8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) May 2, 2018

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-15787	13-4075851
(Commission File Number)	(IRS Employer Identification No.)
200 Park Avenue, New York, New York	10166-0188
(Address of Principal Executive Offices)	(Zip Code)

212-578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02 Results of Operations and Financial Condition.

On May 2, 2018, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended March 31, 2018 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended March 31, 2018 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference and (iii) a supplemental slide presentation for the first quarter of 2018 (the “Supplemental Slides”) attached hereto as Exhibit 99.3 and incorporated herein by reference. The Earnings Release, the Quarterly Financial Supplement and the Supplemental Slides are furnished and not filed pursuant to instruction B. 2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits

99.1 News release of MetLife, Inc., dated May 2, 2018, announcing its results for the quarter ended March 31, 2018

99.2 Quarterly Financial Supplement for the quarter ended March 31, 2018

99.3 Supplemental slide presentation for the first quarter of 2018

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

METLIFE, INC.
By:	/s/ Jeannette N. Pina
	Name:	Jeannette N Pina
	Title:	Vice President and Secretary

Date: May 2, 2018

EX-99.1

Exhibit 99.1

For Immediate Release İ Global Communications İ MetLife, Inc.

Contacts: For Media:John Calagna        

MetLife        

(212) 578-6252    

For Investors: John Hall

MetLife

(212) 578-7888

METLIFE ANNOUNCES FIRST QUARTER 2018 RESULTS

NEW YORK, May 2, 2018 - MetLife, Inc. (NYSE: MET) today announced its results for the first quarter ended March 31, 2018.

First Quarter Results Summary

• Net income of $1.2 billion, compared to net income of $867 million in the first quarter of 2017. On a per share basis, net income of $1.19, compared to net income of $0.79 in the prior-year period.

• Adjusted earnings* of $1.4 billion, or $1.36 per share, compared to adjusted earnings of $1.3 billion, or $1.20 per share in the first quarter of 2017.

• Book value of $52.49 per share down14 percent from $61.14 per share at March 31, 2017, primarily due to the separation of Brighthouse Financial, Inc. and its subsidiaries (Brighthouse).

• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA)*, of $43.36 per share, down15 percent from $50.75 per share at March 31, 2017, also primarily due to the separation of Brighthouse.

• Return on Equity (ROE) of 9.0 percent.

• Adjusted ROE*, excluding AOCI other than FCTA, of 12.8 percent.

"MetLife had a very good first quarter driven by favorable underwriting, volume growth, and the effects of tax reform," said Steven A. Kandarian, chairman, president and CEO of MetLife, Inc. "The narrowing gap between MetLife's net income and adjusted earnings demonstrates the company’s progress toward less market sensitivity. We were also pleased to announce a 5 percent increase in our common stock dividend last week, underscoring our financial strength and continued commitment to return capital to our shareholders.”

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First Quarter 2018 Summary

($ in millions, except per share data)	Three months ended March 31,
	2018	2017	Change
Premiums, fees & other revenues	$11,044	$10,667	4%
Net investment income	3,745	4,421	(15)%
Net investment gains (losses)	(333)	88
Net derivative gains (losses)	349	(212)
Total revenues	$14,805	$14,964	(1)%
Total adjusted revenues	$15,148	$15,054	1%
Adjusted premiums, fees & other revenues	$10,929	$10,882	<1%
Net income (loss)	$1,247	$867	44%
Net income (loss) per share	$1.19	$0.79	51%
Adjusted earnings	$1,423	$1,321	8%
Adjusted earnings per share	$1.36	$1.20	13%
Book value per share	$52.49	$61.14	(14)%
Book value per share, excluding AOCI other than FCTA	$43.36	$50.75	(15)%
Book value per share - tangible common stockholders’ equity	$33.80	$41.88	(19)%
ROE	9.0%	5.3%
ROE, excluding AOCI other than FCTA	11.2%	6.3%
Tangible ROE	14.4%	7.8%
Adjusted ROE, excluding AOCI other than FCTA	12.8%	9.6%
Adjusted tangible ROE	16.4%	11.7%

MetLife reported first quarter 2018 net income of $1.2 billion, compared to net income of $867 million in the first quarter of 2017.

On a per share basis, net income was $1.19, compared to net income of $0.79 in the prior-year period.

Net investment income was $3.7 billion, down 15 percent. The decline in net investment income was driven by changes in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP accounting. On an adjusted basis, net investment income was $4.2 billion, up 1 percent.

Net derivative gains amounted to $276 million after tax during the quarter.

Premiums, fees & other revenues were $11.0 billion, up 4 percent over the first quarter of 2017. Adjusted premiums, fees & other revenues* were $10.9 billion, relatively unchanged, and down 1 percent on a constant currency basis over the prior-year period.

MetLife reported adjusted earnings of $1.4 billion, up8 percent over the first quarter of 2017, and 5 percent on a constant currency basis*. On a per share basis, which includes the impact of share repurchases, adjusted earnings were $1.36, up13 percent from the prior-year period.

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Supplemental slides for the first quarter of 2018, titled "1Q18 Supplemental Slides," are available on the MetLife Investor Relations website at www.metlife.com in the Conferences & Presentations section, and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission (SEC) in connection with this earnings news release.

Adjusted Earnings by Segment Summary

	Three months ended March 31, 2018
Segment	Change from prior-year period	Change (from prior-year period on a constant currency basis)
U.S.	31%	31%
Asia	11%	7%
Latin America	(2)%	(11)%
Europe, the Middle East and Africa (EMEA)	8%	(5)%
MetLife Holdings	10%	10%

Business Discussions

All comparisons of the results for the first quarter of 2018 in the business discussions that follow are with the first quarter of 2017, unless otherwise noted. See first quarter 2018 notable items table that follows at the end of the business discussion section of this release for additional information on notables incurred in the first quarter of 2018.

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U.S.

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Adjusted earnings	$653	$497	31%
Adjusted premiums, fees & other revenues	$5,679	$5,654	<1%
Adjusted premiums, fees & other revenues, excluding pension risk transfers	$5,679	$5,584	2%
Notable item(s)	$0	$(23)

• Total adjusted earnings for the U.S. were $653 million, up31 percent, primarily reflecting the impact of U.S. tax reform. Excluding tax reform, adjusted earnings were up 9 percent.

• Adjusted return on allocated equity was 24.1 percent, and adjusted return on allocated tangible equity was 27.9 percent.

• Adjusted premiums, fees & other revenues were relatively unchanged at $5.7 billion. Excluding pension risk transfers, adjusted premiums, fees & other revenues were up 2 percent.

Group Benefits

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Adjustedearnings	$218	$194	12%
Adjusted premiums, fees & other revenues	$4,423	$4,300	3%
Notable item(s)	$0	$3

• Adjusted earnings for Group Benefits were $218 million, up12 percent, primarily driven by the impact of U.S. tax reform. Excluding the impact of tax reform, adjusted earnings were down 7 percent.

• Adjusted premiums, fees & other revenues were $4.4 billion, up3 percent.

• Sales for Group Benefits were down 1 percent in the first quarter of 2018, compared to the first quarter of 2017, which included record jumbo case sales.

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Retirement and Income Solutions

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Adjustedearnings	$339	$274	24%
Adjusted premiums, fees & other revenues	$371	$479	(23)%
Notable item(s)	$0	$17

• Adjusted earnings for Retirement and Income Solutions were $339 million, up 24 percent, primarily driven by U.S. tax reform. Excluding the impact from tax reform, adjusted earnings were up 1 percent.

• Adjusted premiums, fees & other revenues were $371 million, down23 percent from the prior-year period, driven by lower pension risk transfer and structured settlement sales.

• Excluding pension risk transfers, adjusted premiums, fees & other revenues were down 9 percent.

Property & Casualty

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Adjustedearnings	$96	$29	231%
Adjusted premiums, fees & other revenues	$885	$875	1%
Notable item(s)	$0	$(43)

• Adjusted earnings for Property & Casualty increased from $29 million to $96 million, primarily due to favorable auto and catastrophe results.

• Adjusted premiums, fees & other revenues were $885 million, up 1 percent.

• After tax catastrophe losses and prior year development totaled $42 million in 1Q 2018 and $69 million in 1Q 2017.

• Property & Casualty sales were $137 million, up 16 percent.

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ASIA

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Adjusted earnings	$327	$295	11%
Adjusted earnings (constant currency)	$327	$306	7%
Adjusted premiums, fees & other revenues	$2,157	$2,084	4%
Notable item(s)	$0	$(3)

• Adjusted earnings for Asia were $327 million, up11 percent on a reported basis and up 7 percent on a constant currency basis,driven by volume growth.

• Adjusted return on allocated equity was 9.2 percent, and adjusted return on allocated tangible equity was 13.9 percent.

• Adjusted premiums, fees & other revenues were $2.2 billion, up4 percent on a reported basis and down 1 percent on a constant currency basis, primarily due to a shift to fee-based products.

• Total sales for the region were $655 million, down10 percent on a constant currency basis. Japan sales were up 9 percent. Other Asia sales were down 31 percent, compared to strong sales in the first quarter of 2017, which included a large group case in Australia.

LATIN AMERICA

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Adjusted earnings	$140	$143	(2)%
Adjusted earnings (constant currency)	$140	$157	(11)%
Adjusted premiums, fees & other revenues	$989	$916	8%
Notable item(s)	$0	$(1)

• Adjusted earnings for Latin America were $140 million, down 2 percent, and down 11 percent on a constant currency basis, due to the negative impact of U.S. tax reform, a one-time tax item in Chile, and unfavorable market impacts in Chile. Excluding the negative impact of tax reform, adjusted earnings were up 5 percent, but down 5 percent on a constant currency basis.

• Adjusted return on allocated equity was 17.8 percent, and adjusted return on allocated tangible equity was 29.8 percent.

• Adjusted premiums, fees & other revenues were $989 million, up 8 percent, and up 2 percent on a constant currency basis.

• Total sales for the region were down4 percent on a constant currency basis, primarily due to lower Mexico group sales.

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EMEA

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Adjusted earnings	$81	$75	8%
Adjusted earnings (constant currency)	$81	$85	(5)%
Adjusted premiums, fees & other revenues	$679	$614	11%
Notable item(s)	$0	$0

• Adjusted earnings for EMEA were $81 million, up8 percent, and down 5 percent on a constant currency basis. Excluding the negative impact of U.S. tax reform, the year on year growth was 19 percent, and 4 percent on a constant currency basis.

• Adjusted return on allocated equity was 9.3 percent, and adjusted return on allocated tangible equity was 15.3 percent.

• Adjusted premiums, fees & other revenues were $679 million, up11 percent on a reported basis and up2 percent on a constant currency basis.

• Total sales for the region were $271 million, down1 percent on a constant currency basis. Excluding the impact from exiting the UK wealth management business in mid-2017, sales were up 5 percent, driven by accident and health, life, and credit business sales.

METLIFE HOLDINGS

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Adjusted earnings	$425	$387	10%
Adjusted premiums, fees & other revenues	$1,331	$1,517	(12)%
Notable item(s)	$62	$77

• Adjustedearnings for MetLife Holdings were $425 million, up10 percent, driven by the impact of U.S. tax reform. Excluding the impact of tax reform, and adjusting for notable items in both periods, adjusted earnings were down 1 percent. The notable item in the current period reflects a release of reinsurance reserves for Japanese variable annuities.

• Adjustedreturn on allocated equity was 16.9 percent, and adjusted return on allocated tangible equity was 19.0 percent.

• Adjustedpremiums, fees & other revenues were $1.3 billion, down12% percent, mostly due to the Brighthouse separation impacts.

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CORPORATE & OTHER

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Adjusted earnings	$(203)	$(76)
Notable item(s)	$(34)	$(46)

• Corporate & Other had an adjusted loss of $203 million, compared to an adjustedloss of $76 million in the first quarter of 2017, primarily due to the negative impact of U.S. tax reform in the segment. The notable item in the current period is related to the company's expense initiative costs.

INVESTMENTS

($ in millions)	Three months ended March 31, 2018	Three months ended March 31, 2017	Change
Net investment income (as reported on an adjusted basis)	$4,219	$4,172	1%

• As reported on an adjusted basis, net investment income was $4.2 billion, up1 percent. Variable investment income was $268 million ($212 million, after tax and DAC), as compared to $272 million ($177 million, after tax and DAC) in the first quarter of 2017, primarily due to lower hedge fund income.

• Derivative net gains of $160 million, after tax, were primarily driven by changes in foreign currencies. Derivative net losses in the first quarter of 2017 were $201 million, after tax.

FIRST QUARTER 2018 NOTABLE ITEMS

(In millions)	Adjusted Earnings
	Three months ended March 31, 2018
Notable Items	U.S.			Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions	Property & Casualty
Actuarial assumption review and other insurance adjustments							$62		$62
Expense initiative costs								$(34)	$(34)
Total notable items	$0	$0	$0	$0	$0	$0	$62	$(34)	$28

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*Information regarding the non-GAAP and other financial measures included in this news release and the reconciliation of the non-GAAP financial measures to GAAP measures is provided in the Non-GAAP and Other Financial Disclosures discussions below. Adjusted measures were formerly referred to as operating measures.

###

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Conference Call

MetLife will hold its first quarter 2018 earnings conference call and audio webcast on Thursday, May 3, 2018, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 877-209-9920 (U.S.) or 612-332-0530 (outside the U.S.). To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Thursday, May 3, 2018, until Thursday May 10, 2018, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 800-475-6701 (U.S.) or 320-365-3844 (outside the U.S.). The access code for the replay is 433149. To access the replay of the conference call over the internet, visit the above-mentioned website.

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Non-GAAP and Other Financial Disclosures

Any references in this news release (except in this section and the tables that accompany this release) to:		should be read as, respectively:
(i)	net income (loss);	(i)	net income (loss) available to MetLife, Inc.’s common shareholders;
(ii)	net income (loss) per share;	(ii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(iii)	adjusted earnings;	(iii)	adjusted earnings available to common shareholders;
(iv)	adjusted earnings per share;	(iv)	adjusted earnings available to common shareholders per diluted common share;
(v)	book value per share;	(v)	book value per common share;
(vi)	book value per share, excluding AOCI other than FCTA;	(vi)	book value per common share, excluding AOCI other than FCTA;
(vii)	book value per share-tangible common stockholders’ equity;	(vii)	book value per common share-tangible common stockholders’ equity;
(viii)	premiums, fees and other revenues;	(viii)	premiums, fees and other revenues (adjusted);
(ix)	return on equity;	(ix)	return on MetLife, Inc.’s common stockholders’ equity;
(x)	return on equity, excluding AOCI other than FCTA;	(x)	return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI, other than FCTA;
(xi)	adjusted return on equity, excluding AOCI other than FCTA;	(xi)	adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;
(xii)	tangible return on equity; and	(xii)	return on MetLife, Inc.’s tangible common stockholders' equity; and
(xiii)	adjusted tangible return on equity.	(xiii)	adjusted return on MetLife, Inc.’s tangible common stockholders’ equity.

In this news release, MetLife presents certain measures of its performance that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the 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;

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(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, excluding total notable items;	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(viii)	adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(ix)	adjusted earnings available to common shareholders per diluted common share;	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(x)	adjusted earnings available to common shareholders, excluding total notable items per diluted common share;	(x)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xi)	adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share;	(xi)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xii)	adjusted return on equity;	(xii)	return on equity;
(xiii)	adjusted return on equity, excluding AOCI other than FCTA;	(xiii)	return on equity;
(xiv)	adjusted tangible ROE;	(xiv)	return on equity;
(xv)	investment portfolio gains (losses);	(xv)	net investment gains (losses);
(xvi)	derivative gains (losses);	(xvi)	net derivative gains (losses);
(xvii)	MetLife, Inc.’s tangible common stockholders’ equity;	(xvii)	MetLife, Inc.’s stockholders’ equity;
(xviii)	MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;	(xviii)	MetLife, Inc.’s stockholders’ equity;
(xix)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;	(xix)	MetLife, Inc.’s stockholders’ equity;
(xx)	MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);	(xx)	MetLife, Inc.’s stockholders’ equity;
(xxi)	MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA);	(xxi)	MetLife, Inc.’s stockholders’ equity;
(xxii)	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; and	(xxii)	return on equity; and
(xxiii)	free cash flow of all holding companies.	(xxiii)	MetLife, Inc.’s net cash provided by (used in) adjusted activities.

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Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this earnings news release and in this period’s quarterly financial supplement, which is available at www.metlife.com.

MetLife’s definitions of the various non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:

Adjusted earnings and related measures

• adjusted earnings;

• adjusted earnings available to common shareholders;

• adjusted earnings available to common shareholders on a constant currency basis;

• adjusted earnings available to common shareholders, excluding total notable items;

• adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;

• adjusted earnings available to common shareholders per diluted common share;

• adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and

• adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis 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 and are referred to as 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. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.

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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 and certain variable annuity guaranteed minimum income benefits (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, (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed unit-linked investments, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP; and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL for GAAP; and

• Other revenues are adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA Fees).

The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:

• Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL, (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, (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 and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments;

• Amortization of DAC and value of business acquired (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; and

• Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition, integration and other costs. Other expenses includes TSA Fees.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from 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.

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Investment portfolio gains (losses) and derivative gains (losses)

Theseare 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, goodwill impairment or changes in estimated fair value. 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.

• MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).

• 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 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.

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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 shareholders’ 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, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.

• MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items.

• 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 MetLife’s performance results:

• Statistical sales information for U.S. MetLife Holdings: calculated (i) for life sales using the LIMRA definition of sales for core direct sales, excluding company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance, and (ii) annuity sales consist of statutory premiums, excluding company sponsored internal exchanges. Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

• 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.

• Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.

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• Asymmetrical and non-economic accounting refers to: (i) the portion of net derivative gains (losses) on embedded derivatives attributable to the inclusion of MetLife’s credit spreads in the liability valuations, (ii) hedging activity that generates net derivative gains (losses) and creates fluctuations in net income because hedge accounting cannot be achieved and the item being hedged does not a have an offsetting gain or loss recognized in earnings, (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, and (iv) impact of changes in foreign currency exchange rates on the re-measurement of foreign denominated unhedged funding agreements and financing transactions to the U.S. dollar and the re-measurement of certain liabilities from non-functional currencies to functional currencies. MetLife believes that excluding the impact of asymmetrical and non-economic accounting from total GAAP results enhances investor understanding of MetLife’s performance by disclosing how these accounting practices affect reported GAAP results.

• MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.

• 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.

Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” "will be," "will not," and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) adverse effects which may arise in connection with the material weaknesses in

Page 16 of 24

our internal control over financial reporting or our failure to promptly remediate them; (2) difficult conditions in the global capital markets; (3) increased volatility and disruption of the global capital and credit markets, which may affect our ability to meet liquidity needs and access capital, including through our credit facilities, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets, including assets supporting risks ceded to certain of our captive reinsurers or hedging arrangements associated with those risks; (4) exposure to global financial and capital market risks, including as a result of the United Kingdom’s notice of withdrawal from the European Union or other disruption in global political, security or economic conditions; (5) impact on us of comprehensive financial services regulation reform; (6) numerous rulemaking initiatives required or permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act which may impact how we conduct our business, including those compelling the liquidation of certain financial institutions; (7) regulatory, legislative or tax changes relating to our insurance, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (8) adverse results or other consequences from litigation, arbitration or regulatory investigations; (9) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (10) investment losses and defaults, and changes to investment valuations; (11) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (12) impairments of goodwill and realized losses or market value impairments to illiquid assets; (13) defaults on our mortgage loans; (14) the defaults or deteriorating credit of other financial institutions that could adversely affect us; (15) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (16) downgrades in our claims paying ability, financial strength or credit ratings; (17) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (18) availability and effectiveness of reinsurance, hedging or indemnification arrangements, as well as any default or failure of counterparties to perform; (19) differences between actual claims experience and underwriting and reserving assumptions; (20) ineffectiveness of risk management policies and procedures; (21) catastrophe losses; (22) increasing cost and limited market capacity for statutory life insurance reserve financings; (23) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (24) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and any adjustment for nonperformance risk; (25) our ability to address difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from (a) business acquisitions and integrating and managing the growth of such acquired businesses, (b) dispositions of businesses via sale, initial public offering, spin-off or otherwise, including failure to achieve projected operational benefit from such transactions and any restrictions, liabilities, losses or indemnification obligations arising from any transitional services or tax arrangements related to the separation of any business, or from the failure of such a separation to qualify for any intended tax-free treatment, (c) entry into joint ventures, or (d) legal entity reorganizations; (26) unanticipated or adverse developments that could adversely affect our achieving expected operational or other benefits from the separation of Brighthouse Financial, Inc. and its subsidiaries (“Brighthouse”); (27) our equity market exposure to Brighthouse Financial, Inc.; (28) liabilities, losses or indemnification obligations arising from our transitional services, investment management or tax arrangements or other agreements with Brighthouse; (29) failure of the separation of Brighthouse to qualify for intended tax-free treatment; (30) legal, regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (31) MetLife, Inc.’s and its subsidiary holding companies’ primary reliance, as holding companies, on dividends from subsidiaries to meet free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (32) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (33) changes in accounting standards, practices and/or policies; (34) increased expenses relating to pension and postretirement benefit plans, as well as health care and other employee benefits; (35) inability to protect

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our intellectual property rights or claims of infringement of the intellectual property rights of others; (36) difficulties in marketing and distributing products through our distribution channels; (37) provisions of laws and our incorporation documents that may delay, deter or prevent takeovers and corporate combinations involving MetLife; (38) the effects of business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on the value of our investment portfolio, our disaster recovery systems, cyber- or other information security systems and management continuity planning; (39) any failure to protect the confidentiality of client information; (40) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; (41) the impact of technological changes on our businesses; and (42) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the U.S. Securities and Exchange Commission.

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MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
(In millions)
	For the Three Months Ended
	March 31,
	2018			2017
Revenues
Premiums	$	9,178		$	8,965
Universal life and investment-type product policy fees	1,392			1,360
Net investment income	3,745			4,421
Other revenues	474			342
Net investment gains (losses)	(333		)	88
Net derivative gains (losses)	349			(212		)
Total revenues	14,805			14,964
Expenses
Policyholder benefits and claims	8,718			8,863
Interest credited to policyholder account balances	769			1,451
Policyholder dividends	297			310
Capitalization of DAC	(796		)	(713		)
Amortization of DAC and VOBA	693			663
Amortization of negative VOBA	(22		)	(43		)
Interest expense on debt	286			283
Other expenses	3,204			3,078
Total expenses	13,149			13,892
Income (loss) from continuing operations before provision for income tax	1,656			1,072
Provision for income tax expense (benefit)	399			120
Income (loss) from continuing operations, net of income tax	1,257			952
Income (loss) from discontinued operations, net of income tax	—			(76		)
Net income (loss)	1,257			876
Less: Net income (loss) attributable to noncontrolling interests	4			3
Net income (loss) attributable to MetLife, Inc.	1,253			873
Less: Preferred stock dividends	6			6
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,247		$	867
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions, except per share data)
	For the Three Months Ended
	March 31,
	2018						2017
Reconciliation to Adjusted Earnings Available to Common Shareholders				Earnings Per Weighted Average Common Shares Diluted (1)						Earnings Per Weighted Average Common Shares Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,247		$	1.19		$	867		$	0.79
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(333		)	(0.32		)	88			0.08
Net derivative gains (losses)	349			0.33			(212		)	(0.19		)
Premiums	—			—			(174		)	(0.16		)
Universal life and investment-type product policy fees	32			0.03			12			0.01
Net investment income	(474		)	(0.44		)	249			0.23
Other revenues	83			0.08			(53		)	(0.05		)
Policyholder benefits and claims and policyholder dividends	(47		)	(0.05		)	46			0.04
Interest credited to policyholder account balances	348			0.33			(415		)	(0.38		)
Capitalization of DAC	1			—			(16		)	(0.01		)
Amortization of DAC and VOBA	4			—			(18		)	(0.02		)
Amortization of negative VOBA	1			—			3			—
Interest expense on debt	—			—			12			0.01
Other expenses	(94		)	(0.09		)	(137		)	(0.12		)
Goodwill impairment	—			—			—			—
Provision for income tax (expense) benefit	(42		)	(0.04		)	240			0.22
Income (loss) from discontinued operations, net of income tax	—			—			(76		)	(0.07		)
Add: Net income (loss) attributable to noncontrolling interests	4			—			3			—
Adjusted earnings available to common shareholders	1,423			1.36			1,321			1.20
Less: Total notable items (2)	28			0.03			4			—
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,395		$	1.34		$	1,317		$	1.20
Adjusted earnings available to common shareholders on a constant currency basis	$	1,423		$	1.36		$	1,356		$	1.23
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	1,395		$	1.34		$	1,352		$	1.23
Weighted average common shares outstanding - diluted				1,044.4						1,098.7
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions)
	For the Three Months Ended
	March 31,
	2018			2017
Premiums, Fees and Other Revenues
Total premiums, fees and other revenues	$	11,044		$	10,667
Less: Unearned revenue adjustments	(5		)	1
GMIB fees	30			31
Settlement of foreign currency earnings hedges	4			6
TSA fees	79			—
Divested businesses	7			(253		)
Total adjusted premiums, fees and other revenues	$	10,929		$	10,882
Net Investment Income
Net investment income	$	3,745		$	4,421
Less: Investment hedge adjustments	(110		)	(139		)
Operating joint venture adjustments	1			(1		)
Unit-linked contract income	(353		)	416
Securitization entities income	—			—
Certain partnership distributions	(12		)	—
Divested businesses	—			(27		)
Net investment income, as reported on an adjusted basis	$	4,219		$	4,172
Revenues and Expenses
Total revenues	$	14,805		$	14,964
Less: Net investment gains (losses)	(333		)	88
Less: Net derivative gains (losses)	349			(212		)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	(5		)	1
Less: Other adjustments to revenues:
GMIB fees	30			31
Investment hedge adjustments	(110		)	(139		)
Operating joint venture adjustments	1			(1		)
Unit-linked contract income	(353		)	416
Securitization entities income	—			—
Settlement of foreign currency earnings hedges	4			6
Certain partnership distributions	(12		)	—
TSA fees	79			—
Divested businesses	7			(280		)
Total adjusted revenues	$	15,148		$	15,054
Total expenses	$	13,149		$	13,892
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(14		)	(2		)
Less: Goodwill impairment	—			—
Less: Other adjustments to expenses:
Inflation and pass through adjustments	41			21
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	15			60
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	—			3
PAB hedge adjustments	(1		)	(1		)
Unit-linked contract costs	(347		)	402
Securitization entities debt expense	—			—
Noncontrolling interest	(7		)	(4		)
Regulatory implementation costs	1			—
Acquisition, integration and other costs	11			8
TSA fees	79			—
Divested businesses	9			38
Total adjusted expenses	$	13,362		$	13,367
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
	March 31,
Book Value (3)	2018			2017
Book value per common share	$	52.49		$	61.14
Less: Net unrealized investment gains (losses), net of income tax	11.28			12.20
Defined benefit plans adjustment, net of income tax	(2.15		)	(1.81		)
Book value per common share, excluding AOCI other than FCTA	43.36			50.75
Less: Goodwill, net of income tax	9.20			8.51
VODA and VOCRA, net of income tax	0.36			0.36
Book value per common share - tangible common stockholders' equity	$	33.80		$	41.88
Book value per common share	$	52.49		$	61.14
Less: Net unrealized investment gains (losses), net of income tax	11.28			12.20
Defined benefit plans adjustment, net of income tax	(2.15		)	(1.81		)
Book value per common share, excluding AOCI other than FCTA	43.36			50.75
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA	—			15.20
Book value per common share - common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	43.36		$	35.55
Common shares outstanding, end of period (In millions)	1,024.1			1,081.3
	For the Three Months Ended
	March 31, (4)
Return on Equity	2018			2017
Return on MetLife, Inc.'s:
Common stockholders' equity	9.0		%	5.3		%
Common stockholders' equity, excluding AOCI other than FCTA	11.2		%	6.3		%
Tangible common stockholders' equity	14.4		%	7.8		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.3		%	8.0		%
Common stockholders' equity, excluding AOCI other than FCTA	12.8		%	9.6		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2), (5)	12.4		%	9.6		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	12.8		%	13.8		%
Tangible common stockholders' equity	16.4		%	11.7		%
Tangible common stockholders' equity, excluding total notable items (2), (5)	16.0		%	11.7		%
Return on Allocated Equity:
U.S.	18.0		%	13.5		%
Asia	15.8		%	15.3		%
Latin America	23.6		%	31.2		%
EMEA	10.0		%	10.0		%
MetLife Holdings	13.7		%	12.3		%
Return on Allocated Tangible Equity:
U.S.	20.9		%	15.7		%
Asia	23.9		%	24.4		%
Latin America	39.4		%	53.8		%
EMEA	16.4		%	16.3		%
MetLife Holdings	15.4		%	13.8		%
Adjusted Return on Allocated Equity:
U.S.	24.1		%	19.5		%
Asia	9.2		%	9.4		%
Latin America	17.8		%	19.5		%
EMEA	9.3		%	9.3		%
MetLife Holdings	16.9		%	13.8		%
Adjusted Return on Allocated Tangible Equity:
U.S.	27.9		%	22.7		%
Asia	13.9		%	15.0		%
Latin America	29.8		%	33.6		%
EMEA	15.3		%	15.3		%
MetLife Holdings	19.0		%	15.4		%
See footnotes on last page.

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MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
		For the Three Months Ended
		March 31,
		2018			2017
U.S.:
	Adjusted earnings available to common shareholders	$	653		$	497
	Less: Total notable items (2)	—			(23		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	653		$	520
	Adjusted earnings available to common shareholders on a constant currency basis (6)	$	653		$	497
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (6)	$	653		$	520
Group Benefits:
	Adjusted earnings available to common shareholders	$	218		$	194
	Less: Total notable items (2)	—			3
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	218		$	191
	Adjusted earnings available to common shareholders on a constant currency basis (6)	$	218		$	194
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (6)	$	218		$	191
Retirement & Income Solutions:
	Adjusted earnings available to common shareholders	$	339		$	274
	Less: Total notable items (2)	—			17
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	339		$	257
	Adjusted earnings available to common shareholders on a constant currency basis (6)	$	339		$	274
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (6)	$	339		$	257
Property & Casualty:
	Adjusted earnings available to common shareholders	$	96		$	29
	Less: Total notable items (2)	—			(43		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	96		$	72
	Adjusted earnings available to common shareholders on a constant currency basis (6)	$	96		$	29
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (6)	$	96		$	72
Asia:
	Adjusted earnings available to common shareholders	$	327		$	295
	Less: Total notable items (2)	—			(3		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	327		$	298
	Adjusted earnings available to common shareholders on a constant currency basis	$	327		$	306
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	327		$	309
Latin America:
	Adjusted earnings available to common shareholders	$	140		$	143
	Less: Total notable items (2)	—			(1		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	140		$	144
	Adjusted earnings available to common shareholders on a constant currency basis	$	140		$	157
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	140		$	158
EMEA:
	Adjusted earnings available to common shareholders	$	81		$	75
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	81		$	75
	Adjusted earnings available to common shareholders on a constant currency basis	$	81		$	85
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	81		$	85
MetLife Holdings:
	Adjusted earnings available to common shareholders	$	425		$	387
	Less: Total notable items (2)	62			77
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	363		$	310
	Adjusted earnings available to common shareholders on a constant currency basis (6)	$	425		$	387
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (6)	$	363		$	310
Corporate & Other:
	Adjusted earnings available to common shareholders	$	(203	)	$	(76	)
	Less: Total notable items (2)	(34		)	(46		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	(169	)	$	(30	)
	Adjusted earnings available to common shareholders on a constant currency basis (6)	$	(203	)	$	(76	)
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (6)	$	(169	)	$	(30	)
See footnotes on last page.

Page 23 of 24

MetLife, Inc.
(Unaudited)
(1)	Adjusted earnings available to common shareholders is calculated on a standalone basis and may not equal the sum of adjusted earnings available to common shareholders, excluding total notable items and total notable items.
(2)	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. Notable items can affect the Company’s results either positively or negatively.
(3)	Book values exclude $2,560 and $2,066 million of equity related to preferred stock at March 31, 2018 and 2017, respectively.
(4)	Annualized using quarter-to-date results.
(5)	Excludes total notable items for the reported periods presented in calculating the ratios.
(6)	Amounts on a reported basis, as constant currency impact is not significant.

Page 24 of 24

EX-99.2

Exhibit 99.2

First Quarter

Financial Supplement

March 31, 2018

1

METLIFE TABLE OF CONTENTS
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2
CORPORATE OVERVIEW	3
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5
EXPENSE DETAIL AND RATIOS	7
CONSOLIDATED BALANCE SHEETS	8
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	9
U.S.
Statements of Adjusted Earnings Available to Common Shareholders	10
Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	11
Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	12
Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	13
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	14
Group Benefits - Other Expenses by Major Category and Other Statistical Information	15
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	16
Retirement and Income Solutions - Other Expenses by Major Category and Spread	17
Property & Casualty - Other Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data	18
ASIA
Statements of Adjusted Earnings Available to Common Shareholders	19
Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	20
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders	21
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	22
EMEA
Statements of Adjusted Earnings Available to Common Shareholders	23
Other Expenses by Major Category and Other Statistical Information	24
METLIFE HOLDINGS
Statements of Adjusted Earnings Available to Common Shareholders	25
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	26
Other Expenses by Major Category and Spread by Product	27
Other Statistical Information	28
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders and Adjusted Earnings Available to Common Shareholders by Source	29
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	30
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Gross Unrealized Gains and Losses Aging Schedule	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-10

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.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Revenues
Premiums		$	8,965		$	9,580		$	10,876		$	9,571		$	9,178		$	8,965		$	9,178
Universal life and investment-type product policy fees		1,360			1,364			1,428			1,358			1,392			1,360			1,392
Net investment income		4,421			4,193			4,295			4,454			3,745			4,421			3,745
Other revenues		342			292			301			406			474			342			474
Net investment gains (losses)		88			104			(606		)	106			(333		)	88			(333		)
Net derivative gains (losses)		(212		)	(200		)	(123		)	(55		)	349			(212		)	349
Total revenues		14,964			15,333			16,171			15,840			14,805			14,964			14,805
Expenses
Policyholder benefits and claims		8,863			9,427			10,728			9,295			8,718			8,863			8,718
Interest credited to policyholder account balances		1,451			1,292			1,338			1,526			769			1,451			769
Policyholder dividends		310			313			302			306			297			310			297
Capitalization of DAC		(713		)	(744		)	(761		)	(784		)	(796		)	(713		)	(796		)
Amortization of DAC and VOBA		663			656			626			736			693			663			693
Amortization of negative VOBA		(43		)	(38		)	(32		)	(27		)	(22		)	(43		)	(22		)
Interest expense on debt		283			284			284			278			286			283			286
Other expenses		3,078			3,125			3,201			3,549			3,204			3,078			3,204
Total expenses		13,892			14,315			15,686			14,879			13,149			13,892			13,149
Income (loss) from continuing operations before provision for income tax		1,072			1,018			485			961			1,656			1,072			1,656
Provision for income tax expense (benefit)		120			162			(398		)	(1,354		)	399			120			399
Income (loss) from continuing operations, net of income tax		952			856			883			2,315			1,257			952			1,257
Income (loss) from discontinued operations, net of income tax		(76		)	58			(968		)	—			—			(76		)	—
Net income (loss)		876			914			(85		)	2,315			1,257			876			1,257
Less: Net income (loss) attributable to noncontrolling interests		3			3			6			(2		)	4			3			4
Net income (loss) attributable to MetLife, Inc.		873			911			(91		)	2,317			1,253			873			1,253
Less: Preferred stock dividends		6			46			6			45			6			6			6
Net income (loss) available to MetLife, Inc.'s common shareholders		$	867		$	865		$	(97	)	$	2,272		$	1,247		$	867		$	1,247
Total Premiums, Fees and Other Revenues		$	10,667		$	11,236		$	12,605		$	11,335		$	11,044		$	10,667		$	11,044

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Net income (loss) available to MetLife, Inc.'s common shareholders	$	867		$	865		$	(97	)	$	2,272		$	1,247
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	88			104			(606		)	106			(333		)
Less: Net derivative gains (losses)	(212		)	(200		)	(123		)	(55		)	349
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(491		)	(341		)	(494		)	(296		)	(146		)
Less: Provision for income tax (expense) benefit	240			126			985			1,837			(42		)
Less: Income (loss) from discontinued operations, net of income tax	(76		)	58			(968		)	—			—
Add: Net income (loss) attributable to noncontrolling interests	3			3			6			(2		)	4
Adjusted earnings available to common shareholders	$	1,321		$	1,121		$	1,115		$	678		$	1,423
Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted	$	0.79		$	0.80		$	(0.09	)	$	2.14		$	1.19
Less: Net investment gains (losses)	0.08			0.10			(0.57		)	0.10			(0.32		)
Less: Net derivative gains (losses)	(0.19		)	(0.19		)	(0.12		)	(0.05		)	0.33
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.45		)	(0.32		)	(0.45		)	(0.28		)	(0.14		)
Less: Provision for income tax (expense) benefit	0.22			0.12			0.92			1.73			(0.04		)
Less: Income (loss) from discontinued operations, net of income tax	(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	$	1.20		$	1.04		$	1.04		$	0.64		$	1.36
	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
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	76			(28		)	125			(110		)	62
Litigation reserves & settlement costs	(21		)	—			—			(55		)	—
Expense initiative costs	(21		)	(22		)	(17		)	(42		)	(34		)
Other expense-related items (2)	—			(36		)	—			—			—
Tax adjustments	—			27			(167		)	(298		)	—
Total notable items (3)	$	4		$	(59	)	$	(69	)	$	(498	)	$	28
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	$	0.07		$	(0.03	)	$	0.12		$	(0.10	)	$	0.06
Litigation reserves & settlement costs	$	(0.02	)	$	—		$	—		$	(0.05	)	$	—
Expense initiative costs	$	(0.02	)	$	(0.02	)	$	(0.02	)	$	(0.04	)	$	(0.03	)
Other expense-related items (2)	$	—		$	(0.03	)	$	—		$	—		$	—
Tax adjustments	$	—		$	0.02		$	(0.16	)	$	(0.28	)	$	—
Total notable items (3)	$	—		$	(0.05	)	$	(0.06	)	$	(0.47	)	$	0.03
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Weighted average common shares outstanding - diluted	1,098.7			1,082.1			1,071.5			1,062.1			1,044.4
(1) See Page A-1 for further detail.
(2) For the three months ended June 30, 2017, $36 million in lease impairments are included.
(3) 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	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Book value per common share (1)	$	61.14		$	63.63		$	52.09		$	54.24		$	52.49
Book value per common share, excluding AOCI other than FCTA (1)	$	50.75		$	51.29		$	41.21		$	42.92		$	43.36
Book value per common share - common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA) (1)	$	35.55		$	37.52		$	41.21		$	42.92		$	43.36
Book value per common share - tangible common stockholders' equity (excludes AOCI other than FCTA) (1)	$	41.88		$	42.26		$	32.18		$	33.63		$	33.80
	For the Three Months Ended
Unaudited	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Return on MetLife, Inc.'s (2):
Common stockholders' equity	5.3		%	5.2		%	(0.6		)%	16.3		%	9.0		%
Common stockholders' equity, excluding AOCI other than FCTA	6.3		%	6.3		%	(0.8		)%	20.6		%	11.2		%
Tangible common stockholders' equity (excludes AOCI other than FCTA)	7.8		%	7.8		%	(0.9		)%	26.4		%	14.4		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	8.0		%	6.7		%	7.3		%	4.9		%	10.3		%
Common stockholders' equity, excluding AOCI other than FCTA	9.6		%	8.2		%	9.1		%	6.1		%	12.8		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	13.8		%	11.4		%	10.7		%	6.1		%	12.8		%
Tangible common stockholders' equity (excludes AOCI other than FCTA)	11.7		%	10.0		%	11.4		%	8.0		%	16.4		%
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Common shares outstanding, beginning of period	1,095.5			1,081.3			1,063.5			1,054.3			1,043.6
Share repurchases	(16.0		)	(18.3		)	(10.4		)	(11.9		)	(21.4		)
Newly issued shares	1.8			0.5			1.2			1.2			1.9
Common shares outstanding, end of period	1,081.3			1,063.5			1,054.3			1,043.6			1,024.1
Weighted average common shares outstanding - basic	1,090.4			1,074.0			1,062.3			1,052.5			1,035.9
Dilutive effect of the exercise or issuance of stock-based awards	8.3			8.1			9.2			9.6			8.5
Weighted average common shares outstanding - diluted	1,098.7			1,082.1			1,071.5			1,062.1			1,044.4
MetLife Policyholder Trust Shares	161.3			159.1			157.3			155.2			153.5
(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 year ended December 31, 2017.

4

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Total revenues	$	14,964		$	15,333		$	16,171		$	15,840		$	14,805		$	14,964		$	14,805
Less: Net investment (gains) losses	88			104			(606		)	106			(333		)	88			(333		)
Less: Net derivative (gains) losses	(212		)	(200		)	(123		)	(55		)	349			(212		)	349
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	1			9			4			(2		)	(5		)	1			(5		)
Less: Other adjustments to revenues:
GMIB fees	31			31			32			31			30			31			30
Investment hedge adjustments	(139		)	(114		)	(97		)	(85		)	(110		)	(139		)	(110		)
Operating joint venture adjustments	(1		)	1			—			—			1			(1		)	1
Unit-linked contract income	416			214			234			436			(353		)	416			(353		)
Securitization entities income	—			—			—			—			—			—			—
Settlement of foreign currency earnings hedges	6			5			5			6			4			6			4
Certain partnership distributions	—			—			—			—			(12		)	—			(12		)
TSA fees	—			—			—			—			79			—			79
Divested businesses	(280		)	(228		)	(54		)	—			7			(280		)	7
Total adjusted revenues	$	15,054		$	15,511		$	16,776		$	15,403		$	15,148		$	15,054		$	15,148
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Net investment income	$	4,421		$	4,193		$	4,295		$	4,454		$	3,745		$	4,421		$	3,745
Less: Adjustments to net investment income:
Investment hedge adjustments	(139		)	(114		)	(97		)	(85		)	(110		)	(139		)	(110		)
Operating joint venture adjustments	(1		)	1			—			—			1			(1		)	1
Unit-linked contract income	416			214			234			436			(353		)	416			(353		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			—			—			—			(12		)	—			(12		)
Divested businesses	(27		)	(21		)	2			—			—			(27		)	—
Net investment income, as reported on an adjusted basis	$	4,172		$	4,113		$	4,156		$	4,103		$	4,219		$	4,172		$	4,219
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Total premiums, fees and other revenues	$	10,667		$	11,236		$	12,605		$	11,335		$	11,044		$	10,667		$	11,044
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	1			9			4			(2		)	(5		)	1			(5		)
GMIB fees	31			31			32			31			30			31			30
Settlement of foreign currency earnings hedges	6			5			5			6			4			6			4
TSA fees	—			—			—			—			79			—			79
Divested businesses	(253		)	(207		)	(56		)	—			7			(253		)	7
Total adjustedpremiums, fees and other revenues	$	10,882		$	11,398		$	12,620		$	11,300		$	10,929		$	10,882		$	10,929
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	11,088		$	11,516		$	12,692		$	11,418		$	10,929

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Total expenses	$	13,892		$	14,315		$	15,686		$	14,879		$	13,149		$	13,892		$	13,149
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(2		)	(28		)	(2		)	(28		)	(14		)	(2		)	(14		)
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass through adjustments	21			53			(28		)	(77		)	41			21			41
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	60			61			138			93			15			60			15
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	3			2			6			2			—			3			—
PAB hedge adjustments	(1		)	(1		)	(1		)	—			(1		)	(1		)	(1		)
Unit-linked contract costs	402			213			229			420			(347		)	402			(347		)
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(4		)	(3		)	(10		)	5			(7		)	(4		)	(7		)
Regulatory implementation costs	—			—			—			—			1			—			1
Acquisition, integration and other costs	8			14			20			23			11			8			11
TSA fees	—			—			—			—			79			—			79
Divested businesses	38			(52		)	266			244			9			38			9
Total adjusted expenses	$	13,367		$	14,056		$	15,068		$	14,197		$	13,362		$	13,367		$	13,362
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Capitalization of DAC	$	(713	)	$	(744	)	$	(761	)	$	(784	)	$	(796	)	$	(713	)	$	(796	)
Less: Divested businesses	16			14			4			—			(1		)	16			(1		)
Capitalization of DAC, as reported on an adjusted basis	$	(729	)	$	(758	)	$	(765	)	$	(784	)	$	(795	)	$	(729	)	$	(795	)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Other expenses	$	3,078		$	3,125		$	3,201		$	3,549		$	3,204		$	3,078		$	3,204
Less: Noncontrolling interest	(4		)	(3		)	(10		)	5			(7		)	(4		)	(7		)
Less: Regulatory implementation costs	—			—			—			—			1			—			1
Less: Acquisition, integration and other costs	8			14			20			23			11			8			11
Less: TSA fees	—			—			—			—			79			—			79
Less: Divested businesses	133			44			70			244			10			133			10
Other expenses, as reported on an adjusted basis	$	2,941		$	3,070		$	3,121		$	3,277		$	3,110		$	2,941		$	3,110
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,010		$	3,116		$	3,146		$	3,324		$	3,110

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Other expenses	$	3,078		$	3,125		$	3,201		$	3,549		$	3,204		$	3,078		$	3,204
Capitalization of DAC	(713		)	(744		)	(761		)	(784		)	(796		)	(713		)	(796		)
Other expenses, net of capitalization of DAC	$	2,365		$	2,381		$	2,440		$	2,765		$	2,408		$	2,365		$	2,408
Total premiums, fees and other revenues	$	10,667		$	11,236		$	12,605		$	11,335		$	11,044		$	10,667		$	11,044
Expense ratio	22.2		%	21.2		%	19.4		%	24.4		%	21.8		%	22.2		%	21.8		%
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions) (1)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,344		$	1,459		$	1,506		$	1,697		$	1,462		$	1,344		$	1,462
Pension, postretirement and postemployment benefit costs	79			76			80			66			49			79			49
Premium taxes, other taxes, and licenses & fees	175			148			144			153			178			175			178
Commissions and other variable expenses	1,343			1,387			1,391			1,361			1,421			1,343			1,421
Other expenses, as reported on an adjusted basis	2,941			3,070			3,121			3,277			3,110			2,941			3,110
Capitalization of DAC, as reported on an adjusted basis	(729		)	(758		)	(765		)	(784		)	(795		)	(729		)	(795		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,212			2,312			2,356			2,493			2,315			2,212			2,315
Less: Total notable items related to other expenses, as reported on an adjusted basis	65			137			26			149			43			65			43
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,147		$	2,175		$	2,330		$	2,344		$	2,272		$	2,147		$	2,272
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Employee related costs	$	936		$	880		$	937		$	846		$	937		$	936		$	937
Third party staffing costs	361			399			412			519			381			361			381
General and administrative expenses	47			180			157			332			144			47			144
Direct expenses	1,344			1,459			1,506			1,697			1,462			1,344			1,462
Less: Total notable items related to direct expenses	33			88			26			149			43			33			43
Direct expenses, excluding total notable items related to direct expenses	$	1,311		$	1,371		$	1,480		$	1,548		$	1,419		$	1,311		$	1,419
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,212		$	2,312		$	2,356		$	2,493		$	2,315		$	2,212		$	2,315
Less: Total notable items related to other expenses, as reported on an adjusted basis	65			137			26			149			43			65			43
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,147		$	2,175		$	2,330		$	2,344		$	2,272		$	2,147		$	2,272
Total adjusted premiums, fees and other revenues	$	10,882		$	11,398		$	12,620		$	11,300		$	10,929		$	10,882		$	10,929
Less: Pension risk transfer ("PRT")	70			809			1,829			597			—			70			—
Total adjusted premiums, fees and other revenues, excluding PRT	$	10,812		$	10,589		$	10,791		$	10,703		$	10,929		$	10,812		$	10,929
Direct expense ratio	12.4		%	12.8		%	11.9		%	15.0		%	13.4		%	12.4		%	13.4		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	12.1		%	12.9		%	13.7		%	14.5		%	13.0		%	12.1		%	13.0		%
Adjusted expense ratio	20.3		%	20.3		%	18.7		%	22.1		%	21.2		%	20.3		%	21.2		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	19.9		%	20.5		%	21.6		%	21.9		%	20.8		%	19.9		%	20.8		%
(1) Certain amounts in prior periods have been reclassified to conform to current period presentation.

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	294,710		$	300,616		$	308,894		$	308,931		$	304,711
Equity securities available-for-sale, at estimated fair value	3,088			3,137			2,776			2,513			1,544
Contractholder-directed equity securities and fair value option securities, at estimated fair value	14,399			14,762			16,538			16,745			16,444
Mortgage loans	66,633			67,309			68,057			68,731			71,055
Policy loans	9,603			9,558			9,585			9,669			9,744
Real estate and real estate joint ventures	9,293			9,256			9,486			9,637			9,862
Other limited partnership interests	5,166			5,251			5,501			5,708			5,876
Short-term investments, principally at estimated fair value	8,911			5,890			7,217			4,870			5,121
Other invested assets, principally at estimated fair value	17,003			16,559			17,652			17,263			17,486
Total investments	428,806			432,338			445,706			444,067			441,843
Cash and cash equivalents, principally at estimated fair value	11,599			12,876			13,023			12,701			13,927
Accrued investment income	3,343			3,362			3,692			3,524			3,638
Premiums, reinsurance and other receivables	16,114			16,475			18,588			18,423			19,368
Deferred policy acquisition costs and value of business acquired	18,138			18,039			18,399			18,419			19,330
Current income tax recoverable	25			66			3			—			—
Goodwill	9,350			9,385			9,556			9,590			9,733
Assets of disposed subsidiary	217,844			220,295			—			—			—
Other assets	7,312			7,474			8,149			8,167			8,387
Separate account assets	202,156			204,889			203,399			205,001			196,358
Total assets	$	914,687		$	925,199		$	720,515		$	719,892		$	712,584
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	169,486		$	171,271		$	176,005		$	177,974		$	180,348
Policyholder account balances	177,076			178,218			181,703			182,518			184,289
Other policy-related balances	13,774			13,804			15,428			15,515			16,023
Policyholder dividends payable	685			707			730			682			672
Policyholder dividend obligation	1,983			2,237			2,201			2,121			1,277
Payables for collateral under securities loaned and other transactions	25,722			26,604			27,132			25,723			26,151
Short-term debt	260			235			214			477			526
Long-term debt	16,455			16,492			16,688			15,686			15,707
Collateral financing arrangements	1,262			1,235			1,220			1,121			1,108
Junior subordinated debt securities	3,169			3,169			3,144			3,144			3,145
Liabilities of disposed subsidiary	204,639			206,334			—			—			—
Current income tax payable	—			—			—			311			155
Deferred income tax liability	6,704			7,763			8,695			6,767			6,304
Other liabilities	22,958			22,295			26,745			23,982			24,013
Separate account liabilities	202,156			204,889			203,399			205,001			196,358
Total liabilities	846,329			855,253			663,304			661,022			656,076
Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	30,990			31,021			31,066			31,111			31,653
Retained earnings	35,113			35,547			24,677			26,527			26,453
Treasury stock, at cost	(4,332		)	(5,284		)	(5,779		)	(6,401		)	(7,442		)
Accumulated other comprehensive income (loss)	6,396			8,436			7,005			7,427			5,634
Total MetLife, Inc.'s stockholders' equity	68,179			69,732			56,981			58,676			56,310
Noncontrolling interests	179			214			230			194			198
Total equity	68,358			69,946			57,211			58,870			56,508
Total liabilities and equity	$	914,687		$	925,199		$	720,515		$	719,892		$	712,584

8

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)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	298		$	312		$	370		$	352		$	283
RETIREMENT AND INCOME SOLUTIONS	420			402			381			266			426
PROPERTY & CASUALTY	28			26			63			133			115
TOTAL U.S.	$	746		$	740		$	814		$	751		$	824
ASIA	441			467			470			471			472
LATIN AMERICA	181			188			214			158			215
EMEA	87			86			92			91			102
METLIFE HOLDINGS	573			342			538			276			529
CORPORATE & OTHER	(341		)	(368		)	(420		)	(541		)	(356		)
Total adjusted earnings before provision for income tax	$	1,687		$	1,455		$	1,708		$	1,206		$	1,786
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	104		$	109		$	129		$	122		$	65
RETIREMENT AND INCOME SOLUTIONS	146			140			134			93			87
PROPERTY & CASUALTY	(1		)	(2		)	12			38			19
TOTAL U.S.	$	249		$	247		$	275		$	253		$	171
ASIA	146			157			156			161			145
LATIN AMERICA	38			34			51			33			75
EMEA	12			14			21			12			21
METLIFE HOLDINGS	186			105			174			82			104
CORPORATE & OTHER	(271		)	(269		)	(90		)	(58		)	(159		)
Total provision for income tax expense (benefit)	$	360		$	288		$	587		$	483		$	357
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	194		$	203		$	241		$	230		$	218
RETIREMENT AND INCOME SOLUTIONS	274			262			247			173			339
PROPERTY & CASUALTY	29			28			51			95			96
TOTAL U.S.	$	497		$	493		$	539		$	498		$	653
ASIA	295			310			314			310			327
LATIN AMERICA	143			154			163			125			140
EMEA	75			72			71			79			81
METLIFE HOLDINGS	387			237			364			194			425
CORPORATE & OTHER (1)	(76		)	(145		)	(336		)	(528		)	(203		)
Total adjusted earnings available to common shareholders (1)	$	1,321		$	1,121		$	1,115		$	678		$	1,423
ADJUSTED RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
U.S.
GROUP BENEFITS	27.6		%	28.8		%	34.2		%	32.7		%	31.2		%
RETIREMENT AND INCOME SOLUTIONS	19.8		%	18.9		%	17.8		%	12.5		%	21.8		%
PROPERTY & CASUALTY	6.2		%	6.0		%	11.0		%	20.4		%	20.7		%
TOTAL U.S.	19.5		%	19.3		%	21.1		%	19.5		%	24.1		%
ASIA	9.4		%	9.9		%	10.0		%	9.9		%	9.2		%
LATIN AMERICA	19.5		%	21.0		%	22.2		%	17.0		%	17.8		%
EMEA	9.3		%	9.0		%	8.8		%	9.8		%	9.3		%
METLIFE HOLDINGS	13.8		%	8.4		%	12.9		%	6.9		%	16.9		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
U.S.	22.7		%	22.5		%	24.6		%	22.7		%	27.9		%
ASIA	15.0		%	15.8		%	16.0		%	15.8		%	13.9		%
LATIN AMERICA	33.6		%	36.2		%	38.3		%	29.3		%	29.8		%
EMEA	15.3		%	14.7		%	14.5		%	16.1		%	15.3		%
METLIFE HOLDINGS	15.4		%	9.5		%	14.5		%	7.8		%	19.0		%
(1) Includes impact of preferred stock dividends of $6 million, $46 million, $6 million, $45 million and $6 million for the three months ended March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017 and March 31, 2018, 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.

9

U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Adjusted revenues
Premiums		$	5,185		$	5,877		$	6,987		$	5,583		$	5,217		$	5,185		$	5,217
Universal life and investment-type product policy fees		265			251			247			249			258			265			258
Net investment income		1,612			1,575			1,602			1,607			1,662			1,612			1,662
Other revenues		204			199			197			206			204			204			204
Total adjusted revenues		7,266			7,902			9,033			7,645			7,341			7,266			7,341
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,244			5,887			6,916			5,580			5,138			5,244			5,138
Interest credited to policyholder account balances		351			359			376			388			407			351			407
Capitalization of DAC		(100		)	(116		)	(126		)	(116		)	(106		)	(100		)	(106		)
Amortization of DAC and VOBA		114			114			118			113			115			114			115
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			4			2			3			2			2			2
Other expenses		909			914			933			926			961			909			961
Total adjusted expenses		6,520			7,162			8,219			6,894			6,517			6,520			6,517
Adjusted earnings before provision for income tax		746			740			814			751			824			746			824
Provision for income tax expense (benefit)		249			247			275			253			171			249			171
Adjusted earnings		497			493			539			498			653			497			653
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	497		$	493		$	539		$	498		$	653		$	497		$	653
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	497		$	493		$	539		$	498		$	653		$	497		$	653
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(18		)	—			96			102			(110		)	(18		)	(110		)
Net derivative gains (losses)		(148		)	128			(14		)	13			(54		)	(148		)	(54		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(66		)	(51		)	(43		)	(35		)	(54		)	(66		)	(54		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1		)	(2		)	(1		)	(1		)	8			(1		)	8
Interest credited to policyholder account balances		1			1			1			—			1			1			1
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		80			(27		)	(13		)	(28		)	45			80			45
Income (loss) from continuing operations, net of income tax		345			542			565			549			489			345			489
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		345			542			565			549			489			345			489
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		345			542			565			549			489			345			489
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	345		$	542		$	565		$	549		$	489		$	345		$	489
Total Adjusted Premiums, Fees and Other Revenues		$	5,654		$	6,327		$	7,431		$	6,038		$	5,679		$	5,654		$	5,679

10

U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Adjusted revenues
Premiums		$	3,971		$	3,880		$	3,756		$	3,780		$	4,094		$	3,971		$	4,094
Universal life and investment-type product policy fees		204			200			197			198			203			204			203
Net investment income		285			280			285			275			279			285			279
Other revenues		125			122			120			127			126			125			126
Total adjusted revenues		4,585			4,482			4,358			4,380			4,702			4,585			4,702
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,670			3,560			3,374			3,413			3,744			3,670			3,744
Interest credited to policyholder account balances		34			34			34			34			33			34			33
Capitalization of DAC		(9		)	(7		)	(8		)	(7		)	(7		)	(9		)	(7		)
Amortization of DAC and VOBA		10			10			9			7			11			10			11
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			1			—			1			—			—			—
Other expenses		582			572			579			580			638			582			638
Total adjusted expenses		4,287			4,170			3,988			4,028			4,419			4,287			4,419
Adjusted earnings before provision for income tax		298			312			370			352			283			298			283
Provision for income tax expense (benefit)		104			109			129			122			65			104			65
Adjusted earnings		194			203			241			230			218			194			218
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	194		$	203		$	241		$	230		$	218		$	194		$	218
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	194		$	203		$	241		$	230		$	218		$	194		$	218
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		9			(3		)	—			7			(17		)	9			(17		)
Net derivative gains (losses)		(34		)	26			(7		)	(13		)	(45		)	(34		)	(45		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(21		)	(17		)	(16		)	(15		)	(16		)	(21		)	(16		)
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		16			(2		)	8			7			17			16			17
Income (loss) from continuing operations, net of income tax		164			207			226			216			157			164			157
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		164			207			226			216			157			164			157
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		164			207			226			216			157			164			157
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	164		$	207		$	226		$	216		$	157		$	164		$	157
Total Adjusted Premiums, Fees and Other Revenues		$	4,300		$	4,202		$	4,073		$	4,105		$	4,423		$	4,300		$	4,423

11

U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Adjusted revenues
Premiums		$	346		$	1,115		$	2,336		$	902		$	244		$	346		$	244
Universal life and investment-type product policy fees		61			51			50			51			55			61			55
Net investment income		1,285			1,254			1,276			1,294			1,340			1,285			1,340
Other revenues		72			72			73			73			72			72			72
Total adjusted revenues		1,764			2,492			3,735			2,320			1,711			1,764			1,711
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		912			1,652			2,897			1,587			806			912			806
Interest credited to policyholder account balances		317			325			342			354			374			317			374
Capitalization of DAC		(2		)	(8		)	(12		)	(9		)	(5		)	(2		)	(5		)
Amortization of DAC and VOBA		5			4			7			4			6			5			6
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			3			2			2			2			2			2
Other expenses		110			114			118			116			102			110			102
Total adjusted expenses		1,344			2,090			3,354			2,054			1,285			1,344			1,285
Adjusted earnings before provision for income tax		420			402			381			266			426			420			426
Provision for income tax expense (benefit)		146			140			134			93			87			146			87
Adjusted earnings		274			262			247			173			339			274			339
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	274		$	262		$	247		$	173		$	339		$	274		$	339
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	274		$	262		$	247		$	173		$	339		$	274		$	339
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(33		)	4			96			93			(90		)	(33		)	(90		)
Net derivative gains (losses)		(111		)	104			(8		)	24			(8		)	(111		)	(8		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(45		)	(34		)	(27		)	(20		)	(38		)	(45		)	(38		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1		)	(2		)	(1		)	(1		)	8			(1		)	8
Interest credited to policyholder account balances		1			1			1			—			1			1			1
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		65			(26		)	(21		)	(33		)	27			65			27
Income (loss) from continuing operations, net of income tax		150			309			287			236			239			150			239
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		150			309			287			236			239			150			239
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		150			309			287			236			239			150			239
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	150		$	309		$	287		$	236		$	239		$	150		$	239
Total Adjusted Premiums, Fees and Other Revenues		$	479		$	1,238		$	2,459		$	1,026		$	371		$	479		$	371

12

U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Adjusted revenues
Premiums	$	868		$	882		$	895		$	901		$	879		$	868		$	879
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	42			41			41			38			43			42			43
Other revenues	7			5			4			6			6			7			6
Total adjusted revenues	917			928			940			945			928			917			928
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	662			675			645			580			588			662			588
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(89		)	(101		)	(106		)	(100		)	(94		)	(89		)	(94		)
Amortization of DAC and VOBA	99			100			102			102			98			99			98
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	217			228			236			230			221			217			221
Total adjusted expenses	889			902			877			812			813			889			813
Adjusted earnings before provision for income tax	28			26			63			133			115			28			115
Provision for income tax expense (benefit)	(1		)	(2		)	12			38			19			(1		)	19
Adjusted earnings	29			28			51			95			96			29			96
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	29		$	28		$	51		$	95		$	96		$	29		$	96
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	29		$	28		$	51		$	95		$	96		$	29		$	96
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)	6			(1		)	—			2			(3		)	6			(3		)
Net derivative gains (losses)	(3		)	(2		)	1			2			(1		)	(3		)	(1		)
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			—			(2		)	1			(1		)	1
Income (loss) from continuing operations, net of income tax	31			26			52			97			93			31			93
Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Net income (loss)	31			26			52			97			93			31			93
Less: Net income (loss) attributable to noncontrolling interests	—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.	31			26			52			97			93			31			93
Less: Preferred stock dividends	—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	31		$	26		$	52		$	97		$	93		$	31		$	93
Total Adjusted Premiums, Fees and Other Revenues	$	875		$	887		$	899		$	907		$	885		$	875		$	885

13

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Balance, beginning of period	$	18,909		$	18,982		$	18,954		$	18,939		$	18,927
Premiums and deposits	4,819			4,698			4,549			4,553			4,933
Surrenders and withdrawals	(605		)	(658		)	(646		)	(588		)	(621		)
Benefit payments	(3,719		)	(3,627		)	(3,378		)	(3,496		)	(3,822		)
Net Flows	495			413			525			469			490
Net transfers from (to) separate account	(1		)	—			2			—			—
Interest	131			131			132			129			138
Policy charges	(150		)	(151		)	(149		)	(148		)	(149		)
Other	(402		)	(421		)	(525		)	(462		)	(448		)
Balance, end of period	$	18,982		$	18,954		$	18,939		$	18,927		$	18,958
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Balance, beginning of period	$	761		$	810		$	836		$	857		$	889
Premiums and deposits	63			60			62			62			63
Surrenders and withdrawals	(17		)	(11		)	(19		)	(17		)	(21		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	(1		)
Net Flows	45			48			42			44			41
Investment performance	47			31			35			41			3
Net transfers from (to) general account	1			—			(2		)	—			—
Policy charges	(51		)	(51		)	(52		)	(51		)	(52		)
Other	7			(2		)	(2		)	(2		)	(1		)
Balance, end of period	$	810		$	836		$	857		$	889		$	880

14

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Direct and allocated expenses	$	312		$	308		$	310		$	321		$	325
Pension, postretirement and postemployment benefit costs	17			15			17			16			7
Premium taxes, other taxes, and licenses & fees	52			56			50			52			83
Commissions and other variable expenses	201			193			202			191			223
Other expenses, as reported on an adjusted basis	$	582		$	572		$	579		$	580		$	638
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Group Life (2)
Adjusted premiums, fees and other revenues	$	1,690		$	1,663		$	1,641		$	1,633		$	1,739
Mortality ratio	86.9		%	87.3		%	85.0		%	87.2		%	88.0		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	1,776		$	1,664		$	1,628		$	1,640		$	1,719
Interest adjusted benefit ratio (4)	79.9		%	76.9		%	74.7		%	73.7		%	75.9		%
(1) Certain amounts in prior periods have been reclassified to conform to current period presentation.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

15

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Balance, beginning of period	$	101,567		$	102,599		$	103,417		$	107,296		$	108,147
Premiums and deposits	15,875			19,471			19,622			17,659			20,064
Surrenders and withdrawals	(14,943		)	(19,539		)	(15,926		)	(16,912		)	(20,895		)
Benefit payments	(812		)	(812		)	(849		)	(841		)	(816		)
Net Flows	120			(880		)	2,847			(94		)	(1,647		)
Net transfers from (to) separate account	4			17			1			6			(9		)
Interest	856			853			864			880			904
Policy charges	(36		)	(31		)	(20		)	(6		)	(34		)
Other	88			859			187			65			735
Balance, end of period	$	102,599		$	103,417		$	107,296		$	108,147		$	108,096
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Balance, beginning of period	$	85,189		$	85,983		$	87,049		$	82,341		$	80,354
Premiums and deposits	1,115			1,065			958			1,261			1,651
Surrenders and withdrawals	(1,878		)	(1,631		)	(4,550		)	(2,889		)	(4,567		)
Benefit payments	(17		)	(11		)	(22		)	(11		)	(17		)
Net Flows	(780		)	(577		)	(3,614		)	(1,639		)	(2,933		)
Investment performance	1,084			1,354			1,003			812			(798		)
Net transfers from (to) general account	(4		)	(17		)	(1		)	(6		)	9
Policy charges	(80		)	(83		)	(77		)	(76		)	(78		)
Other	574			389			(2,019		)	(1,078		)	155
Balance, end of period	$	85,983		$	87,049		$	82,341		$	80,354		$	76,709

16

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Direct and allocated expenses	$	66		$	62		$	64		$	64		$	67
Pension, postretirement and postemployment benefit costs	5			5			5			5			1
Premium taxes, other taxes, and licenses & fees	3			1			3			13			2
Commissions and other variable expenses	36			46			46			34			32
Other expenses, as reported on an adjusted basis	$	110		$	114		$	118		$	116		$	102
SPREAD
	For the Three Months Ended
Unaudited	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Investment income yield excluding variable investment income	4.49		%	4.46		%	4.42		%	4.43		%	4.50		%
Variable investment income yield	0.37		%	0.27		%	0.36		%	0.22		%	0.22		%
Total investment income yield	4.86		%	4.73		%	4.78		%	4.65		%	4.72		%
Average crediting rate	3.32		%	3.34		%	3.43		%	3.38		%	3.44		%
Annualized general account spread	1.54		%	1.39		%	1.35		%	1.27		%	1.28		%
Annualized general account spread excluding variable investment income yield	1.17		%	1.12		%	0.99		%	1.05		%	1.06		%
(1) Certain amounts in prior periods have been reclassified to conform to current period presentation.

17

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Direct and allocated expenses	$	100		$	98		$	100		$	104		$	103
Pension, postretirement and postemployment benefit costs	7			8			8			8			4
Premium taxes, other taxes, and licenses & fees	22			25			23			23			20
Commissions and other variable expenses	88			97			105			95			94
Other expenses, as reported on an adjusted basis	$	217		$	228		$	236		$	230		$	221
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Net Written Premiums by Product
Auto	$	564		$	592		$	617		$	581		$	586
Homeowners & Other	283			323			329			291			261
Total	$	847		$	915		$	946		$	872		$	847
Selected Financial Information and Supplemental Data (2)
Total Property & Casualty
Net earned premium	$	868		$	882		$	895		$	901		$	879
Loss and loss adjustment expense ratio	76.2		%	76.5		%	72.1		%	64.4		%	66.9		%
Other expense ratio	25.8		%	25.6		%	25.7		%	25.5		%	25.3		%
Total combined ratio	102.0		%	102.1		%	97.8		%	89.9		%	92.2		%
Effect of catastrophe losses	12.9		%	14.4		%	9.6		%	3.0		%	6.6		%
Combined ratio excluding catastrophes	89.1		%	87.7		%	88.2		%	86.9		%	85.6		%
Prior year development	(0.7)		%	(0.5)		%	(0.7)		%	(1.2)		%	(0.6)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	89.8		%	88.2		%	88.9		%	88.1		%	86.2		%
Auto
Net earned premium	$	563		$	573		$	585		$	591		$	582
Loss and loss adjustment expense ratio	72.4		%	71.4		%	74.5		%	74.9		%	65.8		%
Other expense ratio	25.4		%	25.1		%	25.2		%	24.9		%	25.5		%
Total combined ratio	97.8		%	96.5		%	99.7		%	99.8		%	91.3		%
Effect of catastrophe losses	1.4		%	2.8		%	6.4		%	0.6		%	(0.2)		%
Combined ratio excluding catastrophes	96.4		%	93.7		%	93.3		%	99.2		%	91.5		%
Prior year development	(0.8)		%	(0.5		)%	(0.9		)%	(1.8)		%	(0.7)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	97.2		%	94.2		%	94.2		%	101.0		%	92.2		%
Homeowners & Other
Net earned premium	$	305		$	309		$	310		$	310		$	297
Loss and loss adjustment expense ratio	83.3		%	85.9		%	67.5		%	44.4		%	68.9		%
Other expense ratio	26.7		%	26.5		%	26.5		%	26.6		%	24.9		%
Total combined ratio	110.0		%	112.4		%	94.0		%	71.0		%	93.8		%
Effect of catastrophe losses	34.1		%	36.1		%	15.7		%	7.6		%	19.8		%
Combined ratio excluding catastrophes	75.9		%	76.3		%	78.3		%	63.4		%	74.0		%
Prior year development	(0.5)		%	(0.6)		%	(0.2)		%	(0.2)		%	(0.4)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	76.4		%	76.9		%	78.5		%	63.6		%	74.4		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	8		$	16		$	37		$	4		$	(1	)
Homeowners & Other	104			111			49			23			59
Total	$	112		$	127		$	86		$	27		$	58
(1) Certain amounts in prior periods have been reclassified to conform to current period presentation.
(2) This selective financial information and supplemental data is presented and calculated based on general industry standards.

18

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Adjusted revenues
Premiums		$	1,708		$	1,659		$	1,696		$	1,692		$	1,748		$	1,708		$	1,748
Universal life and investment-type product policy fees		366			375			458			385			394			366			394
Net investment income		702			729			762			792			795			702			795
Other revenues		10			11			11			11			15			10			15
Total adjusted revenues		2,786			2,774			2,927			2,880			2,952			2,786			2,952
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,315			1,247			1,223			1,290			1,343			1,315			1,343
Interest credited to policyholder account balances		321			333			349			348			351			321			351
Capitalization of DAC		(420		)	(428		)	(420		)	(442		)	(465		)	(420		)	(465		)
Amortization of DAC and VOBA		291			290			424			295			314			291			314
Amortization of negative VOBA		(37		)	(30		)	(24		)	(20		)	(15		)	(37		)	(15		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		875			895			905			938			952			875			952
Total adjusted expenses		2,345			2,307			2,457			2,409			2,480			2,345			2,480
Adjusted earnings before provision for income tax		441			467			470			471			472			441			472
Provision for income tax expense (benefit)		146			157			156			161			145			146			145
Adjusted earnings		295			310			314			310			327			295			327
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	295		$	310		$	314		$	310		$	327		$	295		$	327
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	295		$	310		$	314		$	310		$	327		$	295		$	327
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		117			(19		)	(37		)	67			78			117			78
Net derivative gains (losses)		177			(128		)	(58		)	40			259			177			259
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		1			10			3			(1		)	(4		)	1			(4		)
Net investment income		16			102			80			116			(86		)	16			(86		)
Other revenues		6			5			5			6			4			6			4
Policyholder benefits and claims and policyholder dividends		(5		)	(5		)	(8		)	(2		)	—			(5		)	—
Interest credited to policyholder account balances		(20		)	(108		)	(90		)	(127		)	74			(20		)	74
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(1		)	(10		)	(1		)	3			7			(1		)	7
Amortization of negative VOBA		3			3			2			1			1			3			1
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(4		)	(9		)	(3		)	(11		)	(4		)	(4		)	(4		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(105		)	53			36			(31		)	(92		)	(105		)	(92		)
Income (loss) from continuing operations, net of income tax		480			204			243			371			564			480			564
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		480			204			243			371			564			480			564
Less: Net income (loss) attributable to noncontrolling interests		—			1			1			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		480			203			242			371			564			480			564
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	480		$	203		$	242		$	371		$	564		$	480		$	564
Total Adjusted Premiums, Fees and Other Revenues		$	2,084		$	2,045		$	2,165		$	2,088		$	2,157		$	2,084		$	2,157

19

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018
Total adjusted premiums, fees and other revenues	$	2,084	$	2,045	$	2,165	$	2,088	$	2,157
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	2,183	$	2,104	$	2,223	$	2,165	$	2,157
Add: Operating joint ventures premiums, fees and other revenues, on a constant currency basis (1), (2)	201		197		204		227		243
Total adjusted premiums, fees and other revenues including operating joint ventures, on a constant currency basis	$	2,384	$	2,301	$	2,427	$	2,392	$	2,400
OTHER EXPENSES BY MAJOR CATEGORY (3)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018
Direct and allocated expenses	$	295	$	311	$	337	$	352	$	332
Pension, postretirement and postemployment benefit costs	21		22		21		22		21
Premium taxes, other taxes, and licenses & fees	31		42		33		28		37
Commissions and other variable expenses	528		520		514		536		562
Other expenses, as reported on an adjusted basis	$	875	$	895	$	905	$	938	$	952
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	455	$	467	$	485	$	496	$	487
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	909	$	920	$	928	$	970	$	952
Add: Operating joint ventures other expenses, as reported on an adjusted basis, on a constant currency basis (1), (2)	84		81		84		95		94
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	993	$	1,001	$	1,012	$	1,065	$	1,046
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	519	$	526	$	546	$	570	$	539
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018
Japan:
Life	$	189	$	158	$	157	$	162	$	165
Accident & Health	91		81		77		91		81
Annuities	102		88		101		102		171
Other	3		3		2		2		2
Total Japan	385		330		337		357		419
Other Asia	344		223		240		267		236
Total sales	$	729	$	553	$	577	$	624	$	655
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018
Adjusted earnings available to common shareholders	$	295	$	310	$	314	$	310	$	327
Adjusted earnings available to common shareholders, on a constant currency basis	$	306	$	318	$	319	$	317	$	327
(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%.
(3) Certain amounts in prior periods have been reclassified to conform to current period presentation.

20

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Adjusted revenues
Premiums		$	647		$	645		$	701		$	700		$	699		$	647		$	699
Universal life and investment-type product policy fees		260			275			229			280			282			260			282
Net investment income		303			289			299			328			276			303			276
Other revenues		9			8			7			8			8			9			8
Total adjusted revenues		1,219			1,217			1,236			1,316			1,265			1,219			1,265
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		633			596			640			666			646			633			646
Interest credited to policyholder account balances		82			94			99			94			98			82			98
Capitalization of DAC		(82		)	(88		)	(94		)	(100		)	(94		)	(82		)	(94		)
Amortization of DAC and VOBA		78			68			—			78			60			78			60
Amortization of negative VOBA		—			—			(1		)	—			—			—			—
Interest expense on debt		1			2			1			1			2			1			2
Other expenses		326			357			377			419			338			326			338
Total adjusted expenses		1,038			1,029			1,022			1,158			1,050			1,038			1,050
Adjusted earnings before provision for income tax		181			188			214			158			215			181			215
Provision for income tax expense (benefit)		38			34			51			33			75			38			75
Adjusted earnings		143			154			163			125			140			143			140
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	143		$	154		$	163		$	125		$	140		$	143		$	140
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	143		$	154		$	163		$	125		$	140		$	143		$	140
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		12			2			20			(81		)	3			12			3
Net derivative gains (losses)		136			(9		)	46			(65		)	149			136			149
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			7			—			7
Net investment income		31			—			29			9			(7		)	31			(7		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(20		)	(51		)	29			78			(49		)	(20		)	(49		)
Interest credited to policyholder account balances		(43		)	(12		)	(35		)	(15		)	(16		)	(43		)	(16		)
Capitalization of DAC		—			—			—			—			1			—			1
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		3			2			2			1			—			3			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(31		)	11			(30		)	9			(42		)	(31		)	(42		)
Income (loss) from continuing operations, net of income tax		231			97			224			61			186			231			186
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		231			97			224			61			186			231			186
Less: Net income (loss) attributable to noncontrolling interests		2			2			1			2			1			2			1
Net income (loss) attributable to MetLife, Inc.		229			95			223			59			185			229			185
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	229		$	95		$	223		$	59		$	185		$	229		$	185
Total Adjusted Premiums, Fees and Other Revenues		$	916		$	928		$	937		$	988		$	989		$	916		$	989

21

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018
Direct and allocated expenses	$	123	$	144	$	142	$	175	$	105
Pension, postretirement and postemployment benefit costs	1		1		1		2		1
Premium taxes, other taxes, and licenses & fees	16		15		16		18		17
Commissions and other variable expenses	186		197		218		224		215
Other expenses, as reported on an adjusted basis	$	326	$	357	$	377	$	419	$	338
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	244	$	269	$	283	$	319	$	244
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	335	$	358	$	371	$	424	$	338
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	249	$	269	$	278	$	322	$	244
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018
Mexico	$	113	$	92	$	82	$	91	$	77
Chile	72		70		82		78		89
All other	52		57		62		74		61
Total sales	$	237	$	219	$	226	$	243	$	227
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018
Adjusted premiums, fees and other revenues	$	916	$	928	$	937	$	988	$	989
Adjusted earnings available to common shareholders	$	143	$	154	$	163	$	125	$	140
Adjusted premiums, fees and other revenues, on a constant currency basis	$	970	$	948	$	934	$	1,010	$	989
Adjusted earnings available to common shareholders, on a constant currency basis	$	157	$	157	$	160	$	128	$	140
(1) Certain amounts in prior periods have been reclassified to conform to current period presentation.

22

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Adjusted revenues
Premiums		$	502		$	505		$	527		$	527		$	551		$	502		$	551
Universal life and investment-type product policy fees		95			92			109			109			112			95			112
Net investment income		74			78			77			80			75			74			75
Other revenues		17			28			(2		)	15			16			17			16
Total adjusted revenues		688			703			711			731			754			688			754
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		269			270			282			256			294			269			294
Interest credited to policyholder account balances		24			25			26			25			25			24			25
Capitalization of DAC		(92		)	(100		)	(109		)	(113		)	(118		)	(92		)	(118		)
Amortization of DAC and VOBA		87			95			78			97			106			87			106
Amortization of negative VOBA		(3		)	(5		)	(5		)	(6		)	(6		)	(3		)	(6		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		316			332			347			381			351			316			351
Total adjusted expenses		601			617			619			640			652			601			652
Adjusted earnings before provision for income tax		87			86			92			91			102			87			102
Provision for income tax expense (benefit)		12			14			21			12			21			12			21
Adjusted earnings		75			72			71			79			81			75			81
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	75		$	72		$	71		$	79		$	81		$	75		$	81
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	75		$	72		$	71		$	79		$	81		$	75		$	81
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			2			(12		)	(2		)	(6		)	2			(6		)
Net derivative gains (losses)		13			5			3			11			1			13			1
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		7			5			8			6			6			7			6
Net investment income		349			96			109			294			(293		)	349			(293		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(9		)	(17		)	(9		)	7			5			(9		)	5
Interest credited to policyholder account balances		(339		)	(93		)	(104		)	(278		)	289			(339		)	289
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			1			(1		)	1			1			—			1
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(3		)	(4		)	(3		)	(6		)	(4		)	(3		)	(4		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(14		)	—			—			(21		)	7			(14		)	7
Income (loss) from continuing operations, net of income tax		81			67			62			91			87			81			87
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		81			67			62			91			87			81			87
Less: Net income (loss) attributable to noncontrolling interests		1			—			1			—			—			1			—
Net income (loss) attributable to MetLife, Inc.		80			67			61			91			87			80			87
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	80		$	67		$	61		$	91		$	87		$	80		$	87
Total Adjusted Premiums, Fees and Other Revenues		$	614		$	625		$	634		$	651		$	679		$	614		$	679

23

EMEA
OTHER EXPENSES BY MAJOR CATEGORY (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018
Direct and allocated expenses	$	140	$	139	$	144	$	169	$	136
Pension, postretirement and postemployment benefit costs	2		2		2		2		2
Premium taxes, other taxes, and licenses & fees	6		7		6		9		7
Commissions and other variable expenses	168		184		195		201		206
Other expenses, as reported on an adjusted basis	$	316	$	332	$	347	$	381	$	351
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	224	$	232	$	238	$	268	$	233
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	342	$	352	$	355	$	391	$	351
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	243	$	246	$	244	$	275	$	233
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018
Adjusted premiums, fees and other revenues	$	614	$	625	$	634	$	651	$	679
Adjusted earnings available to common shareholders	$	75	$	72	$	71	$	79	$	81
Adjusted premiums, fees and other revenues, on a constant currency basis	$	667	$	664	$	651	$	670	$	679
Adjusted earnings available to common shareholders, on a constant currency basis	$	85	$	79	$	73	$	82	$	81
Total sales on a constant currency basis	$	273	$	251	$	260	$	236	$	271
(1) Certain amounts in prior periods have been reclassified to conform to current period presentation.

24

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Adjusted revenues
Premiums		$	1,059		$	1,022		$	989		$	1,074		$	950		$	1,059		$	950
Universal life and investment-type product policy fees		362			345			349			305			314			362			314
Net investment income		1,441			1,401			1,390			1,375			1,352			1,441			1,352
Other revenues		96			37			37			74			67			96			67
Total adjusted revenues		2,958			2,805			2,765			2,828			2,683			2,958			2,683
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,733			1,717			1,732			1,818			1,550			1,733			1,550
Interest credited to policyholder account balances		257			255			255			251			236			257			236
Capitalization of DAC		(34		)	(23		)	(14		)	(11		)	(10		)	(34		)	(10		)
Amortization of DAC and VOBA		74			139			(70		)	159			100			74			100
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		15			5			2			2			2			15			2
Other expenses		340			370			322			333			276			340			276
Total adjusted expenses		2,385			2,463			2,227			2,552			2,154			2,385			2,154
Adjusted earnings before provision for income tax		573			342			538			276			529			573			529
Provision for income tax expense (benefit)		186			105			174			82			104			186			104
Adjusted earnings		387			237			364			194			425			387			425
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	387		$	237		$	364		$	194		$	425		$	387		$	425
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	387		$	237		$	364		$	194		$	425		$	387		$	425
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		21			3			23			24			(106		)	21			(106		)
Net derivative gains (losses)		(4		)	(219		)	(98		)	(18		)	34			(4		)	34
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		24			25			25			24			23			24			23
Net investment income		(57		)	(48		)	(39		)	(37		)	(39		)	(57		)	(39		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(65		)	(50		)	(128		)	(79		)	(11		)	(65		)	(11		)
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		15			44			6			3			(4		)	15			(4		)
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		24			86			74			153			22			24			22
Income (loss) from continuing operations, net of income tax		345			78			227			264			344			345			344
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		345			78			227			264			344			345			344
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		345			78			227			264			344			345			344
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	345		$	78		$	227		$	264		$	344		$	345		$	344
Total Adjusted Premiums, Fees and Other Revenues		$	1,517		$	1,404		$	1,375		$	1,453		$	1,331		$	1,517		$	1,331

25

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Balance, beginning of period	$	79,996		$	80,313		$	80,313		$	80,528		$	80,795
Premiums and deposits (2), (3)	1,405			1,308			1,258			1,375			1,243
Surrenders and withdrawals	(618		)	(611		)	(584		)	(646		)	(638		)
Benefit payments	(763		)	(659		)	(642		)	(679		)	(733		)
Net Flows	24			38			32			50			(128		)
Net transfers from (to) separate account	25			9			12			11			8
Interest	812			815			819			825			811
Policy charges	(201		)	(200		)	(199		)	(199		)	(199		)
Other	(343		)	(662		)	(449		)	(420		)	(1,295		)
Balance, end of period	$	80,313		$	80,313		$	80,528		$	80,795		$	79,992
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Balance, beginning of period	$	22,264		$	21,522		$	21,329		$	21,180		$	20,791
Premiums and deposits (2), (3)	202			135			134			109			109
Surrenders and withdrawals	(358		)	(375		)	(372		)	(470		)	(450		)
Benefit payments	(199		)	(178		)	(154		)	(161		)	(170		)
Net Flows	(355		)	(418		)	(392		)	(522		)	(511		)
Net transfers from (to) separate account	10			39			66			16			33
Interest	160			159			158			156			154
Policy charges	(5		)	(5		)	(5		)	(4		)	(5		)
Other	(552		)	32			24			(35		)	(43		)
Balance, end of period	$	21,522		$	21,329		$	21,180		$	20,791		$	20,419
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Balance, beginning of period	$	5,200		$	5,415		$	5,537		$	5,670		$	5,855
Premiums and deposits (3)	76			73			70			69			71
Surrenders and withdrawals	(61		)	(63		)	(56		)	(63		)	(59		)
Benefit payments	(7		)	(7		)	(6		)	(6		)	(8		)
Net Flows	8			3			8			—			4
Investment performance	306			201			207			270			(9		)
Net transfers from (to) general account	(25		)	(9		)	(12		)	(11		)	(8		)
Policy charges	(72		)	(71		)	(69		)	(71		)	(68		)
Other	(2		)	(2		)	(1		)	(3		)	(607		)
Balance, end of period	$	5,415		$	5,537		$	5,670		$	5,855		$	5,167
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Balance, beginning of period	$	43,623		$	44,667		$	44,907		$	45,278		$	45,678
Premiums and deposits (3)	175			168			133			107			107
Surrenders and withdrawals	(903		)	(977		)	(964		)	(1,125		)	(1,188		)
Benefit payments	(90		)	(92		)	(90		)	(106		)	(113		)
Net Flows	(818		)	(901		)	(921		)	(1,124		)	(1,194		)
Investment performance	2,090			1,410			1,587			1,766			(275		)
Net transfers from (to) general account	(10		)	(39		)	(66		)	(16		)	(33		)
Policy charges	(219		)	(230		)	(230		)	(228		)	(218		)
Other	1			—			1			2			—
Balance, end of period	$	44,667		$	44,907		$	45,278		$	45,678		$	43,958
(1) Long-Term Care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.

26

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Direct and allocated expenses	$	175		$	198		$	204		$	209		$	184
Pension, postretirement and postemployment benefit costs	25			22			25			23			5
Premium taxes, other taxes, and licenses & fees	20			13			19			17			20
Commissions and other variable expenses	120			137			74			84			67
Other expenses, as reported on an adjusted basis	$	340		$	370		$	322		$	333		$	276
SPREAD BY PRODUCT
VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Investment income yield excluding variable investment income	5.89		%	5.62		%	5.45		%	5.42		%	5.38		%
Variable investment income yield	0.24		%	0.23		%	0.23		%	0.16		%	0.18		%
Total investment income yield	6.13		%	5.85		%	5.68		%	5.58		%	5.56		%
Average crediting rate	4.62		%	4.56		%	4.50		%	4.48		%	4.51		%
Annualized general account spread	1.51		%	1.29		%	1.18		%	1.10		%	1.05		%
Annualized general account spread excluding variable investment income yield	1.27		%	1.06		%	0.95		%	0.94		%	0.87		%
ANNUITIES (2)
	For the Three Months Ended
Unaudited	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Investment income yield excluding variable investment income	5.03		%	4.91		%	4.78		%	4.79		%	4.78		%
Variable investment income yield	0.29		%	0.26		%	0.28		%	0.20		%	0.53		%
Total investment income yield	5.32		%	5.17		%	5.06		%	4.99		%	5.31		%
Average crediting rate	3.16		%	3.14		%	3.11		%	3.12		%	3.16		%
Annualized general account spread	2.16		%	2.03		%	1.95		%	1.87		%	2.15		%
Annualized general account spread excluding variable investment income yield	1.87		%	1.77		%	1.67		%	1.67		%	1.62		%
(1) Certain amounts in prior periods have been reclassified to conform to current period presentation.
(2) Represents the general account spread for deferred and payout annuities.

27

METLIFE HOLDINGS
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Life (1)
Adjusted premiums, fees and other revenues	$	1,002		$	946		$	922		$	993		$	879
Interest adjusted benefit ratio	48.6		%	51.1		%	48.0		%	56.5		%	47.6		%
Lapse Ratio (2)
Traditional life	4.5		%	4.6		%	4.7		%	4.7		%	4.9		%
Variable & universal life	4.5		%	4.5		%	4.4		%	4.4		%	4.3		%
Fixed annuity	7.2		%	7.3		%	6.8		%	6.9		%	7.0		%
Variable annuity	7.1		%	7.6		%	8.0		%	8.5		%	9.0		%
(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.

28

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Adjusted revenues
Premiums		$	38		$	8		$	13		$	(5	)	$	13		$	38		$	13
Universal life and investment-type product policy fees		—			—			—			1			—			—			—
Net investment income		40			41			26			(79		)	59			40			59
Other revenues		59			61			65			86			81			59			81
Total adjusted revenues		137			110			104			3			153			137			153
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		25			1			7			(7		)	(3		)	25			(3		)
Interest credited to policyholder account balances		1			—			—			—			—			1			—
Capitalization of DAC		(1		)	(3		)	(2		)	(2		)	(2		)	(1		)	(2		)
Amortization of DAC and VOBA		1			1			3			1			2			1			2
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		277			277			279			272			280			277			280
Other expenses		175			202			237			280			232			175			232
Total adjusted expenses		478			478			524			544			509			478			509
Adjusted earnings before provision for income tax		(341		)	(368		)	(420		)	(541		)	(356		)	(341		)	(356		)
Provision for income tax expense (benefit)		(271		)	(269		)	(90		)	(58		)	(159		)	(271		)	(159		)
Adjusted earnings		(70		)	(99		)	(330		)	(483		)	(197		)	(70		)	(197		)
Preferred stock dividends		6			46			6			45			6			6			6
Adjusted earnings available to common shareholders		$	(76	)	$	(145	)	$	(336	)	$	(528	)	$	(203	)	$	(76	)	$	(203	)
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	(70	)	$	(99	)	$	(330	)	$	(483	)	$	(197	)	$	(70	)	$	(197	)
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(46		)	116			(696		)	(4		)	(192		)	(46		)	(192		)
Net derivative gains (losses)		(386		)	23			(2		)	(36		)	(40		)	(386		)	(40		)
Premiums		(174		)	(136		)	(37		)	—			—			(174		)	—
Universal life and investment-type product policy fees		(20		)	(14		)	—			—			—			(20		)	—
Net investment income		(24		)	(19		)	3			4			5			(24		)	5
Other revenues		(59		)	(57		)	(19		)	—			79			(59		)	79
Policyholder benefits and claims and policyholder dividends		146			103			(113		)	(1		)	—			146			—
Interest credited to policyholder account balances		(14		)	(14		)	(5		)	—			—			(14		)	—
Capitalization of DAC		(16		)	(14		)	(4		)	—			—			(16		)	—
Amortization of DAC and VOBA		(32		)	16			(77		)	—			—			(32		)	—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		12			4			—			—			—			12			—
Other expenses		(133		)	(44		)	(76		)	(256		)	(86		)	(133		)	(86		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		286			3			918			1,755			18			286			18
Income (loss) from continuing operations, net of income tax		(530		)	(132		)	(438		)	979			(413		)	(530		)	(413		)
Income (loss) from discontinued operations, net of income tax		(76		)	58			(968		)	—			—			(76		)	—
Net income (loss)		(606		)	(74		)	(1,406		)	979			(413		)	(606		)	(413		)
Less: Net income (loss) attributable to noncontrolling interests		—			—			3			(4		)	3			—			3
Net income (loss) attributable to MetLife, Inc.		(606		)	(74		)	(1,409		)	983			(416		)	(606		)	(416		)
Less: Preferred stock dividends		6			46			6			45			6			6			6
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(612	)	$	(120	)	$	(1,415	)	$	938		$	(422	)	$	(612	)	$	(422	)
Total Adjusted Premiums, Fees and Other Revenues		$	97		$	69		$	78		$	82		$	94		$	97		$	94
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE (1)
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Other business activities		$	8		$	6		$	5		$	9		$	6		$	8		$	6
Other net investment income		69			75			49			28			57			69			57
Interest expense on debt		(298		)	(303		)	(300		)	(297		)	(293		)	(298		)	(293		)
Corporate initiatives and projects		(49		)	(103		)	(45		)	(78		)	(39		)	(49		)	(39		)
Other		(71		)	(47		)	(128		)	(138		)	(87		)	(71		)	(87		)
Provision for income tax expense (benefit) and other tax-related items		271			273			89			(7		)	159			271			159
Preferred stock dividends		(6		)	(46		)	(6		)	(45		)	(6		)	(6		)	(6		)
Adjusted earnings available to common shareholders		$	(76	)	$	(145	)	$	(336	)	$	(528	)	$	(203	)	$	(76	)	$	(203	)
(1) Amounts reported on a pre-tax basis, which were previously reported post-tax.

29

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Fixed Maturity Securities
Yield (1)	4.34		%	4.28		%	4.25		%	4.30		%	4.19		%
Investment income (2), (3), (4)	$	2,825		$	2,820		$	2,843		$	2,913		$	2,839
Investment gains (losses) (3)	(4		)	43			279			—			(95		)
Ending carrying value (2), (3)	295,359			301,267			309,607			309,796			305,647
Mortgage Loans
Yield (1)	4.47		%	4.53		%	4.78		%	4.55		%	4.53		%
Investment income (4)	736			758			809			778			792
Investment gains (losses)	(12		)	(14		)	28			11			(21		)
Ending carrying value	66,633			67,309			68,057			68,731			71,055
Real Estate and Real Estate Joint Ventures
Yield (1)	3.20		%	3.42		%	2.80		%	3.29		%	3.39		%
Investment income (3)	73			79			66			79			83
Investment gains (losses) (3)	(3		)	270			169			167			25
Ending carrying value	9,293			9,256			9,486			9,637			9,862
Policy Loans
Yield (1)	5.33		%	5.38		%	5.40		%	5.46		%	5.12		%
Investment income	127			129			130			131			124
Ending carrying value	9,603			9,558			9,585			9,669			9,744
Equity Securities
Yield (1)	4.90		%	4.58		%	4.92		%	6.37		%	3.79		%
Investment income	31			31			31			36			16
Investment gains (losses)	35			1			2			54			(31		)
Ending carrying value	3,088			3,137			2,776			2,513			1,544
Other Limited Partnership Interests
Yield (1)	18.58		%	14.91		%	15.94		%	10.64		%	15.10		%
Investment income	240			194			214			149			219
Investment gains (losses) (3)	(7		)	(11		)	(33		)	(8		)	—
Ending carrying value	5,166			5,251			5,501			5,708			5,876
Cash and Short-term Investments
Yield (1)	1.42		%	1.61		%	1.13		%	1.73		%	1.87		%
Investment income	33			34			25			40			46
Investment gains (losses)	2			1			2			(21		)	(4		)
Ending carrying value	20,509			18,766			20,240			17,571			19,048
Other Invested Assets (1)
Investment income	214			170			173			98			228
Investment gains (losses) (3)	(28		)	(72		)	28			(25		)	(126		)
Ending carrying value	17,003			16,559			17,652			17,263			17,486
Total Investments
Investment income yield (1)	4.65		%	4.54		%	4.54		%	4.40		%	4.50		%
Investment fees and expenses yield	(0.15		)%	(0.13		)%	(0.14		)%	(0.13		)%	(0.13		)%
Net Investment Income Yield (1), (3)	4.50		%	4.41		%	4.40		%	4.27		%	4.37		%
Investment income	$	4,279		$	4,215		$	4,291		$	4,224		$	4,347
Investment fees and expenses	(134		)	(123		)	(133		)	(121		)	(128		)
Net investment income including Divested businesses	4,145			4,092			4,158			4,103			4,219
Less: Net investment income from Divested businesses	(27		)	(21		)	2			—			—
Net Investment Income, as reported on an adjusted basis (3)	$	4,172		$	4,113		$	4,156		$	4,103		$	4,219
Ending Carrying Value (3)	$	426,654		$	431,103		$	442,904		$	440,888		$	440,262
Gross investment gains	$	239		$	421		$	647		$	396		$	163
Gross investment losses	(224		)	(100		)	(111		)	(195		)	(297		)
Writedowns	(32		)	(103		)	(61		)	(23		)	(118		)
Investment Portfolio Gains (Losses) (3)	(17		)	218			475			178			(252		)
Investment portfolio gains (losses) income tax (expense) benefit	19			(69		)	(187		)	(59		)	51
Investment Portfolio Gains (Losses), Net of Income Tax	$	2		$	149		$	288		$	119		$	(201	)
Derivative gains (losses) (3)	$	(344	)	$	(308	)	$	(214	)	$	(134	)	$	244
Derivative gains (losses) income tax (expense) benefit	143			95			79			168			(84		)
Derivative Gains (Losses), Net of Income Tax	$	(201	)	$	(213	)	$	(135	)	$	34		$	160
(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 $649 million, $651 million, $713 million, $865 million and $936 million in ending carrying value, and $29 million, $16 million, $16 million, $7 million and $6 million of investment income related to fair value option securities at or for the three months ended March 31, 2017, June 30,2017, September 30, 2017, December 31, 2017 and March 31, 2018, 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 March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017 and March 31, 2018, respectively: A) Contractholder-directed equity securities and 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 $13,743 million, $14,104 million, $15,818 million, $15,874 million and $15,502 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Contractholder-directed equity securities and fair value option securities (included within fixed maturity securities above) of $7 million, $7 million, $7 million, $6 million and $6 million and cash and short-term investments of $1 million, $0, $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
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Net investment gains (losses) - GAAP basis	$	88		$	104		$	(606	)	$	106		$	(333	)
Less: Operating joint venture adjustments	1			(1		)	—			—			(1		)
Less: Net investment gains (losses) related to CSEs	—			—			—			—			—
Less: Partnerships at fair value	—			—			—			—			(5		)
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	104			(113		)	(1,081		)	(72		)	(75		)
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(17	)	$	218		$	475		$	178		$	(252	)
	For the Three Months Ended
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Net derivative gains (losses) - GAAP basis	$	(212	)	$	(200	)	$	(123	)	$	(55	)	$	349
Less: Investment hedge adjustments	139			114			97			85			110
Less: Settlement of foreign currency earnings hedges	(6		)	(5		)	(5		)	(6		)	(4		)
Less: PAB hedge adjustments	(1		)	(1		)	(1		)	—			(1		)
Derivative gains (losses) including Divested businesses - in above yield table	$	(344	)	$	(308	)	$	(214	)	$	(134	)	$	244
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

30

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Fixed Maturity Securities
Yield (1)	4.34		%	4.31		%	4.29		%	4.29		%	4.19		%
Investment income (2), (3), (4)	$	2,825		$	5,645		$	8,488		$	11,401		$	2,839
Investment gains (losses) (3)	(4		)	39			318			318			(95		)
Ending carrying value (2), (3)	295,359			301,267			309,607			309,796			305,647
Mortgage Loans
Yield (1)	4.47		%	4.50		%	4.59		%	4.58		%	4.53		%
Investment income (4)	736			1,494			2,303			3,081			792
Investment gains (losses)	(12		)	(26		)	2			13			(21		)
Ending carrying value	66,633			67,309			68,057			68,731			71,055
Real Estate and Real Estate Joint Ventures
Yield (1)	3.20		%	3.31		%	3.14		%	3.18		%	3.39		%
Investment income (3)	73			152			218			297			83
Investment gains (losses) (3)	(3		)	267			436			603			25
Ending carrying value	9,293			9,256			9,486			9,637			9,862
Policy Loans
Yield (1)	5.33		%	5.36		%	5.37		%	5.39		%	5.12		%
Investment income	127			256			386			517			124
Ending carrying value	9,603			9,558			9,585			9,669			9,744
Equity Securities
Yield (1)	4.90		%	4.74		%	4.80		%	5.15		%	3.79		%
Investment income	31			62			93			129			16
Investment gains (losses)	35			36			38			92			(31		)
Ending carrying value	3,088			3,137			2,776			2,513			1,544
Other Limited Partnership Interests
Yield (1)	18.58		%	16.74		%	16.46		%	14.93		%	15.10		%
Investment income	240			434			648			797			219
Investment gains (losses) (3)	(7		)	(18		)	(51		)	(59		)	—
Ending carrying value	5,166			5,251			5,501			5,708			5,876
Cash and Short-term Investments
Yield (1)	1.42		%	1.52		%	1.39		%	1.48		%	1.87		%
Investment income	33			67			92			132			46
Investment gains (losses)	2			3			5			(16		)	(4		)
Ending carrying value	20,509			18,766			20,240			17,571			19,048
Other Invested Assets (1)
Investment income	214			384			557			655			228
Investment gains (losses) (3)	(28		)	(100		)	(72		)	(97		)	(126		)
Ending carrying value	17,003			16,559			17,652			17,263			17,486
Total Investments
Investment income yield (1)	4.65		%	4.60		%	4.58		%	4.53		%	4.50		%
Investment fees and expenses yield	(0.15		)%	(0.14		)%	(0.14		)%	(0.14		)%	(0.13		)%
Net Investment Income Yield (1), (3)	4.50		%	4.46		%	4.44		%	4.39		%	4.37		%
Investment income	$	4,279		$	8,494		$	12,785		$	17,009		$	4,347
Investment fees and expenses	(134		)	(257		)	(390		)	(511		)	(128		)
Net investment income including Divested businesses	4,145			8,237			12,395			16,498			4,219
Less: Net investment income from Divested businesses	(27		)	(48		)	(46		)	(46		)	—
Net Investment Income, as reported on an adjusted basis (3)	$	4,172		$	8,285		$	12,441		$	16,544		$	4,219
Ending Carrying Value (3)	$	426,654		$	431,103		$	442,904		$	440,888		$	440,262
Gross investment gains	$	239		$	660		$	1,307		$	1,703		$	163
Gross investment losses	(224		)	(324		)	(435		)	(630		)	(297		)
Writedowns	(32		)	(135		)	(196		)	(219		)	(118		)
Investment Portfolio Gains (Losses) (3)	(17		)	201			676			854			(252		)
Investment portfolio gains (losses) income tax (expense) benefit	19			(50		)	(237		)	(296		)	51
Investment Portfolio Gains (Losses), Net of Income Tax	$	2		$	151		$	439		$	558		$	(201	)
Derivative gains (losses) (3)	$	(344	)	$	(652	)	$	(866	)	$	(1,000	)	$	244
Derivative gains (losses) income tax (expense) benefit	143			238			317			485			(84		)
Derivative Gains (Losses), Net of Income Tax	$	(201	)	$	(414	)	$	(549	)	$	(515	)	$	160
(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 $649 million, $651 million, $713 million, $865 million and $936 million in ending carrying value, and $29 million, $45 million, $61 million, $68 million and $6 million of investment income related to fair value option securities at or for the year-to-date period ended March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017 and March 31, 2018, 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 March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017 and March 31, 2018, respectively: A) Contractholder-directed equity securities and 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 $13,743 million, $14,104 million, $15,818 million, $15,874 million and $15,502 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Contractholder-directed equity securities and fair value option securities (included within fixed maturity securities above) of $7 million, $7 million, $7 million, $6 million and $6 million and cash and short-term investments of $1 million, $0, $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
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Net investment gains (losses) - GAAP basis	$	88		$	192		$	(414	)	$	(308	)	$	(333	)
Less: Operating joint venture adjustments	1			—			—			—			(1		)
Less: Net investment gains (losses) related to certain CSEs	—			—			—			—			—
Less: Partnerships at fair value	—			—			—			—			(5		)
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	104			(9		)	(1,090		)	(1,162		)	(75		)
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(17	)	$	201		$	676		$	854		$	(252	)
	For the Year-to-Date Period Ended
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Net derivative gains (losses) - GAAP basis	$	(212	)	$	(412	)	$	(535	)	$	(590	)	$	349
Less: Investment hedge adjustments	139			253			350			435			110
Less: Settlement of foreign currency earnings hedges	(6		)	(11		)	(16		)	(22		)	(4		)
Less: PAB hedge adjustments	(1		)	(2		)	(3		)	(3		)	(1		)
Derivative gains (losses) including Divested businesses - in above yield table	$	(344	)	$	(652	)	$	(866	)	$	(1,000	)	$	244
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

31

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017				March 31, 2018
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	78,675	26.7	%	$	80,188	26.7	%	$	81,655	26.4	%	$	82,661	26.8	%	$	81,834	26.8	%
Foreign government securities		59,241		20.1	%	59,899		19.9	%	60,789		19.7	%	61,534		19.9	%	64,510		21.2	%
Foreign corporate securities		51,999		17.6	%	53,847		17.9	%	55,140		17.9	%	55,569		18.0	%	55,463		18.2	%
U.S. government and agency securities		43,513		14.8	%	44,368		14.7	%	47,664		15.4	%	47,394		15.3	%	43,827		14.4	%
Residential mortgage-backed securities		29,763		10.1	%	30,403		10.1	%	31,398		10.2	%	28,800		9.3	%	27,411		9.0	%
State and political subdivision securities		12,290		4.2	%	12,211		4.1	%	12,345		4.0	%	12,455		4.0	%	12,192		4.0	%
Asset-backed securities		11,475		3.9	%	11,897		4.0	%	11,771		3.8	%	12,291		4.0	%	11,764		3.9	%
Commercial mortgage-backed securities		7,754		2.6	%	7,803		2.6	%	8,132		2.6	%	8,227		2.7	%	7,710		2.5	%
Total Fixed Maturity Securities Available-For-Sale		$	294,710	100.0	%	$	300,616	100.0	%	$	308,894	100.0	%	$	308,931	100.0	%	$	304,711	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	209,829	71.2	%	$	213,398	71.0	%	$	219,158	70.9	%	$	218,830	70.8	%	$	214,446	70.4	%
2	Baa	67,214		22.8	%	69,803		23.2	%	72,293		23.4	%	72,396		23.4	%	72,531		23.8	%
3	Ba	12,091		4.1	%	11,672		3.9	%	11,562		3.7	%	11,711		3.8	%	11,551		3.8	%
4	B	4,663		1.6	%	4,906		1.6	%	4,960		1.7	%	5,155		1.7	%	5,332		1.7	%
5	Caa and lower	912		0.3	%	836		0.3	%	917		0.3	%	833		0.3	%	827		0.3	%
6	In or near default	1		—	%	1		—	%	4		—	%	6		—	%	24		—	%
Total Fixed Maturity Securities Available-For-Sale (1)		$	294,710	100.0	%	$	300,616	100.0	%	$	308,894	100.0	%	$	308,931	100.0	%	$	304,711	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.
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
		March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017				March 31, 2018
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%		$	3,059	87.6	%	$	2,170	91.6	%	$	1,900	91.9	%	$	1,737	91.3	%	$	3,251	94.7	%
20% or more for less than six months		281		8.0	%	36		1.5	%	49		2.4	%	49		2.6	%	97		2.8	%
20% or more for six months or greater		155		4.4	%	162		6.9	%	117		5.7	%	117		6.1	%	85		2.5	%
Total Gross Unrealized Losses		$	3,495	100.0	%	$	2,368	100.0	%	$	2,066	100.0	%	$	1,903	100.0	%	$	3,433	100.0	%
Total Gross Unrealized Gains		$	21,928			$	24,193			$	24,276			$	24,765			$	21,045
(1) MetLife's review of its fixed maturity 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 amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for six months or greater.

32

INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	March 31, 2017					June 30, 2017					September 30, 2017					December 31, 2017					March 31, 2018
Commercial mortgage loans	$	42,346				$	42,590				$	43,243				$	44,375				$	46,690
Agricultural mortgage loans	12,683					12,761					12,967					13,014					13,098
Residential mortgage loans	11,914					12,270					12,163					11,656					11,594
Total Mortgage Loans	66,943					67,621					68,373					69,045					71,382
Valuation allowances	(310		)			(312		)			(316		)			(314		)			(327		)
Total Mortgage Loans, net	$	66,633				$	67,309				$	68,057				$	68,731				$	71,055
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	March 31, 2017					June 30, 2017					September 30, 2017					December 31, 2017					March 31, 2018
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total
Pacific	$	9,850		23.3	%	$	9,695		22.8	%	$	9,935		23.0	%	$	9,875		22.3	%	$	10,583		22.7	%
International	7,948			18.8	%	8,010			18.8	%	8,361			19.3	%	9,101			20.5	%	9,500			20.3	%
Middle Atlantic	7,379			17.4	%	7,650			17.9	%	7,616			17.6	%	7,231			16.3	%	7,467			16.0	%
South Atlantic	5,092			12.0	%	4,953			11.6	%	4,624			10.7	%	5,311			12.0	%	5,552			11.9	%
West South Central	3,569			8.4	%	3,649			8.6	%	3,679			8.5	%	3,819			8.6	%	3,664			7.8	%
East North Central	2,220			5.3	%	2,218			5.2	%	2,413			5.6	%	2,683			6.0	%	2,687			5.7	%
Mountain	1,201			2.8	%	1,200			2.8	%	1,200			2.8	%	1,188			2.7	%	1,355			2.9	%
New England	1,194			2.8	%	1,099			2.6	%	1,162			2.7	%	901			2.0	%	1,129			2.4	%
East South Central	521			1.2	%	714			1.7	%	835			1.9	%	840			1.9	%	963			2.1	%
West North Central	460			1.1	%	456			1.1	%	478			1.1	%	477			1.1	%	589			1.3	%
Multi-Region and Other	2,912			6.9	%	2,946			6.9	%	2,940			6.8	%	2,949			6.6	%	3,201			6.9	%
Total	$	42,346		100.0	%	$	42,590		100.0	%	$	43,243		100.0	%	$	44,375		100.0	%	$	46,690		100.0	%
Office	$	21,608		51.0	%	$	21,476		50.4	%	$	22,339		51.7	%	$	22,602		50.9	%	$	23,474		50.3	%
Retail	8,599			20.3	%	8,727			20.5	%	8,694			20.1	%	8,032			18.1	%	8,247			17.7	%
Apartment	5,345			12.6	%	5,549			13.0	%	5,730			13.2	%	6,113			13.8	%	6,600			14.1	%
Hotel	3,769			8.9	%	3,782			8.9	%	3,493			8.1	%	3,620			8.2	%	3,797			8.1	%
Industrial	2,772			6.6	%	2,713			6.4	%	2,744			6.3	%	3,125			7.0	%	3,699			7.9	%
Other	253			0.6	%	343			0.8	%	243			0.6	%	883			2.0	%	873			1.9	%
Total	$	42,346		100.0	%	$	42,590		100.0	%	$	43,243		100.0	%	$	44,375		100.0	%	$	46,690		100.0	%

33

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Reconciliation to Adjusted Earnings
Income (loss) from continuing operations, net of income tax	$	952		$	856		$	883		$	2,315		$	1,257		$	952		$	1,257
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	88			104			(606		)	106			(333		)	88			(333		)
Net derivative gains (losses)	(212		)	(200		)	(123		)	(55		)	349			(212		)	349
Premiums - Divested businesses	(174		)	(136		)	(37		)	—			—			(174		)	—
Universal life and investment-type product policy fees
Unearned revenue adjustments	1			9			4			(2		)	(5		)	1			(5		)
GMIB fees	31			31			32			31			30			31			30
Divested businesses	(20		)	(14		)	—			—			7			(20		)	7
Net investment income
Investment hedge adjustments	(139		)	(114		)	(97		)	(85		)	(110		)	(139		)	(110		)
Operating joint venture adjustments	(1		)	1			—			—			1			(1		)	1
Unit-linked contract income	416			214			234			436			(353		)	416			(353		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			—			—			—			(12		)	—			(12		)
Divested businesses	(27		)	(21		)	2			—			—			(27		)	—
Other revenues
Settlement of foreign currency earnings hedges	6			5			5			6			4			6			4
TSA fees	—			—			—			—			79			—			79
Divested businesses	(59		)	(57		)	(19		)	—			—			(59		)	—
Policyholder benefits and claims and policyholder dividends
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass through adjustments	(21		)	(53		)	28			77			(41		)	(21		)	(41		)
GMIB costs	(73		)	(67		)	(138		)	(72		)	(5		)	(73		)	(5		)
Market value adjustments	(6		)	(5		)	(8		)	(3		)	(1		)	(6		)	(1		)
Divested businesses	146			103			(112		)	—			—			146			—
Interest credited to policyholder account balances
PAB hedge adjustments	1			1			1			—			1			1			1
Unit-linked contract costs	(402		)	(213		)	(229		)	(420		)	347			(402		)	347
Divested businesses	(14		)	(14		)	(5		)	—			—			(14		)	—
Capitalization of DAC - Divested businesses	(16		)	(14		)	(4		)	—			1			(16		)	1
Amortization of DAC and VOBA
Related to NIGL and NDGL	2			28			2			28			14			2			14
Related to GMIB fees and GMIB costs	13			6			—			(21		)	(10		)	13			(10		)
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	(33		)	17			(75		)	—			—			(33		)	—
Amortization of negative VOBA
Related to market value adjustments	3			3			2			1			1			3			1
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	12			4			—			—			—			12			—
Other expenses
Noncontrolling interest	4			3			10			(5		)	7			4			7
Regulatory implementation costs	—			—			—			—			(1		)	—			(1		)
Acquisition, integration and other costs	(8		)	(14		)	(20		)	(23		)	(11		)	(8		)	(11		)
TSA fees	—			—			—			—			(79		)	—			(79		)
Divested businesses	(133		)	(44		)	(70		)	(244		)	(10		)	(133		)	(10		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	240			126			985			1,837			(42		)	240			(42		)
Adjusted earnings	$	1,327		$	1,167		$	1,121		$	723		$	1,429		$	1,327		$	1,429

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Variable investment income			$	15		$	—		$	—		$	—		$	—		$	15		$	—
Catastrophe experience and prior year development, net			(45		)	—			(10		)	7			—			(45		)	—
Actuarial assumption review and other insurance adjustments			76			(28		)	125			(110		)	62			76			62
Litigation reserves & settlement costs			(21		)	—			—			(55		)	—			(21		)	—
Expense initiative costs			(21		)	(22		)	(17		)	(42		)	(34		)	(21		)	(34		)
Other expense-related items (2)			—			(36		)	—			—			—			—			—
Tax adjustments			—			27			(167		)	(298		)	—			—			—
Total notable items			$	4		$	(59	)	$	(69	)	$	(498	)	$	28		$	4		$	28
U.S.
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
Variable investment income			$	22		$	—		$	—		$	—		$	—		$	22		$	—
Catastrophe experience and prior year development, net			(45		)	—			(10		)	7			—			(45		)	—
Actuarial assumption review and other insurance adjustments			—			—			—			(62		)	—			—			—
Total notable items			$	(23	)	$	—		$	(10	)	$	(55	)	$	—		$	(23	)	$	—
	GROUP BENEFITS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
	Variable investment income		$	3		$	—		$	—		$	—		$	—		$	3		$	—
	Total notable items		$	3		$	—		$	—		$	—		$	—		$	3		$	—
	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
	Variable investment income		$	17		$	—		$	—		$	—		$	—		$	17		$	—
	Actuarial assumption review and other insurance adjustments		—			—			—			(62		)	—			—			—
	Total notable items		$	17		$	—		$	—		$	(62	)	$	—		$	17		$	—
	PROPERTY & CASUALTY
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			March 31, 2017			March 31, 2018
	Variable investment income		$	2		$	—		$	—		$	—		$	—		$	2		$	—
	Catastrophe experience and prior year development, net		(45		)	—			(10		)	7			—			(45		)	—
	Total notable items		$	(43	)	$	—		$	(10	)	$	7		$	—		$	(43	)	$	—
(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-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018				March 31, 2017			March 31, 2018
Variable investment income		$	(3	)	$	—		$	—		$	—		$	—			$	(3	)	$	—
Actuarial assumption review and other insurance adjustments		—			12			(4		)	—			—				—			—
Total notable items		$	(3	)	$	12		$	(4	)	$	—		$	—			$	(3	)	$	—
LATIN AMERICA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018				March 31, 2017			March 31, 2018
Variable investment income		$	(1	)	$	—		$	—		$	—		$	—			$	(1	)	$	—
Actuarial assumption review and other insurance adjustments		—			—			15			—			—				—			—
Total notable items		$	(1	)	$	—		$	15		$	—		$	—			$	(1	)	$	—
EMEA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018				March 31, 2017			March 31, 2018
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(8	)	$	—		$	—			$	—		$	—
Total notable items		$	—		$	—		$	(8	)	$	—		$	—			$	—		$	—
METLIFE HOLDINGS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018				March 31, 2017			March 31, 2018
Variable investment income		$	1		$	—		$	—		$	—		$	—			$	1		$	—
Actuarial assumption review and other insurance adjustments		76			(40		)	122			(48		)	62				76			62
Total notable items		$	77		$	(40	)	$	122		$	(48	)	$	62			$	77		$	62
CORPORATE & OTHER
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018				March 31, 2017			March 31, 2018
Variable investment income		$	(4	)	$	—		$	—		$	—		$	—			$	(4	)	$	—
Litigation reserves & settlement costs		(21		)	—			—			(55		)	—				(21		)	—
Expense initiative costs		(21		)	(22		)	(17		)	(42		)	(34		)		(21		)	(34		)
Other expense-related items (2)		—			(36		)	—			—			—				—			—
Tax adjustments		—			27			(167		)	(298		)	—				—			—
Total notable items		$	(46	)	$	(31	)	$	(184	)	$	(395	)	$	(34	)		$	(46	)	$	(34	)
(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)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Total MetLife, Inc.'s stockholders' equity	$	68,179		$	69,732		$	56,981		$	58,676		$	56,310
Less: Preferred stock	2,066			2,066			2,066			2,066			2,560
MetLife, Inc.'s common stockholders' equity	66,113			67,666			54,915			56,610			53,750
Less: Net unrealized investment gains (losses), net of income tax	13,189			15,038			13,343			13,662			11,547
Defined benefit plans adjustment, net of income tax	(1,951		)	(1,923		)	(1,878		)	(1,845		)	(2,206		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	54,875			54,551			43,450			44,793			44,409
Less: Goodwill, net of income tax	9,209			9,230			9,151			9,322			9,428
VODA and VOCRA, net of income tax	386			373			374			378			365
Total MetLife, Inc.'s tangible common stockholders' equity (excludes AOCI other than FCTA)	$	45,280		$	44,948		$	33,925		$	35,093		$	34,616
Unaudited	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Book value per common share (1)	$	61.14		$	63.63		$	52.09		$	54.24		$	52.49
Less: Net unrealized investment gains (losses), net of income tax	12.20			14.15			12.66			13.09			11.28
Defined benefit plans adjustment, net of income tax	(1.81		)	(1.81		)	(1.78		)	(1.77		)	(2.15		)
Book value per common share, excluding AOCI other than FCTA (1)	50.75			51.29			41.21			42.92			43.36
Less: Goodwill, net of income tax	8.51			8.68			8.68			8.93			9.20
VODA and VOCRA, net of income tax	0.36			0.35			0.35			0.36			0.36
Book value per common share - tangible common stockholders' equity (excludes AOCI other than FCTA) (1)	$	41.88		$	42.26		$	32.18		$	33.63		$	33.80
Unaudited (In millions)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Total MetLife, Inc.'s stockholders' equity	$	68,179		$	69,732		$	56,981		$	58,676		$	56,310
Less: Preferred stock	2,066			2,066			2,066			2,066			2,560
MetLife, Inc.'s common stockholders' equity	66,113			67,666			54,915			56,610			53,750
Less: Net unrealized investment gains (losses), net of income tax	13,189			15,038			13,343			13,662			11,547
Defined benefit plans adjustment, net of income tax	(1,951		)	(1,923		)	(1,878		)	(1,845		)	(2,206		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	54,875			54,551			43,450			44,793			44,409
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA	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)	$	38,439		$	39,902		$	43,450		$	44,793		$	44,409
Unaudited	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
Book value per common share (1)	$	61.14		$	63.63		$	52.09		$	54.24		$	52.49
Less: Net unrealized investment gains (losses), net of income tax	12.20			14.15			12.66			13.09			11.28
Defined benefit plans adjustment, net of income tax	(1.81		)	(1.81		)	(1.78		)	(1.77		)	(2.15		)
Book value per common share, excluding AOCI other than FCTA (1)	50.75			51.29			41.21			42.92			43.36
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA	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)	$	35.55		$	37.52		$	41.21		$	42.92		$	43.36
	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			December 31, 2017
Return on MetLife, Inc.'s:
Common stockholders' equity	5.3		%	5.2		%	(0.6		)%	16.3		%	9.0		%	6.3		%
Common stockholders' equity, excluding AOCI other than FCTA	6.3		%	6.3		%	(0.8		)%	20.6		%	11.2		%	7.7		%
Tangible common stockholders' equity (excludes AOCI other than FCTA) (3)	7.8		%	7.8		%	(0.9		)%	26.4		%	14.4		%	9.6		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	8.0		%	6.7		%	7.3		%	4.9		%	10.3		%	6.8		%
Common stockholders' equity, excluding AOCI other than FCTA	9.6		%	8.2		%	9.1		%	6.1		%	12.8		%	8.4		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	13.8		%	11.4		%	10.7		%	6.1		%	12.8		%	10.3		%
Tangible common stockholders' equity (excludes AOCI other than FCTA) (4)	11.7		%	10.0		%	11.4		%	8.0		%	16.4		%	10.4		%
Average common stockholders' equity	$	65,789		$	66,890		$	61,291		$	55,763		$	55,180		$	62,154
Average common stockholders' equity, excluding AOCI other than FCTA	$	54,831		$	54,713		$	49,001		$	44,122		$	44,601		$	50,491
Average common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	38,314		$	39,171		$	41,676		$	44,122		$	44,601		$	40,955
Average tangible common stockholders' equity (excludes AOCI other than FCTA)	$	45,276		$	45,114		$	39,437		$	34,509		$	34,855		$	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 March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017 and March 31, 2018 of $11 million, $11 million, $9 million, $8 million and $10 million, respectively, and for the year ended December 31, 2017 of $39 million.
(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 March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017 and March 31, 2018 of $8 million, $8 million, $9 million, $8 million and $10 million, respectively, and for the year ended December 31, 2017 of $33 million.

A-4

APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2)
RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
U.S.
GROUP BENEFITS		23.3		%	29.4		%	32.1		%	30.7		%	22.5		%
RETIREMENT AND INCOME SOLUTIONS		10.8		%	22.3		%	20.7		%	17.0		%	15.4		%
PROPERTY & CASUALTY		6.7		%	5.6		%	11.2		%	20.8		%	20.1		%
TOTAL U.S.		13.5		%	21.2		%	22.1		%	21.5		%	18.0		%
ASIA		15.3		%	6.5		%	7.7		%	11.8		%	15.8		%
LATIN AMERICA		31.2		%	13.0		%	30.4		%	8.0		%	23.6		%
EMEA		10.0		%	8.3		%	7.6		%	11.3		%	10.0		%
METLIFE HOLDINGS		12.3		%	2.8		%	8.1		%	9.4		%	13.7		%
RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
U.S.		15.7		%	24.7		%	25.8		%	25.0		%	20.9		%
ASIA		24.4		%	10.3		%	12.3		%	18.8		%	23.9		%
LATIN AMERICA		53.8		%	22.3		%	52.3		%	13.8		%	39.4		%
EMEA		16.3		%	13.7		%	12.5		%	18.4		%	16.4		%
METLIFE HOLDINGS		13.8		%	3.2		%	9.1		%	10.5		%	15.4		%
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
U.S.
GROUP BENEFITS		27.6		%	28.8		%	34.2		%	32.7		%	31.2		%
RETIREMENT AND INCOME SOLUTIONS		19.8		%	18.9		%	17.8		%	12.5		%	21.8		%
PROPERTY & CASUALTY		6.2		%	6.0		%	11.0		%	20.4		%	20.7		%
TOTAL U.S.		19.5		%	19.3		%	21.1		%	19.5		%	24.1		%
ASIA		9.4		%	9.9		%	10.0		%	9.9		%	9.2		%
LATIN AMERICA		19.5		%	21.0		%	22.2		%	17.0		%	17.8		%
EMEA		9.3		%	9.0		%	8.8		%	9.8		%	9.3		%
METLIFE HOLDINGS		13.8		%	8.4		%	12.9		%	6.9		%	16.9		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
U.S.		22.7		%	22.5		%	24.6		%	22.7		%	27.9		%
ASIA		15.0		%	15.8		%	16.0		%	15.8		%	13.9		%
LATIN AMERICA		33.6		%	36.2		%	38.3		%	29.3		%	29.8		%
EMEA		15.3		%	14.7		%	14.5		%	16.1		%	15.3		%
METLIFE HOLDINGS		15.4		%	9.5		%	14.5		%	7.8		%	19.0		%
(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)				2017			2018			2017			2018
	U.S.
	GROUP BENEFITS				$	2,816		$	2,797
	RETIREMENT AND INCOME SOLUTIONS				5,538			6,209
	PROPERTY & CASUALTY				1,862			1,851
	TOTAL U.S.				$	10,216		$	10,857		$	8,792		$	9,389
	ASIA				$	12,587		$	14,260		$	7,898		$	9,456
	LATIN AMERICA				$	2,933		$	3,139		$	1,704		$	1,880
	EMEA				$	3,210		$	3,473		$	2,017		$	2,176
	METLIFE HOLDINGS				$	11,247		$	10,063		$	10,179		$	9,066
(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)	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
	U.S.	$	1		$	1		$	1		$	1		$	1
	ASIA	$	1		$	1		$	1		$	1		$	2
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	2		$	2
	METLIFE HOLDINGS	$	5		$	4		$	4		$	4		$	5

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)	March 31, 2017				June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
U.S. (1)	$	5,654			$	6,327		$	7,431		$	6,038		$	5,679
ASIA	2,183				2,104			2,223			2,165			2,157
LATIN AMERICA	970				948			934			1,010			989
EMEA	667				664			651			670			679
METLIFE HOLDINGS (1)	1,517				1,404			1,375			1,453			1,331
CORPORATE & OTHER (1)	97				69			78			82			94
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	11,088			$	11,516		$	12,692		$	11,418		$	10,929
Total adjusted premiums, fees and other revenues	$	10,882			$	11,398		$	12,620		$	11,300		$	10,929
ASIA (including operating joint ventures) (2), (3)	$	2,384			$	2,301		$	2,427		$	2,392		$	2,400
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017				June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
U.S. (1)	$	909			$	914		$	933		$	926		$	961
ASIA	909				920			928			970			952
LATIN AMERICA	335				358			371			424			338
EMEA	342			343	352			355			391			351
METLIFE HOLDINGS (1)	340				370			322			333			276
CORPORATE & OTHER (1)	175				202			237			280			232
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,010			$	3,116		$	3,146		$	3,324		$	3,110
Other expenses, as reported on an adjusted basis	$	2,941			$	3,070		$	3,121		$	3,277		$	3,110
ASIA (including operating joint ventures) (2), (3)	$	993			$	1,001		$	1,012		$	1,065		$	1,046
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2017				June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018
U.S. (1)	$	497			$	493		$	539		$	498		$	653
ASIA	306				318			319			317			327
LATIN AMERICA	157				157			160			128			140
EMEA	85				79			73			82			81
METLIFE HOLDINGS (1)	387				237			364			194			425
CORPORATE & OTHER (1)	(76		)		(145		)	(336		)	(528		)	(203		)
Total adjusted earnings available to common shareholders on a constant currency basis	$	1,356			$	1,139		$	1,119		$	691		$	1,423
Total adjusted earnings available to common shareholders	$	1,321			$	1,121		$	1,115		$	678		$	1,423
(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
(xiv)	adjusted expense ratio	(xiv)	expense ratio
(xv)	adjusted expense ratio, excluding total notable items related to other expenses and PRT	(xv)	expense ratio
(xvi)	direct expense ratio	(xvi)	expense ratio
(xvii)	direct expense ratio, excluding total notable items related to other expenses and PRT	(xvii)	expense ratio
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. 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”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL for GAAP ("Certain partnership distributions"); and
•	Other revenues are adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").

A-7

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Adjusted revenues and adjusted expenses (continued)
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. Other expenses includes TSA fees.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from 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, goodwill impairment or changes in estimated fair value. 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.
•	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.
•	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.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity - adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA - adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding 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)
•	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.
•	Return on allocated equity - net income (loss) available to MetLife, Inc.'s common shareholders divided by allocated equity.
•	Adjusted return on allocated equity - adjusted earnings available to common shareholders divided by allocated equity.
	The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. 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.
•	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 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 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.
•	Adjusted return on allocated tangible equity - adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
	The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

A-8

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•	Expense ratio - other expenses, net of capitalization of DAC, divided by total premiums, fees and other revenues.
•	Direct expense ratio - direct expenses, on an adjusted basis, divided by total adjusted premiums, fees and other revenues.
•	Direct expense ratio, excluding total notable items and PRT - direct expenses, on an adjusted basis, excluding total total notable items related to direct expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT.
•	Adjusted expense ratio - other expenses, net of capitalization of DAC, both on an adjusted basis, divided by total adjusted premiums, fees and other revenues.
•	Adjusted expense ratio, excluding total notable items and PRT - other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT.
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-9

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
PRT	Pension risk transfers
TSA	Transition service agreement
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-10

EX-99.3

1Q18 Supplemental Slides John McCallion Chief Financial Officer Exhibit 99.3

2 Table of Contents Page GAAP Expense Detail and Ratios...........................………………. 3 Net Income (Loss) Reconciliation…………………..………………. 4 Notable Items….….…………………………………………………... 5 Adjusted Earnings Ex. Total Notable Items by Segment…………. 6 U.S. Tax Reform Impact by Segment........………………………… 7 Unit Cost Initiative (UCI) Driving Lower Expense Ratio................ 8 New Disclosure to Track UCI..............……................................... 9 Material Weakness Remediation Progress..............….................. 10 Appendix………………………………………………………………. 11

GAAP Expense Detail and Ratios (In millions, except ratio data) Other Expenses Net of Capitalization of DAC and Expense Ratio 2015 2016 2017 Other Expenses $14,105 $13,295 $12,953 Add: Capitalization of DAC (3,319) (3,152) (3,002) Other Expenses Net of Capitalization of DAC $10,786 $10,143 $9,951 Total Premiums, Fees and Other Revenues $43,900 $44,370 $45,843 Expense Ratio 24.6% 22.9% 21.7% 3 See Appendix for non-GAAP financial information, definitions and/or reconciliations. Other Expenses Net of Capitalization of DAC and Expense Ratio 1Q17 2Q17 3Q17 4Q17 1Q18 Other Expenses $3,078 $3,125 $3,201 $3,549 $3,204 Add: Capitalization of DAC (713) (744) (761) (784) (796) Other Expenses Net of Capitalization of DAC $2,365 $2,381 $2,440 $2,765 $2,408 Total Premiums, Fees and Other Revenues $10,667 $11,236 $12,605 $11,335 $11,044 Expense Ratio 22.2% 21.2% 19.4% 24.4% 21.8%

4 Net Income (Loss) Reconciliation 1Q18 Net Income (Loss)1 $1,247 Less: Net Investment Gains (Losses) (263) Net Derivative Gains (Losses) 276 Investment Hedge Adjustments (87) Other (102) Adjusted Earnings1 $1,423 (In millions) – Post-tax 1 Available to common shareholders. See Appendix for non-GAAP financial information, definitions and/or reconciliations.

5 Notable Items (In millions, except per share data) – Post-tax 1 Available to common shareholders. 2Adjusted earnings available to common shareholders is calculated on a standalone basis and may not equal the sum of adjusted earnings available to common shareholders, excluding total notable items. See Appendix for non-GAAP financial information, definitions and/or reconciliations. 1Q18 Adjusted Earnings1 Per Share Impact2 Adjusted Earnings1 $1,423 $1.36 Less Notable Items: Actuarial Assumption Review & Other Insurance Adjustments 62 0.06 Expense Initiative Costs (34) (0.03) Adjusted Earnings1, excluding Total Notable Items $1,395 $1.34

6 Adjusted Earnings Ex. Total Notable Items by Segment ($ in millions) – Post-tax 1Q18 1Q17 % Change % Change(Constant Rate) Group Benefits $218 $191 14% Retirement and Income Solutions 339 257 32% Property & Casualty 96 72 33% U.S. $653 $520 26% Asia 327 298 10% 6% Latin America 140 144 (3%) (11%) EMEA 81 75 8% (5%) MetLife Holdings 363 310 17% C&O (169) (30) Adjusted Earnings1, ex. Total Notable Items $1,395 $1,317 6% 3% Adjusted EPS, ex. Total Notable Items $1.34 $1.20 12% 9% 1 Available to common shareholders. See Appendix for non-GAAP financial information, definitions and/or reconciliations.

7 U.S. Tax Reform Impact by Segment ($ in millions) – Post-tax 1Q18 Tax ReformImpact Tax Rate As Reported Group Benefits $218 $41 23% Retirement and Income Solutions 339 60 20% Property & Casualty 96 0 17% U.S. $653 $101 21% Asia 327 11 31% Latin America 140 (10) 35% EMEA 81 (7) 21% MetLife Holdings 425 73 20% C&O (203) (67) Adjusted Earnings1 $1,423 $101 20% 1 Available to common shareholders. See Appendix for non-GAAP financial information, definitions and/or reconciliations. Reaffirming 2018 effective tax rate to be between 18% to 20%

UCI Driving Lower Expense Ratio Adjusted Expense Ratio Expense Ratios, ex. Total Notable Items Related to Other Expenses and Pension Risk Transfer (PRT) 25% 24% 23% 22% 21% 20% 2015 2016 2017 1Q18 23.5% 21.7% 21.0% 20.8% Direct Expense Ratio 15% 14% 13% 12% 2015 2016 2017 1Q18 14.3% 13.3% 13.3% 13.0% 8 See Appendix for non-GAAP financial information, definitions and/or reconciliations.

New Disclosure to Track UCI (In millions, except ratio data) 1Q17 2Q17 3Q17 4Q17 1Q18 Adjusted PFO's $10,882 $11,398 $12,620 $11,300 $10,929 Pension Risk Transfer (PRT) 70 809 1,829 597 — Adjusted PFO's ex. PRT $10,812 $10,589 $10,791 $10,703 $10,929 Adjusted Expenses, ex. Total Notable Items1 $2,147 $2,175 $2,330 $2,344 $2,272 Direct Expenses, ex. Total Notable Items2 $1,311 $1,371 $1,480 $1,548 $1,419 Expense Ratios, ex. Total Notable Items related to Other Expenses and PRT Adjusted Expense Ratio 19.9% 20.5% 21.6% 21.9% 20.8% Direct Expense Ratio 12.1% 12.9% 13.7% 14.5% 13.0% 9 1 Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis. 2 Direct expenses, excluding total notable items related to direct expenses. See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Material Weakness Remediation Progress • RIS: Implemented immediate changes to improve administrative and accounting procedures • Japan VA: Implemented immediate changes to data flow and input controls • Introduced enhanced escalation procedures throughout the Company • Commenced third party comprehensive root cause examinations 10

Appendix

Explanatory Note on Non-GAAP Financial Information Any references in this presentation (except in this Explanatory Note on Non- GAAP Financial Information) to: should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) adjusted earnings; and (ii) adjusted earnings available to common shareholders; and (iii) adjusted earnings per share. (iii) adjusted earnings available to common shareholders per diluted common share. In this presentation, MetLife presents certain measures of its performance that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the 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: Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this presentation and in this period’s quarterly financial supplement, which is available at www.metlife.com.   Non-GAAP financial measures:    Comparable GAAP financial measures: (i) adjusted earnings available to common shareholders; (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) adjusted earnings available to common shareholders on a constant currency basis; (ii) net income (loss) available to MetLife, Inc.’s common shareholders; (iii) adjusted earnings available to common shareholders, excluding total notable items; (iii) net income (loss) available to MetLife, Inc.’s common shareholders; (iv) adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; (iv) net income (loss) available to MetLife, Inc.’s common shareholders; (v) adjusted earnings available to common shareholders per diluted common share; (v) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (vi) adjusted earnings available to common shareholders, excluding total notable items per diluted common share; (vi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (vii) adjusted earnings available to common shareholders on a constant currency basis per diluted common share; (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (viii) adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share; (viii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (ix) adjusted expense ratio; (ix) expense ratio; (x) adjusted expense ratio, excluding total notable items related to other expenses and pension risk transfer (PRT); (x) expense ratio; (xi) direct expense ratio; and (xi) expense ratio; and (xiii) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xiii) expense ratio. 12

Explanatory Note on Non-GAAP Financial Information (Continued) MetLife’s definitions of the various non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; • adjusted earnings available to common shareholders on a constant currency basis per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis 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 and are referred to as 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. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (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 and certain variable annuity guaranteed minimum income benefits (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, (iii) excludes certain amounts related to contractholder-directed unit-linked investments, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP; and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL for GAAP; and • Other revenues are adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA Fees). 13

Explanatory Note on Non-GAAP Financial Information (Continued) 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, (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, (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 and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments; • Amortization of deferred policy acquisition costs (DAC) and value of business acquired (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; and • Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition, integration and other costs. Other expenses includes TSA Fees. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.   The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from 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. Expense ratio, direct expense ratio, adjusted expense ratio and related measures • Expense ratio - other expenses, net of capitalization of DAC, divided by total premiums, fees and other revenues. • Direct expense ratio - direct expenses, on an adjusted basis, divided by total adjusted premiums, fees and other revenues. • Direct expense ratio, excluding total notable items and PRT - direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio - other expenses, net of capitalization of DAC, both on an adjusted basis, divided by total adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items and PRT - other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT. The following additional information is relevant to an understanding of MetLife’s performance results: • 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. • 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. 14

Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted Earnings Available to Common Shareholders 15 1Adjusted earnings available to common shareholders is calculated on a standalone basis and may not equal the sum of adjusted earnings available to common shareholders, excluding total notable items and total notable items.

Reconciliation to Adjusted Earnings Available to Common Shareholders Excluding Total Notable Items 16

Expense Detail and Ratios 17 1For 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.

Expense Detail and Ratios (Continued) 18