Exhibit 99.1

Fourth Quarter

Financial Supplement

December 31, 2017

Revised Results for the Quarters Ended December

31, 2016, March 31, 2017, June 30, 2017, September

30, 2017, December 31, 2017 and the Years Ended

December 31, 2016 and December 31, 2017 to

include the Release of Reinsurance Reserves for

Japanese Variable Annuities

4

	METLIFE TABLE OF CONTENTS
	GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2
	CORPORATE OVERVIEW	3
	CONSOLIDATED BALANCE SHEETS	7
	SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	8
	U.S.
	Statements of Adjusted Earnings Available to Common Shareholders	9
	Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	10
	Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	11
	Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	12
	Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	13
	Group Benefits - Other Expenses by Major Category and Other Statistical Information	14
	Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	15
	Retirement and Income Solutions - Other Expenses by Major Category and Spread	16
	Property & Casualty - Other Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data	17
	ASIA
	Statements of Adjusted Earnings Available to Common Shareholders	18
	Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	19
	LATIN AMERICA
	Statements of Adjusted Earnings Available to Common Shareholders	20
	Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	21
	EMEA
	Statements of Adjusted Earnings Available to Common Shareholders	22
	Other Expenses by Major Category and Other Statistical Information	23
	METLIFE HOLDINGS
	Statements of Adjusted Earnings Available to Common Shareholders	24
	Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	25
	Other Expenses by Major Category and Spread by Product	26
	Other Statistical Information	27
	CORPORATE & OTHER
	Statements of Adjusted Earnings Available to Common Shareholders and Adjusted Earnings Available to Common Shareholders by Source	28
	INVESTMENTS
	Investment Portfolio Results by Asset Category and Annualized Yields	29
	Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale	31
	Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution	32
	Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type	33
	APPENDIX
	Reconciliation Detail	A-1
	Notable Items:
	MetLife Total, U.S., U.S. - Group Benefits, U.S. - Retirement and Income Solutions, U.S. - Property & Casualty,	A-2
	Asia, Latin America, EMEA, MetLife Holdings and Corporate & Other	A-3
	Equity Details, Book Value Details and Return on Equity	A-4
	Return on Allocated Equity	A-5
	Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-6
	Non-GAAP and Other Financial Disclosures	A-7
	Acronyms	A-9

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 of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures. This QFS includes revised prior period results to reflect a reserve strengthening and other corrections in the appropriate historical periods as previously discussed in the press release preannouncing preliminary fourth quarter 2017 earnings issued on January 29, 2018. Additionally, as previously announced, MetLife's 2017 Form 10-K financial statements contained upward revisions to the full-year 2017 net income with no impact to adjusted earnings.  This revision was related to the release of reinsurance reserves for Japanese variable annuities following an internal review of reserving practices for this block of business reported in the MetLife Holdings segment.  As result of this event, we have updated this QFS to incorporate this revision.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Revenues
Premiums		$	9,246		$	8,965		$	9,580		$	10,876		$	9,571		$	37,202		$	38,992
Universal life and investment-type product policy fees		1,355			1,360			1,364			1,428			1,358			5,483			5,510
Net investment income		4,263			4,421			4,193			4,295			4,454			16,790			17,363
Other revenues		376			342			292			301			406			1,685			1,341
Net investment gains (losses)		(299		)	88			104			(606		)	106			317			(308		)
Net derivative gains (losses)		(2,554		)	(212		)	(200		)	(123		)	(55		)	(690		)	(590		)
Total revenues		12,387			14,964			15,333			16,171			15,840			60,787			62,308
Expenses
Policyholder benefits and claims		8,928			8,863			9,427			10,728			9,295			36,358			38,313
Interest credited to policyholder account balances		1,357			1,451			1,292			1,338			1,526			5,176			5,607
Policyholder dividends		299			310			313			302			306			1,223			1,231
Capitalization of DAC		(730		)	(713		)	(744		)	(761		)	(784		)	(3,152		)	(3,002		)
Amortization of DAC and VOBA		654			663			656			626			736			2,718			2,681
Amortization of negative VOBA		(48		)	(43		)	(38		)	(32		)	(27		)	(269		)	(140		)
Interest expense on debt		282			283			284			284			278			1,157			1,129
Other expenses		3,316			3,078			3,125			3,201			3,549			13,295			12,953
Total expenses		14,058			13,892			14,315			15,686			14,879			56,506			58,772
Income (loss) from continuing operations before provision for income tax		(1,671		)	1,072			1,018			485			961			4,281			3,536
Provision for income tax expense (benefit)		(700		)	120			162			(398		)	(1,354		)	693			(1,470		)
Income (loss) from continuing operations, net of income tax		(971		)	952			856			883			2,315			3,588			5,006
Income (loss) from discontinued operations, net of income tax		(1,370		)	(76		)	58			(968		)	—			(2,734		)	(986		)
Net income (loss)		(2,341		)	876			914			(85		)	2,315			854			4,020
Less: Net income (loss) attributable to noncontrolling interests		2			3			3			6			(2		)	4			10
Net income (loss) attributable to MetLife, Inc.		(2,343		)	873			911			(91		)	2,317			850			4,010
Less: Preferred stock dividends		45			6			46			6			45			103			103
Net income (loss) available to MetLife, Inc.'s common shareholders		$	(2,388	)	$	867		$	865		$	(97	)	$	2,272		$	747		$	3,907
Total Premiums, Fees and Other Revenues		$	10,977		$	10,667		$	11,236		$	12,605		$	11,335		$	44,370		$	45,843

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Net income (loss) available to MetLife, Inc.'s common shareholders	$	(2,388	)	$	867		$	865		$	(97	)		$	2,272
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(299		)	88			104			(606		)		106
Less: Net derivative gains (losses)	(2,554		)	(212		)	(200		)	(123		)		(55		)
Less: Goodwill impairment	—			—			—			—				—
Less: Other adjustments to continuing operations (1)	(111		)	(491		)	(341		)	(494		)		(296		)
Less: Provision for income tax (expense) benefit	891			240			126			985				1,837
Less: Income (loss) from discontinued operations, net of income tax	(1,370		)	(76		)	58			(968		)		—
Add: Net income (loss) attributable to noncontrolling interests	2			3			3			6				(2		)
Adjusted earnings available to common shareholders	$	1,057		$	1,321		$	1,121		$	1,115			$	678
Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted (2)	$	(2.17	)	$	0.79		$	0.80		$	(0.09	)		$	2.14
Less: Net investment gains (losses)	(0.27		)	0.08			0.10			(0.57		)		0.10
Less: Net derivative gains (losses)	(2.30		)	(0.19		)	(0.19		)	(0.12		)		(0.05		)
Less: Goodwill impairment	—			—			—			—				—
Less: Other adjustments to continuing operations	(0.11		)	(0.45		)	(0.32		)	(0.45		)		(0.28		)
Less: Provision for income tax (expense) benefit	0.80			0.22			0.12			0.92				1.73
Less: Income (loss) from discontinued operations, net of income tax	(1.24		)	(0.07		)	0.05			(0.90		)		—
Add: Net income (loss) attributable to noncontrolling interests	—			—			—			0.01				—
Adjusted earnings available to common shareholders per common share - diluted (2)	$	0.95		$	1.20		$	1.04		$	1.04			$	0.64
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Notable items impacting adjusted earnings available to common shareholders:
Variable investment income	$	—		$	15		$	—		$	—			$	—
Catastrophe experience and prior year development, net	—			(45		)	—			(10		)		7
Actuarial assumption review and other insurance adjustments	(91		)	76			(28		)	125				(110		)
Litigation reserves & settlement costs	(23		)	(21		)	—			—				(55		)
Expense initiative costs	(28		)	(21		)	(22		)	(17		)		(42		)
Other expense-related items (3)	—			—			(36		)	—				—
Tax adjustments	—			—			27			(167		)		(298		)
Total notable items (4)	$	(142	)	$	4		$	(59	)	$	(69	)		$	(498	)
Notable items impacting adjusted earnings available to common shareholders per common share - diluted:
Variable investment income	$	—		$	0.01		$	—		$	—			$	—
Catastrophe experience and prior year development, net	$	—		$	(0.04	)	$	—		$	(0.01	)		$	0.01
Actuarial assumption review and other insurance adjustments	$	(0.08	)	$	0.07		$	(0.03	)	$	0.12			$	(0.10	)
Litigation reserves & settlement costs	$	(0.02	)	$	(0.02	)	$	—		$	—			$	(0.05	)
Expense initiative costs	$	(0.03	)	$	(0.02	)	$	(0.02	)	$	(0.02	)		$	(0.04	)
Other expense-related items (3)	$	—		$	—		$	(0.03	)	$	—			$	—
Tax adjustments	$	—		$	—		$	0.02		$	(0.16	)		$	(0.28	)
Total notable items (4)	$	(0.13	)	$	—		$	(0.05	)	$	(0.06	)		$	(0.47	)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Weighted average common shares outstanding - diluted	1,108.8			1,098.7			1,082.1			1,071.5				1,062.1
(1) See Page A-1 for further detail.
(2) 8.6 million shares related to the assumed exercise or issuance of stock-based awards for the three months ended December 31, 2016 have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to income (loss) from continuing operations, net of income tax, per common share - diluted. These shares were included in the calculation of adjustedearnings available to common shareholders per common share - diluted.
(3) For the three months ended June 30, 2017, $36 million in lease impairments are included.
(4) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per common share - diluted. 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 the Company’s results, but that were unknown and that the Company 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 Company results and to evaluate and forecast those results.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Book value per common share (1)	$	59.76		$	61.14		$	63.63		$	52.09			$	54.24
Book value per common share, excluding AOCI other than FCTA (1)	$	50.01		$	50.75		$	51.29		$	41.21			$	42.92
Book value per common share - common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA) (1)	$	34.86		$	35.55		$	37.52		$	41.21			$	42.92
Book value per common share - tangible common stockholders' equity (excludes AOCI other than FCTA) (1)	$	41.32		$	41.88		$	42.26		$	32.18			$	33.63
	For the Three Months Ended
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Return on MetLife, Inc.'s (2):
Common stockholders' equity	(13.4		)%	5.3		%	5.2		%	(0.6		)%		16.3		%
Common stockholders' equity, excluding AOCI other than FCTA	(16.8		)%	6.3		%	6.3		%	(0.8		)%		20.6		%
Tangible common stockholders' equity (excludes AOCI other than FCTA)	(20.1		)%	7.8		%	7.8		%	(0.9		)%		26.4		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	5.9		%	8.0		%	6.7		%	7.3		%		4.9		%
Common stockholders' equity, excluding AOCI other than FCTA	7.4		%	9.6		%	8.2		%	9.1		%		6.1		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	10.7		%	13.8		%	11.4		%	10.7		%		6.1		%
Tangible common stockholders' equity (excludes AOCI other than FCTA)	9.0		%	11.7		%	10.0		%	11.4		%		8.0		%
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Common shares outstanding, beginning of period	1,099.0			1,095.5			1,081.3			1,063.5				1,054.3
Share repurchases	(5.5		)	(16.0		)	(18.3		)	(10.4		)		(11.9		)
Newly issued shares	2.0			1.8			0.5			1.2				1.2
Common shares outstanding, end of period	1,095.5			1,081.3			1,063.5			1,054.3				1,043.6
Weighted average common shares outstanding - basic	1,100.2			1,090.4			1,074.0			1,062.3				1,052.5
Dilutive effect of the exercise or issuance of stock-based awards	8.6			8.3			8.1			9.2				9.6
Weighted average common shares outstanding - diluted	1,108.8			1,098.7			1,082.1			1,071.5				1,062.1
MetLife Policyholder Trust Shares	163.3			161.3			159.1			157.3				155.2
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See page A-4 for the return on MetLife, Inc.'s common stockholders' equity and adjusted return on MetLife, Inc.'s common stockholders' equity for the years ended December 31, 2016 and 2017.

4

METLIFE CORPORATE OVERVIEW (CONTINUED)
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Total revenues	$	12,387		$	14,964		$	15,333		$	16,171		$	15,840		$	60,787			$	62,308
Less: Net investment (gains) losses	(299		)	88			104			(606		)	106			317				(308		)
Less: Net derivative (gains) losses	(2,554		)	(212		)	(200		)	(123		)	(55		)	(690		)		(590		)
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	2			1			9			4			(2		)	30				12
Less: Other adjustments to revenues:
GMIB fees	31			31			31			32			31			124				125
Investment hedge adjustments	(152		)	(139		)	(114		)	(97		)	(85		)	(580		)		(435		)
Operating joint venture adjustments	1			(1		)	1			—			—			6				—
Unit-linked contract income	327			416			214			234			436			950				1,300
Securitization entities income	—			—			—			—			—			—				—
Settlement of foreign currency earnings hedges	(2		)	6			5			5			6			4				22
Divested businesses and Lag elimination	(239		)	(280		)	(228		)	(54		)	—			(290		)		(562		)
Total adjusted revenues	$	15,272		$	15,054		$	15,511		$	16,776		$	15,403		$	60,916			$	62,744
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Net investment income	$	4,263		$	4,421		$	4,193		$	4,295		$	4,454		$	16,790			$	17,363
Less: Adjustments to net investment income:
Investment hedge adjustments	(152		)	(139		)	(114		)	(97		)	(85		)	(580		)		(435		)
Operating joint venture adjustments	1			(1		)	1			—			—			6				—
Unit-linked contract income	327			416			214			234			436			950				1,300
Securitization entities income	—			—			—			—			—			—				—
Divested businesses and Lag elimination	(49		)	(27		)	(21		)	2			—			(23		)		(46		)
Net investment income, as reported on an adjusted basis	$	4,136		$	4,172		$	4,113		$	4,156		$	4,103		$	16,437			$	16,544
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Total premiums, fees and other revenues	$	10,977		$	10,667		$	11,236		$	12,605		$	11,335		$	44,370			$	45,843
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	2			1			9			4			(2		)	30				12
GMIB fees	31			31			31			32			31			124				125
Settlement of foreign currency earnings hedges	(2		)	6			5			5			6			4				22
Divested businesses and Lag elimination	(190		)	(253		)	(207		)	(56		)	—			(267		)		(516		)
Total adjustedpremiums, fees and other revenues	$	11,136		$	10,882		$	11,398		$	12,620		$	11,300		$	44,479			$	46,200
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	11,159		$	10,971		$	11,403		$	12,573		$	11,300

5

METLIFE CORPORATE OVERVIEW (CONTINUED)
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Total expenses	$	14,058		$	13,892		$	14,315		$	15,686		$	14,879		$	56,506			$	58,772
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(11		)	(2		)	(28		)	(2		)	(28		)	(226		)		(60		)
Less: Goodwill impairment	—			—			—			—			—			—				—
Less: Other adjustments to expenses:
Inflation and pass through adjustments	(163		)	21			53			(28		)	(77		)	(85		)		(31		)
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	100			60			61			138			93			125				352
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	6			3			2			6			2			16				13
PAB hedge adjustments	(1		)	(1		)	(1		)	(1		)	—			(3		)		(3		)
Unit-linked contract costs	318			402			213			229			420			932				1,264
Securitization entities debt expense	—			—			—			—			—			—				—
Noncontrolling interest	(4		)	(4		)	(3		)	(10		)	5			(6		)		(12		)
Regulatory implementation costs	1			—			—			—			—			1				—
Acquisition, integration and other costs	31			8			14			20			23			64				65
Divested businesses and Lag elimination	(198		)	38			(52		)	266			244			(93		)		496
Total adjusted expenses	$	13,979		$	13,367		$	14,056		$	15,068		$	14,197		$	55,781			$	56,688
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Capitalization of DAC	$	(730	)	$	(713	)	$	(744	)	$	(761	)	$	(784	)	$	(3,152	)		$	(3,002	)
Less: Divested businesses and Lag elimination	21			16			14			4			—			(1		)		34
Capitalization of DAC, as reported on an adjusted basis	$	(751	)	$	(729	)	$	(758	)	$	(765	)	$	(784	)	$	(3,151	)		$	(3,036	)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Other expenses	$	3,316		$	3,078		$	3,125		$	3,201		$	3,549		$	13,295			$	12,953
Less: Noncontrolling interest	(4		)	(4		)	(3		)	(10		)	5			(6		)		(12		)
Less: Regulatory implementation costs	1			—			—			—			—			1				—
Less: Acquisition, integration and other costs	31			8			14			20			23			64				65
Less: Divested businesses and Lag elimination	(24		)	133			44			70			244			296				491
Other expenses, as reported on an adjusted basis	$	3,312		$	2,941		$	3,070		$	3,121		$	3,277		$	12,940			$	12,409
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,320		$	2,972		$	3,072		$	3,101		$	3,277
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Other expenses by major category, as reported on an adjusted basis
Direct and allocated expenses	$	1,604		$	1,360		$	1,477		$	1,531		$	1,705		$	5,843			$	6,073
Pension and post-retirement benefit costs	79			79			77			81			65			342				302
Premium taxes, other taxes, and licenses & fees	143			175			148			144			153			678				620
Fixed expenses, as reported on an adjusted basis	$	1,826		$	1,614		$	1,702		$	1,756		$	1,923		$	6,863			$	6,995
Commissions and other variable expenses	1,486			1,327			1,368			1,365			1,354			6,077				5,414
Other expenses, as reported on an adjusted basis	$	3,312		$	2,941		$	3,070		$	3,121		$	3,277		$	12,940			$	12,409

6

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	289,563		$	294,710		$	300,616		$	308,894			$	308,931
Equity securities available-for-sale, at estimated fair value	2,894			3,088			3,137			2,776				2,513
Fair value option securities, at estimated fair value	13,923			14,399			14,762			16,538				16,745
Mortgage loans	65,167			66,633			67,309			68,057				68,731
Policy loans	9,511			9,603			9,558			9,585				9,669
Real estate and real estate joint ventures	8,891			9,293			9,256			9,486				9,637
Other limited partnership interests	5,136			5,166			5,251			5,501				5,708
Short-term investments, principally at estimated fair value	6,523			8,911			5,890			7,217				4,870
Other invested assets, principally at estimated fair value	19,303			17,003			16,559			17,652				17,263
Total investments	420,911			428,806			432,338			445,706				444,067
Cash and cash equivalents, principally at estimated fair value	12,651			11,599			12,876			13,023				12,701
Accrued investment income	3,308			3,343			3,362			3,692				3,524
Premiums, reinsurance and other receivables	15,445			16,114			16,475			18,588				18,423
Deferred policy acquisition costs and value of business acquired	17,590			18,138			18,039			18,399				18,419
Current income tax recoverable	20			25			66			3				—
Goodwill	9,220			9,350			9,385			9,556				9,590
Assets of disposed subsidiary	216,983			217,844			220,295			—				—
Other assets	7,058			7,312			7,474			8,149				8,167
Separate account assets	195,578			202,156			204,889			203,399				205,001
Total assets	$	898,764		$	914,687		$	925,199		$	720,515			$	719,892
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	166,636		$	169,486		$	171,271		$	176,005			$	177,974
Policyholder account balances	172,486			177,076			178,218			181,703				182,518
Other policy-related balances	13,402			13,774			13,804			15,428				15,515
Policyholder dividends payable	696			685			707			730				682
Policyholder dividend obligation	1,931			1,983			2,237			2,201				2,121
Payables for collateral under securities loaned and other transactions	25,873			25,722			26,604			27,132				25,723
Short-term debt	242			260			235			214				477
Long-term debt	16,441			16,455			16,492			16,688				15,686
Collateral financing arrangements	1,274			1,262			1,235			1,220				1,121
Junior subordinated debt securities	3,169			3,169			3,169			3,144				3,144
Liabilities of disposed subsidiary	202,707			204,639			206,334			—				—
Current income tax payable	—			—			—			—				311
Deferred income tax liability	6,892			6,704			7,763			8,695				6,767
Other liabilities	23,735			22,958			22,295			26,745				23,982
Separate account liabilities	195,578			202,156			204,889			203,399				205,001
Total liabilities	831,062			846,329			855,253			663,304				661,022
Equity
Preferred stock, at par value	—			—			—			—				—
Common stock, at par value	12			12			12			12				12
Additional paid-in capital	30,944			30,990			31,021			31,066				31,111
Retained earnings	34,683			35,113			35,547			24,677				26,527
Treasury stock, at cost	(3,474		)	(4,332		)	(5,284		)	(5,779		)		(6,401		)
Accumulated other comprehensive income (loss)	5,366			6,396			8,436			7,005				7,427
Total MetLife, Inc.'s stockholders' equity	67,531			68,179			69,732			56,981				58,676
Noncontrolling interests	171			179			214			230				194
Total equity	67,702			68,358			69,946			57,211				58,870
Total liabilities and equity	$	898,764		$	914,687		$	925,199		$	720,515			$	719,892

7

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	277		$	298		$	312		$	370			$	352
RETIREMENT AND INCOME SOLUTIONS	449			420			402			381				266
PROPERTY & CASUALTY	49			28			26			63				133
TOTAL U.S.	$	775		$	746		$	740		$	814			$	751
ASIA	469			441			467			470				471
LATIN AMERICA	139			181			188			214				158
EMEA	82			87			86			92				91
METLIFE HOLDINGS	287			573			342			538				276
CORPORATE & OTHER	(459		)	(341		)	(368		)	(420		)		(541		)
Total adjusted earnings before provision for income tax	$	1,293		$	1,687		$	1,455		$	1,708			$	1,206
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	103		$	104		$	109		$	129			$	122
RETIREMENT AND INCOME SOLUTIONS	155			146			140			134				93
PROPERTY & CASUALTY	6			(1		)	(2		)	12				38
TOTAL U.S.	$	264		$	249		$	247		$	275			$	253
ASIA	115			146			157			156				161
LATIN AMERICA	17			38			34			51				33
EMEA	10			12			14			21				12
METLIFE HOLDINGS	86			186			105			174				82
CORPORATE & OTHER	(301		)	(271		)	(269		)	(90		)		(58		)
Total provision for income tax expense (benefit)	$	191		$	360		$	288		$	587			$	483
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	174		$	194		$	203		$	241			$	230
RETIREMENT AND INCOME SOLUTIONS	294			274			262			247				173
PROPERTY & CASUALTY	43			29			28			51				95
TOTAL U.S.	$	511		$	497		$	493		$	539			$	498
ASIA	354			295			310			314				310
LATIN AMERICA	122			143			154			163				125
EMEA	72			75			72			71				79
METLIFE HOLDINGS	201			387			237			364				194
CORPORATE & OTHER (1)	(203		)	(76		)	(145		)	(336		)		(528		)
Total adjusted earnings available to common shareholders (1)	$	1,057		$	1,321		$	1,121		$	1,115			$	678
ADJUSTED RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
U.S.
GROUP BENEFITS	24.1		%	27.6		%	28.8		%	34.2		%		32.7		%
RETIREMENT AND INCOME SOLUTIONS	17.3		%	19.8		%	18.9		%	17.8		%		12.5		%
PROPERTY & CASUALTY	15.2		%	6.2		%	6.0		%	11.0		%		20.4		%
TOTAL U.S.	18.9		%	19.5		%	19.3		%	21.1		%		19.5		%
ASIA	12.8		%	9.4		%	9.9		%	10.0		%		9.9		%
LATIN AMERICA	15.9		%	19.5		%	21.0		%	22.2		%		17.0		%
EMEA	8.9		%	9.3		%	9.0		%	8.8		%		9.8		%
METLIFE HOLDINGS	7.3		%	13.8		%	8.4		%	12.9		%		6.9		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
U.S.	20.8		%	22.7		%	22.5		%	24.6		%		22.7		%
ASIA	22.1		%	15.0		%	15.8		%	16.0		%		15.8		%
LATIN AMERICA	25.2		%	33.6		%	36.2		%	38.3		%		29.3		%
EMEA	15.6		%	15.3		%	14.7		%	14.5		%		16.1		%
METLIFE HOLDINGS	7.8		%	15.4		%	9.5		%	14.5		%		7.8		%
(1) Includes impact of preferred stock dividends of $45 million, $6 million, $46 million, $6 million and $45 million for the three months ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively.
(2) Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and return on allocated tangible equity for each of the periods presented.

8

U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Adjusted revenues
Premiums		$	5,374		$	5,185		$	5,877		$	6,987		$	5,583		$	21,501			$	23,632
Universal life and investment-type product policy fees		246			265			251			247			249			989				1,012
Net investment income		1,591			1,612			1,575			1,602			1,607			6,206				6,396
Other revenues		195			204			199			197			206			784				806
Total adjusted revenues		7,406			7,266			7,902			9,033			7,645			29,480				31,846
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,357			5,244			5,887			6,916			5,580			21,591				23,627
Interest credited to policyholder account balances		335			351			359			376			388			1,302				1,474
Capitalization of DAC		(115		)	(100		)	(116		)	(126		)	(116		)	(471		)		(458		)
Amortization of DAC and VOBA		118			114			114			118			113			471				459
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		2			2			4			2			3			9				11
Other expenses		934			909			914			933			926			3,706				3,682
Total adjusted expenses		6,631			6,520			7,162			8,219			6,894			26,608				28,795
Adjusted earnings before provision for income tax		775			746			740			814			751			2,872				3,051
Provision for income tax expense (benefit)		264			249			247			275			253			976				1,024
Adjusted earnings		511			497			493			539			498			1,896				2,027
Preferred stock dividends		—			—			—			—			—			—				—
Adjusted earnings available to common shareholders		$	511		$	497		$	493		$	539		$	498		$	1,896			$	2,027
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	511		$	497		$	493		$	539		$	498		$	1,896			$	2,027
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(21		)	(18		)	—			96			102			(15		)		180
Net derivative gains (losses)		(459		)	(148		)	128			(14		)	13			53				(21		)
Premiums		—			—			—			—			—			—				—
Universal life and investment-type product policy fees		—			—			—			—			—			—				—
Net investment income		(72		)	(66		)	(51		)	(43		)	(35		)	(264		)		(195		)
Other revenues		—			—			—			—			—			—				—
Policyholder benefits and claims and policyholder dividends		12			(1		)	(2		)	(1		)	(1		)	(2		)		(5		)
Interest credited to policyholder account balances		1			1			1			1			—			3				3
Capitalization of DAC		—			—			—			—			—			—				—
Amortization of DAC and VOBA		—			—			—			—			—			—				—
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		—			—			—			—			—			—				—
Other expenses		—			—			—			—			—			—				—
Goodwill impairment		—			—			—			—			—			—				—
Provision for income tax (expense) benefit		190			80			(27		)	(13		)	(28		)	85				12
Income (loss) from continuing operations, net of income tax		162			345			542			565			549			1,756				2,001
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—				—
Net income (loss)		162			345			542			565			549			1,756				2,001
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.		162			345			542			565			549			1,756				2,001
Less: Preferred stock dividends		—			—			—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	162		$	345		$	542		$	565		$	549		$	1,756			$	2,001
Total Adjusted Premiums, Fees and Other Revenues		$	5,815		$	5,654		$	6,327		$	7,431		$	6,038		$	23,274			$	25,450

9

U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums		$	3,722		$	3,971		$	3,880		$	3,756		$	3,780		$	15,059		$	15,387
Universal life and investment-type product policy fees		194			204			200			197			198			770			799
Net investment income		276			285			280			285			275			1,140			1,125
Other revenues		117			125			122			120			127			467			494
Total adjusted revenues		4,309			4,585			4,482			4,358			4,380			17,436			17,805
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,404			3,670			3,560			3,374			3,413			13,857			14,017
Interest credited to policyholder account balances		34			34			34			34			34			137			136
Capitalization of DAC		(11		)	(9		)	(7		)	(8		)	(7		)	(48		)	(31		)
Amortization of DAC and VOBA		9			10			10			9			7			39			36
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			1			—			1			1			2
Other expenses		596			582			572			579			580			2,360			2,313
Total adjusted expenses		4,032			4,287			4,170			3,988			4,028			16,346			16,473
Adjusted earnings before provision for income tax		277			298			312			370			352			1,090			1,332
Provision for income tax expense (benefit)		103			104			109			129			122			403			464
Adjusted earnings		174			194			203			241			230			687			868
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	174		$	194		$	203		$	241		$	230		$	687		$	868
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	174		$	194		$	203		$	241		$	230		$	687		$	868
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(7		)	9			(3		)	—			7			(22		)	13
Net derivative gains (losses)		(340		)	(34		)	26			(7		)	(13		)	14			(28		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(27		)	(21		)	(17		)	(16		)	(15		)	(111		)	(69		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		131			16			(2		)	8			7			47			29
Income (loss) from continuing operations, net of income tax		(69		)	164			207			226			216			615			813
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		(69		)	164			207			226			216			615			813
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		(69		)	164			207			226			216			615			813
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(69	)	$	164		$	207		$	226		$	216		$	615		$	813
Total Adjusted Premiums, Fees and Other Revenues		$	4,033		$	4,300		$	4,202		$	4,073		$	4,105		$	16,296		$	16,680

10

U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Adjusted revenues
Premiums		$	770		$	346		$	1,115		$	2,336		$	902		$	2,948			$	4,699
Universal life and investment-type product policy fees		52			61			51			50			51			219				213
Net investment income		1,287			1,285			1,254			1,276			1,294			4,952				5,109
Other revenues		73			72			72			73			73			288				290
Total adjusted revenues		2,182			1,764			2,492			3,735			2,320			8,407				10,311
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,311			912			1,652			2,897			1,587			5,128				7,048
Interest credited to policyholder account balances		301			317			325			342			354			1,165				1,338
Capitalization of DAC		(6		)	(2		)	(8		)	(12		)	(9		)	(12		)		(31		)
Amortization of DAC and VOBA		5			5			4			7			4			18				20
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		2			2			3			2			2			8				9
Other expenses		120			110			114			118			116			434				458
Total adjusted expenses		1,733			1,344			2,090			3,354			2,054			6,741				8,842
Adjusted earnings before provision for income tax		449			420			402			381			266			1,666				1,469
Provision for income tax expense (benefit)		155			146			140			134			93			578				513
Adjusted earnings		294			274			262			247			173			1,088				956
Preferred stock dividends		—			—			—			—			—			—				—
Adjusted earnings available to common shareholders		$	294		$	274		$	262		$	247		$	173		$	1,088			$	956
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	294		$	274		$	262		$	247		$	173		$	1,088			$	956
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(11		)	(33		)	4			96			93			(11		)		160
Net derivative gains (losses)		(124		)	(111		)	104			(8		)	24			40				9
Premiums		—			—			—			—			—			—				—
Universal life and investment-type product policy fees		—			—			—			—			—			—				—
Net investment income		(45		)	(45		)	(34		)	(27		)	(20		)	(153		)		(126		)
Other revenues		—			—			—			—			—			—				—
Policyholder benefits and claims and policyholder dividends		12			(1		)	(2		)	(1		)	(1		)	(2		)		(5		)
Interest credited to policyholder account balances		1			1			1			1			—			3				3
Capitalization of DAC		—			—			—			—			—			—				—
Amortization of DAC and VOBA		—			—			—			—			—			—				—
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		—			—			—			—			—			—				—
Other expenses		—			—			—			—			—			—				—
Goodwill impairment		—			—			—			—			—			—				—
Provision for income tax (expense) benefit		60			65			(26		)	(21		)	(33		)	44				(15		)
Income (loss) from continuing operations, net of income tax		187			150			309			287			236			1,009				982
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—				—
Net income (loss)		187			150			309			287			236			1,009				982
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.		187			150			309			287			236			1,009				982
Less: Preferred stock dividends		—			—			—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	187		$	150		$	309		$	287		$	236		$	1,009			$	982
Total Adjusted Premiums, Fees and Other Revenues		$	895		$	479		$	1,238		$	2,459		$	1,026		$	3,455			$	5,202

11

U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Adjusted revenues
Premiums	$	882		$	868		$	882		$	895		$	901		$	3,494			$	3,546
Universal life and investment-type product policy fees	—			—			—			—			—			—				—
Net investment income	28			42			41			41			38			114				162
Other revenues	5			7			5			4			6			29				22
Total adjusted revenues	915			917			928			940			945			3,637				3,730
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	642			662			675			645			580			2,606				2,562
Interest credited to policyholder account balances	—			—			—			—			—			—				—
Capitalization of DAC	(98		)	(89		)	(101		)	(106		)	(100		)	(411		)		(396		)
Amortization of DAC and VOBA	104			99			100			102			102			414				403
Amortization of negative VOBA	—			—			—			—			—			—				—
Interest expense on debt	—			—			—			—			—			—				—
Other expenses	218			217			228			236			230			912				911
Total adjusted expenses	866			889			902			877			812			3,521				3,480
Adjusted earnings before provision for income tax	49			28			26			63			133			116				250
Provision for income tax expense (benefit)	6			(1		)	(2		)	12			38			(5		)		47
Adjusted earnings	43			29			28			51			95			121				203
Preferred stock dividends	—			—			—			—			—			—				—
Adjusted earnings available to common shareholders	$	43		$	29		$	28		$	51		$	95		$	121			$	203
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	43		$	29		$	28		$	51		$	95		$	121			$	203
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)	(3		)	6			(1		)	—			2			18				7
Net derivative gains (losses)	5			(3		)	(2		)	1			2			(1		)		(2		)
Premiums	—			—			—			—			—			—				—
Universal life and investment-type product policy fees	—			—			—			—			—			—				—
Net investment income	—			—			—			—			—			—				—
Other revenues	—			—			—			—			—			—				—
Policyholder benefits and claims and policyholder dividends	—			—			—			—			—			—				—
Interest credited to policyholder account balances	—			—			—			—			—			—				—
Capitalization of DAC	—			—			—			—			—			—				—
Amortization of DAC and VOBA	—			—			—			—			—			—				—
Amortization of negative VOBA	—			—			—			—			—			—				—
Interest expense on debt	—			—			—			—			—			—				—
Other expenses	—			—			—			—			—			—				—
Goodwill impairment	—			—			—			—			—			—				—
Provision for income tax (expense) benefit	(1		)	(1		)	1			—			(2		)	(6		)		(2		)
Income (loss) from continuing operations, net of income tax	44			31			26			52			97			132				206
Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—				—
Net income (loss)	44			31			26			52			97			132				206
Less: Net income (loss) attributable to noncontrolling interests	—			—			—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.	44			31			26			52			97			132				206
Less: Preferred stock dividends	—			—			—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	44		$	31		$	26		$	52		$	97		$	132			$	206
Total Adjusted Premiums, Fees and Other Revenues	$	887		$	875		$	887		$	899		$	907		$	3,523			$	3,568

12

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Balance, beginning of period	$	18,902		$	18,909		$	18,982		$	18,954			$	18,939
Premiums and deposits	4,480			4,819			4,698			4,549				4,553
Surrenders and withdrawals	(581		)	(605		)	(658		)	(646		)		(588		)
Benefit payments	(3,430		)	(3,719		)	(3,627		)	(3,378		)		(3,496		)
Net Flows	469			495			413			525				469
Net transfers from (to) separate account	—			(1		)	—			2				—
Interest	130			131			131			132				129
Policy charges	(147		)	(150		)	(151		)	(149		)		(148		)
Other	(445		)	(402		)	(421		)	(525		)		(462		)
Balance, end of period	$	18,909		$	18,982		$	18,954		$	18,939			$	18,927
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Balance, beginning of period	$	749		$	761		$	810		$	836			$	857
Premiums and deposits	59			63			60			62				62
Surrenders and withdrawals	(11		)	(17		)	(11		)	(19		)		(17		)
Benefit payments	(1		)	(1		)	(1		)	(1		)		(1		)
Net Flows	47			45			48			42				44
Investment performance	14			47			31			35				41
Net transfers from (to) general account	—			1			—			(2		)		—
Policy charges	(49		)	(51		)	(51		)	(52		)		(51		)
Other	—			7			(2		)	(2		)		(2		)
Balance, end of period	$	761		$	810		$	836		$	857			$	889

13

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Direct and allocated expenses	$	341		$	311		$	309		$	311			$	322
Pension and post-retirement benefit costs	13			17			15			17				16
Premium taxes, other taxes, and licenses & fees	76			52			56			50				52
Fixed expenses, as reported on an adjusted basis	$	430		$	380		$	380		$	378			$	390
Commissions and other variable expenses	166			202			192			201				190
Other expenses, as reported on an adjusted basis	$	596		$	582		$	572		$	579			$	580
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Group Life (1)
Adjusted premiums, fees and other revenues	$	1,574		$	1,690		$	1,663		$	1,641			$	1,633
Mortality ratio	88.2		%	86.9		%	87.3		%	85.0		%		87.2		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,687		$	1,776		$	1,664		$	1,628			$	1,640
Interest adjusted benefit ratio (3)	76.2		%	79.9		%	76.9		%	74.7		%		73.7		%
(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(3) 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.

14

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Balance, beginning of period	$	102,036		$	101,567		$	102,599		$	103,417			$	107,296
Premiums and deposits	18,705			15,875			19,471			19,622				17,659
Surrenders and withdrawals	(16,134		)	(14,943		)	(19,539		)	(15,926		)		(16,912		)
Benefit payments	(789		)	(812		)	(812		)	(849		)		(841		)
Net Flows	1,782			120			(880		)	2,847				(94		)
Net transfers from (to) separate account	—			4			17			1				6
Interest	845			856			853			864				880
Policy charges	(4		)	(36		)	(31		)	(20		)		(6		)
Other	(3,092		)	88			859			187				65
Balance, end of period	$	101,567		$	102,599		$	103,417		$	107,296			$	108,147
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Balance, beginning of period	$	85,929		$	85,189		$	85,983		$	87,049			$	82,341
Premiums and deposits	1,683			1,115			1,065			958				1,261
Surrenders and withdrawals	(1,360		)	(1,878		)	(1,631		)	(4,550		)		(2,889		)
Benefit payments	(12		)	(17		)	(11		)	(22		)		(11		)
Net Flows	311			(780		)	(577		)	(3,614		)		(1,639		)
Investment performance	(1,731		)	1,084			1,354			1,003				812
Net transfers from (to) general account	—			(4		)	(17		)	(1		)		(6		)
Policy charges	(74		)	(80		)	(83		)	(77		)		(76		)
Other	754			574			389			(2,019		)		(1,078		)
Balance, end of period	$	85,189		$	85,983		$	87,049		$	82,341			$	80,354

15

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Direct and allocated expenses	$	74		$	66		$	63		$	65			$	64
Pension and post-retirement benefit costs	4			5			5			5				5
Premium taxes, other taxes, and licenses & fees	3			3			1			3				13
Fixed expenses, as reported on an adjusted basis	$	81		$	74		$	69		$	73			$	82
Commissions and other variable expenses	39			36			45			45				34
Other expenses, as reported on an adjusted basis	$	120		$	110		$	114		$	118			$	116
SPREAD
	For the Three Months Ended
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Investment income yield excluding variable investment income	4.56		%	4.49		%	4.46		%	4.42		%		4.43		%
Variable investment income yield	0.33		%	0.37		%	0.27		%	0.36		%		0.22		%
Total investment income yield	4.89		%	4.86		%	4.73		%	4.78		%		4.65		%
Average crediting rate	3.36		%	3.32		%	3.34		%	3.43		%		3.38		%
Annualized general account spread	1.53		%	1.54		%	1.39		%	1.35		%		1.27		%
Annualized general account spread excluding variable investment income yield	1.20		%	1.17		%	1.12		%	0.99		%		1.05		%

16

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Direct and allocated expenses	$	93		$	108		$	103		$	107			$	110
Pension and post-retirement benefit costs	8			7			8			8				8
Premium taxes, other taxes, and licenses & fees	22			21			25			23				23
Fixed expenses, as reported on an adjusted basis	$	123		$	136		$	136		$	138			$	141
Commissions and other variable expenses	95			81			92			98				89
Other expenses, as reported on an adjusted basis	$	218		$	217		$	228		$	236			$	230
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Net Written Premiums by Product
Auto	$	563		$	564		$	592		$	617			$	581
Homeowners & Other	294			283			323			329				291
Total	$	857		$	847		$	915		$	946			$	872
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	882		$	868		$	882		$	895			$	901
Loss and loss adjustment expense ratio	72.8		%	76.2		%	76.5		%	72.1		%		64.4		%
Other expense ratio	25.2		%	25.8		%	25.6		%	25.7		%		25.5		%
Total combined ratio	98.0		%	102.0		%	102.1		%	97.8		%		89.9		%
Effect of catastrophe losses	3.2		%	12.9		%	14.4		%	9.6		%		3.0		%
Combined ratio excluding catastrophes	94.8		%	89.1		%	87.7		%	88.2		%		86.9		%
Prior year development	—		%	(0.7)		%	(0.5)		%	(0.7)		%		(1.2)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	94.8		%	89.8		%	88.2		%	88.9		%		88.1		%
Auto
Net earned premium	$	571		$	563		$	573		$	585			$	591
Loss and loss adjustment expense ratio	85.2		%	72.4		%	71.4		%	74.5		%		74.9		%
Other expense ratio	25.0		%	25.4		%	25.1		%	25.2		%		24.9		%
Total combined ratio	110.2		%	97.8		%	96.5		%	99.7		%		99.8		%
Effect of catastrophe losses	1.1		%	1.4		%	2.8		%	6.4		%		0.6		%
Combined ratio excluding catastrophes	109.1		%	96.4		%	93.7		%	93.3		%		99.2		%
Prior year development	(0.1)		%	(0.8		)%	(0.5		)%	(0.9)		%		(1.8)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	109.2		%	97.2		%	94.2		%	94.2		%		101.0		%
Homeowners & Other
Net earned premium	$	311		$	305		$	309		$	310			$	310
Loss and loss adjustment expense ratio	50.0		%	83.3		%	85.9		%	67.5		%		44.4		%
Other expense ratio	25.7		%	26.7		%	26.5		%	26.5		%		26.6		%
Total combined ratio	75.7		%	110.0		%	112.4		%	94.0		%		71.0		%
Effect of catastrophe losses	7.1		%	34.1		%	36.1		%	15.7		%		7.6		%
Combined ratio excluding catastrophes	68.6		%	75.9		%	76.3		%	78.3		%		63.4		%
Prior year development	0.1		%	(0.5)		%	(0.6)		%	(0.2)		%		(0.2)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	68.5		%	76.4		%	76.9		%	78.5		%		63.6		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	6		$	8		$	16		$	37			$	4
Homeowners & Other	22			104			111			49				23
Total	$	28		$	112		$	127		$	86			$	27
(1) This selective financial information and supplemental data is presented and calculated based on general industry standards.

17

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Adjusted revenues
Premiums		$	1,741		$	1,708		$	1,659		$	1,696		$	1,692		$	6,902			$	6,755
Universal life and investment-type product policy fees		373			366			375			458			385			1,488				1,584
Net investment income		704			702			729			762			792			2,707				2,985
Other revenues		16			10			11			11			11			61				43
Total adjusted revenues		2,834			2,786			2,774			2,927			2,880			11,158				11,367
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,268			1,315			1,247			1,223			1,290			5,211				5,075
Interest credited to policyholder account balances		324			321			333			349			348			1,298				1,351
Capitalization of DAC		(417		)	(420		)	(428		)	(420		)	(442		)	(1,668		)		(1,710		)
Amortization of DAC and VOBA		303			291			290			424			295			1,236				1,300
Amortization of negative VOBA		(41		)	(37		)	(30		)	(24		)	(20		)	(208		)		(111		)
Interest expense on debt		—			—			—			—			—			—				—
Other expenses		928			875			895			905			938			3,586				3,613
Total adjusted expenses		2,365			2,345			2,307			2,457			2,409			9,455				9,518
Adjusted earnings before provision for income tax		469			441			467			470			471			1,703				1,849
Provision for income tax expense (benefit)		115			146			157			156			161			479				620
Adjusted earnings		354			295			310			314			310			1,224				1,229
Preferred stock dividends		—			—			—			—			—			—				—
Adjusted earnings available to common shareholders		$	354		$	295		$	310		$	314		$	310		$	1,224			$	1,229
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	354		$	295		$	310		$	314		$	310		$	1,224			$	1,229
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(241		)	117			(19		)	(37		)	67			230				128
Net derivative gains (losses)		(996		)	177			(128		)	(58		)	40			(47		)		31
Premiums		—			—			—			—			—			426				—
Universal life and investment-type product policy fees		3			1			10			3			(1		)	98				13
Net investment income		209			16			102			80			116			100				314
Other revenues		(2		)	6			5			5			6			8				22
Policyholder benefits and claims and policyholder dividends		(10		)	(5		)	(5		)	(8		)	(2		)	(347		)		(20		)
Interest credited to policyholder account balances		(205		)	(20		)	(108		)	(90		)	(127		)	(70		)		(345		)
Capitalization of DAC		—			—			—			—			—			105				—
Amortization of DAC and VOBA		—			(1		)	(10		)	(1		)	3			(114		)		(9		)
Amortization of negative VOBA		4			3			3			2			1			47				9
Interest expense on debt		—			—			—			—			—			—				—
Other expenses		(20		)	(4		)	(9		)	(3		)	(11		)	(227		)		(27		)
Goodwill impairment		—			—			—			—			—			—				—
Provision for income tax (expense) benefit		305			(105		)	53			36			(31		)	(13		)		(47		)
Income (loss) from continuing operations, net of income tax		(599		)	480			204			243			371			1,420				1,298
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—				—
Net income (loss)		(599		)	480			204			243			371			1,420				1,298
Less: Net income (loss) attributable to noncontrolling interests		—			—			1			1			—			2				2
Net income (loss) attributable to MetLife, Inc.		(599		)	480			203			242			371			1,418				1,296
Less: Preferred stock dividends		—			—			—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(599	)	$	480		$	203		$	242		$	371		$	1,418			$	1,296
Total Adjusted Premiums, Fees and Other Revenues		$	2,130		$	2,084		$	2,045		$	2,165		$	2,088		$	8,451			$	8,382

18

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017			December 31, 2017
Total adjusted premiums, fees and other revenues	$	2,130	$	2,084	$	2,045	$	2,165		$	2,088
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	2,098	$	2,105	$	2,030	$	2,142		$	2,088
Add: Operating joint ventures premiums, fees and other revenues, on a constant currency basis (1), (2)	189		194		190		198			220
Total adjusted premiums, fees and other revenues including operating joint ventures, on a constant currency basis	$	2,287	$	2,299	$	2,220	$	2,340		$	2,308
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017			December 31, 2017
Direct and allocated expenses	$	356	$	298	$	315	$	340		$	356
Pension and post-retirement benefit costs	19		19		20		20			20
Premium taxes, other taxes, and licenses & fees	5		31		42		33			28
Fixed expenses, as reported on an adjusted basis	$	380	$	348	$	377	$	393		$	404
Commissions and other variable expenses	548		527		518		512			534
Other expenses, as reported on an adjusted basis	$	928	$	875	$	895	$	905		$	938
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	511	$	455	$	467	$	485		$	496
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	917	$	884	$	889	$	896		$	938
Add: Operating joint ventures other expenses, as reported on an adjusted basis, on a constant currency basis (1), (2)	71		81		77		79			86
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	988	$	965	$	966	$	975		$	1,024
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	547	$	504	$	508	$	527		$	547
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017			December 31, 2017
Japan:
Life	$	187	$	186	$	157	$	156		$	161
Accident & Health	89		87		78		73			87
Annuities	71		100		86		99			100
Other	2		3		3		2			2
Total Japan	349		376		324		330			350
Other Asia	257		336		217		233			261
Total sales	$	606	$	712	$	541	$	563		$	611
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017			December 31, 2017
Adjusted earnings available to common shareholders	$	354	$	295	$	310	$	314		$	310
Adjusted earnings available to common shareholders, on a constant currency basis	$	353	$	298	$	311	$	313		$	310
(1) Adjusted premiums, universal life and investment-type product policy fees, other revenues and other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
(2) Includes MetLife, Inc.'s percentage interest in operating joint ventures as follows: (i) India, 26%; (ii) Vietnam, 60%; (iii) China, 50%; and (iv) Malaysia, 50%.

19

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Adjusted revenues
Premiums		$	644		$	647		$	645		$	701		$	700		$	2,529			$	2,693
Universal life and investment-type product policy fees		261			260			275			229			280			1,025				1,044
Net investment income		275			303			289			299			328			1,084				1,219
Other revenues		8			9			8			7			8			34				32
Total adjusted revenues		1,188			1,219			1,217			1,236			1,316			4,672				4,988
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		629			633			596			640			666			2,443				2,535
Interest credited to policyholder account balances		79			82			94			99			94			328				369
Capitalization of DAC		(85		)	(82		)	(88		)	(94		)	(100		)	(321		)		(364		)
Amortization of DAC and VOBA		57			78			68			—			78			184				224
Amortization of negative VOBA		—			—			—			(1		)	—			(1		)		(1		)
Interest expense on debt		1			1			2			1			1			2				5
Other expenses		368			326			357			377			419			1,336				1,479
Total adjusted expenses		1,049			1,038			1,029			1,022			1,158			3,971				4,247
Adjusted earnings before provision for income tax		139			181			188			214			158			701				741
Provision for income tax expense (benefit)		17			38			34			51			33			158				156
Adjusted earnings		122			143			154			163			125			543				585
Preferred stock dividends		—			—			—			—			—			—				—
Adjusted earnings available to common shareholders		$	122		$	143		$	154		$	163		$	125		$	543			$	585
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	122		$	143		$	154		$	163		$	125		$	543			$	585
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		85			12			2			20			(81		)	93				(47		)
Net derivative gains (losses)		(44		)	136			(9		)	46			(65		)	3				108
Premiums		—			—			—			—			—			—				—
Universal life and investment-type product policy fees		—			—			—			—			—			—				—
Net investment income		11			31			—			29			9			48				69
Other revenues		—			—			—			—			—			—				—
Policyholder benefits and claims and policyholder dividends		150			(20		)	(51		)	29			78			86				36
Interest credited to policyholder account balances		(17		)	(43		)	(12		)	(35		)	(15		)	(85		)		(105		)
Capitalization of DAC		—			—			—			—			—			—				—
Amortization of DAC and VOBA		—			—			—			—			—			—				—
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		—			—			—			—			—			—				—
Other expenses		2			3			2			2			1			9				8
Goodwill impairment		—			—			—			—			—			—				—
Provision for income tax (expense) benefit		(57		)	(31		)	11			(30		)	9			(68		)		(41		)
Income (loss) from continuing operations, net of income tax		252			231			97			224			61			629				613
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—				—
Net income (loss)		252			231			97			224			61			629				613
Less: Net income (loss) attributable to noncontrolling interests		1			2			2			1			2			6				7
Net income (loss) attributable to MetLife, Inc.		251			229			95			223			59			623				606
Less: Preferred stock dividends		—			—			—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	251		$	229		$	95		$	223		$	59		$	623			$	606
Total Adjusted Premiums, Fees and Other Revenues		$	913		$	916		$	928		$	937		$	988		$	3,588			$	3,769

20

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017			December 31, 2017
Direct and allocated expenses	$	163	$	127	$	148	$	145		$	177
Pension and post-retirement benefit costs	1		—		1		1			1
Premium taxes, other taxes, and licenses & fees	16		15		15		16			18
Fixed expenses, as reported on an adjusted basis	$	180	$	142	$	164	$	162		$	196
Commissions and other variable expenses	188		184		193		215			223
Other expenses, as reported on an adjusted basis	$	368	$	326	$	357	$	377		$	419
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	283	$	244	$	269	$	283		$	319
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	374	$	331	$	354	$	367		$	419
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	286	$	247	$	267	$	276		$	319
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017			December 31, 2017
Mexico	$	99	$	112	$	92	$	81		$	89
Chile	71		68		66		78			74
All other	73		53		58		64			77
Total sales	$	243	$	233	$	216	$	223		$	240
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017			December 31, 2017
Adjusted premiums, fees and other revenues	$	913	$	916	$	928	$	937		$	988
Adjusted earnings available to common shareholders	$	122	$	143	$	154	$	163		$	125
Adjusted premiums, fees and other revenues, on a constant currency basis	$	943	$	949	$	928	$	914		$	988
Adjusted earnings available to common shareholders, on a constant currency basis	$	125	$	152	$	153	$	156		$	125

21

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Adjusted revenues
Premiums		$	508		$	502		$	505		$	527		$	527		$	2,027			$	2,061
Universal life and investment-type product policy fees		97			95			92			109			109			391				405
Net investment income		74			74			78			77			80			318				309
Other revenues		17			17			28			(2		)	15			73				58
Total adjusted revenues		696			688			703			711			731			2,809				2,833
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		266			269			270			282			256			1,067				1,077
Interest credited to policyholder account balances		25			24			25			26			25			112				100
Capitalization of DAC		(93		)	(92		)	(100		)	(109		)	(113		)	(403		)		(414		)
Amortization of DAC and VOBA		97			87			95			78			97			408				357
Amortization of negative VOBA		(3		)	(3		)	(5		)	(5		)	(6		)	(13		)		(19		)
Interest expense on debt		—			—			—			—			—			—				—
Other expenses		322			316			332			347			381			1,323				1,376
Total adjusted expenses		614			601			617			619			640			2,494				2,477
Adjusted earnings before provision for income tax		82			87			86			92			91			315				356
Provision for income tax expense (benefit)		10			12			14			21			12			42				59
Adjusted earnings		72			75			72			71			79			273				297
Preferred stock dividends		—			—			—			—			—			—				—
Adjusted earnings available to common shareholders		$	72		$	75		$	72		$	71		$	79		$	273			$	297
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	72		$	75		$	72		$	71		$	79		$	273			$	297
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(6		)	2			2			(12		)	(2		)	42				(10		)
Net derivative gains (losses)		(3		)	13			5			3			11			24				32
Premiums		—			—			—			—			—			—				—
Universal life and investment-type product policy fees		6			7			5			8			6			24				26
Net investment income		93			349			96			109			294			911				848
Other revenues		—			—			—			—			—			—				—
Policyholder benefits and claims and policyholder dividends		(58		)	(9		)	(17		)	(9		)	7			(11		)		(28		)
Interest credited to policyholder account balances		(96		)	(339		)	(93		)	(104		)	(278		)	(878		)		(814		)
Capitalization of DAC		—			—			—			—			—			—				—
Amortization of DAC and VOBA		1			—			1			(1		)	1			—				1
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		—			—			—			—			—			—				—
Other expenses		(5		)	(3		)	(4		)	(3		)	(6		)	(13		)		(16		)
Goodwill impairment		—			—			—			—			—			—				—
Provision for income tax (expense) benefit		22			(14		)	—			—			(21		)	(61		)		(35		)
Income (loss) from continuing operations, net of income tax		26			81			67			62			91			311				301
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—				—
Net income (loss)		26			81			67			62			91			311				301
Less: Net income (loss) attributable to noncontrolling interests		—			1			—			1			—			3				2
Net income (loss) attributable to MetLife, Inc.		26			80			67			61			91			308				299
Less: Preferred stock dividends		—			—			—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	26		$	80		$	67		$	61		$	91		$	308			$	299
Total Adjusted Premiums, Fees and Other Revenues		$	622		$	614		$	625		$	634		$	651		$	2,491			$	2,524

22

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017			December 31, 2017
Direct and allocated expenses	$	153	$	142	$	140	$	146		$	171
Pension and post-retirement benefit costs	2		1		2		2			1
Premium taxes, other taxes, and licenses & fees	6		6		7		6			9
Fixed expenses, as reported on an adjusted basis	$	161	$	149	$	149	$	154		$	181
Commissions and other variable expenses	161		167		183		193			200
Other expenses, as reported on an adjusted basis	$	322	$	316	$	332	$	347		$	381
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	229	$	224	$	232	$	238		$	268
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	335	$	333	$	343	$	346		$	381
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	238	$	237	$	240	$	238		$	268
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017			December 31, 2017
Adjusted premiums, fees and other revenues	$	622	$	614	$	625	$	634		$	651
Adjusted earnings available to common shareholders	$	72	$	75	$	72	$	71		$	79
Adjusted premiums, fees and other revenues, on a constant currency basis	$	647	$	649	$	645	$	633		$	651
Adjusted earnings available to common shareholders, on a constant currency basis	$	75	$	81	$	75	$	70		$	79
Total sales on a constant currency basis	$	233	$	267	$	245	$	255		$	231

23

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Adjusted revenues
Premiums		$	1,194		$	1,059		$	1,022		$	989		$	1,074		$	4,506			$	4,144
Universal life and investment-type product policy fees		363			362			345			349			305			1,436				1,361
Net investment income		1,455			1,441			1,401			1,390			1,375			5,944				5,607
Other revenues		69			96			37			37			74			581				244
Total adjusted revenues		3,081			2,958			2,805			2,765			2,828			12,467				11,356
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,928			1,733			1,717			1,732			1,818			7,523				7,000
Interest credited to policyholder account balances		262			257			255			255			251			1,042				1,018
Capitalization of DAC		(41		)	(34		)	(23		)	(14		)	(11		)	(281		)		(82		)
Amortization of DAC and VOBA		100			74			139			(70		)	159			736				302
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		14			15			5			2			2			57				24
Other expenses		531			340			370			322			333			2,392				1,365
Total adjusted expenses		2,794			2,385			2,463			2,227			2,552			11,469				9,627
Adjusted earnings before provision for income tax		287			573			342			538			276			998				1,729
Provision for income tax expense (benefit)		86			186			105			174			82			292				547
Adjusted earnings		201			387			237			364			194			706				1,182
Preferred stock dividends		—			—			—			—			—			—				—
Adjusted earnings available to common shareholders		$	201		$	387		$	237		$	364		$	194		$	706			$	1,182
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	201		$	387		$	237		$	364		$	194		$	706			$	1,182
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		57			21			3			23			24			182				71
Net derivative gains (losses)		(1,151		)	(4		)	(219		)	(98		)	(18		)	(757		)		(339		)
Premiums		—			—			—			—			—			—				—
Universal life and investment-type product policy fees		23			24			25			25			24			92				98
Net investment income		(66		)	(57		)	(48		)	(39		)	(37		)	(274		)		(181		)
Other revenues		—			—			—			—			—			—				—
Policyholder benefits and claims and policyholder dividends		(50		)	(65		)	(50		)	(128		)	(79		)	(166		)		(322		)
Interest credited to policyholder account balances		—			—			—			—			—			—				—
Capitalization of DAC		—			—			—			—			—			—				—
Amortization of DAC and VOBA		20			15			44			6			3			312				68
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		—			—			—			—			—			—				—
Other expenses		(1		)	—			—			—			—			(14		)		—
Goodwill impairment		—			—			—			—			—			—				—
Provision for income tax (expense) benefit		407			24			86			74			153			219				337
Income (loss) from continuing operations, net of income tax		(560		)	345			78			227			264			300				914
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—				—
Net income (loss)		(560		)	345			78			227			264			300				914
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.		(560		)	345			78			227			264			300				914
Less: Preferred stock dividends		—			—			—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(560	)	$	345		$	78		$	227		$	264		$	300			$	914
Total Adjusted Premiums, Fees and Other Revenues		$	1,626		$	1,517		$	1,404		$	1,375		$	1,453		$	6,523			$	5,749

24

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Balance, beginning of period	$	79,982		$	79,996		$	80,313		$	80,313			$	80,528
Premiums and deposits (2), (3)	1,483			1,405			1,308			1,258				1,375
Surrenders and withdrawals	(590		)	(618		)	(611		)	(584		)		(646		)
Benefit payments	(712		)	(763		)	(659		)	(642		)		(679		)
Net Flows	181			24			38			32				50
Net transfers from (to) separate account	12			25			9			12				11
Interest	799			812			815			819				825
Policy charges	(242		)	(201		)	(200		)	(199		)		(199		)
Other	(736		)	(343		)	(662		)	(449		)		(420		)
Balance, end of period	$	79,996		$	80,313		$	80,313		$	80,528			$	80,795
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Balance, beginning of period	$	23,100		$	22,264		$	21,522		$	21,329			$	21,180
Premiums and deposits (2), (3)	239			202			135			134				109
Surrenders and withdrawals	(417		)	(358		)	(375		)	(372		)		(470		)
Benefit payments	(175		)	(199		)	(178		)	(154		)		(161		)
Net Flows	(353		)	(355		)	(418		)	(392		)		(522		)
Net transfers from (to) separate account	34			10			39			66				16
Interest	165			160			159			158				156
Policy charges	(5		)	(5		)	(5		)	(5		)		(4		)
Other	(677		)	(552		)	32			24				(35		)
Balance, end of period	$	22,264		$	21,522		$	21,329		$	21,180			$	20,791
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Balance, beginning of period	$	5,210		$	5,200		$	5,415		$	5,537			$	5,670
Premiums and deposits (3)	73			76			73			70				69
Surrenders and withdrawals	(52		)	(61		)	(63		)	(56		)		(63		)
Benefit payments	(5		)	(7		)	(7		)	(6		)		(6		)
Net Flows	16			8			3			8				—
Investment performance	74			306			201			207				270
Net transfers from (to) general account	(12		)	(25		)	(9		)	(12		)		(11		)
Policy charges	(72		)	(72		)	(71		)	(69		)		(71		)
Other	(16		)	(2		)	(2		)	(1		)		(3		)
Balance, end of period	$	5,200		$	5,415		$	5,537		$	5,670			$	5,855
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Balance, beginning of period	$	44,560		$	43,623		$	44,667		$	44,907			$	45,278
Premiums and deposits (3)	187			175			168			133				107
Surrenders and withdrawals	(813		)	(903		)	(977		)	(964		)		(1,125		)
Benefit payments	(88		)	(90		)	(92		)	(90		)		(106		)
Net Flows	(714		)	(818		)	(901		)	(921		)		(1,124		)
Investment performance	36			2,090			1,410			1,587				1,766
Net transfers from (to) general account	(34		)	(10		)	(39		)	(66		)		(16		)
Policy charges	(224		)	(219		)	(230		)	(230		)		(228		)
Other	(1		)	1			—			1				2
Balance, end of period	$	43,623		$	44,667		$	44,907		$	45,278			$	45,678
(1) Long-Term Care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.

25

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Direct and allocated expenses	$	199		$	175		$	199		$	205			$	210
Pension and post-retirement benefit costs	28			25			22			25				23
Premium taxes, other taxes, and licenses & fees	25			22			14			20				18
Fixed expenses, as reported on an adjusted basis	$	252		$	222		$	235		$	250			$	251
Commissions and other variable expenses	279			118			135			72				82
Other expenses, as reported on an adjusted basis	$	531		$	340		$	370		$	322			$	333
SPREAD BY PRODUCT
VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Investment income yield excluding variable investment income	5.93		%	5.89		%	5.62		%	5.45		%		5.42		%
Variable investment income yield	0.19		%	0.24		%	0.23		%	0.23		%		0.16		%
Total investment income yield	6.12		%	6.13		%	5.85		%	5.68		%		5.58		%
Average crediting rate	4.55		%	4.62		%	4.56		%	4.50		%		4.48		%
Annualized general account spread	1.57		%	1.51		%	1.29		%	1.18		%		1.10		%
Annualized general account spread excluding variable investment income yield	1.38		%	1.27		%	1.06		%	0.95		%		0.94		%
ANNUITIES (1)
	For the Three Months Ended
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Investment income yield excluding variable investment income	5.05		%	5.03		%	4.91		%	4.78		%		4.79		%
Variable investment income yield	0.31		%	0.29		%	0.26		%	0.28		%		0.20		%
Total investment income yield	5.36		%	5.32		%	5.17		%	5.06		%		4.99		%
Average crediting rate	3.17		%	3.16		%	3.14		%	3.11		%		3.12		%
Annualized general account spread	2.19		%	2.16		%	2.03		%	1.95		%		1.87		%
Annualized general account spread excluding variable investment income yield	1.88		%	1.87		%	1.77		%	1.67		%		1.67		%
(1) Represents the general account spread for deferred and payout annuities.

26

METLIFE HOLDINGS
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Life (1)
Adjusted premiums, fees and other revenues	$	1,150		$	1,002		$	946		$	922			$	993
Interest adjusted benefit ratio	63.5		%	48.6		%	51.1		%	48.0		%		56.5		%
Lapse Ratio (2)
Traditional life	4.5		%	4.5		%	4.6		%	4.7		%		4.7		%
Variable & universal life	4.5		%	4.5		%	4.5		%	4.4		%		4.4		%
Fixed annuity	8.0		%	7.2		%	7.3		%	6.8		%		6.9		%
Variable annuity	6.6		%	7.1		%	7.6		%	8.0		%		8.5		%
(1) Represents traditional life and variable & universal life, components of Life & Other.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

27

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Adjusted revenues
Premiums		$	(10	)	$	38		$	8		$	13		$	(5	)	$	40			$	54
Universal life and investment-type product policy fees		—			—			—			—			1			2				1
Net investment income		37			40			41			26			(79		)	178				28
Other revenues		40			59			61			65			86			110				271
Total adjusted revenues		67			137			110			104			3			330				354
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		18			25			1			7			(7		)	41				26
Interest credited to policyholder account balances		1			1			—			—			—			6				1
Capitalization of DAC		—			(1		)	(3		)	(2		)	(2		)	(7		)		(8		)
Amortization of DAC and VOBA		1			1			1			3			1			8				6
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		277			277			277			279			272			1,139				1,105
Other expenses		229			175			202			237			280			597				894
Total adjusted expenses		526			478			478			524			544			1,784				2,024
Adjusted earnings before provision for income tax		(459		)	(341		)	(368		)	(420		)	(541		)	(1,454		)		(1,670		)
Provision for income tax expense (benefit)		(301		)	(271		)	(269		)	(90		)	(58		)	(948		)		(688		)
Adjusted earnings		(158		)	(70		)	(99		)	(330		)	(483		)	(506		)		(982		)
Preferred stock dividends		45			6			46			6			45			103				103
Adjusted earnings available to common shareholders		$	(203	)	$	(76	)	$	(145	)	$	(336	)	$	(528	)	$	(609	)		$	(1,085	)
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	(158	)	$	(70	)	$	(99	)	$	(330	)	$	(483	)	$	(506	)		$	(982	)
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(173		)	(46		)	116			(696		)	(4		)	(215		)		(630		)
Net derivative gains (losses)		99			(386		)	23			(2		)	(36		)	34				(401		)
Premiums		(205		)	(174		)	(136		)	(37		)	—			(729		)		(347		)
Universal life and investment-type product policy fees		(17		)	(20		)	(14		)	—			—			(62		)		(34		)
Net investment income		(48		)	(24		)	(19		)	3			4			(168		)		(36		)
Other revenues		33			(59		)	(57		)	(19		)	—			34				(135		)
Policyholder benefits and claims and policyholder dividends		195			146			103			(113		)	(1		)	735				135
Interest credited to policyholder account balances		(14		)	(14		)	(14		)	(5		)	—			(58		)		(33		)
Capitalization of DAC		(21		)	(16		)	(14		)	(4		)	—			(104		)		(34		)
Amortization of DAC and VOBA		1			(32		)	16			(77		)	—			127				(93		)
Amortization of negative VOBA		—			—			—			—			—			—				—
Interest expense on debt		12			12			4			—			—			50				16
Other expenses		20			(133		)	(44		)	(76		)	(256		)	(110		)		(509		)
Goodwill impairment		—			—			—			—			—			—				—
Provision for income tax (expense) benefit		24			286			3			918			1,755			144				2,962
Income (loss) from continuing operations, net of income tax		(252		)	(530		)	(132		)	(438		)	979			(828		)		(121		)
Income (loss) from discontinued operations, net of income tax		(1,370		)	(76		)	58			(968		)	—			(2,734		)		(986		)
Net income (loss)		(1,622		)	(606		)	(74		)	(1,406		)	979			(3,562		)		(1,107		)
Less: Net income (loss) attributable to noncontrolling interests		1			—			—			3			(4		)	(7		)		(1		)
Net income (loss) attributable to MetLife, Inc.		(1,623		)	(606		)	(74		)	(1,409		)	983			(3,555		)		(1,106		)
Less: Preferred stock dividends		45			6			46			6			45			103				103
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(1,668	)	$	(612	)	$	(120	)	$	(1,415	)	$	938		$	(3,658	)		$	(1,209	)
Total Adjusted Premiums, Fees and Other Revenues		$	30		$	97		$	69		$	78		$	82		$	152			$	326
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Other business activities		$	—		$	5		$	4		$	3		$	6		$	(5	)		$	18
Other net investment income		47			45			49			32			18			220				144
Interest expense on debt		(197		)	(194		)	(197		)	(195		)	(193		)	(814		)		(779		)
Preferred stock dividends		(45		)	(6		)	(46		)	(6		)	(45		)	(103		)		(103		)
Corporate initiatives and projects		(48		)	(32		)	(67		)	(29		)	(51		)	(129		)		(179		)
Incremental tax benefit (expense) and other tax-related items		142			150			143			(58		)	(174		)	438				61
Other		(102		)	(44		)	(31		)	(83		)	(89		)	(216		)		(247		)
Adjusted earnings available to common shareholders		$	(203	)	$	(76	)	$	(145	)	$	(336	)	$	(528	)	$	(609	)		$	(1,085	)

28

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Fixed Maturity Securities
Yield (1)	4.34		%	4.34		%	4.28		%	4.25		%		4.30		%
Investment income (2), (3), (4)	$	2,855		$	2,825		$	2,820		$	2,843			$	2,913
Investment gains (losses) (3)	(226		)	(4		)	43			279				—
Ending carrying value (2), (3)	290,174			295,359			301,267			309,607				309,796
Mortgage Loans
Yield (1)	4.34		%	4.47		%	4.53		%	4.78		%		4.55		%
Investment income (4)	694			736			758			809				778
Investment gains (losses)	(34		)	(12		)	(14		)	28				11
Ending carrying value	65,167			66,633			67,309			68,057				68,731
Real Estate and Real Estate Joint Ventures
Yield (1)	3.45		%	3.20		%	3.42		%	2.80		%		3.29		%
Investment income (3)	77			73			79			66				79
Investment gains (losses) (3)	115			(3		)	270			169				167
Ending carrying value	8,891			9,293			9,256			9,486				9,637
Policy Loans
Yield (1)	5.26		%	5.33		%	5.38		%	5.40		%		5.46		%
Investment income	126			127			129			130				131
Ending carrying value	9,511			9,603			9,558			9,585				9,669
Equity Securities
Yield (1)	5.02		%	4.90		%	4.58		%	4.92		%		6.37		%
Investment income	30			31			31			31				36
Investment gains (losses)	(9		)	35			1			2				54
Ending carrying value	2,894			3,088			3,137			2,776				2,513
Other Limited Partnership Interests
Yield (1)	13.10		%	18.58		%	14.91		%	15.94		%		10.64		%
Investment income	169			240			194			214				149
Investment gains (losses)	(21		)	(7		)	(11		)	(33		)		(8		)
Ending carrying value	5,136			5,166			5,251			5,501				5,708
Cash and Short-term Investments
Yield (1)	1.21		%	1.42		%	1.61		%	1.13		%		1.73		%
Investment income	29			33			34			25				40
Investment gains (losses)	3			2			1			2				(21		)
Ending carrying value	19,173			20,509			18,766			20,240				17,571
Other Invested Assets (1)
Investment income	227			214			170			173				98
Investment gains (losses) (3)	(6		)	(28		)	(72		)	28				(25		)
Ending carrying value	19,303			17,003			16,559			17,652				17,263
Total Investments
Investment income yield (1)	4.57		%	4.65		%	4.54		%	4.54		%		4.40		%
Investment fees and expenses yield	(0.13		)%	(0.15		)%	(0.13		)%	(0.14		)%		(0.13		)%
Net Investment Income Yield (1), (3)	4.44		%	4.50		%	4.41		%	4.40		%		4.27		%
Investment income	$	4,207		$	4,279		$	4,215		$	4,291			$	4,224
Investment fees and expenses	(120		)	(134		)	(123		)	(133		)		(121		)
Net investment income including Divested businesses and Lag elimination	4,087			4,145			4,092			4,158				4,103
Less: Net investment income from Divested businesses and Lag elimination	(49		)	(27		)	(21		)	2				—
Net Investment Income, as reported on an adjusted basis (3)	$	4,136		$	4,172		$	4,113		$	4,156			$	4,103
Ending Carrying Value (3)	$	420,249		$	426,654		$	431,103		$	442,904			$	440,888
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(178	)	$	(17	)	$	218		$	475			$	178
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination	—			—			—			—				—
Investment Portfolio Gains (Losses) (3)	$	(178	)	$	(17	)	$	218		$	475			$	178
Gross investment gains	$	277		$	239		$	421		$	647			$	396
Gross investment losses	(380		)	(224		)	(100		)	(111		)		(195		)
Writedowns	(75		)	(32		)	(103		)	(61		)		(23		)
Investment Portfolio Gains (Losses) (3)	(178		)	(17		)	218			475				178
Investment portfolio gains (losses) income tax (expense) benefit	38			19			(69		)	(187		)		(59		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(140	)	$	2		$	149		$	288			$	119
Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(2,707	)	$	(344	)	$	(308	)	$	(214	)		$	(134	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination	—			—			—			—				—
Derivative gains (losses) (3)	(2,707		)	(344		)	(308		)	(214		)		(134		)
Derivative gains (losses) income tax (expense) benefit	899			143			95			79				168
Derivative Gains (Losses), Net of Income Tax	$	(1,808	)	$	(201	)	$	(213	)	$	(135	)		$	34
(1) 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. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, 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 exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and FVO Brighthouse Common Stock. 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 $611 million, $649 million, $651 million, $713 million and $865 million in ending carrying value, and ($4) million, $29 million, $16 million, $16 million and $7 million of investment income related to fair value option securities at or for the three months ended December 31, 2016, March 31, 2017, June 30,2017, September 30, 2017 and December 31, 2017, respectively.
(3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments and FVO Brighthouse Common Stock of $13,304 million, $13,743 million, $14,104 million, $15,818 million and $15,874 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option securities (included within fixed maturity securities above) of $8 million, $7 million, $7 million, $7 million and $6 million and cash and short-term investments of $1 million, $1 million, $0, $0 and $0; C) Net investment income adjustments as presented on Page 5; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Net investment gains (losses) - GAAP basis	$	(299	)	$	88		$	104		$	(606	)		$	106
Less: Operating joint venture adjustments	(1		)	1			(1		)	—				—
Less: Net investment gains (losses) related to CSEs	—			—			—			—				—
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(120		)	104			(113		)	(1,081		)		(72		)
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(178	)	$	(17	)	$	218		$	475			$	178
	For the Three Months Ended
	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Net derivative gains (losses) - GAAP basis	$	(2,554	)	$	(212	)	$	(200	)	$	(123	)		$	(55	)
Less: Investment hedge adjustments	152			139			114			97				85
Less: Settlement of foreign currency earnings hedges	2			(6		)	(5		)	(5		)		(6		)
Less: PAB hedge adjustments	(1		)	(1		)	(1		)	(1		)		—
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(2,707	)	$	(344	)	$	(308	)	$	(214	)		$	(134	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

29

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Fixed Maturity Securities
Yield (1)	4.38		%	4.34		%	4.31		%	4.29		%		4.29		%
Investment income (2), (3), (4)	$	11,665		$	2,825		$	5,645		$	8,488			$	11,401
Investment gains (losses) (3)	145			(4		)	39			318				318
Ending carrying value (2), (3)	290,174			295,359			301,267			309,607				309,796
Mortgage Loans
Yield (1)	4.61		%	4.47		%	4.50		%	4.59		%		4.58		%
Investment income (4)	2,858			736			1,494			2,303				3,081
Investment gains (losses)	(231		)	(12		)	(26		)	2				13
Ending carrying value	65,167			66,633			67,309			68,057				68,731
Real Estate and Real Estate Joint Ventures
Yield (1)	3.73		%	3.20		%	3.31		%	3.14		%		3.18		%
Investment income (3)	322			73			152			218				297
Investment gains (losses) (3)	182			(3		)	267			436				603
Ending carrying value	8,891			9,293			9,256			9,486				9,637
Policy Loans
Yield (1)	5.29		%	5.33		%	5.36		%	5.37		%		5.39		%
Investment income	511			127			256			386				517
Ending carrying value	9,511			9,603			9,558			9,585				9,669
Equity Securities
Yield (1)	4.82		%	4.90		%	4.74		%	4.80		%		5.15		%
Investment income	120			31			62			93				129
Investment gains (losses)	(56		)	35			36			38				92
Ending carrying value	2,894			3,088			3,137			2,776				2,513
Other Limited Partnership Interests
Yield (1)	9.23		%	18.58		%	16.74		%	16.46		%		14.93		%
Investment income	478			240			434			648				797
Investment gains (losses)	(64		)	(7		)	(18		)	(51		)		(59		)
Ending carrying value	5,136			5,166			5,251			5,501				5,708
Cash and Short-term Investments
Yield (1)	1.17		%	1.42		%	1.52		%	1.39		%		1.48		%
Investment income	111			33			67			92				132
Investment gains (losses)	(9		)	2			3			5				(16		)
Ending carrying value	19,173			20,509			18,766			20,240				17,571
Other Invested Assets (1)
Investment income	856			214			384			557				655
Investment gains (losses) (3)	(118		)	(28		)	(100		)	(72		)		(97		)
Ending carrying value	19,303			17,003			16,559			17,652				17,263
Total Investments
Investment income yield (1)	4.58		%	4.65		%	4.60		%	4.58		%		4.53		%
Investment fees and expenses yield	(0.14		)%	(0.15		)%	(0.14		)%	(0.14		)%		(0.14		)%
Net Investment Income Yield (1), (3)	4.44		%	4.50		%	4.46		%	4.44		%		4.39		%
Investment income	$	16,921		$	4,279		$	8,494		$	12,785			$	17,009
Investment fees and expenses	(507		)	(134		)	(257		)	(390		)		(511		)
Net investment income including Divested businesses and Lag elimination	16,414			4,145			8,237			12,395				16,498
Less: Net investment income from Divested businesses and Lag elimination	(23		)	(27		)	(48		)	(46		)		(46		)
Net Investment Income, as reported on an adjusted basis (3)	$	16,437		$	4,172		$	8,285		$	12,441			$	16,544
Ending Carrying Value (3)	$	420,249		$	426,654		$	431,103		$	442,904			$	440,888
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(151	)	$	(17	)	$	201		$	676			$	854
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination	(3		)	—			—			—				—
Investment Portfolio Gains (Losses) (3)	$	(148	)	$	(17	)	$	201		$	676			$	854
Gross investment gains	$	1,393		$	239		$	660		$	1,307			$	1,703
Gross investment losses	(1,011		)	(224		)	(324		)	(435		)		(630		)
Writedowns	(530		)	(32		)	(135		)	(196		)		(219		)
Investment Portfolio Gains (Losses) (3)	(148		)	(17		)	201			676				854
Investment portfolio gains (losses) income tax (expense) benefit	111			19			(50		)	(237		)		(296		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(37	)	$	2		$	151		$	439			$	558
Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(1,263	)	$	(344	)	$	(652	)	$	(866	)		$	(1,000	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination	149			—			—			—				—
Derivative gains (losses) (3)	(1,412		)	(344		)	(652		)	(866		)		(1,000		)
Derivative gains (losses) income tax (expense) benefit	478			143			238			317				485
Derivative Gains (Losses), Net of Income Tax	$	(934	)	$	(201	)	$	(414	)	$	(549	)		$	(515	)
(1) 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. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, 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 exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and FVO Brighthouse Common Stock. 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 $611 million, $649 million, $651 million, $713 million and $865 million in ending carrying value, and $37 million, $29 million, $45 million, $61 million and $68 million of investment income related to fair value option securities at or for the year-to-date period ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively.
(3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments and FVO Brighthouse Common Stock of $13,304 million, $13,743 million, $14,104 million, $15,818 million and $15,874 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option securities (included within fixed maturity securities above) of $8 million, $7 million, $7 million, $7 million and $6 million and cash and short-term investments of $1 million, $1 million, $0, $0 and $0; C) Net investment income adjustments as presented on Page 5; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Net investment gains (losses) - GAAP basis	$	317		$	88		$	192		$	(414	)		$	(308	)
Less: Operating joint venture adjustments	(6		)	1			—			—				—
Less: Net investment gains (losses) related to certain CSEs	2			—			—			—				—
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	472			104			(9		)	(1,090		)		(1,162		)
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(151	)	$	(17	)	$	201		$	676			$	854
	For the Year-to-Date Period Ended
	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
Net derivative gains (losses) - GAAP basis	$	(690	)	$	(212	)	$	(412	)	$	(535	)		$	(590	)
Less: Investment hedge adjustments	580			139			253			350				435
Less: Settlement of foreign currency earnings hedges	(4		)	(6		)	(11		)	(16		)		(22		)
Less: PAB hedge adjustments	(3		)	(1		)	(2		)	(3		)		(3		)
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(1,263	)	$	(344	)	$	(652	)	$	(866	)		$	(1,000	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

30

INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%	$	3,236	82.2	%	$	3,059	87.6	%	$	2,170	91.6	%	$	1,900	91.9	%	$	1,737	91.3	%
20% or more for less than six months	479		12.2	%	281		8.0	%	36		1.5	%	49		2.4	%	49		2.6	%
20% or more for six months or greater	224		5.6	%	155		4.4	%	162		6.9	%	117		5.7	%	117		6.1	%
Total Gross Unrealized Losses	$	3,939	100.0	%	$	3,495	100.0	%	$	2,368	100.0	%	$	2,066	100.0	%	$	1,903	100.0	%
Total Gross Unrealized Gains	$	21,826			$	21,928			$	24,193			$	24,276			$	24,765
EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%	$	15	28.3	%	$	25	86.2	%	$	23	79.3	%	$	15	60.0	%	$	11	55.0	%
20% or more for less than six months	9		17.0	%	2		6.9	%	6		20.7	%	10		40.0	%	9		45.0	%
20% or more for six months or greater	29		54.7	%	2		6.9	%	—		—	%	—		—	%	—		—	%
Total Gross Unrealized Losses	$	53	100.0	%	$	29	100.0	%	$	29	100.0	%	$	25	100.0	%	$	20	100.0	%
Total Gross Unrealized Gains	$	483			$	458			$	430			$	415			$	393
(1) MetLife's review of its fixed maturity and equity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below cost or amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for six months or greater.

31

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	78,543	27.1	%	$	78,675	26.7	%	$	80,188	26.7	%	$	81,655	26.4	%	$	82,661	26.8	%
Foreign government securities		55,976		19.3	%	59,241		20.1	%	59,899		19.9	%	60,789		19.7	%	61,534		19.9	%
Foreign corporate securities		50,663		17.5	%	51,999		17.6	%	53,847		17.9	%	55,140		17.9	%	55,569		18.0	%
U.S. government and agency securities		44,433		15.4	%	43,513		14.8	%	44,368		14.7	%	47,664		15.4	%	47,394		15.3	%
Residential mortgage-backed securities		29,032		10.0	%	29,763		10.1	%	30,403		10.1	%	31,398		10.2	%	28,800		9.3	%
State and political subdivision securities		12,231		4.2	%	12,290		4.2	%	12,211		4.1	%	12,345		4.0	%	12,455		4.0	%
Asset-backed securities		11,225		3.9	%	11,475		3.9	%	11,897		4.0	%	11,771		3.8	%	12,291		4.0	%
Commercial mortgage-backed securities		7,460		2.6	%	7,754		2.6	%	7,803		2.6	%	8,132		2.6	%	8,227		2.7	%
Total Fixed Maturity Securities Available-For-Sale		$	289,563	100.0	%	$	294,710	100.0	%	$	300,616	100.0	%	$	308,894	100.0	%	$	308,931	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	205,945	71.1	%	$	209,829	71.2	%	$	213,398	71.0	%	$	219,158	70.9	%	$	218,830	70.8	%
2	Baa	65,820		22.7	%	67,214		22.8	%	69,803		23.2	%	72,293		23.4	%	72,396		23.4	%
3	Ba	12,156		4.2	%	12,091		4.1	%	11,672		3.9	%	11,562		3.7	%	11,711		3.8	%
4	B	4,788		1.7	%	4,663		1.6	%	4,906		1.6	%	4,960		1.7	%	5,155		1.7	%
5	Caa and lower	853		0.3	%	912		0.3	%	836		0.3	%	917		0.3	%	833		0.3	%
6	In or near default	1		—	%	1		—	%	1		—	%	4		—	%	6		—	%
Total Fixed Maturity Securities Available-For-Sale (1)		$	289,563	100.0	%	$	294,710	100.0	%	$	300,616	100.0	%	$	308,894	100.0	%	$	308,931	100.0	%
(1) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities) held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on designations from revised NAIC methodologies. The NAIC's present methodology is to evaluate structured securities held by insurers using the revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.

32

INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	December 31, 2016					March 31, 2017					June 30, 2017					September 30, 2017					December 31, 2017
Commercial mortgage loans	$	41,512				$	42,346				$	42,590				$	43,243				$	44,375
Agricultural mortgage loans	12,564					12,683					12,761					12,967					13,014
Residential mortgage loans	11,395					11,914					12,270					12,163					11,656
Total Mortgage Loans	65,471					66,943					67,621					68,373					69,045
Valuation allowances	(304		)			(310		)			(312		)			(316		)			(314		)
Total Mortgage Loans, net	$	65,167				$	66,633				$	67,309				$	68,057				$	68,731
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2016					March 31, 2017					June 30, 2017					September 30, 2017					December 31, 2017
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total
Pacific	$	9,506		22.9	%	$	9,850		23.3	%	$	9,695		22.8	%	$	9,935		23.0	%	$	9,875		22.3	%
International	7,772			18.7	%	7,948			18.8	%	8,010			18.8	%	8,361			19.3	%	9,101			20.5	%
Middle Atlantic	7,263			17.5	%	7,379			17.4	%	7,650			17.9	%	7,616			17.6	%	7,231			16.3	%
South Atlantic	5,192			12.5	%	5,092			12.0	%	4,953			11.6	%	4,624			10.7	%	5,311			12.0	%
West South Central	3,585			8.6	%	3,569			8.4	%	3,649			8.6	%	3,679			8.5	%	3,819			8.6	%
East North Central	2,037			4.9	%	2,220			5.3	%	2,218			5.2	%	2,413			5.6	%	2,683			6.0	%
Mountain	1,202			2.9	%	1,201			2.8	%	1,200			2.8	%	1,200			2.8	%	1,188			2.7	%
New England	1,199			2.9	%	1,194			2.8	%	1,099			2.6	%	1,162			2.7	%	901			2.0	%
East South Central	410			1.0	%	521			1.2	%	714			1.7	%	835			1.9	%	840			1.9	%
West North Central	497			1.2	%	460			1.1	%	456			1.1	%	478			1.1	%	477			1.1	%
Multi-Region and Other	2,849			6.9	%	2,912			6.9	%	2,946			6.9	%	2,940			6.8	%	2,949			6.6	%
Total	$	41,512		100.0	%	$	42,346		100.0	%	$	42,590		100.0	%	$	43,243		100.0	%	$	44,375		100.0	%
Office	$	20,868		50.3	%	$	21,608		51.0	%	$	21,476		50.4	%	$	22,339		51.7	%	$	22,602		50.9	%
Retail	8,708			21.0	%	8,599			20.3	%	8,727			20.5	%	8,694			20.1	%	8,032			18.1	%
Apartment	5,240			12.6	%	5,345			12.6	%	5,549			13.0	%	5,730			13.2	%	6,113			13.8	%
Hotel	3,747			9.0	%	3,769			8.9	%	3,782			8.9	%	3,493			8.1	%	3,620			8.2	%
Industrial	2,659			6.4	%	2,772			6.6	%	2,713			6.4	%	2,744			6.3	%	3,125			7.0	%
Other	290			0.7	%	253			0.6	%	343			0.8	%	243			0.6	%	883			2.0	%
Total	$	41,512		100.0	%	$	42,346		100.0	%	$	42,590		100.0	%	$	43,243		100.0	%	$	44,375		100.0	%

33

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Reconciliation to Adjusted Earnings
Income (loss) from continuing operations, net of income tax	$	(971	)	$	952		$	856		$	883		$	2,315		$	3,588			$	5,006
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	(299		)	88			104			(606		)	106			317				(308		)
Net derivative gains (losses)	(2,554		)	(212		)	(200		)	(123		)	(55		)	(690		)		(590		)
Premiums - Divested businesses and Lag elimination	(205		)	(174		)	(136		)	(37		)	—			(303		)		(347		)
Universal life and investment-type product policy fees
Unearned revenue adjustments	2			1			9			4			(2		)	30				12
GMIB fees	31			31			31			32			31			124				125
Divested businesses and Lag elimination	(18		)	(20		)	(14		)	—			—			(2		)		(34		)
Net investment income
Investment hedge adjustments	(152		)	(139		)	(114		)	(97		)	(85		)	(580		)		(435		)
Operating joint venture adjustments	1			(1		)	1			—			—			6				—
Unit-linked contract income	327			416			214			234			436			950				1,300
Securitization entities income	—			—			—			—			—			—				—
Divested businesses and Lag elimination	(49		)	(27		)	(21		)	2			—			(23		)		(46		)
Other revenues
Settlement of foreign currency earnings hedges	(2		)	6			5			5			6			4				22
Divested businesses and Lag elimination	33			(59		)	(57		)	(19		)	—			38				(135		)
Policyholder benefits and claims and policyholder dividends
PDO adjustments	—			—			—			—			—			—				—
Inflation and pass through adjustments	163			(21		)	(53		)	28			77			85				31
GMIB costs	(109		)	(73		)	(67		)	(138		)	(72		)	(169		)		(350		)
Market value adjustments	(10		)	(6		)	(5		)	(8		)	(3		)	(41		)		(22		)
Divested businesses and Lag elimination	195			146			103			(112		)	—			420				137
Interest credited to policyholder account balances
PAB hedge adjustments	1			1			1			1			—			3				3
Unit-linked contract costs	(318		)	(402		)	(213		)	(229		)	(420		)	(932		)		(1,264		)
Divested businesses and Lag elimination	(14		)	(14		)	(14		)	(5		)	—			(159		)		(33		)
Capitalization of DAC - Divested businesses and Lag elimination	(21		)	(16		)	(14		)	(4		)	—			1				(34		)
Amortization of DAC and VOBA
Related to NIGL and NDGL	11			2			28			2			28			226				60
Related to GMIB fees and GMIB costs	9			13			6			—			(21		)	44				(2		)
Related to market value adjustments	—			—			—			—			—			—				—
Divested businesses and Lag elimination	2			(33		)	17			(75		)	—			55				(91		)
Amortization of negative VOBA
Related to market value adjustments	4			3			3			2			1			25				9
Divested businesses and Lag elimination	—			—			—			—			—			22				—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—				—
Divested businesses and Lag elimination	12			12			4			—			—			50				16
Other expenses
Noncontrolling interest	4			4			3			10			(5		)	6				12
Regulatory implementation costs	(1		)	—			—			—			—			(1		)		—
Acquisition, integration and other costs	(31		)	(8		)	(14		)	(20		)	(23		)	(64		)		(65		)
Divested businesses and Lag elimination	24			(133		)	(44		)	(70		)	(244		)	(296		)		(491		)
Goodwill impairment	—			—			—			—			—			—				—
Provision for income tax (expense) benefit	891			240			126			985			1,837			306				3,188
Adjusted earnings	$	1,102		$	1,327		$	1,167		$	1,121		$	723		$	4,136			$	4,338
(1) For the year ended December 31, 2016, Divested businesses and Lag elimination includes adjustments related to the financial impact of converting MetLife's Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended																For the Year Ended
Unaudited (In millions)			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Variable investment income			$	—		$	15		$	—		$	—		$	—		$	(63	)		$	15
Catastrophe experience and prior year development, net			—			(45		)	—			(10		)	7			(44		)		(48		)
Actuarial assumption review and other insurance adjustments			(91		)	76			(28		)	125			(110		)	(561		)		63
Litigation reserves & settlement costs			(23		)	(21		)	—			—			(55		)	(23		)		(76		)
Expense initiative costs			(28		)	(21		)	(22		)	(17		)	(42		)	(28		)		(102		)
Other expense-related items (2)			—			—			(36		)	—			—			—				(36		)
Tax adjustments			—			—			27			(167		)	(298		)	10				(438		)
Total notable items			$	(142	)	$	4		$	(59	)	$	(69	)	$	(498	)	$	(709	)		$	(622	)
U.S.
		For the Three Months Ended																For the Year Ended
Unaudited (In millions)			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Variable investment income			$	—		$	22		$	—		$	—		$	—		$	(32	)		$	22
Catastrophe experience and prior year development, net			—			(45		)	—			(10		)	7			(44		)		(48		)
Actuarial assumption review and other insurance adjustments			—			—			—			—			(62		)	(25		)		(62		)
Total notable items			$	—		$	(23	)	$	—		$	(10	)	$	(55	)	$	(101	)		$	(88	)
	GROUP BENEFITS
		For the Three Months Ended																For the Year Ended
	Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
	Variable investment income		$	—		$	3		$	—		$	—		$	—		$	9			$	3
	Total notable items		$	—		$	3		$	—		$	—		$	—		$	9			$	3
	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended																For the Year Ended
	Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
	Variable investment income		$	—		$	17		$	—		$	—		$	—		$	(34	)		$	17
	Actuarial assumption review and other insurance adjustments		—			—			—			—			(62		)	(25		)		(62		)
	Total notable items		$	—		$	17		$	—		$	—		$	(62	)	$	(59	)		$	(45	)
	PROPERTY & CASUALTY
		For the Three Months Ended																For the Year Ended
	Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
	Variable investment income		$	—		$	2		$	—		$	—		$	—		$	(7	)		$	2
	Catastrophe experience and prior year development, net		—			(45		)	—			(10		)	7			(44		)		(48		)
	Total notable items		$	—		$	(43	)	$	—		$	(10	)	$	7		$	(51	)		$	(46	)
(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 the Company’s results, but that were unknown and that the Company 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 Company results and to evaluate and forecast those results.
(2) For the three months ended June 30, 2017, $36 million in lease impairments are included.

A-2

APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017				December 31, 2016				December 31, 2017
Variable investment income		$	—		$	(3	)	$	—		$	—		$	—			$	(41	)		$	(3	)
Actuarial assumption review and other insurance adjustments		—			—			12			(4		)	—				(70		)		8
Tax adjustments		—			—			—			—			—				20				—
Total notable items		$	—		$	(3	)	$	12		$	(4	)	$	—			$	(91	)		$	5
LATIN AMERICA
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017				December 31, 2016				December 31, 2017
Variable investment income		$	—		$	(1	)	$	—		$	—		$	—			$	(6	)		$	(1	)
Actuarial assumption review and other insurance adjustments		—			—			—			15			—				8				15
Tax adjustments		—			—			—			—			—				(10		)		—
Total notable items		$	—		$	(1	)	$	—		$	15		$	—			$	(8	)		$	14
EMEA
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017				December 31, 2016				December 31, 2017
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	—		$	(8	)	$	—			$	(16	)		$	(8	)
Total notable items		$	—		$	—		$	—		$	(8	)	$	—			$	(16	)		$	(8	)
METLIFE HOLDINGS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017				December 31, 2016				December 31, 2017
Variable investment income		$	—		$	1		$	—		$	—		$	—			$	25			$	1
Actuarial assumption review and other insurance adjustments		(91		)	76			(40		)	122			(48		)		(458		)		110
Total notable items		$	(91	)	$	77		$	(40	)	$	122		$	(48	)		$	(433	)		$	111
CORPORATE & OTHER
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017				December 31, 2016				December 31, 2017
Variable investment income		$	—		$	(4	)	$	—		$	—		$	—			$	(9	)		$	(4	)
Litigation reserves & settlement costs		(23		)	(21		)	—			—			(55		)		(23		)		(76		)
Expense initiative costs		(28		)	(21		)	(22		)	(17		)	(42		)		(28		)		(102		)
Other expense-related items (2)		—			—			(36		)	—			—				—				(36		)
Tax adjustments		—			—			27			(167		)	(298		)		—				(438		)
Total notable items		$	(51	)	$	(46	)	$	(31	)	$	(184	)	$	(395	)		$	(60	)		$	(656	)
(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 the Company’s results, but that were unknown and that the Company 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 Company results and to evaluate and forecast those results.
(2) For the three months ended June 30, 2017, $36 million in lease impairments are included.

A-3

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Total MetLife, Inc.'s stockholders' equity	$	67,531		$	68,179		$	69,732		$	56,981		$	58,676
Less: Preferred stock	2,066			2,066			2,066			2,066			2,066
MetLife, Inc.'s common stockholders' equity	65,465			66,113			67,666			54,915			56,610
Less: Net unrealized investment gains (losses), net of income tax	12,650			13,189			15,038			13,343			13,662
Defined benefit plans adjustment, net of income tax	(1,972		)	(1,951		)	(1,923		)	(1,878		)	(1,845		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	54,787			54,875			54,551			43,450			44,793
Less: Goodwill, net of income tax	9,112			9,209			9,230			9,151			9,322
VODA and VOCRA, net of income tax	404			386			373			374			378
Total MetLife, Inc.'s tangible common stockholders' equity (excludes AOCI other than FCTA)	$	45,271		$	45,280		$	44,948		$	33,925		$	35,093
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Book value per common share (1)	$	59.76		$	61.14		$	63.63		$	52.09		$	54.24
Less: Net unrealized investment gains (losses), net of income tax	11.55			12.20			14.15			12.66			13.09
Defined benefit plans adjustment, net of income tax	(1.80		)	(1.81		)	(1.81		)	(1.78		)	(1.77		)
Book value per common share, excluding AOCI other than FCTA (1)	50.01			50.75			51.29			41.21			42.92
Less: Goodwill, net of income tax	8.32			8.51			8.68			8.68			8.93
VODA and VOCRA, net of income tax	0.37			0.36			0.35			0.35			0.36
Book value per common share - tangible common stockholders' equity (excludes AOCI other than FCTA) (1)	$	41.32		$	41.88		$	42.26		$	32.18		$	33.63
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Total MetLife, Inc.'s stockholders' equity	$	67,531		$	68,179		$	69,732		$	56,981		$	58,676
Less: Preferred stock	2,066			2,066			2,066			2,066			2,066
MetLife, Inc.'s common stockholders' equity	65,465			66,113			67,666			54,915			56,610
Less: Net unrealized investment gains (losses), net of income tax	12,650			13,189			15,038			13,343			13,662
Defined benefit plans adjustment, net of income tax	(1,972		)	(1,951		)	(1,923		)	(1,878		)	(1,845		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	54,787			54,875			54,551			43,450			44,793
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA	16,598			16,436			14,649			—			—
Total MetLife, Inc.'s common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	38,189		$	38,439		$	39,902		$	43,450		$	44,793
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Book value per common share (1)	$	59.76		$	61.14		$	63.63		$	52.09		$	54.24
Less: Net unrealized investment gains (losses), net of income tax	11.55			12.20			14.15			12.66			13.09
Defined benefit plans adjustment, net of income tax	(1.80		)	(1.81		)	(1.81		)	(1.78		)	(1.77		)
Book value per common share, excluding AOCI other than FCTA (1)	50.01			50.75			51.29			41.21			42.92
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA	15.15			15.20			13.77			—			—
Book value per common share - common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA) (1)	$	34.86		$	35.55		$	37.52		$	41.21		$	42.92
	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016				December 31, 2017
Return on MetLife, Inc.'s:
Common stockholders' equity	(13.4		)%	5.3		%	5.2		%	(0.6		)%	16.3		%	1.0		%		6.3		%
Common stockholders' equity, excluding AOCI other than FCTA	(16.8		)%	6.3		%	6.3		%	(0.8		)%	20.6		%	1.3		%		7.7		%
Tangible common stockholders' equity (excludes AOCI other than FCTA) (3)	(20.1		)%	7.8		%	7.8		%	(0.9		)%	26.4		%	1.7		%		9.6		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	5.9		%	8.0		%	6.7		%	7.3		%	4.9		%	5.6		%		6.8		%
Common stockholders' equity, excluding AOCI other than FCTA	7.4		%	9.6		%	8.2		%	9.1		%	6.1		%	7.0		%		8.4		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	10.7		%	13.8		%	11.4		%	10.7		%	6.1		%	10.3		%		10.3		%
Tangible common stockholders' equity (excludes AOCI other than FCTA) (4)	9.0		%	11.7		%	10.0		%	11.4		%	8.0		%	8.5		%		10.4		%
Average common stockholders' equity	$	71,078		$	65,789		$	66,890		$	61,291		$	55,763		$	71,959			$	62,154
Average common stockholders' equity, excluding AOCI other than FCTA	$	56,964		$	54,831		$	54,713		$	49,001		$	44,122		$	57,609			$	50,491
Average common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	39,507		$	38,314		$	39,171		$	41,676		$	44,122		$	39,204			$	40,955
Average tangible common stockholders' equity (excludes AOCI other than FCTA)	$	47,261		$	45,276		$	45,114		$	39,437		$	34,509		$	47,730			$	40,903
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results.
(3) Net income (loss) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017 of $11 million, $11 million, $11 million, $9 million and $8 million, respectively, and for the years ended December 31, 2016 and 2017 of $47 million and $39 million, respectively.
(4) Adjusted earnings (losses) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017 of $10 million, $8 million, $8 million, $9 million and $8 million, respectively, and for the years ended December 31, 2016 and 2017 of $36 million and $33 million, respectively.

A-4

APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2)
RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
U.S.
GROUP BENEFITS		(9.6		)%	23.3		%	29.4		%	32.1		%		30.7		%
RETIREMENT AND INCOME SOLUTIONS		11.0		%	10.8		%	22.3		%	20.7		%		17.0		%
PROPERTY & CASUALTY		15.6		%	6.7		%	5.6		%	11.2		%		20.8		%
TOTAL U.S.		6.0		%	13.5		%	21.2		%	22.1		%		21.5		%
ASIA		(21.7		)%	15.3		%	6.5		%	7.7		%		11.8		%
LATIN AMERICA		32.7		%	31.2		%	13.0		%	30.4		%		8.0		%
EMEA		3.2		%	10.0		%	8.3		%	7.6		%		11.3		%
METLIFE HOLDINGS		(20.2		)%	12.3		%	2.8		%	8.1		%		9.4		%
RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
U.S.		6.6		%	15.7		%	24.7		%	25.8		%		25.0		%
ASIA		(37.2		)%	24.4		%	10.3		%	12.3		%		18.8		%
LATIN AMERICA		51.9		%	53.8		%	22.3		%	52.3		%		13.8		%
EMEA		6.0		%	16.3		%	13.7		%	12.5		%		18.4		%
METLIFE HOLDINGS		(21.0		)%	13.8		%	3.2		%	9.1		%		10.5		%
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
U.S.
GROUP BENEFITS		24.1		%	27.6		%	28.8		%	34.2		%		32.7		%
RETIREMENT AND INCOME SOLUTIONS		17.3		%	19.8		%	18.9		%	17.8		%		12.5		%
PROPERTY & CASUALTY		15.2		%	6.2		%	6.0		%	11.0		%		20.4		%
TOTAL U.S.		18.9		%	19.5		%	19.3		%	21.1		%		19.5		%
ASIA		12.8		%	9.4		%	9.9		%	10.0		%		9.9		%
LATIN AMERICA		15.9		%	19.5		%	21.0		%	22.2		%		17.0		%
EMEA		8.9		%	9.3		%	9.0		%	8.8		%		9.8		%
METLIFE HOLDINGS		7.3		%	13.8		%	8.4		%	12.9		%		6.9		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
U.S.		20.8		%	22.7		%	22.5		%	24.6		%		22.7		%
ASIA		22.1		%	15.0		%	15.8		%	16.0		%		15.8		%
LATIN AMERICA		25.2		%	33.6		%	36.2		%	38.3		%		29.3		%
EMEA		15.6		%	15.3		%	14.7		%	14.5		%		16.1		%
METLIFE HOLDINGS		7.8		%	15.4		%	9.5		%	14.5		%		7.8		%
(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
					ALLOCATED EQUITY						ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)				2016			2017			2016				2017
	U.S.
	GROUP BENEFITS				$	2,884		$	2,816
	RETIREMENT AND INCOME SOLUTIONS				6,813			5,538
	PROPERTY & CASUALTY				1,130			1,862
	TOTAL U.S.				$	10,827		$	10,216		$	9,855			$	8,792
	ASIA				$	11,045		$	12,587		$	6,431			$	7,898
	LATIN AMERICA				$	3,070		$	2,933		$	1,935			$	1,704
	EMEA				$	3,226		$	3,210		$	1,919			$	2,017
	METLIFE HOLDINGS				$	11,082		$	11,247		$	10,586			$	10,179
(3) Net income (loss) available to MetLife, Inc.'s common shareholders used to calculate the return on allocated tangible equity and adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity, exclude the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
	U.S.	$	1		$	1		$	1		$	1			$	1
	ASIA	$	1		$	1		$	1		$	1			$	1
	LATIN AMERICA	$	—		$	—		$	—		$	—			$	—
	EMEA	$	3		$	2		$	2		$	2			$	2
	METLIFE HOLDINGS	$	5		$	5		$	4		$	4			$	4

A-5

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, 2016				March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
U.S. (1)	$	5,815			$	5,654		$	6,327		$	7,431			$	6,038
ASIA	2,098				2,105			2,030			2,142				2,088
LATIN AMERICA	943				949			928			914				988
EMEA	647				649			645			633				651
METLIFE HOLDINGS (1)	1,626				1,517			1,404			1,375				1,453
CORPORATE & OTHER (1)	30				97			69			78				82
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	11,159			$	10,971		$	11,403		$	12,573			$	11,300
Total adjusted premiums, fees and other revenues	$	11,136			$	10,882		$	11,398		$	12,620			$	11,300
ASIA (including operating joint ventures) (2), (3)	$	2,287			$	2,299		$	2,220		$	2,340			$	2,308
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016				March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
U.S. (1)	$	934			$	909		$	914		$	933			$	926
ASIA	917				884			889			896				938
LATIN AMERICA	374				331			354			367				419
EMEA	335			343	333			343			346				381
METLIFE HOLDINGS (1)	531				340			370			322				333
CORPORATE & OTHER (1)	229				175			202			237				280
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,320			$	2,972		$	3,072		$	3,101			$	3,277
Other expenses, as reported on an adjusted basis	$	3,312			$	2,941		$	3,070		$	3,121			$	3,277
ASIA (including operating joint ventures) (2), (3)	$	988			$	965		$	966		$	975			$	1,024
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016				March 31, 2017			June 30, 2017			September 30, 2017				December 31, 2017
U.S. (1)	$	511			$	497		$	493		$	539			$	498
ASIA	353				298			311			313				310
LATIN AMERICA	125				152			153			156				125
EMEA	75				81			75			70				79
METLIFE HOLDINGS (1)	201				387			237			364				194
CORPORATE & OTHER (1)	(203		)		(76		)	(145		)	(336		)		(528		)
Total adjusted earnings available to common shareholders on a constant currency basis	$	1,062			$	1,339		$	1,124		$	1,106			$	678
Total adjusted earnings available to common shareholders	$	1,057			$	1,321		$	1,121		$	1,115			$	678
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, universal life and investment-type product policy fees, other revenues and other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
(3) Includes MetLife, Inc.'s percentage interest in operating joint ventures as follows: (i) India, 26%, (ii) Vietnam, 60%, (iii) China, 50% and (iv) Malaysia, 50%.

A-6

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES 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 of our performance by highlighting the results of operations and the underlying profitability drivers of our business. 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)	adjusted revenues	(i)	revenues
(ii)	adjusted expenses	(ii)	expenses
(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	adjusted earnings	(iv)	income (loss) from continuing operations, net of income tax
(v)	adjusted earnings available to common shareholders	(v)	net income (loss) available to MetLife, Inc.’s common shareholders
(vi)	adjusted earnings available to common shareholders on a constant currency basis	(vi)	net income (loss) available to MetLife, Inc.’s common shareholders
(vii)	adjusted earnings available to common shareholders per diluted common share	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(viii)	adjusted return on equity	(viii)	return on equity
(ix)	investment portfolio gains (losses)	(ix)	net investment gains (losses)
(x)	derivative gains (losses)	(x)	net derivative gains (losses)
(xi)	MetLife, Inc.’s tangible common stockholders’ equity	(xi)	MetLife, Inc.’s stockholders’ equity
(xii)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xii)	MetLife, Inc.’s stockholders’ equity
(xiii)	MetLife, Inc.'s common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xiii)	MetLife, Inc.’s stockholders’ equity
Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com. Our definitions of the various 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; and
•	adjusted earnings available to common shareholders per diluted common share.
These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure 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 our performance relative to our business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, both net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes 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. In addition, for the year ended December 31, 2016, adjusted revenues and adjusted expenses exclude the financial impact of converting MetLife’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods ("Lag elimination"). Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
•	Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
•	Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”); and
•	Other revenues are adjusted for settlements of foreign currency earnings hedges.
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
•	Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments (“Inflation and pass through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
•	Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments (“Unit-linked contract costs”);
•	Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
•	Amortization of negative VOBA excludes amounts related to Market value adjustments;
•	Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
•	Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition, integration and other costs.

A-7

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
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 the Company’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.
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 or goodwill impairment. 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, allocated equity, tangible equity and related measures
•	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA - MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•	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 net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)  - adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity - adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•	Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA - net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•	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.
•	Allocated equity - portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
•	Adjusted return on allocated equity - adjusted earnings available to common shareholders divided by allocated equity.
•	Return on allocated equity - net income (loss) available to MetLife, Inc.'s common shareholders divided by allocated equity.
	The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.
•	MetLife, Inc.’s tangible common stockholders’ equity or tangible equity - MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•	Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity - adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
•	Return on MetLife, Inc.’s tangible common stockholders’ equity - net income (loss) available to MetLife, Inc.’s common shareholders, excluding goodwill impairment and amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders’ equity.
•	Adjusted return on allocated tangible equity - adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
•	Return on allocated tangible equity - net income (loss) available to MetLife, Inc.'s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
	The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
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.
•	All comparisons 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 current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates.

A-8

	METLIFE ACRONYMS
	AOCI	Accumulated other comprehensive income (loss)
	CSE	Consolidated securitization entity
	DAC	Deferred policy acquisition costs
	EMEA	Europe, the Middle East and Africa
	FCTA	Foreign currency translation adjustments
	GAAP	Accounting principles generally accepted in the United States of America
	GMIB	Guaranteed minimum income benefits
	LTC	Long-term care
	NAIC	National Association of Insurance Commissioners
	NDGL	Net derivative gains (losses)
	NIGL	Net investment gains (losses)
	NRSRO	Nationally Recognized Statistical Rating Organizations
	PDO	Policyholder dividend obligation
	PAB	Policyholder account balances
	QFS	Quarterly financial supplement
	VIE	Variable interest entity
	VOBA	Value of business acquired
	VOCRA	Value of customer relationships acquired
	VODA	Value of distribution agreements

A-9