Try our mobile app

Published: 2022-08-03 16:30:56 ET
<<<  go to MET company page
EX-99.2 3 ex992qfsq222doc.htm EX-99.2 Document
Exhibit 99.2



 imagk05.jpg
Second Quarter
Financial Supplement
June 30, 2022
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 our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Revenues
Premiums$9,132 $9,455 $13,095 $10,771 $11,721 $19,459 $22,492 
Universal life and investment-type product policy fees1,422 1,521 1,422 1,418 1,516 2,813 2,934 
Net investment income5,280 5,568 5,233 4,284 3,583 10,594 7,867 
Other revenues664 663 661 660 616 1,295 1,276 
Net investment gains (losses)1,605 (84)(126)(518)(685)1,739 (1,203)
Net derivative gains (losses)421 (218)(196)(859)(1,195)(1,814)(2,054)
Total revenues18,524 16,905 20,089 15,756 15,556 34,086 31,312 
Expenses
Policyholder benefits and claims9,405 10,103 13,923 11,193 11,790 19,928 22,983 
Interest credited to policyholder account balances1,515 1,287 1,385 630 492 2,866 1,122 
Policyholder dividends236 189 204 198 193 483 391 
Capitalization of DAC(642)(635)(666)(650)(622)(1,417)(1,272)
Amortization of DAC and VOBA537 816 612 537 616 1,127 1,153 
Amortization of negative VOBA(10)(6)(9)(9)(10)(19)(19)
Interest expense on debt228 240 224 225 226 456 451 
Other expenses2,768 2,869 3,110 2,917 2,873 5,884 5,790 
Total expenses14,037 14,863 18,783 15,041 15,558 29,308 30,599 
Income (loss) before provision for income tax4,487 2,042 1,306 715 (2)4,778 713 
Provision for income tax expense (benefit)1,075 453 95 41 (140)1,003 (99)
Net income (loss) 3,412 1,589 1,211 674 138 3,775 812 
Less: Net income (loss) attributable to noncontrolling interests5 5 6 5 6 10 11 
Net income (loss) attributable to MetLife, Inc.3,407 1,584 1,205 669 132 3,765 801 
Less: Preferred stock dividends35 63 29 63 29 103 92 
 Preferred stock redemption premium 6 — — — — 6 — 
Net income (loss) available to MetLife, Inc.'s common shareholders$3,366 $1,521 $1,176 $606 $103 $3,656 $709 
Premiums, fees and other revenues$11,218 $11,639 $15,178 $12,849 $13,853 $23,567 $26,702 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Net income (loss) available to MetLife, Inc.'s common shareholders$3,366 $1,521 $1,176 $606 $103 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) 1,605 (84)(126)(518)(685)
Less: Net derivative gains (losses)421 (218)(196)(859)(1,195)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(247)(333)(501)(183)(253)
Less: Provision for income tax (expense) benefit (491)99 167 444 616 
Add: Net income (loss) attributable to noncontrolling interests5 5 6 5 6 
Add: Preferred stock redemption premium6 — — — — 
Adjusted earnings available to common shareholders2,089 2,062 1,838 1,727 1,626 
Less: Total notable items (2)66 (140)140 — 77 
Adjusted earnings available to common shareholders, excluding total notable items (2)$2,023 $2,202 $1,698 $1,727 $1,549 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$3.83 $1.77 $1.39 $0.73 $0.13 
Less: Net investment gains (losses)1.82 (0.10)(0.15)(0.62)(0.84)
Less: Net derivative gains (losses)0.48 (0.25)(0.23)(1.03)(1.47)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.27)(0.37)(0.59)(0.22)(0.31)
Less: Provision for income tax (expense) benefit(0.55)0.11 0.20 0.53 0.76 
Add: Net income (loss) attributable to noncontrolling interests0.01 0.01 0.01 0.01 0.01 
Add: Preferred stock redemption premium0.01 — — — — 
Adjusted earnings available to common shareholders per diluted common share 2.37 2.39 2.17 2.08 2.00 
Less: Total notable items per diluted common share (2)0.08 (0.16)0.17 — 0.09 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$2.30 $2.56 $2.01 $2.08 $1.90 
For the Three Months Ended
Unaudited (In millions, except per share data)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $(140)$— $— $77 
Litigation reserves and settlement costs66 — — — — 
Tax adjustments — — 140 — — 
Total notable items $66 $(140)$140 $— $77 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $(0.16)$— $— $0.09 
Litigation reserves and settlement costs$0.08 $— $— $— $— 
Tax adjustments$— $— $0.17 $— $— 
Total notable items $0.08 $(0.16)$0.17 $— $0.09 
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Weighted average common shares outstanding - diluted879.7 861.2 845.2 830.5 814.5 
(1)See Page A-1 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3
METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedJune 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Book value per common share (1) $75.86 $77.24 $77.12 $61.55 $41.73 
Book value per common share, excluding AOCI other than FCTA (1) $56.38 $57.29 $57.65 $57.12 $55.54 
Book value per common share - tangible common stockholders' equity (1) $44.56 $45.35 $45.61 $45.02 $43.62 
For the Three Months Ended
UnauditedJune 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Return on MetLife, Inc.'s (2):
Common stockholders' equity 21.2 %9.3 %7.3 %4.3 %1.0 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 13.2 %12.6 %11.4 %12.1 %15.6 %
Common stockholders' equity, excluding AOCI other than FCTA 17.5 %17.0 %15.3 %14.7 %14.3 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)17.0 %18.2 %14.2 %14.7 %13.7 %
Tangible common stockholders' equity22.6 %21.7 %19.6 %18.8 %18.4 %
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Common shares outstanding, beginning of period878.3 861.1 844.5 825.5 814.8 
Share repurchases (17.6)(16.7)(19.4)(13.6)(17.3)
Newly issued shares0.4 0.1 0.4 2.9 0.1 
Common shares outstanding, end of period 861.1 844.5 825.5 814.8 797.6 
Weighted average common shares outstanding - basic873.3 854.9 838.1 823.8 809.7 
Dilutive effect of the exercise or issuance of stock-based awards 6.4 6.3 7.1 6.7 4.8 
Weighted average common shares outstanding - diluted879.7 861.2 845.2 830.5 814.5 
MetLife Policyholder Trust Shares132.4 131.1 129.3 127.8 126.2 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-3 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

4
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Total revenues$18,524 $16,905 $20,089 $15,756 $15,556 $34,086 $31,312 
Less: Net investment gains (losses)1,605 (84)(126)(518)(685)1,739 (1,203)
Less: Net derivative gains (losses)421 (218)(196)(859)(1,195)(1,814)(2,054)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)12 46 13 (8)(11)12 (19)
Less: Other adjustments to revenues:
GMIB fees
24 25 24 23 22 49 45 
Investment hedge adjustments
(212)(228)(235)(215)(232)(432)(447)
Operating joint venture adjustments
— (1)— (6)1 — (5)
Unit-linked contract income
378 114 253 (498)(688)585 (1,186)
Securitization entities income
— — — — — — — 
Certain partnership distributions
(3)(1)(1)— (2)(6)(2)
Settlement of foreign currency earnings hedges
— — — — — — — 
TSA fees
60 73 53 47 48 95 95 
Divested businesses
— 92 93 66 — 912 66 
Total adjusted revenues$16,239 $17,087 $20,211 $17,724 $18,298 $32,946 $36,022 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Net investment income$5,280 $5,568 $5,233 $4,284 $3,583 $10,594 $7,867 
Less: Adjustments to net investment income:
Investment hedge adjustments(212)(228)(235)(215)(232)(432)(447)
Operating joint venture adjustments— (1)— (6)1 — (5)
Unit-linked contract income378 114 253 (498)(688)585 (1,186)
Securitization entities income— — — — — — — 
Certain partnership distributions(3)(1)(1)— (2)(6)(2)
Divested businesses — 16 15 11 — 36 11 
Adjusted net investment income$5,117 $5,668 $5,201 $4,992 $4,504 $10,411 $9,496 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Variable investment income (Included in net investment income above)$1,202 $1,789 $1,269 $1,185 $389 $2,592 $1,574 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Premiums, fees and other revenues$11,218 $11,639 $15,178 $12,849 $13,853 $23,567 $26,702 
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments
12 46 13 (8)(11)12 (19)
GMIB fees
24 25 24 23 22 49 45 
Settlement of foreign currency earnings hedges
— — — — — — — 
TSA fees
60 73 53 47 48 95 95 
Divested businesses
— 76 78 55 — 876 55 
Adjusted premiums, fees and other revenues$11,122 $11,419 $15,010 $12,732 $13,794 $22,535 $26,526 
Adjusted premiums, fees and other revenues, on a constant currency basis$10,757 $11,106 $14,811 $12,562 $13,794 
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Total expenses$14,037 $14,863 $18,783 $15,041 $15,558 $29,308 $30,599 
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)9 31 63 (19)4 6 (15)
Less: Goodwill impairment— — — — — — — 
Less: Other adjustments to expenses:
PBC hedge adjustment
8 8 7 7 6 17 13 
Inflation and pass-through adjustments
(18)— 99 39 152 (96)191 
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs
58 129 93 (44)(109)173 (153)
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments
16 21 23 12 (34)39 (22)
PAB hedge adjustments
(1)(1)— — — (1)— 
Unit-linked contract costs
366 116 246 (505)(695)576 (1,200)
Securitization entities debt expense
— — — — — — — 
Noncontrolling interests(6)(7)(9)(7)(4)(12)(11)
Regulatory implementation costs
6 — 1 — 2 3 2 
Acquisition, integration and other costs
4 2 (1)7 13 8 20 
TSA fees
60 73 53 47 48 95 95 
Divested businesses
4 81 126 55 8 828 63 
Total adjusted expenses$13,531 $14,410 $18,082 $15,449 $16,167 $27,672 $31,616 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Capitalization of DAC $(642)$(635)$(666)$(650)$(622)$(1,417)$(1,272)
Less: Divested businesses— (15)(15)(11)— (89)(11)
Adjusted capitalization of DAC$(642)$(620)$(651)$(639)$(622)$(1,328)$(1,261)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Other expenses $2,768 $2,869 $3,110 $2,917 $2,873 $5,884 $5,790 
Less: Noncontrolling interests
(6)(7)(9)(7)(4)(12)(11)
Less: Regulatory implementation costs
6 — 1 — 2 3 2 
Less: Acquisition, integration and other costs
4 2 (1)7 13 8 20 
Less: TSA fees
60 73 53 47 48 95 95 
Less: Divested businesses
4 41 81 32 8 236 40 
Adjusted other expenses$2,700 $2,760 $2,985 $2,838 $2,806 $5,554 $5,644 
Adjusted other expenses on a constant currency basis$2,545 $2,625 $2,887 $2,760 $2,806 

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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Other expenses$2,768 $2,869 $3,110 $2,917 $2,873 $5,884 $5,790 
Capitalization of DAC(642)(635)(666)(650)(622)(1,417)(1,272)
Other expenses, net of capitalization of DAC$2,126 $2,234 $2,444 $2,267 $2,251 $4,467 $4,518 
Premiums, fees and other revenues$11,218 $11,639 $15,178 $12,849 $13,853 $23,567 $26,702 
Expense ratio19.0 %19.2 %16.1 %17.6 %16.2 %19.0 %16.9 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Adjusted other expenses by major category
Direct expenses$1,188 $1,266 $1,483 $1,337 $1,341 $2,447 $2,678 
Pension, postretirement and postemployment benefit costs43 44 52 25 24 68 49 
Premium taxes, other taxes, and licenses & fees169 142 147 151 137 318 288 
Commissions and other variable expenses1,300 1,308 1,303 1,325 1,304 2,721 2,629 
Adjusted other expenses
2,700 2,760 2,985 2,838 2,806 5,554 5,644 
Adjusted capitalization of DAC(642)(620)(651)(639)(622)(1,328)(1,261)
Adjusted other expenses, net of adjusted capitalization of DAC
2,058 2,140 2,334 2,199 2,184 4,226 4,383 
Less: Total notable items related to adjusted other expenses (1)(84)— — — — (84)— 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,142 $2,140 $2,334 $2,199 $2,184 $4,310 $4,383 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Employee related costs$793 $789 $906 $899 $866 $1,690 $1,765 
Third party staffing costs333 347 413 375 371 635 746 
General and administrative expenses62 130 164 63 104 122 167 
Direct expenses1,188 1,266 1,483 1,337 1,341 2,447 2,678 
Less: Total notable items related to direct expenses (1)(84)— — — — (84)— 
Direct expenses, excluding total notable items related to direct expenses (1)$1,272 $1,266 $1,483 $1,337 $1,341 $2,531 $2,678 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,058 $2,140 $2,334 $2,199 $2,184 $4,226 $4,383 
Less: Total notable items related to adjusted other expenses (1)(84)— — — — (84)— 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,142 $2,140 $2,334 $2,199 $2,184 $4,310 $4,383 
Adjusted premiums, fees and other revenues$11,122 $11,419 $15,010 $12,732 $13,794 $22,535 $26,526 
Less: PRT(14)(24)3,551 1,258 2,564 (14)3,822 
Adjusted premiums, fees and other revenues, excluding PRT$11,136 $11,443 $11,459 $11,474 $11,230 $22,549 $22,704 
Direct expense ratio 10.7 %11.1 %9.9 %10.5 %9.7 %10.9 %10.1 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)11.4 %11.1 %12.9 %11.7 %11.9 %11.2 %11.8 %
Adjusted expense ratio18.5 %18.7 %15.5 %17.3 %15.8 %18.8 %16.5 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)19.2 %18.7 %20.4 %19.2 %19.4 %19.1 %19.3 %
(1)Notable items are related to “litigation reserves and settlement costs.” Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

7
METLIFE
CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$340,695 $341,038 $340,274 $320,079 $284,178 
Equity securities, at estimated fair value1,001 941 1,269 988 1,085 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 12,177 12,055 12,142 11,418 9,875 
Mortgage loans81,497 80,964 79,353 79,968 82,055 
Policy loans9,256 9,186 9,111 9,036 8,876 
Real estate and real estate joint ventures11,901 12,182 12,216 12,379 12,376 
Other limited partnership interests11,980 13,480 14,625 14,570 14,636 
Short-term investments, principally at estimated fair value3,759 7,150 7,176 3,146 3,043 
Other invested assets18,977 18,683 18,655 18,696 19,901 
Total investments491,243 495,679 494,821 470,280 436,025 
Cash and cash equivalents, principally at estimated fair value25,037 18,956 20,047 23,488 20,548 
Accrued investment income3,202 3,354 3,185 3,251 3,154 
Premiums, reinsurance and other receivables18,236 17,816 17,149 17,926 17,769 
Deferred policy acquisition costs and value of business acquired16,527 16,191 16,061 18,409 20,248 
Current income tax recoverable52 — 184 39 274 
Goodwill9,768 9,638 9,535 9,510 9,151 
Assets held-for-sale7,590 7,462 7,238 4,582 — 
Other assets11,651 11,614 11,615 11,743 11,895 
Separate account assets189,947 180,954 179,873 165,056 143,829 
Total assets$773,253 $761,664 $759,708 $724,284 $662,893 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$199,376 $197,086 $199,721 $195,789 $193,474 
Policyholder account balances204,948 203,973 203,473 206,762 200,580 
Other policy-related balances17,527 17,735 17,751 19,553 19,284 
Policyholder dividends payable572 525 478 450 457 
Policyholder dividend obligation2,115 1,952 1,682 — — 
Payables for collateral under securities loaned and other transactions30,620 31,382 31,920 30,481 23,819 
Short-term debt393 346 341 323 196 
Long-term debt 14,518 14,010 13,933 13,848 13,677 
Collateral financing arrangement818 806 766 754 741 
Junior subordinated debt securities3,154 3,155 3,156 3,156 3,157 
Current income tax payable— 103 — — — 
Deferred income tax liability9,748 9,850 9,693 5,690 1,301 
Liabilities held-for-sale6,844 6,757 6,634 4,297 — 
Other liabilities 23,250 23,697 22,538 23,888 25,011 
Separate account liabilities189,947 180,954 179,873 165,056 143,829 
Total liabilities703,830 692,331 691,959 670,047 625,526 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,440 33,457 33,511 33,531 33,548 
Retained earnings39,318 40,426 41,197 41,406 41,101 
Treasury stock, at cost(15,941)(16,956)(18,157)(19,072)(20,188)
Accumulated other comprehensive income (loss)12,309 12,111 10,919 (1,912)(17,372)
Total MetLife, Inc.'s stockholders' equity69,138 69,050 67,482 53,965 37,101 
Noncontrolling interests285 283 267 272 266 
Total equity69,423 69,333 67,749 54,237 37,367 
Total liabilities and equity$773,253 $761,664 $759,708 $724,284 $662,893 

8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
  For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS$315 $141 $25 $143 $507 
RETIREMENT AND INCOME SOLUTIONS826 989 784 733 489 
TOTAL U.S.$1,141 $1,130 $809 $876 $996 
ASIA741 806 819 813 545 
LATIN AMERICA131 28 149 192 352 
EMEA129 116 60 68 84 
METLIFE HOLDINGS672 761 603 472 456 
CORPORATE & OTHER(106)(164)(311)(146)(302)
Total adjusted earnings before provision for income tax
$2,708 $2,677 $2,129 $2,275 $2,131 
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS$67 $30 $5 $31 $107 
RETIREMENT AND INCOME SOLUTIONS172 205 164 152 101 
TOTAL U.S.$239 $235 $169 $183 $208 
ASIA221 237 233 233 159 
LATIN AMERICA34 (1)24 50 85 
EMEA35 22 18 16 20 
METLIFE HOLDINGS136 155 121 95 92 
CORPORATE & OTHER(81)(96)(303)(92)(88)
Total provision for income tax expense (benefit)
$584 $552 $262 $485 $476 
Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS$248 $111 $20 $112 $400 
RETIREMENT AND INCOME SOLUTIONS654 784 620 581 388 
TOTAL U.S.$902 $895 $640 $693 $788 
ASIA520 569 586 580 386 
LATIN AMERICA97 29 125 142 267 
EMEA94 94 42 52 64 
METLIFE HOLDINGS536 606 482 377 364 
CORPORATE & OTHER (1)(60)(131)(37)(117)(243)
Total adjusted earnings available to common shareholders (1)$2,089 $2,062 $1,838 $1,727 $1,626 
(1)Includes impact of preferred stock dividends of $35 million, $63 million, $29 million, $63 million and $29 million for the three months ended June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022, respectively.
9
METLIFE
ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)
 
ADJUSTED RETURN ON ALLOCATED EQUITY
  For the Three Months Ended
Unaudited June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
U.S.
GROUP BENEFITS34.2 %15.3 %2.8 %9.4 %33.7 %
RETIREMENT AND INCOME SOLUTIONS40.8 %48.9 %38.6 %34.8 %23.3 %
TOTAL U.S.38.7 %38.4 %27.5 %24.3 %27.6 %
ASIA14.2 %15.5 %16.0 %16.1 %10.7 %
LATIN AMERICA14.1 %4.2 %18.1 %20.8 %39.1 %
EMEA13.2 %13.2 %5.9 %9.2 %11.4 %
METLIFE HOLDINGS20.6 %23.2 %18.5 %13.7 %13.2 %
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
  For the Three Months Ended
Unaudited June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
U.S.
45.1 %44.8 %32.2 %32.6 %37.0 %
ASIA
21.3 %23.2 %23.9 %24.1 %16.1 %
LATIN AMERICA
22.1 %6.6 %28.5 %32.5 %61.1 %
EMEA
22.6 %22.8 %10.2 %13.7 %16.9 %
METLIFE HOLDINGS
22.5 %25.4 %20.3 %15.0 %14.5 %
(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
  ALLOCATED EQUITYALLOCATED TANGIBLE EQUITY
Unaudited (In millions)2021202220212022
U.S.
GROUP BENEFITS
$2,899$4,745
RETIREMENT AND INCOME SOLUTIONS
6,4186,672
TOTAL U.S.
$9,317$11,417$8,116 $8,653 
ASIA
$14,648$14,437$9,824 $9,639 
LATIN AMERICA
$2,757$2,730$1,757 $1,748 
EMEA
$2,844$2,250$1,683 $1,543 
METLIFE HOLDINGS
$10,428$11,011$9,581 $10,125 
(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
U.S.$13$14$13$13$13
ASIA $2$1$1$1$1
LATIN AMERICA$—$—$—$—$—
EMEA $1$2$1$1$1
METLIFE HOLDINGS$4$3$4$3$4

10
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Adjusted revenues
Premiums$5,474 $5,746 $9,439 $7,164 $8,254 $11,173 $15,418 
Universal life and investment-type product policy fees282 279 282 297 284 579 581 
Net investment income1,998 2,098 1,942 1,874 1,710 4,008 3,584 
Other revenues380 383 379 426 405 776 831 
Total adjusted revenues8,134 8,506 12,042 9,761 10,653 16,536 20,414 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends5,739 6,118 9,958 7,566 8,320 11,881 15,886 
Interest credited to policyholder account balances359 362 342 347 387 718 734 
Capitalization of DAC(13)(17)(17)(23)(14)(31)(37)
Amortization of DAC and VOBA8 26 10 14 14 24 28 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 1 3 2 1 3 3 
Other expenses898 886 937 979 949 1,809 1,928 
Total adjusted expenses6,993 7,376 11,233 8,885 9,657 14,404 18,542 
Adjusted earnings before provision for income tax1,141 1,130 809 876 996 2,132 1,872 
Provision for income tax expense (benefit)239 235 169 183 208 446 391 
Adjusted earnings902 895 640 693 788 1,686 1,481 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$902 $895 $640 $693 $788 $1,686 $1,481 
Adjusted premiums, fees and other revenues$6,136 $6,408 $10,100 $7,887 $8,943 $12,528 $16,830 
Less: PRT
(14)(24)3,551 1,258 2,564 (14)3,822 
Adjusted premiums, fees and other revenues, excluding PRT$6,150 $6,432 $6,549 $6,629 $6,379 $12,542 $13,008 
11
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Adjusted revenues
Premiums$5,085 $5,006 $5,278 $5,433 $5,210 $10,191 $10,643 
Universal life and investment-type product policy fees207 204 206 216 210 419 426 
Net investment income295 290 296 280 278 574 558 
Other revenues307 307 307 355 336 625 691 
Total adjusted revenues5,894 5,807 6,087 6,284 6,034 11,809 12,318 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,761 4,853 5,206 5,259 4,649 9,731 9,908 
Interest credited to policyholder account balances30 33 32 31 32 62 63 
Capitalization of DAC(5)(5)(4)(4)(6)(10)(10)
Amortization of DAC and VOBA8 8 7 5 8 13 13 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt— — 1 — — — — 
Other expenses785 777 820 850 844 1,579 1,694 
Total adjusted expenses5,579 5,666 6,062 6,141 5,527 11,375 11,668 
Adjusted earnings before provision for income tax315 141 25 143 507 434 650 
Provision for income tax expense (benefit)67 30 5 31 107 93 138 
Adjusted earnings248 111 20 112 400 341 512 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$248 $111 $20 $112 $400 $341 $512 
Adjusted premiums, fees and other revenues$5,599 $5,517 $5,791 $6,004 $5,756 $11,235 $11,760 
12
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Adjusted revenues
Premiums$389 $740 $4,161 $1,731 $3,044 $982 $4,775 
Universal life and investment-type product policy fees75 75 76 81 74 160 155 
Net investment income1,703 1,808 1,646 1,594 1,432 3,434 3,026 
Other revenues73 76 72 71 69 151 140 
Total adjusted revenues2,240 2,699 5,955 3,477 4,619 4,727 8,096 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends978 1,265 4,752 2,307 3,671 2,150 5,978 
Interest credited to policyholder account balances329 329 310 316 355 656 671 
Capitalization of DAC(8)(12)(13)(19)(8)(21)(27)
Amortization of DAC and VOBA— 18 3 9 6 11 15 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 1 2 2 1 3 3 
Other expenses113 109 117 129 105 230 234 
Total adjusted expenses1,414 1,710 5,171 2,744 4,130 3,029 6,874 
Adjusted earnings before provision for income tax826 989 784 733 489 1,698 1,222 
Provision for income tax expense (benefit)172 205 164 152 101 353 253 
Adjusted earnings654 784 620 581 388 1,345 969 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$654 $784 $620 $581 $388 $1,345 $969 
Adjusted premiums, fees and other revenues$537 $891 $4,309 $1,883 $3,187 $1,293 $5,070 
Less: PRT
(14)(24)3,551 1,258 2,564 (14)3,822 
Adjusted premiums, fees and other revenues, excluding PRT$551 $915 $758 $625 $623 $1,307 $1,248 
13
U.S.
GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
  For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, beginning of period$19,694 $19,783 $19,682 $19,825 $19,996 
Premiums and deposits6,014 5,897 6,227 6,483 6,121 
Surrenders and withdrawals(700)(673)(657)(683)(688)
Benefit payments(4,795)(4,895)(5,165)(5,213)(4,631)
Net flows519 329 405 587 802 
Net transfers from (to) separate accounts2 1 — 4 3 
Interest123 125 125 124 129 
Policy charges(147)(146)(147)(150)(155)
Other(408)(410)(240)(394)(643)
Balance, end of period$19,783 $19,682 $19,825 $19,996 $20,132 
SEPARATE ACCOUNT LIABILITIES
  For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, beginning of period$1,161 $1,233 $1,220 $1,292 $1,182 
Premiums and deposits67 68 68 69 69 
Surrenders and withdrawals(18)(16)(19)(21)(17)
Benefit payments(2)(2)— (5)(2)
Net flows47 50 49 43 50 
Investment performance85 (4)80 (88)(183)
Net transfers from (to) general account(2)(1)— (4)(3)
Policy charges(58)(58)(58)(60)(60)
Other— — 1 (1)— 
Balance, end of period$1,233 $1,220 $1,292 $1,182 $986 
14
U.S.
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Direct and allocated expenses$392 $400 $434 $438 $436 
Pension, postretirement and postemployment benefit costs7 8 7 1 1 
Premium taxes, other taxes, and licenses & fees83 73 74 77 73 
Commissions and other variable expenses303 296 305 334 334 
Adjusted other expenses$785 $777 $820 $850 $844 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Group Life (2)
Adjusted premiums, fees and other revenues$2,078 $2,074 $2,151 $2,180 $2,126 
Mortality ratio94.3 %106.2 %106.3 %103.8 %85.8 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,341 $2,352 $2,388 $2,519 $2,481 
Interest adjusted benefit ratio (4)73.8 %70.7 %74.2 %72.5 %73.1 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

15
U.S.
RETIREMENT AND INCOME SOLUTIONS
 
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
  For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, beginning of period$134,056 $136,524 $134,283 $136,331 $136,782 
Premiums and deposits20,382 20,813 20,151 25,113 26,017 
Surrenders and withdrawals(19,759)(20,936)(17,271)(20,104)(23,750)
Benefit payments(1,344)(1,379)(1,495)(1,488)(1,479)
Net flows(721)(1,502)1,385 3,521 788 
Net transfers from (to) separate accounts8 — 1 (26)— 
Interest938 942 943 954 1,005 
Policy charges(44)(43)(28)(45)(46)
Other2,287 (1,638)(253)(3,953)(1,315)
Balance, end of period$136,524 $134,283 $136,331 $136,782 $137,214 
SEPARATE ACCOUNT LIABILITIES
  For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, beginning of period$82,183 $82,432 $81,091 $79,925 $69,123 
Premiums and deposits1,443 1,027 838 2,617 1,309 
Surrenders and withdrawals (1)(2,329)(3,214)(2,781)(8,953)(1,424)
Benefit payments(64)(27)(36)(25)(20)
Net flows(950)(2,214)(1,979)(6,361)(135)
Investment performance2,167 256 954 (3,138)(3,168)
Net transfers from (to) general account(8)— (1)26 — 
Policy charges(83)(87)(82)(94)(84)
Other(877)704 (58)(1,235)(4,114)
Balance, end of period$82,432 $81,091 $79,925 $69,123 $61,622 
SYNTHETIC GICS (2)
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, beginning of period$38,514 $37,773 $39,365 $40,121 $43,485 
Premiums and deposits (1)314 1,857 1,547 3,598 1,268 
Surrenders and withdrawals(1,251)(463)(993)(436)(132)
Net flows (937)1,394 554 3,162 1,136 
Interest196 198 202 202 220 
Balance, end of period$37,773 $39,365 $40,121 $43,485 $44,841 
LONGEVITY REINSURANCE (3)
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, end of period$9,502 $9,358 $14,824 $14,898 $14,753 
(1)Includes $0, $119 million, $750 million, $1,884 million and $0 of transfers from separate account GICs to synthetic GICs at June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market.

16
U.S.
RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Direct and allocated expenses$58 $57 $60 $65 $61 
Pension, postretirement and postemployment benefit costs2 2 3 — 1 
Premium taxes, other taxes, and licenses & fees11 3 15 5 4 
Commissions and other variable expenses42 47 39 59 39 
Adjusted other expenses$113 $109 $117 $129 $105 
SPREAD
For the Three Months Ended
UnauditedJune 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Investment income yield excluding variable investment income yield3.82 %3.77 %3.72 %3.68 %3.94 %
Variable investment income yield1.26 %1.63 %1.11 %0.92 %0.13 %
Total investment income yield5.08 %5.40 %4.83 %4.60 %4.07 %
Average crediting rate2.84 %2.84 %2.81 %2.79 %2.91 %
Annualized general account spread2.24 %2.56 %2.02 %1.81 %1.16 %
Annualized general account spread excluding variable investment income yield0.98 %0.93 %0.91 %0.89 %1.03 %

17
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Adjusted revenues
Premiums$1,582 $1,594 $1,560 $1,553 $1,395 $3,267 $2,948 
Universal life and investment-type product policy fees436 477 443 448 498 894 946 
Net investment income1,158 1,354 1,276 1,242 1,012 2,422 2,254 
Other revenues19 17 19 21 24 37 45 
Total adjusted revenues3,195 3,442 3,298 3,264 2,929 6,620 6,193 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,233 1,220 1,258 1,228 1,185 2,530 2,413 
Interest credited to policyholder account balances496 513 497 498 493 985 991 
Capitalization of DAC(395)(373)(404)(392)(370)(830)(762)
Amortization of DAC and VOBA296 470 289 288 321 610 609 
Amortization of negative VOBA(8)(5)(7)(8)(8)(15)(16)
Interest expense on debt— — — — — — — 
Other expenses832 811 846 837 763 1,731 1,600 
Total adjusted expenses2,454 2,636 2,479 2,451 2,384 5,011 4,835 
Adjusted earnings before provision for income tax741 806 819 813 545 1,609 1,358 
Provision for income tax expense (benefit)221 237 233 233 159 466 392 
Adjusted earnings520 569 586 580 386 1,143 966 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$520 $569 $586 $580 $386 $1,143 $966 
Adjusted premiums, fees and other revenues$2,037 $2,088 $2,022 $2,022 $1,917 $4,198 $3,939 
18
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Adjusted premiums, fees and other revenues$2,037 $2,088 $2,022 $2,022 $1,917 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,786 $1,857 $1,841 $1,875 $1,917 
Add: Operating joint ventures, on a constant currency basis (1), (2)270 312 310 388 312 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,056 $2,169 $2,151 $2,263 $2,229 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Direct and allocated expenses$314 $305 $319 $326 $291 
Pension, postretirement and postemployment benefit costs22 22 31 20 19 
Premium taxes, other taxes, and licenses & fees45 39 41 39 31 
Commissions and other variable expenses451 445 455 452 422 
Adjusted other expenses$832 $811 $846 $837 $763 
Adjusted other expenses, net of adjusted capitalization of DAC$437 $438 $442 $445 $393 
Adjusted other expenses on a constant currency basis$724 $712 $762 $769 $763 
Add: Operating joint ventures, on a constant currency basis (1), (2)90 97 99 115 106 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$814 $809 $861 $884 $869 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$453 $462 $477 $495 $479 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Japan:
Life$160 $161 $187 $182 $107 
Accident & Health61 56 66 77 75 
Annuities76 65 71 98 130 
Other1 2 2 2 2 
Total Japan298 284 326 359 314 
Other Asia172 190 253 204 167 
   Total sales$470 $474 $579 $563 $481 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Adjusted earnings available to common shareholders$520 $569 $586 $580 $386 
Adjusted earnings available to common shareholders, on a constant currency basis$498 $561 $575 $570 $386 
(1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders for operating joint ventures.
(2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

19
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
GA AUM $140,875 $141,304 $140,317 $131,989 $117,597 
GA AUM (at amortized cost)$129,411 $130,777 $130,310 $129,935 $122,257 
GA AUM (at amortized cost), on a constant currency basis$116,727 $119,249 $120,486 $122,616 $122,257 
  Add: Operating joint ventures, on a constant currency basis (1)5,734 5,890 6,436 7,191 7,413 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$122,461 $125,139 $126,922 $129,807 $129,670 
(1)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments.

20
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Adjusted revenues
Premiums$636 $705 $673 $732 $826 $1,231 $1,558 
Universal life and investment-type product policy fees287 274 278 290 296 557 586 
Net investment income308 306 358 322 459 607 781 
Other revenues11 9 11 9 10 21 19 
Total adjusted revenues1,242 1,294 1,320 1,353 1,591 2,416 2,944 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends724 885 773 769 811 1,485 1,580 
Interest credited to policyholder account balances60 63 67 68 84 119 152 
Capitalization of DAC(100)(109)(110)(113)(120)(195)(233)
Amortization of DAC and VOBA83 62 80 80 90 143 170 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 2 1 3 4 2 7 
Other expenses343 363 360 354 370 678 724 
Total adjusted expenses1,111 1,266 1,171 1,161 1,239 2,232 2,400 
Adjusted earnings before provision for income tax131 28 149 192 352 184 544 
Provision for income tax expense (benefit)34 (1)24 50 85 47 135 
Adjusted earnings97 29 125 142 267 137 409 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$97 $29 $125 $142 $267 $137 $409 
Adjusted premiums, fees and other revenues$934 $988 $962 $1,031 $1,132 $1,809 $2,163 
21
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Direct and allocated expenses$120 $126 $132 $126 $122 
Pension, postretirement and postemployment benefit costs1 2 — 1 1 
Premium taxes, other taxes, and licenses & fees11 10 8 12 11 
Commissions and other variable expenses211 225 220 215 236 
Adjusted other expenses$343 $363 $360 $354 $370 
Adjusted other expenses, net of adjusted capitalization of DAC$243 $254 $250 $241 $250 
Adjusted other expenses on a constant currency basis$331 $357 $369 $357 $370 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$235 $250 $256 $243 $250 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Mexico109 113 125 156 126 
Chile52 62 63 69 82 
All other71 73 65 59 69 
Total sales$232 $248 $253 $284 $277 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Adjusted premiums, fees and other revenues$934 $988 $962 $1,031 $1,132 
Adjusted earnings available to common shareholders$97 $29 $125 $142 $267 
Adjusted premiums, fees and other revenues, on a constant currency basis$899 $967 $986 $1,036 $1,132 
Adjusted earnings available to common shareholders, on a constant currency basis$83 $23 $125 $137 $267 

22
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Adjusted revenues
Premiums$621 $532 $520 $509 $492 $1,219 $1,001 
Universal life and investment-type product policy fees107 128 93 88 86 174 174 
Net investment income62 46 44 41 38 125 79 
Other revenues16 10 8 9 8 29 17 
Total adjusted revenues806 716 665 647 624 1,547 1,271 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends333 268 297 282 237 676 519 
Interest credited to policyholder account balances25 17 20 17 20 49 37 
Capitalization of DAC(122)(110)(110)(101)(108)(249)(209)
Amortization of DAC and VOBA94 118 82 86 95 156 181 
Amortization of negative VOBA(2)(1)(2)(1)(2)(4)(3)
Interest expense on debt— — — — — — — 
Other expenses349 308 318 296 298 698 594 
Total adjusted expenses677 600 605 579 540 1,326 1,119 
Adjusted earnings before provision for income tax129 116 60 68 84 221 152 
Provision for income tax expense (benefit)35 22 18 16 20 56 36 
Adjusted earnings94 94 42 52 64 165 116 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$94 $94 $42 $52 $64 $165 $116 
Adjusted premiums, fees and other revenues$744 $670 $621 $606 $586 $1,422 $1,192 
23
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Direct and allocated expenses$116 $98 $102 $97 $101 
Pension, postretirement and postemployment benefit costs2 3 2 1 2 
Premium taxes, other taxes, and licenses & fees6 5 4 6 4 
Commissions and other variable expenses225 202 210 192 191 
Adjusted other expenses$349 $308 $318 $296 $298 
Adjusted other expenses, net of adjusted capitalization of DAC$227 $198 $208 $195 $190 
Adjusted other expenses on a constant currency basis $314 $278 $295 $283 $298 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$207 $182 $194 $187 $190 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Adjusted premiums, fees and other revenues$744 $670 $621 $606 $586 
Adjusted earnings available to common shareholders$94 $94 $42 $52 $64 
Adjusted premiums, fees and other revenues, on a constant currency basis$665 $609 $579 $578 $586 
Adjusted earnings available to common shareholders, on a constant currency basis$76 $80 $36 $48 $64 
Total sales on a constant currency basis$204 $168 $176 $228 $222 
24
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Adjusted revenues
Premiums$839 $805 $862 $776 $760 $1,666 $1,536 
Universal life and investment-type product policy fees273 279 275 269 339 547 608 
Net investment income1,543 1,771 1,490 1,409 1,280 3,189 2,689 
Other revenues69 57 69 44 23 131 67 
Total adjusted revenues2,724 2,912 2,696 2,498 2,402 5,533 4,900 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,549 1,611 1,585 1,518 1,433 3,072 2,951 
Interest credited to policyholder account balances210 212 208 202 203 420 405 
Capitalization of DAC(9)(8)(8)(7)(8)(17)(15)
Amortization of DAC and VOBA56 80 67 76 74 110 150 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 1 1 1 2 3 3 
Other expenses244 255 240 236 242 497 478 
Total adjusted expenses2,052 2,151 2,093 2,026 1,946 4,085 3,972 
Adjusted earnings before provision for income tax672 761 603 472 456 1,448 928 
Provision for income tax expense (benefit)136 155 121 95 92 294 187 
Adjusted earnings536 606 482 377 364 1,154 741 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$536 $606 $482 $377 $364 $1,154 $741 
Adjusted premiums, fees and other revenues$1,181 $1,141 $1,206 $1,089 $1,122 $2,344 $2,211 
25
METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, beginning of period$81,446 $81,993 $82,115 $82,383 $81,617 
Premiums and deposits (2), (3)1,100 1,070 1,121 1,035 966 
Surrenders and withdrawals(538)(532)(529)(504)(520)
Benefit payments(790)(818)(805)(907)(734)
Net flows(228)(280)(213)(376)(288)
Net transfers from (to) separate accounts9 12 10 8 10 
Interest834 838 839 835 839 
Policy charges(183)(183)(180)(181)(180)
Other115 (265)(188)(1,052)(372)
Balance, end of period$81,993 $82,115 $82,383 $81,617 $81,626 
ANNUITIESFor the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, beginning of period$18,367 $18,270 $18,341 $18,061 $17,676 
Premiums and deposits (2), (3)91 72 89 84 91 
Surrenders and withdrawals(306)(326)(410)(323)(327)
Benefit payments(150)(144)(152)(161)(148)
Net flows(365)(398)(473)(400)(384)
Net transfers from (to) separate accounts29 61 52 66 69 
Interest125 125 125 119 119 
Policy charges(4)(4)(4)(4)(4)
Other118 287 20 (166)130 
Balance, end of period$18,270 $18,341 $18,061 $17,676 $17,606 
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, beginning of period$7,021 $7,424 $7,248 $7,512 $6,776 
Premiums and deposits (3)57 56 57 59 56 
Surrenders and withdrawals(67)(61)(64)(61)(38)
Benefit payments(18)(15)(19)(18)(15)
Net flows(28)(20)(26)(20)3 
Investment performance508 (80)367 (646)(1,176)
Net transfers from (to) general account(9)(12)(10)(8)(10)
Policy charges(66)(66)(65)(66)(66)
Other(2)2 (2)4 — 
Balance, end of period$7,424 $7,248 $7,512 $6,776 $5,527 
ANNUITIES
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Balance, beginning of period$40,444 $41,543 $39,840 $40,173 $36,079 
Premiums and deposits (3)83 61 74 72 74 
Surrenders and withdrawals(1,094)(1,127)(1,177)(866)(728)
Benefit payments(121)(116)(135)(124)(105)
Net flows(1,132)(1,182)(1,238)(918)(759)
Investment performance
2,460 (258)1,819 (2,937)(4,919)
Net transfers from (to) general account(29)(61)(52)(66)(69)
Policy charges(200)(203)(195)(174)(170)
Other— 1 (1)1 1 
Balance, end of period$41,543 $39,840 $40,173 $36,079 $30,163 
(1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.
26
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Direct and allocated expenses$164 $165 $163 $167 $160 
Pension, postretirement and postemployment benefit costs4 4 4 1 1 
Premium taxes, other taxes, and licenses & fees18 16 16 16 17 
Commissions and other variable expenses58 70 57 52 64 
Adjusted other expenses$244 $255 $240 $236 $242 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Life (1)
Adjusted premiums, fees and other revenues$766 $734 $791 $704 $758 
Interest adjusted benefit ratio47.1 %53.3 %54.3 %54.1 %33.2 %
Lapse Ratio (2)
Traditional life4.0 %4.0 %4.0 %4.2 %4.4 %
Variable & universal life3.3 %3.3 %3.3 %3.4 %3.3 %
Fixed annuity6.7 %6.8 %6.8 %6.3 %6.2 %
Variable annuity9.2 %9.7 %10.2 %10.0 %9.8 %
(1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.                                        
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

27
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Adjusted revenues
Premiums$(20)$16 $(19)$(4)$(6)$38 $(10)
Universal life and investment-type product policy fees1 — 1 — 2 1 2 
Net investment income48 93 91 104 5 60 109 
Other revenues109 108 117 101 98 195 199 
Total adjusted revenues138 217 190 201 99 294 300 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends(13)9 (2)(7)(2)27 (9)
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(3)(3)(2)(3)(2)(6)(5)
Amortization of DAC and VOBA3 2 2 2 2 5 4 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt223 236 219 219 219 447 438 
Other expenses34 137 284 136 184 141 320 
Total adjusted expenses244 381 501 347 401 614 748 
Adjusted earnings before provision for income tax(106)(164)(311)(146)(302)(320)(448)
Provision for income tax expense (benefit)(81)(96)(303)(92)(88)(192)(180)
Adjusted earnings(25)(68)(8)(54)(214)(128)(268)
Preferred stock dividends35 63 29 63 29 103 92 
Adjusted earnings available to common shareholders$(60)$(131)$(37)$(117)$(243)$(231)$(360)
Adjusted premiums, fees and other revenues$90 $124 $99 $97 $94 $234 $191 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Business activities$28 $41 $45 $36 $34 $57 $70 
Net investment income51 95 89 104 6 64 110 
Interest expense on debt(235)(247)(228)(227)(226)(469)(453)
Corporate initiatives and projects(24)(25)(54)(12)(21)(49)(33)
Other74 (28)(163)(47)(95)77 (142)
Provision for income tax (expense) benefit and other tax-related items81 96 303 92 88 192 180 
Preferred stock dividends(35)(63)(29)(63)(29)(103)(92)
Adjusted earnings available to common shareholders$(60)$(131)$(37)$(117)$(243)$(231)$(360)
28
INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
At or For the Three Months Ended (1)At or For the Year Ended (1)
Unaudited (In millions, except yields)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Fixed Maturity Securities
Yield3.76 %3.71 %3.77 %3.52 %3.66 %3.74 %3.59 %
Investment income (2), (3)$2,785 $2,761 $2,816 $2,638 $2,709 $5,569 $5,347 
Investment gains (losses)6 130 (2)(599)(671)(58)(1,270)
Ending carrying value (4)342,344 342,591 341,876 321,656 285,573 342,344 285,573 
Mortgage Loans
Yield4.29 %4.12 %4.23 %4.13 %4.11 %4.20 %4.12 %
Investment income (3)885 837 847 823 832 1,746 1,655 
Investment gains (losses)(2)43 (119)44 48 58 92 
Ending carrying value81,497 80,964 79,353 79,968 82,055 81,497 82,055 
Real Estate and Real Estate Joint Ventures
Yield3.65 %6.00 %6.36 %7.82 %8.98 %3.42 %8.40 %
Investment income109 181 194 241 277 204 518 
Investment gains (losses)368 66 20 4 159 416 163 
Ending carrying value11,901 12,182 12,216 12,379 12,376 11,901 12,376 
Policy Loans
Yield5.18 %5.09 %5.02 %5.13 %5.09 %5.16 %5.11 %
Investment income120 118 115 116 114 241 230 
Ending carrying value9,256 9,186 9,111 9,036 8,876 9,256 8,876 
Equity Securities
Yield4.30 %4.85 %3.76 %3.48 %2.46 %4.62 %2.99 %
Investment income9 8 8 7 5 20 12 
Investment gains (losses)55 (33)11 (50)(42)130 (92)
Ending carrying value1,001 941 1,269 988 1,085 1,001 1,085 
Other Limited Partnership Interests
Yield (5)36.58 %48.43 %30.11 %25.35 %4.69 %43.04 %15.02 %
Investment income (5)1,050 1,542 1,058 926 171 2,335 1,097 
Investment gains (losses)(8)(4)11 18 (2)(13)16 
Ending carrying value (6)11,980 13,480 14,625 14,570 14,636 11,980 14,636 
Cash and Short-term Investments
Yield0.72 %0.70 %0.93 %1.08 %1.53 %0.79 %1.30 %
Investment income21 20 25 30 43 42 73 
Investment gains (losses)2 6 15 14 42 6 56 
Ending carrying value28,796 26,106 27,223 26,634 23,591 28,796 23,591 
Other Invested Assets
Investment income 266 342 291 364 484 564 848 
Investment gains (losses)19 12 51 47 69 36 116 
Ending carrying value18,977 18,683 18,655 18,696 19,901 18,977 19,901 
Total Investments
Investment income yield4.85 %5.36 %4.94 %4.72 %4.29 %4.95 %4.51 %
Investment fees and expenses yield(0.12)%(0.12)%(0.13)%(0.13)%(0.12)%(0.13)%(0.13)%
Net Investment Income Yield4.73 %5.24 %4.81 %4.59 %4.17 %4.82 %4.38 %
Investment income$5,245 $5,809 $5,354 $5,145 $4,635 $10,721 $9,780 
Investment fees and expenses(128)(125)(138)(142)(131)(274)(273)
Net investment income including divested businesses5,117 5,684 5,216 5,003 4,504 10,447 9,507 
Less: Net investment income from divested businesses— 16 15 11 — 36 11 
Adjusted Net Investment Income (7)$5,117 $5,668 $5,201 $4,992 $4,504 $10,411 $9,496 
Ending Carrying Value$505,752 $504,133 $504,328 $483,927 $448,093 $505,752 $448,093 
Investment Portfolio Gains (Losses) including divested businesses$440 $220 $(13)$(522)$(397)$575 $(919)
Less: Divested businesses— — 2 — — 28 — 
Investment Portfolio Gains (Losses) (8)$440 $220 $(15)$(522)$(397)$547 $(919)
Gross investment gains656 352 331 310 597 1,028 907 
Gross investment losses(164)(156)(242)(548)(1,084)(452)(1,632)
Net credit loss (provision) release and (impairments)(52)24 (104)(284)90 (29)(194)
Investment Portfolio Gains (Losses) (8)440 220 (15)(522)(397)547 (919)
Investment portfolio gains (losses) income tax (expense) benefit(78)(60)17 116 92 (103)208 
Investment Portfolio Gains (Losses), Net of Income Tax$362 $160 $2 $(406)$(305)$444 $(711)
Derivative gains (losses) including Divested businesses $210 $(445)$(431)$(1,074)$(1,427)$(2,245)$(2,501)
Less: Derivative gains (losses) from divested businesses— — — — — (1)— 
Derivative gains (losses) (8)210 (445)(431)(1,074)(1,427)(2,244)(2,501)
Derivative gains (losses) income tax (expense) benefit(63)127 96 265 396 536 661 
Derivative Gains (Losses), Net of Income Tax$147 $(318)$(335)$(809)$(1,031)$(1,708)$(1,840)
See footnotes on Page 32.

29
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$91,371 26.8 %$92,012 27.0 %$93,034 27.3 %$87,136 27.2 %$80,555 28.3 %
Foreign corporate65,605 19.2 %63,922 18.7 %63,640 18.7 %61,129 19.1 %54,177 19.1 %
Foreign government64,630 19.0 %63,380 18.6 %61,609 18.1 %57,282 17.9 %48,016 16.9 %
U.S. government and agency46,556 13.7 %48,100 14.1 %46,599 13.7 %40,334 12.6 %33,690 11.9 %
Residential mortgage-backed29,848 8.8 %30,267 8.9 %30,404 8.9 %30,080 9.4 %27,303 9.6 %
Asset-backed securities and collateralized loan obligations16,713 4.9 %17,403 5.1 %18,569 5.5 %19,305 6.0 %17,054 6.0 %
Municipals13,923 4.1 %14,040 4.1 %14,212 4.2 %12,958 4.1 %12,513 4.4 %
Commercial mortgage-backed12,049 3.5 %11,914 3.5 %12,207 3.6 %11,855 3.7 %10,870 3.8 %
Fixed Maturity Securities Available-For-Sale$340,695 100.0 %$341,038 100.0 %$340,274 100.0 %$320,079 100.0 %$284,178 100.0 %
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$237,231 69.6 %$239,158 70.1 %$239,394 70.4 %$222,096 69.4 %$195,090 68.7 %
Baa286,293 25.3 %84,831 24.9 %85,209 25.0 %82,616 25.8 %74,783 26.3 %
Ba312,978 3.8 %12,876 3.8 %11,973 3.5 %11,788 3.7 %11,129 3.9 %
B43,534 1.1 %3,584 1.0 %3,150 0.9 %2,923 0.9 %2,653 0.9 %
Caa and lower5604 0.2 %565 0.2 %526 0.2 %480 0.1 %389 0.2 %
In or near default655 — %24 — %22 — %176 0.1 %134 — %
Total Fixed Maturity Securities Available-For-Sale (9)$340,695 100.0 %$341,038 100.0 %$340,274 100.0 %$320,079 100.0 %$284,178 100.0 %
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Gross unrealized gains$35,681 $33,349 $31,901 $16,145 $8,666 
Gross unrealized losses1,989 2,247 2,420 9,583 23,759 
Net Unrealized Gains (Losses)$33,692 $31,102 $29,481 $6,562 $(15,093)
See footnotes on Page 32.

30
INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
          
Commercial mortgage loans$51,602 $51,336 $50,553 $51,117 $52,348 
Agricultural mortgage loans18,044 18,353 18,111 17,882 18,563 
Residential mortgage loans12,421 11,838 11,323 11,584 11,606 
Mortgage loans held-for-sale— — — — 24 
Mortgage Loans82,067 81,527 79,987 80,583 82,541 
Valuation allowances(570)(563)(634)(615)(486)
Mortgage Loans, net$81,497 $80,964 $79,353 $79,968 $82,055 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
 
June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$10,161 19.7 %$10,249 20.0 %$9,676 19.1 %$9,824 19.2 %$9,901 18.9 %
Non-U.S.10,227 19.8 %9,501 18.5 %9,969 19.7 %10,064 19.7 %9,726 18.6 %
Middle Atlantic8,115 15.7 %7,877 15.3 %7,537 14.9 %7,876 15.4 %7,918 15.1 %
South Atlantic7,186 13.9 %7,047 13.7 %6,800 13.5 %6,849 13.4 %6,852 13.1 %
West South Central3,636 7.0 %3,434 6.7 %3,492 6.9 %3,587 7.0 %3,943 7.5 %
New England2,214 4.3 %2,623 5.1 %2,748 5.4 %2,752 5.4 %2,781 5.3 %
Mountain1,903 3.7 %1,996 3.9 %1,993 4.0 %2,078 4.1 %2,268 4.3 %
East North Central2,197 4.3 %2,229 4.3 %2,129 4.2 %2,013 3.9 %1,489 2.9 %
East South Central781 1.5 %824 1.6 %759 1.5 %725 1.4 %636 1.2 %
West North Central649 1.3 %649 1.3 %663 1.3 %458 0.9 %428 0.8 %
Multi-Region and Other4,533 8.8 %4,907 9.6 %4,787 9.5 %4,891 9.6 %6,406 12.3 %
Total$51,602 100.0 %$51,336 100.0 %$50,553 100.0 %$51,117 100.0 %$52,348 100.0 %
Office$22,883 44.3 %$22,573 44.0 %$22,388 44.3 %$22,170 43.4 %$21,923 41.9 %
Apartment8,699 16.9 %8,910 17.4 %9,121 18.0 %9,578 18.7 %10,536 20.1 %
Retail8,960 17.4 %8,684 16.9 %8,548 16.9 %8,766 17.2 %8,524 16.3 %
Industrial5,437 10.5 %5,562 10.8 %5,096 10.1 %5,055 9.9 %4,902 9.4 %
Hotel3,187 6.2 %3,175 6.2 %3,201 6.3 %3,137 6.1 %3,323 6.3 %
Other2,436 4.7 %2,432 4.7 %2,199 4.4 %2,411 4.7 %3,140 6.0 %
Total$51,602 100.0 %$51,336 100.0 %$50,553 100.0 %$51,117 100.0 %$52,348 100.0 %

31
INVESTMENTS
FOOTNOTES
(1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-6 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of $50 million, $6 million, $75 million, ($65) million and ($89) million for the three months ended June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 and June 30,2022, respectively, and $86 million and ($154) million for the year-to-date period ended June 30, 2021 and June 30, 2022, respectively.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Fixed maturity securities available-for-sale$340,695 $341,038 $340,274 $320,079 $284,178 
Contractholder-directed equity securities and fair value option securities12,177 12,055 12,142 11,418 9,875 
Total fixed maturity securities352,872 353,093 352,416 331,497 294,053 
Less: Contractholder-directed equity securities10,528 10,502 10,540 9,841 8,480 
Fixed maturity securities$342,344 $342,591 $341,876 $321,656 $285,573 
(5)Other limited partnership interests includes investment income related to private equity investments of $1,045 million, $1,516 million, $1,059 million, $984 million and $216 million for the three months ended June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022, respectively, and $2,323 million and $1,200 million for the year-to-date period ended June 30, 2021 and June 30, 2022, respectively. The annualized yields for these periods were 38.60%, 50.19%, 31.64%, 28.16%, 6.17%, 45.52% and 17.14%, respectively.
(6)Other limited partnership interests includes ending carrying value related to private equity investments of $11,337 million, $12,811 million, $13,963 million, $13,971 million and $14,092 million at June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022, respectively.
(7)Adjusted net investment income reflects the adjustments as presented on Page 5.
(8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year-to-Date Period Ended
June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Net investment gains (losses) $1,605 $(84)$(126)$(518)$(685)$1,739 $(1,203)
Less: Operating joint venture adjustments— 1 — 6 (1)— 5 
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures5 9 22 7 (1)14 6 
Less: Non-investment portfolio gains (losses)1,160 (314)(135)(9)(286)1,150 (295)
Less: Divested businesses— — 2 — — 28 — 
Investment portfolio gains (losses) $440 $220 $(15)$(522)$(397)$547 $(919)
For the Three Months EndedFor the Year-to-Date Period Ended
June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Net derivative gains (losses) $421 $(218)$(196)$(859)$(1,195)$(1,814)$(2,054)
Less: Investment hedge adjustments212 228 235 215 232 432 447 
Less: PAB hedge adjustments(1)(1)— — — (1)— 
Less: Divested businesses— — — — — (1)— 
Derivative gains (losses) $210 $(445)$(431)$(1,074)$(1,427)$(2,244)$(2,501)
(9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
32
imagk05.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$3,366 $1,521 $1,176 $606 $103 $3,656 $709 
Add: Preferred stock dividends35 63 29 63 29 103 92 
Add: Preferred stock redemption premium6 — — — — 6 — 
Add: Net Income (loss) attributable to noncontrolling interests5 5 6 5 6 10 11 
Net income (loss) 3,412 1,589 1,211 674 138 $3,775 $812 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)1,605 (84)(126)(518)(685)1,739 (1,203)
Net derivative gains (losses)421 (218)(196)(859)(1,195)(1,814)(2,054)
Premiums - Divested businesses
— 57 60 41 — 865 41 
Universal life and investment-type product policy fees
Unearned revenue adjustments12 46 13 (8)(11)12 (19)
GMIB fees24 25 24 23 22 49 45 
Divested businesses— 13 13 11 — — 11 
Net investment income
Investment hedge adjustments(212)(228)(235)(215)(232)(432)(447)
Operating joint venture adjustments— (1)— (6)1 — (5)
Unit-linked contract income378 114 253 (498)(688)585 (1,186)
Securitization entities income— — — — — — — 
Certain partnership distributions(3)(1)(1)— (2)(6)(2)
Divested businesses— 16 15 11 — 36 11 
Other revenues
Settlement of foreign currency earnings hedges— — — — — — — 
TSA fees60 73 53 47 48 95 95 
Divested businesses— 6 5 3 — 11 3 
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments(8)(8)(7)(7)(6)(17)(13)
PDO adjustments— — — — — — — 
Inflation and pass-through adjustments18 — (99)(39)(152)96 (191)
GMIB costs(70)(116)(88)45 125 (198)170 
Market value adjustments(16)(21)(23)(12)34 (39)22 
Divested businesses— (36)(41)(22)— (582)(22)
Interest credited to policyholder account balances
PAB hedge adjustments1 1 — — — 1 — 
Unit-linked contract costs(366)(116)(246)505 695 (576)1,200 
Divested businesses— (5)(5)(3)— — (3)
Capitalization of DAC - Divested businesses
— 15 15 11 — 89 11 
Amortization of DAC and VOBA
Related to NIGL and NDGL(9)(31)(63)19 (4)(6)15 
Related to GMIB fees and GMIB costs12 (13)(5)(1)(16)25 (17)
Related to market value adjustments— — — — — — — 
Divested businesses— (14)(14)(9)— (98)(9)
Amortization of negative VOBA
Related to market value adjustments— — — — — — — 
Divested businesses— — — — — — — 
Interest expense on debt
Securitization entities debt expense— — — — — — — 
Divested businesses— — — — — (1)— 
Other expenses
Noncontrolling interests6 7 9 7 4 12 11 
Regulatory implementation costs(6)— (1)— (2)(3)(2)
Acquisition, integration and other costs(4)(2)1 (7)(13)(8)(20)
TSA fees(60)(73)(53)(47)(48)(95)(95)
Divested businesses(4)(41)(81)(32)(8)(236)(40)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit(491)99 167 444 616 114 1,060 
Adjusted earnings2,124 2,125 1,867 1,790 1,655 4,157 3,445 
Less: Preferred stock dividends35 63 29 63 29 103 92 
Adjusted earnings available to common shareholders$2,089 $2,062 $1,838 $1,727 $1,626 $4,054 $3,353 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Actuarial assumption review and other insurance adjustments$— $(140)$— $— $77 $— $77 
Litigation reserves and settlement costs66 — — — — 66 — 
Tax adjustments— — 140 — — — — 
Total notable items$66 $(140)$140 $— $77 $66 $77 
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Actuarial assumption review and other insurance adjustments
$— $(79)$— $— $— $— $— 
Total notable items
$— $(79)$— $— $— $— $— 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Actuarial assumption review and other insurance adjustments
$— $(2)$— $— $— $— $— 
Total notable items
$— $(2)$— $— $— $— $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Actuarial assumption review and other insurance adjustments
$— $(6)$— $— $— $— $— 
Total notable items
$— $(6)$— $— $— $— $— 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Actuarial assumption review and other insurance adjustments
$— $(53)$— $— $77 $— $77 
Total notable items
$— $(53)$— $— $77 $— $77 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022June 30, 2021June 30, 2022
Litigation reserves and settlement costs$66 $— $— $— $— $66 $— 
Tax adjustments— — 140 — — — — 
Total notable items$66 $— $140 $— $— $66 $— 
(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
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Total MetLife, Inc.'s stockholders' equity$69,138 $69,050 $67,482 $53,965 $37,101 
Less: Preferred stock
3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 65,320 65,232 63,664 50,147 33,283 
Less: Net unrealized investment gains (losses), net of income tax
18,608 18,658 17,671 5,182 (9,457)
  Defined benefit plans adjustment, net of income tax(1,836)(1,805)(1,598)(1,577)(1,555)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$48,548 $48,379 $47,591 $46,542 $44,295 
Less: Goodwill, net of income tax
9,398 9,317 9,221 9,163 8,828 
  VODA and VOCRA, net of income tax
779 763 718 699 679 
Total MetLife, Inc.'s tangible common stockholders' equity$38,371 $38,299 $37,652 $36,680 $34,788 
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$48,548 $48,379 $47,591 $46,542 $44,295 
Less: Accumulated year-to-date total notable items (2)
66 (74)66 — 77 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$48,482 $48,453 $47,525 $46,542 $44,218 
Unaudited (In millions, except per share data)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Book value per common share $75.86 $77.24 $77.12 $61.55 $41.73 
Less: Net unrealized investment gains (losses), net of income tax
21.61 22.09 21.41 6.36 (11.86)
  Defined benefit plans adjustment, net of income tax
(2.13)(2.14)(1.94)(1.93)(1.95)
Book value per common share, excluding AOCI other than FCTA$56.38 $57.29 $57.65 $57.12 $55.54 
Less: Goodwill, net of income tax
10.92 11.04 11.17 11.24 11.07 
  VODA and VOCRA, net of income tax
0.90 0.90 0.87 0.86 0.85 
Book value per common share - tangible common stockholders' equity$44.56 $45.35 $45.61 $45.02 $43.62 
Common shares outstanding, end of period 861.1 844.5 825.5 814.8 797.6 
For the Three Months Ended (1)
Unaudited (In millions, except ratios)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
Return on MetLife, Inc.'s:
Common stockholders' equity 21.2 %9.3 %7.3 %4.3 %1.0 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 13.2 %12.6 %11.4 %12.1 %15.6 %
Common stockholders' equity, excluding AOCI other than FCTA 17.5 %17.0 %15.3 %14.7 %14.3 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)17.0 %18.2 %14.2 %14.7 %13.7 %
Tangible common stockholders' equity (3) 22.6 %21.7 %19.6 %18.8 %18.4 %
Average common stockholders' equity $63,436 $65,276 $64,448 $56,906 $41,715 
Average common stockholders' equity, excluding AOCI other than FCTA $47,618 $48,464 $47,985 $47,067 $45,419 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$47,585 $48,468 $47,989 $47,067 $45,380 
Average tangible common stockholders' equity
$37,341 $38,335 $37,976 $37,166 $35,734 
(1) Annualized using quarter-to-date results.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.
(3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022 and June 30,2022, of $20 million, $20 million, $19 million, $18 million and $19 million, respectively.
A-3
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, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
U.S. (1)$6,136 $6,408 $10,100 $7,887 $8,943 
ASIA 1,786 1,857 1,841 1,875 1,917 
LATIN AMERICA899 967 986 1,036 1,132 
EMEA 665 609 579 578 586 
METLIFE HOLDINGS (1)1,181 1,141 1,206 1,089 1,122 
CORPORATE & OTHER (1)90 124 99 97 94 
Adjusted premiums, fees and other revenues, on a constant currency basis$10,757 $11,106 $14,811 $12,562 $13,794 
Adjusted premiums, fees and other revenues$11,122 $11,419 $15,010 $12,732 $13,794 
ASIA (including operating joint ventures) (2), (3)$2,056 $2,169 $2,151 $2,263 $2,229 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
U.S. (1)$898 $886 $937 $979 $949 
ASIA 724 712 762 769 763 
LATIN AMERICA331 357 369 357 370 
EMEA314 278 295 283 298 
METLIFE HOLDINGS (1)244 255 240 236 242 
CORPORATE & OTHER (1)34 137 284 136 184 
Adjusted other expenses on a constant currency basis$2,545 $2,625 $2,887 $2,760 $2,806 
Adjusted other expenses$2,700 $2,760 $2,985 $2,838 $2,806 
ASIA (including operating joint ventures) (2), (3)$814 $809 $861 $884 $869 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)June 30, 2021September 30, 2021December 31, 2021March 31, 2022June 30, 2022
U.S. (1)$902 $895 $640 $693 $788 
ASIA 498 561 575 570 386 
LATIN AMERICA83 23 125 137 267 
EMEA 76 80 36 48 64 
METLIFE HOLDINGS (1)536 606 482 377 364 
CORPORATE & OTHER (1)(60)(131)(37)(117)(243)
Adjusted earnings available to common shareholders on a constant currency basis$2,035 $2,034 $1,821 $1,708 $1,626 
Adjusted earnings available to common shareholders$2,089 $2,062 $1,838 $1,727 $1,626 
 (1) Amounts on a reported basis, as constant currency impact is not significant.
 (2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 18 for operating joint ventures.
 (3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.
A-4
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

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

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

A-5
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

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

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

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

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

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
A-6

METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity, allocated equity, tangible equity and related measures
•Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).
•Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
•Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.
•Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
•Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues.
•Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account assets under management and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance results:
•Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
A-7
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
GMIBGuaranteed minimum income benefits
NAICNational Association of Insurance Commissioners
NDGLNet derivative gains (losses)
NIGLNet investment gains (losses)
NRSRONationally Recognized Statistical Rating Organization
PABPolicyholder account balances
PBCPolicyholder benefits and claims
PDOPolicyholder dividend obligation
PRTPension risk transfers
QFSQuarterly financial supplement
TSATransition service agreement
VIEVariable interest entity
VOBAValue of business acquired
VOCRAValue of customer relationships acquired
VODAValue of distribution agreements
A-8

imagk05.jpg
navigatinglifetogethera04.jpg