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Published: 2023-11-01 16:30:47 ET
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EX-99.2 3 ex992qfsq323doc.htm EX-99.2 Document
Exhibit 99.2




 image0a45.jpg
Third Quarter
Financial Supplement
September 30, 2023
3

METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Revenues
Premiums$17,332 $9,005 $9,589 $11,678 $11,230 $39,505 $32,497 
Universal life and investment-type product policy fees1,275 1,266 1,289 1,288 1,334 3,959 3,911 
Net investment income3,585 4,464 4,645 5,072 4,825 11,452 14,542 
Other revenues728 627 639 621 606 2,003 1,866 
Net investment gains (losses)(411)350 (684)(1,039)(927)(1,610)(2,650)
Net derivative gains (losses)(226)(104)(90)(997)(1,202)(2,147)(2,289)
Total revenues22,283 15,608 15,388 16,623 15,866 53,162 47,877 
Expenses
Policyholder benefits and claims17,603 9,115 9,872 11,809 11,130 40,392 32,811 
Policyholder liability remeasurement (gains) losses136 20 (9)(16)(17)94 (42)
Market risk benefit remeasurement (gains) losses(965)(512)188 (817)(796)(3,162)(1,425)
Interest credited to policyholder account balances1,014 1,727 1,864 1,933 1,658 2,167 5,455 
Policyholder dividends158 155 159 151 153 551 463 
Amortization of DAC and VOBA441 457 470 479 499 1,374 1,448 
Amortization of negative VOBA(7)(7)(7)(6)(7)(22)(20)
Interest expense on debt239 248 255 256 265 690 776 
Other expenses, net of capitalization of DAC2,249 2,379 2,339 2,404 2,447 6,740 7,190 
Total expenses20,868 13,582 15,131 16,193 15,332 48,824 46,656 
Income (loss) before provision for income tax1,415 2,026 257 430 534 4,338 1,221 
Provision for income tax expense (benefit)248 445 172 22 39 617 233 
Net income (loss) 1,167 1,581 85 408 495 3,721 988 
Less: Net income (loss) attributable to noncontrolling interests5 3 5 6 6 15 17 
Net income (loss) attributable to MetLife, Inc.1,162 1,578 80 402 489 3,706 971 
Less: Preferred stock dividends64 29 66 32 67 156 165 
Net income (loss) available to MetLife, Inc.'s common shareholders$1,098 $1,549 $14 $370 $422 $3,550 $806 
Premiums, fees and other revenues$19,335 $10,898 $11,517 $13,587 $13,170 $45,467 $38,274 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Net income (loss) available to MetLife, Inc.'s common shareholders$1,098 $1,549 $14 $370 $422 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (411)350 (684)(1,039)(927)
Less: Net derivative gains (losses)(226)(104)(90)(997)(1,202)
Less: Market risk benefit remeasurement gains (losses)965 512 (188)817 796 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(435)(317)(383)(316)(156)
Less: Provision for income tax (expense) benefit 110 (149)180 419 429 
Add: Net income (loss) attributable to noncontrolling interests5 3 5 6 6 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,100 1,260 1,184 1,492 1,488 
Less: Total notable items (2)12 — — — 14 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,088 $1,260 $1,184 $1,492 $1,474 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.37 $1.96 $0.02 $0.48 $0.56 
Less: Net investment gains (losses)(0.51)0.44 (0.88)(1.35)(1.23)
Less: Net derivative gains (losses)(0.28)(0.13)(0.12)(1.30)(1.59)
Less: Market risk benefit remeasurement gains (losses)1.21 0.65 (0.24)1.06 1.05 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.55)(0.40)(0.48)(0.40)(0.20)
Less: Provision for income tax (expense) benefit0.14 (0.19)0.23 0.54 0.57 
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 1.37 1.59 1.52 1.94 1.97 
Less: Total notable items per diluted common share (2)0.01 — — — 0.02 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$1.36 $1.59 $1.52 $1.94 $1.95 
For the Three Months Ended
Unaudited (In millions, except per share data)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$12 $— $— $— $14 
Total notable items $12 $— $— $— $14 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$0.01 $— $— $— $0.02 
Total notable items $0.01 $— $— $— $0.02 
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Weighted average common shares outstanding - diluted800.7 790.2 781.2 769.6 755.5 
(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)
UnauditedSeptember 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Book value per common share (1) $32.48 $33.45 $36.89 $34.92 $29.34 
Book value per common share, excluding AOCI other than FCTA (1) $52.04 $54.30 $53.83 $53.55 $53.00 
For the Three Months Ended
UnauditedSeptember 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Return on MetLife, Inc.'s (2):
Common stockholders' equity 15.8 %24.0 %0.2 %5.4 %7.0 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 15.9 %19.5 %17.4 %21.8 %24.7 %
Common stockholders' equity, excluding AOCI other than FCTA 10.6 %12.1 %11.3 %14.6 %14.9 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)10.5 %12.1 %11.3 %14.6 %14.7 %
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Common shares outstanding, beginning of period797.6 787.3 779.1 769.2 757.2 
Share repurchases (10.3)(8.5)(11.6)(12.1)(12.9)
Newly issued shares— 0.3 1.7 0.1 0.1 
Common shares outstanding, end of period 787.3 779.1 769.2 757.2 744.4 
Weighted average common shares outstanding - basic795.8 784.2 775.4 765.9 751.4 
Dilutive effect of the exercise or issuance of stock-based awards 4.9 6.0 5.8 3.7 4.1 
Weighted average common shares outstanding - diluted800.7 790.2 781.2 769.6 755.5 
MetLife Policyholder Trust Shares125.1 123.6 122.1 120.5 119.1 
(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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Total revenues$22,283 $15,608 $15,388 $16,623 $15,866 $53,162 $47,877 
Less: Adjustments to total revenues:
Net investment gains (losses)(411)350 (684)(1,039)(927)(1,610)(2,650)
Net derivative gains (losses)(226)(104)(90)(997)(1,202)(2,147)(2,289)
Investment hedge adjustments(252)(277)(264)(263)(232)(699)(759)
Asymmetrical and non-economic accounting— — — — — — — 
Unit-linked contract income(321)209 303 296 4 (1,507)603 
Other adjustments35 27 (3)(8)(14)123 (25)
Divested businesses
— — — — — 66 — 
Total adjusted revenues$23,458 $15,403 $16,126 $18,634 $18,237 $58,936 $52,997 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Net investment income$3,585 $4,464 $4,645 $5,072 $4,825 $11,452 $14,542 
Less: Adjustments to net investment income:
Investment hedge adjustments(252)(277)(264)(263)(232)(699)(759)
Unit-linked contract income(321)209 303 296 4 (1,507)603 
Other adjustments(5)2 — (1)(3)(12)(4)
Divested businesses — — — — — 11 — 
Adjusted net investment income$4,163 $4,530 $4,606 $5,040 $5,056 $13,659 $14,702 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Variable investment income (Included in net investment income above)$(53)$24 $(44)$221 $179 $1,521 $356 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Premiums, fees and other revenues$19,335 $10,898 $11,517 $13,587 $13,170 $45,467 $38,274 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting— — — — — — — 
Other adjustments40 25 (3)(7)(11)135 (21)
Divested businesses
— — — — — 55 — 
Adjusted premiums, fees and other revenues$19,295 $10,873 $11,520 $13,594 $13,181 $45,277 $38,295 
Adjusted premiums, fees and other revenues, on a constant currency basis$19,394 $10,993 $11,463 $13,539 $13,181 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Total expenses$20,868 $13,582 $15,131 $16,193 $15,332 $48,824 $46,656 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(965)(512)188 (817)(796)(3,162)(1,425)
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting205 143 103 64 (49)445 118 
Market volatility(66)(105)(14)(44)(64)(88)(122)
Unit-linked contract costs(302)180 303 301 (3)(1,502)601 
Other adjustments47 37 16 11 21 154 48 
Divested businesses
13 21 11 9 9 76 29 
Total adjusted expenses$21,936 $13,818 $14,524 $16,669 $16,214 $52,901 $47,407 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Capitalization of DAC $(626)$(699)$(718)$(729)$(742)$(1,915)$(2,189)
Less: Divested businesses— — — — — (11)— 
Adjusted capitalization of DAC$(626)$(699)$(718)$(729)$(742)$(1,904)$(2,189)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Other expenses $2,875 $3,078 $3,057 $3,133 $3,189 $8,655 $9,379 
Less: Adjustments to other expenses:
Other adjustments47 37 16 11 21 154 48 
Divested businesses13 21 11 9 9 53 29 
Adjusted other expenses$2,815 $3,020 $3,030 $3,113 $3,159 $8,448 $9,302 
Adjusted other expenses on a constant currency basis$2,840 $3,058 $2,997 $3,084 $3,159 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Other expenses, net of capitalization of DAC$2,249 $2,379 $2,339 $2,404 $2,447 $6,740 $7,190 
Premiums, fees and other revenues$19,335 $10,898 $11,517 $13,587 $13,170 $45,467 $38,274 
Expense ratio11.6 %21.8 %20.3 %17.7 %18.6 %14.8 %18.8 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Adjusted other expenses by major category
Direct expenses$1,342 $1,481 $1,387 $1,415 $1,447 $4,009 $4,249 
Pension, postretirement and postemployment benefit costs24 25 59 59 59 73 177 
Premium taxes, other taxes, and licenses & fees172 146 161 184 162 460 507 
Commissions and other variable expenses1,277 1,368 1,423 1,455 1,491 3,906 4,369 
Adjusted other expenses
2,815 3,020 3,030 3,113 3,159 8,448 9,302 
Adjusted capitalization of DAC(626)(699)(718)(729)(742)(1,904)(2,189)
Adjusted other expenses, net of adjusted capitalization of DAC
2,189 2,321 2,312 2,384 2,417 6,544 7,113 
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)
$2,189 $2,321 $2,312 $2,384 $2,417 $6,544 $7,113 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Employee-related costs$875 $864 $929 $895 $913 $2,640 $2,737 
Third-party staffing costs349 433 331 346 350 1,095 1,027 
General and administrative expenses118 184 127 174 184 274 485 
Direct expenses1,342 1,481 1,387 1,415 1,447 4,009 4,249 
Less: Total notable items related to direct expenses (1)— — — — — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,342 $1,481 $1,387 $1,415 $1,447 $4,009 $4,249 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,189 $2,321 $2,312 $2,384 $2,417 $6,544 $7,113 
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)
$2,189 $2,321 $2,312 $2,384 $2,417 $6,544 $7,113 
Adjusted premiums, fees and other revenues$19,295 $10,873 $11,520 $13,594 $13,181 $45,277 $38,295 
Less: PRT8,466 (69)(21)2,024 1,461 12,288 3,464 
Adjusted premiums, fees and other revenues, excluding PRT$10,829 $10,942 $11,541 $11,570 $11,720 $32,989 $34,831 
Direct expense ratio 7.0 %13.6 %12.0 %10.4 %11.0 %8.9 %11.1 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)12.4 %13.5 %12.0 %12.2 %12.3 %12.2 %12.2 %
Adjusted expense ratio11.3 %21.3 %20.1 %17.5 %18.3 %14.5 %18.6 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.2 %21.2 %20.0 %20.6 %20.6 %19.8 %20.4 %
(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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$270,765 $276,780 $283,854 $283,857 $270,982 
Equity securities, at estimated fair value973 1,684 1,695 769 742 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 8,954 9,668 10,063 10,204 9,680 
Mortgage loans82,437 83,763 85,572 92,986 92,230 
Policy loans8,783 8,874 8,863 8,788 8,725 
Real estate and real estate joint ventures12,532 13,137 13,155 13,045 13,133 
Other limited partnership interests14,387 14,414 14,437 14,722 14,918 
Short-term investments, principally at estimated fair value5,266 4,935 4,184 6,921 6,497 
Other invested assets22,299 20,038 19,479 19,656 18,755 
Total investments426,396 433,293 441,302 450,948 435,662 
Cash and cash equivalents, principally at estimated fair value22,200 20,195 18,456 15,417 14,912 
Accrued investment income3,355 3,446 3,554 3,505 3,704 
Premiums, reinsurance and other receivables17,550 17,364 18,692 18,530 19,002 
Market risk benefits, at estimated fair value253 280 227 279 334 
Deferred policy acquisition costs and value of business acquired18,545 19,653 19,976 19,850 19,737 
Current income tax recoverable194 42 — 189 — 
Deferred income tax assets2,161 2,439 2,257 2,377 3,174 
Goodwill9,005 9,297 9,379 9,261 9,109 
Other assets10,992 11,025 12,006 10,977 10,862 
Separate account assets135,771 146,038 148,417 145,946 135,624 
Total assets$646,422 $663,072 $674,266 $677,279 $652,120 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$180,812 $187,222 $191,741 $190,474 $181,755 
Policyholder account balances205,279 210,597 212,569 214,413 213,933 
Market risk benefits, at estimated fair value4,039 3,763 3,869 3,259 2,738 
Other policy-related balances18,509 18,424 19,598 19,642 19,665 
Policyholder dividends payable429 387 356 366 381 
Payables for collateral under securities loaned and other transactions24,890 20,937 19,863 18,806 17,797 
Short-term debt183 175 168 200 161 
Long-term debt 14,520 14,647 14,622 14,539 15,475 
Collateral financing arrangement729 716 704 675 651 
Junior subordinated debt securities3,158 3,158 3,159 3,160 3,160 
Current income tax payable— — 554 — 59 
Deferred income tax liability991 950 1,111 752 128 
Other liabilities 27,472 25,933 25,112 34,555 34,698 
Separate account liabilities135,771 146,038 148,417 145,946 135,624 
Total liabilities616,782 632,947 641,843 646,787 626,225 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,589 33,616 33,617 33,630 33,666 
Retained earnings39,176 40,332 39,957 39,928 39,958 
Treasury stock, at cost(20,862)(21,458)(22,245)(22,923)(23,724)
Accumulated other comprehensive income (loss)(22,526)(22,621)(19,147)(20,386)(24,254)
Total MetLife, Inc.'s stockholders' equity29,389 29,881 32,194 30,261 25,658 
Noncontrolling interests251 244 229 231 237 
Total equity29,640 30,125 32,423 30,492 25,895 
Total liabilities and equity$646,422 $663,072 $674,266 $677,279 $652,120 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
  For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS$530 $495 $391 $471 $645 
RETIREMENT AND INCOME SOLUTIONS420 477 505 527 594 
TOTAL U.S.$950 $972 $896 $998 $1,239 
ASIA385 369 405 611 405 
LATIN AMERICA203 233 303 281 282 
EMEA90 72 76 92 112 
METLIFE HOLDINGS143 228 195 262 259 
CORPORATE & OTHER(249)(289)(273)(279)(274)
Total adjusted earnings before provision for income tax
$1,522 $1,585 $1,602 $1,965 $2,023 
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS$113 $103 $84 $99 $135 
RETIREMENT AND INCOME SOLUTIONS86 96 105 110 124 
TOTAL U.S.$199 $199 $189 $209 $259 
ASIA118 104 125 180 130 
LATIN AMERICA44 49 88 62 83 
EMEA26 8 16 22 24 
METLIFE HOLDINGS26 44 37 51 51 
CORPORATE & OTHER(55)(108)(103)(83)(79)
Total provision for income tax expense (benefit)
$358 $296 $352 $441 $468 
Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS$417 $392 $307 $372 $510 
RETIREMENT AND INCOME SOLUTIONS334 381 400 417 470 
TOTAL U.S.$751 $773 $707 $789 $980 
ASIA267 265 280 431 275 
LATIN AMERICA159 184 215 219 199 
EMEA64 64 60 70 88 
METLIFE HOLDINGS117 184 158 211 208 
CORPORATE & OTHER (1)(258)(210)(236)(228)(262)
Total adjusted earnings available to common shareholders (1)$1,100 $1,260 $1,184 $1,492 $1,488 
(1)Includes impact of preferred stock dividends of $64 million, $29 million, $66 million, $32 million and $67 million for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively.
9
U.S.
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Adjusted revenues
Premiums$13,954 $5,617 $5,952 $8,108 $7,606 $29,053 $21,666 
Universal life and investment-type product policy fees286 291 297 294 301 867 892 
Net investment income1,716 2,040 2,124 2,275 2,339 5,300 6,738 
Other revenues514 408 448 434 437 1,344 1,319 
Total adjusted revenues16,470 8,356 8,821 11,111 10,683 36,564 30,615 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends13,978 5,729 6,219 8,307 7,692 29,510 22,218 
Policyholder liability remeasurement (gains) losses9 (8)(33)(9)(105)(21)(147)
Interest credited to policyholder account balances548 650 692 750 806 1,407 2,248 
Capitalization of DAC(38)(38)(51)(55)(46)(93)(152)
Amortization of DAC and VOBA17 17 17 19 19 49 55 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt3 3 3 5 3 6 11 
Other expenses1,003 1,031 1,078 1,096 1,075 2,931 3,249 
Total adjusted expenses15,520 7,384 7,925 10,113 9,444 33,789 27,482 
Adjusted earnings before provision for income tax950 972 896 998 1,239 2,775 3,133 
Provision for income tax expense (benefit)199 199 189 209 259 581 657 
Adjusted earnings751 773 707 789 980 2,194 2,476 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$751 $773 $707 $789 $980 $2,194 $2,476 
Adjusted premiums, fees and other revenues$14,754 $6,316 $6,697 $8,836 $8,344 $31,264 $23,877 
Less: PRT
8,466 (69)(21)2,024 1,461 12,288 3,464 
Adjusted premiums, fees and other revenues, excluding PRT$6,288 $6,385 $6,718 $6,812 $6,883 $18,976 $20,413 
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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Adjusted revenues
Premiums$5,161 $5,247 $5,451 $5,427 $5,276 $15,804 $16,154 
Universal life and investment-type product policy fees215 214 218 223 219 641 660 
Net investment income279 299 310 327 330 837 967 
Other revenues331 338 380 363 371 1,022 1,114 
Total adjusted revenues5,986 6,098 6,359 6,340 6,196 18,304 18,895 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,538 4,645 4,994 4,866 4,592 14,431 14,452 
Policyholder liability remeasurement (gains) losses4 2 (4)2 (29)5 (31)
Interest credited to policyholder account balances34 46 46 48 50 97 144 
Capitalization of DAC(4)(4)(6)(5)(5)(14)(16)
Amortization of DAC and VOBA7 6 6 7 6 20 19 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt1 — — 1 — 1 1 
Other expenses876 908 932 950 937 2,570 2,819 
Total adjusted expenses5,456 5,603 5,968 5,869 5,551 17,110 17,388 
Adjusted earnings before provision for income tax530 495 391 471 645 1,194 1,507 
Provision for income tax expense (benefit)113 103 84 99 135 254 318 
Adjusted earnings417 392 307 372 510 940 1,189 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$417 $392 $307 $372 $510 $940 $1,189 
Adjusted premiums, fees and other revenues$5,707 $5,799 $6,049 $6,013 $5,866 $17,467 $17,928 
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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Adjusted revenues
Premiums$8,793 $370 $501 $2,681 $2,330 $13,249 $5,512 
Universal life and investment-type product policy fees71 77 79 71 82 226 232 
Net investment income1,437 1,741 1,814 1,948 2,009 4,463 5,771 
Other revenues183 70 68 71 66 322 205 
Total adjusted revenues10,484 2,258 2,462 4,771 4,487 18,260 11,720 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends9,440 1,084 1,225 3,441 3,100 15,079 7,766 
Policyholder liability remeasurement (gains) losses5 (10)(29)(11)(76)(26)(116)
Interest credited to policyholder account balances514 604 646 702 756 1,310 2,104 
Capitalization of DAC(34)(34)(45)(50)(41)(79)(136)
Amortization of DAC and VOBA10 11 11 12 13 29 36 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 3 3 4 3 5 10 
Other expenses127 123 146 146 138 361 430 
Total adjusted expenses10,064 1,781 1,957 4,244 3,893 16,679 10,094 
Adjusted earnings before provision for income tax420 477 505 527 594 1,581 1,626 
Provision for income tax expense (benefit)86 96 105 110 124 327 339 
Adjusted earnings334 381 400 417 470 1,254 1,287 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$334 $381 $400 $417 $470 $1,254 $1,287 
Adjusted premiums, fees and other revenues$9,047 $517 $648 $2,823 $2,478 $13,797 $5,949 
Less: PRT
8,466 (69)(21)2,024 1,461 12,288 3,464 
Adjusted premiums, fees and other revenues, excluding PRT$581 $586 $669 $799 $1,017 $1,509 $2,485 
12
U.S.
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Direct and allocated expenses$444 $475 $474 $468 $464 
Pension, postretirement and postemployment benefit costs2 (1)13 13 12 
Premium taxes, other taxes, and licenses & fees88 80 80 101 83 
Commissions and other variable expenses342 354 365 368 378 
Adjusted other expenses$876 $908 $932 $950 $937 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Group Life (2)
Adjusted premiums, fees and other revenues$2,125 $2,131 $2,232 $2,254 $2,215 
Mortality ratio85.7 %87.3 %90.5 %85.3 %83.6 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,475 $2,533 $2,601 $2,617 $2,620 
Interest adjusted benefit ratio (4)70.1 %70.1 %72.9 %73.7 %69.0 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
13
U.S.
RETIREMENT AND INCOME SOLUTIONS
 
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Balance, end of period (at balance sheet discount rate) (2)$61,264 $62,737 $63,671 $64,446 $61,947 
Less: Accumulated other comprehensive (income) loss(4,531)(2,856)(1,302)(2,135)(5,598)
Balance, end of period (at original discount rate)$65,795 $65,593 $64,973 $66,581 $67,545 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Balance, end of period$79,311 $80,066 $79,973 $81,249 $80,929 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Balance, end of period$58,838 $60,040 $57,990 $54,501 $51,740 
SYNTHETIC GICS (3), (4)
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Balance, end of period$45,066 $46,316 $47,850 $50,453 $49,003 
LONGEVITY REINSURANCE (5)
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Balance, end of period$13,427 $16,602 $17,085 $19,401 $19,175 
(1)Includes $3,394 million, $3,392 million, $3,449 million, $3,481 million and $3,731 million of DPL at September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(4)Includes $0, $147 million, $2,262 million, $3,112 million and $0 of transfers from separate account GICs to synthetic GICs at September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.
14
U.S.
RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Direct and allocated expenses$64 $70 $71 $67 $66 
Pension, postretirement and postemployment benefit costs— — 3 3 4 
Premium taxes, other taxes, and licenses & fees22 10 9 12 9 
Commissions and other variable expenses41 43 63 64 59 
Adjusted other expenses$127 $123 $146 $146 $138 
SPREAD
For the Three Months Ended
UnauditedSeptember 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Investment income yield excluding variable investment income yield4.20 %4.69 %4.98 %5.18 %5.28 %
Variable investment income yield(3.24)%0.50 %(0.27)%2.57 %3.08 %
Total investment income yield3.90 %4.53 %4.78 %5.08 %5.20 %
Average crediting rate3.29 %3.65 %3.82 %3.97 %4.12 %
Amortization of DPL and losses at inception (1)(0.21)%(0.20)%(0.21)%(0.21)%(0.22)%
Total average crediting rate3.08 %3.45 %3.61 %3.76 %3.90 %
Annualized general account spread0.82 %1.08 %1.17 %1.32 %1.30 %
Annualized general account spread excluding variable investment income yield1.12 %1.24 %1.37 %1.42 %1.38 %
(1)Includes the amortization of DPL of (0.22)%, (0.20)%, (0.22)%, (0.21)% and (0.23)% for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively.
15
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Adjusted revenues
Premiums$1,346 $1,272 $1,377 $1,310 $1,312 $4,291 $3,999 
Universal life and investment-type product policy fees438 432 397 396 411 1,261 1,204 
Net investment income827 828 881 1,050 1,023 3,081 2,954 
Other revenues21 24 20 21 20 66 61 
Total adjusted revenues2,632 2,556 2,675 2,777 2,766 8,699 8,218 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,119 1,051 1,130 1,057 1,095 3,513 3,282 
Policyholder liability remeasurement (gains) losses61 42 11 (27)108 27 92 
Interest credited to policyholder account balances497 515 536 570 576 1,488 1,682 
Capitalization of DAC(351)(410)(401)(397)(404)(1,120)(1,202)
Amortization of DAC and VOBA178 191 193 190 204 554 587 
Amortization of negative VOBA(6)(6)(6)(5)(6)(18)(17)
Interest expense on debt— — — — — — — 
Other expenses749 804 807 778 788 2,349 2,373 
Total adjusted expenses2,247 2,187 2,270 2,166 2,361 6,793 6,797 
Adjusted earnings before provision for income tax385 369 405 611 405 1,906 1,421 
Provision for income tax expense (benefit)118 104 125 180 130 554 435 
Adjusted earnings267 265 280 431 275 1,352 986 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$267 $265 $280 $431 $275 $1,352 $986 
Adjusted premiums, fees and other revenues$1,805 $1,728 $1,794 $1,727 $1,743 $5,618 $5,264 
16
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Adjusted premiums, fees and other revenues$1,805 $1,728 $1,794 $1,727 $1,743 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,752 $1,709 $1,688 $1,674 $1,743 
Add: Operating joint ventures, on a constant currency basis (1)375 365 480 410 426 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,127 $2,074 $2,168 $2,084 $2,169 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Direct and allocated expenses$285 $300 $303 $285 $284 
Pension, postretirement and postemployment benefit costs17 23 17 15 16 
Premium taxes, other taxes, and licenses & fees36 37 33 32 33 
Commissions and other variable expenses411 444 454 446 455 
Adjusted other expenses$749 $804 $807 $778 $788 
Adjusted other expenses, net of adjusted capitalization of DAC$398 $394 $406 $381 $384 
Adjusted other expenses on a constant currency basis$725 $791 $755 $750 $788 
Add: Operating joint ventures, on a constant currency basis (2)106 107 124 116 113 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$831 $898 $879 $866 $901 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$469 $472 $475 $451 $475 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Japan:
Life$100 $100 $82 $199 $177 
Accident & Health63 59 63 61 54 
Annuities202 267 263 172 146 
Other3 2 2 2 2 
Total Japan368 428 410 434 379 
Other Asia208 188 227 182 224 
   Total sales$576 $616 $637 $616 $603 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Adjusted earnings available to common shareholders$267 $265 $280 $431 $275 
Adjusted earnings available to common shareholders, on a constant currency basis$263 $269 $270 $425 $275 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

17
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
GA AUM $109,930 $116,289 $121,072 $118,188 $113,105 
GA AUM (at amortized cost)$119,302 $126,335 $127,120 $125,266 $124,684 
GA AUM (at amortized cost), on a constant currency basis$118,391 $119,887 $121,532 $123,603 $124,684 
  Add: Operating joint ventures, on a constant currency basis (1)7,057 7,395 7,796 8,091 8,276 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$125,448 $127,282 $129,328 $131,694 $132,960 
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
18
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Adjusted revenues
Premiums$822 $842 $1,025 $1,023 $1,116 $2,382 $3,164 
Universal life and investment-type product policy fees293 299 335 352 359 876 1,046 
Net investment income399 413 379 418 365 1,180 1,162 
Other revenues10 10 12 10 9 29 31 
Total adjusted revenues1,524 1,564 1,751 1,803 1,849 4,467 5,403 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends872 856 966 976 1,020 2,464 2,962 
Policyholder liability remeasurement (gains) losses3 (16)(4)3 (4)(5)(5)
Interest credited to policyholder account balances89 94 99 105 106 241 310 
Capitalization of DAC(130)(137)(151)(148)(171)(357)(470)
Amortization of DAC and VOBA104 105 106 117 121 305 344 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt3 2 2 4 2 10 8 
Other expenses380 427 430 465 493 1,093 1,388 
Total adjusted expenses1,321 1,331 1,448 1,522 1,567 3,751 4,537 
Adjusted earnings before provision for income tax203 233 303 281 282 716 866 
Provision for income tax expense (benefit)44 49 88 62 83 171 233 
Adjusted earnings159 184 215 219 199 545 633 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$159 $184 $215 $219 $199 $545 $633 
Adjusted premiums, fees and other revenues$1,125 $1,151 $1,372 $1,385 $1,484 $3,287 $4,241 
19
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Direct and allocated expenses$116 $140 $133 $143 $148 
Pension, postretirement and postemployment benefit costs1 1 1 1 1 
Premium taxes, other taxes, and licenses & fees12 13 21 20 19 
Commissions and other variable expenses251 273 275 301 325 
Adjusted other expenses$380 $427 $430 $465 $493 
Adjusted other expenses, net of adjusted capitalization of DAC$250 $290 $279 $317 $322 
Adjusted other expenses on a constant currency basis$428 $475 $453 $470 $493 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$281 $321 $292 $320 $322 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Mexico$152 $150 $224 $159 199 
Chile86 91 96 95 99 
All other87 89 101 84 80 
Total sales$325 $330 $421 $338 $378 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Adjusted premiums, fees and other revenues$1,125 $1,151 $1,372 $1,385 $1,484 
Adjusted earnings available to common shareholders$159 $184 $215 $219 $199 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,277 $1,285 $1,425 $1,391 $1,484 
Adjusted earnings available to common shareholders, on a constant currency basis$185 $208 $227 $220 $199 

20
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Adjusted revenues
Premiums$472 $488 $496 $499 $502 $1,474 $1,497 
Universal life and investment-type product policy fees57 67 77 75 79 217 231 
Net investment income40 41 45 47 51 119 143 
Other revenues8 10 8 8 7 25 23 
Total adjusted revenues577 606 626 629 639 1,835 1,894 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends235 239 261 237 230 737 728 
Policyholder liability remeasurement (gains) losses(11)(5)(3)2 (9)(1)(10)
Interest credited to policyholder account balances16 18 16 19 19 53 54 
Capitalization of DAC(96)(106)(108)(119)(114)(305)(341)
Amortization of DAC and VOBA75 81 85 85 87 242 257 
Amortization of negative VOBA(1)(1)(1)(1)(1)(4)(3)
Interest expense on debt— — — — — — — 
Other expenses269 308 300 314 315 863 929 
Total adjusted expenses487 534 550 537 527 1,585 1,614 
Adjusted earnings before provision for income tax90 72 76 92 112 250 280 
Provision for income tax expense (benefit)26 8 16 22 24 65 62 
Adjusted earnings64 64 60 70 88 185 218 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$64 $64 $60 $70 $88 $185 $218 
Adjusted premiums, fees and other revenues$537 $565 $581 $582 $588 $1,716 $1,751 
21
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Direct and allocated expenses$91 $100 $94 $97 $104 
Pension, postretirement and postemployment benefit costs1 1 1 1 2 
Premium taxes, other taxes, and licenses & fees3 6 5 6 6 
Commissions and other variable expenses174 201 200 210 203 
Adjusted other expenses$269 $308 $300 $314 $315 
Adjusted other expenses, net of adjusted capitalization of DAC$173 $202 $192 $195 $201 
Adjusted other expenses on a constant currency basis $270 $311 $296 $308 $315 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$173 $204 $191 $193 $201 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Adjusted premiums, fees and other revenues$537 $565 $581 $582 $588 
Adjusted earnings available to common shareholders$64 $64 $60 $70 $88 
Adjusted premiums, fees and other revenues, on a constant currency basis$537 $570 $577 $574 $588 
Adjusted earnings available to common shareholders, on a constant currency basis$65 $66 $59 $68 $88 
Total sales on a constant currency basis$167 $180 $258 $226 $201 
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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Adjusted revenues
Premiums$745 $785 $723 $719 $685 $2,281 $2,127 
Universal life and investment-type product policy fees202 176 183 170 184 726 537 
Net investment income1,103 1,150 1,127 1,170 1,153 3,764 3,450 
Other revenues39 49 53 49 41 106 143 
Total adjusted revenues2,089 2,160 2,086 2,108 2,063 6,877 6,257 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,385 1,415 1,369 1,341 1,311 4,221 4,021 
Policyholder liability remeasurement (gains) losses74 7 20 15 (7)94 28 
Interest credited to policyholder account balances202 206 199 198 198 607 595 
Capitalization of DAC(9)(7)(6)(6)(5)(22)(17)
Amortization of DAC and VOBA64 61 68 64 65 209 197 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 3 3 3 4 5 10 
Other expenses228 247 238 231 238 706 707 
Total adjusted expenses1,946 1,932 1,891 1,846 1,804 5,820 5,541 
Adjusted earnings before provision for income tax143 228 195 262 259 1,057 716 
Provision for income tax expense (benefit)26 44 37 51 51 210 139 
Adjusted earnings117 184 158 211 208 847 577 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$117 $184 $158 $211 $208 $847 $577 
Adjusted premiums, fees and other revenues$986 $1,010 $959 $938 $910 $3,113 $2,807 
23
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Annuities$1,582 $1,593 $1,606 $1,581 $1,508 
Life and Other54,605 54,573 54,365 54,187 53,930 
Long Term Care12,986 13,845 14,617 14,498 13,025 
Balance, end of period (at balance sheet discount rate) (2)$69,173 $70,011 $70,588 $70,266 $68,463 
Less:
Annuities$(89)$(60)$(29)$(50)$(110)
Life and Other(93)(60)(16)18 (120)
Long Term Care(1,217)(513)111 (172)(1,754)
Accumulated other comprehensive (income) loss$(1,399)$(633)$66 $(204)$(1,984)
Annuities$1,671 $1,653 $1,635 $1,631 $1,618 
Life and Other54,698 54,633 54,381 54,169 54,050 
Long Term Care14,203 14,358 14,506 14,670 14,779 
Balance, end of period (at original discount rate)$70,572 $70,644 $70,522 $70,470 $70,447 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Annuities$13,701 $13,286 $12,818 $12,410 $12,006 
Life and Other12,544 12,402 12,234 12,044 11,844 
Balance, end of period$26,245 $25,688 $25,052 $24,454 $23,850 
MARKET RISK BENEFITS (3)
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Annuities$3,534 $3,225 $3,361 $2,793 $2,268 
Balance, end of period$3,534 $3,225 $3,361 $2,793 $2,268 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Annuities$27,680 $28,499 $29,320 $29,616 $27,455 
Life and Other5,225 5,475 5,794 6,071 5,736 
Balance, end of period$32,905 $33,974 $35,114 $35,687 $33,191 
(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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Direct and allocated expenses$164 $178 $171 $165 $166 
Pension, postretirement and postemployment benefit costs— 1 6 6 5 
Premium taxes, other taxes, and licenses & fees20 15 18 17 19 
Commissions and other variable expenses44 53 43 43 48 
Adjusted other expenses$228 $247 $238 $231 $238 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Life (1)
Adjusted premiums, fees and other revenues$654 $694 $639 $614 $581 
Interest adjusted benefit ratio53.9 %49.1 %45.8 %39.5 %42.6 %
Lapse Ratio (2)
Traditional life4.5 %4.6 %4.7 %4.8 %5.1 %
Variable & universal life3.3 %3.4 %3.5 %3.7 %3.8 %
Fixed annuity6.6 %7.3 %9.0 %10.3 %11.2 %
Variable annuity9.5 %9.2 %9.5 %9.9 %10.5 %
(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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Adjusted revenues
Premiums$(7)$1 $16 $19 $9 $(17)$44 
Universal life and investment-type product policy fees(1)1 — 1 — 1 1 
Net investment income78 58 50 80 125 215 255 
Other revenues96 101 101 106 103 295 310 
Total adjusted revenues166 161 167 206 237 494 610 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends(3)6 16 12 4 (12)32 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(2)(1)(1)(4)(2)(7)(7)
Amortization of DAC and VOBA3 2 1 4 3 7 8 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt231 240 247 244 256 669 747 
Other expenses186 203 177 229 250 506 656 
Total adjusted expenses415 450 440 485 511 1,163 1,436 
Adjusted earnings before provision for income tax(249)(289)(273)(279)(274)(669)(826)
Provision for income tax expense (benefit)(55)(108)(103)(83)(79)(235)(265)
Adjusted earnings(194)(181)(170)(196)(195)(434)(561)
Preferred stock dividends64 29 66 32 67 156 165 
Adjusted earnings available to common shareholders$(258)$(210)$(236)$(228)$(262)$(590)$(726)
Adjusted premiums, fees and other revenues$88 $103 $117 $126 $112 $279 $355 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Business activities$36 $32 $19 $20 $13 $106 $52 
Net investment income75 63 51 81 126 213 258 
Interest expense on debt(240)(250)(258)(254)(266)(693)(778)
Corporate initiatives and projects(15)(16)(14)(32)(12)(48)(58)
Other(105)(118)(71)(94)(135)(247)(300)
Provision for income tax (expense) benefit and other tax-related items55 108 103 83 79 235 265 
Preferred stock dividends(64)(29)(66)(32)(67)(156)(165)
Adjusted earnings available to common shareholders$(258)$(210)$(236)$(228)$(262)$(590)$(726)
26
INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
At or For the Three Months EndedAt or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Fixed Maturity Securities
Yield (1)3.81 %4.04 %4.07 %4.17 %4.19 %3.66 %4.14 %
Investment income (2), (3)$2,773 $2,978 $3,028 $3,107 $3,123 $8,120 $9,258 
Investment gains (losses)(286)(356)(580)(996)(699)(1,556)(2,275)
Ending carrying value (4)272,079 278,215 285,397 285,444 272,456 272,079 272,456 
Net Mortgage Loans
Yield (1)4.37 %4.73 %4.92 %5.12 %5.18 %4.20 %5.07 %
Investment income (3)898 983 1,041 1,091 1,094 2,553 3,226 
Investment gains (losses)47 (118)(164)32 3 139 (129)
Ending carrying value (5)82,437 83,763 85,572 84,794 84,058 82,437 84,058 
Real Estate and Real Estate Joint Ventures
Yield (1)5.75 %3.16 %(2.10)%0.82 %(0.31)%7.51 %(0.54)%
Investment income179 101 (69)27 (11)697 (53)
Investment gains (losses)— 490 18 13 1 163 32 
Ending carrying value12,532 13,137 13,155 13,045 13,133 12,532 13,133 
Policy Loans
Yield (1)5.18 %5.22 %5.35 %5.39 %5.52 %5.13 %5.42 %
Investment income114 115 119 119 120 344 358 
Ending carrying value8,783 8,874 8,863 8,788 8,725 8,783 8,725 
Equity Securities
Yield (1)6.40 %3.58 %3.17 %4.11 %4.14 %4.14 %3.65 %
Investment income14 10 12 10 5 26 27 
Investment gains (losses)(23)(18)48 32 (14)(115)66 
Ending carrying value973 1,684 1,695 769 742 973 742 
Other Limited Partnership Interests
Yield (1), (6)(5.35)%(1.18)%0.73 %6.17 %5.56 %8.26 %4.17 %
Investment income (6)(194)(43)26 225 206 903 457 
Investment gains (losses)(1)38 9 3 — 15 12 
Ending carrying value (7)14,387 14,414 14,437 14,722 14,918 14,387 14,918 
Cash and Short-term Investments
Yield (1)2.54 %3.70 %5.01 %5.94 %6.38 %1.74 %5.78 %
Investment income78 131 167 195 220 151 582 
Investment gains (losses)63 (37)(11)29 5 119 23 
Ending carrying value27,466 25,130 22,640 22,338 21,409 27,466 21,409 
Other Invested Assets
Investment income 426 396 439 397 420 1,274 1,256 
Investment gains (losses)(14)(15)(11)13 (167)102 (165)
Ending carrying value22,299 20,038 19,479 19,656 18,755 22,299 18,755 
Total Investments
Investment income yield (1)3.98 %4.27 %4.31 %4.66 %4.68 %4.33 %4.55 %
Investment fees and expenses yield (1)(0.12)%(0.13)%(0.14)%(0.12)%(0.11)%(0.12)%(0.12)%
Net Investment Income Yield (1)3.86 %4.14 %4.17 %4.54 %4.57 %4.21 %4.43 %
Investment income$4,288 $4,671 $4,763 $5,171 $5,177 $14,068 $15,111 
Investment fees and expenses(125)(141)(157)(131)(121)(398)(409)
Net investment income including divested businesses4,163 4,530 4,606 5,040 5,056 13,670 14,702 
Less: Net investment income from divested businesses— — — — — 11 — 
Adjusted Net Investment Income (8)$4,163 $4,530 $4,606 $5,040 $5,056 $13,659 $14,702 
Ending Carrying Value$440,956 $445,255 $451,238 $449,556 $434,196 $440,956 $434,196 
Investment Portfolio Gains (Losses) (9)$(214)$(16)$(691)$(874)$(871)$(1,133)$(2,436)
Gross investment gains259 1,117 433 271 119 1,166 823 
Gross investment losses(541)(1,084)(936)(276)(418)(2,173)(1,630)
Net credit loss (provision) release and (impairments)68 (49)(188)(869)(572)(126)(1,629)
Investment Portfolio Gains (Losses) (9)(214)(16)(691)(874)(871)(1,133)(2,436)
Investment portfolio gains (losses) income tax (expense) benefit51 3 181 188 155 259 524 
Investment Portfolio Gains (Losses), Net of Income Tax$(163)$(13)$(510)$(686)$(716)$(874)$(1,912)
Derivative gains (losses) (9)(478)(381)(372)(1,278)(1,454)(2,846)(3,104)
Derivative gains (losses) income tax (expense) benefit129 69 47 320 397 759 764 
Derivative Gains (Losses), Net of Income Tax$(349)$(312)$(325)$(958)$(1,057)$(2,087)$(2,340)
See footnotes on Page 30.

27
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$78,824 29.1 %$80,030 28.9 %$82,482 29.1 %$82,523 29.1 %$78,552 28.9 %
Foreign corporate49,927 18.4 %52,572 19.0 %54,285 19.1 %53,690 18.9 %51,377 19.0 %
Foreign government44,050 16.3 %46,747 16.9 %48,111 16.9 %45,994 16.2 %42,685 15.8 %
U.S. government and agency31,562 11.7 %32,229 11.6 %32,878 11.6 %33,129 11.7 %31,729 11.7 %
Residential mortgage-backed27,145 10.0 %26,165 9.5 %26,543 9.4 %28,458 10.0 %27,785 10.3 %
Asset-backed securities and collateralized loan obligations16,766 6.2 %16,822 6.1 %16,970 6.0 %17,480 6.2 %17,412 6.4 %
Municipals12,014 4.4 %12,152 4.4 %12,597 4.4 %12,324 4.3 %11,347 4.2 %
Commercial mortgage-backed10,477 3.9 %10,063 3.6 %9,988 3.5 %10,259 3.6 %10,095 3.7 %
Fixed Maturity Securities Available-For-Sale$270,765 100.0 %$276,780 100.0 %$283,854 100.0 %$283,857 100.0 %$270,982 100.0 %
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$185,780 68.6 %$190,021 68.7 %$195,535 69.0 %$196,361 69.3 %$186,834 69.0 %
Baa271,276 26.3 %73,194 26.5 %74,661 26.3 %73,827 26.0 %71,043 26.2 %
Ba310,652 4.0 %10,511 3.8 %10,856 3.8 %10,885 3.8 %10,325 3.8 %
B42,618 1.0 %2,571 0.9 %2,296 0.8 %2,311 0.8 %2,343 0.9 %
Caa and lower5306 0.1 %401 0.1 %395 0.1 %346 0.1 %338 0.1 %
In or near default6133 — %82 — %111 — %127 — %99 — %
Total Fixed Maturity Securities Available-For-Sale (10)$270,765 100.0 %$276,780 100.0 %$283,854 100.0 %$283,857 100.0 %$270,982 100.0 %
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Gross unrealized gains$5,488 $5,239 $6,554 $5,991 $3,685 
Gross unrealized losses36,982 34,301 27,469 28,982 38,702 
Net Unrealized Gains (Losses)$(31,494)$(29,062)$(20,915)$(22,991)$(35,017)
See footnotes on Page 30.

28
INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
          
Commercial mortgage loans$52,273 $52,502 $53,697 $52,737 $52,053 
Agricultural mortgage loans 18,923 19,306 19,361 19,579 19,658 
Residential mortgage loans11,708 12,482 13,206 13,129 12,986 
Total82,904 84,290 86,264 85,445 84,697 
Allowance for credit loss(467)(527)(692)(651)(639)
Net Mortgage Loans$82,437 $83,763 $85,572 $84,794 $84,058 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$9,805 18.7 %$9,628 18.3 %$9,736 18.1 %$9,171 17.4 %$9,206 17.7 %
Non-U.S.8,977 17.2 %9,299 17.7 %9,383 17.5 %9,243 17.5 %8,682 16.7 %
Middle Atlantic7,748 14.8 %7,574 14.4 %7,647 14.2 %7,572 14.4 %7,581 14.6 %
South Atlantic6,691 12.8 %6,617 12.6 %6,671 12.4 %6,514 12.4 %6,581 12.6 %
West South Central4,005 7.7 %3,721 7.1 %3,765 7.0 %3,496 6.6 %3,417 6.6 %
New England2,754 5.3 %2,764 5.3 %2,876 5.4 %2,878 5.5 %2,875 5.5 %
Mountain2,269 4.3 %2,284 4.4 %2,284 4.3 %2,227 4.2 %2,191 4.2 %
East North Central1,596 3.1 %1,594 3.0 %1,768 3.3 %1,809 3.4 %1,855 3.6 %
West North Central471 0.9 %597 1.1 %596 1.1 %602 1.1 %643 1.2 %
East South Central635 1.2 %620 1.2 %624 1.2 %623 1.2 %622 1.2 %
Multi-Region and Other7,322 14.0 %7,804 14.9 %8,347 15.5 %8,602 16.3 %8,400 16.1 %
Total$52,273 100.0 %$52,502 100.0 %$53,697 100.0 %$52,737 100.0 %$52,053 100.0 %
Office$21,144 40.5 %$21,009 40.0 %$21,134 39.4 %$20,215 38.3 %$19,619 37.7 %
Apartment10,793 20.6 %10,575 20.2 %11,357 21.2 %11,928 22.6 %11,807 22.7 %
Retail8,305 15.9 %8,046 15.3 %8,289 15.4 %7,433 14.1 %7,441 14.3 %
Industrial5,068 9.7 %5,607 10.7 %5,219 9.7 %5,158 9.8 %5,248 10.1 %
Single Family Rental3,601 6.9 %3,979 7.6 %4,457 8.3 %4,711 8.9 %4,735 9.1 %
Hotel3,261 6.2 %3,172 6.0 %3,117 5.8 %3,170 6.0 %3,088 5.9 %
Other101 0.2 %114 0.2 %124 0.2 %122 0.3 %115 0.2 %
Total$52,273 100.0 %$52,502 100.0 %$53,697 100.0 %$52,737 100.0 %$52,053 100.0 %
See footnotes on Page 30.
29
INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, asset carrying values utilized in the calculation of yields include invested assets reclassified to held-for-sale; otherwise, carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)Fixed maturity securities includes investment income related to fair value option securities of ($43) million, $70 million, $48 million, $50 million and ($17) million for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively, and ($197) million and $81 million for the year-to-date period ended Septermber 30, 2022 and September 30, 2023, respectively.
(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
(4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Fixed maturity securities available-for-sale$270,765 $276,780 $283,854 $283,857 $270,982 
Contractholder-directed equity securities and fair value option securities8,954 9,668 10,063 10,204 9,680 
Total fixed maturity securities279,719 286,448 293,917 294,061 280,662 
Less: Contractholder-directed equity securities7,640 8,233 8,520 8,617 8,206 
Fixed maturity securities$272,079 $278,215 $285,397 $285,444 $272,456 
(5)Net mortgage loans exclude mortgage loans originated for third parties of $8,265 million and $8,238 million at amortized cost, which is primarily comprised of commercial mortgage loans of $8,022 million and $7,998 million at amortized cost, and does not include the related allowance for credit loss of $73 million and $66 million at June 30, 2023 and September 30, 2023, respectively. Prior to the second quarter of 2023, these mortgage loans originated for third parties were accounted for by MetLife as sales of portions of the related mortgage loans.
(6)Other limited partnership interests includes investment income related to private equity investments of ($188) million, ($40) million, $17 million, $223 million and $203 million for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively, and $1,012 million and $443 million for the year-to-date period ended September 30, 2022 and September 30, 2023, respectively. The annualized yields for these periods were (5.37%), (1.15%), 0.48%, 6.19%, 5.50%, 9.64% and 4.09%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of $13,855 million, $14,000 million, $14,225 million, $14,608 million and $14,862 million at September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, respectively.
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year-to-Date Period Ended
September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Net investment gains (losses) $(411)$350 $(684)$(1,039)$(927)$(1,610)$(2,650)
Less: Non-investment portfolio gains (losses)(184)369 13 (95)(63)(475)(145)
Less: Provision for credit loss on certain mortgage loans originated for third parties— — — (73)7 — (66)
Less: Other adjustments(13)(3)(6)3 — (2)(3)
Investment portfolio gains (losses) $(214)$(16)$(691)$(874)$(871)$(1,133)$(2,436)
For the Three Months EndedFor the Year-to-Date Period Ended
September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Net derivative gains (losses) $(226)$(104)$(90)$(997)$(1,202)$(2,147)$(2,289)
Less: Investment hedge adjustments252 277 264 263 232 699 759 
Less: Other adjustments— — 18 18 20 — 56 
Derivative gains (losses) $(478)$(381)$(372)$(1,278)$(1,454)$(2,846)$(3,104)
(10)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
30
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Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$1,098 $1,549 $14 $370 $422 $3,550 $806 
Add: Preferred stock dividends64 29 66 32 67 156 165 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net Income (loss) attributable to noncontrolling interests5 3 5 6 6 15 17 
Net income (loss) 1,167 1,581 85 408 495 $3,721 $988 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(411)350 (684)(1,039)(927)(1,610)(2,650)
Net derivative gains (losses)(226)(104)(90)(997)(1,202)(2,147)(2,289)
Market risk benefit remeasurement gains (losses)965 512 (188)817 796 3,162 1,425 
Premiums - Divested businesses
— — — — — 41 — 
Universal life and investment-type product policy fees - Divested businesses
— — — — — 11 — 
Net investment income
Investment hedge adjustments(252)(277)(264)(263)(232)(699)(759)
Unit-linked contract income(321)209 303 296 4 (1,507)603 
Other adjustments(5)2 — (1)(3)(12)(4)
Divested businesses— — — — — 11 — 
Other revenues
Asymmetrical and non-economic accounting— — — — — — — 
Other adjustments40 25 (3)(7)(11)135 (21)
Divested businesses— — — — — 3 — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(241)(79)(84)(74)5 (575)(153)
Market volatility66 105 14 44 64 88 122 
Divested businesses— — — — — (23)— 
Policyholder liability remeasurement (gains) losses - Divested businesses
— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting36 (64)(19)10 44 130 35 
Unit-linked contract costs302 (180)(303)(301)3 1,502 (601)
Divested businesses— — — — — (3)— 
Capitalization of DAC - Divested businesses
— — — — — 11 — 
Amortization of DAC and VOBA - Divested businesses
— — — — — (8)— 
Amortization of negative VOBA - Divested business
— — — — — — — 
Interest expense on debt - Divested business
— — — — — — — 
Other expenses
Other adjustments(47)(37)(16)(11)(21)(154)(48)
Divested businesses(13)(21)(11)(9)(9)(53)(29)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit110 (149)180 419 429 729 1,028 
Adjusted earnings1,164 1,289 1,250 1,524 1,555 4,689 4,329 
Less: Preferred stock dividends64 29 66 32 67 156 165 
Adjusted earnings available to common shareholders$1,100 $1,260 $1,184 $1,492 $1,488 $4,533 $4,164 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Actuarial assumption review and other insurance adjustments$12 $— $— $— $14 $89 $14 
Total notable items$12 $— $— $— $14 $89 $14 
U.S.
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Actuarial assumption review and other insurance adjustments $79 $— $— $— $88 $79 $88 
Total notable items$79 $— $— $— $88 $79 $88 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Actuarial assumption review and other insurance adjustments $— $— $— $— $27 $— $27 
Total notable items $— $— $— $— $27 $— $27 
RETIREMENT AND INCOME SOLUTIONS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Actuarial assumption review and other insurance adjustments $79 $— $— $— $61 $79 $61 
Total notable items $79 $— $— $— $61 $79 $61 
(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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Actuarial assumption review and other insurance adjustments
$(32)$— $— $— $(94)$(32)$(94)
Total notable items
$(32)$— $— $— $(94)$(32)$(94)
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Actuarial assumption review and other insurance adjustments
$1 $— $— $— $— $1 $— 
Total notable items
$1 $— $— $— $— $1 $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Actuarial assumption review and other insurance adjustments
$15 $— $— $— $18 $15 $18 
Total notable items
$15 $— $— $— $18 $15 $18 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023September 30, 2022September 30, 2023
Actuarial assumption review and other insurance adjustments
$(51)$— $— $— $2 $26 $2 
Total notable items
$(51)$— $— $— $2 $26 $2 
(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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Total MetLife, Inc.'s stockholders' equity$29,389 $29,881 $32,194 $30,261 $25,658 
Less: Preferred stock3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 25,571 26,063 28,376 26,443 21,840 
Less: Net unrealized investment gains (losses), net of income tax(21,652)(21,089)(14,606)(16,800)(26,548)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax7,612 6,115 2,748 3,919 10,245 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax174 107 186 108 (4)
  Defined benefit plans adjustment, net of income tax(1,536)(1,377)(1,356)(1,331)(1,308)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA40,973 42,307 41,404 40,547 39,455 
Less: Accumulated year-to-date total notable items (2)89 89 — — 14 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$40,884 $42,218 $41,404 $40,547 $39,441 
Unaudited (In millions, except per share data)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Book value per common share $32.48 $33.45 $36.89 $34.92 $29.34 
Less: Net unrealized investment gains (losses), net of income tax(27.50)(27.07)(18.99)(22.19)(35.66)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax9.67 7.85 3.57 5.18 13.77 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax0.22 0.14 0.24 0.14 (0.01)
  Defined benefit plans adjustment, net of income tax(1.95)(1.77)(1.76)(1.76)(1.76)
Book value per common share, excluding AOCI other than FCTA$52.04 $54.30 $53.83 $53.55 $53.00 
Common shares outstanding, end of period 787.3 779.1 769.2 757.2 744.4 
For the Three Months Ended (1)
Unaudited (In millions, except ratios)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
Return on MetLife, Inc.'s:
Common stockholders' equity 15.8 %24.0 %0.2 %5.4 %7.0 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 15.9 %19.5 %17.4 %21.8 %24.7 %
Common stockholders' equity, excluding AOCI other than FCTA 10.6 %12.1 %11.3 %14.6 %14.9 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)10.5 %12.1 %11.3 %14.6 %14.7 %
Average common stockholders' equity $27,749 $25,817 $27,220 $27,410 $24,142 
Average common stockholders' equity, excluding AOCI other than FCTA $41,343 $41,640 $41,856 $40,976 $40,001 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$41,260 $41,551 $41,856 $40,976 $39,994 
(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)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
U.S. (1)$14,754 $6,316 $6,697 $8,836 $8,344 
ASIA 1,752 1,709 1,688 1,674 1,743 
LATIN AMERICA1,277 1,285 1,425 1,391 1,484 
EMEA 537 570 577 574 588 
METLIFE HOLDINGS (1)986 1,010 959 938 910 
CORPORATE & OTHER (1)88 103 117 126 112 
Adjusted premiums, fees and other revenues, on a constant currency basis$19,394 $10,993 $11,463 $13,539 $13,181 
Adjusted premiums, fees and other revenues$19,295 $10,873 $11,520 $13,594 $13,181 
ASIA (including operating joint ventures) (2), (3)$2,127 $2,074 $2,168 $2,084 $2,169 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
U.S. (1)$1,003 $1,031 $1,078 $1,096 $1,075 
ASIA 725 791 755 750 788 
LATIN AMERICA428 475 453 470 493 
EMEA270 311 296 308 315 
METLIFE HOLDINGS (1)228 247 238 231 238 
CORPORATE & OTHER (1)186 203 177 229 250 
Adjusted other expenses on a constant currency basis$2,840 $3,058 $2,997 $3,084 $3,159 
Adjusted other expenses$2,815 $3,020 $3,030 $3,113 $3,159 
ASIA (including operating joint ventures) (2), (4)$831 $898 $879 $866 $901 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2022December 31, 2022March 31, 2023June 30, 2023September 30, 2023
U.S. (1)$751 $773 $707 $789 $980 
ASIA 263 269 270 425 275 
LATIN AMERICA185 208 227 220 199 
EMEA 65 66 59 68 88 
METLIFE HOLDINGS (1)117 184 158 211 208 
CORPORATE & OTHER (1)(258)(210)(236)(228)(262)
Adjusted earnings available to common shareholders on a constant currency basis$1,123 $1,290 $1,185 $1,485 $1,488 
Adjusted earnings available to common shareholders$1,100 $1,260 $1,184 $1,492 $1,488 
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16 for operating joint ventures.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
A-5
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

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

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

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

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

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

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

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

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

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

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

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

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

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