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Published: 2024-01-31 00:00:00 ET
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EX-99.2 3 ex992qfsq423doc.htm EX-99.2 Document
Exhibit 99.2




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Fourth Quarter
Financial Supplement
December 31, 2023
4

METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of 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 Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Revenues
Premiums$9,005 $9,589 $11,678 $11,230 $11,786 $48,510 $44,283 
Universal life and investment-type product policy fees1,266 1,289 1,288 1,334 1,241 5,225 5,152 
Net investment income4,464 4,645 5,072 4,825 5,366 15,916 19,908 
Other revenues627 639 621 606 660 2,630 2,526 
Net investment gains (losses)350 (684)(1,039)(927)(174)(1,260)(2,824)
Net derivative gains (losses)(104)(90)(997)(1,202)149 (2,251)(2,140)
Total revenues15,608 15,388 16,623 15,866 19,028 68,770 66,905 
Expenses
Policyholder benefits and claims9,115 9,872 11,809 11,130 11,779 49,507 44,590 
Policyholder liability remeasurement (gains) losses20 (9)(16)(17)(3)114 (45)
Market risk benefit remeasurement (gains) losses(512)188 (817)(796)431 (3,674)(994)
Interest credited to policyholder account balances1,727 1,864 1,933 1,658 2,405 3,894 7,860 
Policyholder dividends155 159 151 153 159 706 622 
Amortization of DAC and VOBA457 470 479 499 504 1,831 1,952 
Amortization of negative VOBA(7)(7)(6)(7)(6)(29)(26)
Interest expense on debt248 255 256 265 269 938 1,045 
Other expenses, net of capitalization of DAC2,379 2,339 2,404 2,447 2,549 9,119 9,739 
Total expenses13,582 15,131 16,193 15,332 18,087 62,406 64,743 
Income (loss) before provision for income tax2,026 257 430 534 941 6,364 2,162 
Provision for income tax expense (benefit)445 172 22 39 327 1,062 560 
Net income (loss) 1,581 85 408 495 614 5,302 1,602 
Less: Net income (loss) attributable to noncontrolling interests3 5 6 6 7 18 24 
Net income (loss) attributable to MetLife, Inc.1,578 80 402 489 607 5,284 1,578 
Less: Preferred stock dividends29 66 32 67 33 185 198 
Net income (loss) available to MetLife, Inc.'s common shareholders$1,549 $14 $370 $422 $574 $5,099 $1,380 
Premiums, fees and other revenues$10,898 $11,517 $13,587 $13,170 $13,687 $56,365 $51,961 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Net income (loss) available to MetLife, Inc.'s common shareholders$1,549 $14 $370 $422 $574 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) 350 (684)(1,039)(927)(174)
Less: Net derivative gains (losses)(104)(90)(997)(1,202)149 
Less: Market risk benefit remeasurement gains (losses)512 (188)817 796 (431)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(317)(383)(316)(156)(330)
Less: Provision for income tax (expense) benefit (149)180 419 429 6 
Add: Net income (loss) attributable to noncontrolling interests3 5 6 6 7 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,260 1,184 1,492 1,488 1,361 
Less: Total notable items (2)— — — 14 (76)
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,260 $1,184 $1,492 $1,474 $1,437 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.96 $0.02 $0.48 $0.56 $0.77 
Less: Net investment gains (losses)0.44 (0.88)(1.35)(1.23)(0.23)
Less: Net derivative gains (losses)(0.13)(0.12)(1.30)(1.59)0.20 
Less: Market risk benefit remeasurement gains (losses)0.65 (0.24)1.06 1.05 (0.58)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.40)(0.48)(0.40)(0.20)(0.45)
Less: Provision for income tax (expense) benefit(0.19)0.23 0.54 0.57 0.01 
Add: Net income (loss) attributable to noncontrolling interests— 0.01 0.01 0.01 0.01 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders per diluted common share 1.59 1.52 1.94 1.97 1.83 
Less: Total notable items per diluted common share (2)— — — 0.02 (0.10)
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$1.59 $1.52 $1.94 $1.95 $1.93 
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $— $14 $— 
Litigation reserves and settlement costs— — — — (76)
Total notable items $— $— $— $14 $(76)
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $— $— $0.02 $— 
Litigation reserves and settlement costs— — — — (0.10)
Total notable items $— $— $— $0.02 $(0.10)
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Weighted average common shares outstanding - diluted790.2 781.2 769.6 755.5 743.4 
(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)
UnauditedDecember 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Book value per common share (1) $33.45 $36.89 $34.92 $29.34 $35.85 
Book value per common share, excluding AOCI other than FCTA (1) $54.30 $53.83 $53.55 $53.00 $53.75 
For the Three Months Ended
UnauditedDecember 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Return on MetLife, Inc.'s (2):
Common stockholders' equity 24.0 %0.2 %5.4 %7.0 %9.6 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 19.5 %17.4 %21.8 %24.7 %22.7 %
Common stockholders' equity, excluding AOCI other than FCTA 12.1 %11.3 %14.6 %14.9 %13.8 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)12.1 %11.3 %14.6 %14.7 %14.6 %
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Common shares outstanding, beginning of period787.3 779.1 769.2 757.2 744.4 
Share repurchases (8.5)(11.6)(12.1)(12.9)(13.7)
Newly issued shares0.3 1.7 0.1 0.1 0.1 
Common shares outstanding, end of period 779.1 769.2 757.2 744.4 730.8 
Weighted average common shares outstanding - basic784.2 775.4 765.9 751.4 738.6 
Dilutive effect of the exercise or issuance of stock-based awards 6.0 5.8 3.7 4.1 4.8 
Weighted average common shares outstanding - diluted790.2 781.2 769.6 755.5 743.4 
MetLife Policyholder Trust Shares123.6 122.1 120.5 119.1 117.6 
(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 Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Total revenues$15,608 $15,388 $16,623 $15,866 $19,028 $68,770 $66,905 
Less: Adjustments to total revenues:
Net investment gains (losses)350 (684)(1,039)(927)(174)(1,260)(2,824)
Net derivative gains (losses)(104)(90)(997)(1,202)149 (2,251)(2,140)
Investment hedge adjustments(277)(264)(263)(232)(253)(976)(1,012)
Asymmetrical and non-economic accounting— — — — 29 — 29 
Unit-linked contract income209 303 296 4 580 (1,298)1,183 
Other adjustments27 (3)(8)(14)(21)150 (46)
Divested businesses
— — — — — 66 — 
Total adjusted revenues$15,403 $16,126 $18,634 $18,237 $18,718 $74,339 $71,715 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Net investment income$4,464 $4,645 $5,072 $4,825 $5,366 $15,916 $19,908 
Less: Adjustments to net investment income:
Investment hedge adjustments(277)(264)(263)(232)(253)(976)(1,012)
Unit-linked contract income209 303 296 4 580 (1,298)1,183 
Other adjustments2 — (1)(3)(8)(10)(12)
Divested businesses — — — — — 11 — 
Adjusted net investment income$4,530 $4,606 $5,040 $5,056 $5,047 $18,189 $19,749 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Variable investment income (Included in net investment income above)$24 $(44)$221 $179 $63 $1,545 $419 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Premiums, fees and other revenues$10,898 $11,517 $13,587 $13,170 $13,687 $56,365 $51,961 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting— — — — 29 — 29 
Other adjustments25 (3)(7)(11)(13)160 (34)
Divested businesses
— — — — — 55 — 
Adjusted premiums, fees and other revenues$10,873 $11,520 $13,594 $13,181 $13,671 $56,150 $51,966 
Adjusted premiums, fees and other revenues, on a constant currency basis$10,926 $11,390 $13,466 $13,104 $13,671 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Total expenses$13,582 $15,131 $16,193 $15,332 $18,087 $62,406 $64,743 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(512)188 (817)(796)431 (3,674)(994)
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting143 103 64 (49)129 588 247 
Market volatility(105)(14)(44)(64)(62)(193)(184)
Unit-linked contract costs180 303 301 (3)582 (1,322)1,183 
Other adjustments37 16 11 21 7 191 55 
Divested businesses
21 11 9 9 9 97 38 
Total adjusted expenses$13,818 $14,524 $16,669 $16,214 $16,991 $66,719 $64,398 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Capitalization of DAC $(699)$(718)$(729)$(742)$(728)$(2,614)$(2,917)
Less: Divested businesses— — — — — (11)— 
Adjusted capitalization of DAC$(699)$(718)$(729)$(742)$(728)$(2,603)$(2,917)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Other expenses $3,078 $3,057 $3,133 $3,189 $3,277 $11,733 $12,656 
Less: Adjustments to other expenses:
Other adjustments37 16 11 21 7 191 55 
Divested businesses21 11 9 9 9 74 38 
Adjusted other expenses$3,020 $3,030 $3,113 $3,159 $3,261 $11,468 $12,563 
Adjusted other expenses on a constant currency basis$3,031 $2,970 $3,056 $3,128 $3,261 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Other expenses, net of capitalization of DAC$2,379 $2,339 $2,404 $2,447 $2,549 $9,119 $9,739 
Premiums, fees and other revenues$10,898 $11,517 $13,587 $13,170 $13,687 $56,365 $51,961 
Expense ratio21.8 %20.3 %17.7 %18.6 %18.6 %16.2 %18.7 %
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Adjusted other expenses by major category
Direct expenses$1,481 $1,387 $1,415 $1,447 $1,559 $5,490 $5,808 
Pension, postretirement and postemployment benefit costs25 59 59 59 69 98 246 
Premium taxes, other taxes, and licenses & fees146 161 184 162 153 606 660 
Commissions and other variable expenses1,368 1,423 1,455 1,491 1,480 5,274 5,849 
Adjusted other expenses
3,020 3,030 3,113 3,159 3,261 11,468 12,563 
Adjusted capitalization of DAC(699)(718)(729)(742)(728)(2,603)(2,917)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,321 $2,312 $2,384 $2,417 $2,533 $8,865 $9,646 
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Employee-related costs$864 $929 $895 $913 $882 $3,504 $3,619 
Third-party staffing costs433 331 346 350 399 1,528 1,426 
General and administrative expenses184 127 174 184 278 458 763 
Direct expenses1,481 1,387 1,415 1,447 1,559 5,490 5,808 
Less: Total notable items related to direct expenses (1)— — — — 96 — 96 
Direct expenses, excluding total notable items related to direct expenses (1)$1,481 $1,387 $1,415 $1,447 $1,463 $5,490 $5,712 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,321 $2,312 $2,384 $2,417 $2,533 $8,865 $9,646 
Less: Total notable items related to adjusted other expenses (1)— — — — 96 — 96 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,321 $2,312 $2,384 $2,417 $2,437 $8,865 $9,550 
Adjusted premiums, fees and other revenues$10,873 $11,520 $13,594 $13,181 $13,671 $56,150 $51,966 
Less: PRT(69)(21)2,024 1,461 1,860 12,219 5,324 
Adjusted premiums, fees and other revenues, excluding PRT$10,942 $11,541 $11,570 $11,720 $11,811 $43,931 $46,642 
Direct expense ratio 13.6 %12.0 %10.4 %11.0 %11.4 %9.8 %11.2 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)13.5 %12.0 %12.2 %12.3 %12.4 %12.5 %12.2 %
Adjusted expense ratio21.3 %20.1 %17.5 %18.3 %18.5 %15.8 %18.6 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)21.2 %20.0 %20.6 %20.6 %20.6 %20.2 %20.5 %
(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)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$276,780 $283,854 $283,857 $270,982 $281,412 
Equity securities, at estimated fair value1,684 1,695 769 742 757 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 9,668 10,063 10,204 9,680 10,331 
Mortgage loans83,763 85,572 92,986 92,230 92,506 
Policy loans8,874 8,863 8,788 8,725 8,788 
Real estate and real estate joint ventures13,137 13,155 13,045 13,133 13,332 
Other limited partnership interests14,414 14,437 14,722 14,918 14,764 
Short-term investments, principally at estimated fair value4,935 4,184 6,921 6,497 6,045 
Other invested assets20,038 19,479 19,656 18,755 18,202 
Total investments433,293 441,302 450,948 435,662 446,137 
Cash and cash equivalents, principally at estimated fair value20,195 18,456 15,417 14,912 20,639 
Accrued investment income3,446 3,554 3,505 3,704 3,589 
Premiums, reinsurance and other receivables17,364 18,692 18,530 19,002 28,971 
Market risk benefits, at estimated fair value280 227 279 334 286 
Deferred policy acquisition costs and value of business acquired19,653 19,976 19,850 19,737 20,151 
Current income tax recoverable42 — 189 — 190 
Deferred income tax assets2,439 2,257 2,377 3,174 2,612 
Goodwill9,297 9,379 9,261 9,109 9,236 
Other assets11,025 12,006 10,977 10,862 11,139 
Separate account assets146,038 148,417 145,946 135,624 144,634 
Total assets$663,072 $674,266 $677,279 $652,120 $687,584 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$187,222 $191,741 $190,474 $181,755 $196,406 
Policyholder account balances210,597 212,569 214,413 213,933 219,269 
Market risk benefits, at estimated fair value3,763 3,869 3,259 2,738 3,179 
Other policy-related balances18,424 19,598 19,642 19,665 19,736 
Policyholder dividends payable387 356 366 381 386 
Payables for collateral under securities loaned and other transactions20,937 19,863 18,806 17,797 17,524 
Short-term debt175 168 200 161 119 
Long-term debt 14,647 14,622 14,539 15,475 15,548 
Collateral financing arrangement716 704 675 651 637 
Junior subordinated debt securities3,158 3,159 3,160 3,160 3,161 
Current income tax payable— 554 — 59 — 
Deferred income tax liability950 1,111 752 128 927 
Other liabilities 25,933 25,112 34,555 34,698 35,805 
Separate account liabilities146,038 148,417 145,946 135,624 144,634 
Total liabilities632,947 641,843 646,787 626,225 657,331 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,616 33,617 33,630 33,666 33,690 
Retained earnings40,332 39,957 39,928 39,958 40,146 
Treasury stock, at cost(21,458)(22,245)(22,923)(23,724)(24,591)
Accumulated other comprehensive income (loss)(22,621)(19,147)(20,386)(24,254)(19,242)
Total MetLife, Inc.'s stockholders' equity29,881 32,194 30,261 25,658 30,015 
Noncontrolling interests244 229 231 237 238 
Total equity30,125 32,423 30,492 25,895 30,253 
Total liabilities and equity$663,072 $674,266 $677,279 $652,120 $687,584 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
  For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Adjusted earnings before provision for income tax
GROUP BENEFITS$495 $391 $471 $645 $590 
RIS477 505 527 594 532 
ASIA369 405 611 405 419 
LATIN AMERICA233 303 281 282 271 
EMEA72 76 92 112 63 
METLIFE HOLDINGS228 195 262 259 193 
CORPORATE & OTHER(289)(273)(279)(274)(341)
Total adjusted earnings before provision for income tax
$1,585 $1,602 $1,965 $2,023 $1,727 
Provision for income tax expense (benefit)
GROUP BENEFITS$103 $84 $99 $135 $124 
RIS96 105 110 124 111 
ASIA104 125 180 130 123 
LATIN AMERICA49 88 62 83 64 
EMEA8 16 22 24 16 
METLIFE HOLDINGS44 37 51 51 37 
CORPORATE & OTHER(108)(103)(83)(79)(142)
Total provision for income tax expense (benefit)
$296 $352 $441 $468 $333 
Adjusted earnings available to common shareholders
GROUP BENEFITS$392 $307 $372 $510 $466 
RIS381 400 417 470 421 
ASIA265 280 431 275 296 
LATIN AMERICA184 215 219 199 207 
EMEA64 60 70 88 47 
METLIFE HOLDINGS184 158 211 208 156 
CORPORATE & OTHER (2)(210)(236)(228)(262)(232)
Total adjusted earnings available to common shareholders (2)$1,260 $1,184 $1,492 $1,488 $1,361 
(1)In the fourth quarter of 2023, MetLife reorganized from five segments into the following six segments to reflect changes in management's responsibilities: Group Benefits, RIS, Asia, Latin America, EMEA and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. These changes were applied retrospectively and did not have an impact on prior period total consolidated net income (loss) or adjusted earnings.
(2)Includes impact of preferred stock dividends of $29 million, $66 million, $32 million, $67 million and $33 million for the three months ended December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively.
9
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Adjusted revenues
Premiums$5,247 $5,451 $5,427 $5,276 $5,404 $21,051 $21,558 
Universal life and investment-type product policy fees214 218 223 219 218 855 878 
Net investment income299 310 327 330 334 1,136 1,301 
Other revenues338 380 363 371 379 1,360 1,493 
Total adjusted revenues6,098 6,359 6,340 6,196 6,335 24,402 25,230 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,645 4,994 4,866 4,592 4,712 19,076 19,164 
Policyholder liability remeasurement (gains) losses2 (4)2 (29)3 7 (28)
Interest credited to policyholder account balances46 46 48 50 49 143 193 
Capitalization of DAC(4)(6)(5)(5)(4)(18)(20)
Amortization of DAC and VOBA6 6 7 6 7 26 26 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt— — 1 — 1 1 2 
Other expenses908 932 950 937 977 3,478 3,796 
Total adjusted expenses5,603 5,968 5,869 5,551 5,745 22,713 23,133 
Adjusted earnings before provision for income tax495 391 471 645 590 1,689 2,097 
Provision for income tax expense (benefit)103 84 99 135 124 357 442 
Adjusted earnings392 307 372 510 466 1,332 1,655 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$392 $307 $372 $510 $466 $1,332 $1,655 
Adjusted premiums, fees and other revenues$5,799 $6,049 $6,013 $5,866 $6,001 $23,266 $23,929 
10
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Direct and allocated expenses$475 $474 $468 $464 $490 
Pension, postretirement and postemployment benefit costs(1)13 13 12 12 
Premium taxes, other taxes, and licenses & fees80 80 101 83 79 
Commissions and other variable expenses354 365 368 378 396 
Adjusted other expenses$908 $932 $950 $937 $977 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Group Life (2)
Adjusted premiums, fees and other revenues$2,131 $2,232 $2,254 $2,215 $2,199 
Mortality ratio87.3 %90.5 %85.3 %83.6 %83.5 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,533 $2,601 $2,617 $2,620 $2,689 
Interest adjusted benefit ratio (4)70.1 %72.9 %73.7 %69.0 %70.7 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.
11
RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Adjusted revenues
Premiums$370 $501 $2,681 $2,330 $2,736 $13,619 $8,248 
Universal life and investment-type product policy fees77 79 71 82 81 303 313 
Net investment income1,741 1,814 1,948 2,009 2,032 6,204 7,803 
Other revenues70 68 71 66 66 392 271 
Total adjusted revenues2,258 2,462 4,771 4,487 4,915 20,518 16,635 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,084 1,225 3,441 3,100 3,503 16,163 11,269 
Policyholder liability remeasurement (gains) losses(10)(29)(11)(76)(15)(36)(131)
Interest credited to policyholder account balances604 646 702 756 783 1,914 2,887 
Capitalization of DAC(34)(45)(50)(41)(40)(113)(176)
Amortization of DAC and VOBA11 11 12 13 13 40 49 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt3 3 4 3 4 8 14 
Other expenses123 146 146 138 135 484 565 
Total adjusted expenses1,781 1,957 4,244 3,893 4,383 18,460 14,477 
Adjusted earnings before provision for income tax477 505 527 594 532 2,058 2,158 
Provision for income tax expense (benefit)96 105 110 124 111 423 450 
Adjusted earnings381 400 417 470 421 1,635 1,708 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$381 $400 $417 $470 $421 $1,635 $1,708 
Adjusted premiums, fees and other revenues$517 $648 $2,823 $2,478 $2,883 $14,314 $8,832 
Less: PRT
(69)(21)2,024 1,461 1,860 12,219 5,324 
Adjusted premiums, fees and other revenues, excluding PRT$586 $669 $799 $1,017 $1,023 $2,095 $3,508 
12
RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Balance, end of period (at balance sheet discount rate) (2)$62,737 $63,671 $64,446 $61,947 $69,407 
Less: Accumulated other comprehensive (income) loss(2,856)(1,302)(2,135)(5,598)(278)
Balance, end of period (at original discount rate)$65,593 $64,973 $66,581 $67,545 $69,685 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Balance, end of period$80,066 $79,973 $81,249 $80,929 $82,405 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Balance, end of period$60,040 $57,990 $54,501 $51,740 $53,093 
SYNTHETIC GICS (3), (4)
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Balance, end of period$46,316 $47,850 $50,453 $49,003 $49,066 
LONGEVITY REINSURANCE (5)
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Balance, end of period$16,602 $17,085 $19,401 $19,175 $21,945 
(1)Includes $3,392 million, $3,449 million, $3,481 million, $3,731 million and $3,782 million of DPL at December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.
(4)Includes $147 million, $2,262 million, $3,112 million, $0 and $1,282 million of transfers from separate account GICs to synthetic GICs at December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.
13
RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Direct and allocated expenses$70 $71 $67 $66 $71 
Pension, postretirement and postemployment benefit costs— 3 3 4 3 
Premium taxes, other taxes, and licenses & fees10 9 12 9 1 
Commissions and other variable expenses43 63 64 59 60 
Adjusted other expenses$123 $146 $146 $138 $135 
SPREAD
For the Three Months Ended
UnauditedDecember 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Investment income yield excluding variable investment income yield4.69 %4.98 %5.18 %5.28 %5.32 %
Variable investment income yield0.50 %(0.27)%2.57 %3.08 %1.96 %
Total investment income yield4.53 %4.78 %5.08 %5.20 %5.19 %
Average crediting rate3.65 %3.82 %3.97 %4.12 %4.20 %
Amortization of DPL and losses at inception (1)(0.20)%(0.21)%(0.21)%(0.22)%(0.22)%
Total average crediting rate3.45 %3.61 %3.76 %3.90 %3.98 %
Annualized general account spread1.08 %1.17 %1.32 %1.30 %1.21 %
Annualized general account spread excluding variable investment income yield1.24 %1.37 %1.42 %1.38 %1.34 %
(1)Includes the amortization of DPL of (0.20)%, (0.22)%, (0.21)%, (0.23)% and (0.23)% for the three months ended December 31, 2022, March 31, 2023, June 30, 2023. September 30, 2023 and December 31, 2023, respectively.
14
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Adjusted revenues
Premiums$1,272 $1,377 $1,310 $1,312 $1,252 $5,563 $5,251 
Universal life and investment-type product policy fees432 397 396 411 428 1,693 1,632 
Net investment income828 881 1,050 1,023 1,003 3,909 3,957 
Other revenues24 20 21 20 25 90 86 
Total adjusted revenues2,556 2,675 2,777 2,766 2,708 11,255 10,926 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,051 1,130 1,057 1,095 1,051 4,564 4,333 
Policyholder liability remeasurement (gains) losses42 11 (27)108 13 69 105 
Interest credited to policyholder account balances515 536 570 576 619 2,003 2,301 
Capitalization of DAC(410)(401)(397)(404)(381)(1,530)(1,583)
Amortization of DAC and VOBA191 193 190 204 207 745 794 
Amortization of negative VOBA(6)(6)(5)(6)(5)(24)(22)
Interest expense on debt— — — — — — — 
Other expenses804 807 778 788 785 3,153 3,158 
Total adjusted expenses2,187 2,270 2,166 2,361 2,289 8,980 9,086 
Adjusted earnings before provision for income tax369 405 611 405 419 2,275 1,840 
Provision for income tax expense (benefit)104 125 180 130 123 658 558 
Adjusted earnings265 280 431 275 296 1,617 1,282 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$265 $280 $431 $275 $296 $1,617 $1,282 
Adjusted premiums, fees and other revenues$1,728 $1,794 $1,727 $1,743 $1,705 $7,346 $6,969 
15
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Adjusted premiums, fees and other revenues$1,728 $1,794 $1,727 $1,743 $1,705 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,686 $1,666 $1,650 $1,718 $1,705 
Add: Operating joint ventures, on a constant currency basis (1)364 478 410 425 366 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,050 $2,144 $2,060 $2,143 $2,071 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Direct and allocated expenses$300 $303 $285 $284 $300 
Pension, postretirement and postemployment benefit costs23 17 15 16 20 
Premium taxes, other taxes, and licenses & fees37 33 32 33 34 
Commissions and other variable expenses444 454 446 455 431 
Adjusted other expenses$804 $807 $778 $788 $785 
Adjusted other expenses, net of adjusted capitalization of DAC$394 $406 $381 $384 $404 
Adjusted other expenses on a constant currency basis$780 $745 $740 $775 $785 
Add: Operating joint ventures, on a constant currency basis (2)107 124 116 113 97 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$887 $869 $856 $888 $882 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$468 $469 $447 $467 $483 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Japan:
Life$99 $82 $199 $177 $194 
Accident & Health58 62 59 52 60 
Annuities267 263 173 146 178 
Other2 2 2 2 1 
Total Japan426 409 433 377 433 
Other Asia188 226 181 223 178 
   Total sales$614 $635 $614 $600 $611 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Adjusted earnings available to common shareholders$265 $280 $431 $275 $296 
Adjusted earnings available to common shareholders, on a constant currency basis$267 $270 $423 $271 $296 
(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.

16
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
GA AUM $116,289 $121,072 $118,188 $113,105 $123,434 
GA AUM (at amortized cost)$126,335 $127,120 $125,266 $124,684 $130,093 
GA AUM (at amortized cost), on a constant currency basis$123,122 $124,733 $126,594 $127,749 $130,093 
  Add: Operating joint ventures, on a constant currency basis (1)7,557 7,968 8,269 8,457 8,104 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$130,679 $132,701 $134,863 $136,206 $138,197 
(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.
17
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Adjusted revenues
Premiums$842 $1,025 $1,023 $1,116 $1,123 $3,224 $4,287 
Universal life and investment-type product policy fees299 335 352 359 352 1,175 1,398 
Net investment income413 379 418 365 482 1,593 1,644 
Other revenues10 12 10 9 11 39 42 
Total adjusted revenues1,564 1,751 1,803 1,849 1,968 6,031 7,371 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends856 966 976 1,020 1,132 3,320 4,094 
Policyholder liability remeasurement (gains) losses(16)(4)3 (4)(20)(21)(25)
Interest credited to policyholder account balances94 99 105 106 116 335 426 
Capitalization of DAC(137)(151)(148)(171)(181)(494)(651)
Amortization of DAC and VOBA105 106 117 121 124 410 468 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 2 4 2 3 12 11 
Other expenses427 430 465 493 523 1,520 1,911 
Total adjusted expenses1,331 1,448 1,522 1,567 1,697 5,082 6,234 
Adjusted earnings before provision for income tax233 303 281 282 271 949 1,137 
Provision for income tax expense (benefit)49 88 62 83 64 220 297 
Adjusted earnings184 215 219 199 207 729 840 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$184 $215 $219 $199 $207 $729 $840 
Adjusted premiums, fees and other revenues$1,151 $1,372 $1,385 $1,484 $1,486 $4,438 $5,727 
18
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Direct and allocated expenses$140 $133 $143 $148 $154 
Pension, postretirement and postemployment benefit costs1 1 1 1 1 
Premium taxes, other taxes, and licenses & fees13 21 20 19 29 
Commissions and other variable expenses273 275 301 325 339 
Adjusted other expenses$427 $430 $465 $493 $523 
Adjusted other expenses, net of adjusted capitalization of DAC$290 $279 $317 $322 $342 
Adjusted other expenses on a constant currency basis$462 $440 $457 $479 $523 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$312 $284 $311 $313 $342 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Mexico$147 $216 $154 $193 161 
Chile86 92 91 95 99 
All other88 100 83 79 84 
Total sales$321 $408 $328 $367 $344 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Adjusted premiums, fees and other revenues$1,151 $1,372 $1,385 $1,484 $1,486 
Adjusted earnings available to common shareholders$184 $215 $219 $199 $207 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,247 $1,381 $1,349 $1,439 $1,486 
Adjusted earnings available to common shareholders, on a constant currency basis$200 $219 $211 $192 $207 

19
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Adjusted revenues
Premiums$488 $496 $499 $502 $519 $1,962 $2,016 
Universal life and investment-type product policy fees67 77 75 79 67 284 298 
Net investment income41 45 47 51 54 160 197 
Other revenues10 8 8 7 9 35 32 
Total adjusted revenues606 626 629 639 649 2,441 2,543 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends239 261 237 230 256 976 984 
Policyholder liability remeasurement (gains) losses(5)(3)2 (9)7 (6)(3)
Interest credited to policyholder account balances18 16 19 19 18 71 72 
Capitalization of DAC(106)(108)(119)(114)(116)(411)(457)
Amortization of DAC and VOBA81 85 85 87 91 323 348 
Amortization of negative VOBA(1)(1)(1)(1)(1)(5)(4)
Interest expense on debt— — — — — — — 
Other expenses308 300 314 315 331 1,171 1,260 
Total adjusted expenses534 550 537 527 586 2,119 2,200 
Adjusted earnings before provision for income tax72 76 92 112 63 322 343 
Provision for income tax expense (benefit)8 16 22 24 16 73 78 
Adjusted earnings64 60 70 88 47 249 265 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$64 $60 $70 $88 $47 $249 $265 
Adjusted premiums, fees and other revenues$565 $581 $582 $588 $595 $2,281 $2,346 
20
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Direct and allocated expenses$100 $94 $97 $104 $109 
Pension, postretirement and postemployment benefit costs1 1 1 2 6 
Premium taxes, other taxes, and licenses & fees6 5 6 6 6 
Commissions and other variable expenses201 200 210 203 210 
Adjusted other expenses$308 $300 $314 $315 $331 
Adjusted other expenses, net of adjusted capitalization of DAC$202 $192 $195 $201 $215 
Adjusted other expenses on a constant currency basis $308 $292 $303 $311 $331 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$203 $189 $190 $199 $215 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Adjusted premiums, fees and other revenues$565 $581 $582 $588 $595 
Adjusted earnings available to common shareholders$64 $60 $70 $88 $47 
Adjusted premiums, fees and other revenues, on a constant currency basis$564 $570 $567 $581 $595 
Adjusted earnings available to common shareholders, on a constant currency basis$64 $57 $66 $87 $47 
Total sales on a constant currency basis$177 $255 $222 $198 $209 
21
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Adjusted revenues
Premiums$785 $723 $719 $685 $754 $3,066 $2,881 
Universal life and investment-type product policy fees176 183 170 184 95 902 632 
Net investment income1,150 1,127 1,170 1,153 1,044 4,914 4,494 
Other revenues49 53 49 41 52 155 195 
Total adjusted revenues2,160 2,086 2,108 2,063 1,945 9,037 8,202 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,415 1,369 1,341 1,311 1,329 5,636 5,350 
Policyholder liability remeasurement (gains) losses7 20 15 (7)9 101 37 
Interest credited to policyholder account balances206 199 198 198 135 813 730 
Capitalization of DAC(7)(6)(6)(5)(5)(29)(22)
Amortization of DAC and VOBA61 68 64 65 61 270 258 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt3 3 3 4 3 8 13 
Other expenses247 238 231 238 220 953 927 
Total adjusted expenses1,932 1,891 1,846 1,804 1,752 7,752 7,293 
Adjusted earnings before provision for income tax228 195 262 259 193 1,285 909 
Provision for income tax expense (benefit)44 37 51 51 37 254 176 
Adjusted earnings184 158 211 208 156 1,031 733 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$184 $158 $211 $208 $156 $1,031 $733 
Adjusted premiums, fees and other revenues$1,010 $959 $938 $910 $901 $4,123 $3,708 
22
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Annuities$1,593 $1,606 $1,581 $1,508 $1,610 
Life and Other54,573 54,365 54,187 53,930 53,930 
Long Term Care13,845 14,617 14,498 13,025 15,240 
Balance, end of period (at balance sheet discount rate) (2)$70,011 $70,588 $70,266 $68,463 $70,780 
Less:
Annuities$(60)$(29)$(50)$(110)$(18)
Life and Other(60)(16)18 (120)27 
Long Term Care(513)111 (172)(1,754)313 
Accumulated other comprehensive (income) loss$(633)$66 $(204)$(1,984)$322 
Annuities$1,653 $1,635 $1,631 $1,618 $1,628 
Life and Other54,633 54,381 54,169 54,050 53,903 
Long Term Care14,358 14,506 14,670 14,779 14,927 
Balance, end of period (at original discount rate)$70,644 $70,522 $70,470 $70,447 $70,458 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (3)
Annuities$— $— $— $— $1,519 
Life and Other$1,055 $1,038 $1,030 $1,044 $2,341 
Long Term Care$— $— $— $— $— 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Annuities$13,286 $12,818 $12,410 $12,006 $11,537 
Life and Other12,402 12,234 12,044 11,844 11,641 
Balance, end of period$25,688 $25,052 $24,454 $23,850 $23,178 
Policyholder account balances subject to reinsurance (3)
Annuities$— $— $— $— $3,485 
Life and Other$1,563 $1,555 $1,548 $1,542 $6,352 
MARKET RISK BENEFITS (4)
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Annuities$3,225 $3,361 $2,793 $2,268 $2,722 
Balance, end of period$3,225 $3,361 $2,793 $2,268 $2,722 
Market risk benefits subject to reinsurance$— $— $— $— $— 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Annuities$28,499 $29,320 $29,616 $27,455 $29,224 
Life and Other5,475 5,794 6,071 5,736 6,324 
Balance, end of period$33,974 $35,114 $35,687 $33,191 $35,548 
Separate accounts liabilities subject to modified coinsurance (5)
Annuities$— $— $— $— $83 
Life and Other$— $— $— $— $5,597 
(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) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(4) Market risk benefits include Japan reinsurance.
(5) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
23
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Direct and allocated expenses$178 $171 $165 $166 $164 
Pension, postretirement and postemployment benefit costs1 6 6 5 6 
Premium taxes, other taxes, and licenses & fees15 18 17 19 16 
Commissions and other variable expenses53 43 43 48 34 
Adjusted other expenses$247 $238 $231 $238 $220 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Life (1)
Adjusted premiums, fees and other revenues$694 $639 $614 $581 $566 
Interest adjusted benefit ratio49.1 %45.8 %39.5 %42.6 %43.2 %
Lapse Ratio (2)
Traditional life4.6 %4.7 %4.8 %5.1 %5.4 %
Variable & universal life3.4 %3.5 %3.7 %3.8 %3.8 %
Fixed annuity7.3 %9.0 %10.3 %11.2 %11.9 %
Variable annuity9.2 %9.5 %9.9 %10.5 %11.1 %
(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.

24
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Adjusted revenues
Premiums$1 $16 $19 $9 $(2)$(16)$42 
Universal life and investment-type product policy fees1 — 1 — — 2 1 
Net investment income58 50 80 125 98 273 353 
Other revenues101 101 106 103 102 396 412 
Total adjusted revenues161 167 206 237 198 655 808 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends6 16 12 4 (9)(6)23 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(1)(1)(4)(2)(1)(8)(8)
Amortization of DAC and VOBA2 1 4 3 1 9 9 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt240 247 244 256 258 909 1,005 
Other expenses203 177 229 250 290 709 946 
Total adjusted expenses450 440 485 511 539 1,613 1,975 
Adjusted earnings before provision for income tax(289)(273)(279)(274)(341)(958)(1,167)
Provision for income tax expense (benefit)(108)(103)(83)(79)(142)(343)(407)
Adjusted earnings(181)(170)(196)(195)(199)(615)(760)
Preferred stock dividends29 66 32 67 33 185 198 
Adjusted earnings available to common shareholders$(210)$(236)$(228)$(262)$(232)$(800)$(958)
Adjusted premiums, fees and other revenues$103 $117 $126 $112 $100 $382 $455 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Business activities$32 $19 $20 $13 $35 $138 $87 
Net investment income63 51 81 126 95 276 353 
Interest expense on debt(250)(258)(254)(266)(269)(943)(1,047)
Corporate initiatives and projects(16)(14)(32)(12)(9)(64)(67)
Other(118)(71)(94)(135)(193)(365)(493)
Provision for income tax (expense) benefit and other tax-related items108 103 83 79 142 343 407 
Preferred stock dividends(29)(66)(32)(67)(33)(185)(198)
Adjusted earnings available to common shareholders$(210)$(236)$(228)$(262)$(232)$(800)$(958)
25
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 Ended
Unaudited (In millions, except yields)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Fixed Maturity Securities
Yield (1)4.04 %4.07 %4.17 %4.19 %4.39 %3.76 %4.20 %
Investment income (2), (3)$2,978 $3,028 $3,107 $3,123 $3,241 $11,098 $12,499 
Investment gains (losses)(356)(580)(996)(699)(197)(1,912)(2,472)
Ending carrying value (4)278,215 285,397 285,444 272,456 282,861 278,215 282,861 
Net Mortgage Loans
Yield (1)4.73 %4.92 %5.12 %5.18 %5.36 %4.34 %5.15 %
Investment income (3)983 1,041 1,091 1,094 1,127 3,536 4,353 
Investment gains (losses)(118)(164)32 3 (69)21 (198)
Ending carrying value (5)83,763 85,572 84,794 84,058 84,118 83,763 84,118 
Real Estate and Real Estate Joint Ventures
Yield (1)3.16 %(2.10)%0.82 %(0.31)%2.08 %6.40 %0.12 %
Investment income101 (69)27 (11)69 798 16 
Investment gains (losses)490 18 13 1 37 653 69 
Ending carrying value13,137 13,155 13,045 13,133 13,332 13,137 13,332 
Policy Loans
Yield (1)5.22 %5.35 %5.39 %5.52 %5.36 %5.15 %5.41 %
Investment income115 119 119 120 113 459 471 
Ending carrying value8,874 8,863 8,788 8,725 8,788 8,874 8,788 
Equity Securities
Yield (1)3.58 %3.17 %4.11 %4.14 %3.37 %3.96 %3.61 %
Investment income10 12 10 5 4 36 31 
Investment gains (losses)(18)48 32 (14)15 (133)81 
Ending carrying value1,684 1,695 769 742 757 1,684 757 
Other Limited Partnership Interests
Yield (1), (6)(1.18)%0.73 %6.17 %5.56 %(0.06)%5.92 %3.10 %
Investment income (6)(43)26 225 206 (2)860 455 
Investment gains (losses)38 9 3 — — 53 12 
Ending carrying value (7)14,414 14,437 14,722 14,918 14,764 14,414 14,764 
Cash and Short-term Investments
Yield (1)3.70 %5.01 %5.94 %6.38 %5.61 %2.31 %5.73 %
Investment income131 167 195 220 229 282 811 
Investment gains (losses)(37)(11)29 5 (33)82 (10)
Ending carrying value25,130 22,640 22,338 21,409 26,684 25,130 26,684 
Other Invested Assets
Investment income 396 439 397 420 410 1,670 1,666 
Investment gains (losses)(15)(11)13 (167)7 87 (158)
Ending carrying value20,038 19,479 19,656 18,755 18,202 20,038 18,202 
Total Investments
Investment income yield (1)4.27 %4.31 %4.66 %4.68 %4.69 %4.32 %4.58 %
Investment fees and expenses yield (1)(0.13)%(0.14)%(0.12)%(0.11)%(0.13)%(0.12)%(0.13)%
Net Investment Income Yield (1)4.14 %4.17 %4.54 %4.57 %4.56 %4.20 %4.45 %
Investment income$4,671 $4,763 $5,171 $5,177 $5,191 $18,739 $20,302 
Investment fees and expenses(141)(157)(131)(121)(144)(539)(553)
Net investment income including divested businesses4,530 4,606 5,040 5,056 5,047 18,200 19,749 
Less: Net investment income from divested businesses— — — — — 11 — 
Adjusted Net Investment Income (8)$4,530 $4,606 $5,040 $5,056 $5,047 $18,189 $19,749 
Ending Carrying Value$445,255 $451,238 $449,556 $434,196 $449,506 $445,255 $449,506 
Investment Portfolio Gains (Losses) (9)$(16)$(691)$(874)$(871)$(240)$(1,149)$(2,676)
Gross investment gains1,117 433 271 119 292 2,283 1,115 
Gross investment losses(1,084)(936)(276)(418)(465)(3,257)(2,095)
Net credit loss (provision) release and (impairments)(49)(188)(869)(572)(67)(175)(1,696)
Investment Portfolio Gains (Losses) (9)(16)(691)(874)(871)(240)(1,149)(2,676)
Investment portfolio gains (losses) income tax (expense) benefit3 181 188 155 80 262 604 
Investment Portfolio Gains (Losses), Net of Income Tax$(13)$(510)$(686)$(716)$(160)$(887)$(2,072)
Derivative gains (losses) (9)(381)(372)(1,278)(1,454)(123)(3,227)(3,227)
Derivative gains (losses) income tax (expense) benefit69 47 320 397 (45)828 719 
Derivative Gains (Losses), Net of Income Tax$(312)$(325)$(958)$(1,057)$(168)$(2,399)$(2,508)
See footnotes on Page 29.

26
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$80,030 28.9 %$82,482 29.1 %$82,523 29.1 %$78,552 28.9 %$80,717 28.7 %
Foreign corporate52,572 19.0 %54,285 19.1 %53,690 18.9 %51,377 19.0 %55,444 19.7 %
Foreign government46,747 16.9 %48,111 16.9 %45,994 16.2 %42,685 15.8 %45,489 16.2 %
U.S. government and agency32,229 11.6 %32,878 11.6 %33,129 11.7 %31,729 11.7 %32,252 11.5 %
Residential mortgage-backed26,165 9.5 %26,543 9.4 %28,458 10.0 %27,785 10.3 %29,096 10.3 %
Asset-backed securities and collateralized loan obligations16,822 6.1 %16,970 6.0 %17,480 6.2 %17,412 6.4 %17,294 6.1 %
Municipals12,152 4.4 %12,597 4.4 %12,324 4.3 %11,347 4.2 %11,171 4.0 %
Commercial mortgage-backed10,063 3.6 %9,988 3.5 %10,259 3.6 %10,095 3.7 %9,949 3.5 %
Fixed Maturity Securities Available-For-Sale$276,780 100.0 %$283,854 100.0 %$283,857 100.0 %$270,982 100.0 %$281,412 100.0 %
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$190,021 68.7 %$195,535 69.0 %$196,361 69.3 %$186,834 69.0 %$194,722 69.2 %
Baa273,194 26.5 %74,661 26.3 %73,827 26.0 %71,043 26.2 %73,680 26.2 %
Ba310,511 3.8 %10,856 3.8 %10,885 3.8 %10,325 3.8 %10,299 3.7 %
B42,571 0.9 %2,296 0.8 %2,311 0.8 %2,343 0.9 %2,371 0.8 %
Caa and lower5401 0.1 %395 0.1 %346 0.1 %338 0.1 %258 0.1 %
In or near default682 — %111 — %127 — %99 — %82 — %
Total Fixed Maturity Securities Available-For-Sale (10)$276,780 100.0 %$283,854 100.0 %$283,857 100.0 %$270,982 100.0 %$281,412 100.0 %
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Gross unrealized gains$5,239 $6,554 $5,991 $3,685 $6,876 
Gross unrealized losses34,301 27,469 28,982 38,702 25,835 
Net Unrealized Gains (Losses)$(29,062)$(20,915)$(22,991)$(35,017)$(18,959)
See footnotes on Page 29.

27
INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
          
Commercial mortgage loans$52,502 $53,697 $52,737 $52,053 $52,111 
Agricultural mortgage loans 19,306 19,361 19,579 19,658 19,559 
Residential mortgage loans12,482 13,206 13,129 12,986 13,096 
Total84,290 86,264 85,445 84,697 84,766 
Allowance for credit loss(527)(692)(651)(639)(648)
Net Mortgage Loans$83,763 $85,572 $84,794 $84,058 $84,118 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$9,628 18.3 %$9,736 18.1 %$9,171 17.4 %$9,206 17.7 %$9,016 17.3 %
Non-U.S.9,299 17.7 %9,383 17.5 %9,243 17.5 %8,682 16.7 %8,933 17.1 %
Middle Atlantic7,574 14.4 %7,647 14.2 %7,572 14.4 %7,581 14.6 %7,477 14.3 %
South Atlantic6,617 12.6 %6,671 12.4 %6,514 12.4 %6,581 12.6 %6,637 12.7 %
West South Central3,721 7.1 %3,765 7.0 %3,496 6.6 %3,417 6.6 %3,472 6.7 %
New England2,764 5.3 %2,876 5.4 %2,878 5.5 %2,875 5.5 %2,859 5.5 %
Mountain2,284 4.4 %2,284 4.3 %2,227 4.2 %2,191 4.2 %2,193 4.2 %
East North Central1,594 3.0 %1,768 3.3 %1,809 3.4 %1,855 3.6 %1,822 3.5 %
East South Central620 1.2 %624 1.2 %623 1.2 %622 1.2 %654 1.3 %
West North Central597 1.1 %596 1.1 %602 1.1 %643 1.2 %613 1.2 %
Multi-Region and Other7,804 14.9 %8,347 15.5 %8,602 16.3 %8,400 16.1 %8,435 16.2 %
Total$52,502 100.0 %$53,697 100.0 %$52,737 100.0 %$52,053 100.0 %$52,111 100.0 %
Office$21,009 40.0 %$21,134 39.4 %$20,215 38.3 %$19,619 37.7 %$19,651 37.7 %
Apartment10,575 20.2 %11,357 21.2 %11,928 22.6 %11,807 22.7 %11,974 23.0 %
Retail8,046 15.3 %8,289 15.4 %7,433 14.1 %7,441 14.3 %7,218 13.9 %
Industrial5,607 10.7 %5,219 9.7 %5,158 9.8 %5,248 10.1 %5,275 10.1 %
Single Family Rental3,979 7.6 %4,457 8.3 %4,711 8.9 %4,735 9.1 %4,728 9.1 %
Hotel3,172 6.0 %3,117 5.8 %3,170 6.0 %3,088 5.9 %3,140 6.0 %
Other114 0.2 %124 0.2 %122 0.3 %115 0.2 %125 0.2 %
Total$52,502 100.0 %$53,697 100.0 %$52,737 100.0 %$52,053 100.0 %$52,111 100.0 %
See footnotes on Page 29.
28
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. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. 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 $70 million, $48 million, $50 million, ($17) million and $107 million for the three months ended December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively, and ($127) million and $188 million for the year ended December 31, 2022 and December 31, 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.
December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Fixed maturity securities available-for-sale$276,780 $283,854 $283,857 $270,982 $281,412 
Contractholder-directed equity securities and fair value option securities9,668 10,063 10,204 9,680 10,331 
Total fixed maturity securities286,448 293,917 294,061 280,662 291,743 
Less: Contractholder-directed equity securities8,233 8,520 8,617 8,206 8,882 
Fixed maturity securities$278,215 $285,397 $285,444 $272,456 $282,861 
(5)Net mortgage loans exclude mortgage loans originated for third parties of $8,265 million, $8,238 million and $8,461 million at amortized cost, which is primarily comprised of commercial mortgage loans of $8,022 million, $7,998 million and $8,215 million at amortized cost, and does not include the related allowance for credit loss of $73 million, $66 million and $73 million at June 30, 2023, September 30, 2023 and December 31, 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 ($40) million, $17 million, $223 million, $203 million and ($2) million for the three months ended December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively, and $972 million and $424 million for the year ended December 31, 2022 and December 31, 2023, respectively. The annualized yields for these periods were (1.15%), 0.48%, 6.19%, 5.50%, (0.06%), 6.95% and 3.04%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of $14,000 million, $14,225 million, $14,608 million, $14,862 million and $14,738 million at December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 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 Ended
December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Net investment gains (losses) $350 $(684)$(1,039)$(927)$(174)$(1,260)$(2,824)
Less: Non-investment portfolio gains (losses)369 13 (95)(63)64 (106)(81)
Less: Provision for credit loss on certain mortgage loans originated for third parties— — (73)7 (7)— (73)
Less: Other adjustments(3)(6)3 — 9 (5)6 
Investment portfolio gains (losses) $(16)$(691)$(874)$(871)$(240)$(1,149)$(2,676)
For the Three Months EndedFor the Year Ended
December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Net derivative gains (losses) $(104)$(90)$(997)$(1,202)$149 $(2,251)$(2,140)
Less: Investment hedge adjustments277 264 263 232 253 976 1,012 
Less: Other adjustments— 18 18 20 19 — 75 
Derivative gains (losses) $(381)$(372)$(1,278)$(1,454)$(123)$(3,227)$(3,227)
(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.
29
imagk06.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$1,549 $14 $370 $422 $574 $5,099 $1,380 
Add: Preferred stock dividends29 66 32 67 33 185 198 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net Income (loss) attributable to noncontrolling interests3 5 6 6 7 18 24 
Net income (loss) 1,581 85 408 495 614 $5,302 $1,602 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)350 (684)(1,039)(927)(174)(1,260)(2,824)
Net derivative gains (losses)(104)(90)(997)(1,202)149 (2,251)(2,140)
Market risk benefit remeasurement gains (losses)512 (188)817 796 (431)3,674 994 
Premiums - Divested businesses
— — — — — 41 — 
Universal life and investment-type product policy fees - Divested businesses
— — — — — 11 — 
Net investment income
Investment hedge adjustments(277)(264)(263)(232)(253)(976)(1,012)
Unit-linked contract income209 303 296 4 580 (1,298)1,183 
Other adjustments2 — (1)(3)(8)(10)(12)
Divested businesses— — — — — 11 — 
Other revenues
Asymmetrical and non-economic accounting— — — — 29 — 29 
Other adjustments25 (3)(7)(11)(13)160 (34)
Divested businesses— — — — — 3 — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(79)(84)(74)5 (26)(654)(179)
Market volatility105 14 44 64 62 193 184 
Divested businesses— — — — — (23)— 
Policyholder liability remeasurement (gains) losses - Divested businesses
— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting(64)(19)10 44 (103)66 (68)
Unit-linked contract costs(180)(303)(301)3 (582)1,322 (1,183)
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(37)(16)(11)(21)(7)(191)(55)
Divested businesses(21)(11)(9)(9)(9)(74)(38)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit(149)180 419 429 6 580 1,034 
Adjusted earnings1,289 1,250 1,524 1,555 1,394 5,978 5,723 
Less: Preferred stock dividends29 66 32 67 33 185 198 
Adjusted earnings available to common shareholders$1,260 $1,184 $1,492 $1,488 $1,361 $5,793 $5,525 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Actuarial assumption review and other insurance adjustments$— $— $— $14 $— $89 $14 
Litigation reserves and settlement costs— — — — (76)— (76)
Total notable items$— $— $— $14 $(76)$89 $(62)
GROUP BENEFITS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Actuarial assumption review and other insurance adjustments $— $— $— $27 $— $— $27 
Total notable items $— $— $— $27 $— $— $27 
RIS
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Actuarial assumption review and other insurance adjustments $— $— $— $61 $— $79 $61 
Total notable items $— $— $— $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 Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Actuarial assumption review and other insurance adjustments
$— $— $— $(94)$— $(32)$(94)
Total notable items
$— $— $— $(94)$— $(32)$(94)
LATIN AMERICA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Actuarial assumption review and other insurance adjustments
$— $— $— $— $— $1 $— 
Total notable items
$— $— $— $— $— $1 $— 
EMEA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Actuarial assumption review and other insurance adjustments
$— $— $— $18 $— $15 $18 
Total notable items
$— $— $— $18 $— $15 $18 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Actuarial assumption review and other insurance adjustments
$— $— $— $2 $— $26 $2 
Total notable items
$— $— $— $2 $— $26 $2 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Litigation reserves and settlement costs— — — — (76)— (76)
Total notable items$— $— $— $— $(76)$— $(76)
(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)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Total MetLife, Inc.'s stockholders' equity$29,881 $32,194 $30,261 $25,658 $30,015 
Less: Preferred stock3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 26,063 28,376 26,443 21,840 26,197 
Less: Net unrealized investment gains (losses), net of income tax(21,089)(14,606)(16,800)(26,548)(14,323)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax6,115 2,748 3,919 10,245 2,658 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax107 186 108 (4)27 
  Defined benefit plans adjustment, net of income tax(1,377)(1,356)(1,331)(1,308)(1,446)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA42,307 41,404 40,547 39,455 39,281 
Less: Accumulated year-to-date total notable items (2)89 — — 14 (62)
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$42,218 $41,404 $40,547 $39,441 $39,343 
Unaudited (In millions, except per share data)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Book value per common share $33.45 $36.89 $34.92 $29.34 $35.85 
Less: Net unrealized investment gains (losses), net of income tax(27.07)(18.99)(22.19)(35.66)(19.60)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax7.85 3.57 5.18 13.77 3.64 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax0.14 0.24 0.14 (0.01)0.04 
  Defined benefit plans adjustment, net of income tax(1.77)(1.76)(1.76)(1.76)(1.98)
Book value per common share, excluding AOCI other than FCTA$54.30 $53.83 $53.55 $53.00 $53.75 
Common shares outstanding, end of period 779.1 769.2 757.2 744.4 730.8 
For the Three Months Ended (1)For the Year Ended
Unaudited (In millions, except ratios)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023December 31, 2022December 31, 2023
Return on MetLife, Inc.'s:
Common stockholders' equity 24.0 %0.2 %5.4 %7.0 %9.6 %15.3 %5.4 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 19.5 %17.4 %21.8 %24.7 %22.7 %17.4 %21.4 %
Common stockholders' equity, excluding AOCI other than FCTA 12.1 %11.3 %14.6 %14.9 %13.8 %13.7 %13.6 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)12.1 %11.3 %14.6 %14.7 %14.6 %13.5 %13.8 %
Average common stockholders' equity $25,817 $27,220 $27,410 $24,142 $24,019 $33,221 $25,784 
Average common stockholders' equity, excluding AOCI other than FCTA $41,640 $41,856 $40,976 $40,001 $39,368 $42,282 $40,599 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$41,551 $41,856 $40,976 $39,994 $39,392 $42,231 $40,608 
(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)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
GROUP BENEFITS (1)$5,799 $6,049 $6,013 $5,866 $6,001 
RIS (1)517 648 2,823 2,478 2,883 
ASIA 1,686 1,666 1,650 1,718 1,705 
LATIN AMERICA1,247 1,381 1,349 1,439 1,486 
EMEA 564 570 567 581 595 
METLIFE HOLDINGS (1)1,010 959 938 910 901 
CORPORATE & OTHER (1)103 117 126 112 100 
Adjusted premiums, fees and other revenues, on a constant currency basis$10,926 $11,390 $13,466 $13,104 $13,671 
Adjusted premiums, fees and other revenues$10,873 $11,520 $13,594 $13,181 $13,671 
ASIA (including operating joint ventures) (2), (3)$2,050 $2,144 $2,060 $2,143 $2,071 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
GROUP BENEFITS (1)$908 $932 $950 $937 $977 
RIS (1)123 146 146 138 135 
ASIA 780 745 740 775 785 
LATIN AMERICA462 440 457 479 523 
EMEA308 292 303 311 331 
METLIFE HOLDINGS (1)247 238 231 238 220 
CORPORATE & OTHER (1)203 177 229 250 290 
Adjusted other expenses on a constant currency basis$3,031 $2,970 $3,056 $3,128 $3,261 
Adjusted other expenses$3,020 $3,030 $3,113 $3,159 $3,261 
ASIA (including operating joint ventures) (2), (4)$887 $869 $856 $888 $882 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2022March 31, 2023June 30, 2023September 30, 2023December 31, 2023
GROUP BENEFITS (1)$392 $307 $372 $510 $466 
RIS (1)381 $400 417 470 421 
ASIA 267 270 423 271 296 
LATIN AMERICA200 219 211 192 207 
EMEA 64 57 66 87 47 
METLIFE HOLDINGS (1)184 158 211 208 156 
CORPORATE & OTHER (1)(210)(236)(228)(262)(232)
Adjusted earnings available to common shareholders on a constant currency basis$1,278 $1,175 $1,472 $1,476 $1,361 
Adjusted earnings available to common shareholders$1,260 $1,184 $1,492 $1,488 $1,361 
(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 15 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
APPENDIX
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
APPENDIX
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 and exclude asymmetrical accounting associated with in-force reinsurance.
•
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, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) 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 and asymmetrical accounting associated with in-force reinsurance.
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.
A-7

APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
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).
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.
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APPENDIX
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
RISRetirement and Income Solutions
VOBAValue of business acquired
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