Try our mobile app

Published: 2023-05-03 00:00:00 ET
<<<  go to MET company page
EX-99.2 3 ex992qfsq123doc-ldti.htm EX-99.2 Document
Exhibit 99.2




 image0a45.jpg
First Quarter
Financial Supplement
March 31, 2023
1

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 CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Revenues
Premiums$10,617 $11,556 $17,332 $9,005 $9,589 $10,617 $9,589 
Universal life and investment-type product policy fees1,312 1,372 1,275 1,266 1,289 1,312 1,289 
Net investment income4,284 3,583 3,585 4,464 4,645 4,284 4,645 
Other revenues660 615 728 627 639 660 639 
Net investment gains (losses)(517)(682)(411)350 (684)(517)(684)
Net derivative gains (losses)(951)(970)(226)(104)(90)(951)(90)
Total revenues15,405 15,474 22,283 15,608 15,388 15,405 15,388 
Expenses
Policyholder benefits and claims11,174 11,615 17,603 9,115 9,872 11,174 9,872 
Policyholder liability remeasurement (gains) losses(41)(1)136 20 (9)(41)(9)
Market risk benefit remeasurement (gains) losses(1,440)(757)(965)(512)188 (1,440)188 
Interest credited to policyholder account balances626 527 1,014 1,727 1,864 626 1,864 
Policyholder dividends199 194 158 155 159 199 159 
Amortization of DAC and VOBA475 458 441 457 470 475 470 
Amortization of negative VOBA(8)(7)(7)(7)(7)(8)(7)
Interest expense on debt225 226 239 248 255 225 255 
Other expenses, net of capitalization of DAC2,260 2,231 2,249 2,379 2,339 2,260 2,339 
Total expenses13,470 14,486 20,868 13,582 15,131 13,470 15,131 
Income (loss) before provision for income tax1,935 988 1,415 2,026 257 1,935 257 
Provision for income tax expense (benefit)296 73 248 445 172 296 172 
Net income (loss) 1,639 915 1,167 1,581 85 1,639 85 
Less: Net income (loss) attributable to noncontrolling interests5 5 5 3 5 5 5 
Net income (loss) attributable to MetLife, Inc.1,634 910 1,162 1,578 80 1,634 80 
Less: Preferred stock dividends63 29 64 29 66 63 66 
Net income (loss) available to MetLife, Inc.'s common shareholders$1,571 $881 $1,098 $1,549 $14 $1,571 $14 
Premiums, fees and other revenues$12,589 $13,543 $19,335 $10,898 $11,517 $12,589 $11,517 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Net income (loss) available to MetLife, Inc.'s common shareholders$1,571 $881 $1,098 $1,549 $14 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (517)(682)(411)350 (684)
Less: Net derivative gains (losses)(951)(970)(226)(104)(90)
Less: Market risk benefit remeasurement gains (losses)1,440 757 965 512 (188)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(271)(396)(435)(317)(383)
Less: Provision for income tax (expense) benefit 180 439 110 (149)180 
Add: Net income (loss) attributable to noncontrolling interests5 5 5 3 5 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,695 1,738 1,100 1,260 1,184 
Less: Total notable items (2)— 77 12 — — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,695 $1,661 $1,088 $1,260 $1,184 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.89 $1.08 $1.37 $1.96 $0.02 
Less: Net investment gains (losses)(0.62)(0.84)(0.51)0.44 (0.88)
Less: Net derivative gains (losses)(1.15)(1.19)(0.28)(0.13)(0.12)
Less: Market risk benefit remeasurement gains (losses)1.73 0.93 1.21 0.65 (0.24)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.32)(0.48)(0.55)(0.40)(0.48)
Less: Provision for income tax (expense) benefit0.22 0.54 0.14 (0.19)0.23 
Add: Net income (loss) attributable to noncontrolling interests0.01 0.01 0.01 — 0.01 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders per diluted common share 2.04 2.13 1.37 1.59 1.52 
Less: Total notable items per diluted common share (2)— 0.09 0.01 — — 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$2.04 $2.04 $1.36 $1.59 $1.52 
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $77 $12 $— — 
Total notable items $— $77 $12 $— — 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $0.09 $0.01 $— — 
Total notable items $— $0.09 $0.01 $— $— 
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Weighted average common shares outstanding - diluted830.5 814.5 800.7 790.2 781.2 
(1)See Appendix for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3
METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedMarch 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Book value per common share (1) $47.39 $37.52 $32.48 $33.45 $36.89 
Book value per common share, excluding AOCI other than FCTA (1) $52.97 $52.30 $52.04 $54.30 $53.83 
For the Three Months Ended
UnauditedMarch 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Return on MetLife, Inc.'s (2):
Common stockholders' equity 14.9 %10.3 %15.8 %24.0 %0.2 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 16.0 %20.3 %15.9 %19.5 %17.4 %
Common stockholders' equity, excluding AOCI other than FCTA 15.7 %16.4 %10.6 %12.1 %11.3 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)15.7 %15.7 %10.5 %12.1 %11.3 %
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Common shares outstanding, beginning of period825.5 814.8 797.6 787.3 779.1 
Share repurchases (13.6)(17.3)(10.3)(8.5)(11.6)
Newly issued shares2.9 0.1 — 0.3 1.7 
Common shares outstanding, end of period 814.8 797.6 787.3 779.1 769.2 
Weighted average common shares outstanding - basic823.8 809.7 795.8 784.2 775.4 
Dilutive effect of the exercise or issuance of stock-based awards 6.7 4.8 4.9 6.0 5.8 
Weighted average common shares outstanding - diluted830.5 814.5 800.7 790.2 781.2 
MetLife Policyholder Trust Shares127.8 126.2 125.1 123.6 122.1 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

4
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Total revenues$15,405 $15,474 $22,283 $15,608 $15,388 $15,405 $15,388 
Less: Adjustments to total revenues:
Net investment gains (losses)(517)(682)(411)350 (684)(517)(684)
Net derivative gains (losses)(951)(970)(226)(104)(90)(951)(90)
Investment hedge adjustments(215)(232)(252)(277)(264)(215)(264)
Asymmetrical and non-economic accounting— — — — — — — 
Unit-linked contract income(498)(688)(321)209 303 (498)303 
Other adjustments41 47 35 27 (3)41 (3)
Divested businesses
66 — — — — 66 — 
Total adjusted revenues$17,479 $17,999 $23,458 $15,403 $16,126 $17,479 $16,126 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Net investment income$4,284 $3,583 $3,585 $4,464 $4,645 $4,284 $4,645 
Less: Adjustments to net investment income:
Investment hedge adjustments(215)(232)(252)(277)(264)(215)(264)
Unit-linked contract income(498)(688)(321)209 303 (498)303 
Other adjustments(6)(1)(5)2 — (6)— 
Divested businesses 11 — — — — 11 — 
Adjusted net investment income$4,992 $4,504 $4,163 $4,530 $4,606 $4,992 $4,606 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Variable investment income (Included in net investment income above)$1,185 $389 $(53)$24 $(44)$1,185 $(44)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Premiums, fees and other revenues$12,589 $13,543 $19,335 $10,898 $11,517 $12,589 $11,517 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting— — — — — — — 
Other adjustments47 48 40 25 (3)47 (3)
Divested businesses
55 — — — — 55 — 
Adjusted premiums, fees and other revenues$12,487 $13,495 $19,295 $10,873 $11,520 $12,487 $11,520 
Adjusted premiums, fees and other revenues, on a constant currency basis$12,304 $13,479 $19,447 $11,042 $11,520 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Total expenses$13,470 $14,486 $20,868 $13,582 $15,131 $13,470 $15,131 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(1,440)(757)(965)(512)188 (1,440)188 
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting56 184 205 143 103 56 103 
Market volatility12 (34)(66)(105)(14)12 (14)
Unit-linked contract costs(505)(695)(302)180 303 (505)303 
Other adjustments47 60 47 37 16 47 16 
Divested businesses
55 8 13 21 11 55 11 
Total adjusted expenses$15,245 $15,720 $21,936 $13,818 $14,524 $15,245 $14,524 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Capitalization of DAC $(652)$(637)$(626)$(699)$(718)$(652)$(718)
Less: Divested businesses(11)— — — — (11)— 
Adjusted capitalization of DAC$(641)$(637)$(626)$(699)$(718)$(641)$(718)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Other expenses $2,912 $2,868 $2,875 $3,078 $3,057 $2,912 $3,057 
Less: Adjustments to other expenses:
Other adjustments47 60 47 37 16 47 16 
Divested businesses32 8 13 21 11 32 11 
Adjusted other expenses$2,833 $2,800 $2,815 $3,020 $3,030 $2,833 $3,030 
Adjusted other expenses on a constant currency basis$2,742 $2,783 $2,871 $3,095 $3,030 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Other expenses, net of capitalization of DAC$2,260 $2,231 $2,249 $2,379 $2,339 $2,260 $2,339 
Premiums, fees and other revenues$12,589 $13,543 $19,335 $10,898 $11,517 $12,589 $11,517 
Expense ratio18.0 %16.5 %11.6 %21.8 %20.3 %18.0 %20.3 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Adjusted other expenses by major category
Direct expenses$1,332 $1,335 $1,342 $1,481 $1,387 $1,332 $1,387 
Pension, postretirement and postemployment benefit costs25 24 24 25 59 25 59 
Premium taxes, other taxes, and licenses & fees151 137 172 146 161 151 161 
Commissions and other variable expenses1,325 1,304 1,277 1,368 1,423 1,325 1,423 
Adjusted other expenses
2,833 2,800 2,815 3,020 3,030 2,833 3,030 
Adjusted capitalization of DAC(641)(637)(626)(699)(718)(641)(718)
Adjusted other expenses, net of adjusted capitalization of DAC
2,192 2,163 2,189 2,321 2,312 2,192 2,312 
Less: Total notable items related to adjusted other expenses (1)— — — — — — — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,192 $2,163 $2,189 $2,321 $2,312 $2,192 $2,312 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Employee related costs$899 $866 $875 $864 $929 $899 $929 
Third party staffing costs375 371 349 433 331 375 331 
General and administrative expenses58 98 118 184 127 58 127 
Direct expenses1,332 1,335 1,342 1,481 1,387 1,332 1,387 
Less: Total notable items related to direct expenses (1)— — — — — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,332 $1,335 $1,342 $1,481 $1,387 $1,332 $1,387 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,192 $2,163 $2,189 $2,321 $2,312 $2,192 $2,312 
Less: Total notable items related to adjusted other expenses (1)— — — — — — — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,192 $2,163 $2,189 $2,321 $2,312 $2,192 $2,312 
Adjusted premiums, fees and other revenues$12,487 $13,495 $19,295 $10,873 $11,520 $12,487 $11,520 
Less: PRT1,258 2,564 8,466 (69)(21)1,258 (21)
Adjusted premiums, fees and other revenues, excluding PRT$11,229 $10,931 $10,829 $10,942 $11,541 $11,229 $11,541 
Direct expense ratio 10.7 %9.9 %7.0 %13.6 %12.0 %10.7 %12.0 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)11.9 %12.2 %12.4 %13.5 %12.0 %11.9 %12.0 %
Adjusted expense ratio17.6 %16.0 %11.3 %21.3 %20.1 %17.6 %20.1 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)19.5 %19.8 %20.2 %21.2 %20.0 %19.5 %20.0 %
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

7
METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$320,079 $284,178 $270,765 $276,780 $283,854 
Equity securities, at estimated fair value988 1,085 973 1,684 1,695 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 11,418 9,875 8,954 9,668 10,063 
Mortgage loans79,968 82,055 82,437 83,763 85,572 
Policy loans9,036 8,876 8,783 8,874 8,863 
Real estate and real estate joint ventures12,379 12,376 12,532 13,137 13,155 
Other limited partnership interests14,570 14,636 14,387 14,414 14,437 
Short-term investments, principally at estimated fair value3,146 3,043 5,266 4,935 4,184 
Other invested assets18,696 19,901 22,299 20,038 19,479 
Total investments470,280 436,025 426,396 433,293 441,302 
Cash and cash equivalents, principally at estimated fair value23,488 20,548 22,200 20,195 18,456 
Accrued investment income3,251 3,154 3,355 3,446 3,554 
Premiums, reinsurance and other receivables17,983 17,713 17,550 17,364 18,692 
Market risk benefits18 25 253 280 227 
Deferred policy acquisition costs and value of business acquired19,747 18,946 18,545 19,653 19,976 
Current income tax recoverable39 274 194 42 — 
Deferred income tax assets1,241 1,949 2,161 2,439 2,257 
Goodwill9,510 9,151 9,005 9,297 9,379 
Assets held-for-sale4,581 — — — — 
Other assets11,531 11,280 10,992 11,025 12,006 
Separate account assets165,056 143,829 135,771 146,038 148,417 
Total assets$726,725 $662,894 $646,422 $663,072 $674,266 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$199,115 $184,916 $180,812 $187,222 $191,741 
Policyholder account balances214,237 207,921 205,279 210,597 212,569 
Market risk benefits5,433 4,704 4,039 3,763 3,869 
Other policy-related balances19,405 18,652 18,509 18,424 19,598 
Policyholder dividends payable450 457 429 387 356 
Payables for collateral under securities loaned and other transactions30,481 23,819 24,890 20,937 19,863 
Short-term debt323 196 183 175 168 
Long-term debt 13,848 13,677 14,520 14,647 14,622 
Collateral financing arrangement754 741 729 716 704 
Junior subordinated debt securities3,156 3,157 3,158 3,158 3,159 
Current income tax payable— — — — 554 
Deferred income tax liability3,622 1,828 991 950 1,111 
Liabilities held-for-sale4,280 — — — — 
Other liabilities 23,862 24,988 27,472 25,933 25,112 
Separate account liabilities165,056 143,829 135,771 146,038 148,417 
Total liabilities684,022 628,885 616,782 632,947 641,843 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,531 33,548 33,589 33,616 33,617 
Retained earnings38,005 38,478 39,176 40,332 39,957 
Treasury stock, at cost(19,072)(20,188)(20,862)(21,458)(22,245)
Accumulated other comprehensive income (loss)(10,044)(18,106)(22,526)(22,621)(19,147)
Total MetLife, Inc.'s stockholders' equity42,432 33,744 29,389 29,881 32,194 
Noncontrolling interests271 265 251 244 229 
Total equity42,703 34,009 29,640 30,125 32,423 
Total liabilities and equity$726,725 $662,894 $646,422 $663,072 $674,266 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
  For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS$149 $515 $530 $495 $391 
RETIREMENT AND INCOME SOLUTIONS688 473 420 477 505 
TOTAL U.S.$837 $988 $950 $972 $896 
ASIA837 684 385 369 405 
LATIN AMERICA183 330 203 233 303 
EMEA72 88 90 72 76 
METLIFE HOLDINGS435 479 143 228 195 
CORPORATE & OTHER(130)(290)(249)(289)(273)
Total adjusted earnings before provision for income tax
$2,234 $2,279 $1,522 $1,585 $1,602 
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS$32 $109 $113 $103 $84 
RETIREMENT AND INCOME SOLUTIONS142 99 86 96 105 
TOTAL U.S.$174 $208 $199 $199 $189 
ASIA238 198 118 104 125 
LATIN AMERICA48 79 44 49 88 
EMEA17 22 26 8 16 
METLIFE HOLDINGS87 97 26 44 37 
CORPORATE & OTHER(88)(92)(55)(108)(103)
Total provision for income tax expense (benefit)
$476 $512 $358 $296 $352 
Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS$117 $406 $417 $392 $307 
RETIREMENT AND INCOME SOLUTIONS546 374 334 381 400 
TOTAL U.S.$663 $780 $751 $773 $707 
ASIA599 486 267 265 280 
LATIN AMERICA135 251 159 184 215 
EMEA55 66 64 64 60 
METLIFE HOLDINGS348 382 117 184 158 
CORPORATE & OTHER (1)(105)(227)(258)(210)(236)
Total adjusted earnings available to common shareholders (1)$1,695 $1,738 $1,100 $1,260 $1,184 
(1)Includes impact of preferred stock dividends of $63 million, $29 million, $64 million, $29 million and $66 million for the three months ended March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, respectively.
9
U.S.
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Adjusted revenues
Premiums$7,005 $8,094 $13,954 $5,617 $5,952 $7,005 $5,952 
Universal life and investment-type product policy fees298 283 286 291 297 298 297 
Net investment income1,874 1,710 1,716 2,040 2,124 1,874 2,124 
Other revenues426 404 514 408 448 426 448 
Total adjusted revenues9,603 10,491 16,470 8,356 8,821 9,603 8,821 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends7,417 8,115 13,978 5,729 6,219 7,417 6,219 
Policyholder liability remeasurement (gains) losses(23)(7)9 (8)(33)(23)(33)
Interest credited to policyholder account balances406 453 548 650 692 406 692 
Capitalization of DAC(32)(23)(38)(38)(51)(32)(51)
Amortization of DAC and VOBA17 15 17 17 17 17 17 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 1 3 3 3 2 3 
Other expenses979 949 1,003 1,031 1,078 979 1,078 
Total adjusted expenses8,766 9,503 15,520 7,384 7,925 8,766 7,925 
Adjusted earnings before provision for income tax837 988 950 972 896 837 896 
Provision for income tax expense (benefit)174 208 199 199 189 174 189 
Adjusted earnings663 780 751 773 707 663 707 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$663 $780 $751 $773 $707 $663 $707 
Adjusted premiums, fees and other revenues$7,729 $8,781 $14,754 $6,316 $6,697 $7,729 $6,697 
Less: PRT
1,258 2,564 8,466 (69)(21)1,258 (21)
Adjusted premiums, fees and other revenues, excluding PRT$6,471 $6,217 $6,288 $6,385 $6,718 $6,471 $6,718 
10
U.S.
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Adjusted revenues
Premiums$5,433 $5,210 $5,161 $5,247 $5,451 $5,433 $5,451 
Universal life and investment-type product policy fees216 210 215 214 218 216 218 
Net investment income280 278 279 299 310 280 310 
Other revenues355 336 331 338 380 355 380 
Total adjusted revenues6,284 6,034 5,986 6,098 6,359 6,284 6,359 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends5,253 4,640 4,538 4,645 4,994 5,253 4,994 
Policyholder liability remeasurement (gains) losses(1)2 4 2 (4)(1)(4)
Interest credited to policyholder account balances31 32 34 46 46 31 46 
Capitalization of DAC(4)(6)(4)(4)(6)(4)(6)
Amortization of DAC and VOBA6 7 7 6 6 6 6 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt— — 1 — — — — 
Other expenses850 844 876 908 932 850 932 
Total adjusted expenses6,135 5,519 5,456 5,603 5,968 6,135 5,968 
Adjusted earnings before provision for income tax149 515 530 495 391 149 391 
Provision for income tax expense (benefit)32 109 113 103 84 32 84 
Adjusted earnings117 406 417 392 307 117 307 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$117 $406 $417 $392 $307 $117 $307 
Adjusted premiums, fees and other revenues$6,004 $5,756 $5,707 $5,799 $6,049 $6,004 $6,049 
11
U.S.
RETIREMENT AND INCOME SOLUTIONS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Adjusted revenues
Premiums$1,572 $2,884 $8,793 $370 $501 $1,572 $501 
Universal life and investment-type product policy fees82 73 71 77 79 82 79 
Net investment income1,594 1,432 1,437 1,741 1,814 1,594 1,814 
Other revenues71 68 183 70 68 71 68 
Total adjusted revenues3,319 4,457 10,484 2,258 2,462 3,319 2,462 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends2,164 3,475 9,440 1,084 1,225 2,164 1,225 
Policyholder liability remeasurement (gains) losses(22)(9)5 (10)(29)(22)(29)
Interest credited to policyholder account balances375 421 514 604 646 375 646 
Capitalization of DAC(28)(17)(34)(34)(45)(28)(45)
Amortization of DAC and VOBA11 8 10 11 11 11 11 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 1 2 3 3 2 3 
Other expenses129 105 127 123 146 129 146 
Total adjusted expenses2,631 3,984 10,064 1,781 1,957 2,631 1,957 
Adjusted earnings before provision for income tax688 473 420 477 505 688 505 
Provision for income tax expense (benefit)142 99 86 96 105 142 105 
Adjusted earnings546 374 334 381 400 546 400 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$546 $374 $334 $381 $400 $546 $400 
Adjusted premiums, fees and other revenues$1,725 $3,025 $9,047 $517 $648 $1,725 $648 
Less: PRT
1,258 2,564 8,466 (69)(21)1,258 (21)
Adjusted premiums, fees and other revenues, excluding PRT$467 $461 $581 $586 $669 $467 $669 
12
U.S.
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Direct and allocated expenses$438 $436 $444 $475 $474 
Pension, postretirement and postemployment benefit costs1 1 2 (1)13 
Premium taxes, other taxes, and licenses & fees77 73 88 80 80 
Commissions and other variable expenses334 334 342 354 365 
Adjusted other expenses$850 $844 $876 $908 $932 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Group Life (2)
Adjusted premiums, fees and other revenues$2,180 $2,126 $2,125 $2,131 $2,232 
Mortality ratio103.3 %85.4 %85.7 %87.3 %90.5 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,519 $2,481 $2,475 $2,533 $2,601 
Interest adjusted benefit ratio (4)72.6 %73.1 %70.1 %70.1 %72.9 %
(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.
13
U.S.
RETIREMENT AND INCOME SOLUTIONS
 
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Balance, end of period (at balance sheet discount rate) (2)$62,407 $58,840 $61,264 $62,737 $63,671 
Less: Accumulated other comprehensive (income) loss6,107 720 (4,531)(2,856)(1,302)
Balance, end of period (at original discount rate)$56,300 $58,120 $65,795 $65,593 $64,973 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Balance, end of period$81,177 $79,821 $79,311 $80,066 $79,973 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Balance, end of period$69,123 $61,622 $58,838 $60,040 $57,990 
SYNTHETIC GICS (3), (4)
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Balance, end of period$43,485 $44,841 $45,066 $46,316 $47,850 
LONGEVITY REINSURANCE (5)
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Balance, end of period$14,898 $14,753 $13,427 $16,602 $17,085 
(1)Includes $3,206 million, $3,291 million, $3,394 million, $3,392 million and $3,449 million of DPL at March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(4)Includes $1,884 million, $0, $0, $147 million and $2,262 million of transfers from separate account GICs to synthetic GICs at March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.
14
U.S.
RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Direct and allocated expenses$65 $61 $64 $70 $71 
Pension, postretirement and postemployment benefit costs— 1 — — 3 
Premium taxes, other taxes, and licenses & fees5 4 22 10 9 
Commissions and other variable expenses59 39 41 43 63 
Adjusted other expenses$129 $105 $127 $123 $146 
SPREAD
For the Three Months Ended
UnauditedMarch 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Investment income yield excluding variable investment income yield3.63 %3.88 %4.20 %4.69 %4.98 %
Variable investment income yield26.95 %7.03 %(3.24)%0.50 %(0.27)%
Total investment income yield4.52 %4.01 %3.90 %4.53 %4.78 %
Average crediting rate2.84 %2.96 %3.29 %3.65 %3.82 %
Amortization of DPL and losses at inception (1)(0.21)%(0.21)%(0.21)%(0.20)%(0.21)%
Total average crediting rate2.63 %2.75 %3.08 %3.45 %3.61 %
Annualized general account spread1.89 %1.26 %0.82 %1.08 %1.17 %
Annualized general account spread excluding variable investment income yield1.00 %1.13 %1.12 %1.24 %1.37 %
(1) Includes the amortization of DPL of (0.21)%, (0.21)%, (0.22)%, (0.20)% and (0.22)% for the three months ended March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, respectively.
15
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Adjusted revenues
Premiums$1,552 $1,393 $1,346 $1,272 $1,377 $1,552 $1,377 
Universal life and investment-type product policy fees403 420 438 432 397 403 397 
Net investment income1,242 1,012 827 828 881 1,242 881 
Other revenues21 24 21 24 20 21 20 
Total adjusted revenues3,218 2,849 2,632 2,556 2,675 3,218 2,675 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,271 1,123 1,119 1,051 1,130 1,271 1,130 
Policyholder liability remeasurement (gains) losses(24)(10)61 42 11 (24)11 
Interest credited to policyholder account balances498 493 497 515 536 498 536 
Capitalization of DAC(388)(381)(351)(410)(401)(388)(401)
Amortization of DAC and VOBA194 182 178 191 193 194 193 
Amortization of negative VOBA(7)(5)(6)(6)(6)(7)(6)
Interest expense on debt— — — — — — — 
Other expenses837 763 749 804 807 837 807 
Total adjusted expenses2,381 2,165 2,247 2,187 2,270 2,381 2,270 
Adjusted earnings before provision for income tax837 684 385 369 405 837 405 
Provision for income tax expense (benefit)238 198 118 104 125 238 125 
Adjusted earnings599 486 267 265 280 599 280 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$599 $486 $267 $265 $280 $599 $280 
Adjusted premiums, fees and other revenues$1,976 $1,837 $1,805 $1,728 $1,794 $1,976 $1,794 
16
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Adjusted premiums, fees and other revenues$1,976 $1,837 $1,805 $1,728 $1,794 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,792 $1,795 $1,856 $1,814 $1,794 
Add: Operating joint ventures, on a constant currency basis (1)372 300 390 379 499 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,164 $2,095 $2,246 $2,193 $2,293 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Direct and allocated expenses$326 $291 $285 $300 $303 
Pension, postretirement and postemployment benefit costs20 19 17 23 17 
Premium taxes, other taxes, and licenses & fees39 31 36 37 33 
Commissions and other variable expenses452 422 411 444 454 
Adjusted other expenses$837 $763 $749 $804 $807 
Adjusted other expenses, net of adjusted capitalization of DAC$449 $382 $398 $394 $406 
Adjusted other expenses on a constant currency basis$753 $746 $775 $848 $807 
Add: Operating joint ventures, on a constant currency basis (2)110 102 111 111 129 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$863 $848 $886 $959 $936 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$487 $456 $500 $507 $501 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Japan:
Life$182 $107 $102 $103 $84 
Accident & Health76 74 69 64 68 
Annuities97 129 202 267 264 
Other2 2 3 2 2 
Total Japan357 312 376 436 418 
Other Asia195 160 215 195 235 
   Total sales$552 $472 $591 $631 $653 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Adjusted earnings available to common shareholders$599 $486 $267 $265 $280 
Adjusted earnings available to common shareholders, on a constant currency basis$581 $478 $267 $270 $280 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

17
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
GA AUM $131,989 $117,597 $109,930 $116,289 $121,072 
GA AUM (at amortized cost)$129,935 $122,257 $119,302 $126,335 $127,120 
GA AUM (at amortized cost), on a constant currency basis$123,037 $122,692 $124,115 $125,516 $127,120 
  Add: Operating joint ventures, on a constant currency basis (1)6,997 7,212 7,411 7,774 8,201 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$130,034 $129,904 $131,526 $133,290 $135,321 
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
18
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Adjusted revenues
Premiums$738 $822 $822 $842 $1,025 $738 $1,025 
Universal life and investment-type product policy fees289 294 293 299 335 289 335 
Net investment income322 459 399 413 379 322 379 
Other revenues9 10 10 10 12 9 12 
Total adjusted revenues1,358 1,585 1,524 1,564 1,751 1,358 1,751 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends780 812 872 856 966 780 966 
Policyholder liability remeasurement (gains) losses(14)6 3 (16)(4)(14)(4)
Interest credited to policyholder account balances68 84 89 94 99 68 99 
Capitalization of DAC(111)(116)(130)(137)(151)(111)(151)
Amortization of DAC and VOBA100 101 104 105 106 100 106 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt3 4 3 2 2 3 2 
Other expenses349 364 380 427 430 349 430 
Total adjusted expenses1,175 1,255 1,321 1,331 1,448 1,175 1,448 
Adjusted earnings before provision for income tax183 330 203 233 303 183 303 
Provision for income tax expense (benefit)48 79 44 49 88 48 88 
Adjusted earnings135 251 159 184 215 135 215 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$135 $251 $159 $184 $215 $135 $215 
Adjusted premiums, fees and other revenues$1,036 $1,126 $1,125 $1,151 $1,372 $1,036 $1,372 
19
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Direct and allocated expenses$121 $116 $116 $140 $133 
Pension, postretirement and postemployment benefit costs1 1 1 1 1 
Premium taxes, other taxes, and licenses & fees12 11 12 13 21 
Commissions and other variable expenses215 236 251 273 275 
Adjusted other expenses$349 $364 $380 $427 $430 
Adjusted other expenses, net of adjusted capitalization of DAC$238 $248 $250 $290 $279 
Adjusted other expenses on a constant currency basis$362 $373 $407 $452 $430 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$251 $253 $267 $307 $279 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Mexico$167 $136 $139 $138 203 
Chile72 86 91 95 101 
All other54 64 80 82 94 
Total sales$293 $286 $310 $315 $398 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Adjusted premiums, fees and other revenues$1,036 $1,126 $1,125 $1,151 $1,372 
Adjusted earnings available to common shareholders$135 $251 $159 $184 $215 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,087 $1,175 $1,224 $1,227 $1,372 
Adjusted earnings available to common shareholders, on a constant currency basis$142 $268 $179 $200 $215 

20
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Adjusted revenues
Premiums$509 $493 $472 $488 $496 $509 $496 
Universal life and investment-type product policy fees83 77 57 67 77 83 77 
Net investment income41 38 40 41 45 41 45 
Other revenues9 8 8 10 8 9 8 
Total adjusted revenues642 616 577 606 626 642 626 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends276 226 235 239 261 276 261 
Policyholder liability remeasurement (gains) losses4 6 (11)(5)(3)4 (3)
Interest credited to policyholder account balances17 20 16 18 16 17 16 
Capitalization of DAC(101)(108)(96)(106)(108)(101)(108)
Amortization of DAC and VOBA79 88 75 81 85 79 85 
Amortization of negative VOBA(1)(2)(1)(1)(1)(1)(1)
Interest expense on debt— — — — — — — 
Other expenses296 298 269 308 300 296 300 
Total adjusted expenses570 528 487 534 550 570 550 
Adjusted earnings before provision for income tax72 88 90 72 76 72 76 
Provision for income tax expense (benefit)17 22 26 8 16 17 16 
Adjusted earnings55 66 64 64 60 55 60 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$55 $66 $64 $64 $60 $55 $60 
Adjusted premiums, fees and other revenues$601 $578 $537 $565 $581 $601 $581 
21
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Direct and allocated expenses$97 $101 $91 $100 $94 
Pension, postretirement and postemployment benefit costs1 2 1 1 1 
Premium taxes, other taxes, and licenses & fees6 4 3 6 5 
Commissions and other variable expenses192 191 174 201 200 
Adjusted other expenses$296 $298 $269 $308 $300 
Adjusted other expenses, net of adjusted capitalization of DAC$195 $190 $173 $202 $192 
Adjusted other expenses on a constant currency basis $276 $289 $272 $314 $300 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$182 $185 $173 $205 $192 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Adjusted premiums, fees and other revenues$601 $578 $537 $565 $581 
Adjusted earnings available to common shareholders$55 $66 $64 $64 $60 
Adjusted premiums, fees and other revenues, on a constant currency basis$551 $555 $539 $572 $581 
Adjusted earnings available to common shareholders, on a constant currency basis$46 $60 $65 $66 $60 
Total sales on a constant currency basis$209 $208 $172 $187 $266 
22
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Adjusted revenues
Premiums$776 $760 $745 $785 $723 $776 $723 
Universal life and investment-type product policy fees228 296 202 176 183 228 183 
Net investment income1,393 1,268 1,103 1,150 1,127 1,393 1,127 
Other revenues44 23 39 49 53 44 53 
Total adjusted revenues2,441 2,347 2,089 2,160 2,086 2,441 2,086 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,482 1,354 1,385 1,415 1,369 1,482 1,369 
Policyholder liability remeasurement (gains) losses16 4 74 7 20 16 20 
Interest credited to policyholder account balances202 203 202 206 199 202 199 
Capitalization of DAC(6)(7)(9)(7)(6)(6)(6)
Amortization of DAC and VOBA75 70 64 61 68 75 68 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 2 2 3 3 1 3 
Other expenses236 242 228 247 238 236 238 
Total adjusted expenses2,006 1,868 1,946 1,932 1,891 2,006 1,891 
Adjusted earnings before provision for income tax435 479 143 228 195 435 195 
Provision for income tax expense (benefit)87 97 26 44 37 87 37 
Adjusted earnings348 382 117 184 158 348 158 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$348 $382 $117 $184 $158 $348 $158 
Adjusted premiums, fees and other revenues$1,048 $1,079 $986 $1,010 $959 $1,048 $959 
23
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Annuities$1,842 $1,696 $1,582 $1,593 $1,606 
Life and Other55,080 54,830 54,605 54,573 54,365 
Long Term Care17,755 14,828 12,986 13,845 14,617 
Balance, end of period (at balance sheet discount rate) (2)$74,677 $71,354 $69,173 $70,011 $70,588 
Less:
Annuities$136 $12 $(89)$(60)$(29)
Life and Other233 41 (93)(60)(16)
Long Term Care3,881 800 (1,217)(513)111 
Accumulated other comprehensive (income) loss$4,250 $853 $(1,399)$(633)$66 
Annuities$1,706 $1,684 $1,671 $1,653 $1,635 
Life and Other54,847 54,789 54,698 54,633 54,381 
Long Term Care13,874 14,028 14,203 14,358 14,506 
Balance, end of period (at original discount rate)$70,427 $70,501 $70,572 $70,644 $70,522 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Annuities$14,182 $13,985 $13,701 $13,286 $12,818 
Life and Other12,676 12,607 12,544 12,402 12,234 
Balance, end of period$26,858 $26,592 $26,245 $25,688 $25,052 
MARKET RISK BENEFITS (3)
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Annuities$4,820 $4,256 $3,534 $3,225 $3,361 
Balance, end of period$4,820 $4,256 $3,534 $3,225 $3,361 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Annuities$36,079 $30,163 $27,680 $28,499 $29,320 
Life and Other6,776 5,527 5,225 5,475 5,794 
Balance, end of period$42,855 $35,690 $32,905 $33,974 $35,114 
(1) Includes participating life contracts. additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Represents the current discount rate at the respective balance sheet date.
(3) Market risk benefits include Japan reinsurance.
24
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Direct and allocated expenses$167 $160 $164 $178 $171 
Pension, postretirement and postemployment benefit costs1 1 — 1 6 
Premium taxes, other taxes, and licenses & fees16 17 20 15 18 
Commissions and other variable expenses52 64 44 53 43 
Adjusted other expenses$236 $242 $228 $247 $238 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Life (1)
Adjusted premiums, fees and other revenues$692 $745 $654 $694 $639 
Interest adjusted benefit ratio54.1 %33.2 %53.9 %49.1 %45.8 %
Lapse Ratio (2)
Traditional life4.2 %4.4 %4.5 %4.6 %4.7 %
Variable & universal life3.4 %3.3 %3.3 %3.4 %3.5 %
Fixed annuity6.3 %6.2 %6.6 %7.3 %9.0 %
Variable annuity10.0 %9.8 %9.5 %9.2 %9.5 %
(1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.                                        
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

25
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Adjusted revenues
Premiums$(4)$(6)$(7)$1 $16 $(4)$16 
Universal life and investment-type product policy fees— 2 (1)1 — — — 
Net investment income120 17 78 58 50 120 50 
Other revenues101 98 96 101 101 101 101 
Total adjusted revenues217 111 166 161 167 217 167 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends(7)(2)(3)6 16 (7)16 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(3)(2)(2)(1)(1)(3)(1)
Amortization of DAC and VOBA2 2 3 2 1 2 1 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt219 219 231 240 247 219 247 
Other expenses136 184 186 203 177 136 177 
Total adjusted expenses347 401 415 450 440 347 440 
Adjusted earnings before provision for income tax(130)(290)(249)(289)(273)(130)(273)
Provision for income tax expense (benefit)(88)(92)(55)(108)(103)(88)(103)
Adjusted earnings(42)(198)(194)(181)(170)(42)(170)
Preferred stock dividends63 29 64 29 66 63 66 
Adjusted earnings available to common shareholders$(105)$(227)$(258)$(210)$(236)$(105)$(236)
Adjusted premiums, fees and other revenues$97 $94 $88 $103 $117 $97 $117 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Business activities$36 $34 $36 $32 $19 $36 $19 
Net investment income120 18 75 63 51 120 51 
Interest expense on debt(227)(226)(240)(250)(258)(227)(258)
Corporate initiatives and projects(12)(21)(15)(16)(14)(12)(14)
Other(47)(95)(105)(118)(71)(47)(71)
Provision for income tax (expense) benefit and other tax-related items88 92 55 108 103 88 103 
Preferred stock dividends(63)(29)(64)(29)(66)(63)(66)
Adjusted earnings available to common shareholders$(105)$(227)$(258)$(210)$(236)$(105)$(236)
26
INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
At or For the Three Months Ended (1)At or For the Year-to-Date Period Ended (1)
Unaudited (In millions, except yields)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Fixed Maturity Securities
Yield3.52 %3.66 %3.81 %4.04 %4.07 %3.52 %4.07 %
Investment income (2), (3)$2,638 $2,709 $2,773 $2,978 $3,028 $2,638 $3,028 
Investment gains (losses)(599)(671)(286)(356)(580)(599)(580)
Ending carrying value (4)321,656 285,573 272,079 278,215 285,397 321,656 285,397 
Mortgage Loans
Yield4.13 %4.11 %4.37 %4.73 %4.92 %4.13 %4.92 %
Investment income (3)823 832 898 983 1,041 823 1,041 
Investment gains (losses)44 48 47 (118)(164)44 (164)
Ending carrying value79,968 82,055 82,437 83,763 85,572 79,968 85,572 
Real Estate and Real Estate Joint Ventures
Yield7.82 %8.98 %5.75 %3.16 %(2.10)%7.82 %(2.10)%
Investment income241 277 179 101 (69)241 (69)
Investment gains (losses)4 159 — 490 18 4 18 
Ending carrying value12,379 12,376 12,532 13,137 13,155 12,379 13,155 
Policy Loans
Yield5.13 %5.09 %5.18 %5.22 %5.35 %5.13 %5.35 %
Investment income116 114 114 115 119 116 119 
Ending carrying value9,036 8,876 8,783 8,874 8,863 9,036 8,863 
Equity Securities
Yield3.48 %2.46 %6.40 %3.58 %3.17 %3.48 %3.17 %
Investment income7 5 14 10 12 7 12 
Investment gains (losses)(50)(42)(23)(18)48 (50)48 
Ending carrying value988 1,085 973 1,684 1,695 988 1,695 
Other Limited Partnership Interests
Yield (5)25.35 %4.69 %(5.35)%(1.18)%0.73 %25.35 %0.73 %
Investment income (5)926 171 (194)(43)26 926 26 
Investment gains (losses)18 (2)(1)38 9 18 9 
Ending carrying value (6)14,570 14,636 14,387 14,414 14,437 14,570 14,437 
Cash and Short-term Investments
Yield1.08 %1.53 %2.54 %3.70 %5.01 %1.08 %5.01 %
Investment income30 43 78 131 167 30 167 
Investment gains (losses)14 42 63 (37)(11)14 (11)
Ending carrying value26,634 23,591 27,466 25,130 22,640 26,634 22,640 
Other Invested Assets
Investment income 364 484 426 396 439 364 439 
Investment gains (losses)47 69 (14)(15)(11)47 (11)
Ending carrying value18,696 19,901 22,299 20,038 19,479 18,696 19,479 
Total Investments
Investment income yield4.72 %4.29 %3.98 %4.27 %4.31 %4.72 %4.31 %
Investment fees and expenses yield(0.13)%(0.12)%(0.12)%(0.13)%(0.14)%(0.13)%(0.14)%
Net Investment Income Yield4.59 %4.17 %3.86 %4.14 %4.17 %4.59 %4.17 %
Investment income$5,145 $4,635 $4,288 $4,671 $4,763 $5,145 $4,763 
Investment fees and expenses(142)(131)(125)(141)(157)(142)(157)
Net investment income including divested businesses5,003 4,504 4,163 4,530 4,606 5,003 4,606 
Less: Net investment income from divested businesses11 — — — — 11 — 
Adjusted Net Investment Income (7)$4,992 $4,504 $4,163 $4,530 $4,606 $4,992 $4,606 
Ending Carrying Value$483,927 $448,093 $440,956 $445,255 $451,238 $483,927 $451,238 
Investment Portfolio Gains (Losses) (8)$(522)$(397)$(214)$(16)$(691)$(522)$(691)
Gross investment gains310 597 259 1,117 433 310 433 
Gross investment losses(548)(1,084)(541)(1,084)(936)(548)(936)
Net credit loss (provision) release and (impairments)(284)90 68 (49)(188)(284)(188)
Investment Portfolio Gains (Losses) (8)(522)(397)(214)(16)(691)(522)(691)
Investment portfolio gains (losses) income tax (expense) benefit116 92 51 3 181 116 181 
Investment Portfolio Gains (Losses), Net of Income Tax$(406)$(305)$(163)$(13)$(510)$(406)$(510)
Derivative gains (losses) (8)(1,166)(1,202)(478)(381)(372)(1,166)(372)
Derivative gains (losses) income tax (expense) benefit275 355 129 69 47 275 47 
Derivative Gains (Losses), Net of Income Tax$(891)$(847)$(349)$(312)$(325)$(891)$(325)
See footnotes on Page 30.

27
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$87,136 27.2 %$80,555 28.3 %$78,824 29.1 %$80,030 28.9 %$82,482 29.1 %
Foreign corporate61,129 19.1 %54,177 19.1 %49,927 18.4 %52,572 19.0 %54,285 19.1 %
Foreign government57,282 17.9 %48,016 16.9 %44,050 16.3 %46,747 16.9 %48,111 16.9 %
U.S. government and agency40,334 12.6 %33,690 11.9 %31,562 11.7 %32,229 11.6 %32,878 11.6 %
Residential mortgage-backed30,080 9.4 %27,303 9.6 %27,145 10.0 %26,165 9.5 %26,543 9.4 %
Asset-backed securities and collateralized loan obligations19,305 6.0 %17,054 6.0 %16,766 6.2 %16,822 6.1 %16,970 6.0 %
Municipals12,958 4.1 %12,513 4.4 %12,014 4.4 %12,152 4.4 %12,597 4.4 %
Commercial mortgage-backed11,855 3.7 %10,870 3.8 %10,477 3.9 %10,063 3.6 %9,988 3.5 %
Fixed Maturity Securities Available-For-Sale$320,079 100.0 %$284,178 100.0 %$270,765 100.0 %$276,780 100.0 %$283,854 100.0 %
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$222,096 69.4 %$195,090 68.7 %$185,780 68.6 %$190,021 68.7 %$195,535 69.0 %
Baa282,616 25.8 %74,783 26.3 %71,276 26.3 %73,194 26.5 %74,661 26.3 %
Ba311,788 3.7 %11,129 3.9 %10,652 4.0 %10,511 3.8 %10,856 3.8 %
B42,923 0.9 %2,653 0.9 %2,618 1.0 %2,571 0.9 %2,296 0.8 %
Caa and lower5480 0.1 %389 0.2 %306 0.1 %401 0.1 %395 0.1 %
In or near default6176 0.1 %134 — %133 — %82 — %111 — %
Total Fixed Maturity Securities Available-For-Sale (9)$320,079 100.0 %$284,178 100.0 %$270,765 100.0 %$276,780 100.0 %$283,854 100.0 %
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Gross unrealized gains$16,145 $8,666 $5,488 $5,239 $6,554 
Gross unrealized losses9,583 23,759 36,982 34,301 27,469 
Net Unrealized Gains (Losses)$6,562 $(15,093)$(31,494)$(29,062)$(20,915)
See footnotes on Page 30.

28
INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
          
Commercial mortgage loans$51,117 $52,348 $52,273 $52,502 $53,697 
Agricultural mortgage loans17,882 18,563 18,923 19,306 19,361 
Residential mortgage loans11,584 11,606 11,708 12,482 13,206 
Mortgage loans held-for-sale— 24 — — — 
Mortgage Loans80,583 82,541 82,904 84,290 86,264 
Allowance for credit loss(615)(486)(467)(527)(692)
Mortgage Loans, net$79,968 $82,055 $82,437 $83,763 $85,572 
SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE
 
March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$9,824 19.2 %$9,901 18.9 %$9,805 18.7 %$9,628 18.3 %$9,736 18.1 %
Non-U.S.10,064 19.7 %9,726 18.6 %8,977 17.2 %9,299 17.7 %9,383 17.5 %
Middle Atlantic7,876 15.4 %7,918 15.1 %7,748 14.8 %7,574 14.4 %7,647 14.2 %
South Atlantic6,849 13.4 %6,852 13.1 %6,691 12.8 %6,617 12.6 %6,671 12.4 %
West South Central3,587 7.0 %3,943 7.5 %4,005 7.7 %3,721 7.1 %3,765 7.0 %
New England2,752 5.4 %2,781 5.3 %2,754 5.3 %2,764 5.3 %2,876 5.4 %
Mountain2,078 4.1 %2,268 4.3 %2,269 4.3 %2,284 4.4 %2,284 4.3 %
East North Central2,013 3.9 %1,489 2.9 %1,596 3.1 %1,594 3.0 %1,768 3.3 %
East South Central725 1.4 %636 1.2 %635 1.2 %620 1.2 %624 1.2 %
West North Central458 0.9 %428 0.8 %471 0.9 %597 1.1 %596 1.1 %
Multi-Region and Other4,891 9.6 %6,406 12.3 %7,322 14.0 %7,804 14.9 %8,347 15.5 %
Total$51,117 100.0 %$52,348 100.0 %$52,273 100.0 %$52,502 100.0 %$53,697 100.0 %
Office$22,170 43.4 %$21,923 41.9 %$21,144 40.5 %$21,009 40.0 %$21,134 39.4 %
Apartment9,578 18.7 %10,536 20.1 %10,793 20.6 %10,575 20.2 %11,357 21.2 %
Retail8,766 17.2 %8,524 16.3 %8,305 15.9 %8,046 15.3 %8,289 15.4 %
Industrial5,055 9.9 %4,902 9.4 %5,068 9.7 %5,607 10.7 %5,219 9.7 %
Hotel3,137 6.1 %3,323 6.3 %3,261 6.2 %3,172 6.0 %3,117 5.8 %
Other2,411 4.7 %3,140 6.0 %3,702 7.1 %4,093 7.8 %4,581 8.5 %
Total$51,117 100.0 %$52,348 100.0 %$52,273 100.0 %$52,502 100.0 %$53,697 100.0 %
29
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-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of ($65) million, ($89) million, ($43) million, $70 million and $48 million for the three months ended March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022, and March 31,2023, respectively, and ($65) million and $48 million for the year-to-date period ended March 31, 2022 and March 31, 2023, respectively.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Fixed maturity securities available-for-sale$320,079 $284,178 $270,765 $276,780 $283,854 
Contractholder-directed equity securities and fair value option securities11,418 9,875 8,954 9,668 10,063 
Total fixed maturity securities331,497 294,053 279,719 286,448 293,917 
Less: Contractholder-directed equity securities9,841 8,480 7,640 8,233 8,520 
Fixed maturity securities$321,656 $285,573 $272,079 $278,215 $285,397 
(5)Other limited partnership interests includes investment income related to private equity investments of $984 million, $216 million, ($188) million, ($40) million and $17 million for the three months ended March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023 , respectively, and $984 million and $17 million for the year-to-date period ended March 31, 2022 and March 31, 2023, respectively. The annualized yields for these periods were 28.16%, 6.17%, (5.37%), (1.15%), 0.48%, 28.16% and 0.48%, respectively.
(6)Other limited partnership interests includes ending carrying value related to private equity investments of $13,971 million, $14,092 million, $13,855 million, $14,000 million and $14,225 million at March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, respectively.
(7)Adjusted net investment income reflects the adjustments as presented on Page 5.
(8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year-to-Date Period Ended
March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Net investment gains (losses) $(517)$(682)$(411)$350 $(684)$(517)$(684)
Less: Operating joint venture adjustments6 (1)5 (1)$(1)6 (1)
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures7 (1)(18)(2)(5)7 (5)
Less: Non-investment portfolio gains (losses)(8)(283)(184)369 13 (8)13 
Investment portfolio gains (losses) $(522)$(397)$(214)$(16)$(691)$(522)$(691)
For the Three Months EndedFor the Year-to-Date Period Ended
March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Net derivative gains (losses) $(951)$(970)$(226)$(104)$(90)$(951)$(90)
Less: Investment hedge adjustments215 232 252 277 264 215 264 
Less: Other adjustments— — — — 18 — 18 
Derivative gains (losses) $(1,166)$(1,202)$(478)$(381)$(372)$(1,166)$(372)
(9)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
30
image0a45.jpg
Appendix




A-1
APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$1,571 $881 $1,098 $1,549 $14 $1,571 $14 
Add: Preferred stock dividends63 29 64 29 66 63 66 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net Income (loss) attributable to noncontrolling interests5 5 5 3 5 5 5 
Net income (loss) 1,639 915 1,167 1,581 85 $1,639 $85 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(517)(682)(411)350 (684)(517)(684)
Net derivative gains (losses)(951)(970)(226)(104)(90)(951)(90)
Market risk benefit remeasurement gains (losses)1,440 757 965 512 (188)1,440 (188)
Premiums - Divested businesses
41 — — — — 41 — 
Universal life and investment-type product policy fees - Divested businesses
11 — — — — 11 — 
Net investment income
Investment hedge adjustments(215)(232)(252)(277)(264)(215)(264)
Unit-linked contract income(498)(688)(321)209 303 (498)303 
Other adjustments(6)(1)(5)2 — (6)— 
Divested businesses11 — — — — 11 — 
Other revenues
Asymmetrical and non-economic accounting— — — — — — — 
Other adjustments47 48 40 25 (3)47 (3)
Divested businesses3 — — — — 3 — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(119)(215)(241)(79)(84)(119)(84)
Market volatility(12)34 66 105 14 (12)14 
Divested businesses(23)— — — — (23)— 
Policyholder liability remeasurement (gains) losses - Divested businesses
— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting63 31 36 (64)(19)63 (19)
Unit-linked contract costs505 695 302 (180)(303)505 (303)
Divested businesses(3)— — — — (3)— 
Capitalization of DAC - Divested businesses
11 — — — — 11 — 
Amortization of DAC and VOBA - Divested businesses
(8)— — — — (8)— 
Amortization of negative VOBA - Divested business
— — — — — — — 
Interest expense on debt - Divested business
— — — — — — — 
Other expenses
Other adjustments(47)(60)(47)(37)(16)(47)(16)
Divested businesses(32)(8)(13)(21)(11)(32)(11)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit180 439 110 (149)180 180 180 
Adjusted earnings1,758 1,767 1,164 1,289 1,250 1,758 1,250 
Less: Preferred stock dividends63 29 64 29 66 63 66 
Adjusted earnings available to common shareholders$1,695 $1,738 $1,100 $1,260 $1,184 $1,695 $1,184 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Actuarial assumption review and other insurance adjustments$— $77 $12 $— $— $— $— 
Total notable items$— $77 $12 $— $— $— $— 
U.S.
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Actuarial assumption review and other insurance adjustments $— $— $79 $— $— $— $— 
Total notable items$— $— $79 $— $— $— $— 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Actuarial assumption review and other insurance adjustments $— $— $— $— $— $— $— 
Total notable items $— $— $— $— $— $— $— 
RETIREMENT AND INCOME SOLUTIONS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Actuarial assumption review and other insurance adjustments $— $— $79 $— $— $— $— 
Total notable items $— $— $79 $— $— $— $— 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-2
APPENDIX
METLIFE
NOTABLE ITEMS (1) CONTINUED
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Actuarial assumption review and other insurance adjustments
$— $— $(32)$— $— $— $— 
Total notable items
$— $— $(32)$— $— $— $— 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Actuarial assumption review and other insurance adjustments
$— $— $1 $— $— $— $— 
Total notable items
$— $— $1 $— $— $— $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Actuarial assumption review and other insurance adjustments
$— $— $15 $— $— $— $— 
Total notable items
$— $— $15 $— $— $— $— 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023March 31, 2022March 31, 2023
Actuarial assumption review and other insurance adjustments
$— $77 $(51)$— $— $— $— 
Total notable items
$— $77 $(51)$— $— $— $— 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-3
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Total MetLife, Inc.'s stockholders' equity$42,432 $33,744 $29,389 $29,881 $32,194 
Less: Preferred stock3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 38,614 29,926 25,571 26,063 28,376 
Less: Net unrealized investment gains (losses), net of income tax6,083 (10,289)(21,652)(21,089)(14,606)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax(9,248)(136)7,612 6,115 2,748 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax195 193 174 107 186 
  Defined benefit plans adjustment, net of income tax(1,577)(1,555)(1,536)(1,377)(1,356)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA43,161 41,713 40,973 42,307 41,404 
Less: Accumulated year-to-date total notable items (2)— 77 89 89 — 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$43,161 $41,636 $40,884 $42,218 $41,404 
Unaudited (In millions, except per share data)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Book value per common share $47.39 $37.52 $32.48 $33.45 $36.89 
Less: Net unrealized investment gains (losses), net of income tax7.47 (12.90)(27.50)(27.07)(18.99)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax(11.36)(0.17)9.67 7.85 3.57 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax0.24 0.24 0.22 0.14 0.24 
  Defined benefit plans adjustment, net of income tax(1.93)(1.95)(1.95)(1.77)(1.76)
Book value per common share, excluding AOCI other than FCTA$52.97 $52.30 $52.04 $54.30 $53.83 
Common shares outstanding, end of period 814.8 797.6 787.3 779.1 769.2 
For the Three Months Ended (1)
Unaudited (In millions, except ratios)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Return on MetLife, Inc.'s:
Common stockholders' equity 14.9 %10.3 %15.8 %24.0 %0.2 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 16.0 %20.3 %15.9 %19.5 %17.4 %
Common stockholders' equity, excluding AOCI other than FCTA 15.7 %16.4 %10.6 %12.1 %11.3 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)15.7 %15.7 %10.5 %12.1 %11.3 %
Average common stockholders' equity $42,272 $34,270 $27,749 $25,817 $27,220 
Average common stockholders' equity, excluding AOCI other than FCTA $43,210 $42,437 $41,343 $41,640 $41,856 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$43,210 $42,399 $41,260 $41,551 $41,856 
(1) Annualized using quarter-to-date results.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.
A-4
APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
 ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
U.S. (1)$7,729 $8,781 $14,754 $6,316 $6,697 
ASIA 1,792 1,795 1,856 1,814 1,794 
LATIN AMERICA1,087 1,175 1,224 1,227 1,372 
EMEA 551 555 539 572 581 
METLIFE HOLDINGS (1)1,048 1,079 986 1,010 959 
CORPORATE & OTHER (1)97 94 88 103 117 
Adjusted premiums, fees and other revenues, on a constant currency basis$12,304 $13,479 $19,447 $11,042 $11,520 
Adjusted premiums, fees and other revenues$12,487 $13,495 $19,295 $10,873 $11,520 
ASIA (including operating joint ventures) (2), (3)$2,164 $2,095 $2,246 $2,193 $2,293 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
U.S. (1)$979 $949 $1,003 $1,031 $1,078 
ASIA 753 746 775 848 807 
LATIN AMERICA362 373 407 452 430 
EMEA276 289 272 314 300 
METLIFE HOLDINGS (1)236 242 228 247 238 
CORPORATE & OTHER (1)136 184 186 203 177 
Adjusted other expenses on a constant currency basis$2,742 $2,783 $2,871 $3,095 $3,030 
Adjusted other expenses$2,833 $2,800 $2,815 $3,020 $3,030 
ASIA (including operating joint ventures) (2), (4)$863 $848 $886 $959 $936 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2022June 30, 2022September 30, 2022December 31, 2022March 31, 2023
U.S. (1)$663 $780 $751 $773 $707 
ASIA 581 478 267 270 280 
LATIN AMERICA142 268 179 200 215 
EMEA 46 60 65 66 60 
METLIFE HOLDINGS (1)348 382 117 184 158 
CORPORATE & OTHER (1)(105)(227)(258)(210)(236)
Adjusted earnings available to common shareholders on a constant currency basis$1,675 $1,741 $1,121 $1,283 $1,184 
Adjusted earnings available to common shareholders$1,695 $1,738 $1,100 $1,260 $1,184 
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16 for operating joint ventures.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
A-5
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

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

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

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

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

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

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

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

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

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

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

METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity and related measures
•Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment, components of AOCI, net of income tax.
•Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses), defined benefit plans adjustment, components of AOCI, and total notable items, net of income tax.
•Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).
The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues.
•Direct 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, the portion of the Asia GA investment portfolio classified within assets held-for-sale and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities 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-8
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
GMIBGuaranteed minimum income benefits
NAICNational Association of Insurance Commissioners
NDGLNet derivative gains (losses)
NIGLNet investment gains (losses)
NRSRONationally Recognized Statistical Rating Organization
PABPolicyholder account balances
PBCPolicyholder benefits and claims
PDOPolicyholder dividend obligation
PRTPension risk transfers
QFSQuarterly financial supplement
VIEVariable interest entity
VOBAValue of business acquired
A-9

image0a45.jpg
navigatinglifetogethera04a.jpg