METLIFE INC - FORM 8-K - EX-99.2

Attached files

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EX-99.3 - EX-99.3 - METLIFE INC	ex9931q21supplementalsli.htm
EX-99.1 - EX-99.1 - METLIFE INC	ex991earningsreleasetables.htm
8-K - 8-K - METLIFE INC	met-20210505.htm

Table of Contents

Exhibit 99.2

First Quarter

Financial Supplement

March 31, 2021

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

			Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			14
			Group Benefits - Other Expenses by Major Category; and Other Statistical Information			15
			Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance			16
			Retirement and Income Solutions - Other Expenses by Major Category; and Spread			17


			ASIA
			Statements of Adjusted Earnings Available to Common Shareholders			18
			Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			19
			General Account Assets Under Management and Related Measures			20

			LATIN AMERICA
			Statements of Adjusted Earnings Available to Common Shareholders			21
			Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			22

			EMEA
			Statements of Adjusted Earnings Available to Common Shareholders			23
			Other Expenses by Major Category; and Other Statistical Information			24

			METLIFE HOLDINGS
			Statements of Adjusted Earnings Available to Common Shareholders			25
			Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			26
			Other Expenses by Major Category; and Other Statistical Information			27

			CORPORATE & OTHER
			Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source			28

			INVESTMENTS

			Investment Portfolio Results by Asset Category and Annualized Yields			29
			Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale			30
			Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type			31
			Footnotes			32

			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 for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020			March 31, 2021		March 31, 2020		March 31, 2021

Revenues
Premiums		$	9,466	$	8,736	$	9,935	$	13,897		$	10,327	$	9,466	$	10,327
Universal life and investment-type product policy fees		1,431		1,299		1,497		1,376			1,391		1,431		1,391
Net investment income		3,061		4,087		4,729		5,240			5,314		3,061		5,314
Other revenues		439		456		455		499			631		439		631
Net investment gains (losses)		(288)		231		(20)		(33)			134		(288)		134
Net derivative gains (losses)		4,201		(710)		(581)		(1,561)			(2,235)		4,201		(2,235)
Total revenues		18,310		14,099		16,015		19,418			15,562		18,310		15,562

Expenses
Policyholder benefits and claims		9,022		8,667		10,000		13,772			10,523		9,022		10,523
Interest credited to policyholder account balances		80		1,962		1,416		1,756			1,351		80		1,351
Policyholder dividends		292		290		206		302			247		292		247

Capitalization of DAC		(774)		(671)		(764)		(804)			(775)		(774)		(775)
Amortization of DAC and VOBA		788		560		1,066		746			590		788		590
Amortization of negative VOBA		(10)		(10)		(15)		(10)			(9)		(10)		(9)
Interest expense on debt		222		232		229		230			228		222		228
Other expenses		3,047		2,872		2,954		3,262			3,116		3,047		3,116
Total expenses		12,667		13,902		15,092		19,254			15,271		12,667		15,271
Income (loss) before provision for income tax		5,643		197		923		164			291		5,643		291
Provision for income tax expense (benefit)		1,242		47		214		6			(72)		1,242		(72)


Net income (loss)		4,401		150		709		158			363		4,401		363
Less: Net income (loss) attributable to noncontrolling interests		3		5		3		—			5		3		5
Net income (loss) attributable to MetLife, Inc.		4,398		145		706		158			358		4,398		358
Less: Preferred stock dividends		32		77		59		34			68		32		68
Preferred stock redemption premium		—		—		14		—			—		—		—
Net income (loss) available to MetLife, Inc.'s common shareholders		$	4,366	$	68	$	633	$	124		$	290	$	4,366	$	290

Premiums, fees and other revenues		$	11,336	$	10,491	$	11,887	$	15,772		$	12,349	$	11,336	$	12,349

Table of Contents



METLIFE CORPORATE OVERVIEW


	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Net income (loss) available to MetLife, Inc.'s common shareholders	$	4,366	$	68	$	633	$	124	$	290
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)		231		(20)		(33)		134
Less: Net derivative gains (losses)	4,201		(710)		(581)		(1,561)		(2,235)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(65)		(357)		(522)		(575)		(174)
Less: Provision for income tax (expense) benefit	(928)		151		195		455		605

Add: Net income (loss) attributable to noncontrolling interests	3		5		3		—		5
Add: Preferred stock redemption premium	—		—		14		—		—
Adjusted earnings available to common shareholders	1,449		758		1,578		1,838		1,965
Less: Total notable items (2)	—		—		(203)		—		—
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,449	$	758	$	1,781	$	1,838	$	1,965

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	4.75	$	0.07	$	0.69	$	0.14	$	0.33

Less: Net investment gains (losses)	(0.31)		0.25		(0.02)		(0.04)		0.15
Less: Net derivative gains (losses)	4.57		(0.78)		(0.64)		(1.72)		(2.51)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.08)		(0.39)		(0.57)		(0.63)		(0.19)
Less: Provision for income tax (expense) benefit	(1.01)		0.17		0.21		0.50		0.69

Add: Net income (loss) attributable to noncontrolling interests	—		0.01		—		—		0.01
Add: Preferred stock redemption premium	—		—		0.02		—		—
Adjusted earnings available to common shareholders per diluted common share	1.58		0.83		1.73		2.03		2.20
Less: Total notable items per diluted common share (2)	—		—		(0.22)		—		—
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	1.58	$	0.83	$	1.95	$	2.03	$	2.20

	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Notable items impacting adjusted earnings available to common shareholders (2):


Actuarial assumption review and other insurance adjustments	$	—	$	—	$	(203)	$	—	$	—

Expense initiative costs	—		—		—		—		—

Interest on tax adjustments	—		—		—		—		—
Tax adjustments	—		—		—		—		—
Total notable items	$	—	$	—	$	(203)	$	—	$	—



Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):


Actuarial assumption review and other insurance adjustments	$	—	$	—	$	(0.22)	$	—	$	—

Expense initiative costs	$	—	$	—	$	—	$	—	$	—

Interest on tax adjustments	$	—	$	—	$	—	$	—	$	—
Tax adjustments	$	—	$	—	$	—	$	—	$	—
Total notable items	$	—	$	—	$	(0.22)	$	—	$	—



	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Weighted average common shares outstanding - diluted	920.0		913.1		913.7		906.0		892.1

(1)See Page A-1 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

Table of Contents



METLIFE CORPORATE OVERVIEW (CONTINUED)

Unaudited	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Book value per common share (1)	$	72.62		$	78.65		$	76.20		$	78.67		$	70.08
Book value per common share, excluding AOCI other than FCTA (1)	$	52.36		$	52.27		$	53.10		$	54.18		$	53.16
Book value per common share - tangible common stockholders' equity (1)	$	42.33		$	42.16		$	42.86		$	41.94		$	41.34


	For the Three Months Ended
Unaudited	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021
Return on MetLife, Inc.'s (2):
Common stockholders' equity	27.1		%	0.4		%	3.6		%	0.7		%	1.8		%



Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	9.0		%	4.4		%	9.0		%	10.6		%	11.9		%
Common stockholders' equity, excluding AOCI other than FCTA	12.6		%	6.4		%	13.2		%	15.2		%	16.5		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	12.6		%	6.4		%	14.9		%	15.2		%	16.5		%
Tangible common stockholders' equity	15.8		%	8.0		%	16.5		%	19.4		%	21.5		%



	For the Three Months Ended
Unaudited (In millions)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Common shares outstanding, beginning of period	915.3			907.6			907.6			905.6			892.9
Share repurchases	(10.6)			—			(2.1)			(13.6)			(18.6)
Newly issued shares	2.9			—			0.1			0.9			4.0
Common shares outstanding, end of period	907.6			907.6			905.6			892.9			878.3

Weighted average common shares outstanding - basic	914.1			908.8			908.7			899.9			885.4

Dilutive effect of the exercise or issuance of stock-based awards	5.9			4.3			5.0			6.1			6.7



Weighted average common shares outstanding - diluted	920.0			913.1			913.7			906.0			892.1

MetLife Policyholder Trust Shares	139.2			138.4			137.3			136.0			134.4

(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-3 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Total revenues	$	18,310	$	14,099	$	16,015	$	19,418	$	15,562	$	18,310	$	15,562
Less: Net investment gains (losses)	(288)		231		(20)		(33)		134		(288)		134
Less: Net derivative gains (losses)	4,201		(710)		(581)		(1,561)		(2,235)		4,201		(2,235)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	18		5		2		8		—		18		—
Less: Other adjustments to revenues:
GMIB fees	26		25		26		25		25		26		25
Investment hedge adjustments	(138)		(188)		(229)		(260)		(220)		(138)		(220)

Operating joint venture adjustments	—		—		—		1		—		—		—
Unit-linked contract income	(1,140)		818		262		628		207		(1,140)		207
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(4)		(1)		—		(6)		(3)		(4)		(3)
Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
TSA fees	42		39		39		39		35		42		35
Divested businesses	56		35		8		2		912		56		912
Total adjusted revenues	$	15,537	$	13,845	$	16,508	$	20,575	$	16,707	$	15,537	$	16,707

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Net investment income	$	3,061	$	4,087	$	4,729	$	5,240	$	5,314	$	3,061	$	5,314
Less: Adjustments to net investment income:
Investment hedge adjustments	(138)		(188)		(229)		(260)		(220)		(138)		(220)
Operating joint venture adjustments	—		—		—		1		—		—		—
Unit-linked contract income	(1,140)		818		262		628		207		(1,140)		207
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(4)		(1)		—		(6)		(3)		(4)		(3)
Divested businesses	22		14		8		2		36		22		36
Adjusted net investment income	$	4,321	$	3,444	$	4,688	$	4,875	$	5,294	$	4,321	$	5,294

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Variable investment income (Included in net investment income above)	$	351	$	(555)	$	652	$	778	$	1,390	$	351	$	1,390

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Premiums, fees and other revenues	$	11,336	$	10,491	$	11,887	$	15,772	$	12,349	$	11,336	$	12,349
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	18		5		2		8		—		18		—
GMIB fees	26		25		26		25		25		26		25
Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
TSA fees	42		39		39		39		35		42		35
Divested businesses	34		21		—		—		876		34		876
Adjusted premiums, fees and other revenues	$	11,216	$	10,401	$	11,820	$	15,700	$	11,413	$	11,216	$	11,413
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,324	$	10,587	$	11,919	$	15,711	$	11,413

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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Total expenses	$	12,667	$	13,902	$	15,092	$	19,254	$	15,271	$	12,667	$	15,271
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	30		(6)		64		65		(3)		30		(3)
Less: Goodwill impairment	—		—		—		—		—		—		—
Less: Other adjustments to expenses:
PBC hedge adjustment	9		9		9		10		9		9		9
Inflation and pass-through adjustments	48		106		(37)		53		(78)		48		(78)
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	(128)		85		238		169		115		(128)		115
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	11		21		21		17		23		11		23
PAB hedge adjustments	(5)		(2)		(1)		(1)		—		(5)		—
Unit-linked contract costs	(1,138)		796		266		612		210		(1,138)		210
Securitization entities debt expense	—		—		—		—		—		—		—
Noncontrolling interests	(3)		(7)		(4)		(2)		(6)		(3)		(6)
Regulatory implementation costs	2		—		6		12		(3)		2		(3)
Acquisition, integration and other costs	6		—		7		29		4		6		4
TSA fees	42		39		39		39		35		42		35
Divested businesses	51		49		22		9		824		51		824
Total adjusted expenses	$	13,742	$	12,812	$	14,462	$	18,242	$	14,141	$	13,742	$	14,141

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Capitalization of DAC	$	(774)	$	(671)	$	(764)	$	(804)	$	(775)	$	(774)	$	(775)
Less: Divested businesses	(3)		(2)		—		—		(89)		(3)		(89)
Adjusted capitalization of DAC	$	(771)	$	(669)	$	(764)	$	(804)	$	(686)	$	(771)	$	(686)

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Other expenses	$	3,047	$	2,872	$	2,954	$	3,262	$	3,116	$	3,047	$	3,116
Less: Noncontrolling interests	(3)		(7)		(4)		(2)		(6)		(3)		(6)
Less: Regulatory implementation costs	2		—		6		12		(3)		2		(3)
Less: Acquisition, integration and other costs	6		—		7		29		4		6		4
Less: TSA fees	42		39		39		39		35		42		35
Less: Divested businesses	19		23		7		9		232		19		232
Adjusted other expenses	$	2,981	$	2,817	$	2,899	$	3,175	$	2,854	$	2,981	$	2,854
Adjusted other expenses on a constant currency basis	$	3,017	$	2,885	$	2,935	$	3,175	$	2,854

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, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			March 31, 2020			March 31, 2021
Other expenses	$	3,047		$	2,872		$	2,954		$	3,262		$	3,116		$	3,047		$	3,116
Capitalization of DAC	(774)			(671)			(764)			(804)			(775)			(774)			(775)
Other expenses, net of capitalization of DAC	$	2,273		$	2,201		$	2,190		$	2,458		$	2,341		$	2,273		$	2,341

Premiums, fees and other revenues	$	11,336		$	10,491		$	11,887		$	15,772		$	12,349		$	11,336		$	12,349

Expense ratio	20.1		%	21.0		%	18.4		%	15.6		%	19.0		%	20.1		%	19.0		%

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			March 31, 2020			March 31, 2021
Adjusted other expenses by major category
Direct expenses	$	1,344		$	1,287		$	1,288		$	1,423		$	1,259		$	1,344		$	1,259
Pension, postretirement and postemployment benefit costs	39			37			37			52			25			39			25
Premium taxes, other taxes, and licenses & fees	193			176			194			201			149			193			149
Commissions and other variable expenses	1,405			1,317			1,380			1,499			1,421			1,405			1,421
Adjusted other expenses	2,981			2,817			2,899			3,175			2,854			2,981			2,854
Adjusted capitalization of DAC	(771)			(669)			(764)			(804)			(686)			(771)			(686)
Adjusted other expenses, net of adjusted capitalization of DAC	2,210			2,148			2,135			2,371			2,168			2,210			2,168
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—			—			—			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,210		$	2,148		$	2,135		$	2,371		$	2,168		$	2,210		$	2,168

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			March 31, 2020			March 31, 2021
Employee related costs	$	866		$	840		$	865		$	937		$	897		$	866		$	897
Third party staffing costs	343			300			306			357			302			343			302
General and administrative expenses	135			147			117			129			60			135			60
Direct expenses	1,344			1,287			1,288			1,423			1,259			1,344			1,259
Less: Total notable items related to direct expenses (1)	—			—			—			—			—			—			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,344		$	1,287		$	1,288		$	1,423		$	1,259		$	1,344		$	1,259

Adjusted other expenses, net of adjusted capitalization of DAC	$	2,210		$	2,148		$	2,135		$	2,371		$	2,168		$	2,210		$	2,168
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—			—			—			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,210		$	2,148		$	2,135		$	2,371		$	2,168		$	2,210		$	2,168

Adjusted premiums, fees and other revenues	$	11,216		$	10,401		$	11,820		$	15,700		$	11,413		$	11,216		$	11,413
Less: PRT	(9)			(6)			487			4,163			—			(9)			—
Adjusted premiums, fees and other revenues, excluding PRT	$	11,225		$	10,407		$	11,333		$	11,537		$	11,413		$	11,225		$	11,413

Direct expense ratio	12.0		%	12.4		%	10.9		%	9.1		%	11.0		%	12.0		%	11.0		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.0		%	12.4		%	11.4		%	12.3		%	11.0		%	12.0		%	11.0		%

Adjusted expense ratio	19.7		%	20.7		%	18.1		%	15.1		%	19.0		%	19.7		%	19.0		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	19.7		%	20.6		%	18.8		%	20.6		%	19.0		%	19.7		%	19.0		%

(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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	326,685	$	340,005	$	353,809	$	354,809	$	332,941
Equity securities, at estimated fair value	1,050		1,105		1,111		1,079		1,063
Contractholder-directed equity securities and fair value option securities, at estimated fair value	11,145		11,911		12,276		13,319		12,975




Mortgage loans	81,344		82,890		82,881		83,919		83,015
Policy loans	9,638		9,639		9,580		9,493		9,334


Real estate and real estate joint ventures	11,250		11,524		11,643		11,933		12,007
Other limited partnership interests	8,230		7,794		8,569		9,470		10,961
Short-term investments, principally at estimated fair value	5,930		5,345		3,832		3,904		4,781
Other invested assets	27,839		24,731		22,544		20,593		18,677
Total investments	483,111		494,944		506,245		508,519		485,754
Cash and cash equivalents, principally at estimated fair value	24,094		24,289		24,405		19,795		19,635
Accrued investment income	3,828		3,388		3,424		3,388		3,363
Premiums, reinsurance and other receivables	21,224		20,848		20,712		17,870		18,727
Deferred policy acquisition costs and value of business acquired	17,254		16,353		16,179		16,389		17,214
Current income tax recoverable	—		—		—		—		214

Goodwill	9,159		9,245		9,360		10,112		9,944
Assets held-for-sale	—		—		—		7,418		6,599
Other assets	10,617		11,173		10,471		11,685		12,164
Separate account assets	168,454		187,343		189,696		199,970		196,200
Total assets	$	737,741	$	767,583	$	780,492	$	795,146	$	769,814

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	193,106	$	196,522	$	203,929	$	206,656	$	197,755
Policyholder account balances	193,875		198,147		201,072		205,176		205,186
Other policy-related balances	16,755		16,870		16,883		17,101		18,045
Policyholder dividends payable	654		670		595		587		562
Policyholder dividend obligation	1,677		2,798		2,944		2,969		1,546
Payables for collateral under securities loaned and other transactions	35,530		34,133		34,772		29,475		28,694

Short-term debt	298		303		351		393		302
Long-term debt	14,510		14,513		14,539		14,603		14,509
Collateral financing arrangement	981		968		924		845		833
Junior subordinated debt securities	3,151		3,151		3,152		3,153		3,153
Current income tax payable	708		928		638		129		—
Deferred income tax liability	10,009		11,334		10,839		11,008		8,570
Liabilities held-for-sale	—		—		—		4,650		3,865
Other liabilities	27,570		23,963		26,589		23,614		24,457
Separate account liabilities	168,454		187,343		189,696		199,970		196,200
Total liabilities	667,278		691,643		706,923		720,329		703,677


Equity
Preferred stock, at par value	—		—		—		—		—

Common stock, at par value	12		12		12		12		12
Additional paid-in capital	33,711		33,728		33,744		33,812		33,910
Retained earnings	36,919		36,568		36,782		36,491		36,373
Treasury stock, at cost	(13,178)		(13,178)		(13,258)		(13,829)		(14,828)
Accumulated other comprehensive income (loss)	12,757		18,563		16,036		18,072		10,397
Total MetLife, Inc.'s stockholders' equity	70,221		75,693		73,316		74,558		65,864
Noncontrolling interests	242		247		253		259		273
Total equity	70,463		75,940		73,569		74,817		66,137
Total liabilities and equity	$	737,741	$	767,583	$	780,492	$	795,146	$	769,814

Table of Contents



METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	401	$	319	$	502	$	490	$	119
RETIREMENT AND INCOME SOLUTIONS	452		240		618		663		872
PROPERTY & CASUALTY (1)	134		101		19		138		—
TOTAL U.S.	$	987	$	660	$	1,139	$	1,291	$	991
ASIA	491		361		662		694		868
LATIN AMERICA	139		188		63		17		53
EMEA	99		137		72		100		92
METLIFE HOLDINGS	344		19		314		533		776
CORPORATE & OTHER	(265)		(332)		(204)		(302)		(214)
Total adjusted earnings before provision for income tax	$	1,795	$	1,033	$	2,046	$	2,333	$	2,566

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	89	$	71	$	110	$	107	$	26
RETIREMENT AND INCOME SOLUTIONS	93		48		128		137		181
PROPERTY & CASUALTY (1)	25		18		1		26		—
TOTAL U.S.	$	207	$	137	$	239	$	270	$	207
ASIA	141		105		197		200		245
LATIN AMERICA	44		56		24		3		13
EMEA	21		21		20		19		21
METLIFE HOLDINGS	67		(1)		61		107		158
CORPORATE & OTHER	(166)		(120)		(132)		(138)		(111)
Total provision for income tax expense (benefit)	$	314	$	198	$	409	$	461	$	533

Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS	$	312	$	248	$	392	$	383	$	93
RETIREMENT AND INCOME SOLUTIONS	359		192		490		526		691
PROPERTY & CASUALTY (1)	109		83		18		112		—
TOTAL U.S.	$	780	$	523	$	900	$	1,021	$	784
ASIA	350		256		465		494		623
LATIN AMERICA	95		132		39		14		40
EMEA	78		116		52		81		71
METLIFE HOLDINGS	277		20		253		426		618
CORPORATE & OTHER (2)	(131)		(289)		(131)		(198)		(171)
Total adjusted earnings available to common shareholders (2)	$	1,449	$	758	$	1,578	$	1,838	$	1,965

(1)For the three months ended March 31, 2021 the results of Property & Casualty are reported as divested business. See the Non-GAAP and Other Financial Disclosures section for further information on divested business.
(2)Includes impact of preferred stock dividends of $32 million, $77 million, $59 million, $34 million and $68 million for the three months ended March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021, respectively.

Table of Contents



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

ADJUSTED RETURN ON ALLOCATED EQUITY
				For the Three Months Ended
Unaudited				March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020		March 31, 2021

U.S.
GROUP BENEFITS				43.1%				34.3%				54.1%				52.9%		12.8%
RETIREMENT AND INCOME SOLUTIONS				23.2%				12.4%				31.7%				34.0%		43.1%
PROPERTY & CASUALTY (3)				21.9%				16.7%				3.6%				22.5%		—
TOTAL U.S.				28.2%				18.9%				32.5%				36.9%		33.7%
ASIA				9.8%				7.2%				13.0%				13.8%		17.0%
LATIN AMERICA				12.4%				17.2%				5.1%				1.8%		5.8%
EMEA				10.9%				16.3%				7.3%				11.3%		10.0%
METLIFE HOLDINGS				11.2%				0.8%				10.2%				17.2%		23.7%

ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (4)
				For the Three Months Ended
Unaudited				March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020		March 31, 2021

U.S.				32.4%				21.8%				37.3%				42.4%		39.3%
ASIA				14.8%				10.9%				19.6%				20.9%		25.4%
LATIN AMERICA				20.3%				28.1%				8.3%				3.0%		9.1%
EMEA				19.2%				28.6%				12.9%				20.1%		17.1%
METLIFE HOLDINGS				12.5%				1.1%				11.4%				19.1%		26.0%

(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)	2020				2021				2020				2021
	U.S.
	GROUP BENEFITS	$	2,896			$	2,899
	RETIREMENT AND INCOME SOLUTIONS	6,187				6,418
	PROPERTY & CASUALTY (3)	1,991				—
	TOTAL U.S.	$	11,074			$	9,317			$	9,652			$	8,116
	ASIA	$	14,313			$	14,648			$	9,490			$	9,824
	LATIN AMERICA	$	3,074			$	2,757			$	1,876			$	1,757
	EMEA	$	2,855			$	2,844			$	1,649			$	1,683
	METLIFE HOLDINGS	$	9,893			$	10,428			$	9,022			$	9,581

(3) For the three months ended March 31, 2021 the results of Property & Casualty are reported as divested business. See the Non-GAAP and Other Financial Disclosures section for further information on divested business.
(4) 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, 2020				June 30, 2020				September 30, 2020				December 31, 2020		March 31, 2021
	U.S.			$	1			$	2			$	1			$	1	$	14
	ASIA			$	1			$	2			$	1			$	1	$	1
	LATIN AMERICA			$	—			$	—			$	—			$	—	$	—
	EMEA			$	1			$	2			$	1			$	2	$	1
	METLIFE HOLDINGS			$	4			$	4			$	4			$	4	$	4

Table of Contents



U.S. (1) 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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021			March 31, 2020		March 31, 2021

Adjusted revenues
Premiums		$	5,674	$	5,184	$	6,333	$	10,074	$	5,699		$	5,674	$	5,699
Universal life and investment-type product policy fees		275		268		263		264		297			275		297
Net investment income		1,766		1,425		1,827		1,885		2,010			1,766		2,010
Other revenues		240		240		237		240		396			240		396
Total adjusted revenues		7,955		7,117		8,660		12,463		8,402			7,955		8,402

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,435		5,038		6,108		9,728		6,142			5,435		6,142
Interest credited to policyholder account balances		458		412		381		371		359			458		359
Capitalization of DAC		(112)		(122)		(119)		(100)		(18)			(112)		(18)
Amortization of DAC and VOBA		119		115		123		114		16			119		16
Amortization of negative VOBA		—		—		—		—		—			—		—
Interest expense on debt		2		2		2		1		1			2		1
Other expenses		1,066		1,012		1,026		1,058		911			1,066		911
Total adjusted expenses		6,968		6,457		7,521		11,172		7,411			6,968		7,411

Adjusted earnings before provision for income tax		987		660		1,139		1,291		991			987		991
Provision for income tax expense (benefit)		207		137		239		270		207			207		207
Adjusted earnings		780		523		900		1,021		784			780		784
Preferred stock dividends		—		—		—		—		—			—		—
Adjusted earnings available to common shareholders		$	780	$	523	$	900	$	1,021	$	784		$	780	$	784




































































Adjusted premiums, fees and other revenues		$	6,189	$	5,692	$	6,833	$	10,578	$	6,392		$	6,189	$	6,392
Less: PRT		(9)		(6)		487		4,163		—			(9)		—
Adjusted premiums, fees and other revenues, excluding PRT		$	6,198	$	5,698	$	6,346	$	6,415	$	6,392		$	6,198	$	6,392

(1)For the three months ended March 31, 2021 the results of U.S. exclude Property & Casualty, which is reported as divested business. U.S. results prior to the three months ended March 31, 2021 include Property & Casualty. See page 9 for further information on adjusted earnings available to common shareholders related to Property & Casualty and see the Non-GAAP and Other Financial Disclosures section for further information on divested business.

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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Adjusted revenues
Premiums		$	4,487	$	3,989	$	4,545	$	4,659	$	5,106	$	4,487	$	5,106
Universal life and investment-type product policy fees		204		200		200		205		212		204		212
Net investment income		277		277		290		283		279		277		279
Other revenues		160		157		156		156		318		160		318
Total adjusted revenues		5,128		4,623		5,191		5,303		5,915		5,128		5,915

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,973		3,602		3,965		4,061		4,970		3,973		4,970
Interest credited to policyholder account balances		34		31		31		33		32		34		32
Capitalization of DAC		(7)		(6)		(5)		(5)		(5)		(7)		(5)
Amortization of DAC and VOBA		7		7		12		8		5		7		5
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		—		—		1		—		—		—		—
Other expenses		720		670		685		716		794		720		794
Total adjusted expenses		4,727		4,304		4,689		4,813		5,796		4,727		5,796

Adjusted earnings before provision for income tax		401		319		502		490		119		401		119
Provision for income tax expense (benefit)		89		71		110		107		26		89		26
Adjusted earnings		312		248		392		383		93		312		93
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	312	$	248	$	392	$	383	$	93	$	312	$	93


































































Adjusted premiums, fees and other revenues		$	4,851	$	4,346	$	4,901	$	5,020	$	5,636	$	4,851	$	5,636

Table of Contents



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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Adjusted revenues
Premiums		$	275	$	367	$	885	$	4,520	$	593	$	275	$	593
Universal life and investment-type product policy fees		71		68		63		59		85		71		85
Net investment income		1,444		1,126		1,484		1,546		1,731		1,444		1,731
Other revenues		71		76		76		86		78		71		78
Total adjusted revenues		1,861		1,637		2,508		6,211		2,487		1,861		2,487

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		870		909		1,428		5,086		1,172		870		1,172
Interest credited to policyholder account balances		424		381		350		338		327		424		327
Capitalization of DAC		(8)		(12)		(8)		(2)		(13)		(8)		(13)
Amortization of DAC and VOBA		8		5		7		5		11		8		11
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		2		1		1		1		2		1
Other expenses		113		112		112		120		117		113		117
Total adjusted expenses		1,409		1,397		1,890		5,548		1,615		1,409		1,615

Adjusted earnings before provision for income tax		452		240		618		663		872		452		872
Provision for income tax expense (benefit)		93		48		128		137		181		93		181
Adjusted earnings		359		192		490		526		691		359		691
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	359	$	192	$	490	$	526	$	691	$	359	$	691



































































Adjusted premiums, fees and other revenues		$	417	$	511	$	1,024	$	4,665	$	756	$	417	$	756
Less: PRT		(9)		(6)		487		4,163		—		(9)		—
Adjusted premiums, fees and other revenues, excluding PRT		$	426	$	517	$	537	$	502	$	756	$	426	$	756

Table of Contents



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

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Balance, beginning of period	$	18,965	$	18,935	$	19,665	$	20,024	$	19,932

Premiums and deposits	5,327		5,220		5,298		5,299		6,068
Surrenders and withdrawals	(625)		(537)		(565)		(571)		(642)
Benefit payments	(4,072)		(3,655)		(4,078)		(4,147)		(4,970)

Net flows	630		1,028		655		581		456

Net transfers from (to) separate accounts	—		5		6		4		2
Interest	138		130		131		134		123
Policy charges	(146)		(149)		(145)		(143)		(149)
Other	(652)		(284)		(288)		(668)		(670)

Balance, end of period	$	18,935	$	19,665	$	20,024	$	19,932	$	19,694

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Balance, beginning of period	$	970	$	793	$	945	$	1,003	$	1,123

Premiums and deposits	64		64		64		63		68
Surrenders and withdrawals	(19)		(12)		(17)		(13)		(18)
Benefit payments	—		(1)		(4)		(2)		(1)

Net flows	45		51		43		48		49

Investment performance	(162)		160		77		131		49
Net transfers from (to) general account	—		(5)		(6)		(4)		(2)
Policy charges	(55)		(55)		(56)		(55)		(57)
Other	(5)		1		—		—		(1)

Balance, end of period	$	793	$	945	$	1,003	$	1,123	$	1,161

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U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Direct and allocated expenses	$	354		$	326		$	332		$	356		$	405
Pension, postretirement and postemployment benefit costs	5			4			4			4			(1)
Premium taxes, other taxes, and licenses & fees	88			89			93			87			70


Commissions and other variable expenses	273			251			256			269			320

Adjusted other expenses	$	720		$	670		$	685		$	716		$	794














OTHER STATISTICAL INFORMATION (1)

	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Group Life (2)
Adjusted premiums, fees and other revenues	$	1,920		$	1,943		$	1,915		$	1,915		$	2,088
Mortality ratio	87.9		%	95.9		%	89.6		%	96.3		%	106.3		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	1,959		$	1,376		$	1,977		$	2,079		$	2,371
Interest adjusted benefit ratio (4)	71.7		%	58.5		%	67.4		%	61.7		%	71.1		%

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

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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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Balance, beginning of period	$	121,853	$	124,174	$	129,030	$	132,376	$	136,703

Premiums and deposits	20,967		22,473		18,957		20,961		22,008
Surrenders and withdrawals	(17,441)		(20,125)		(18,536)		(17,176)		(19,926)
Benefit payments	(1,132)		(1,176)		(1,206)		(1,182)		(1,317)

Net flows	2,394		1,172		(785)		2,603		765

Net transfers from (to) separate accounts	—		—		—		17		—
Interest	1,032		988		953		946		946
Policy charges	(43)		(42)		(42)		(41)		(10)
Other	(1,062)		2,738		3,220		802		(4,348)

Balance, end of period	$	124,174	$	129,030	$	132,376	$	136,703	$	134,056

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Balance, beginning of period	$	74,959	$	76,838	$	81,486	$	83,887	$	84,193

Premiums and deposits	4,051		2,167		1,709		2,138		1,393
Surrenders and withdrawals (1)	(2,729)		(2,319)		(2,127)		(2,971)		(2,390)
Benefit payments	(34)		(24)		(25)		(24)		(22)

Net flows	1,288		(176)		(443)		(857)		(1,019)

Investment performance	(414)		3,618		1,447		2,069		(1,302)
Net transfers from (to) general account	—		—		—		(17)		—
Policy charges	(80)		(83)		(83)		(94)		(84)
Other	1,085		1,289		1,480		(795)		395

Balance, end of period	$	76,838	$	81,486	$	83,887	$	84,193	$	82,183

SYNTHETIC GICS (2)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Balance, beginning of period	$	30,341	$	33,588	$	34,921	$	36,330	$	38,646
Premiums and deposits (1)	3,906		1,424		1,598		2,704		482
Surrenders and withdrawals	(863)		(318)		(417)		(621)		(829)
Net flows	3,043		1,106		1,181		2,083		(347)
Interest	204		227		228		233		215
Balance, end of period	$	33,588	$	34,921	$	36,330	$	38,646	$	38,514

LONGEVITY REINSURANCE (3)

Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Balance, end of period	$	—	$	317	$	896	$	3,894	$	8,833

(1)Includes $0, $0, $616 million, $360 million and $86 million of transfers from separate account GICs to synthetic GICs at March 31, 2020, June 30, 2020, September 30, 2020, December 31,2020 and March 31, 2021, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market.

Table of Contents



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

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Direct and allocated expenses	$	61		$	56		$	57		$	60		$	61
Pension, postretirement and postemployment benefit costs	2			1			1			2			—
Premium taxes, other taxes, and licenses & fees	8			4			6			10			4


Commissions and other variable expenses	42			51			48			48			52

Adjusted other expenses	$	113		$	112		$	112		$	120		$	117

SPREAD

	For the Three Months Ended
Unaudited	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Investment income yield excluding variable investment income yield	4.24		%	4.02		%	3.99		%	3.98		%	3.77		%
Variable investment income yield	0.31		%	(0.60)		%	0.58		%	0.73		%	1.46		%
Total investment income yield	4.55		%	3.42		%	4.57		%	4.71		%	5.23		%
Average crediting rate	3.41		%	3.17		%	3.01		%	2.94		%	2.89		%
Annualized general account spread	1.14		%	0.25		%	1.56		%	1.77		%	2.34		%

Annualized general account spread excluding variable investment income yield	0.83		%	0.85		%	0.98		%	1.04		%	0.88		%

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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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Adjusted revenues
Premiums		$	1,636	$	1,584	$	1,654	$	1,697	$	1,685	$	1,636	$	1,685
Universal life and investment-type product policy fees		430		420		595		447		458		430		458
Net investment income		937		767		1,088		1,146		1,264		937		1,264
Other revenues		14		14		16		17		18		14		18
Total adjusted revenues		3,017		2,785		3,353		3,307		3,425		3,017		3,425

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,321		1,255		1,291		1,346		1,297		1,321		1,297
Interest credited to policyholder account balances		445		447		470		472		489		445		489
Capitalization of DAC		(421)		(351)		(431)		(449)		(435)		(421)		(435)
Amortization of DAC and VOBA		315		284		506		310		314		315		314
Amortization of negative VOBA		(8)		(8)		(14)		(7)		(7)		(8)		(7)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		874		797		869		941		899		874		899
Total adjusted expenses		2,526		2,424		2,691		2,613		2,557		2,526		2,557

Adjusted earnings before provision for income tax		491		361		662		694		868		491		868
Provision for income tax expense (benefit)		141		105		197		200		245		141		245
Adjusted earnings		350		256		465		494		623		350		623
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	350	$	256	$	465	$	494	$	623	$	350	$	623



































































Adjusted premiums, fees and other revenues		$	2,080	$	2,018	$	2,265	$	2,161	$	2,161	$	2,080	$	2,161

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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Adjusted premiums, fees and other revenues	$	2,080	$	2,018	$	2,265	$	2,161	$	2,161

Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,161	$	2,085	$	2,298	$	2,148	$	2,161


Add: Operating joint ventures, on a constant currency basis (1), (2)	291		281		301		294		345
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,452	$	2,366	$	2,599	$	2,442	$	2,506

OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Direct and allocated expenses	$	321	$	309	$	313	$	354	$	318
Pension, postretirement and postemployment benefit costs	23		24		24		35		23
Premium taxes, other taxes, and licenses & fees	40		34		42		41		46


Commissions and other variable expenses	490		430		490		511		512

Adjusted other expenses	$	874	$	797	$	869	$	941	$	899
Adjusted other expenses, net of adjusted capitalization of DAC	$	453	$	446	$	438	$	492	$	464

Adjusted other expenses on a constant currency basis	$	904	$	818	$	881	$	930	$	899


Add: Operating joint ventures, on a constant currency basis (1), (2)	100		111		105		109		115
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	1,004	$	929	$	986	$	1,039	$	1,014
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	540	$	534	$	522	$	565	$	546

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Japan:
Life	$	174	$	101	$	222	$	151	$	168
Accident & Health	80		50		77		73		61
Annuities	62		30		38		72		92
Other	2		2		2		2		1
Total Japan	318		183		339		298		322
Other Asia	203		169		235		250		264
Total sales	$	521	$	352	$	574	$	548	$	586

OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Adjusted earnings available to common shareholders	$	350	$	256	$	465	$	494	$	623
Adjusted earnings available to common shareholders, on a constant currency basis	$	367	$	272	$	471	$	497	$	623



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

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ASIA

GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES (1)

Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

GA AUM	$	131,521	$	134,769	$	139,445	$	144,267	$	137,258




GA AUM (at amortized cost)	$	120,490	$	121,429	$	125,171	$	129,661	$	127,695

GA AUM (at amortized cost), on a constant currency basis	$	123,186	$	122,260	$	123,863	$	125,264	$	127,695
Add: Operating joint ventures, on a constant currency basis (2)	4,992		5,224		5,357		5,586		5,746
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	128,178	$	127,484	$	129,220	$	130,850	$	133,441

(1)In June 2020, MetLife completed the sale of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively, “MetLife Hong Kong”) to a third party. The GA AUM (at amortized cost) related to MetLife Hong Kong was historically reported in the Asia segment and is reflected in the March 31, 2020 column in the table above. The GA AUM (at amortized cost) disposed in the sale was $2,226 million at June 30, 2020.
(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 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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Adjusted revenues
Premiums		$	640	$	489	$	529	$	607	$	595	$	640	$	595
Universal life and investment-type product policy fees		270		238		225		261		270		270		270
Net investment income		218		260		221		293		299		218		299
Other revenues		11		10		7		10		10		11		10
Total adjusted revenues		1,139		997		982		1,171		1,174		1,139		1,174

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		610		449		575		772		761		610		761
Interest credited to policyholder account balances		70		56		52		62		59		70		59
Capitalization of DAC		(100)		(74)		(84)		(104)		(95)		(100)		(95)
Amortization of DAC and VOBA		74		70		62		70		60		74		60
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		1		1		1		1		1		1
Other expenses		345		307		313		353		335		345		335
Total adjusted expenses		1,000		809		919		1,154		1,121		1,000		1,121

Adjusted earnings before provision for income tax		139		188		63		17		53		139		53
Provision for income tax expense (benefit)		44		56		24		3		13		44		13
Adjusted earnings		95		132		39		14		40		95		40
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	95	$	132	$	39	$	14	$	40	$	95	$	40



































































Adjusted premiums, fees and other revenues		$	921	$	737	$	761	$	878	$	875	$	921	$	875

Table of Contents



LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Direct and allocated expenses	$	129	$	119	$	117	$	125	$	121
Pension, postretirement and postemployment benefit costs	2		1		1		1		1
Premium taxes, other taxes, and licenses & fees	15		8		11		12		11


Commissions and other variable expenses	199		179		184		215		202

Adjusted other expenses	$	345	$	307	$	313	$	353	$	335
Adjusted other expenses, net of adjusted capitalization of DAC	$	245	$	233	$	229	$	249	$	240
Adjusted other expenses on a constant currency basis	$	342	$	337	$	331	$	358	$	335
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	243	$	254	$	241	$	253	$	240

SALES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Mexico	$	118	$	65	$	76	$	79	$	90
Chile	94		44		46		49		53
All other	46		32		41		44		40
Total sales	$	258	$	141	$	163	$	172	$	183

OTHER STATISTICAL INFORMATION


	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Adjusted premiums, fees and other revenues	$	921	$	737	$	761	$	878	$	875
Adjusted earnings available to common shareholders	$	95	$	132	$	39	$	14	$	40


Adjusted premiums, fees and other revenues, on a constant currency basis	$	929	$	824	$	814	$	892	$	875
Adjusted earnings available to common shareholders, on a constant currency basis	$	93	$	154	$	44	$	21	$	40

Table of Contents



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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Adjusted revenues
Premiums		$	568	$	557	$	551	$	583	$	598	$	568	$	598
Universal life and investment-type product policy fees		116		92		116		109		67		116		67
Net investment income		69		63		67		70		63		69		63
Other revenues		13		11		13		15		13		13		13
Total adjusted revenues		766		723		747		777		741		766		741

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		310		263		304		319		343		310		343
Interest credited to policyholder account balances		27		27		29		26		24		27		24
Capitalization of DAC		(130)		(115)		(122)		(124)		(127)		(130)		(127)
Amortization of DAC and VOBA		130		85		125		114		62		130		62
Amortization of negative VOBA		(2)		(2)		(1)		(3)		(2)		(2)		(2)
Interest expense on debt		—		—		—		1		—		—		—
Other expenses		332		328		340		344		349		332		349
Total adjusted expenses		667		586		675		677		649		667		649

Adjusted earnings before provision for income tax		99		137		72		100		92		99		92
Provision for income tax expense (benefit)		21		21		20		19		21		21		21
Adjusted earnings		78		116		52		81		71		78		71
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	78	$	116	$	52	$	81	$	71	$	78	$	71



































































Adjusted premiums, fees and other revenues		$	697	$	660	$	680	$	707	$	678	$	697	$	678

Table of Contents



EMEA
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Direct and allocated expenses	$	110	$	110	$	119	$	120	$	112
Pension, postretirement and postemployment benefit costs	2		2		1		4		1
Premium taxes, other taxes, and licenses & fees	7		8		7		5		8

Commissions and other variable expenses	213		208		213		215		228
Adjusted other expenses	$	332	$	328	$	340	$	344	$	349
Adjusted other expenses, net of adjusted capitalization of DAC	$	202	$	213	$	218	$	220	$	222
Adjusted other expenses on a constant currency basis	$	341	$	345	$	346	$	350	$	349
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	210	$	224	$	222	$	224	$	222

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Adjusted premiums, fees and other revenues	$	697	$	660	$	680	$	707	$	678
Adjusted earnings available to common shareholders	$	78	$	116	$	52	$	81	$	71


Adjusted premiums, fees and other revenues, on a constant currency basis	$	716	$	692	$	693	$	717	$	678
Adjusted earnings available to common shareholders, on a constant currency basis	$	80	$	122	$	54	$	82	$	71
Total sales on a constant currency basis	$	256	$	200	$	211	$	223	$	267

Table of Contents



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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Adjusted revenues
Premiums		$	904	$	889	$	876	$	931	$	827	$	904	$	827
Universal life and investment-type product policy fees		294		249		269		261		274		294		274
Net investment income		1,315		981		1,427		1,461		1,646		1,315		1,646
Other revenues		35		70		61		72		62		35		62
Total adjusted revenues		2,548		2,189		2,633		2,725		2,809		2,548		2,809

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,661		1,705		1,697		1,675		1,523		1,661		1,523
Interest credited to policyholder account balances		218		219		217		214		210		218		210
Capitalization of DAC		(5)		(5)		(5)		(24)		(8)		(5)		(8)
Amortization of DAC and VOBA		100		11		177		82		54		100		54
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		1		2		1		1		2		1
Other expenses		228		239		231		244		253		228		253
Total adjusted expenses		2,204		2,170		2,319		2,192		2,033		2,204		2,033

Adjusted earnings before provision for income tax		344		19		314		533		776		344		776
Provision for income tax expense (benefit)		67		(1)		61		107		158		67		158
Adjusted earnings		277		20		253		426		618		277		618
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	277	$	20	$	253	$	426	$	618	$	277	$	618



































































Adjusted premiums, fees and other revenues		$	1,233	$	1,208	$	1,206	$	1,264	$	1,163	$	1,233	$	1,163

Table of Contents



METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Balance, beginning of period	$	81,161	$	81,458	$	81,497	$	83,021	$	83,004

Premiums and deposits (2), (3)	1,236		1,227		1,236		1,216		1,142
Surrenders and withdrawals	(642)		(554)		(607)		(567)		(529)
Benefit payments	(800)		(892)		(830)		(832)		(936)

Net flows	(206)		(219)		(201)		(183)		(323)

Net transfers from (to) separate accounts	(1)		31		5		12		2
Interest	832		833		836		836		831
Policy charges	(188)		(186)		(184)		(184)		(185)
Other	(140)		(420)		1,068		(498)		(1,883)

Balance, end of period	$	81,458	$	81,497	$	83,021	$	83,004	$	81,446



ANNUITIES	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Balance, beginning of period	$	18,755	$	19,895	$	19,538	$	19,466	$	19,029

Premiums and deposits (2), (3)	116		107		91		111		107
Surrenders and withdrawals	(390)		(277)		(286)		(356)		(340)
Benefit payments	(168)		(158)		(149)		(158)		(171)

Net flows	(442)		(328)		(344)		(403)		(404)

Net transfers from (to) separate accounts	177		73		188		170		96
Interest	134		132		130		131		129
Policy charges	(4)		(4)		(4)		(4)		(4)
Other	1,275		(230)		(42)		(331)		(479)

Balance, end of period	$	19,895	$	19,538	$	19,466	$	19,029	$	18,367

SEPARATE ACCOUNT LIABILITIES

LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Balance, beginning of period	$	5,647	$	4,586	$	5,583	$	6,039	$	6,848

Premiums and deposits (3)	63		60		59		59		62
Surrenders and withdrawals	(60)		(38)		(51)		(55)		(68)
Benefit payments	(10)		(10)		(10)		(11)		(16)

Net flows	(7)		12		(2)		(7)		(22)

Investment performance	(987)		1,082		527		895		260
Net transfers from (to) general account	1		(31)		(5)		(12)		(2)
Policy charges	(65)		(65)		(65)		(66)		(66)
Other	(3)		(1)		1		(1)		3


Balance, end of period	$	4,586	$	5,583	$	6,039	$	6,848	$	7,021

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021

Balance, beginning of period	$	39,962	$	32,942	$	36,852	$	37,883	$	40,825

Premiums and deposits (3)	85		77		65		75		79
Surrenders and withdrawals	(1,111)		(641)		(812)		(942)		(1,062)
Benefit payments	(100)		(98)		(106)		(107)		(128)

Net flows	(1,126)		(662)		(853)		(974)		(1,111)
Investment performance	(5,531)		4,831		2,269		4,282		1,017
Net transfers from (to) general account	(177)		(73)		(188)		(170)		(96)
Policy charges	(187)		(185)		(197)		(196)		(190)
Other	1		(1)		—		—		(1)

Balance, end of period	$	32,942	$	36,852	$	37,883	$	40,825	$	40,444

(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.

Table of Contents



METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Direct and allocated expenses	$	151		$	149		$	155		$	149		$	166
Pension, postretirement and postemployment benefit costs	3			3			3			3			—
Premium taxes, other taxes, and licenses & fees	17			17			17			25			14

Commissions and other variable expenses	57			70			56			67			73
Adjusted other expenses	$	228		$	239		$	231		$	244		$	253


OTHER STATISTICAL INFORMATION

	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Life (1)
Adjusted premiums, fees and other revenues	$	830		$	817		$	811		$	843		$	762
Interest adjusted benefit ratio	51.0		%	59.1		%	60.2		%	59.6		%	54.8		%

Lapse Ratio (2)
Traditional life	4.7		%	4.5		%	4.3		%	4.1		%	4.0		%
Variable & universal life	4.1		%	3.9		%	3.7		%	3.5		%	3.3		%
Fixed annuity	9.6		%	9.1		%	8.5		%	6.5		%	6.6		%
Variable annuity	10.6		%	9.8		%	9.2		%	8.8		%	8.5		%

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

Table of Contents



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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Adjusted revenues
Premiums		$	12	$	13	$	(8)	$	5	$	58	$	12	$	58
Universal life and investment-type product policy fees		—		1		1		1		—		—		—
Net investment income		16		(52)		58		20		12		16		12
Other revenues		84		72		82		106		86		84		86
Total adjusted revenues		112		34		133		132		156		112		156

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		26		3		(6)		(26)		40		26		40
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(3)		(2)		(3)		(3)		(3)		(3)		(3)
Amortization of DAC and VOBA		1		3		2		2		2		1		2
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		217		228		224		226		224		217		224
Other expenses		136		134		120		235		107		136		107
Total adjusted expenses		377		366		337		434		370		377		370

Adjusted earnings before provision for income tax		(265)		(332)		(204)		(302)		(214)		(265)		(214)
Provision for income tax expense (benefit)		(166)		(120)		(132)		(138)		(111)		(166)		(111)
Adjusted earnings		(99)		(212)		(72)		(164)		(103)		(99)		(103)
Preferred stock dividends		32		77		59		34		68		32		68
Adjusted earnings available to common shareholders		$	(131)	$	(289)	$	(131)	$	(198)	$	(171)	$	(131)	$	(171)




































































Adjusted premiums, fees and other revenues		$	96	$	86	$	75	$	112	$	144	$	96	$	144



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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Business activities		$	18	$	12	$	30	$	36	$	29	$	18	$	29
Net investment income		17		(50)		59		28		13		17		13
Interest expense on debt		(229)		(238)		(238)		(238)		(234)		(229)		(234)
Corporate initiatives and projects		(31)		(25)		(27)		(76)		(25)		(31)		(25)
Other		(40)		(31)		(28)		(52)		3		(40)		3
Provision for income tax (expense) benefit and other tax-related items		166		120		132		138		111		166		111
Preferred stock dividends		(32)		(77)		(59)		(34)		(68)		(32)		(68)
Adjusted earnings available to common shareholders		$	(131)	$	(289)	$	(131)	$	(198)	$	(171)	$	(131)	$	(171)

Table of Contents



INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
	At or For the Three Months Ended (1)															At or For the Year Ended (1)
Unaudited (In millions, except yields)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			March 31, 2020			March 31, 2021
Fixed Maturity Securities
Yield	3.82		%	3.99		%	3.87		%	3.83		%	3.72		%	3.82		%	3.72		%
Investment income (2), (3)	$	2,739		$	2,885		$	2,849		$	2,883		$	2,784		$	2,739		$	2,784
Investment gains (losses)	4			146			113			31			(64)			4			(64)
Ending carrying value (4)	327,913			341,365			355,220			356,420			334,594			327,913			334,594
Mortgage Loans
Yield	4.37		%	4.20		%	4.27		%	4.25		%	4.11		%	4.37		%	4.11		%
Investment income (3)	884			862			885			887			861			884			861
Investment gains (losses)	(63)			(80)			(5)			(65)			60			(63)			60
Ending carrying value	81,344			82,890			82,881			83,919			83,015			81,344			83,015
Real Estate and Real Estate Joint Ventures
Yield	2.95		%	0.62		%	0.39		%	2.30		%	3.18		%	2.95		%	3.18		%
Investment income	81			18			11			68			95			81			95
Investment gains (losses)	1			2			1			3			48			1			48
Ending carrying value	11,250			11,524			11,643			11,933			12,007			11,250			12,007
Policy Loans
Yield	5.23		%	5.15		%	5.15		%	5.18		%	5.14		%	5.23		%	5.14		%
Investment income	126			124			124			124			121			126			121
Ending carrying value	9,638			9,639			9,580			9,493			9,334			9,638			9,334
Equity Securities
Yield	5.43		%	4.12		%	5.56		%	4.19		%	4.90		%	5.43		%	4.90		%
Investment income	14			11			15			10			11			14			11
Investment gains (losses)	(284)			72			2			73			75			(284)			75
Ending carrying value	1,050			1,105			1,111			1,079			1,063			1,050			1,063
Other Limited Partnership Interests
Yield (5)	16.22		%	(30.23)		%	28.28		%	31.63		%	50.30		%	16.22		%	50.30		%
Investment income (5)	323			(605)			578			714			1,285			323			1,285
Investment gains (losses)	4			1			(4)			(16)			(5)			4			(5)
Ending carrying value (6)	8,230			7,794			8,569			9,470			10,961			8,230			10,961
Cash and Short-term Investments
Yield	1.73		%	1.35		%	1.28		%	1.01		%	0.87		%	1.73		%	0.87		%
Investment income	44			38			34			24			21			44			21
Investment gains (losses)	4			(5)			(19)			(8)			4			4			4
Ending carrying value (7)	30,024			29,631			28,234			23,696			24,416			30,024			24,416
Other Invested Assets
Investment income	266			247			331			318			298			266			298
Investment gains (losses)	21			106			54			49			17			21			17
Ending carrying value	27,839			24,731			22,544			20,593			18,677			27,839			18,677
Total Investments
Investment income yield	4.30		%	3.40		%	4.52		%	4.63		%	5.05		%	4.30		%	5.05		%
Investment fees and expenses yield	(0.13)		%	(0.12)		%	(0.12)		%	(0.14)		%	(0.13)		%	(0.13)		%	(0.13)		%
Net Investment Income Yield	4.17		%	3.28		%	4.40		%	4.49		%	4.92		%	4.17		%	4.92		%
Investment income	$	4,477		$	3,580		$	4,827		$	5,028		$	5,476		$	4,477		$	5,476
Investment fees and expenses	(134)			(122)			(131)			(151)			(146)			(134)			(146)
Net investment income including divested businesses	4,343			3,458			4,696			4,877			5,330			4,343			5,330
Less: Net investment income from divested businesses	22			14			8			2			36			22			36
Adjusted Net Investment Income (8)	$	4,321		$	3,444		$	4,688		$	4,875		$	5,294		$	4,321		$	5,294
Ending Carrying Value	$	497,288		$	508,679		$	519,782		$	516,603		$	494,067		$	497,288		$	494,067
Investment Portfolio Gains (Losses) including divested businesses	$	(313)		$	242		$	142		$	67		$	135		$	(313)		$	135
Less: Divested businesses	—			—			18			—			28			—			28
Investment Portfolio Gains (Losses) (9)	$	(313)		$	242		$	124		$	67		$	107		$	(313)		$	107
Gross investment gains	436			677			289			338			372			436			372
Gross investment losses	(495)			(339)			(202)			(178)			(288)			(495)			(288)
Net credit loss (provision) release and (impairments)	(254)			(96)			37			(93)			23			(254)			23
Investment Portfolio Gains (Losses) (9)	(313)			242			124			67			107			(313)			107
Investment portfolio gains (losses) income tax (expense) benefit	69			(166)			(19)			15			(25)			69			(25)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(244)		$	76		$	105		$	82		$	82		$	(244)		$	82

Derivative gains (losses) including Divested businesses	$	4,068		$	(896)		$	(809)		$	(1,820)		$	(2,455)		$	4,068		$	(2,455)
Less: Derivative gains (losses) from divested businesses	—			—			—			—			(1)			—			(1)
Derivative gains (losses) (9)	4,068			(896)			(809)			(1,820)			(2,454)			4,068			(2,454)
Derivative gains (losses) income tax (expense) benefit	(885)			195			165			390			599			(885)			599
Derivative Gains (Losses), Net of Income Tax	$	3,183		$	(701)		$	(644)		$	(1,430)		$	(1,855)		$	3,183		$	(1,855)

See footnotes on Page 32.

Table of Contents



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

		March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020				March 31, 2021
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	85,071	26.0	%	$	90,112	26.5	%	$	90,622	25.6	%	$	93,416	26.3	%	$	88,002	26.4	%
Foreign government securities		64,844		19.9	%	65,706		19.3	%	68,611		19.4	%	71,699		20.2	%	67,137		20.2	%
Foreign corporate securities		59,195		18.1	%	62,817		18.5	%	65,394		18.5	%	69,408		19.5	%	65,883		19.8	%
U.S. government and agency securities		47,959		14.7	%	47,287		13.9	%	51,644		14.6	%	47,100		13.3	%	41,402		12.4	%
Residential mortgage-backed securities		30,469		9.3	%	31,875		9.4	%	33,454		9.5	%	30,435		8.6	%	29,302		8.8	%
Asset-backed securities		14,838		4.5	%	16,324		4.8	%	17,355		4.9	%	17,119		4.8	%	16,217		4.9	%
Municipals		13,871		4.3	%	14,611		4.3	%	14,958		4.2	%	13,722		3.9	%	13,212		4.0	%
Commercial mortgage-backed securities		10,438		3.2	%	11,273		3.3	%	11,771		3.3	%	11,910		3.4	%	11,786		3.5	%
Fixed Maturity Securities Available-For-Sale		$	326,685	100.0	%	$	340,005	100.0	%	$	353,809	100.0	%	$	354,809	100.0	%	$	332,941	100.0	%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	235,650	72.1	%	$	243,645	71.7	%	$	255,171	72.1	%	$	250,013	70.5	%	$	231,570	69.6	%
2	Baa	76,239		23.3	%	80,714		23.7	%	82,519		23.3	%	87,702		24.7	%	84,467		25.4	%
3	Ba	10,999		3.4	%	11,250		3.3	%	11,710		3.3	%	12,812		3.6	%	12,825		3.8	%
4	B	3,200		1.0	%	3,654		1.1	%	3,672		1.1	%	3,702		1.1	%	3,397		1.0	%
5	Caa and lower	564		0.2	%	640		0.2	%	721		0.2	%	503		0.1	%	633		0.2	%
6	In or near default	33		—	%	102		—	%	16		—	%	77		—	%	49		—	%
Fixed Maturity Securities Available-For-Sale (10)		$	326,685	100.0	%	$	340,005	100.0	%	$	353,809	100.0	%	$	354,809	100.0	%	$	332,941	100.0	%


GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE

Unaudited (In millions)		March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020				March 31, 2021





Gross unrealized gains		$	32,005			$	40,479			$	42,902			$	45,519			$	31,251
Gross unrealized losses		7,757				3,170				2,114				1,440				2,973
Net Unrealized Gains (Losses)		$	24,248			$	37,309			$	40,788			$	44,079			$	28,278

See footnotes on Page 32.

Table of Contents


INVESTMENTS
SUMMARY OF MORTGAGE LOANS

Unaudited (In millions)	March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020				March 31, 2021

Commercial mortgage loans	$	50,077			$	51,043			$	51,448			$	52,434			$	52,300
Agricultural mortgage loans	16,788				17,167				17,402				18,128				18,051
Residential mortgage loans	14,943				15,235				14,551				13,947				13,192

Mortgage Loans	81,808				83,445				83,401				84,509				83,543
Valuation allowances	(464)				(555)				(520)				(590)				(528)
Mortgage Loans, net	$	81,344			$	82,890			$	82,881			$	83,919			$	83,015


SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE

	March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020				March 31, 2021
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Non-U.S.	$	9,424	18.8	%	$	9,542	18.7	%	$	9,828	19.1	%	$	10,581	20.2	%	$	10,507	20.1	%
Pacific	10,183		20.3	%	10,275		20.1	%	10,374		20.2	%	10,235		19.5	%	10,401		19.9	%
Middle Atlantic	7,967		15.9	%	8,257		16.2	%	8,234		16.0	%	8,233		15.7	%	8,170		15.6	%
South Atlantic	6,461		12.9	%	6,513		12.8	%	6,661		13.0	%	7,217		13.8	%	7,134		13.6	%
West South Central	3,970		7.9	%	3,945		7.7	%	3,973		7.7	%	3,887		7.4	%	3,655		7.0	%
East North Central	2,183		4.4	%	2,443		4.8	%	2,518		4.9	%	2,494		4.8	%	2,555		4.9	%
New England	1,670		3.3	%	1,719		3.4	%	2,019		3.9	%	2,126		4.0	%	2,148		4.1	%
Mountain	1,755		3.5	%	1,755		3.4	%	1,753		3.4	%	1,777		3.4	%	1,650		3.2	%
East South Central	483		1.0	%	482		1.0	%	499		1.0	%	700		1.3	%	753		1.4	%
West North Central	635		1.3	%	633		1.2	%	635		1.2	%	609		1.2	%	616		1.2	%
Multi-Region and Other	5,346		10.7	%	5,479		10.7	%	4,954		9.6	%	4,575		8.7	%	4,711		9.0	%
Total	$	50,077	100.0	%	$	51,043	100.0	%	$	51,448	100.0	%	$	52,434	100.0	%	$	52,300	100.0	%


Office	$	22,857	45.6	%	$	23,359	45.8	%	$	23,657	46.0	%	$	23,928	45.6	%	$	23,443	44.8	%
Retail	8,842		17.7	%	8,906		17.4	%	8,903		17.3	%	8,911		17.0	%	9,028		17.3	%
Apartment	8,869		17.7	%	8,639		16.9	%	8,651		16.8	%	8,764		16.7	%	8,748		16.7	%
Industrial	4,101		8.2	%	4,431		8.7	%	4,770		9.3	%	5,365		10.2	%	5,625		10.7	%
Hotel	3,328		6.6	%	3,333		6.5	%	3,361		6.5	%	3,377		6.5	%	3,281		6.3	%
Other	2,080		4.2	%	2,375		4.7	%	2,106		4.1	%	2,089		4.0	%	2,175		4.2	%
Total	$	50,077	100.0	%	$	51,043	100.0	%	$	51,448	100.0	%	$	52,434	100.0	%	$	52,300	100.0	%

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INVESTMENTS FOOTNOTES

(1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes 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 A-1. 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. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of ($78) million, $114 million, $36 million, $68 million and $36 million for the three months ended March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021, respectively, and ($78) million and $36 million for the year-to-date period ended March 31, 2020 and March 31, 2021, 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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Fixed maturity securities available-for-sale	$	326,685	$	340,005	$	353,809	$	354,809	$	332,941
Contractholder-directed equity securities and fair value option securities	11,145		11,911		12,276		13,319		12,975
Total fixed maturity securities	337,830		351,916		366,085		368,128		345,916
Less: Contractholder-directed equity securities	9,914		10,548		10,865		11,708		11,322
Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs	3		3		—		—		—
Fixed maturity securities	$	327,913	$	341,365	$	355,220	$	356,420	$	334,594

(5)Other limited partnership interests includes investment income related to private equity investments of $311 million, ($607) million, $504 million, $705 million and $1,278 million for the three months ended March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021, respectively, and $311 million and $1,278 million for the year-to-date period ended March 31, 2020 and March 31, 2021, respectively. The annualized yields for these periods were 16.83%, (32.66)%, 26.57%, 33.61%, 53.35%, 16.83% and 53.35%, respectively.
(6)Other limited partnership interests includes ending carrying value related to private equity investments of $7,649 million, $7,221 million, $7,942 million, $8,827 million and $10,321 million at March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021, respectively.
(7)Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $3 million at June 30, 2020, September 30, 2020 and December 31, 2020, and less than $1 million at March 31, 2020 and March 31, 2021.
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
	For the Three Months Ended										For the Year-to-Date Period Ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021
Net investment gains (losses)	$	(288)	$	231	$	(20)	$	(33)	$	134	$	(288)	$	134
Less: Operating joint venture adjustments	—		—		—		(1)		—		—		—
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	1		(13)		3		5		9		1		9
Less: Non-investment portfolio gains (losses)	24		2		(165)		(104)		(10)		24		(10)
Less: Divested businesses	—		—		18		—		28		—		28
Investment portfolio gains (losses)	$	(313)	$	242	$	124	$	67	$	107	$	(313)	$	107

	For the Three Months Ended										For the Year-to-Date Period Ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021
Net derivative gains (losses)	$	4,201	$	(710)	$	(581)	$	(1,561)	$	(2,235)	$	4,201	$	(2,235)
Less: Investment hedge adjustments	138		188		229		260		220		138		220
Less: Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
Less: PAB hedge adjustments	(5)		(2)		(1)		(1)		—		(5)		—
Less: Divested businesses	$	—	$	—	$	—	$	—	$	(1)	$	—	$	(1)
Derivative gains (losses)	$	4,068	$	(896)	$	(809)	$	(1,820)	$	(2,454)	$	4,068	$	(2,454)

(10)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. Over time, credit ratings can migrate, up or down, through the NRSRO continuous monitoring process. 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 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.

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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		March 31, 2020		March 31, 2021

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	4,366	$	68	$	633	$	124	$	290	$	4,366	$	290
Add: Preferred stock dividends	32		77		59		34		68		32		68
Add: Preferred stock redemption premium	—		—		14		—		—		—		—
Add: Net Income (loss) attributable to noncontrolling interests	3		5		3		—		5		3		5

Net income (loss)	4,401		150		709		158		363		$	4,401	$	363
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(288)		231		(20)		(33)		134		(288)		134
Net derivative gains (losses)	4,201		(710)		(581)		(1,561)		(2,235)		4,201		(2,235)
Premiums - Divested businesses	32		20		—		—		865		32		865
Universal life and investment-type product policy fees
Unearned revenue adjustments	18		5		2		8		—		18		—
GMIB fees	26		25		26		25		25		26		25

Divested businesses	2		1		—		—		—		2		—
Net investment income
Investment hedge adjustments	(138)		(188)		(229)		(260)		(220)		(138)		(220)

Operating joint venture adjustments	—		—		—		1		—		—		—
Unit-linked contract income	(1,140)		818		262		628		207		(1,140)		207
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(4)		(1)		—		(6)		(3)		(4)		(3)
Divested businesses	22		14		8		2		36		22		36
Other revenues
Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
TSA fees	42		39		39		39		35		42		35
Divested businesses	—		—		—		—		11		—		11
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments	(9)		(9)		(9)		(10)		(9)		(9)		(9)
PDO adjustments	—		—		—		—		—		—		—
Inflation and pass-through adjustments	(48)		(106)		37		(53)		78		(48)		78

GMIB costs	141		(90)		(231)		(180)		(128)		141		(128)
Market value adjustments	(11)		(21)		(21)		(17)		(23)		(11)		(23)
Divested businesses	(24)		(18)		(13)		—		(582)		(24)		(582)
Interest credited to policyholder account balances
PAB hedge adjustments	5		2		1		1		—		5		—
Unit-linked contract costs	1,138		(796)		(266)		(612)		(210)		1,138		(210)
Divested businesses	(5)		(7)		(2)		—		—		(5)		—
Capitalization of DAC - Divested businesses	3		2		—		—		89		3		89
Amortization of DAC and VOBA
Related to NIGL and NDGL	(30)		6		(64)		(65)		3		(30)		3
Related to GMIB fees and GMIB costs	(13)		5		(7)		11		13		(13)		13
Related to market value adjustments	—		—		—		—		—		—		—
Divested businesses	(6)		(3)		—		—		(98)		(6)		(98)
Amortization of negative VOBA
Related to market value adjustments	—		—		—		—		—		—		—
Divested businesses	—		—		—		—		—		—		—
Interest expense on debt
Securitization entities debt expense	—		—		—		—		—		—		—
Divested businesses	—		—		—		—		(1)		—		(1)
Other expenses
Noncontrolling interests	3		7		4		2		6		3		6
Regulatory implementation costs	(2)		—		(6)		(12)		3		(2)		3
Acquisition, integration and other costs	(6)		—		(7)		(29)		(4)		(6)		(4)

TSA fees	(42)		(39)		(39)		(39)		(35)		(42)		(35)
Divested businesses	(19)		(23)		(7)		(9)		(232)		(19)		(232)


Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	(928)		151		195		455		605		(928)		605
Adjusted earnings	1,481		835		1,637		1,872		2,033		1,481		2,033
Less: Preferred stock dividends	32		77		59		34		68		32		68
Adjusted earnings available to common shareholders	$	1,449	$	758	$	1,578	$	1,838	$	1,965	$	1,449	$	1,965

A-1

Table of Contents



APPENDIX METLIFE NOTABLE ITEMS (1)

METLIFE TOTAL
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021			March 31, 2020		March 31, 2021


Actuarial assumption review and other insurance adjustments		$	—	$	—	$	(203)	$	—	$	—		$	—	$	—

Expense initiative costs		—		—		—		—		—			—		—

Interest on tax adjustments		—		—		—		—		—			—		—
Tax adjustments		—		—		—		—		—			—		—
Total notable items		$	—	$	—	$	(203)	$	—	$	—		$	—	$	—

ASIA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021			March 31, 2020		March 31, 2021

Actuarial assumption review and other insurance adjustments		$	—	$	—	$	(28)	$	—	$	—		$	—	$	—

Total notable items		$	—	$	—	$	(28)	$	—	$	—		$	—	$	—

LATIN AMERICA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021			March 31, 2020		March 31, 2021


Actuarial assumption review and other insurance adjustments		$	—	$	—	$	(9)	$	—	$	—		$	—	$	—

Total notable items		$	—	$	—	$	(9)	$	—	$	—		$	—	$	—

EMEA
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021			March 31, 2020		March 31, 2021
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	(31)	$	—	$	—		$	—	$	—
Total notable items		$	—	$	—	$	(31)	$	—	$	—		$	—	$	—

METLIFE HOLDINGS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021			March 31, 2020		March 31, 2021

Actuarial assumption review and other insurance adjustments		$	—	$	—	$	(135)	$	—	$	—		$	—	$	—


Total notable items		$	—	$	—	$	(135)	$	—	$	—		$	—	$	—













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

A-2

Table of Contents



APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Total MetLife, Inc.'s stockholders' equity	$	70,221		$	75,693		$	73,316		$	74,558		$	65,864
Less: Preferred stock	4,312			4,312			4,312			4,312			4,312
MetLife, Inc.'s common stockholders' equity	65,909			71,381			69,004			70,246			61,552
Less: Net unrealized investment gains (losses), net of income tax	20,369			25,913			22,869			23,730			16,712
Defined benefit plans adjustment, net of income tax	(1,985)			(1,968)			(1,954)			(1,863)			(1,848)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	47,525		$	47,436		$	48,089		$	48,379		$	46,688
Less: Goodwill, net of income tax	8,828			8,910			9,021			10,090			9,571
VODA and VOCRA, net of income tax	276			264			253			844			807
Total MetLife, Inc.'s tangible common stockholders' equity	$	38,421		$	38,262		$	38,815		$	37,445		$	36,310

Unaudited (In millions)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	47,525		$	47,436		$	48,089		$	48,379		$	46,688
Less: Accumulated year-to-date total notable items (2)	—			—			(203)			(203)			—
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	47,525		$	47,436		$	48,292		$	48,582		$	46,688




Unaudited (In millions, except per share data)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Book value per common share	$	72.62		$	78.65		$	76.20		$	78.67		$	70.08
Less: Net unrealized investment gains (losses), net of income tax	22.45			28.55			25.26			26.58			19.02
Defined benefit plans adjustment, net of income tax	(2.19)			(2.17)			(2.16)			(2.09)			(2.10)
Book value per common share, excluding AOCI other than FCTA	$	52.36		$	52.27		$	53.10		$	54.18		$	53.16
Less: Goodwill, net of income tax	9.73			9.82			9.96			11.29			10.90
VODA and VOCRA, net of income tax	0.30			0.29			0.28			0.95			0.92
Book value per common share - tangible common stockholders' equity	$	42.33		$	42.16		$	42.86		$	41.94		$	41.34

Common shares outstanding, end of period	907.6			907.6			905.6			892.9			878.3

	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021

Return on MetLife, Inc.'s:
Common stockholders' equity	27.1		%	0.4		%	3.6		%	0.7		%	1.8		%



Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	9.0		%	4.4		%	9.0		%	10.6		%	11.9		%
Common stockholders' equity, excluding AOCI other than FCTA	12.6		%	6.4		%	13.2		%	15.2		%	16.5		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	12.6		%	6.4		%	14.9		%	15.2		%	16.5		%
Tangible common stockholders' equity (3)	15.8		%	8.0		%	16.5		%	19.4		%	21.5		%


Average common stockholders' equity	$	64,357		$	68,645		$	70,193		$	69,625		$	65,899
Average common stockholders' equity, excluding AOCI other than FCTA	$	46,175		$	47,481		$	47,763		$	48,234		$	47,534
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	46,175		$	47,481		$	47,864		$	48,437		$	47,534
Average tangible common stockholders' equity	$	36,996		$	38,342		$	38,539		$	38,130		$	36,878






(1) Annualized using quarter-to-date results.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.
(3)Adjusted earnings available to common shareholders used to calculate the return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021 of $8 million, $10 million, $7 million, $8 million and $20 million, respectively.

A-3

Table of Contents



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

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

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
U.S. (1)	$	6,189	$	5,692	$	6,833	$	10,578	$	6,392
ASIA	2,161		2,085		2,298		2,148		2,161
LATIN AMERICA	929		824		814		892		875
EMEA	716		692		693		717		678
METLIFE HOLDINGS (1)	1,233		1,208		1,206		1,264		1,163
CORPORATE & OTHER (1)	96		86		75		112		144
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,324	$	10,587	$	11,919	$	15,711	$	11,413
Adjusted premiums, fees and other revenues	$	11,216	$	10,401	$	11,820	$	15,700	$	11,413

ASIA (including operating joint ventures) (2), (3)	$	2,452	$	2,366	$	2,599	$	2,442	$	2,506

OTHER EXPENSES ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
U.S. (1)	$	1,066	$	1,012	$	1,026	$	1,058	$	911
ASIA	904		818		881		930		899
LATIN AMERICA	342		337		331		358		335
EMEA	341		345		346		350		349
METLIFE HOLDINGS (1)	228		239		231		244		253
CORPORATE & OTHER (1)	136		134		120		235		107
Adjusted other expenses on a constant currency basis	$	3,017	$	2,885	$	2,935	$	3,175	$	2,854
Adjusted other expenses	$	2,981	$	2,817	$	2,899	$	3,175	$	2,854

ASIA (including operating joint ventures) (2), (3)	$	1,004	$	929	$	986	$	1,039	$	1,014

ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS

	For the Three Months Ended
Unaudited (In millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
U.S. (1)	$	780	$	523	$	900	$	1,021	$	784
ASIA	367		272		471		497		623
LATIN AMERICA	93		154		44		21		40
EMEA	80		122		54		82		71
METLIFE HOLDINGS (1)	277		20		253		426		618
CORPORATE & OTHER (1)	(131)		(289)		(131)		(198)		(171)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,466	$	802	$	1,591	$	1,849	$	1,965
Adjusted earnings available to common shareholders	$	1,449	$	758	$	1,578	$	1,838	$	1,965

(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 18 for operating joint ventures.
(3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

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METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES

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

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

Non-GAAP financial measures:

Comparable GAAP financial measures:

(i)

total adjusted revenues

(i)

total revenues

(ii)

total adjusted expenses

(ii)

total expenses

(iii)

adjusted premiums, fees and other revenues

(iii)

premiums, fees and other revenues

(iv)

adjusted premiums, fees & other revenues, excluding PRT

(iv)

premiums, fees and other revenues

(v)

adjusted net investment income

(v)

net investment income

(vi)

adjusted earnings

(vi)

net income (loss)

(vii)

adjusted earnings available to common shareholders

(vii)

net income (loss) available to MetLife, Inc.’s common shareholders

(viii)

adjusted earnings available to common shareholders, excluding total notable items

(viii)

net income (loss) available to MetLife, Inc.’s common shareholders

(ix)

adjusted earnings available to common shareholders per diluted common share

(ix)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share

(x)

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

(x)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share

(xi)

adjusted return on equity

(xi)

return on equity

(xii)

adjusted return on equity, excluding AOCI other than FCTA

(xii)

return on equity

(xiii)

adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA)

(xiii)

return on equity

(xiv)

adjusted tangible return on equity

(xiv)

return on equity

(xv)

investment portfolio gains (losses)

(xv)

net investment gains (losses)

(xvi)

derivative gains (losses)

(xvi)

net derivative gains (losses)

(xvii)

adjusted capitalization of DAC

(xvii)

capitalization of DAC

(xviii)

total MetLife, Inc.’s tangible common stockholders’ equity

(xviii)

total MetLife, Inc.’s stockholders’ equity

(xix)

total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA

(xix)

total MetLife, Inc.’s stockholders’ equity

(xx)

total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)

(xx)

total MetLife, Inc.’s stockholders’ equity

(xxi)

book value per common share, excluding AOCI other than FCTA

(xxi)

book value per common share

(xxii)

book value per common share - tangible common stockholders' equity

(xxii)

book value per common share

(xxiii)

adjusted other expenses

(xxiii)

other expenses

(xxiv)

adjusted other expenses, net of adjusted capitalization of DAC

(xxiv)

other expenses, net of capitalization of DAC

(xxv)

adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses

(xxv)

other expenses, net of capitalization of DAC

(xxvi)

adjusted expense ratio

(xxvi)

expense ratio

(xxvii)

adjusted expense ratio, excluding total notable items related to other adjusted expenses and PRT

(xxvii)

expense ratio

(xxviii)

direct expenses

(xxviii)

other expenses

(xxix)

direct expenses, excluding total notable items related to direct expenses

(xxix)

other expenses

(xxx)

direct expense ratio

(xxx)

expense ratio

(xxxi)

direct expense ratio, excluding total notable items related to direct expenses and PRT

(xxxi)

expense ratio

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

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

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METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

Adjusted earnings and related measures

•

adjusted earnings;

•

adjusted earnings available to common shareholders;

•

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

•

adjusted earnings available to common shareholders per diluted common share;

•

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

•

adjusted earnings available to common shareholders on a constant currency basis.

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

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

Adjusted revenues and adjusted expenses

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

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

•

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

•

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

•

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

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

•

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

•

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

•

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

•

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

•

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

•

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

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

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

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

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

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

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METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

Return on equity, allocated equity, tangible equity and related measures

•

Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

•

Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.

•

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

•

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

•

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

•

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

•

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

•

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

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

•

Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.

•

Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

•

Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

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

•

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

•

Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues.

•

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

•

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

•

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

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

			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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METLIFE INC - FORM 8-K - EX-99.2 - May 5, 2021

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