2020

Commercial mortgage loans	$	49,960				$	49,570				$	49,898				$	49,624				$	50,077
Agricultural mortgage loans	15,130					15,334					15,752					16,695					16,788
Residential mortgage loans	13,861					13,450					13,659					14,504					14,943
Mortgage loans held-for-sale	—					—					—					59					—
Mortgage Loans	78,951					78,354					79,309					80,882					81,808
Valuation allowances	(350		)			(357		)			(350		)			(353		)			(464		)
Mortgage Loans, net	$	78,601				$	77,997				$	78,959				$	80,529				$	81,344


SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE

	March 31, 2019					June 30, 2019					September 30, 2019					December 31, 2019					March 31, 2020
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total

Pacific	$	10,683		21.4	%	$	10,511		21.2	%	$	10,079		20.2	%	$	10,169		20.5	%	$	10,183		20.3	%
Non-U.S.	9,727			19.5	%	9,463			19.1	%	9,480			19.0	%	10,093			20.3	%	9,424			18.8	%
Middle Atlantic	7,873			15.7	%	7,952			16.0	%	8,210			16.4	%	8,302			16.7	%	7,967			15.9	%
South Atlantic	6,427			12.9	%	6,459			13.0	%	6,896			13.8	%	6,487			13.1	%	6,461			12.9	%
West South Central	4,299			8.6	%	4,386			8.9	%	4,454			8.9	%	4,255			8.6	%	3,970			7.9	%
East North Central	3,269			6.5	%	3,245			6.6	%	3,225			6.5	%	3,066			6.2	%	2,183			4.4	%
Mountain	1,501			3.0	%	1,729			3.5	%	1,774			3.6	%	1,602			3.2	%	1,755			3.5	%
New England	1,479			3.0	%	1,628			3.3	%	1,705			3.4	%	1,433			2.9	%	1,670			3.3	%
West North Central	594			1.2	%	593			1.2	%	592			1.2	%	607			1.2	%	635			1.3	%
East South Central	563			1.1	%	563			1.1	%	530			1.1	%	502			1.0	%	483			1.0	%
Multi-Region and Other	3,545			7.1	%	3,041			6.1	%	2,953			5.9	%	3,108			6.3	%	5,346			10.7	%
Total	$	49,960		100.0	%	$	49,570		100.0	%	$	49,898		100.0	%	$	49,624		100.0	%	$	50,077		100.0	%


Office	$	24,514		49.1	%	$	23,755		47.9	%	$	23,455		47.0	%	$	22,925		46.2	%	$	22,857		45.6	%
Apartment	6,943			13.9	%	6,960			14.1	%	6,906			13.8	%	8,212			16.6	%	8,869			17.7	%
Retail	9,387			18.8	%	9,577			19.3	%	9,707			19.5	%	9,052			18.2	%	8,842			17.7	%
Industrial	3,761			7.5	%	3,748			7.6	%	4,226			8.5	%	3,985			8.0	%	4,101			8.2	%
Hotel	3,716			7.4	%	3,688			7.4	%	3,617			7.2	%	3,471			7.0	%	3,328			6.6	%
Other	1,639			3.3	%	1,842			3.7	%	1,987			4.0	%	1,979			4.0	%	2,080			4.2	%
Total	$	49,960		100.0	%	$	49,570		100.0	%	$	49,898		100.0	%	$	49,624		100.0	%	$	50,077		100.0	%

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INVESTMENTS FOOTNOTES

(1) We calculate yields using average quarterly asset carrying values. Yields exclude the impact of recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-6 and presented on Page 5. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed equity securities. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes investment income related to fair value option securities of $55 million, $38 million, $59 million, $32 million and $(78) million for the three months ended March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020, respectively, and $55 million and $(78) million for the year-to-date period ended March 31, 2019 and March 31, 2020, respectively.
(3) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4) The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Fixed maturity securities available-for-sale	$	308,410		$	318,689		$	326,049		$	327,820		$	326,685
Contractholder-directed equity securities and fair value option securities	13,245			13,000			12,671			13,102			11,145
Total fixed maturity securities	321,655			331,689			338,720			340,922			337,830
Less: Contractholder-directed equity securities	12,284			11,990			11,514			11,852			9,914
Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs	3			3			3			3			3
Fixed maturity securities	$	309,368		$	319,696		$	327,203		$	329,067		$	327,913

(5) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5.
(6) Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Net investment gains (losses)	$	15		$	61		$	161		$	207		$	(288	)	$	15		$	(288	)
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	(15		)	3			(1		)	(1		)	1			(15		)	1
Less: Non-investment portfolio gains (losses)	25			(51		)	11			(180		)	24			25			24
Investment portfolio gains (losses)	$	5		$	109		$	151		$	388		$	(313	)	$	5		$	(313	)

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Net derivative gains (losses)	$	115		$	724		$	1,254		$	(1,465	)	$	4,201		$	115		$	4,201
Less: Investment hedge adjustments	105			118			121			125			138			105			138
Less: Settlement of foreign currency earnings hedges	(2		)	(2		)	(3		)	(2		)	—			(2		)	—
Less: PAB hedge adjustments	(3		)	(6		)	(5		)	(5		)	(5		)	(3		)	(5		)
Derivative gains (losses)	$	15		$	614		$	1,141		$	(1,583	)	$	4,068		$	15		$	4,068

(7) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain mortgage-backed securities (non-agency residential mortgage-backed securities and commercial mortgage-backed securities). NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Amounts presented for certain mortgage-backed securities held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting reflect designations based on revised NAIC methodologies. The NAIC's present methodology is to evaluate certain mortgage-backed securities held by insurers using the revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.
(8) MetLife's review of its fixed maturity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for six months or greater.

Table of Contents

Appendix

Table of Contents




APPENDIX METLIFE RECONCILIATION DETAIL

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,349		$	1,684		$	2,152		$	536		$	4,366		$	1,349		$	4,366
Add: Preferred stock dividends	32			57			32			57			32			32			32
Add: Net Income (loss) attributable to noncontrolling interests	4			5			6			(5		)	3			4			3
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Income (loss) from continuing operations, net of income tax	1,385			1,746			2,190			588			4,401			$	1,385		$	4,401
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	15			61			161			207			(288		)	15			(288		)
Net derivative gains (losses)	115			724			1,254			(1,465		)	4,201			115			4,201
Premiums - Divested businesses	—			—			35			36			32			—			32
Universal life and investment-type product policy fees
Unearned revenue adjustments	—			20			59			18			18			—			18
GMIB fees	27			28			27			26			26			27			26
Divested businesses	—			—			2			1			2			—			2
Net investment income
Investment hedge adjustments	(105		)	(118		)	(121		)	(125		)	(138		)	(105		)	(138		)
Operating joint venture adjustments	—			—			—			—			—			—			—
Unit-linked contract income	736			261			250			228			(1,140		)	736			(1,140		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(4		)	(4		)	(2		)	(5		)	(4		)	(4		)	(4		)
Divested businesses	—			—			23			24			22			—			22
Other revenues
Settlement of foreign currency earnings hedges	2			2			3			2			—			2			—
TSA fees	68			69			69			40			42			68			42
Divested businesses	—			—			—			2			—			—			—
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments	—			—			(9		)	(10		)	(9		)	—			(9		)
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	(79		)	(84		)	(87		)	6			(48		)	(79		)	(48		)
GMIB costs	(56		)	(39		)	47			(106		)	141			(56		)	141
Market value adjustments	4			11			(3		)	(8		)	(11		)	4			(11		)
Divested businesses	—			—			(34		)	(33		)	(24		)	—			(24		)
Interest credited to policyholder account balances
PAB hedge adjustments	3			6			5			5			5			3			5
Unit-linked contract costs	(716		)	(257		)	(223		)	(240		)	1,138			(716		)	1,138
Divested businesses	—			—			(8		)	(10		)	(5		)	—			(5		)
Capitalization of DAC - Divested businesses	—			—			11			9			3			—			3
Amortization of DAC and VOBA
Related to NIGL and NDGL	24			5			(39		)	(106		)	(30		)	24			(30		)
Related to GMIB fees and GMIB costs	7			3			—			1			(13		)	7			(13		)
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			(2		)	(2		)	(6		)	—			(6		)
Amortization of negative VOBA
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			—			—
Other expenses
Noncontrolling interest	6			6			8			(5		)	3			6			3
Regulatory implementation costs	(3		)	(7		)	(5		)	(3		)	(2		)	(3		)	(2		)
Acquisition, integration and other costs	(23		)	(6		)	(8		)	(7		)	(6		)	(23		)	(6		)
TSA fees	(68		)	(69		)	(69		)	(40		)	(42		)	(68		)	(42		)
Divested businesses	—			(6		)	(36		)	(116		)	(19		)	—			(19		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	(24		)	(236		)	(340		)	373			(928		)	(24		)	(928		)
Adjusted earnings	1,456			1,376			1,222			1,891			1,481			1,456			1,481
Less: Preferred stock dividends	32			57			32			57			32			32			32
Adjusted earnings available to common shareholders	$	1,424		$	1,319		$	1,190		$	1,834		$	1,449		$	1,424		$	1,449

A-1

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APPENDIX METLIFE NOTABLE ITEMS (1)

METLIFE TOTAL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(160	)	$	—		$	—		$	—		$	—
Expense initiative costs		(55		)	(70		)	(88		)	(119		)	—			(55		)	—
Interest on tax adjustments		—			—			—			64			—			—			—
Tax adjustments		—			—			—			475			—			—			—
Total notable items		$	(55	)	$	(70	)	$	(248	)	$	420		$	—		$	(55	)	$	—

ASIA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(19	)	$	—		$	—		$	—		$	—
Total notable items		$	—		$	—		$	(19	)	$	—		$	—		$	—		$	—

LATIN AMERICA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	10		$	—		$	—		$	—		$	—
Total notable items		$	—		$	—		$	10		$	—		$	—		$	—		$	—

EMEA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(13	)	$	—		$	—		$	—		$	—
Total notable items		$	—		$	—		$	(13	)	$	—		$	—		$	—		$	—

METLIFE HOLDINGS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(138	)	$	—		$	—		$	—		$	—
Total notable items		$	—		$	—		$	(138	)	$	—		$	—		$	—		$	—

CORPORATE & OTHER
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020			March 31, 2019			March 31, 2020
Expense initiative costs		(55		)	(70		)	(88		)	(119		)	—			(55		)	—
Interest on tax adjustments		—			—			—			64			—			—			—
Tax adjustments		—			—			—			475			—			—			—
Total notable items		$	(55	)	$	(70	)	$	(88	)	$	420		$	—		$	(55	)	$	—

(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

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APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Total MetLife, Inc.'s stockholders' equity	$	58,509		$	63,811		$	68,368		$	66,144		$	70,221
Less: Preferred stock	3,340			3,340			3,340			3,340			4,312
MetLife, Inc.'s common stockholders' equity	55,169			60,471			65,028			62,804			65,909
Less: Net unrealized investment gains (losses), net of income tax	13,862			18,381			22,330			19,981			20,369
Defined benefit plans adjustment, net of income tax	(2,004		)	(1,984		)	(1,961		)	(2,002		)	(1,985		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	43,311		$	44,074		$	44,659		$	44,825		$	47,525
Less: Goodwill, net of income tax	9,082			9,071			8,955			8,986			8,828
VODA and VOCRA, net of income tax	298			288			279			268			276
Total MetLife, Inc.'s tangible common stockholders' equity	$	33,931		$	34,715		$	35,425		$	35,571		$	38,421

Unaudited (In millions, except per share data)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Book value per common share	$	58.06		$	64.61		$	70.71		$	68.62		$	72.62
Less: Net unrealized investment gains (losses), net of income tax	14.59			19.64			24.28			21.84			22.45
Defined benefit plans adjustment, net of income tax	(2.11		)	(2.12		)	(2.13		)	(2.19		)	(2.19		)
Book value per common share, excluding AOCI other than FCTA	$	45.58		$	47.09		$	48.56		$	48.97		$	52.36
Less: Goodwill, net of income tax	9.56			9.69			9.74			9.82			9.73
VODA and VOCRA, net of income tax	0.31			0.31			0.30			0.29			0.30
Book value per common share - tangible common stockholders' equity	$	35.71		$	37.09		$	38.52		$	38.86		$	42.33

Common shares outstanding, end of period	950.2			935.9			919.6			915.3			907.6

	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020

Return on MetLife, Inc.'s:
Common stockholders' equity	10.3		%	11.6		%	13.7		%	3.4		%	27.1		%
Common stockholders' equity, excluding AOCI other than FCTA	12.5		%	15.4		%	19.4		%	4.8		%	37.8		%
Tangible common stockholders' equity (2)	16.2		%	19.7		%	24.6		%	6.1		%	47.3		%

Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.9		%	9.1		%	7.6		%	11.5		%	9.0		%
Common stockholders' equity, excluding AOCI other than FCTA	13.2		%	12.1		%	10.7		%	16.4		%	12.6		%
Tangible common stockholders' equity (2)	17.1		%	15.5		%	13.7		%	20.7		%	15.8		%

Average common stockholders' equity	$	52,285		$	57,820		$	62,750		$	63,916		$	64,357
Average common stockholders' equity, excluding AOCI other than FCTA	$	43,043		$	43,693		$	44,367		$	44,742		$	46,175
Average tangible common stockholders' equity	$	33,630		$	34,323		$	35,070		$	35,498		$	36,996

(1) Annualized using quarter-to-date results.
(2) Net income (loss) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders used to calculate returns on tangible common stockholders' equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended March 31, 2019, June 30, 2019, September 30, 2019. December 31, 2019 and March 31, 2020 of $10 million, $9 million, $9 million, $6 million and $8 million, respectively.

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APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS

ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020
U.S. (1)	$	6,058		$	6,731		$	7,391		$	8,586	$	6,189
ASIA	2,117			2,062			2,072			2,068		2,080
LATIN AMERICA	854			969			906			849		921
EMEA	646			662			654			664		697
METLIFE HOLDINGS (1)	1,268			1,275			1,261			1,321		1,233
CORPORATE & OTHER (1)	119			98			72			87		96
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,062		$	11,797		$	12,356		$	13,575	$	11,216
Adjusted premiums, fees and other revenues	$	11,167		$	11,900		$	12,445		$	13,632	$	11,216

ASIA (including operating joint ventures) (2), (3)	$	2,359		$	2,338		$	2,322		$	2,347	$	2,358

OTHER EXPENSES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020
U.S. (1)	$	993		$	1,009		$	1,004		$	1,069	$	1,066
ASIA	952			955			943			947		874
LATIN AMERICA	333			325			334			353		345
EMEA	331			346			339			366		332
METLIFE HOLDINGS (1)	227			237			223			282		228
CORPORATE & OTHER (1)	222			289			320			243		136
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,058		$	3,161		$	3,163		$	3,260	$	2,981
Other expenses, as reported on an adjusted basis	$	3,101		$	3,192		$	3,199		$	3,286	$	2,981

ASIA (including operating joint ventures) (2), (3)	$	1,056		$	1,062		$	1,047		$	1,059	$	969

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019		March 31, 2020
U.S. (1)	$	724		$	732		$	707		$	675	$	780
ASIA	350			354			344			338		350
LATIN AMERICA	118			142			144			154		95
EMEA	83			76			52			66		78
METLIFE HOLDINGS (1)	317			299			149			269		277
CORPORATE & OTHER (1)	(193		)	(307		)	(223		)	322		(131		)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,399		$	1,296		$	1,173		$	1,824	$	1,449
Adjusted earnings available to common shareholders	$	1,424		$	1,319		$	1,190		$	1,834	$	1,449

(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 statement of adjusted earnings available to common shareholders for operating joint ventures.
(3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

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METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	total adjusted revenues	(i)	total revenues
(ii)	total adjusted expenses	(ii)	total expenses
(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	adjusted premiums, fees & other revenues, excluding PRT	(iv)	premiums, fees and other revenues
(v)	net investment income, as reported on an adjusted basis	(v)	net investment income
(vi)	adjusted earnings	(vi)	income (loss) from continuing operations, net of income tax
(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 per diluted common share	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(ix)	adjusted return on equity	(ix)	return on equity
(x)	adjusted return on equity, excluding AOCI other than FCTA	(x)	return on equity
(xi)	adjusted tangible return on equity	(xi)	return on equity
(xii)	investment portfolio gains (losses)	(xii)	net investment gains (losses)
(xiii)	derivative gains (losses)	(xiii)	net derivative gains (losses)
(xiv)	capitalization of DAC, as reported on an adjusted basis	(xiv)	capitalization of DAC
(xv)	total MetLife, Inc.’s tangible common stockholders’ equity	(xv)	total MetLife, Inc.’s stockholders’ equity
(xvi)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xvi)	total MetLife, Inc.’s stockholders’ equity
(xvii)	book value per common share, excluding AOCI other than FCTA	(xvii)	book value per common share
(xviii)	book value per common share - tangible common stockholders' equity	(xviii)	book value per common share
(xix)	other expenses, as reported on an adjusted basis	(xix)	other expenses
(xx)	other expenses, net of capitalization of DAC, as reported on an adjusted basis	(xx)	other expenses, net of capitalization of DAC
(xxi)	other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	(xxi)	other expenses, net of capitalization of DAC
(xxii)	adjusted expense ratio	(xxii)	expense ratio
(xxiii)	adjusted expense ratio, excluding total notable items related to other expenses and PRT	(xxiii)	expense ratio
(xxiv)	direct expenses	(xxiv)	other expenses
(xxv)	direct expenses, excluding total notable items related to direct expenses	(xxv)	other expenses
(xxvi)	direct expense ratio	(xxvi)	expense ratio
(xxvii)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxvii)	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. 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 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.

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
	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.
	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, goodwill impairment or changes in estimated fair value. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

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	METLIFE 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.
	•	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.
	•	Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA : net income (loss) available to MetLife, Inc.’s 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: 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.
	•	Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
	•	Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
		The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and components of, or other financial measures based on, adjusted earnings mentioned above.
	•	Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
	•	Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders’ equity.
	•	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: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.
	•	Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
	•	Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues.
	•	Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

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

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

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	METLIFE ACRONYMS

	AOCI	Accumulated other comprehensive income (loss)
	CSE	Consolidated securitization entity
	DAC	Deferred policy acquisition costs
	EMEA	Europe, the Middle East and Africa
	FVA	Fair value adjustments
	FCTA	Foreign currency translation adjustments
	GA	General account
	GA AUM	General account assets under management
	GAAP	Accounting principles generally accepted in the United States of America
	GICs	Guaranteed interest contracts
	GMIB	Guaranteed minimum income benefits
	NAIC	National Association of Insurance Commissioners
	NDGL	Net derivative gains (losses)
	NIGL	Net investment gains (losses)
	NRSRO	Nationally Recognized Statistical Rating Organizations
	PAB	Policyholder account balances
	PBC	Policyholder benefits and claims
	PDO	Policyholder dividend obligation
	PRT	Pension risk transfers
	QFS	Quarterly financial supplement
	TSA	Transition service agreement
	VIE	Variable interest entity
	VOBA	Value of business acquired
	VOCRA	Value of customer relationships acquired
	VODA	Value of distribution agreements

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

Table of Contents Topic Page No. Net Income (Loss) to Adjusted Earnings 3 Adjusted Earnings ex. Total Notable Items by Segment 4 Investments 5 Direct Expense Ratio 9 2Q20 Outlook 10 Cash & Capital 11 Appendix 12 2

Net Income (Loss) to Adjusted Earnings ($ in millions) – Post-tax 1Q20 $ in millions $ Per Share Net Income (Loss) $4,366 $4.75 Less: Net Investment Gains (Losses) (228) (0.25) Net Derivative Gains (Losses) 3,319 3.61 Investment Hedge Adjustments (109) (0.12) Other (65) (0.07) Adjusted Earnings $1,449 $1.58 See Appendix for non-GAAP financial information, definitions and/or reconciliations. 3

Adjusted Earnings ex. Total Notable Items by Segment ($ in millions) – Post-tax % % Change 1 1Q20 1Q19 Change (Constant Rate) Highlights %) - Underwriting Margins; - Expense Margins; Group Benefits $312 $342 (9 + Volume Growth Retirement and Income Solutions $359 $285 26% + Investment Margins; + Volume Growth Property & Casualty $109 $97 12% + Underwriting Margins; + Expense Margins U.S. $780 $724 8% - Underwriting Margins; - Equity Markets; Asia $350 $356 (2%) —% - Investment Margins; + Volume Growth - Equity Markets; + Investment Margins; Latin America $95 $134 (29%) (19%) + Volume Growth; + Underwriting Margins - Equity Markets; - Underwriting Margins; EMEA $78 $86 (9%) (6%) + Expense Margins; + Volume Growth MetLife Holdings $277 $317 (13%) - Equity Markets Corporate & Other $(131) $(138) 5% + Taxes Adjusted Earnings, ex. Total Notable $1,449 $1,479 (2%) —% Items Adjusted EPS, ex. Total Notable $1.58 $1.54 3% 5% Items 1 To be discussed on MetLife, Inc.'s first quarter 2020 earnings conference call and audio webcast. 4 See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Variable Investment Income (VII) ($ in millions) - Pre-tax $351 $334 $326 $327 $174 1Q19 2Q19 3Q19 4Q19 1Q20 Private Equity Other 5

Strong Historical Returns from Private Equity Private Equity Returns Highlights • $7.6 billion1, diversified across 16.5% 16.7% strategy, geography and managers 15.8% 14.1% 14.4% 13.8% 13.4% 12.8% 12.4% 12.1% • No manager greater than 4%; no fund greater than 2% • Attractive fit for long-tailed liabilities 3.3% • Average historical return of 12.0% • Expect negative returns in 2Q20 (1.4)% 08 09 10 11 12 13 14 15 16 17 18 19 20 20 20 20 20 20 20 20 20 20 20 20 2008 - 2019 Average Return 1 As of March 31, 2020. Represents private equity and middle market capital component of other invested assets. 6

Favorable Loss History Over Time1 Impairment and Charge-Off Rates2 Highlights Since 2008: • Fixed maturity securities: average annual impairment rate of 0.16% • Commercial mortgage loans: average annual charge-off rate of 0.04% • Agricultural mortgage loans: average annual charge-off rate of 0.08% • Cumulative impairment rate of 1.2%, roughly half of the industry peer group 1 For the periods from January 1, 2008 to December 31, 2019. 2 Impairments / charge-off rates by asset class as a percent of annual average assets at amortized cost of the respective portfolios (fixed maturity securities, commercial mortgage loans and agricultural mortgage loans). 7

Proactive Portfolio Positioning Below Investment Syndicated Grade Credit Bank Loans Highlights $17.7B; 4.6%1 $5.3B; 1.4%1 • Early repositioning is critical 12% • Reduced allocation to below investment grade $14.2B; 3.0%1 $4.0B; 0.9%1 • Reduced bank loans and increased quality 20% 72% 59% • Small BBB- credit exposure 75% 55% 23% 21% 28% 23% 5% 4% 1% 2% 12/31/2015 3/31/2020 12/31/2015 3/31/2020 BBB and above BB B CC and below Note: Credit portfolio is at estimated fair value and includes public and private corporates, municipals and foreign governments. 8 1 Represents % of General Account Assets Under Management at respective dates.

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

2Q20 Outlook Key Considerations Highlights • Best estimate of negative high-single to low double digit private equity returns to depress VII • New money yields stable as lower risk-free rate is offset by higher credit spreads Investments • More favorable short-end yield curve configuration • Investment portfolio well-positioned for economic downturn • Modest COVID-19 life and A&H1 claims impact across most lines of business Underwriting Margins • Favorable claims impacts in dental and auto • Offsetting longevity impacts in retirement and long-term care • Challenging face-to-face global sales environment • Sales down across most segments, increasing demand in stable value Sales / Adjusted PFO / Fees • Lower Adjusted PFO in Group Benefits, RIS and Latin America • Variable product fees in-line with prior sensitivities2 • Pursuing further expense actions to mitigate top-line pressures Expenses • Expect to achieve 12.3% direct expense ratio3 target for full year 2020 1 Accident and health. 2 Relates to the ongoing impact of separate account performance sensitivities for MetLife Holdings provided at the December 2019 Investor Day. 3 Direct expense ratio, excluding total notable items related to direct expenses and PRT. 10 See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Cash & Capital Holding Company Cash1 Capital • Average free cash flow target ratio of $5.3B 65-75% holds for 2019-2020 based on market conditions2 $4.2B $4.2B • Average free cash flow ratio estimated to $3.5B $3.2B be 40-60% for 2020-2021 based on market conditions2 • 2019 Combined NAIC Risk-Based Capital ratio3 of 395%, above 360% target • Japan Solvency Margin ratio4 of 931% at 1Q19 2Q19 3Q19 4Q19 1Q20 December 31, 2019 $3.0B to $4.0B Cash Buffer 1 At quarter-end. 2 Market conditions assuming i) interest rates follow the observable forward yield curves as of March 31, 2020, ii) a 20% decline in the S&P 500 equity index for the full year 2020, and iii) a 5% increase in the S&P 500 equity index for the full year 2021. 3 MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. Ratio includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life 4 Insurance Company. Solvency ratio of MetLife's insurance subsidiary in Japan. 11 See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Appendix

2Q20 Outlook: Key Considerations by Business Key Considerations1 Group Benefits + / - Underwriting Margins; - PFO; - Direct Expense Ratio Retirement and Income Solutions - VII; + Recurring Interest Margins; + Underwriting Margins; - PFO; - Direct Expense Ratio Property & Casualty + Underwriting Margins; - Sales; - PFO Asia - VII; - Recurring Interest Margins; -FX; - Sales; + Direct Expense Ratio Latin America - FX; - Sales; - PFO; - Direct Expense Ratio EMEA - Sales; - PFO; + Direct Expense Ratio MetLife Holdings - VII; - Equity Markets; - Underwriting Margins Corporate & Other - VII; - Preferred Stock Dividends 1 Plus (+) and minus (-) represent favorable or unfavorable impacts, respectively, to financial results relative to the Company's business plan. See Explanatory Note on Non-GAAP and Other Financial Information. 13

Fixed Maturity Securities Exposure to Stressed Sectors1 Book Value2 Investment % of Total Sector ($ in millions) Grade % Investments Energy $8,696 85% 1.7% Airports 3,489 93% 0.7% Airlines 556 78% 0.1% Cruise Lines / Leisure 504 86% 0.1% Restaurants 415 89% 0.1% Lodging 307 77% 0.1% Fixed Maturity Securities 3 $13,967 2.8% Exposure to Stressed Sectors Total Investments4 $507,205 1 As of March 31, 2020. 2 Represents fixed maturity securities available-for-sale at amortized cost, net of allowance for credit loss. 3 The estimated fair value of fixed maturity securities was $13.0 billion. 4 Represents total cash, cash equivalents and invested assets. 14

Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, such as "expect," "2Q20 outlook," "estimate," "target," and "assuming," are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its Current Report on Form 8-K dated May 6, 2020, and in its other 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. 15

Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non- GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) net income (loss) per share; (ii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (iii) adjusted earnings; and (iii) adjusted earnings available to common shareholders; and (iv) adjusted earnings per share. (iv) adjusted earnings available to common shareholders per diluted common share. In this presentation, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: Non-GAAP financial measures: Comparable GAAP financial measures: (i) adjusted premiums, fees and other revenues; (i) premiums, fees and other revenues; (ii) adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT); (ii) premiums, fees and other revenues; (iii) capitalization of deferred policy acquisition costs (DAC), as reported on an adjusted (iii) capitalization of DAC; basis; (iv) other expenses, as reported on an adjusted basis; (iv) other expenses; (v) adjusted earnings available to common shareholders; (v) net income (loss) available to MetLife, Inc.’s common shareholders; (vi) adjusted earnings available to common shareholders, excluding total notable items; (vi) net income (loss) available to MetLife, Inc.’s common shareholders; (vii) adjusted earnings available to common shareholders per diluted common share; (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (viii) adjusted earnings available to common shareholders, excluding total notable items, per (viii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted diluted common share; common share; (ix) other expenses, as reported on an adjusted basis; (ix) other expenses; (x) other expenses, net of capitalization of deferred policy acquisition costs (DAC), as (x) other expenses, net of capitalization of DAC; reported on an adjusted basis; (xi) other expenses, net of capitalization of DAC, excluding total notable items related to (xi) other expenses, net of capitalization of DAC; other expenses, as reported on adjusted basis; (xii) adjusted expense ratio; (xii) expense ratio; (xiii) adjusted expense ratio, excluding total notable items related to other expenses and (xiii) expense ratio; PRT; (xiv) direct expenses; (xiv) other expenses; (xv) direct expenses, excluding total notable items related to direct expenses; (xv) other expenses; (xvi) direct expense ratio; and (xvi) expense ratio; and (xvii) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xvii) expense ratio. 16

Explanatory Note on Non-GAAP and Other Financial Information (Continued) Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period and applied to the comparable prior period. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this presentation and in this period’s quarterly financial supplement and earnings news release, which are available at www.metlife.com. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income. MetLife’s definitions of non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders on a constant currency basis per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its Business Plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non- core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (Divested businesses). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. In addition, for the year ended December 31, 2016, adjusted revenues and adjusted expenses exclude the financial impact of converting the Company’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods and is referred to as lag elimination. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments. 17

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. 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: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. 18

Explanatory Note on Non-GAAP and Other Financial Information (Continued) Statistical sales information: • U.S.: • Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. • Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance. • Property & Casualty: calculated based on first year direct written premium, net of cancellation and endorsement activity. • Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. The following additional information is relevant to an understanding of MetLife’s performance results and outlook: • Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. • Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. • General Account (GA) Assets Under Management (GA AUM) is used by MetLife to describe assets in its GA investment portfolio which are actively managed and stated at estimated fair value. GA AUM is comprised of GA total investments and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from GA AUM. • We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results. 19

Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 1Q20 1Q19 Earnings Earnings Per Per Weighted Weighted Average Average Common Common Share Share Diluted1 Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 4,366 $ 4.75 $ 1,349 $ 1.40 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (288) (0.31) 15 0.02 Less: Net derivative gains (losses) 4,201 4.57 115 0.12 Less: Other adjustments to continuing operations2 (65) (0.08) (177) (0.19) Less: Provision for income tax (expense) benefit (928) (1.01) (24) (0.03) Add: Net income (loss) attributable to noncontrolling interests 3 — 4 — Adjusted earnings available to common shareholders 1,449 1.58 1,424 1.48 Less: Total notable items — — (55) (0.06) Adjusted earnings available to common shareholders, excluding total notable items $ 1,449 $ 1.58 $ 1,479 $ 1.54 Adjusted earnings available to common shareholders on a constant currency basis $ 1,449 $ 1.58 $ 1,399 $ 1.45 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 1,449 $ 1.58 $ 1,454 $ 1.51 Weighted average common shares outstanding - diluted 920.0 963.3 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal the sum of (i) adjusted earnings available to common shareholders per diluted common share and (ii) total notable items per diluted common share. 20 2 Includes investment hedge adjustments.

Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 1Q20 Retirement and Group Income Property & Latin MetLife Corporate U.S.1 Benefits1 Solutions1 Casualty1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 780 $ 312 $ 359 $ 109 $ 350 $ 95 $ 78 $ 277 $ (131) Less: Total notable items — — — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 780 $ 312 $ 359 $ 109 $ 350 $ 95 $ 78 $ 277 $ (131) Adjusted earnings available to common shareholders on a constant currency basis $ 350 $ 95 $ 78 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 350 $ 95 $ 78 1Q19 Retirement and Group Income Property & Latin MetLife Corporate U.S.1 Benefits1 Solutions1 Casualty1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 724 $ 342 $ 285 $ 97 $ 356 $ 134 $ 86 $ 317 $ (193) Less: Total notable items — — — — — — — — (55) Adjusted earnings available to common shareholders, excluding total notable items $ 724 $ 342 $ 285 $ 97 $ 356 $ 134 $ 86 $ 317 $ (138) Adjusted earnings available to common shareholders on a constant currency basis $ 350 $ 118 $ 83 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 350 $ 118 $ 83 1Results on a constant currency basis are not included as constant currency impact is not significant. 21

Expense Detail and Ratios (In millions, except ratio data) 2015 2016 2017 2018 2019 Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis Capitalization of DAC $ (3,319) $ (3,152) $ (3,002) $ (3,254) $ (3,358) Less: Divested businesses and lag elimination1 120 (1) 34 (1) (20) Capitalization of DAC, as reported on an adjusted basis $ (3,439) $ (3,151) $ (3,036) $ (3,253) $ (3,338) Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 13,229 Less: Noncontrolling interest (13) (6) (12) (10) (15) Less: Regulatory implementation costs 2 1 — 11 18 Less: Acquisition, integration and other costs 28 64 65 24 44 Less: TSA fees — — — 305 246 Less: Divested businesses and lag elimination1 265 296 491 68 158 Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 12,778 Other Detail and Ratios Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 13,229 Capitalization of DAC (3,319) (3,152) (3,002) (3,254) (3,358) Other expenses, net of capitalization of DAC $ 10,786 $ 10,143 $ 9,951 $ 9,673 $ 9,871 Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 49,680 Expense ratio 24.6% 22.9% 21.7% 18.9% 19.9% Direct expenses $ 6,444 $ 5,754 $ 6,006 $ 5,874 $ 5,977 Less: Total notable items related to direct expenses 362 79 296 214 338 Direct expenses, excluding total notable items related to direct expenses $ 6,082 $ 5,675 $ 5,710 $ 5,660 $ 5,639 Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 12,778 Capitalization of DAC, as reported on an adjusted basis (3,439) (3,151) (3,036) (3,253) (3,338) Other expenses, net of capitalization of DAC, as reported on an adjusted basis $ 10,384 $ 9,789 $ 9,373 $ 9,276 $ 9,440 Less: Total notable items related to other expenses, as reported on an adjusted basis 362 507 377 214 338 Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis $ 10,022 $ 9,282 $ 8,996 $ 9,062 $ 9,102 Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 49,144 Less: PRT 1,740 1,761 3,305 6,894 4,346 Adjusted premiums, fees and other revenues, excluding PRT $ 42,589 $ 42,718 $ 42,895 $ 43,884 $ 44,798 Direct expense ratio 14.5% 12.9% 13.0% 11.6% 12.2% Direct expense ratio, excluding total notable items related to direct expenses and PRT 14.3% 13.3% 13.3% 12.9% 12.6% Adjusted expense ratio 23.4% 22.0% 20.3% 18.3% 19.2% Adjusted expense ratio, excluding total notable items related to other expenses and PRT 23.5% 21.7% 21.0% 20.6% 20.3% 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s 22 Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

Expense Detail and Ratios (Continued) (In millions, except ratio data) 1Q 2020 Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis Capitalization of DAC $ (774) Less: Divested businesses (3) Capitalization of DAC, as reported on an adjusted basis $ (771) Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis Other expenses $ 3,047 Less: Noncontrolling interest (3) Less: Regulatory implementation costs 2 Less: Acquisition, integration and other costs 6 Less: TSA fees 42 Less: Divested businesses 19 Other expenses, as reported on an adjusted basis $ 2,981 Other Detail and Ratios Other expenses $ 3,047 Capitalization of DAC (774) Other expenses, net of capitalization of DAC $ 2,273 Premiums, fees and other revenues $ 11,336 Expense ratio 20.1% Direct expenses $ 1,344 Less: Total notable items related to direct expenses — Direct expenses, excluding total notable items related to direct expenses $ 1,344 Other expenses, as reported on an adjusted basis $ 2,981 Capitalization of DAC, as reported on an adjusted basis (771) Other expenses, net of capitalization of DAC, as reported on an adjusted basis $ 2,210 Less: Total notable items related to other expenses, as reported on an adjusted basis — Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis $ 2,210 Adjusted premiums, fees and other revenues $ 11,216 Less: PRT (9) Adjusted premiums, fees and other revenues, excluding PRT $ 11,225 Direct expense ratio 12.0% Direct expense ratio, excluding total notable items related to direct expenses and PRT 12.0% Adjusted expense ratio 19.7% Adjusted expense ratio, excluding total notable items related to other expenses and PRT 19.7% 23

Premiums, Fees and Other Revenues (In millions) 2015 2016 2017 2018 2019 1Q 2020 Total Company - Premiums, Fees and Other Revenues Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 49,680 $ 11,336 Less: Unearned revenue adjustments 7 30 12 (7) 97 18 Less: GMIB fees 97 124 125 120 108 26 Less: Settlement of foreign currency earnings hedges (37) 4 22 19 9 — Less: TSA fees — — — 305 246 42 Less: Divested businesses and lag elimination1 (496) (267) (516) 7 76 34 Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 49,144 $ 11,216 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods. 24