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Published: 2023-08-02 16:30:56 ET
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EX-99.2 3 ex992qfsq223doc.htm EX-99.2 Document
Exhibit 99.2




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Second Quarter
Financial Supplement
June 30, 2023
2

METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Revenues
Premiums$11,556 $17,332 $9,005 $9,589 $11,678 $22,173 $21,267 
Universal life and investment-type product policy fees1,372 1,275 1,266 1,289 1,288 2,684 2,577 
Net investment income3,583 3,585 4,464 4,645 5,072 7,867 9,717 
Other revenues615 728 627 639 621 1,275 1,260 
Net investment gains (losses)(682)(411)350 (684)(1,039)(1,199)(1,723)
Net derivative gains (losses)(970)(226)(104)(90)(997)(1,921)(1,087)
Total revenues15,474 22,283 15,608 15,388 16,623 30,879 32,011 
Expenses
Policyholder benefits and claims11,615 17,603 9,115 9,872 11,809 22,789 21,681 
Policyholder liability remeasurement (gains) losses(1)136 20 (9)(16)(42)(25)
Market risk benefit remeasurement (gains) losses(757)(965)(512)188 (817)(2,197)(629)
Interest credited to policyholder account balances527 1,014 1,727 1,864 1,933 1,153 3,797 
Policyholder dividends194 158 155 159 151 393 310 
Amortization of DAC and VOBA458 441 457 470 479 933 949 
Amortization of negative VOBA(7)(7)(7)(7)(6)(15)(13)
Interest expense on debt226 239 248 255 256 451 511 
Other expenses, net of capitalization of DAC2,231 2,249 2,379 2,339 2,404 4,491 4,743 
Total expenses14,486 20,868 13,582 15,131 16,193 27,956 31,324 
Income (loss) before provision for income tax988 1,415 2,026 257 430 2,923 687 
Provision for income tax expense (benefit)73 248 445 172 22 369 194 
Net income (loss) 915 1,167 1,581 85 408 2,554 493 
Less: Net income (loss) attributable to noncontrolling interests5 5 3 5 6 10 11 
Net income (loss) attributable to MetLife, Inc.910 1,162 1,578 80 402 2,544 482 
Less: Preferred stock dividends29 64 29 66 32 92 98 
Net income (loss) available to MetLife, Inc.'s common shareholders$881 $1,098 $1,549 $14 $370 $2,452 $384 
Premiums, fees and other revenues$13,543 $19,335 $10,898 $11,517 $13,587 $26,132 $25,104 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Net income (loss) available to MetLife, Inc.'s common shareholders$881 $1,098 $1,549 $14 $370 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (682)(411)350 (684)(1,039)
Less: Net derivative gains (losses)(970)(226)(104)(90)(997)
Less: Market risk benefit remeasurement gains (losses)757 965 512 (188)817 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(396)(435)(317)(383)(316)
Less: Provision for income tax (expense) benefit 439 110 (149)180 419 
Add: Net income (loss) attributable to noncontrolling interests5 5 3 5 6 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,738 1,100 1,260 1,184 1,492 
Less: Total notable items (2)77 12 — — — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,661 $1,088 $1,260 $1,184 $1,492 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.08 $1.37 $1.96 $0.02 $0.48 
Less: Net investment gains (losses)(0.84)(0.51)0.44 (0.88)(1.35)
Less: Net derivative gains (losses)(1.19)(0.28)(0.13)(0.12)(1.30)
Less: Market risk benefit remeasurement gains (losses)0.93 1.21 0.65 (0.24)1.06 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.48)(0.55)(0.40)(0.48)(0.40)
Less: Provision for income tax (expense) benefit0.54 0.14 (0.19)0.23 0.54 
Add: Net income (loss) attributable to noncontrolling interests0.01 0.01 — 0.01 0.01 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders per diluted common share 2.13 1.37 1.59 1.52 1.94 
Less: Total notable items per diluted common share (2)0.09 0.01 — — — 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$2.04 $1.36 $1.59 $1.52 $1.94 
For the Three Months Ended
Unaudited (In millions, except per share data)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$77 $12 $— $— — 
Total notable items $77 $12 $— $— — 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$0.09 $0.01 $— $— — 
Total notable items $0.09 $0.01 $— $— $— 
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Weighted average common shares outstanding - diluted814.5 800.7 790.2 781.2 769.6 
(1)See Appendix for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3
METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedJune 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Book value per common share (1) $37.52 $32.48 $33.45 $36.89 $34.92 
Book value per common share, excluding AOCI other than FCTA (1) $52.30 $52.04 $54.30 $53.83 $53.55 
For the Three Months Ended
UnauditedJune 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Return on MetLife, Inc.'s (2):
Common stockholders' equity 10.3 %15.8 %24.0 %0.2 %5.4 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 20.3 %15.9 %19.5 %17.4 %21.8 %
Common stockholders' equity, excluding AOCI other than FCTA 16.4 %10.6 %12.1 %11.3 %14.6 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)15.7 %10.5 %12.1 %11.3 %14.6 %
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Common shares outstanding, beginning of period814.8 797.6 787.3 779.1 769.2 
Share repurchases (17.3)(10.3)(8.5)(11.6)(12.1)
Newly issued shares0.1 — 0.3 1.7 0.1 
Common shares outstanding, end of period 797.6 787.3 779.1 769.2 757.2 
Weighted average common shares outstanding - basic809.7 795.8 784.2 775.4 765.9 
Dilutive effect of the exercise or issuance of stock-based awards 4.8 4.9 6.0 5.8 3.7 
Weighted average common shares outstanding - diluted814.5 800.7 790.2 781.2 769.6 
MetLife Policyholder Trust Shares126.2 125.1 123.6 122.1 120.5 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

4
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Total revenues$15,474 $22,283 $15,608 $15,388 $16,623 $30,879 $32,011 
Less: Adjustments to total revenues:
Net investment gains (losses)(682)(411)350 (684)(1,039)(1,199)(1,723)
Net derivative gains (losses)(970)(226)(104)(90)(997)(1,921)(1,087)
Investment hedge adjustments(232)(252)(277)(264)(263)(447)(527)
Asymmetrical and non-economic accounting— — — — — — — 
Unit-linked contract income(688)(321)209 303 296 (1,186)599 
Other adjustments47 35 27 (3)(8)88 (11)
Divested businesses
— — — — — 66 — 
Total adjusted revenues$17,999 $23,458 $15,403 $16,126 $18,634 $35,478 $34,760 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Net investment income$3,583 $3,585 $4,464 $4,645 $5,072 $7,867 $9,717 
Less: Adjustments to net investment income:
Investment hedge adjustments(232)(252)(277)(264)(263)(447)(527)
Unit-linked contract income(688)(321)209 303 296 (1,186)599 
Other adjustments(1)(5)2 — (1)(7)(1)
Divested businesses — — — — — 11 — 
Adjusted net investment income$4,504 $4,163 $4,530 $4,606 $5,040 $9,496 $9,646 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Variable investment income (Included in net investment income above)$389 $(53)$24 $(44)$221 $1,574 $177 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Premiums, fees and other revenues$13,543 $19,335 $10,898 $11,517 $13,587 $26,132 $25,104 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting— — — — — — — 
Other adjustments48 40 25 (3)(7)95 (10)
Divested businesses
— — — — — 55 — 
Adjusted premiums, fees and other revenues$13,495 $19,295 $10,873 $11,520 $13,594 $25,982 $25,114 
Adjusted premiums, fees and other revenues, on a constant currency basis$13,476 $19,448 $11,046 $11,526 $13,594 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Total expenses$14,486 $20,868 $13,582 $15,131 $16,193 $27,956 $31,324 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(757)(965)(512)188 (817)(2,197)(629)
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting184 205 143 103 64 240 167 
Market volatility(34)(66)(105)(14)(44)(22)(58)
Unit-linked contract costs(695)(302)180 303 301 (1,200)604 
Other adjustments60 47 37 16 11 107 27 
Divested businesses
8 13 21 11 9 63 20 
Total adjusted expenses$15,720 $21,936 $13,818 $14,524 $16,669 $30,965 $31,193 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Capitalization of DAC $(637)$(626)$(699)$(718)$(729)$(1,289)$(1,447)
Less: Divested businesses— — — — — (11)— 
Adjusted capitalization of DAC$(637)$(626)$(699)$(718)$(729)$(1,278)$(1,447)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Other expenses $2,868 $2,875 $3,078 $3,057 $3,133 $5,780 $6,190 
Less: Adjustments to other expenses:
Other adjustments60 47 37 16 11 107 27 
Divested businesses8 13 21 11 9 40 20 
Adjusted other expenses$2,800 $2,815 $3,020 $3,030 $3,113 $5,633 $6,143 
Adjusted other expenses on a constant currency basis$2,777 $2,867 $3,089 $3,027 $3,113 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Other expenses, net of capitalization of DAC$2,231 $2,249 $2,379 $2,339 $2,404 $4,491 $4,743 
Premiums, fees and other revenues$13,543 $19,335 $10,898 $11,517 $13,587 $26,132 $25,104 
Expense ratio16.5 %11.6 %21.8 %20.3 %17.7 %17.2 %18.9 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted other expenses by major category
Direct expenses$1,335 $1,342 $1,481 $1,387 $1,415 $2,667 $2,802 
Pension, postretirement and postemployment benefit costs24 24 25 59 59 49 118 
Premium taxes, other taxes, and licenses & fees137 172 146 161 184 288 345 
Commissions and other variable expenses1,304 1,277 1,368 1,423 1,455 2,629 2,878 
Adjusted other expenses
2,800 2,815 3,020 3,030 3,113 5,633 6,143 
Adjusted capitalization of DAC(637)(626)(699)(718)(729)(1,278)(1,447)
Adjusted other expenses, net of adjusted capitalization of DAC
2,163 2,189 2,321 2,312 2,384 4,355 4,696 
Less: Total notable items related to adjusted other expenses (1)— — — — — — — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,163 $2,189 $2,321 $2,312 $2,384 $4,355 $4,696 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Employee-related costs$866 $875 $864 $929 $895 $1,765 $1,824 
Third-party staffing costs371 349 433 331 346 746 677 
General and administrative expenses98 118 184 127 174 156 301 
Direct expenses1,335 1,342 1,481 1,387 1,415 2,667 2,802 
Less: Total notable items related to direct expenses (1)— — — — — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,335 $1,342 $1,481 $1,387 $1,415 $2,667 $2,802 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,163 $2,189 $2,321 $2,312 $2,384 $4,355 $4,696 
Less: Total notable items related to adjusted other expenses (1)— — — — — — — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,163 $2,189 $2,321 $2,312 $2,384 $4,355 $4,696 
Adjusted premiums, fees and other revenues$13,495 $19,295 $10,873 $11,520 $13,594 $25,982 $25,114 
Less: PRT2,564 8,466 (69)(21)2,024 3,822 2,003 
Adjusted premiums, fees and other revenues, excluding PRT$10,931 $10,829 $10,942 $11,541 $11,570 $22,160 $23,111 
Direct expense ratio 9.9 %7.0 %13.6 %12.0 %10.4 %10.3 %11.2 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)12.2 %12.4 %13.5 %12.0 %12.2 %12.0 %12.1 %
Adjusted expense ratio16.0 %11.3 %21.3 %20.1 %17.5 %16.8 %18.7 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)19.8 %20.2 %21.2 %20.0 %20.6 %19.7 %20.3 %
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

7
METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$284,178 $270,765 $276,780 $283,854 $283,857 
Equity securities, at estimated fair value1,085 973 1,684 1,695 769 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 9,875 8,954 9,668 10,063 10,204 
Mortgage loans82,055 82,437 83,763 85,572 92,986 
Policy loans8,876 8,783 8,874 8,863 8,788 
Real estate and real estate joint ventures12,376 12,532 13,137 13,155 13,045 
Other limited partnership interests14,636 14,387 14,414 14,437 14,722 
Short-term investments, principally at estimated fair value3,043 5,266 4,935 4,184 6,921 
Other invested assets19,901 22,299 20,038 19,479 19,656 
Total investments436,025 426,396 433,293 441,302 450,948 
Cash and cash equivalents, principally at estimated fair value20,548 22,200 20,195 18,456 15,417 
Accrued investment income3,154 3,355 3,446 3,554 3,505 
Premiums, reinsurance and other receivables17,713 17,550 17,364 18,692 18,530 
Market risk benefits, at estimated fair value25 253 280 227 279 
Deferred policy acquisition costs and value of business acquired18,946 18,545 19,653 19,976 19,850 
Current income tax recoverable274 194 42 — 189 
Deferred income tax assets1,949 2,161 2,439 2,257 2,377 
Goodwill9,151 9,005 9,297 9,379 9,261 
Other assets11,280 10,992 11,025 12,006 10,977 
Separate account assets143,829 135,771 146,038 148,417 145,946 
Total assets$662,894 $646,422 $663,072 $674,266 $677,279 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$184,916 $180,812 $187,222 $191,741 $190,474 
Policyholder account balances207,921 205,279 210,597 212,569 214,413 
Market risk benefits, at estimated fair value4,704 4,039 3,763 3,869 3,259 
Other policy-related balances18,652 18,509 18,424 19,598 19,642 
Policyholder dividends payable457 429 387 356 366 
Payables for collateral under securities loaned and other transactions23,819 24,890 20,937 19,863 18,806 
Short-term debt196 183 175 168 200 
Long-term debt 13,677 14,520 14,647 14,622 14,539 
Collateral financing arrangement741 729 716 704 675 
Junior subordinated debt securities3,157 3,158 3,158 3,159 3,160 
Current income tax payable— — — 554 — 
Deferred income tax liability1,828 991 950 1,111 752 
Other liabilities 24,988 27,472 25,933 25,112 34,555 
Separate account liabilities143,829 135,771 146,038 148,417 145,946 
Total liabilities628,885 616,782 632,947 641,843 646,787 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,548 33,589 33,616 33,617 33,630 
Retained earnings38,478 39,176 40,332 39,957 39,928 
Treasury stock, at cost(20,188)(20,862)(21,458)(22,245)(22,923)
Accumulated other comprehensive income (loss)(18,106)(22,526)(22,621)(19,147)(20,386)
Total MetLife, Inc.'s stockholders' equity33,744 29,389 29,881 32,194 30,261 
Noncontrolling interests265 251 244 229 231 
Total equity34,009 29,640 30,125 32,423 30,492 
Total liabilities and equity$662,894 $646,422 $663,072 $674,266 $677,279 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
  For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS$515 $530 $495 $391 $471 
RETIREMENT AND INCOME SOLUTIONS473 420 477 505 527 
TOTAL U.S.$988 $950 $972 $896 $998 
ASIA684 385 369 405 611 
LATIN AMERICA330 203 233 303 281 
EMEA88 90 72 76 92 
METLIFE HOLDINGS479 143 228 195 262 
CORPORATE & OTHER(290)(249)(289)(273)(279)
Total adjusted earnings before provision for income tax
$2,279 $1,522 $1,585 $1,602 $1,965 
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS$109 $113 $103 $84 $99 
RETIREMENT AND INCOME SOLUTIONS99 86 96 105 110 
TOTAL U.S.$208 $199 $199 $189 $209 
ASIA198 118 104 125 180 
LATIN AMERICA79 44 49 88 62 
EMEA22 26 8 16 22 
METLIFE HOLDINGS97 26 44 37 51 
CORPORATE & OTHER(92)(55)(108)(103)(83)
Total provision for income tax expense (benefit)
$512 $358 $296 $352 $441 
Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS$406 $417 $392 $307 $372 
RETIREMENT AND INCOME SOLUTIONS374 334 381 400 417 
TOTAL U.S.$780 $751 $773 $707 $789 
ASIA486 267 265 280 431 
LATIN AMERICA251 159 184 215 219 
EMEA66 64 64 60 70 
METLIFE HOLDINGS382 117 184 158 211 
CORPORATE & OTHER (1)(227)(258)(210)(236)(228)
Total adjusted earnings available to common shareholders (1)$1,738 $1,100 $1,260 $1,184 $1,492 
(1)Includes impact of preferred stock dividends of $29 million, $64 million, $29 million, $66 million and $32 million for the three months ended June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively.
9
U.S.
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$8,094 $13,954 $5,617 $5,952 $8,108 $15,099 $14,060 
Universal life and investment-type product policy fees283 286 291 297 294 581 591 
Net investment income1,710 1,716 2,040 2,124 2,275 3,584 4,399 
Other revenues404 514 408 448 434 830 882 
Total adjusted revenues10,491 16,470 8,356 8,821 11,111 20,094 19,932 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends8,115 13,978 5,729 6,219 8,307 15,532 14,526 
Policyholder liability remeasurement (gains) losses(7)9 (8)(33)(9)(30)(42)
Interest credited to policyholder account balances453 548 650 692 750 859 1,442 
Capitalization of DAC(23)(38)(38)(51)(55)(55)(106)
Amortization of DAC and VOBA15 17 17 17 19 32 36 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 3 3 3 5 3 8 
Other expenses949 1,003 1,031 1,078 1,096 1,928 2,174 
Total adjusted expenses9,503 15,520 7,384 7,925 10,113 18,269 18,038 
Adjusted earnings before provision for income tax988 950 972 896 998 1,825 1,894 
Provision for income tax expense (benefit)208 199 199 189 209 382 398 
Adjusted earnings780 751 773 707 789 1,443 1,496 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$780 $751 $773 $707 $789 $1,443 $1,496 
Adjusted premiums, fees and other revenues$8,781 $14,754 $6,316 $6,697 $8,836 $16,510 $15,533 
Less: PRT
2,564 8,466 (69)(21)2,024 3,822 2,003 
Adjusted premiums, fees and other revenues, excluding PRT$6,217 $6,288 $6,385 $6,718 $6,812 $12,688 $13,530 
10
U.S.
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$5,210 $5,161 $5,247 $5,451 $5,427 $10,643 $10,878 
Universal life and investment-type product policy fees210 215 214 218 223 426 441 
Net investment income278 279 299 310 327 558 637 
Other revenues336 331 338 380 363 691 743 
Total adjusted revenues6,034 5,986 6,098 6,359 6,340 12,318 12,699 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,640 4,538 4,645 4,994 4,866 9,893 9,860 
Policyholder liability remeasurement (gains) losses2 4 2 (4)2 1 (2)
Interest credited to policyholder account balances32 34 46 46 48 63 94 
Capitalization of DAC(6)(4)(4)(6)(5)(10)(11)
Amortization of DAC and VOBA7 7 6 6 7 13 13 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt— 1 — — 1 — 1 
Other expenses844 876 908 932 950 1,694 1,882 
Total adjusted expenses5,519 5,456 5,603 5,968 5,869 11,654 11,837 
Adjusted earnings before provision for income tax515 530 495 391 471 664 862 
Provision for income tax expense (benefit)109 113 103 84 99 141 183 
Adjusted earnings406 417 392 307 372 523 679 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$406 $417 $392 $307 $372 $523 $679 
Adjusted premiums, fees and other revenues$5,756 $5,707 $5,799 $6,049 $6,013 $11,760 $12,062 
11
U.S.
RETIREMENT AND INCOME SOLUTIONS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$2,884 $8,793 $370 $501 $2,681 $4,456 $3,182 
Universal life and investment-type product policy fees73 71 77 79 71 155 150 
Net investment income1,432 1,437 1,741 1,814 1,948 3,026 3,762 
Other revenues68 183 70 68 71 139 139 
Total adjusted revenues4,457 10,484 2,258 2,462 4,771 7,776 7,233 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends3,475 9,440 1,084 1,225 3,441 5,639 4,666 
Policyholder liability remeasurement (gains) losses(9)5 (10)(29)(11)(31)(40)
Interest credited to policyholder account balances421 514 604 646 702 796 1,348 
Capitalization of DAC(17)(34)(34)(45)(50)(45)(95)
Amortization of DAC and VOBA8 10 11 11 12 19 23 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 2 3 3 4 3 7 
Other expenses105 127 123 146 146 234 292 
Total adjusted expenses3,984 10,064 1,781 1,957 4,244 6,615 6,201 
Adjusted earnings before provision for income tax473 420 477 505 527 1,161 1,032 
Provision for income tax expense (benefit)99 86 96 105 110 241 215 
Adjusted earnings374 334 381 400 417 920 817 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$374 $334 $381 $400 $417 $920 $817 
Adjusted premiums, fees and other revenues$3,025 $9,047 $517 $648 $2,823 $4,750 $3,471 
Less: PRT
2,564 8,466 (69)(21)2,024 3,822 2,003 
Adjusted premiums, fees and other revenues, excluding PRT$461 $581 $586 $669 $799 $928 $1,468 
12
U.S.
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$436 $444 $475 $474 $468 
Pension, postretirement and postemployment benefit costs1 2 (1)13 13 
Premium taxes, other taxes, and licenses & fees73 88 80 80 101 
Commissions and other variable expenses334 342 354 365 368 
Adjusted other expenses$844 $876 $908 $932 $950 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Group Life (2)
Adjusted premiums, fees and other revenues$2,126 $2,125 $2,131 $2,232 $2,254 
Mortality ratio85.4 %85.7 %87.3 %90.5 %85.3 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,481 $2,475 $2,533 $2,601 $2,617 
Interest adjusted benefit ratio (4)73.1 %70.1 %70.1 %72.9 %73.7 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
13
U.S.
RETIREMENT AND INCOME SOLUTIONS
 
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Balance, end of period (at balance sheet discount rate) (2)$58,840 $61,264 $62,737 $63,671 $64,446 
Less: Accumulated other comprehensive (income) loss720 (4,531)(2,856)(1,302)(2,135)
Balance, end of period (at original discount rate)$58,120 $65,795 $65,593 $64,973 $66,581 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Balance, end of period$79,821 $79,311 $80,066 $79,973 $81,249 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Balance, end of period$61,622 $58,838 $60,040 $57,990 $54,501 
SYNTHETIC GICS (3), (4)
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Balance, end of period$44,841 $45,066 $46,316 $47,850 $50,453 
LONGEVITY REINSURANCE (5)
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Balance, end of period$14,753 $13,427 $16,602 $17,085 $19,401 
(1)Includes $3,291 million, $3,394 million, $3,392 million, $3,449 million and $3,481 million of DPL at June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(4)Includes $0, $0, $147 million, $2,262 million, and $3,112 million of transfers from separate account GICs to synthetic GICs at June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023, and June 30, 2023, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.
14
U.S.
RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$61 $64 $70 $71 $67 
Pension, postretirement and postemployment benefit costs1 — — 3 3 
Premium taxes, other taxes, and licenses & fees4 22 10 9 12 
Commissions and other variable expenses39 41 43 63 64 
Adjusted other expenses$105 $127 $123 $146 $146 
SPREAD
For the Three Months Ended
UnauditedJune 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Investment income yield excluding variable investment income yield3.88 %4.20 %4.69 %4.98 %5.18 %
Variable investment income yield7.03 %(3.24)%0.50 %(0.27)%2.57 %
Total investment income yield4.01 %3.90 %4.53 %4.78 %5.08 %
Average crediting rate2.96 %3.29 %3.65 %3.82 %3.97 %
Amortization of DPL and losses at inception (1)(0.21)%(0.21)%(0.20)%(0.21)%(0.21)%
Total average crediting rate2.75 %3.08 %3.45 %3.61 %3.76 %
Annualized general account spread1.26 %0.82 %1.08 %1.17 %1.32 %
Annualized general account spread excluding variable investment income yield1.13 %1.12 %1.24 %1.37 %1.42 %
(1)Includes the amortization of DPL of (0.21)%, (0.22)%, (0.20)%, (0.22)% and (0.21)% for the three months ended June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively.
15
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$1,393 $1,346 $1,272 $1,377 $1,310 $2,945 $2,687 
Universal life and investment-type product policy fees420 438 432 397 396 823 793 
Net investment income1,012 827 828 881 1,050 2,254 1,931 
Other revenues24 21 24 20 21 45 41 
Total adjusted revenues2,849 2,632 2,556 2,675 2,777 6,067 5,452 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,123 1,119 1,051 1,130 1,057 2,394 2,187 
Policyholder liability remeasurement (gains) losses(10)61 42 11 (27)(34)(16)
Interest credited to policyholder account balances493 497 515 536 570 991 1,106 
Capitalization of DAC(381)(351)(410)(401)(397)(769)(798)
Amortization of DAC and VOBA182 178 191 193 190 376 383 
Amortization of negative VOBA(5)(6)(6)(6)(5)(12)(11)
Interest expense on debt— — — — — — — 
Other expenses763 749 804 807 778 1,600 1,585 
Total adjusted expenses2,165 2,247 2,187 2,270 2,166 4,546 4,436 
Adjusted earnings before provision for income tax684 385 369 405 611 1,521 1,016 
Provision for income tax expense (benefit)198 118 104 125 180 436 305 
Adjusted earnings486 267 265 280 431 1,085 711 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$486 $267 $265 $280 $431 $1,085 $711 
Adjusted premiums, fees and other revenues$1,837 $1,805 $1,728 $1,794 $1,727 $3,813 $3,521 
16
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Adjusted premiums, fees and other revenues$1,837 $1,805 $1,728 $1,794 $1,727 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,744 $1,806 $1,764 $1,742 $1,727 
Add: Operating joint ventures, on a constant currency basis (1)295 384 373 492 420 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,039 $2,190 $2,137 $2,234 $2,147 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$291 $285 $300 $303 $285 
Pension, postretirement and postemployment benefit costs19 17 23 17 15 
Premium taxes, other taxes, and licenses & fees31 36 37 33 32 
Commissions and other variable expenses422 411 444 454 446 
Adjusted other expenses$763 $749 $804 $807 $778 
Adjusted other expenses, net of adjusted capitalization of DAC$382 $398 $394 $406 $381 
Adjusted other expenses on a constant currency basis$724 $752 $822 $783 $778 
Add: Operating joint ventures, on a constant currency basis (2)100 109 109 127 119 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$824 $861 $931 $910 $897 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$443 $486 $492 $486 $469 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Japan:
Life$105 $101 $102 $83 $200 
Accident & Health71 67 62 66 63 
Annuities130 202 267 264 173 
Other2 3 2 2 2 
Total Japan308 373 433 415 438 
Other Asia157 209 190 230 184 
   Total sales$465 $582 $623 $645 $622 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Adjusted earnings available to common shareholders$486 $267 $265 $280 $431 
Adjusted earnings available to common shareholders, on a constant currency basis$472 $264 $269 $276 $431 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

17
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
GA AUM $117,597 $109,930 $116,289 $121,072 $118,188 
GA AUM (at amortized cost)$122,257 $119,302 $126,335 $127,120 $125,266 
GA AUM (at amortized cost), on a constant currency basis$118,882 $120,236 $121,685 $123,311 $125,266 
  Add: Operating joint ventures, on a constant currency basis (1)6,910 7,102 7,451 7,860 8,162 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$125,792 $127,338 $129,136 $131,171 $133,428 
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
18
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$822 $822 $842 $1,025 $1,023 $1,560 $2,048 
Universal life and investment-type product policy fees294 293 299 335 352 583 687 
Net investment income459 399 413 379 418 781 797 
Other revenues10 10 10 12 10 19 22 
Total adjusted revenues1,585 1,524 1,564 1,751 1,803 2,943 3,554 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends812 872 856 966 976 1,592 1,942 
Policyholder liability remeasurement (gains) losses6 3 (16)(4)3 (8)(1)
Interest credited to policyholder account balances84 89 94 99 105 152 204 
Capitalization of DAC(116)(130)(137)(151)(148)(227)(299)
Amortization of DAC and VOBA101 104 105 106 117 201 223 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt4 3 2 2 4 7 6 
Other expenses364 380 427 430 465 713 895 
Total adjusted expenses1,255 1,321 1,331 1,448 1,522 2,430 2,970 
Adjusted earnings before provision for income tax330 203 233 303 281 513 584 
Provision for income tax expense (benefit)79 44 49 88 62 127 150 
Adjusted earnings251 159 184 215 219 386 434 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$251 $159 $184 $215 $219 $386 $434 
Adjusted premiums, fees and other revenues$1,126 $1,125 $1,151 $1,372 $1,385 $2,162 $2,757 
19
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$116 $116 $140 $133 $143 
Pension, postretirement and postemployment benefit costs1 1 1 1 1 
Premium taxes, other taxes, and licenses & fees11 12 13 21 20 
Commissions and other variable expenses236 251 273 275 301 
Adjusted other expenses$364 $380 $427 $430 $465 
Adjusted other expenses, net of adjusted capitalization of DAC$248 $250 $290 $279 $317 
Adjusted other expenses on a constant currency basis$388 $424 $471 $448 $465 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$262 $277 $319 $290 $317 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Mexico$143 $146 $146 $214 153 
Chile87 92 97 102 101 
All other67 84 86 99 82 
Total sales$297 $322 $329 $415 $336 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Adjusted premiums, fees and other revenues$1,126 $1,125 $1,151 $1,372 $1,385 
Adjusted earnings available to common shareholders$251 $159 $184 $215 $219 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,220 $1,272 $1,277 $1,424 $1,385 
Adjusted earnings available to common shareholders, on a constant currency basis$278 $186 $207 $225 $219 

20
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$493 $472 $488 $496 $499 $1,002 $995 
Universal life and investment-type product policy fees77 57 67 77 75 160 152 
Net investment income38 40 41 45 47 79 92 
Other revenues8 8 10 8 8 17 16 
Total adjusted revenues616 577 606 626 629 1,258 1,255 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends226 235 239 261 237 502 498 
Policyholder liability remeasurement (gains) losses6 (11)(5)(3)2 10 (1)
Interest credited to policyholder account balances20 16 18 16 19 37 35 
Capitalization of DAC(108)(96)(106)(108)(119)(209)(227)
Amortization of DAC and VOBA88 75 81 85 85 167 170 
Amortization of negative VOBA(2)(1)(1)(1)(1)(3)(2)
Interest expense on debt— — — — — — — 
Other expenses298 269 308 300 314 594 614 
Total adjusted expenses528 487 534 550 537 1,098 1,087 
Adjusted earnings before provision for income tax88 90 72 76 92 160 168 
Provision for income tax expense (benefit)22 26 8 16 22 39 38 
Adjusted earnings66 64 64 60 70 121 130 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$66 $64 $64 $60 $70 $121 $130 
Adjusted premiums, fees and other revenues$578 $537 $565 $581 $582 $1,179 $1,163 
21
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$101 $91 $100 $94 $97 
Pension, postretirement and postemployment benefit costs2 1 1 1 1 
Premium taxes, other taxes, and licenses & fees4 3 6 5 6 
Commissions and other variable expenses191 174 201 200 210 
Adjusted other expenses$298 $269 $308 $300 $314 
Adjusted other expenses, net of adjusted capitalization of DAC$190 $173 $202 $192 $195 
Adjusted other expenses on a constant currency basis $290 $274 $315 $303 $314 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$185 $175 $206 $194 $195 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Adjusted premiums, fees and other revenues$578 $537 $565 $581 $582 
Adjusted earnings available to common shareholders$66 $64 $64 $60 $70 
Adjusted premiums, fees and other revenues, on a constant currency basis$558 $542 $576 $587 $582 
Adjusted earnings available to common shareholders, on a constant currency basis$61 $66 $67 $61 $70 
Total sales on a constant currency basis$207 $172 $185 $264 $234 
22
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$760 $745 $785 $723 $719 $1,536 $1,442 
Universal life and investment-type product policy fees296 202 176 183 170 524 353 
Net investment income1,268 1,103 1,150 1,127 1,170 2,661 2,297 
Other revenues23 39 49 53 49 67 102 
Total adjusted revenues2,347 2,089 2,160 2,086 2,108 4,788 4,194 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,354 1,385 1,415 1,369 1,341 2,836 2,710 
Policyholder liability remeasurement (gains) losses4 74 7 20 15 20 35 
Interest credited to policyholder account balances203 202 206 199 198 405 397 
Capitalization of DAC(7)(9)(7)(6)(6)(13)(12)
Amortization of DAC and VOBA70 64 61 68 64 145 132 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 2 3 3 3 3 6 
Other expenses242 228 247 238 231 478 469 
Total adjusted expenses1,868 1,946 1,932 1,891 1,846 3,874 3,737 
Adjusted earnings before provision for income tax479 143 228 195 262 914 457 
Provision for income tax expense (benefit)97 26 44 37 51 184 88 
Adjusted earnings382 117 184 158 211 730 369 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$382 $117 $184 $158 $211 $730 $369 
Adjusted premiums, fees and other revenues$1,079 $986 $1,010 $959 $938 $2,127 $1,897 
23
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Annuities$1,696 $1,582 $1,593 $1,606 $1,581 
Life and Other54,830 54,605 54,573 54,365 54,187 
Long Term Care14,828 12,986 13,845 14,617 14,498 
Balance, end of period (at balance sheet discount rate) (2)$71,354 $69,173 $70,011 $70,588 $70,266 
Less:
Annuities$12 $(89)$(60)$(29)$(50)
Life and Other41 (93)(60)(16)18 
Long Term Care800 (1,217)(513)111 (172)
Accumulated other comprehensive (income) loss$853 $(1,399)$(633)$66 $(204)
Annuities$1,684 $1,671 $1,653 $1,635 $1,631 
Life and Other54,789 54,698 54,633 54,381 54,169 
Long Term Care14,028 14,203 14,358 14,506 14,670 
Balance, end of period (at original discount rate)$70,501 $70,572 $70,644 $70,522 $70,470 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Annuities$13,985 $13,701 $13,286 $12,818 $12,410 
Life and Other12,607 12,544 12,402 12,234 12,044 
Balance, end of period$26,592 $26,245 $25,688 $25,052 $24,454 
MARKET RISK BENEFITS (3)
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Annuities$4,256 $3,534 $3,225 $3,361 $2,793 
Balance, end of period$4,256 $3,534 $3,225 $3,361 $2,793 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Annuities$30,163 $27,680 $28,499 $29,320 $29,616 
Life and Other5,527 5,225 5,475 5,794 6,071 
Balance, end of period$35,690 $32,905 $33,974 $35,114 $35,687 
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Represents the current discount rate at the respective balance sheet date.
(3) Market risk benefits include Japan reinsurance.
24
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Direct and allocated expenses$160 $164 $178 $171 $165 
Pension, postretirement and postemployment benefit costs1 — 1 6 6 
Premium taxes, other taxes, and licenses & fees17 20 15 18 17 
Commissions and other variable expenses64 44 53 43 43 
Adjusted other expenses$242 $228 $247 $238 $231 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Life (1)
Adjusted premiums, fees and other revenues$745 $654 $694 $639 $614 
Interest adjusted benefit ratio33.2 %53.9 %49.1 %45.8 %39.5 %
Lapse Ratio (2)
Traditional life4.4 %4.5 %4.6 %4.7 %4.8 %
Variable & universal life3.3 %3.3 %3.4 %3.5 %3.7 %
Fixed annuity6.2 %6.6 %7.3 %9.0 %10.3 %
Variable annuity9.8 %9.5 %9.2 %9.5 %9.9 %
(1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.                                        
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

25
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Adjusted revenues
Premiums$(6)$(7)$1 $16 $19 $(10)$35 
Universal life and investment-type product policy fees2 (1)1 — 1 2 1 
Net investment income17 78 58 50 80 137 130 
Other revenues98 96 101 101 106 199 207 
Total adjusted revenues111 166 161 167 206 328 373 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends(2)(3)6 16 12 (9)28 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(2)(2)(1)(1)(4)(5)(5)
Amortization of DAC and VOBA2 3 2 1 4 4 5 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt219 231 240 247 244 438 491 
Other expenses184 186 203 177 229 320 406 
Total adjusted expenses401 415 450 440 485 748 925 
Adjusted earnings before provision for income tax(290)(249)(289)(273)(279)(420)(552)
Provision for income tax expense (benefit)(92)(55)(108)(103)(83)(180)(186)
Adjusted earnings(198)(194)(181)(170)(196)(240)(366)
Preferred stock dividends29 64 29 66 32 92 98 
Adjusted earnings available to common shareholders$(227)$(258)$(210)$(236)$(228)$(332)$(464)
Adjusted premiums, fees and other revenues$94 $88 $103 $117 $126 $191 $243 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Business activities$34 $36 $32 $19 $20 $70 $39 
Net investment income18 75 63 51 81 138 132 
Interest expense on debt(226)(240)(250)(258)(254)(453)(512)
Corporate initiatives and projects(21)(15)(16)(14)(32)(33)(46)
Other(95)(105)(118)(71)(94)(142)(165)
Provision for income tax (expense) benefit and other tax-related items92 55 108 103 83 180 186 
Preferred stock dividends(29)(64)(29)(66)(32)(92)(98)
Adjusted earnings available to common shareholders$(227)$(258)$(210)$(236)$(228)$(332)$(464)
26
INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
At or For the Three Months EndedAt or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Fixed Maturity Securities
Yield (1)3.66 %3.81 %4.04 %4.07 %4.17 %3.59 %4.12 %
Investment income (2), (3)$2,709 $2,773 $2,978 $3,028 $3,107 $5,347 $6,135 
Investment gains (losses)(671)(286)(356)(580)(996)(1,270)(1,576)
Ending carrying value (4)285,573 272,079 278,215 285,397 285,444 285,573 285,444 
Net Mortgage Loans
Yield (1)4.11 %4.37 %4.73 %4.92 %5.12 %4.12 %5.02 %
Investment income (3)832 898 983 1,041 1,091 1,655 2,132 
Investment gains (losses)48 47 (118)(164)32 92 (132)
Ending carrying value (5)82,055 82,437 83,763 85,572 84,794 82,055 84,794 
Real Estate and Real Estate Joint Ventures
Yield (1)8.98 %5.75 %3.16 %(2.10)%0.82 %8.40 %(0.65)%
Investment income277 179 101 (69)27 518 (42)
Investment gains (losses)159 — 490 18 13 163 31 
Ending carrying value12,376 12,532 13,137 13,155 13,045 12,376 13,045 
Policy Loans
Yield (1)5.09 %5.18 %5.22 %5.35 %5.39 %5.11 %5.37 %
Investment income114 114 115 119 119 230 238 
Ending carrying value8,876 8,783 8,874 8,863 8,788 8,876 8,788 
Equity Securities
Yield (1)2.46 %6.40 %3.58 %3.17 %4.11 %2.99 %3.55 %
Investment income5 14 10 12 10 12 22 
Investment gains (losses)(42)(23)(18)48 32 (92)80 
Ending carrying value1,085 973 1,684 1,695 769 1,085 769 
Other Limited Partnership Interests
Yield (1), (6)4.69 %(5.35)%(1.18)%0.73 %6.17 %15.02 %3.46 %
Investment income (6)171 (194)(43)26 225 1,097 251 
Investment gains (losses)(2)(1)38 9 3 16 12 
Ending carrying value (7)14,636 14,387 14,414 14,437 14,722 14,636 14,722 
Cash and Short-term Investments
Yield (1)1.53 %2.54 %3.70 %5.01 %5.94 %1.30 %5.47 %
Investment income43 78 131 167 195 73 362 
Investment gains (losses)42 63 (37)(11)29 56 18 
Ending carrying value23,591 27,466 25,130 22,640 22,338 23,591 22,338 
Other Invested Assets
Investment income 484 426 396 439 397 848 836 
Investment gains (losses)69 (14)(15)(11)13 116 2 
Ending carrying value19,901 22,299 20,038 19,479 19,656 19,901 19,656 
Total Investments
Investment income yield (1)4.29 %3.98 %4.27 %4.31 %4.66 %4.51 %4.48 %
Investment fees and expenses yield (1)(0.12)%(0.12)%(0.13)%(0.14)%(0.12)%(0.13)%(0.13)%
Net Investment Income Yield (1)4.17 %3.86 %4.14 %4.17 %4.54 %4.38 %4.35 %
Investment income$4,635 $4,288 $4,671 $4,763 $5,171 $9,780 $9,934 
Investment fees and expenses(131)(125)(141)(157)(131)(273)(288)
Net investment income including divested businesses4,504 4,163 4,530 4,606 5,040 9,507 9,646 
Less: Net investment income from divested businesses— — — — — 11 — 
Adjusted Net Investment Income (8)$4,504 $4,163 $4,530 $4,606 $5,040 $9,496 $9,646 
Ending Carrying Value$448,093 $440,956 $445,255 $451,238 $449,556 $448,093 $449,556 
Investment Portfolio Gains (Losses) (9)$(397)$(214)$(16)$(691)$(874)$(919)$(1,565)
Gross investment gains597 259 1,117 433 271 907 704 
Gross investment losses(1,084)(541)(1,084)(936)(276)(1,632)(1,212)
Net credit loss (provision) release and (impairments)90 68 (49)(188)(869)(194)(1,057)
Investment Portfolio Gains (Losses) (9)(397)(214)(16)(691)(874)(919)(1,565)
Investment portfolio gains (losses) income tax (expense) benefit92 51 3 181 188 208 369 
Investment Portfolio Gains (Losses), Net of Income Tax$(305)$(163)$(13)$(510)$(686)$(711)$(1,196)
Derivative gains (losses) (9)(1,202)(478)(381)(372)(1,278)(2,368)(1,650)
Derivative gains (losses) income tax (expense) benefit355 129 69 47 320 630 367 
Derivative Gains (Losses), Net of Income Tax$(847)$(349)$(312)$(325)$(958)$(1,738)$(1,283)
See footnotes on Page 30.

27
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$80,555 28.3 %$78,824 29.1 %$80,030 28.9 %$82,482 29.1 %$82,523 29.1 %
Foreign corporate54,177 19.1 %49,927 18.4 %52,572 19.0 %54,285 19.1 %53,690 18.9 %
Foreign government48,016 16.9 %44,050 16.3 %46,747 16.9 %48,111 16.9 %45,994 16.2 %
U.S. government and agency33,690 11.9 %31,562 11.7 %32,229 11.6 %32,878 11.6 %33,129 11.7 %
Residential mortgage-backed27,303 9.6 %27,145 10.0 %26,165 9.5 %26,543 9.4 %28,458 10.0 %
Asset-backed securities and collateralized loan obligations17,054 6.0 %16,766 6.2 %16,822 6.1 %16,970 6.0 %17,480 6.2 %
Municipals12,513 4.4 %12,014 4.4 %12,152 4.4 %12,597 4.4 %12,324 4.3 %
Commercial mortgage-backed10,870 3.8 %10,477 3.9 %10,063 3.6 %9,988 3.5 %10,259 3.6 %
Fixed Maturity Securities Available-For-Sale$284,178 100.0 %$270,765 100.0 %$276,780 100.0 %$283,854 100.0 %$283,857 100.0 %
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$195,090 68.7 %$185,780 68.6 %$190,021 68.7 %$195,535 69.0 %$196,361 69.3 %
Baa274,783 26.3 %71,276 26.3 %73,194 26.5 %74,661 26.3 %73,827 26.0 %
Ba311,129 3.9 %10,652 4.0 %10,511 3.8 %10,856 3.8 %10,885 3.8 %
B42,653 0.9 %2,618 1.0 %2,571 0.9 %2,296 0.8 %2,311 0.8 %
Caa and lower5389 0.2 %306 0.1 %401 0.1 %395 0.1 %346 0.1 %
In or near default6134 — %133 — %82 — %111 — %127 — %
Total Fixed Maturity Securities Available-For-Sale (10)$284,178 100.0 %$270,765 100.0 %$276,780 100.0 %$283,854 100.0 %$283,857 100.0 %
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Gross unrealized gains$8,666 $5,488 $5,239 $6,554 $5,991 
Gross unrealized losses23,759 36,982 34,301 27,469 28,982 
Net Unrealized Gains (Losses)$(15,093)$(31,494)$(29,062)$(20,915)$(22,991)
See footnotes on Page 30.

28
INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
          
Commercial mortgage loans$52,348 $52,273 $52,502 $53,697 $52,737 
Agricultural mortgage loans 18,563 18,923 19,306 19,361 19,579 
Residential mortgage loans11,606 11,708 12,482 13,206 13,129 
Mortgage loans held-for-sale24 — — — — 
Total82,541 82,904 84,290 86,264 85,445 
Allowance for credit loss(486)(467)(527)(692)(651)
Net Mortgage Loans$82,055 $82,437 $83,763 $85,572 $84,794 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Non-U.S.$9,726 18.6 %$8,977 17.2 %$9,299 17.7 %$9,383 17.5 %$9,243 17.5 %
Pacific9,901 18.9 %9,805 18.7 %9,628 18.3 %9,736 18.1 %9,171 17.4 %
Middle Atlantic7,918 15.1 %7,748 14.8 %7,574 14.4 %7,647 14.2 %7,572 14.4 %
South Atlantic6,852 13.1 %6,691 12.8 %6,617 12.6 %6,671 12.4 %6,514 12.4 %
West South Central3,943 7.5 %4,005 7.7 %3,721 7.1 %3,765 7.0 %3,496 6.6 %
New England2,781 5.3 %2,754 5.3 %2,764 5.3 %2,876 5.4 %2,878 5.5 %
Mountain2,268 4.3 %2,269 4.3 %2,284 4.4 %2,284 4.3 %2,227 4.2 %
East North Central1,489 2.9 %1,596 3.1 %1,594 3.0 %1,768 3.3 %1,809 3.4 %
East South Central636 1.2 %635 1.2 %620 1.2 %624 1.2 %623 1.2 %
West North Central428 0.8 %471 0.9 %597 1.1 %596 1.1 %602 1.1 %
Multi-Region and Other6,406 12.3 %7,322 14.0 %7,804 14.9 %8,347 15.5 %8,602 16.3 %
Total$52,348 100.0 %$52,273 100.0 %$52,502 100.0 %$53,697 100.0 %$52,737 100.0 %
Office$21,923 41.9 %$21,144 40.5 %$21,009 40.0 %$21,134 39.4 %$20,215 38.3 %
Apartment10,536 20.1 %10,793 20.6 %10,575 20.2 %11,357 21.2 %11,928 22.6 %
Retail8,524 16.3 %8,305 15.9 %8,046 15.3 %8,289 15.4 %7,433 14.1 %
Industrial4,902 9.4 %5,068 9.7 %5,607 10.7 %5,219 9.7 %5,158 9.8 %
Single Family Rental (11)3,039 5.8 %3,601 6.9 %3,979 7.6 %4,457 8.3 %4,711 8.9 %
Hotel3,323 6.3 %3,261 6.2 %3,172 6.0 %3,117 5.8 %3,170 6.0 %
Other (11)101 0.2 %101 0.2 %114 0.2 %124 0.2 %122 0.3 %
Total$52,348 100.0 %$52,273 100.0 %$52,502 100.0 %$53,697 100.0 %$52,737 100.0 %
See footnotes on Page 30.
29
INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-6 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, asset carrying values utilized in the calculation of yields include invested assets reclassified to held-for-sale; otherwise, carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of ($89) million, ($43) million, $70 million, $48 million and $50 million for the three months ended June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively, and ($154) million and $98 million for the year-to-date period ended June 30, 2022 and June 30, 2023, respectively.
(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
(4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Fixed maturity securities available-for-sale$284,178 $270,765 $276,780 $283,854 $283,857 
Contractholder-directed equity securities and fair value option securities9,875 8,954 9,668 10,063 10,204 
Total fixed maturity securities294,053 279,719 286,448 293,917 294,061 
Less: Contractholder-directed equity securities8,480 7,640 8,233 8,520 8,617 
Fixed maturity securities$285,573 $272,079 $278,215 $285,397 $285,444 
(5)Net mortgage loans as of June 30, 2023 does not include mortgage loans originated for third parties of $8,265 million at amortized cost, which is primarily comprised of commercial mortgage loans of $8,022 million at amortized cost, and does not include the related allowance for credit loss of $73 million. Prior to the second quarter of 2023, these mortgage loans originated for third parties were accounted for by MetLife as sales of portions of the related mortgage loans.
(6)Other limited partnership interests includes investment income related to private equity investments of $216 million, ($188) million, ($40) million, $17 million and $223 million for the three months ended June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively, and $1,200 million and $240 million for the year-to-date period ended June 30, 2022 and June 30, 2023, respectively. The annualized yields for these periods were 6.17%, (5.37%), (1.15%), 0.48%, 6.19%, 17.14% and 3.37%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of $14,092 million, $13,855 million, $14,000 million, $14,225 million and $14,608 million at March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, respectively.
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year-to-Date Period Ended
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Net investment gains (losses) $(682)$(411)$350 $(684)$(1,039)$(1,199)$(1,723)
Less: Non-investment portfolio gains (losses)(283)(184)369 13 (95)(291)(82)
Less: Provision for credit loss on certain mortgage loans originated for third parties— — — — (73)— (73)
Less: Other adjustments(2)(13)(3)(6)3 11 (3)
Investment portfolio gains (losses) $(397)$(214)$(16)$(691)$(874)$(919)$(1,565)
For the Three Months EndedFor the Year-to-Date Period Ended
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Net derivative gains (losses) $(970)$(226)$(104)$(90)$(997)$(1,921)$(1,087)
Less: Investment hedge adjustments232 252 277 264 263 447 527 
Less: Other adjustments— — — 18 18 — 36 
Derivative gains (losses) $(1,202)$(478)$(381)$(372)$(1,278)$(2,368)$(1,650)
(10)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
(11)Certain amounts in prior periods are reclassified to conform to current period presentation.
30
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Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$881 $1,098 $1,549 $14 $370 $2,452 $384 
Add: Preferred stock dividends29 64 29 66 32 92 98 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net Income (loss) attributable to noncontrolling interests5 5 3 5 6 10 11 
Net income (loss) 915 1,167 1,581 85 408 $2,554 $493 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(682)(411)350 (684)(1,039)(1,199)(1,723)
Net derivative gains (losses)(970)(226)(104)(90)(997)(1,921)(1,087)
Market risk benefit remeasurement gains (losses)757 965 512 (188)817 2,197 629 
Premiums - Divested businesses
— — — — — 41 — 
Universal life and investment-type product policy fees - Divested businesses
— — — — — 11 — 
Net investment income
Investment hedge adjustments(232)(252)(277)(264)(263)(447)(527)
Unit-linked contract income(688)(321)209 303 296 (1,186)599 
Other adjustments(1)(5)2 — (1)(7)(1)
Divested businesses— — — — — 11 — 
Other revenues
Asymmetrical and non-economic accounting— — — — — — — 
Other adjustments48 40 25 (3)(7)95 (10)
Divested businesses— — — — — 3 — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(215)(241)(79)(84)(74)(334)(158)
Market volatility34 66 105 14 44 22 58 
Divested businesses— — — — — (23)— 
Policyholder liability remeasurement (gains) losses - Divested businesses
— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting31 36 (64)(19)10 94 (9)
Unit-linked contract costs695 302 (180)(303)(301)1,200 (604)
Divested businesses— — — — — (3)— 
Capitalization of DAC - Divested businesses
— — — — — 11 — 
Amortization of DAC and VOBA - Divested businesses
— — — — — (8)— 
Amortization of negative VOBA - Divested business
— — — — — — — 
Interest expense on debt - Divested business
— — — — — — — 
Other expenses
Other adjustments(60)(47)(37)(16)(11)(107)(27)
Divested businesses(8)(13)(21)(11)(9)(40)(20)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit439 110 (149)180 419 619 599 
Adjusted earnings1,767 1,164 1,289 1,250 1,524 3,525 2,774 
Less: Preferred stock dividends29 64 29 66 32 92 98 
Adjusted earnings available to common shareholders$1,738 $1,100 $1,260 $1,184 $1,492 $3,433 $2,676 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments$77 $12 $— $— $— $77 $— 
Total notable items$77 $12 $— $— $— $77 $— 
U.S.
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments $— $79 $— $— $— $— $— 
Total notable items$— $79 $— $— $— $— $— 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments $— $— $— $— $— $— $— 
Total notable items $— $— $— $— $— $— $— 
RETIREMENT AND INCOME SOLUTIONS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments $— $79 $— $— $— $— $— 
Total notable items $— $79 $— $— $— $— $— 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-2
APPENDIX
METLIFE
NOTABLE ITEMS (1) CONTINUED
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments
$— $(32)$— $— $— $— $— 
Total notable items
$— $(32)$— $— $— $— $— 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments
$— $1 $— $— $— $— $— 
Total notable items
$— $1 $— $— $— $— $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments
$— $15 $— $— $— $— $— 
Total notable items
$— $15 $— $— $— $— $— 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023June 30, 2022June 30, 2023
Actuarial assumption review and other insurance adjustments
$77 $(51)$— $— $— $77 $— 
Total notable items
$77 $(51)$— $— $— $77 $— 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-3
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Total MetLife, Inc.'s stockholders' equity$33,744 $29,389 $29,881 $32,194 $30,261 
Less: Preferred stock3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 29,926 25,571 26,063 28,376 26,443 
Less: Net unrealized investment gains (losses), net of income tax(10,289)(21,652)(21,089)(14,606)(16,800)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax(136)7,612 6,115 2,748 3,919 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax193 174 107 186 108 
  Defined benefit plans adjustment, net of income tax(1,555)(1,536)(1,377)(1,356)(1,331)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA41,713 40,973 42,307 41,404 40,547 
Less: Accumulated year-to-date total notable items (2)77 89 89 — — 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$41,636 $40,884 $42,218 $41,404 $40,547 
Unaudited (In millions, except per share data)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Book value per common share $37.52 $32.48 $33.45 $36.89 $34.92 
Less: Net unrealized investment gains (losses), net of income tax(12.90)(27.50)(27.07)(18.99)(22.19)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax(0.17)9.67 7.85 3.57 5.18 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax0.24 0.22 0.14 0.24 0.14 
  Defined benefit plans adjustment, net of income tax(1.95)(1.95)(1.77)(1.76)(1.76)
Book value per common share, excluding AOCI other than FCTA$52.30 $52.04 $54.30 $53.83 $53.55 
Common shares outstanding, end of period 797.6 787.3 779.1 769.2 757.2 
For the Three Months Ended (1)
Unaudited (In millions, except ratios)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Return on MetLife, Inc.'s:
Common stockholders' equity 10.3 %15.8 %24.0 %0.2 %5.4 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 20.3 %15.9 %19.5 %17.4 %21.8 %
Common stockholders' equity, excluding AOCI other than FCTA 16.4 %10.6 %12.1 %11.3 %14.6 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)15.7 %10.5 %12.1 %11.3 %14.6 %
Average common stockholders' equity $34,270 $27,749 $25,817 $27,220 $27,410 
Average common stockholders' equity, excluding AOCI other than FCTA $42,437 $41,343 $41,640 $41,856 $40,976 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$42,399 $41,260 $41,551 $41,856 $40,976 
(1) Annualized using quarter-to-date results.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.
A-4
APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
 ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
U.S. (1)$8,781 $14,754 $6,316 $6,697 $8,836 
ASIA 1,744 1,806 1,764 1,742 1,727 
LATIN AMERICA1,220 1,272 1,277 1,424 1,385 
EMEA 558 542 576 587 582 
METLIFE HOLDINGS (1)1,079 986 1,010 959 938 
CORPORATE & OTHER (1)94 88 103 117 126 
Adjusted premiums, fees and other revenues, on a constant currency basis$13,476 $19,448 $11,046 $11,526 $13,594 
Adjusted premiums, fees and other revenues$13,495 $19,295 $10,873 $11,520 $13,594 
ASIA (including operating joint ventures) (2), (3)$2,039 $2,190 $2,137 $2,234 $2,147 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
U.S. (1)$949 $1,003 $1,031 $1,078 $1,096 
ASIA 724 752 822 783 778 
LATIN AMERICA388 424 471 448 465 
EMEA290 274 315 303 314 
METLIFE HOLDINGS (1)242 228 247 238 231 
CORPORATE & OTHER (1)184 186 203 177 229 
Adjusted other expenses on a constant currency basis$2,777 $2,867 $3,089 $3,027 $3,113 
Adjusted other expenses$2,800 $2,815 $3,020 $3,030 $3,113 
ASIA (including operating joint ventures) (2), (4)$824 $861 $931 $910 $897 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2022September 30, 2022December 31, 2022March 31, 2023June 30, 2023
U.S. (1)$780 $751 $773 $707 $789 
ASIA 472 264 269 276 431 
LATIN AMERICA278 186 207 225 219 
EMEA 61 66 67 61 70 
METLIFE HOLDINGS (1)382 117 184 158 211 
CORPORATE & OTHER (1)(227)(258)(210)(236)(228)
Adjusted earnings available to common shareholders on a constant currency basis$1,746 $1,126 $1,290 $1,191 $1,492 
Adjusted earnings available to common shareholders$1,738 $1,100 $1,260 $1,184 $1,492 
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16 for operating joint ventures.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
A-5
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

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

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:Comparable GAAP financial measures:
(i)total adjusted revenues(i)total revenues
(ii)total adjusted expenses(ii)total expenses
(iii)adjusted premiums, fees and other revenues(iii)premiums, fees and other revenues
(iv)adjusted premiums, fees & other revenues, excluding PRT (iv)premiums, fees and other revenues
(v)adjusted net investment income(v)net investment income
(vi)adjusted earnings(vi)net income (loss)
(vii)adjusted earnings available to common shareholders(vii)net income (loss) available to MetLife, Inc.’s common shareholders
(viii)adjusted earnings available to common shareholders, excluding total notable items(viii)net income (loss) available to MetLife, Inc.’s common shareholders
(ix)adjusted earnings available to common shareholders per diluted common share(ix)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x)adjusted earnings available to common shareholders, excluding total notable items, per diluted common share(x)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi)adjusted return on equity(xi)return on equity
(xii)adjusted return on equity, excluding AOCI other than FCTA(xii)return on equity
(xiii)adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA)(xiii)return on equity
(xiv)investment portfolio gains (losses)(xiv)net investment gains (losses)
(xv)derivative gains (losses)(xv)net derivative gains (losses)
(xvi)adjusted capitalization of DAC(xvi)capitalization of DAC
(xvii)total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA(xvii)total MetLife, Inc.’s stockholders’ equity
(xviii)total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)(xviii)total MetLife, Inc.’s stockholders’ equity
(xix)book value per common share, excluding AOCI other than FCTA(xix)book value per common share
(xx)adjusted other expenses(xx)other expenses
(xxi)adjusted other expenses, net of adjusted capitalization of DAC(xxi)other expenses, net of capitalization of DAC
(xxii)adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses(xxii)other expenses, net of capitalization of DAC
(xxiii)adjusted expense ratio(xxiii)expense ratio
(xxiv)adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT(xxiv)expense ratio
(xxv)direct expenses(xxv)other expenses
(xxvi)direct expenses, excluding total notable items related to direct expenses(xxvi)other expenses
(xxvii)direct expense ratio(xxvii)expense ratio
(xxviii)direct expense ratio, excluding total notable items related to direct expenses and PRT(xxviii)expense ratio
(xxix)future policy benefits at original discount rate(xxix)future policy benefits at balance sheet discount rate
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at www.metlife.com.

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

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

Effective January 1, 2023, MetLife adopted ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended ("LDTI"), with a transition date of January 1, 2021, which impacted the calculation of adjusted earnings. With the adoption of LDTI, the measurement model was simplified for DAC and VOBA, and most embedded derivatives were reclassified as market risk benefits. As a result, MetLife updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with market risk benefits, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted revenues and adjusted expenses
These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:
•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments").
•Other revenues include settlements of foreign currency earnings hedges.
•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, and (iii) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments.
Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made to the line items indicated in calculating adjusted earnings:
•
Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs").
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

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

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

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
A-7

METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity and related measures
•Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment components of AOCI, and total notable items, net of income tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).
The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account assets under management and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance results:
•Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
A-8
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
GMIBGuaranteed minimum income benefits
NAICNational Association of Insurance Commissioners
NDGLNet derivative gains (losses)
NIGLNet investment gains (losses)
NRSRONationally Recognized Statistical Rating Organization
PABPolicyholder account balances
PBCPolicyholder benefits and claims
PDOPolicyholder dividend obligation
PRTPension risk transfers
QFSQuarterly financial supplement
VIEVariable interest entity
VOBAValue of business acquired
A-9

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