Try our mobile app

Published: 2022-02-02 00:00:00 ET
<<<  go to MET company page
HTTP/1.1 200 OK HTTP/1.1 200 OK X-Crawlera-Slave: 192.126.169.86:8800 X-Crawlera-Version: 1.60.1 accept-ranges: bytes content-type: text/html last-modified: Wed, 02 Feb 2022 21:34:00 GMT server: AmazonS3 x-amz-id-2: ak8FHknbOrlA9mRUQzuFDdtqKqpGkg3i9jv2/sk1Ci6s6uEWLE6wNpbUre31jxSkEBw9Y7qw1hg= x-amz-meta-mode: 33188 x-amz-meta-s3cmd-attrs: uid:504/gname:fitrprnt/uname:fitrprnt/gid:504/mode:33184/mtime:1643837630/atime:1643837630/md5:5195afe8c32db972189e143c83eca38e/ctime:1643837637 x-amz-replication-status: COMPLETED x-amz-request-id: DV5VPX57TESG4D9E x-amz-version-id: yk7eftqT_hgcNzMfuE_70ibnfZWbXShm x-content-type-options: nosniff x-frame-options: SAMEORIGIN x-xss-protection: 1; mode=block x-akamai-transformed: 9 - 0 pmb=mTOE,2 expires: Thu, 06 Apr 2023 18:35:43 GMT cache-control: max-age=0, no-cache, no-store pragma: no-cache date: Thu, 06 Apr 2023 18:35:43 GMT vary: Accept-Encoding akamai-x-true-ttl: -1 strict-transport-security: max-age=31536000 ; includeSubDomains ; preload set-cookie: ak_bmsc=48B7360146E058EF3C090D032156181D~000000000000000000000000000000~YAAQl5UeuOEUuheHAQAAhWTaVxOJooM4JYjq0IY+w4IJmAIUMHetyCk2MqAIMtDjm1aw3sGqiJW35bBg/FQ6fz7mNRpKYHVcbvbfQwRWuS7kqMqMmAXsGM7fAlpzfitRSLCnkE4f+iMJIG+O6rDBeDkicCFVRwKT+XMADqZ9yiG5TZEwBv5HiDvwXAX2asRW7K0SO9DNXpX+6PrB2NuB291rKDjQKGdH8NeAKsfxNX/bDDlD4SgEveokJ5iOA3QNSR343JV9SDXP0VUUa3CSb2QQFJBYwIGfNmli1o6mkJ4VgQ4OBhIdGSdpLy0+1qHXXyjq5VUoR/Wh0lY0tpkbyKc6hijzGp7SGx2G2W+f/cduxaNmK10bOfNUboaViS/c3g2nVzbUPG8=; Domain=.sec.gov; Path=/; Expires=Thu, 06 Apr 2023 20:35:42 GMT; Max-Age=7199; HttpOnly set-cookie: bm_mi=9936B6E5F08F4C0533FC3F3825B51C0F~YAAQl5UeuOIUuheHAQAAhWTaVxMaP+tYkVbu+HDB4xbytgEBpXxNEABNb1IJ9Dzuf0A4y3FdWUUcYOanmQZL7bAZA19uCz/XboacrqfPUpL+xbczL8U1P5V4/5ZRrIhslYMCVuh04x+K5ZiO+YhZjQ0yxhnuhw+vGuDrn5iseXm0LtdK39Xeyx+vlV5q4ogctp4Oc4yJl/XV6Uy+Gotw09Irmcu7gV3BGbot3tD4c3wDDTDndLe6bFoo12cE+rYnwHy4xPYthpKw+/ZMVpfpkSUsWC1al8+fQzgQL/nKYYR0A4fkA2SfaBtiy3fTtWHtmoXaDmChkQ4XBpK7agzdf9bkGGXmNLr9/Lpyg4CyrBLig7XLl2sMvgERBFbWd2I5AZivJYhPtHQPCw==~1; Domain=.sec.gov; Path=/; Expires=Thu, 06 Apr 2023 18:35:43 GMT; Max-Age=0; Secure Transfer-Encoding: chunked Proxy-Connection: close Connection: close EX-99.2 3 ex992qfsq421doc.htm EX-99.2 Document
Exhibit 99.2



 image0a45.jpg
Fourth Quarter
Financial Supplement
December 31, 2021
4

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 Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Revenues
Premiums$13,897 $10,327 $9,132 $9,455 $13,095 $42,034 $42,009 
Universal life and investment-type product policy fees1,376 1,391 1,422 1,521 1,422 5,603 5,756 
Net investment income5,240 5,314 5,280 5,568 5,233 17,117 21,395 
Other revenues499 631 664 663 661 1,849 2,619 
Net investment gains (losses)(33)134 1,605 (84)(126)(110)1,529 
Net derivative gains (losses)(1,561)(2,235)421 (218)(196)1,349 (2,228)
Total revenues19,418 15,562 18,524 16,905 20,089 67,842 71,080 
Expenses
Policyholder benefits and claims13,772 10,523 9,405 10,103 13,923 41,461 43,954 
Interest credited to policyholder account balances1,756 1,351 1,515 1,287 1,385 5,214 5,538 
Policyholder dividends302 247 236 189 204 1,090 876 
Capitalization of DAC(804)(775)(642)(635)(666)(3,013)(2,718)
Amortization of DAC and VOBA746 590 537 816 612 3,160 2,555 
Amortization of negative VOBA(10)(9)(10)(6)(9)(45)(34)
Interest expense on debt230 228 228 240 224 913 920 
Other expenses3,262 3,116 2,768 2,869 3,110 12,135 11,863 
Total expenses19,254 15,271 14,037 14,863 18,783 60,915 62,954 
Income (loss) before provision for income tax164 291 4,487 2,042 1,306 6,927 8,126 
Provision for income tax expense (benefit)6 (72)1,075 453 95 1,509 1,551 
Net income (loss) 158 363 3,412 1,589 1,211 5,418 6,575 
Less: Net income (loss) attributable to noncontrolling interests— 5 5 5 6 11 21 
Net income (loss) attributable to MetLife, Inc.158 358 3,407 1,584 1,205 5,407 6,554 
Less: Preferred stock dividends34 68 35 63 29 202 195 
 Preferred stock redemption premium — — 6 — — 14 6 
Net income (loss) available to MetLife, Inc.'s common shareholders$124 $290 $3,366 $1,521 $1,176 $5,191 $6,353 
Premiums, fees and other revenues$15,772 $12,349 $11,218 $11,639 $15,178 $49,486 $50,384 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Net income (loss) available to MetLife, Inc.'s common shareholders$124 $290 $3,366 $1,521 $1,176 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (33)134 1,605 (84)(126)
Less: Net derivative gains (losses)(1,561)(2,235)421 (218)(196)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(575)(174)(247)(333)(501)
Less: Provision for income tax (expense) benefit 455 605 (491)99 167 
Add: Net income (loss) attributable to noncontrolling interests— 5 5 5 6 
Add: Preferred stock redemption premium— — 6 — — 
Adjusted earnings available to common shareholders1,838 1,965 2,089 2,062 1,838 
Less: Total notable items (2)— — 66 (140)140 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,838 $1,965 $2,023 $2,202 $1,698 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$0.14 $0.33 $3.83 $1.77 $1.39 
Less: Net investment gains (losses)(0.04)0.15 1.82 (0.10)(0.15)
Less: Net derivative gains (losses)(1.72)(2.51)0.48 (0.25)(0.23)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.63)(0.19)(0.27)(0.37)(0.59)
Less: Provision for income tax (expense) benefit0.50 0.69 (0.55)0.11 0.20 
Add: Net income (loss) attributable to noncontrolling interests— 0.01 0.01 0.01 0.01 
Add: Preferred stock redemption premium— — 0.01 — — 
Adjusted earnings available to common shareholders per diluted common share 2.03 2.20 2.37 2.39 2.17 
Less: Total notable items per diluted common share (2)— — 0.08 (0.16)0.17 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$2.03 $2.20 $2.30 $2.56 $2.01 
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $— $(140)$— 
Litigation reserves and settlement costs— — 66 — — 
Tax adjustments — — — — 140 
Total notable items $— $— $66 $(140)$140 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $— $— $(0.16)$— 
Litigation reserves and settlement costs$— $— $0.08 $— $— 
Tax adjustments$— $— $— $— $0.17 
Total notable items $— $— $0.08 $(0.16)$0.17 
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Weighted average common shares outstanding - diluted906.0 892.1 879.7 861.2 845.2 
(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)
UnauditedDecember 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Book value per common share (1) $78.67 $70.08 $75.86 $77.24 $77.12 
Book value per common share, excluding AOCI other than FCTA (1) $54.18 $53.16 $56.38 $57.29 $57.65 
Book value per common share - tangible common stockholders' equity (1) $41.94 $41.34 $44.56 $45.35 $45.61 
For the Three Months Ended
UnauditedDecember 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Return on MetLife, Inc.'s (2):
Common stockholders' equity 0.7 %1.8 %21.2 %9.3 %7.3 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 10.6 %11.9 %13.2 %12.6 %11.4 %
Common stockholders' equity, excluding AOCI other than FCTA 15.2 %16.5 %17.5 %17.0 %15.3 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)15.2 %16.5 %17.0 %18.2 %14.2 %
Tangible common stockholders' equity19.4 %21.5 %22.6 %21.7 %19.6 %
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Common shares outstanding, beginning of period905.6 892.9 878.3 861.1 844.5 
Share repurchases (13.6)(18.6)(17.6)(16.7)(19.4)
Newly issued shares0.9 4.0 0.4 0.1 0.4 
Common shares outstanding, end of period 892.9 878.3 861.1 844.5 825.5 
Weighted average common shares outstanding - basic899.9 885.4 873.3 854.9 838.1 
Dilutive effect of the exercise or issuance of stock-based awards 6.1 6.7 6.4 6.3 7.1 
Weighted average common shares outstanding - diluted906.0 892.1 879.7 861.2 845.2 
MetLife Policyholder Trust Shares136.0 134.4 132.4 131.1 129.3 
(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 Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Total revenues$19,418 $15,562 $18,524 $16,905 $20,089 $67,842 $71,080 
Less: Net investment gains (losses)(33)134 1,605 (84)(126)(110)1,529 
Less: Net derivative gains (losses)(1,561)(2,235)421 (218)(196)1,349 (2,228)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)8 — 12 46 13 33 71 
Less: Other adjustments to revenues:
GMIB fees
25 25 24 25 24 102 98 
Investment hedge adjustments
(260)(220)(212)(228)(235)(815)(895)
Operating joint venture adjustments
1 — — (1)— 1 (1)
Unit-linked contract income
628 207 378 114 253 568 952 
Securitization entities income
— — — — — — — 
Certain partnership distributions
(6)(3)(3)(1)(1)(11)(8)
Settlement of foreign currency earnings hedges
— — — — — — — 
TSA fees
39 35 60 73 53 159 221 
Divested businesses
2 912 — 92 93 101 1,097 
Total adjusted revenues$20,575 $16,707 $16,239 $17,087 $20,211 $66,465 $70,244 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Net investment income$5,240 $5,314 $5,280 $5,568 $5,233 $17,117 $21,395 
Less: Adjustments to net investment income:
Investment hedge adjustments(260)(220)(212)(228)(235)(815)(895)
Operating joint venture adjustments1 — — (1)— 1 (1)
Unit-linked contract income628 207 378 114 253 568 952 
Securitization entities income— — — — — — — 
Certain partnership distributions(6)(3)(3)(1)(1)(11)(8)
Divested businesses 2 36 — 16 15 46 67 
Adjusted net investment income$4,875 $5,294 $5,117 $5,668 $5,201 $17,328 $21,280 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Variable investment income (Included in net investment income above)$778 $1,390 $1,202 $1,789 $1,269 $1,226 $5,650 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Premiums, fees and other revenues$15,772 $12,349 $11,218 $11,639 $15,178 $49,486 $50,384 
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments
8 — 12 46 13 33 71 
GMIB fees
25 25 24 25 24 102 98 
Settlement of foreign currency earnings hedges
— — — — — — — 
TSA fees
39 35 60 73 53 159 221 
Divested businesses
— 876 — 76 78 55 1,030 
Adjusted premiums, fees and other revenues$15,700 $11,413 $11,122 $11,419 $15,010 $49,137 $48,964 
Adjusted premiums, fees and other revenues, on a constant currency basis$15,517 $11,215 $10,958 $11,305 $15,010 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Total expenses$19,254 $15,271 $14,037 $14,863 $18,783 $60,915 $62,954 
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)65 (3)9 31 63 153 100 
Less: Goodwill impairment— — — — — — — 
Less: Other adjustments to expenses:
PBC hedge adjustment
10 9 8 8 7 37 32 
Inflation and pass-through adjustments
53 (78)(18)— 99 170 3 
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs
169 115 58 129 93 364 395 
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments
17 23 16 21 23 70 83 
PAB hedge adjustments
(1)— (1)(1)— (9)(2)
Unit-linked contract costs
612 210 366 116 246 536 938 
Securitization entities debt expense
— — — — — — — 
Noncontrolling interests(2)(6)(6)(7)(9)(16)(28)
Regulatory implementation costs
12 (3)6 — 1 20 4 
Acquisition, integration and other costs
29 4 4 2 (1)42 9 
TSA fees
39 35 60 73 53 159 221 
Divested businesses
9 824 4 81 126 131 1,035 
Total adjusted expenses$18,242 $14,141 $13,531 $14,410 $18,082 $59,258 $60,164 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Capitalization of DAC $(804)$(775)$(642)$(635)$(666)$(3,013)$(2,718)
Less: Divested businesses— (89)— (15)(15)(5)(119)
Adjusted capitalization of DAC$(804)$(686)$(642)$(620)$(651)$(3,008)$(2,599)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Other expenses $3,262 $3,116 $2,768 $2,869 $3,110 $12,135 $11,863 
Less: Noncontrolling interests
(2)(6)(6)(7)(9)(16)(28)
Less: Regulatory implementation costs
12 (3)6 — 1 20 4 
Less: Acquisition, integration and other costs
29 4 4 2 (1)42 9 
Less: TSA fees
39 35 60 73 53 159 221 
Less: Divested businesses
9 232 4 41 81 58 358 
Adjusted other expenses$3,175 $2,854 $2,700 $2,760 $2,985 $11,872 $11,299 
Adjusted other expenses on a constant currency basis$3,088 $2,768 $2,635 $2,711 $2,985 

6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Other expenses$3,262 $3,116 $2,768 $2,869 $3,110 $12,135 $11,863 
Capitalization of DAC(804)(775)(642)(635)(666)(3,013)(2,718)
Other expenses, net of capitalization of DAC$2,458 $2,341 $2,126 $2,234 $2,444 $9,122 $9,145 
Premiums, fees and other revenues$15,772 $12,349 $11,218 $11,639 $15,178 $49,486 $50,384 
Expense ratio15.6 %19.0 %19.0 %19.2 %16.1 %18.4 %18.2 %
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Adjusted other expenses by major category
Direct expenses$1,423 $1,259 $1,188 $1,266 $1,483 $5,342 $5,196 
Pension, postretirement and postemployment benefit costs52 25 43 44 52 165 164 
Premium taxes, other taxes, and licenses & fees201 149 169 142 147 764 607 
Commissions and other variable expenses1,499 1,421 1,300 1,308 1,303 5,601 5,332 
Adjusted other expenses
3,175 2,854 2,700 2,760 2,985 11,872 11,299 
Adjusted capitalization of DAC(804)(686)(642)(620)(651)(3,008)(2,599)
Adjusted other expenses, net of adjusted capitalization of DAC
2,371 2,168 2,058 2,140 2,334 8,864 8,700 
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)
$2,371 $2,168 $2,142 $2,140 $2,334 $8,864 $8,784 
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Employee related costs$937 $897 $793 $789 $906 $3,508 $3,385 
Third party staffing costs357 302 333 347 413 1,306 1,395 
General and administrative expenses129 60 62 130 164 528 416 
Direct expenses1,423 1,259 1,188 1,266 1,483 5,342 5,196 
Less: Total notable items related to direct expenses (1)— — (84)— — — (84)
Direct expenses, excluding total notable items related to direct expenses (1)$1,423 $1,259 $1,272 $1,266 $1,483 $5,342 $5,280 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,371 $2,168 $2,058 $2,140 $2,334 $8,864 $8,700 
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)
$2,371 $2,168 $2,142 $2,140 $2,334 $8,864 $8,784 
Adjusted premiums, fees and other revenues$15,700 $11,413 $11,122 $11,419 $15,010 $49,137 $48,964 
Less: PRT4,163 — (14)(24)3,551 4,635 3,513 
Adjusted premiums, fees and other revenues, excluding PRT$11,537 $11,413 $11,136 $11,443 $11,459 $44,502 $45,451 
Direct expense ratio 9.1 %11.0 %10.7 %11.1 %9.9 %10.9 %10.6 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)12.3 %11.0 %11.4 %11.1 %12.9 %12.0 %11.6 %
Adjusted expense ratio15.1 %19.0 %18.5 %18.7 %15.5 %18.0 %17.8 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.6 %19.0 %19.2 %18.7 %20.4 %19.9 %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)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$354,809 $332,941 $340,695 $341,038 $340,274 
Equity securities, at estimated fair value1,079 1,063 1,001 941 1,269 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 13,319 12,975 12,177 12,055 12,142 
Mortgage loans83,919 83,015 81,497 80,964 79,353 
Policy loans9,493 9,334 9,256 9,186 9,111 
Real estate and real estate joint ventures11,933 12,007 11,901 12,182 12,216 
Other limited partnership interests9,470 10,961 11,980 13,480 14,625 
Short-term investments, principally at estimated fair value3,904 4,781 3,759 7,150 7,176 
Other invested assets20,593 18,677 18,977 18,683 18,655 
Total investments508,519 485,754 491,243 495,679 494,821 
Cash and cash equivalents, principally at estimated fair value19,795 19,635 25,037 18,956 20,047 
Accrued investment income3,388 3,363 3,202 3,354 3,185 
Premiums, reinsurance and other receivables17,870 18,727 18,236 17,816 17,149 
Deferred policy acquisition costs and value of business acquired16,389 17,214 16,527 16,191 16,061 
Current income tax recoverable— 214 52 — 184 
Goodwill10,112 9,944 9,768 9,638 9,535 
Assets held-for-sale7,418 6,599 7,590 7,462 7,238 
Other assets11,685 12,164 11,651 11,614 11,615 
Separate account assets199,970 196,200 189,947 180,954 179,873 
Total assets$795,146 $769,814 $773,253 $761,664 $759,708 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$206,656 $197,755 $199,376 $197,086 $199,721 
Policyholder account balances205,176 205,186 204,948 203,973 203,473 
Other policy-related balances17,101 18,045 17,527 17,735 17,751 
Policyholder dividends payable587 562 572 525 478 
Policyholder dividend obligation2,969 1,546 2,115 1,952 1,682 
Payables for collateral under securities loaned and other transactions29,475 28,694 30,620 31,382 31,920 
Short-term debt393 302 393 346 341 
Long-term debt 14,603 14,509 14,518 14,010 13,933 
Collateral financing arrangement845 833 818 806 766 
Junior subordinated debt securities3,153 3,153 3,154 3,155 3,156 
Current income tax payable129 — — 103 — 
Deferred income tax liability11,008 8,570 9,748 9,850 9,693 
Liabilities held-for-sale4,650 3,865 6,844 6,757 6,634 
Other liabilities 23,614 24,457 23,250 23,697 22,538 
Separate account liabilities199,970 196,200 189,947 180,954 179,873 
Total liabilities720,329 703,677 703,830 692,331 691,959 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,812 33,910 33,440 33,457 33,511 
Retained earnings36,491 36,373 39,318 40,426 41,197 
Treasury stock, at cost(13,829)(14,828)(15,941)(16,956)(18,157)
Accumulated other comprehensive income (loss)18,072 10,397 12,309 12,111 10,919 
Total MetLife, Inc.'s stockholders' equity74,558 65,864 69,138 69,050 67,482 
Noncontrolling interests259 273 285 283 267 
Total equity74,817 66,137 69,423 69,333 67,749 
Total liabilities and equity$795,146 $769,814 $773,253 $761,664 $759,708 

8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
  For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS$490 $119 $315 $141 $25 
RETIREMENT AND INCOME SOLUTIONS663 872 826 989 784 
PROPERTY & CASUALTY (1)138 — — — — 
TOTAL U.S.$1,291 $991 $1,141 $1,130 $809 
ASIA694 868 741 806 819 
LATIN AMERICA17 53 131 28 149 
EMEA100 92 129 116 60 
METLIFE HOLDINGS533 776 672 761 603 
CORPORATE & OTHER(302)(214)(106)(164)(311)
Total adjusted earnings before provision for income tax
$2,333 $2,566 $2,708 $2,677 $2,129 
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS$107 $26 $67 $30 $5 
RETIREMENT AND INCOME SOLUTIONS137 181 172 205 164 
PROPERTY & CASUALTY (1)26 — — — — 
TOTAL U.S.$270 $207 $239 $235 $169 
ASIA200 245 221 237 233 
LATIN AMERICA3 13 34 (1)24 
EMEA19 21 35 22 18 
METLIFE HOLDINGS107 158 136 155 121 
CORPORATE & OTHER(138)(111)(81)(96)(303)
Total provision for income tax expense (benefit)
$461 $533 $584 $552 $262 
Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS$383 $93 $248 $111 $20 
RETIREMENT AND INCOME SOLUTIONS526 691 654 784 620 
PROPERTY & CASUALTY (1)112 — — — — 
TOTAL U.S.$1,021 $784 $902 $895 $640 
ASIA494 623 520 569 586 
LATIN AMERICA14 40 97 29 125 
EMEA81 71 94 94 42 
METLIFE HOLDINGS426 618 536 606 482 
CORPORATE & OTHER (2)(198)(171)(60)(131)(37)
Total adjusted earnings available to common shareholders (2)
$1,838 $1,965 $2,089 $2,062 $1,838 
(1)For the three months ended March 31, 2021, U.S. results exclude Property & Casualty, which was reported as divested business. MetLife subsequently completed the sale of the business and, therefore, Property & Casualty results are not reported for the three months ended June 30, 2021, September 30, 2021 and December 31, 2021. See the Non-GAAP and Other Financial Disclosures section for further information on divested business.
(2)Includes impact of preferred stock dividends of $34 million, $68 million, $35 million, $63 million and $29 million for the three months ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021, 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 December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
U.S.
GROUP BENEFITS52.9%12.8%34.2%15.3%2.8%
RETIREMENT AND INCOME SOLUTIONS34.0%43.1%40.8%48.9%38.6%
PROPERTY & CASUALTY (3)22.5%————
TOTAL U.S.36.9%33.7%38.7%38.4%27.5%
ASIA13.8%17.0%14.2%15.5%16.0%
LATIN AMERICA1.8%5.8%14.1%4.2%18.1%
EMEA11.3%10.0%13.2%13.2%5.9%
METLIFE HOLDINGS17.2%23.7%20.6%23.2%18.5%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (4)
  For the Three Months Ended
Unaudited December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
U.S.
42.4%39.3%45.1%44.8%32.2%
ASIA
20.9%25.4%21.3%23.2%23.9%
LATIN AMERICA
3.0%9.1%22.1%6.6%28.5%
EMEA
20.1%17.1%22.6%22.8%10.2%
METLIFE HOLDINGS
19.1%26.0%22.5%25.4%20.3%
(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
  ALLOCATED EQUITYALLOCATED TANGIBLE EQUITY
Unaudited (In millions)2020202120202021
U.S.
GROUP BENEFITS
$2,896 $2,899 
RETIREMENT AND INCOME SOLUTIONS
6,187 6,418 
PROPERTY & CASUALTY (3)1,991 — 
TOTAL U.S.
$11,074 $9,317 $9,652 $8,116 
ASIA
$14,313 $14,648 $9,490 $9,824 
LATIN AMERICA
$3,074 $2,757 $1,876 $1,757 
EMEA
$2,855 $2,844 $1,649 $1,683 
METLIFE HOLDINGS
$9,893 $10,428 $9,022 $9,581 
(3) For the three months ended March 31, 2021, U.S. results exclude Property & Casualty, which was reported as divested business. MetLife subsequently completed the sale of the business and, therefore, Property & Casualty results are not reported for the three months ended June 30, 2021, September 30, 2021 and December 31, 2021. See the Non-GAAP and Other Financial Disclosures section for further information on divested business.
(4) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
For the Three Months Ended
Unaudited (In millions)
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
U.S.
$1$14$13$14$13
ASIA
$1$1$2$1$1
LATIN AMERICA
$—$—$—$—$—
EMEA
$2$1$1$2$1
METLIFE HOLDINGS
$4$4$4$3$4

10
U.S. (1)
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Adjusted revenues
Premiums$10,074 $5,699 $5,474 $5,746 $9,439 $27,265 $26,358 
Universal life and investment-type product policy fees264 297 282 279 282 1,070 1,140 
Net investment income1,885 2,010 1,998 2,098 1,942 6,903 8,048 
Other revenues240 396 380 383 379 957 1,538 
Total adjusted revenues12,463 8,402 8,134 8,506 12,042 36,195 37,084 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends9,728 6,142 5,739 6,118 9,958 26,309 27,957 
Interest credited to policyholder account balances371 359 359 362 342 1,622 1,422 
Capitalization of DAC(100)(18)(13)(17)(17)(453)(65)
Amortization of DAC and VOBA114 16 8 26 10 471 60 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 1 2 1 3 7 7 
Other expenses1,058 911 898 886 937 4,162 3,632 
Total adjusted expenses11,172 7,411 6,993 7,376 11,233 32,118 33,013 
Adjusted earnings before provision for income tax1,291 991 1,141 1,130 809 4,077 4,071 
Provision for income tax expense (benefit)270 207 239 235 169 853 850 
Adjusted earnings1,021 784 902 895 640 3,224 3,221 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$1,021 $784 $902 $895 $640 $3,224 $3,221 
Adjusted premiums, fees and other revenues$10,578 $6,392 $6,136 $6,408 $10,100 $29,292 $29,036 
Less: PRT
4,163 — (14)(24)3,551 4,635 3,513 
Adjusted premiums, fees and other revenues, excluding PRT$6,415 $6,392 $6,150 $6,432 $6,549 $24,657 $25,523 
(1)For the three months ended March 31, 2021, U.S. results exclude Property & Casualty, which was reported as divested business. MetLife subsequently completed the sale of the business and, therefore, Property & Casualty results are not reported for the three months ended June 30, 2021, September 30, 2021 and December 31, 2021. U.S. results prior to the three months ended March 31, 2021 include Property & Casualty. See page 9 for further information on adjusted earnings available to common shareholders related to Property & Casualty and see the Non-GAAP and Other Financial Disclosures section for further information on divested business.
11
U.S.
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Adjusted revenues
Premiums$4,659 $5,106 $5,085 $5,006 $5,278 $17,680 $20,475 
Universal life and investment-type product policy fees205 212 207 204 206 809 829 
Net investment income283 279 295 290 296 1,127 1,160 
Other revenues156 318 307 307 307 629 1,239 
Total adjusted revenues5,303 5,915 5,894 5,807 6,087 20,245 23,703 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,061 4,970 4,761 4,853 5,206 15,601 19,790 
Interest credited to policyholder account balances33 32 30 33 32 129 127 
Capitalization of DAC(5)(5)(5)(5)(4)(23)(19)
Amortization of DAC and VOBA8 5 8 8 7 34 28 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt— — — — 1 1 1 
Other expenses716 794 785 777 820 2,791 3,176 
Total adjusted expenses4,813 5,796 5,579 5,666 6,062 18,533 23,103 
Adjusted earnings before provision for income tax490 119 315 141 25 1,712 600 
Provision for income tax expense (benefit)107 26 67 30 5 377 128 
Adjusted earnings383 93 248 111 20 1,335 472 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$383 $93 $248 $111 $20 $1,335 $472 
Adjusted premiums, fees and other revenues$5,020 $5,636 $5,599 $5,517 $5,791 $19,118 $22,543 
12
U.S.
RETIREMENT AND INCOME SOLUTIONS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Adjusted revenues
Premiums$4,520 $593 $389 $740 $4,161 $6,047 $5,883 
Universal life and investment-type product policy fees59 85 75 75 76 261 311 
Net investment income1,546 1,731 1,703 1,808 1,646 5,600 6,888 
Other revenues86 78 73 76 72 309 299 
Total adjusted revenues6,211 2,487 2,240 2,699 5,955 12,217 13,381 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends5,086 1,172 978 1,265 4,752 8,293 8,167 
Interest credited to policyholder account balances338 327 329 329 310 1,493 1,295 
Capitalization of DAC(2)(13)(8)(12)(13)(30)(46)
Amortization of DAC and VOBA5 11 — 18 3 25 32 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 1 2 1 2 6 6 
Other expenses120 117 113 109 117 457 456 
Total adjusted expenses5,548 1,615 1,414 1,710 5,171 10,244 9,910 
Adjusted earnings before provision for income tax663 872 826 989 784 1,973 3,471 
Provision for income tax expense (benefit)137 181 172 205 164 406 722 
Adjusted earnings526 691 654 784 620 1,567 2,749 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$526 $691 $654 $784 $620 $1,567 $2,749 
Adjusted premiums, fees and other revenues$4,665 $756 $537 $891 $4,309 $6,617 $6,493 
Less: PRT
4,163 — (14)(24)3,551 4,635 3,513 
Adjusted premiums, fees and other revenues, excluding PRT$502 $756 $551 $915 $758 $1,982 $2,980 
13
U.S.
GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
  For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, beginning of period$20,024 $19,932 $19,694 $19,783 $19,682 
Premiums and deposits5,299 6,068 6,014 5,897 6,227 
Surrenders and withdrawals(571)(642)(700)(673)(657)
Benefit payments(4,147)(4,970)(4,795)(4,895)(5,165)
Net flows581 456 519 329 405 
Net transfers from (to) separate accounts4 2 2 1 — 
Interest134 123 123 125 125 
Policy charges(143)(149)(147)(146)(147)
Other(668)(670)(408)(410)(240)
Balance, end of period$19,932 $19,694 $19,783 $19,682 $19,825 
SEPARATE ACCOUNT LIABILITIES
  For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, beginning of period$1,003 $1,123 $1,161 $1,233 $1,220 
Premiums and deposits63 68 67 68 68 
Surrenders and withdrawals(13)(18)(18)(16)(19)
Benefit payments(2)(1)(2)(2)— 
Net flows48 49 47 50 49 
Investment performance131 49 85 (4)80 
Net transfers from (to) general account(4)(2)(2)(1)— 
Policy charges(55)(57)(58)(58)(58)
Other— (1)— — 1 
Balance, end of period$1,123 $1,161 $1,233 $1,220 $1,292 
14
U.S.
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Direct and allocated expenses$356 $405 $392 $400 $434 
Pension, postretirement and postemployment benefit costs4 (1)7 8 7 
Premium taxes, other taxes, and licenses & fees87 70 83 73 74 
Commissions and other variable expenses269 320 303 296 305 
Adjusted other expenses$716 $794 $785 $777 $820 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Group Life (2)
Adjusted premiums, fees and other revenues$1,915 $2,088 $2,078 $2,074 $2,151 
Mortality ratio96.3 %106.3 %94.3 %106.2 %106.3 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,079 $2,371 $2,341 $2,352 $2,388 
Interest adjusted benefit ratio (4)61.7 %71.1 %73.8 %70.7 %74.2 %
(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)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, beginning of period$132,376 $136,703 $134,056 $136,524 $134,283 
Premiums and deposits20,961 22,008 20,382 20,813 20,151 
Surrenders and withdrawals(17,176)(19,926)(19,759)(20,936)(17,271)
Benefit payments(1,182)(1,317)(1,344)(1,379)(1,495)
Net flows2,603 765 (721)(1,502)1,385 
Net transfers from (to) separate accounts17 — 8 — 1 
Interest946 946 938 942 943 
Policy charges(41)(10)(44)(43)(28)
Other802 (4,348)2,287 (1,638)(253)
Balance, end of period$136,703 $134,056 $136,524 $134,283 $136,331 
SEPARATE ACCOUNT LIABILITIES
  For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, beginning of period$83,887 $84,193 $82,183 $82,432 $81,091 
Premiums and deposits2,138 1,393 1,443 1,027 838 
Surrenders and withdrawals (1)(2,971)(2,390)(2,329)(3,214)(2,781)
Benefit payments(24)(22)(64)(27)(36)
Net flows(857)(1,019)(950)(2,214)(1,979)
Investment performance2,069 (1,302)2,167 256 954 
Net transfers from (to) general account(17)— (8)— (1)
Policy charges(94)(84)(83)(87)(82)
Other(795)395 (877)704 (58)
Balance, end of period$84,193 $82,183 $82,432 $81,091 $79,925 
SYNTHETIC GICS (2)
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, beginning of period$36,330 $38,646 $38,514 $37,773 $39,365 
Premiums and deposits (1)2,704 482 314 1,857 1,547 
Surrenders and withdrawals(621)(829)(1,251)(463)(993)
Net flows 2,083 (347)(937)1,394 554 
Interest233 215 196 198 202 
Balance, end of period$38,646 $38,514 $37,773 $39,365 $40,121 
LONGEVITY REINSURANCE (3)
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, end of period$3,894 $8,833 $9,502 $9,358 $14,824 
(1)Includes $360 million, $86 million, $0, $119 million and $750 million of transfers from separate account GICs to synthetic GICs at December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market.

16
U.S.
RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Direct and allocated expenses$60 $61 $58 $57 $60 
Pension, postretirement and postemployment benefit costs2 — 2 2 3 
Premium taxes, other taxes, and licenses & fees10 4 11 3 15 
Commissions and other variable expenses48 52 42 47 39 
Adjusted other expenses$120 $117 $113 $109 $117 
SPREAD
For the Three Months Ended
UnauditedDecember 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Investment income yield excluding variable investment income yield3.98 %3.77 %3.82 %3.77 %3.72 %
Variable investment income yield0.73 %1.46 %1.26 %1.63 %1.11 %
Total investment income yield4.71 %5.23 %5.08 %5.40 %4.83 %
Average crediting rate2.94 %2.89 %2.84 %2.84 %2.81 %
Annualized general account spread1.77 %2.34 %2.24 %2.56 %2.02 %
Annualized general account spread excluding variable investment income yield1.04 %0.88 %0.98 %0.93 %0.91 %

17
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Adjusted revenues
Premiums$1,697 $1,685 $1,582 $1,594 $1,560 $6,571 $6,421 
Universal life and investment-type product policy fees447 458 436 477 443 1,892 1,814 
Net investment income1,146 1,264 1,158 1,354 1,276 3,938 5,052 
Other revenues17 18 19 17 19 61 73 
Total adjusted revenues3,307 3,425 3,195 3,442 3,298 12,462 13,360 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,346 1,297 1,233 1,220 1,258 5,213 5,008 
Interest credited to policyholder account balances472 489 496 513 497 1,834 1,995 
Capitalization of DAC(449)(435)(395)(373)(404)(1,652)(1,607)
Amortization of DAC and VOBA310 314 296 470 289 1,415 1,369 
Amortization of negative VOBA(7)(7)(8)(5)(7)(37)(27)
Interest expense on debt— — — — — — — 
Other expenses941 899 832 811 846 3,481 3,388 
Total adjusted expenses2,613 2,557 2,454 2,636 2,479 10,254 10,126 
Adjusted earnings before provision for income tax694 868 741 806 819 2,208 3,234 
Provision for income tax expense (benefit)200 245 221 237 233 643 936 
Adjusted earnings494 623 520 569 586 1,565 2,298 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$494 $623 $520 $569 $586 $1,565 $2,298 
Adjusted premiums, fees and other revenues$2,161 $2,161 $2,037 $2,088 $2,022 $8,524 $8,308 
18
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Adjusted premiums, fees and other revenues$2,161 $2,161 $2,037 $2,088 $2,022 
Adjusted premiums, fees and other revenues, on a constant currency basis $2,025 $2,038 $1,962 $2,036 $2,022 
Add: Operating joint ventures, on a constant currency basis (1), (2)295 345 279 323 320 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,320 $2,383 $2,241 $2,359 $2,342 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Direct and allocated expenses$354 $318 $314 $305 $319 
Pension, postretirement and postemployment benefit costs35 23 22 22 31 
Premium taxes, other taxes, and licenses & fees41 46 45 39 41 
Commissions and other variable expenses511 512 451 445 455 
Adjusted other expenses$941 $899 $832 $811 $846 
Adjusted other expenses, net of adjusted capitalization of DAC$492 $464 $437 $438 $442 
Adjusted other expenses on a constant currency basis$877 $847 $803 $787 $846 
Add: Operating joint ventures, on a constant currency basis (1), (2)109 115 93 100 102 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$986 $962 $896 $887 $948 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$540 $522 $493 $502 $518 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Japan:
Life$150 $167 $162 $164 $193 
Accident & Health69 58 69 62 74 
Annuities72 91 76 66 71 
Other1 1 1 2 2 
Total Japan292 317 308 294 340 
Other Asia242 254 181 199 265 
   Total sales$534 $571 $489 $493 $605 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Adjusted earnings available to common shareholders$494 $623 $520 $569 $586 
Adjusted earnings available to common shareholders, on a constant currency basis$486 $608 $511 $567 $586 
(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)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
GA AUM $144,267 $137,258 $140,875 $141,304 $140,317 
GA AUM (at amortized cost)$129,661 $127,695 $129,411 $130,777 $130,310 
GA AUM (at amortized cost), on a constant currency basis$121,891 $124,328 $126,464 $129,096 $130,310 
  Add: Operating joint ventures, on a constant currency basis (1)5,688 5,851 6,037 6,201 6,775 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$127,579 $130,179 $132,501 $135,297 $137,085 
(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 Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Adjusted revenues
Premiums$607 $595 $636 $705 $673 $2,265 $2,609 
Universal life and investment-type product policy fees261 270 287 274 278 994 1,109 
Net investment income293 299 308 306 358 992 1,271 
Other revenues10 10 11 9 11 38 41 
Total adjusted revenues1,171 1,174 1,242 1,294 1,320 4,289 5,030 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends772 761 724 885 773 2,406 3,143 
Interest credited to policyholder account balances62 59 60 63 67 240 249 
Capitalization of DAC(104)(95)(100)(109)(110)(362)(414)
Amortization of DAC and VOBA70 60 83 62 80 276 285 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 1 1 2 1 4 5 
Other expenses353 335 343 363 360 1,318 1,401 
Total adjusted expenses1,154 1,121 1,111 1,266 1,171 3,882 4,669 
Adjusted earnings before provision for income tax17 53 131 28 149 407 361 
Provision for income tax expense (benefit)3 13 34 (1)24 127 70 
Adjusted earnings14 40 97 29 125 280 291 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$14 $40 $97 $29 $125 $280 $291 
Adjusted premiums, fees and other revenues$878 $875 $934 $988 $962 $3,297 $3,759 
21
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Direct and allocated expenses$125 $121 $120 $126 $132 
Pension, postretirement and postemployment benefit costs1 1 1 2 — 
Premium taxes, other taxes, and licenses & fees12 11 11 10 8 
Commissions and other variable expenses215 202 211 225 220 
Adjusted other expenses$353 $335 $343 $363 $360 
Adjusted other expenses, net of adjusted capitalization of DAC$249 $240 $243 $254 $250 
Adjusted other expenses on a constant currency basis$340 $319 $322 $348 $360 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$241 $229 $228 $244 $250 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Mexico$77 $89 $89 $93 $96 
Chile43 46 53 63 64 
All other43 39 66 68 60 
Total sales$163 $174 $208 $224 $220 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Adjusted premiums, fees and other revenues$878 $875 $934 $988 $962 
Adjusted earnings available to common shareholders$14 $40 $97 $29 $125 
Adjusted premiums, fees and other revenues, on a constant currency basis$851 $833 $877 $946 $962 
Adjusted earnings available to common shareholders, on a constant currency basis$12 $29 $86 $26 $125 

22
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Adjusted revenues
Premiums$583 $598 $621 $532 $520 $2,259 $2,271 
Universal life and investment-type product policy fees109 67 107 128 93 433 395 
Net investment income70 63 62 46 44 269 215 
Other revenues15 13 16 10 8 52 47 
Total adjusted revenues777 741 806 716 665 3,013 2,928 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends319 343 333 268 297 1,196 1,241 
Interest credited to policyholder account balances26 24 25 17 20 109 86 
Capitalization of DAC(124)(127)(122)(110)(110)(491)(469)
Amortization of DAC and VOBA114 62 94 118 82 454 356 
Amortization of negative VOBA(3)(2)(2)(1)(2)(8)(7)
Interest expense on debt1 — — — — 1 — 
Other expenses344 349 349 308 318 1,344 1,324 
Total adjusted expenses677 649 677 600 605 2,605 2,531 
Adjusted earnings before provision for income tax100 92 129 116 60 408 397 
Provision for income tax expense (benefit)19 21 35 22 18 81 96 
Adjusted earnings81 71 94 94 42 327 301 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$81 $71 $94 $94 $42 $327 $301 
Adjusted premiums, fees and other revenues$707 $678 $744 $670 $621 $2,744 $2,713 
23
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Direct and allocated expenses$120 $112 $116 $98 $102 
Pension, postretirement and postemployment benefit costs4 1 2 3 2 
Premium taxes, other taxes, and licenses & fees5 8 6 5 4 
Commissions and other variable expenses215 228 225 202 210 
Adjusted other expenses$344 $349 $349 $308 $318 
Adjusted other expenses, net of adjusted capitalization of DAC$220 $222 $227 $198 $208 
Adjusted other expenses on a constant currency basis $334 $331 $334 $298 $318 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$215 $212 $218 $193 $208 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Adjusted premiums, fees and other revenues$707 $678 $744 $670 $621 
Adjusted earnings available to common shareholders$81 $71 $94 $94 $42 
Adjusted premiums, fees and other revenues, on a constant currency basis$687 $645 $712 $650 $621 
Adjusted earnings available to common shareholders, on a constant currency basis$76 $64 $87 $89 $42 
Total sales on a constant currency basis$208 $250 $223 $185 $196 
24
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Adjusted revenues
Premiums$931 $827 $839 $805 $862 $3,600 $3,333 
Universal life and investment-type product policy fees261 274 273 279 275 1,073 1,101 
Net investment income1,461 1,646 1,543 1,771 1,490 5,184 6,450 
Other revenues72 62 69 57 69 238 257 
Total adjusted revenues2,725 2,809 2,724 2,912 2,696 10,095 11,141 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,675 1,523 1,549 1,611 1,585 6,738 6,268 
Interest credited to policyholder account balances214 210 210 212 208 868 840 
Capitalization of DAC(24)(8)(9)(8)(8)(39)(33)
Amortization of DAC and VOBA82 54 56 80 67 370 257 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 1 2 1 1 6 5 
Other expenses244 253 244 255 240 942 992 
Total adjusted expenses2,192 2,033 2,052 2,151 2,093 8,885 8,329 
Adjusted earnings before provision for income tax533 776 672 761 603 1,210 2,812 
Provision for income tax expense (benefit)107 158 136 155 121 234 570 
Adjusted earnings426 618 536 606 482 976 2,242 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$426 $618 $536 $606 $482 $976 $2,242 
Adjusted premiums, fees and other revenues$1,264 $1,163 $1,181 $1,141 $1,206 $4,911 $4,691 
25
METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, beginning of period$83,021 $83,004 $81,446 $81,993 $82,115 
Premiums and deposits (2), (3)1,216 1,142 1,100 1,070 1,121 
Surrenders and withdrawals(567)(529)(538)(532)(529)
Benefit payments(832)(936)(790)(818)(805)
Net flows(183)(323)(228)(280)(213)
Net transfers from (to) separate accounts12 2 9 12 10 
Interest836 831 834 838 839 
Policy charges(184)(185)(183)(183)(180)
Other(498)(1,883)115 (265)(188)
Balance, end of period$83,004 $81,446 $81,993 $82,115 $82,383 
ANNUITIESFor the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, beginning of period$19,466 $19,029 $18,367 $18,270 $18,341 
Premiums and deposits (2), (3)111 107 91 72 89 
Surrenders and withdrawals(356)(340)(306)(326)(410)
Benefit payments(158)(171)(150)(144)(152)
Net flows(403)(404)(365)(398)(473)
Net transfers from (to) separate accounts170 96 29 61 52 
Interest131 129 125 125 125 
Policy charges(4)(4)(4)(4)(4)
Other(331)(479)118 287 20 
Balance, end of period$19,029 $18,367 $18,270 $18,341 $18,061 
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, beginning of period$6,039 $6,848 $7,021 $7,424 $7,248 
Premiums and deposits (3)59 62 57 56 57 
Surrenders and withdrawals(55)(68)(67)(61)(64)
Benefit payments(11)(16)(18)(15)(19)
Net flows(7)(22)(28)(20)(26)
Investment performance895 260 508 (80)367 
Net transfers from (to) general account(12)(2)(9)(12)(10)
Policy charges(66)(66)(66)(66)(65)
Other(1)3 (2)2 (2)
Balance, end of period$6,848 $7,021 $7,424 $7,248 $7,512 
ANNUITIES
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Balance, beginning of period$37,883 $40,825 $40,444 $41,543 $39,840 
Premiums and deposits (3)75 79 83 61 74 
Surrenders and withdrawals(942)(1,062)(1,094)(1,127)(1,177)
Benefit payments(107)(128)(121)(116)(135)
Net flows(974)(1,111)(1,132)(1,182)(1,238)
Investment performance
4,282 1,017 2,460 (258)1,819 
Net transfers from (to) general account(170)(96)(29)(61)(52)
Policy charges(196)(190)(200)(203)(195)
Other— (1)— 1 (1)
Balance, end of period$40,825 $40,444 $41,543 $39,840 $40,173 
(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)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Direct and allocated expenses$149 $166 $164 $165 $163 
Pension, postretirement and postemployment benefit costs3 — 4 4 4 
Premium taxes, other taxes, and licenses & fees25 14 18 16 16 
Commissions and other variable expenses67 73 58 70 57 
Adjusted other expenses$244 $253 $244 $255 $240 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Life (1)
Adjusted premiums, fees and other revenues$843 $762 $766 $734 $791 
Interest adjusted benefit ratio59.6 %54.8 %47.1 %53.3 %54.3 %
Lapse Ratio (2)
Traditional life4.1 %4.0 %4.0 %4.0 %4.0 %
Variable & universal life3.5 %3.3 %3.3 %3.3 %3.3 %
Fixed annuity6.5 %6.6 %6.7 %6.8 %6.8 %
Variable annuity8.8 %8.5 %9.2 %9.7 %10.2 %
(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 Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Adjusted revenues
Premiums$5 $58 $(20)$16 $(19)$22 $35 
Universal life and investment-type product policy fees1 — 1 — 1 3 2 
Net investment income20 12 48 93 91 42 244 
Other revenues106 86 109 108 117 344 420 
Total adjusted revenues132 156 138 217 190 411 701 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends(26)40 (13)9 (2)(3)34 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(3)(3)(3)(3)(2)(11)(11)
Amortization of DAC and VOBA2 2 3 2 2 8 9 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt226 224 223 236 219 895 902 
Other expenses235 107 34 137 284 625 562 
Total adjusted expenses434 370 244 381 501 1,514 1,496 
Adjusted earnings before provision for income tax(302)(214)(106)(164)(311)(1,103)(795)
Provision for income tax expense (benefit)(138)(111)(81)(96)(303)(556)(591)
Adjusted earnings(164)(103)(25)(68)(8)(547)(204)
Preferred stock dividends34 68 35 63 29 202 195 
Adjusted earnings available to common shareholders$(198)$(171)$(60)$(131)$(37)$(749)$(399)
Adjusted premiums, fees and other revenues$112 $144 $90 $124 $99 $369 $457 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Business activities$36 $29 $28 $41 $45 $96 $143 
Net investment income28 13 51 95 89 54 248 
Interest expense on debt(238)(234)(235)(247)(228)(943)(944)
Corporate initiatives and projects(76)(25)(24)(25)(54)(159)(128)
Other(52)3 74 (28)(163)(151)(114)
Provision for income tax (expense) benefit and other tax-related items138 111 81 96 303 556 591 
Preferred stock dividends(34)(68)(35)(63)(29)(202)(195)
Adjusted earnings available to common shareholders$(198)$(171)$(60)$(131)$(37)$(749)$(399)
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)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Fixed Maturity Securities
Yield3.83 %3.72 %3.76 %3.71 %3.77 %3.88 %3.74 %
Investment income (2), (3)$2,883 $2,784 $2,785 $2,761 $2,816 $11,356 $11,146 
Investment gains (losses)31 (64)6 130 (2)294 70 
Ending carrying value (4)356,420 334,594 342,344 342,591 341,876 356,420 341,876 
Mortgage Loans
Yield4.25 %4.11 %4.29 %4.12 %4.23 %4.27 %4.19 %
Investment income (3)887 861 885 837 847 3,518 3,430 
Investment gains (losses)(65)60 (2)43 (119)(213)(18)
Ending carrying value83,919 83,015 81,497 80,964 79,353 83,919 79,353 
Real Estate and Real Estate Joint Ventures
Yield2.30 %3.18 %3.65 %6.00 %6.36 %1.56 %4.81 %
Investment income68 95 109 181 194 178 579 
Investment gains (losses)3 48 368 66 20 7 502 
Ending carrying value11,933 12,007 11,901 12,182 12,216 11,933 12,216 
Policy Loans
Yield5.18 %5.14 %5.18 %5.09 %5.02 %5.18 %5.11 %
Investment income124 121 120 118 115 498 474 
Ending carrying value9,493 9,334 9,256 9,186 9,111 9,493 9,111 
Equity Securities
Yield4.19 %4.90 %4.30 %4.85 %3.76 %4.83 %4.45 %
Investment income10 11 9 8 8 50 36 
Investment gains (losses)73 75 55 (33)11 (137)108 
Ending carrying value1,079 1,063 1,001 941 1,269 1,079 1,269 
Other Limited Partnership Interests
Yield (5)31.63 %50.30 %36.58 %48.43 %30.11 %12.17 %40.71 %
Investment income (5)714 1,285 1,050 1,542 1,058 1,010 4,935 
Investment gains (losses)(16)(5)(8)(4)11 (15)(6)
Ending carrying value (6)9,470 10,961 11,980 13,480 14,625 9,470 14,625 
Cash and Short-term Investments
Yield1.01 %0.87 %0.72 %0.70 %0.93 %1.35 %0.80 %
Investment income24 21 21 20 25 140 87 
Investment gains (losses)(8)4 2 6 15 (28)27 
Ending carrying value (7)23,696 24,416 28,796 26,106 27,223 23,696 27,223 
Other Invested Assets
Investment income 318 298 266 342 291 1,162 1,197 
Investment gains (losses)49 17 19 12 51 230 99 
Ending carrying value20,593 18,677 18,977 18,683 18,655 20,593 18,655 
Total Investments
Investment income yield4.63 %5.05 %4.85 %5.36 %4.94 %4.22 %5.05 %
Investment fees and expenses yield(0.14)%(0.13)%(0.12)%(0.12)%(0.13)%(0.13)%(0.12)%
Net Investment Income Yield4.49 %4.92 %4.73 %5.24 %4.81 %4.09 %4.93 %
Investment income$5,028 $5,476 $5,245 $5,809 $5,354 $17,912 $21,884 
Investment fees and expenses(151)(146)(128)(125)(138)(538)(537)
Net investment income including divested businesses4,877 5,330 5,117 5,684 5,216 17,374 21,347 
Less: Net investment income from divested businesses2 36 — 16 15 46 67 
Adjusted Net Investment Income (8)$4,875 $5,294 $5,117 $5,668 $5,201 $17,328 $21,280 
Ending Carrying Value$516,603 $494,067 $505,752 $504,133 $504,328 $516,603 $504,328 
Investment Portfolio Gains (Losses) including divested businesses$67 $135 $440 $220 $(13)$138 $782 
Less: Divested businesses— 28 — — 2 18 30 
Investment Portfolio Gains (Losses) (9)$67 $107 $440 $220 $(15)$120 $752 
Gross investment gains338 372 656 352 331 1,740 1,711 
Gross investment losses(178)(288)(164)(156)(242)(1,214)(850)
Net credit loss (provision) release and (impairments)(93)23 (52)24 (104)(406)(109)
Investment Portfolio Gains (Losses) (9)67 107 440 220 (15)120 752 
Investment portfolio gains (losses) income tax (expense) benefit15 (25)(78)(60)17 (101)(146)
Investment Portfolio Gains (Losses), Net of Income Tax$82 $82 $362 $160 $2 $19 $606 
Derivative gains (losses) including Divested businesses $(1,820)$(2,455)$210 $(445)$(431)$543 $(3,121)
Less: Derivative gains (losses) from divested businesses— (1)— — — — (1)
Derivative gains (losses) (9)(1,820)(2,454)210 (445)(431)543 (3,120)
Derivative gains (losses) income tax (expense) benefit390 599 (63)127 96 (135)759 
Derivative Gains (Losses), Net of Income Tax$(1,430)$(1,855)$147 $(318)$(335)$408 $(2,361)
See footnotes on Page 32.

29
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$93,416 26.3 %$88,002 26.4 %$91,371 26.8 %$92,012 27.0 %$93,034 27.3 %
Foreign corporate69,408 19.5 %65,883 19.8 %65,605 19.2 %63,922 18.7 %63,640 18.7 %
Foreign government71,699 20.2 %67,137 20.2 %64,630 19.0 %63,380 18.6 %61,609 18.1 %
U.S. government and agency47,100 13.3 %41,402 12.4 %46,556 13.7 %48,100 14.1 %46,599 13.7 %
Residential mortgage-backed30,435 8.6 %29,302 8.8 %29,848 8.8 %30,267 8.9 %30,404 8.9 %
Asset-backed17,119 4.8 %16,217 4.9 %16,713 4.9 %17,403 5.1 %18,569 5.5 %
Municipals13,722 3.9 %13,212 4.0 %13,923 4.1 %14,040 4.1 %14,212 4.2 %
Commercial mortgage-backed11,910 3.4 %11,786 3.5 %12,049 3.5 %11,914 3.5 %12,207 3.6 %
Fixed Maturity Securities Available-For-Sale$354,809 100.0 %$332,941 100.0 %$340,695 100.0 %$341,038 100.0 %$340,274 100.0 %
NAICNRSRO
DESIGNATIONRATING
1Aaa / Aa / A$250,013 70.5 %$231,570 69.6 %$237,231 69.6 %$239,158 70.1 %$239,394 70.4 %
2Baa87,702 24.7 %84,467 25.4 %86,293 25.3 %84,831 24.9 %85,209 25.0 %
3Ba12,812 3.6 %12,825 3.8 %12,978 3.8 %12,876 3.8 %11,973 3.5 %
4B3,702 1.1 %3,397 1.0 %3,534 1.1 %3,584 1.0 %3,150 0.9 %
5Caa and lower503 0.1 %633 0.2 %604 0.2 %565 0.2 %526 0.2 %
6In or near default77 — %49 — %55 — %24 — %22 — %
Fixed Maturity Securities Available-For-Sale (10)$354,809 100.0 %$332,941 100.0 %$340,695 100.0 %$341,038 100.0 %$340,274 100.0 %
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Gross unrealized gains$45,519 $31,251 $35,681 $33,349 $31,901 
Gross unrealized losses1,440 2,973 1,989 2,247 2,420 
Net Unrealized Gains (Losses)$44,079 $28,278 $33,692 $31,102 $29,481 
See footnotes on Page 32.

30
INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
          
Commercial mortgage loans$52,434 $52,300 $51,602 $51,336 $50,553 
Agricultural mortgage loans18,128 18,051 18,044 18,353 18,111 
Residential mortgage loans13,947 13,192 12,421 11,838 11,323 
Mortgage Loans84,509 83,543 82,067 81,527 79,987 
Valuation allowances(590)(528)(570)(563)(634)
Mortgage Loans, net$83,919 $83,015 $81,497 $80,964 $79,353 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
 
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Non-U.S.$10,581 20.2 %$10,507 20.1 %$10,227 19.8 %$9,501 18.5 %$9,969 19.7 %
Pacific 10,235 19.5 %10,401 19.9 %10,161 19.7 %10,249 20.0 %9,676 19.1 %
Middle Atlantic8,233 15.7 %8,170 15.6 %8,115 15.7 %7,877 15.3 %7,537 14.9 %
South Atlantic7,217 13.8 %7,134 13.6 %7,186 13.9 %7,047 13.7 %6,800 13.5 %
West South Central3,887 7.4 %3,655 7.0 %3,636 7.0 %3,434 6.7 %3,492 6.9 %
New England2,126 4.0 %2,148 4.1 %2,214 4.3 %2,623 5.1 %2,748 5.4 %
East North Central2,494 4.8 %2,555 4.9 %2,197 4.3 %2,229 4.3 %2,129 4.2 %
Mountain1,777 3.4 %1,650 3.2 %1,903 3.7 %1,996 3.9 %1,993 4.0 %
East South Central700 1.3 %753 1.4 %781 1.5 %824 1.6 %759 1.5 %
West North Central609 1.2 %616 1.2 %649 1.3 %649 1.3 %663 1.3 %
Multi-Region and Other4,575 8.7 %4,711 9.0 %4,533 8.8 %4,907 9.6 %4,787 9.5 %
Total$52,434 100.0 %$52,300 100.0 %$51,602 100.0 %$51,336 100.0 %$50,553 100.0 %
Office$23,928 45.6 %$23,443 44.8 %$22,883 44.3 %$22,573 44.0 %$22,388 44.3 %
Apartment8,764 16.7 %8,748 16.7 %8,699 16.9 %8,910 17.4 %9,121 18.0 %
Retail8,911 17.0 %9,028 17.3 %8,960 17.4 %8,684 16.9 %8,548 16.9 %
Industrial5,365 10.2 %5,625 10.7 %5,437 10.5 %5,562 10.8 %5,096 10.1 %
Hotel3,377 6.5 %3,281 6.3 %3,187 6.2 %3,175 6.2 %3,201 6.3 %
Other2,089 4.0 %2,175 4.2 %2,436 4.7 %2,432 4.7 %2,199 4.4 %
Total$52,434 100.0 %$52,300 100.0 %$51,602 100.0 %$51,336 100.0 %$50,553 100.0 %

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, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of $68 million, $36 million, $50 million, $6 million and $75 million for the three months ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 respectively, and $140 million and $167 million for the year ended December 30, 2020 and December 30, 2021, respectively.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Fixed maturity securities available-for-sale$354,809 $332,941 $340,695 $341,038 $340,274 
Contractholder-directed equity securities and fair value option securities13,319 12,975 12,177 12,055 12,142 
Total fixed maturity securities368,128 345,916 352,872 353,093 352,416 
Less: Contractholder-directed equity securities11,708 11,322 10,528 10,502 10,540 
Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs— — — — — 
Fixed maturity securities$356,420 $334,594 $342,344 $342,591 $341,876 
(5)Other limited partnership interests includes investment income related to private equity investments of $705 million, $1,278 million, $1,045 million, $1,516 million and $1,059 million for the three months ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021, respectively, and $913 million and $4,898 million for the year ended December 30, 2020 and December 30, 2021, respectively. The annualized yields for these periods were 33.61%, 53.35%, 38.60%, 50.19%, 31.64%, 11.85% and 42.70%, respectively.
(6)Other limited partnership interests includes ending carrying value related to private equity investments of $8,827 million, $10,321 million, $11,337 million, $12,811 million and $13,963 million at December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021, respectively.
(7)Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $3 million at September 30, 2020 and December 31, 2020, and less than $1 million at March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021.
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year Ended
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Net investment gains (losses) $(33)$134 $1,605 $(84)$(126)$(110)$1,529 
Less: Operating joint venture adjustments(1)— — 1 — (1)1 
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures5 9 5 9 22 (4)45 
Less: Non-investment portfolio gains (losses)(104)(10)1,160 (314)(135)(243)701 
Less: Divested businesses— 28 — — 2 18 30 
Investment portfolio gains (losses) $67 $107 $440 $220 $(15)$120 $752 
For the Three Months EndedFor the Year Ended
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Net derivative gains (losses) $(1,561)$(2,235)$421 $(218)$(196)$1,349 $(2,228)
Less: Investment hedge adjustments260 220 212 228 235 815 895 
Less: Settlement of foreign currency earnings hedges— — — — — — — 
Less: PAB hedge adjustments(1)— (1)(1)— (9)(2)
Less: Divested businesses$— $(1)$— $— $— $— $(1)
Derivative gains (losses) $(1,820)$(2,454)$210 $(445)$(431)$543 $(3,120)
(10)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When MetLife, Inc.’s insurance subsidiaries acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for non-agency RMBS and CMBS; accordingly, NAIC designations may not correspond to NRSRO ratings.
32
image0a45.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$124 $290 $3,366 $1,521 $1,176 $5,191 $6,353 
Add: Preferred stock dividends34 68 35 63 29 202 195 
Add: Preferred stock redemption premium— — 6 — — 14 6 
Add: Net Income (loss) attributable to noncontrolling interests— 5 5 5 6 11 21 
Net income (loss) 158 363 3,412 1,589 1,211 $5,418 $6,575 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(33)134 1,605 (84)(126)(110)1,529 
Net derivative gains (losses)(1,561)(2,235)421 (218)(196)1,349 (2,228)
Premiums - Divested businesses
— 865 — 57 60 52 982 
Universal life and investment-type product policy fees
Unearned revenue adjustments8 — 12 46 13 33 71 
GMIB fees25 25 24 25 24 102 98 
Divested businesses— — — 13 13 3 26 
Net investment income
Investment hedge adjustments(260)(220)(212)(228)(235)(815)(895)
Operating joint venture adjustments1 — — (1)— 1 (1)
Unit-linked contract income628 207 378 114 253 568 952 
Securitization entities income— — — — — — — 
Certain partnership distributions(6)(3)(3)(1)(1)(11)(8)
Divested businesses2 36 — 16 15 46 67 
Other revenues
Settlement of foreign currency earnings hedges— — — — — — — 
TSA fees39 35 60 73 53 159 221 
Divested businesses— 11 — 6 5 — 22 
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments(10)(9)(8)(8)(7)(37)(32)
PDO adjustments— — — — — — — 
Inflation and pass-through adjustments(53)78 18 — (99)(170)(3)
GMIB costs(180)(128)(70)(116)(88)(360)(402)
Market value adjustments(17)(23)(16)(21)(23)(70)(83)
Divested businesses— (582)— (36)(41)(55)(659)
Interest credited to policyholder account balances
PAB hedge adjustments1 — 1 1 — 9 2 
Unit-linked contract costs(612)(210)(366)(116)(246)(536)(938)
Divested businesses— — — (5)(5)(14)(10)
Capitalization of DAC - Divested businesses
— 89 — 15 15 5 119 
Amortization of DAC and VOBA
Related to NIGL and NDGL(65)3 (9)(31)(63)(153)(100)
Related to GMIB fees and GMIB costs11 13 12 (13)(5)(4)7 
Related to market value adjustments— — — — — — — 
Divested businesses— (98)— (14)(14)(9)(126)
Amortization of negative VOBA
Related to market value adjustments— — — — — — — 
Divested businesses— — — — — — — 
Interest expense on debt
Securitization entities debt expense— — — — — — — 
Divested businesses— (1)— — — — (1)
Other expenses
Noncontrolling interests2 6 6 7 9 16 28 
Regulatory implementation costs(12)3 (6)— (1)(20)(4)
Acquisition, integration and other costs(29)(4)(4)(2)1 (42)(9)
TSA fees(39)(35)(60)(73)(53)(159)(221)
Divested businesses(9)(232)(4)(41)(81)(58)(358)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit455 605 (491)99 167 (127)380 
Adjusted earnings1,872 2,033 2,124 2,125 1,867 5,825 8,149 
Less: Preferred stock dividends34 68 35 63 29 202 195 
Adjusted earnings available to common shareholders$1,838 $1,965 $2,089 $2,062 $1,838 $5,623 $7,954 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Actuarial assumption review and other insurance adjustments$— $— $— $(140)$— $(203)$(140)
Litigation reserves and settlement costs— — 66 — — — 66 
Tax adjustments— — — — 140 — 140 
Total notable items$— $— $66 $(140)$140 $(203)$66 
ASIA
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Actuarial assumption review and other insurance adjustments
$— $— $— $(79)$— $(28)$(79)
Total notable items
$— $— $— $(79)$— $(28)$(79)
LATIN AMERICA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Actuarial assumption review and other insurance adjustments
$— $— $— $(2)$— $(9)$(2)
Total notable items
$— $— $— $(2)$— $(9)$(2)
EMEA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Actuarial assumption review and other insurance adjustments
$— $— $— $(6)$— $(31)$(6)
Total notable items
$— $— $— $(6)$— $(31)$(6)
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Actuarial assumption review and other insurance adjustments
$— $— $— $(53)$— $(135)$(53)
Total notable items
$— $— $— $(53)$— $(135)$(53)
CORPORATE & OTHER
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Litigation reserves and settlement costs$— $— $66 $— $— $— $66 
Tax adjustments— — — — 140 — 140 
Total notable items$— $— $66 $— $140 $— $206 
(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)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Total MetLife, Inc.'s stockholders' equity$74,558 $65,864 $69,138 $69,050 $67,482 
Less: Preferred stock
4,312 4,312 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 70,246 61,552 65,320 65,232 63,664 
Less: Net unrealized investment gains (losses), net of income tax
23,730 16,712 18,608 18,658 17,671 
  Defined benefit plans adjustment, net of income tax(1,863)(1,848)(1,836)(1,805)(1,598)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$48,379 $46,688 $48,548 $48,379 $47,591 
Less: Goodwill, net of income tax
10,090 9,571 9,398 9,317 9,221 
  VODA and VOCRA, net of income tax
844 807 779 763 718 
Total MetLife, Inc.'s tangible common stockholders' equity$37,445 $36,310 $38,371 $38,299 $37,652 
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA$48,379 $46,688 $48,548 $48,379 $47,591 
Less: Accumulated year-to-date total notable items (2)
(203)— 66 (74)66 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$48,582 $46,688 $48,482 $48,453 $47,525 
Unaudited (In millions, except per share data)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Book value per common share $78.67 $70.08 $75.86 $77.24 $77.12 
Less: Net unrealized investment gains (losses), net of income tax
26.58 19.02 21.61 22.09 21.41 
  Defined benefit plans adjustment, net of income tax
(2.09)(2.10)(2.13)(2.14)(1.94)
Book value per common share, excluding AOCI other than FCTA$54.18 $53.16 $56.38 $57.29 $57.65 
Less: Goodwill, net of income tax
11.29 10.90 10.92 11.04 11.17 
  VODA and VOCRA, net of income tax
0.95 0.92 0.90 0.90 0.87 
Book value per common share - tangible common stockholders' equity$41.94 $41.34 $44.56 $45.35 $45.61 
Common shares outstanding, end of period 892.9 878.3 861.1 844.5 825.5 
For the Three Months Ended (1)For the Year Ended
Unaudited (In millions, except ratios)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021December 31, 2020December 31, 2021
Return on MetLife, Inc.'s:
Common stockholders' equity 0.7 %1.8 %21.2 %9.3 %7.3 %7.6 %9.7 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 10.6 %11.9 %13.2 %12.6 %11.4 %8.3 %12.2 %
Common stockholders' equity, excluding AOCI other than FCTA 15.2 %16.5 %17.5 %17.0 %15.3 %11.9 %16.6 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)15.2 %16.5 %17.0 %18.2 %14.2 %12.3 %16.5 %
Tangible common stockholders' equity (3) 19.4 %21.5 %22.6 %21.7 %19.6 %15.0 %21.4 %
Average common stockholders' equity $69,625 $65,899 $63,436 $65,276 $64,448 $67,869 $65,203 
Average common stockholders' equity, excluding AOCI other than FCTA $48,234 $47,534 $47,618 $48,464 $47,985 $47,251 $47,917 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$48,437 $47,534 $47,585 $48,468 $47,989 $47,332 $47,905 
Average tangible common stockholders' equity
$38,130 $36,878 $37,341 $38,335 $37,976 $37,703 $37,615 
(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 December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 of $8 million, $20 million, $20 million, $20 million and $19 million, respectively, and for the year ended December 31, 2020 and 2021 of $33 million and $79 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)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
U.S. (1)$10,578 $6,392 $6,136 $6,408 $10,100 
ASIA 2,025 2,038 1,962 2,036 2,022 
LATIN AMERICA851 833 877 946 962 
EMEA 687 645 712 650 621 
METLIFE HOLDINGS (1)1,264 1,163 1,181 1,141 1,206 
CORPORATE & OTHER (1)112 144 90 124 99 
Adjusted premiums, fees and other revenues, on a constant currency basis$15,517 $11,215 $10,958 $11,305 $15,010 
Adjusted premiums, fees and other revenues$15,700 $11,413 $11,122 $11,419 $15,010 
ASIA (including operating joint ventures) (2), (3)$2,320 $2,383 $2,241 $2,359 $2,342 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
U.S. (1)$1,058 $911 $898 $886 $937 
ASIA 877 847 803 787 846 
LATIN AMERICA340 319 322 348 360 
EMEA334 331 334 298 318 
METLIFE HOLDINGS (1)244 253 244 255 240 
CORPORATE & OTHER (1)235 107 34 137 284 
Adjusted other expenses on a constant currency basis$3,088 $2,768 $2,635 $2,711 $2,985 
Adjusted other expenses$3,175 $2,854 $2,700 $2,760 $2,985 
ASIA (including operating joint ventures) (2), (3)$986 $962 $896 $887 $948 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
U.S. (1)$1,021 $784 $902 $895 $640 
ASIA 486 608 511 567 586 
LATIN AMERICA12 29 86 26 125 
EMEA 76 64 87 89 42 
METLIFE HOLDINGS (1)426 618 536 606 482 
CORPORATE & OTHER (1)(198)(171)(60)(131)(37)
Adjusted earnings available to common shareholders on a constant currency basis$1,823 $1,932 $2,062 $2,052 $1,838 
Adjusted earnings available to common shareholders$1,838 $1,965 $2,089 $2,062 $1,838 
 (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)
CSEConsolidated securitization entity
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 Organizations
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

image0a45.jpg
navigatinglifetogethera04a.jpg