Exhibit 99.2

Second Quarter

Financial Supplement

June 30, 2018

2

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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Revenues
Premiums		$	9,580		$	10,876		$	9,571		$	9,178		$	15,153		$	18,545		$	24,331
Universal life and investment-type product policy fees		1,364			1,428			1,358			1,392			1,370			2,724			2,762
Net investment income		4,193			4,295			4,454			3,745			4,473			8,614			8,218
Other revenues		292			301			406			474			475			634			949
Net investment gains (losses)		104			(606		)	106			(333		)	(227		)	192			(560		)
Net derivative gains (losses)		(200		)	(123		)	(55		)	349			(59		)	(412		)	290
Total revenues		15,333			16,171			15,840			14,805			21,185			30,297			35,990
Expenses
Policyholder benefits and claims		9,427			10,728			9,295			8,718			14,866			18,290			23,584
Interest credited to policyholder account balances		1,292			1,338			1,526			769			1,424			2,743			2,193
Policyholder dividends		313			302			306			297			309			623			606
Capitalization of DAC		(744		)	(761		)	(784		)	(796		)	(834		)	(1,457		)	(1,630		)
Amortization of DAC and VOBA		656			626			736			693			707			1,319			1,400
Amortization of negative VOBA		(38		)	(32		)	(27		)	(22		)	(16		)	(81		)	(38		)
Interest expense on debt		284			284			278			286			309			567			595
Other expenses		3,125			3,201			3,549			3,204			3,319			6,203			6,523
Total expenses		14,315			15,686			14,879			13,149			20,084			28,207			33,233
Income (loss) from continuing operations before provision for income tax		1,018			485			961			1,656			1,101			2,090			2,757
Provision for income tax expense (benefit)		162			(398		)	(1,354		)	399			207			282			606
Income (loss) from continuing operations, net of income tax		856			883			2,315			1,257			894			1,808			2,151
Income (loss) from discontinued operations, net of income tax		58			(968		)	—			—			—			(18		)	—
Net income (loss)		914			(85		)	2,315			1,257			894			1,790			2,151
Less: Net income (loss) attributable to noncontrolling interests		3			6			(2		)	4			3			6			7
Net income (loss) attributable to MetLife, Inc.		911			(91		)	2,317			1,253			891			1,784			2,144
Less: Preferred stock dividends		46			6			45			6			46			52			52
Net income (loss) available to MetLife, Inc.'s common shareholders		$	865		$	(97	)	$	2,272		$	1,247		$	845		$	1,732		$	2,092
Total Premiums, Fees and Other Revenues		$	11,236		$	12,605		$	11,335		$	11,044		$	16,998		$	21,903		$	28,042

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Net income (loss) available to MetLife, Inc.'s common shareholders	$	865		$	(97	)	$	2,272		$	1,247		$	845
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	104			(606		)	106			(333		)	(227		)
Less: Net derivative gains (losses)	(200		)	(123		)	(55		)	349			(59		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(341		)	(494		)	(296		)	(146		)	(233		)
Less: Provision for income tax (expense) benefit	126			985			1,837			(42		)	41
Less: Income (loss) from discontinued operations, net of income tax	58			(968		)	—			—			—
Add: Net income (loss) attributable to noncontrolling interests	3			6			(2		)	4			3
Adjusted earnings available to common shareholders	$	1,121		$	1,115		$	678		$	1,423		$	1,326
Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted	$	0.80		$	(0.09	)	$	2.14		$	1.19		$	0.83
Less: Net investment gains (losses)	0.10			(0.57		)	0.10			(0.32		)	(0.22		)
Less: Net derivative gains (losses)	(0.19		)	(0.12		)	(0.05		)	0.33			(0.06		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.32		)	(0.45		)	(0.28		)	(0.14		)	(0.23		)
Less: Provision for income tax (expense) benefit	0.12			0.92			1.73			(0.04		)	0.04
Less: Income (loss) from discontinued operations, net of income tax	0.05			(0.90		)	—			—			—
Add: Net income (loss) attributable to noncontrolling interests	—			0.01			—			—			—
Adjusted earnings available to common shareholders per common share - diluted	$	1.04		$	1.04		$	0.64		$	1.36		$	1.30
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Notable items impacting adjusted earnings available to common shareholders:
Variable investment income	$	—		$	—		$	—		$	—		$	—
Catastrophe experience and prior year development, net	—			(10		)	7			—			—
Actuarial assumption review and other insurance adjustments	(28		)	125			(110		)	62			—
Litigation reserves & settlement costs	—			—			(55		)	—			—
Expense initiative costs	(22		)	(17		)	(42		)	(34		)	(62		)
Other expense-related items (2)	(36		)	—			—			—			—
Tax adjustments	27			(167		)	(298		)	—			—
Total notable items (3)	$	(59	)	$	(69	)	$	(498	)	$	28		$	(62	)
Notable items impacting adjusted earnings available to common shareholders per common share - diluted:
Variable investment income	$	—		$	—		$	—		$	—		$	—
Catastrophe experience and prior year development, net	$	—		$	(0.01	)	$	0.01		$	—		$	—
Actuarial assumption review and other insurance adjustments	$	(0.03	)	$	0.12		$	(0.10	)	$	0.06		$	—
Litigation reserves & settlement costs	$	—		$	—		$	(0.05	)	$	—		$	—
Expense initiative costs	$	(0.02	)	$	(0.02	)	$	(0.04	)	$	(0.03	)	$	(0.06	)
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		$	(0.06	)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Weighted average common shares outstanding - diluted	1,082.1			1,071.5			1,062.1			1,044.4			1,023.8
(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 MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Book value per common share (1)	$	63.63		$	52.09		$	54.24		$	52.49		$	50.28
Book value per common share, excluding AOCI other than FCTA (1)	$	51.29		$	41.21		$	42.92		$	43.36		$	42.76
Book value per common share - common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA) (1)	$	37.52		$	41.21		$	42.92		$	43.36		$	42.76
Book value per common share - tangible common stockholders' equity (1)	$	42.26		$	32.18		$	33.63		$	33.80		$	33.22
	For the Three Months Ended
Unaudited	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Return on MetLife, Inc.'s (2):
Common stockholders' equity	5.2		%	(0.6		)%	16.3		%	9.0		%	6.5		%
Common stockholders' equity, excluding AOCI other than FCTA	6.3		%	(0.8		)%	20.6		%	11.2		%	7.8		%
Tangible common stockholders' equity	7.8		%	(0.9		)%	26.4		%	14.4		%	10.1		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	6.7		%	7.3		%	4.9		%	10.3		%	10.2		%
Common stockholders' equity, excluding AOCI other than FCTA	8.2		%	9.1		%	6.1		%	12.8		%	12.2		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	11.4		%	10.7		%	6.1		%	12.8		%	12.2		%
Tangible common stockholders' equity	10.0		%	11.4		%	8.0		%	16.4		%	15.8		%
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Common shares outstanding, beginning of period	1,081.3			1,063.5			1,054.3			1,043.6			1,024.1
Share repurchases	(18.3		)	(10.4		)	(11.9		)	(21.4		)	(24.1		)
Newly issued shares	0.5			1.2			1.2			1.9			0.2
Common shares outstanding, end of period	1,063.5			1,054.3			1,043.6			1,024.1			1,000.2
Weighted average common shares outstanding - basic	1,074.0			1,062.3			1,052.5			1,035.9			1,015.6
Dilutive effect of the exercise or issuance of stock-based awards	8.1			9.2			9.6			8.5			8.2
Weighted average common shares outstanding - diluted	1,082.1			1,071.5			1,062.1			1,044.4			1,023.8
MetLife Policyholder Trust Shares	159.1			157.3			155.2			153.5			151.6
(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)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Total revenues	$	15,333		$	16,171		$	15,840		$	14,805		$	21,185		$	30,297		$	35,990
Less: Net investment (gains) losses	104			(606		)	106			(333		)	(227		)	192			(560		)
Less: Net derivative (gains) losses	(200		)	(123		)	(55		)	349			(59		)	(412		)	290
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	9			4			(2		)	(5		)	(5		)	10			(10		)
Less: Other adjustments to revenues:
GMIB fees	31			32			31			30			31			62			61
Investment hedge adjustments	(114		)	(97		)	(85		)	(110		)	(119		)	(253		)	(229		)
Operating joint venture adjustments	1			—			—			1			—			—			1
Unit-linked contract income	214			234			436			(353		)	286			630			(67		)
Securitization entities income	—			—			—			—			—			—			—
Settlement of foreign currency earnings hedges	5			5			6			4			5			11			9
Certain partnership distributions	—			—			—			(12		)	(21		)	—			(33		)
TSA fees	—			—			—			79			78			—			157
Divested businesses	(228		)	(54		)	—			7			—			(508		)	7
Total adjusted revenues	$	15,511		$	16,776		$	15,403		$	15,148		$	21,216		$	30,565		$	36,364
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Net investment income	$	4,193		$	4,295		$	4,454		$	3,745		$	4,473		$	8,614		$	8,218
Less: Adjustments to net investment income:
Investment hedge adjustments	(114		)	(97		)	(85		)	(110		)	(119		)	(253		)	(229		)
Operating joint venture adjustments	1			—			—			1			—			—			1
Unit-linked contract income	214			234			436			(353		)	286			630			(67		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			—			—			(12		)	(21		)	—			(33		)
Divested businesses	(21		)	2			—			—			—			(48		)	—
Net investment income, as reported on an adjusted basis	$	4,113		$	4,156		$	4,103		$	4,219		$	4,327		$	8,285		$	8,546
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Total premiums, fees and other revenues	$	11,236		$	12,605		$	11,335		$	11,044		$	16,998		$	21,903		$	28,042
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	9			4			(2		)	(5		)	(5		)	10			(10		)
GMIB fees	31			32			31			30			31			62			61
Settlement of foreign currency earnings hedges	5			5			6			4			5			11			9
TSA fees	—			—			—			79			78			—			157
Divested businesses	(207		)	(56		)	—			7			—			(460		)	7
Total adjustedpremiums, fees and other revenues	$	11,398		$	12,620		$	11,300		$	10,929		$	16,889		$	22,280		$	27,818
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	11,439		$	12,614		$	11,334		$	10,846		$	16,889

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Total expenses	$	14,315		$	15,686		$	14,879		$	13,149		$	20,084		$	28,207		$	33,233
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(28		)	(2		)	(28		)	(14		)	(10		)	(30		)	(24		)
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	53			(28		)	(77		)	41			—			74			41
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	61			138			93			15			60			121			75
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	2			6			2			—			(1		)	5			(1		)
PAB hedge adjustments	(1		)	(1		)	—			(1		)	(1		)	(2		)	(2		)
Unit-linked contract costs	213			229			420			(347		)	268			615			(79		)
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(3		)	(10		)	5			(7		)	(5		)	(7		)	(12		)
Regulatory implementation costs	—			—			—			1			2			—			3
Acquisition, integration and other costs	14			20			23			11			14			22			25
TSA fees	—			—			—			79			78			—			157
Divested businesses	(52		)	266			244			9			83			(14		)	92
Total adjusted expenses	$	14,056		$	15,068		$	14,197		$	13,362		$	19,596		$	27,423		$	32,958
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Capitalization of DAC	$	(744	)	$	(761	)	$	(784	)	$	(796	)	$	(834	)	$	(1,457	)	$	(1,630	)
Less: Divested businesses	14			4			—			(1		)	—			30			(1		)
Capitalization of DAC, as reported on an adjusted basis	$	(758	)	$	(765	)	$	(784	)	$	(795	)	$	(834	)	$	(1,487	)	$	(1,629	)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Other expenses	$	3,125		$	3,201		$	3,549		$	3,204		$	3,319		$	6,203		$	6,523
Less: Noncontrolling interest	(3		)	(10		)	5			(7		)	(5		)	(7		)	(12		)
Less: Regulatory implementation costs	—			—			—			1			2			—			3
Less: Acquisition, integration and other costs	14			20			23			11			14			22			25
Less: TSA fees	—			—			—			79			78			—			157
Less: Divested businesses	44			70			244			10			53			177			63
Other expenses, as reported on an adjusted basis	$	3,070		$	3,121		$	3,277		$	3,110		$	3,177		$	6,011		$	6,287
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,080		$	3,112		$	3,283		$	3,075		$	3,177

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Other expenses	$	3,125		$	3,201		$	3,549		$	3,204		$	3,319		$	6,203		$	6,523
Capitalization of DAC	(744		)	(761		)	(784		)	(796		)	(834		)	(1,457		)	(1,630		)
Other expenses, net of capitalization of DAC	$	2,381		$	2,440		$	2,765		$	2,408		$	2,485		$	4,746		$	4,893
Total premiums, fees and other revenues	$	11,236		$	12,605		$	11,335		$	11,044		$	16,998		$	21,903		$	28,042
Expense ratio	21.2		%	19.4		%	24.4		%	21.8		%	14.6		%	21.7		%	17.4		%
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,459		$	1,506		$	1,697		$	1,462		$	1,500		$	2,803		$	2,962
Pension, postretirement and postemployment benefit costs	76			80			66			49			47			155			96
Premium taxes, other taxes, and licenses & fees	148			144			153			178			187			323			365
Commissions and other variable expenses	1,387			1,391			1,361			1,421			1,443			2,730			2,864
Other expenses, as reported on an adjusted basis	3,070			3,121			3,277			3,110			3,177			6,011			6,287
Capitalization of DAC, as reported on an adjusted basis	(758		)	(765		)	(784		)	(795		)	(834		)	(1,487		)	(1,629		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,312			2,356			2,493			2,315			2,343			4,524			4,658
Less: Total notable items related to other expenses, as reported on an adjusted basis	137			26			149			43			78			202			121
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,175		$	2,330		$	2,344		$	2,272		$	2,265		$	4,322		$	4,537
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Employee related costs	$	880		$	937		$	846		$	937		$	894		$	1,816		$	1,831
Third party staffing costs	399			412			519			381			401			760			782
General and administrative expenses	180			157			332			144			205			227			349
Direct expenses	1,459			1,506			1,697			1,462			1,500			2,803			2,962
Less: Total notable items related to direct expenses	88			26			149			43			78			121			121
Direct expenses, excluding total notable items related to direct expenses	$	1,371		$	1,480		$	1,548		$	1,419		$	1,422		$	2,682		$	2,841
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,312		$	2,356		$	2,493		$	2,315		$	2,343		$	4,524		$	4,658
Less: Total notable items related to other expenses, as reported on an adjusted basis	137			26			149			43			78			202			121
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,175		$	2,330		$	2,344		$	2,272		$	2,265		$	4,322		$	4,537
Total adjusted premiums, fees and other revenues	$	11,398		$	12,620		$	11,300		$	10,929		$	16,889		$	22,280		$	27,818
Less: Pension risk transfer ("PRT")	809			1,829			597			—			5,952			879			5,952
Total adjusted premiums, fees and other revenues, excluding PRT	$	10,589		$	10,791		$	10,703		$	10,929		$	10,937		$	21,401		$	21,866
Direct expense ratio	12.8		%	11.9		%	15.0		%	13.4		%	8.9		%	12.6		%	10.6		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	12.9		%	13.7		%	14.5		%	13.0		%	13.0		%	12.5		%	13.0		%
Adjusted expense ratio	20.3		%	18.7		%	22.1		%	21.2		%	13.9		%	20.3		%	16.7		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	20.5		%	21.6		%	21.9		%	20.8		%	20.7		%	20.2		%	20.7		%

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	300,616		$	308,894		$	308,931		$	304,711		$	306,331
Equity securities available-for-sale, at estimated fair value	3,137			2,776			2,513			1,544			1,483
Contractholder-directed equity securities and fair value option securities, at estimated fair value	14,762			16,538			16,745			16,444			13,848
Mortgage loans	67,309			68,057			68,731			71,055			70,852
Policy loans	9,558			9,585			9,669			9,744			9,702
Real estate and real estate joint ventures	9,256			9,486			9,637			9,862			9,741
Other limited partnership interests	5,251			5,501			5,708			5,876			5,985
Short-term investments, principally at estimated fair value	5,890			7,217			4,870			5,121			3,853
Other invested assets, principally at estimated fair value	16,559			17,652			17,263			17,486			17,017
Total investments	432,338			445,706			444,067			441,843			438,812
Cash and cash equivalents, principally at estimated fair value	12,876			13,023			12,701			13,927			16,312
Accrued investment income	3,362			3,692			3,524			3,638			3,512
Premiums, reinsurance and other receivables	16,475			18,588			18,423			19,368			19,608
Deferred policy acquisition costs and value of business acquired	18,039			18,399			18,419			19,330			19,013
Current income tax recoverable	66			3			—			—			—
Goodwill	9,385			9,556			9,590			9,733			9,499
Assets of disposed subsidiary	220,295			—			—			—			—
Other assets	7,474			8,149			8,167			8,387			8,230
Separate account assets	204,889			203,399			205,001			196,358			191,347
Total assets	$	925,199		$	720,515		$	719,892		$	712,584		$	706,333
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	171,271		$	176,005		$	177,974		$	180,348		$	184,461
Policyholder account balances	178,218			181,703			182,518			184,289			182,493
Other policy-related balances	13,804			15,428			15,515			16,023			15,908
Policyholder dividends payable	707			730			682			672			695
Policyholder dividend obligation	2,237			2,201			2,121			1,277			792
Payables for collateral under securities loaned and other transactions	26,604			27,132			25,723			26,151			27,030
Short-term debt	235			214			477			526			479
Long-term debt	16,492			16,688			15,686			15,707			14,536
Collateral financing arrangements	1,235			1,220			1,121			1,108			1,085
Junior subordinated debt securities	3,169			3,144			3,144			3,145			3,146
Liabilities of disposed subsidiary	206,334			—			—			—			—
Current income tax payable	—			—			311			155			222
Deferred income tax liability	7,763			8,695			6,767			6,304			5,377
Other liabilities	22,295			26,745			23,982			24,013			24,930
Separate account liabilities	204,889			203,399			205,001			196,358			191,347
Total liabilities	855,253			663,304			661,022			656,076			652,501
Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	31,021			31,066			31,111			31,653			32,454
Retained earnings	35,547			24,677			26,527			26,453			26,870
Treasury stock, at cost	(5,284		)	(5,779		)	(6,401		)	(7,442		)	(8,557		)
Accumulated other comprehensive income (loss)	8,436			7,005			7,427			5,634			2,854
Total MetLife, Inc.'s stockholders' equity	69,732			56,981			58,676			56,310			53,633
Noncontrolling interests	214			230			194			198			199
Total equity	69,946			57,211			58,870			56,508			53,832
Total liabilities and equity	$	925,199		$	720,515		$	719,892		$	712,584		$	706,333

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)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	312		$	370		$	352		$	283		$	335
RETIREMENT AND INCOME SOLUTIONS	402			381			266			426			436
PROPERTY & CASUALTY	26			63			133			115			74
TOTAL U.S.	$	740		$	814		$	751		$	824		$	845
ASIA	467			470			471			472			524
LATIN AMERICA	188			214			158			215			200
EMEA	86			92			91			102			112
METLIFE HOLDINGS	342			538			276			529			346
CORPORATE & OTHER	(368		)	(420		)	(541		)	(356		)	(407		)
Total adjusted earnings before provision for income tax	$	1,455		$	1,708		$	1,206		$	1,786		$	1,620
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	109		$	129		$	122		$	65		$	74
RETIREMENT AND INCOME SOLUTIONS	140			134			93			87			89
PROPERTY & CASUALTY	(2		)	12			38			19			11
TOTAL U.S.	$	247		$	275		$	253		$	171		$	174
ASIA	157			156			161			145			161
LATIN AMERICA	34			51			33			75			55
EMEA	14			21			12			21			26
METLIFE HOLDINGS	105			174			82			104			66
CORPORATE & OTHER	(269		)	(90		)	(58		)	(159		)	(234		)
Total provision for income tax expense (benefit)	$	288		$	587		$	483		$	357		$	248
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	203		$	241		$	230		$	218		$	261
RETIREMENT AND INCOME SOLUTIONS	262			247			173			339			347
PROPERTY & CASUALTY	28			51			95			96			63
TOTAL U.S.	$	493		$	539		$	498		$	653		$	671
ASIA	310			314			310			327			363
LATIN AMERICA	154			163			125			140			145
EMEA	72			71			79			81			86
METLIFE HOLDINGS	237			364			194			425			280
CORPORATE & OTHER (1)	(145		)	(336		)	(528		)	(203		)	(219		)
Total adjusted earnings available to common shareholders (1)	$	1,121		$	1,115		$	678		$	1,423		$	1,326
ADJUSTED RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
U.S.
GROUP BENEFITS	28.8		%	34.2		%	32.7		%	31.2		%	37.3		%
RETIREMENT AND INCOME SOLUTIONS	18.9		%	17.8		%	12.5		%	21.8		%	22.4		%
PROPERTY & CASUALTY	6.0		%	11.0		%	20.4		%	20.7		%	13.6		%
TOTAL U.S.	19.3		%	21.1		%	19.5		%	24.1		%	24.7		%
ASIA	9.9		%	10.0		%	9.9		%	9.2		%	10.2		%
LATIN AMERICA	21.0		%	22.2		%	17.0		%	17.8		%	18.5		%
EMEA	9.0		%	8.8		%	9.8		%	9.3		%	9.9		%
METLIFE HOLDINGS	8.4		%	12.9		%	6.9		%	16.9		%	11.1		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
U.S.	22.5		%	24.6		%	22.7		%	27.9		%	28.6		%
ASIA	15.8		%	16.0		%	15.8		%	13.9		%	15.4		%
LATIN AMERICA	36.2		%	38.3		%	29.3		%	29.8		%	30.9		%
EMEA	14.7		%	14.5		%	16.1		%	15.3		%	16.2		%
METLIFE HOLDINGS	9.5		%	14.5		%	7.8		%	19.0		%	12.6		%
(1) Includes impact of preferred stock dividends of $46 million, $6 million, $45 million, $6 million and $46 million for the three months ended June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018 and June 30, 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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Adjusted revenues
Premiums		$	5,877		$	6,987		$	5,583		$	5,217		$	11,302		$	11,062		$	16,519
Universal life and investment-type product policy fees		251			247			249			258			262			516			520
Net investment income		1,575			1,602			1,607			1,662			1,719			3,187			3,381
Other revenues		199			197			206			204			203			403			407
Total adjusted revenues		7,902			9,033			7,645			7,341			13,486			15,168			20,827
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,887			6,916			5,580			5,138			11,233			11,131			16,371
Interest credited to policyholder account balances		359			376			388			407			439			710			846
Capitalization of DAC		(116		)	(126		)	(116		)	(106		)	(114		)	(216		)	(220		)
Amortization of DAC and VOBA		114			118			113			115			114			228			229
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		4			2			3			2			4			6			6
Other expenses		914			933			926			961			965			1,823			1,926
Total adjusted expenses		7,162			8,219			6,894			6,517			12,641			13,682			19,158
Adjusted earnings before provision for income tax		740			814			751			824			845			1,486			1,669
Provision for income tax expense (benefit)		247			275			253			171			174			496			345
Adjusted earnings		493			539			498			653			671			990			1,324
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	493		$	539		$	498		$	653		$	671		$	990		$	1,324
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	493		$	539		$	498		$	653		$	671		$	990		$	1,324
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		—			96			102			(110		)	67			(18		)	(43		)
Net derivative gains (losses)		128			(14		)	13			(54		)	151			(20		)	97
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(51		)	(43		)	(35		)	(54		)	(74		)	(117		)	(128		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(2		)	(1		)	(1		)	8			(2		)	(3		)	6
Interest credited to policyholder account balances		1			1			—			1			1			2			2
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		(27		)	(13		)	(28		)	45			(31		)	53			14
Income (loss) from continuing operations, net of income tax		542			565			549			489			783			887			1,272
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		542			565			549			489			783			887			1,272
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		542			565			549			489			783			887			1,272
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	542		$	565		$	549		$	489		$	783		$	887		$	1,272
Total Adjusted Premiums, Fees and Other Revenues		$	6,327		$	7,431		$	6,038		$	5,679		$	11,767		$	11,981		$	17,446

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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Adjusted revenues
Premiums		$	3,880		$	3,756		$	3,780		$	4,094		$	4,051		$	7,851		$	8,145
Universal life and investment-type product policy fees		200			197			198			203			199			404			402
Net investment income		280			285			275			279			277			565			556
Other revenues		122			120			127			126			128			247			254
Total adjusted revenues		4,482			4,358			4,380			4,702			4,655			9,067			9,357
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,560			3,374			3,413			3,744			3,659			7,230			7,403
Interest credited to policyholder account balances		34			34			34			33			36			68			69
Capitalization of DAC		(7		)	(8		)	(7		)	(7		)	(8		)	(16		)	(15		)
Amortization of DAC and VOBA		10			9			7			11			10			20			21
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			—			1			—			1			1			1
Other expenses		572			579			580			638			622			1,154			1,260
Total adjusted expenses		4,170			3,988			4,028			4,419			4,320			8,457			8,739
Adjusted earnings before provision for income tax		312			370			352			283			335			610			618
Provision for income tax expense (benefit)		109			129			122			65			74			213			139
Adjusted earnings		203			241			230			218			261			397			479
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	203		$	241		$	230		$	218		$	261		$	397		$	479
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	203		$	241		$	230		$	218		$	261		$	397		$	479
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(3		)	—			7			(17		)	(11		)	6			(28		)
Net derivative gains (losses)		26			(7		)	(13		)	(45		)	17			(8		)	(28		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(17		)	(16		)	(15		)	(16		)	(16		)	(38		)	(32		)
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		(2		)	8			7			17			2			14			19
Income (loss) from continuing operations, net of income tax		207			226			216			157			253			371			410
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		207			226			216			157			253			371			410
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		207			226			216			157			253			371			410
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	207		$	226		$	216		$	157		$	253		$	371		$	410
Total Adjusted Premiums, Fees and Other Revenues		$	4,202		$	4,073		$	4,105		$	4,423		$	4,378		$	8,502		$	8,801

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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Adjusted revenues
Premiums		$	1,115		$	2,336		$	902		$	244		$	6,359		$	1,461		$	6,603
Universal life and investment-type product policy fees		51			50			51			55			63			112			118
Net investment income		1,254			1,276			1,294			1,340			1,400			2,539			2,740
Other revenues		72			73			73			72			70			144			142
Total adjusted revenues		2,492			3,735			2,320			1,711			7,892			4,256			9,603
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,652			2,897			1,587			806			6,938			2,564			7,744
Interest credited to policyholder account balances		325			342			354			374			403			642			777
Capitalization of DAC		(8		)	(12		)	(9		)	(5		)	(1		)	(10		)	(6		)
Amortization of DAC and VOBA		4			7			4			6			6			9			12
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		3			2			2			2			3			5			5
Other expenses		114			118			116			102			107			224			209
Total adjusted expenses		2,090			3,354			2,054			1,285			7,456			3,434			8,741
Adjusted earnings before provision for income tax		402			381			266			426			436			822			862
Provision for income tax expense (benefit)		140			134			93			87			89			286			176
Adjusted earnings		262			247			173			339			347			536			686
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	262		$	247		$	173		$	339		$	347		$	536		$	686
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	262		$	247		$	173		$	339		$	347		$	536		$	686
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		4			96			93			(90		)	81			(29		)	(9		)
Net derivative gains (losses)		104			(8		)	24			(8		)	133			(7		)	125
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(34		)	(27		)	(20		)	(38		)	(58		)	(79		)	(96		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(2		)	(1		)	(1		)	8			(2		)	(3		)	6
Interest credited to policyholder account balances		1			1			—			1			1			2			2
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		(26		)	(21		)	(33		)	27			(33		)	39			(6		)
Income (loss) from continuing operations, net of income tax		309			287			236			239			469			459			708
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		309			287			236			239			469			459			708
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		309			287			236			239			469			459			708
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	309		$	287		$	236		$	239		$	469		$	459		$	708
Total Adjusted Premiums, Fees and Other Revenues		$	1,238		$	2,459		$	1,026		$	371		$	6,492		$	1,717		$	6,863

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)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Adjusted revenues
Premiums	$	882		$	895		$	901		$	879		$	892		$	1,750		$	1,771
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	41			41			38			43			42			83			85
Other revenues	5			4			6			6			5			12			11
Total adjusted revenues	928			940			945			928			939			1,845			1,867
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	675			645			580			588			636			1,337			1,224
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(101		)	(106		)	(100		)	(94		)	(105		)	(190		)	(199		)
Amortization of DAC and VOBA	100			102			102			98			98			199			196
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	228			236			230			221			236			445			457
Total adjusted expenses	902			877			812			813			865			1,791			1,678
Adjusted earnings before provision for income tax	26			63			133			115			74			54			189
Provision for income tax expense (benefit)	(2		)	12			38			19			11			(3		)	30
Adjusted earnings	28			51			95			96			63			57			159
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	28		$	51		$	95		$	96		$	63		$	57		$	159
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	28		$	51		$	95		$	96		$	63		$	57		$	159
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)	(1		)	—			2			(3		)	(3		)	5			(6		)
Net derivative gains (losses)	(2		)	1			2			(1		)	1			(5		)	—
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			—			(2		)	1			—			—			1
Income (loss) from continuing operations, net of income tax	26			52			97			93			61			57			154
Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Net income (loss)	26			52			97			93			61			57			154
Less: Net income (loss) attributable to noncontrolling interests	—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.	26			52			97			93			61			57			154
Less: Preferred stock dividends	—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	26		$	52		$	97		$	93		$	61		$	57		$	154
Total Adjusted Premiums, Fees and Other Revenues	$	887		$	899		$	907		$	885		$	897		$	1,762		$	1,782

13

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Balance, beginning of period	$	18,982		$	18,954		$	18,939		$	18,927		$	18,958
Premiums and deposits	4,698			4,549			4,553			4,933			4,876
Surrenders and withdrawals	(658		)	(646		)	(588		)	(621		)	(617		)
Benefit payments	(3,627		)	(3,378		)	(3,496		)	(3,822		)	(3,786		)
Net Flows	413			525			469			490			473
Net transfers from (to) separate account	—			2			—			—			—
Interest	131			132			129			138			142
Policy charges	(151		)	(149		)	(148		)	(149		)	(150		)
Other	(421		)	(525		)	(462		)	(448		)	(514		)
Balance, end of period	$	18,954		$	18,939		$	18,927		$	18,958		$	18,909
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Balance, beginning of period	$	810		$	836		$	857		$	889		$	880
Premiums and deposits	60			62			62			63			62
Surrenders and withdrawals	(11		)	(19		)	(17		)	(21		)	(16		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	(1		)
Net Flows	48			42			44			41			45
Investment performance	31			35			41			3			27
Net transfers from (to) general account	—			(2		)	—			—			—
Policy charges	(51		)	(52		)	(51		)	(52		)	(52		)
Other	(2		)	(2		)	(2		)	(1		)	(2		)
Balance, end of period	$	836		$	857		$	889		$	880		$	898

14

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Direct and allocated expenses	$	308		$	310		$	321		$	325		$	310
Pension, postretirement and postemployment benefit costs	15			17			16			7			13
Premium taxes, other taxes, and licenses & fees	56			50			52			83			81
Commissions and other variable expenses	193			202			191			223			218
Other expenses, as reported on an adjusted basis	$	572		$	579		$	580		$	638		$	622
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Group Life (1)
Adjusted premiums, fees and other revenues	$	1,663		$	1,641		$	1,633		$	1,739		$	1,741
Mortality ratio	87.3		%	85.0		%	87.2		%	88.0		%	87.9		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,664		$	1,628		$	1,640		$	1,719		$	1,687
Interest adjusted benefit ratio (3)	76.9		%	74.7		%	73.7		%	75.9		%	73.1		%
(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

15

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Balance, beginning of period	$	102,599		$	103,417		$	107,296		$	108,147		$	108,096
Premiums and deposits	19,471			19,622			17,659			20,064			23,118
Surrenders and withdrawals	(19,539		)	(15,926		)	(16,912		)	(20,895		)	(17,158		)
Benefit payments	(812		)	(849		)	(841		)	(816		)	(928		)
Net Flows	(880		)	2,847			(94		)	(1,647		)	5,032
Net transfers from (to) separate account	17			1			6			(9		)	—
Interest	853			864			880			904			969
Policy charges	(31		)	(20		)	(6		)	(34		)	(39		)
Other	859			187			65			735			(734		)
Balance, end of period	$	103,417		$	107,296		$	108,147		$	108,096		$	113,324
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Balance, beginning of period	$	85,983		$	87,049		$	82,341		$	80,354		$	76,709
Premiums and deposits	1,065			958			1,261			1,651			2,234
Surrenders and withdrawals	(1,631		)	(4,550		)	(2,889		)	(4,567		)	(2,133		)
Benefit payments	(11		)	(22		)	(11		)	(17		)	(34		)
Net Flows	(577		)	(3,614		)	(1,639		)	(2,933		)	67
Investment performance	1,354			1,003			812			(798		)	30
Net transfers from (to) general account	(17		)	(1		)	(6		)	9			—
Policy charges	(83		)	(77		)	(76		)	(78		)	(78		)
Other	389			(2,019		)	(1,078		)	155			495
Balance, end of period	$	87,049		$	82,341		$	80,354		$	76,709		$	77,223

16

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Direct and allocated expenses	$	62		$	64		$	64		$	67		$	63
Pension, postretirement and postemployment benefit costs	5			5			5			1			2
Premium taxes, other taxes, and licenses & fees	1			3			13			2			6
Commissions and other variable expenses	46			46			34			32			36
Other expenses, as reported on an adjusted basis	$	114		$	118		$	116		$	102		$	107
SPREAD
	For the Three Months Ended
Unaudited	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Investment income yield excluding variable investment income	4.46		%	4.42		%	4.43		%	4.50		%	4.73		%
Variable investment income yield	0.27		%	0.36		%	0.22		%	0.22		%	0.16		%
Total investment income yield	4.73		%	4.78		%	4.65		%	4.72		%	4.89		%
Average crediting rate	3.34		%	3.43		%	3.38		%	3.44		%	3.60		%
Annualized general account spread	1.39		%	1.35		%	1.27		%	1.28		%	1.29		%
Annualized general account spread excluding variable investment income yield	1.12		%	0.99		%	1.05		%	1.06		%	1.13		%

17

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Direct and allocated expenses	$	98		$	100		$	104		$	103		$	103
Pension, postretirement and postemployment benefit costs	8			8			8			4			4
Premium taxes, other taxes, and licenses & fees	25			23			23			20			26
Commissions and other variable expenses	97			105			95			94			103
Other expenses, as reported on an adjusted basis	$	228		$	236		$	230		$	221		$	236
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Net Written Premiums by Product
Auto	$	592		$	617		$	581		$	586		$	611
Homeowners & Other	323			329			291			261			330
Total	$	915		$	946		$	872		$	847		$	941
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	882		$	895		$	901		$	879		$	892
Loss and loss adjustment expense ratio	76.5		%	72.1		%	64.4		%	66.9		%	71.3		%
Other expense ratio	25.6		%	25.7		%	25.5		%	25.3		%	25.5		%
Total combined ratio	102.1		%	97.8		%	89.9		%	92.2		%	96.8		%
Effect of catastrophe losses	14.4		%	9.6		%	3.0		%	6.6		%	12.1		%
Combined ratio excluding catastrophes	87.7		%	88.2		%	86.9		%	85.6		%	84.7		%
Prior year development	(0.5)		%	(0.7)		%	(1.2)		%	(0.6)		%	(0.4)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	88.2		%	88.9		%	88.1		%	86.2		%	85.1		%
Auto
Net earned premium	$	573		$	585		$	591		$	582		$	591
Loss and loss adjustment expense ratio	71.4		%	74.5		%	74.9		%	65.8		%	66.1		%
Other expense ratio	25.1		%	25.2		%	24.9		%	25.5		%	25.1		%
Total combined ratio	96.5		%	99.7		%	99.8		%	91.3		%	91.2		%
Effect of catastrophe losses	2.8		%	6.4		%	0.6		%	(0.2)		%	0.9		%
Combined ratio excluding catastrophes	93.7		%	93.3		%	99.2		%	91.5		%	90.3		%
Prior year development	(0.5)		%	(0.9		)%	(1.8		)%	(0.7)		%	(0.3)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	94.2		%	94.2		%	101.0		%	92.2		%	90.6		%
Homeowners & Other
Net earned premium	$	309		$	310		$	310		$	297		$	301
Loss and loss adjustment expense ratio	85.9		%	67.5		%	44.4		%	68.9		%	81.4		%
Other expense ratio	26.5		%	26.5		%	26.6		%	24.9		%	26.5		%
Total combined ratio	112.4		%	94.0		%	71.0		%	93.8		%	107.9		%
Effect of catastrophe losses	36.1		%	15.7		%	7.6		%	19.8		%	34.1		%
Combined ratio excluding catastrophes	76.3		%	78.3		%	63.4		%	74.0		%	73.8		%
Prior year development	(0.6)		%	(0.2)		%	(0.2)		%	(0.4)		%	(0.6)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	76.9		%	78.5		%	63.6		%	74.4		%	74.4		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	16		$	37		$	4		$	(1	)	$	5
Homeowners & Other	111			49			23			59			103
Total	$	127		$	86		$	27		$	58		$	108
(1) This selected financial information and supplemental data are 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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Adjusted revenues
Premiums		$	1,659		$	1,696		$	1,692		$	1,748		$	1,654		$	3,367		$	3,402
Universal life and investment-type product policy fees		375			458			385			394			399			741			793
Net investment income		729			762			792			795			839			1,431			1,634
Other revenues		11			11			11			15			13			21			28
Total adjusted revenues		2,774			2,927			2,880			2,952			2,905			5,560			5,857
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,247			1,223			1,290			1,343			1,237			2,562			2,580
Interest credited to policyholder account balances		333			349			348			351			362			654			713
Capitalization of DAC		(428		)	(420		)	(442		)	(465		)	(495		)	(848		)	(960		)
Amortization of DAC and VOBA		290			424			295			314			313			581			627
Amortization of negative VOBA		(30		)	(24		)	(20		)	(15		)	(12		)	(67		)	(27		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		895			905			938			952			976			1,770			1,928
Total adjusted expenses		2,307			2,457			2,409			2,480			2,381			4,652			4,861
Adjusted earnings before provision for income tax		467			470			471			472			524			908			996
Provision for income tax expense (benefit)		157			156			161			145			161			303			306
Adjusted earnings		310			314			310			327			363			605			690
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	310		$	314		$	310		$	327		$	363		$	605		$	690
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	310		$	314		$	310		$	327		$	363		$	605		$	690
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(19		)	(37		)	67			78			5			98			83
Net derivative gains (losses)		(128		)	(58		)	40			259			(177		)	49			82
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		10			3			(1		)	(4		)	(3		)	11			(7		)
Net investment income		102			80			116			(86		)	7			118			(79		)
Other revenues		5			5			6			4			5			11			9
Policyholder benefits and claims and policyholder dividends		(5		)	(8		)	(2		)	—			1			(10		)	1
Interest credited to policyholder account balances		(108		)	(90		)	(127		)	74			(16		)	(128		)	58
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(10		)	(1		)	3			7			1			(11		)	8
Amortization of negative VOBA		3			2			1			1			—			6			1
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(9		)	(3		)	(11		)	(4		)	—			(13		)	(4		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		53			36			(31		)	(92		)	49			(52		)	(43		)
Income (loss) from continuing operations, net of income tax		204			243			371			564			235			684			799
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		204			243			371			564			235			684			799
Less: Net income (loss) attributable to noncontrolling interests		1			1			—			—			1			1			1
Net income (loss) attributable to MetLife, Inc.		203			242			371			564			234			683			798
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	203		$	242		$	371		$	564		$	234		$	683		$	798
Total Adjusted Premiums, Fees and Other Revenues		$	2,045		$	2,165		$	2,088		$	2,157		$	2,066		$	4,129		$	4,223

19

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018
Total adjusted premiums, fees and other revenues	$	2,045	$	2,165	$	2,088	$	2,157	$	2,066
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	2,085	$	2,200	$	2,143	$	2,136	$	2,066
Add: Operating joint ventures premiums, fees and other revenues, on a constant currency basis (1), (2)	195		203		225		239		224
Total adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,280	$	2,403	$	2,368	$	2,375	$	2,290
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018
Direct and allocated expenses	$	311	$	337	$	352	$	332	$	334
Pension, postretirement and postemployment benefit costs	22		21		22		21		20
Premium taxes, other taxes, and licenses & fees	42		33		28		37		44
Commissions and other variable expenses	520		514		536		562		578
Other expenses, as reported on an adjusted basis	$	895	$	905	$	938	$	952	$	976
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	467	$	485	$	496	$	487	$	481
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	911	$	920	$	962	$	945	$	976
Add: Operating joint ventures other expenses, as reported on an adjusted basis, on a constant currency basis (1), (2)	80		82		93		93		95
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	991	$	1,002	$	1,055	$	1,038	$	1,071
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	518	$	540	$	564	$	536	$	538
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018
Japan:
Life	$	157	$	157	$	162	$	164	$	165
Accident & Health	80		76		90		80		93
Annuities	85		98		99		169		201
Other	3		2		2		2		2
Total Japan	325		333		353		415		461
Other Asia	221		238		265		234		227
Total sales	$	546	$	571	$	618	$	649	$	688
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018
Adjusted earnings available to common shareholders	$	310	$	314	$	310	$	327	$	363
Adjusted earnings available to common shareholders, on a constant currency basis	$	314	$	316	$	314	$	324	$	363
(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%.

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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Adjusted revenues
Premiums		$	645		$	701		$	700		$	699		$	688		$	1,292		$	1,387
Universal life and investment-type product policy fees		275			229			280			282			275			535			557
Net investment income		289			299			328			276			327			592			603
Other revenues		8			7			8			8			9			17			17
Total adjusted revenues		1,217			1,236			1,316			1,265			1,299			2,436			2,564
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		596			640			666			646			660			1,229			1,306
Interest credited to policyholder account balances		94			99			94			98			95			176			193
Capitalization of DAC		(88		)	(94		)	(100		)	(94		)	(91		)	(170		)	(185		)
Amortization of DAC and VOBA		68			—			78			60			71			146			131
Amortization of negative VOBA		—			(1		)	—			—			—			—			—
Interest expense on debt		2			1			1			2			1			3			3
Other expenses		357			377			419			338			363			683			701
Total adjusted expenses		1,029			1,022			1,158			1,050			1,099			2,067			2,149
Adjusted earnings before provision for income tax		188			214			158			215			200			369			415
Provision for income tax expense (benefit)		34			51			33			75			55			72			130
Adjusted earnings		154			163			125			140			145			297			285
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	154		$	163		$	125		$	140		$	145		$	297		$	285
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	154		$	163		$	125		$	140		$	145		$	297		$	285
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			20			(81		)	3			1			14			4
Net derivative gains (losses)		(9		)	46			(65		)	149			(116		)	127			33
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			7			—			—			7
Net investment income		—			29			9			(7		)	(16		)	31			(23		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(51		)	29			78			(49		)	2			(71		)	(47		)
Interest credited to policyholder account balances		(12		)	(35		)	(15		)	(16		)	—			(55		)	(16		)
Capitalization of DAC		—			—			—			1			—			—			1
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		2			2			1			—			2			5			2
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		11			(30		)	9			(42		)	36			(20		)	(6		)
Income (loss) from continuing operations, net of income tax		97			224			61			186			54			328			240
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		97			224			61			186			54			328			240
Less: Net income (loss) attributable to noncontrolling interests		2			1			2			1			2			4			3
Net income (loss) attributable to MetLife, Inc.		95			223			59			185			52			324			237
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	95		$	223		$	59		$	185		$	52		$	324		$	237
Total Adjusted Premiums, Fees and Other Revenues		$	928		$	937		$	988		$	989		$	972		$	1,844		$	1,961

21

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018
Direct and allocated expenses	$	144	$	142	$	175	$	105	$	142
Pension, postretirement and postemployment benefit costs	1		1		2		1		1
Premium taxes, other taxes, and licenses & fees	15		16		18		17		15
Commissions and other variable expenses	197		218		224		215		205
Other expenses, as reported on an adjusted basis	$	357	$	377	$	419	$	338	$	363
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	269	$	283	$	319	$	244	$	272
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	341	$	354	$	403	$	320	$	363
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	256	$	265	$	305	$	230	$	272
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018
Mexico	$	90	$	80	$	86	$	74	$	78
Chile	67		79		76		87		85
All other	51		56		66		55		58
Total sales	$	208	$	215	$	228	$	216	$	221
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018
Adjusted premiums, fees and other revenues	$	928	$	937	$	988	$	989	$	972
Adjusted earnings available to common shareholders	$	154	$	163	$	125	$	140	$	145
Adjusted premiums, fees and other revenues, on a constant currency basis	$	910	$	899	$	969	$	948	$	972
Adjusted earnings available to common shareholders, on a constant currency basis	$	150	$	153	$	124	$	139	$	145

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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Adjusted revenues
Premiums		$	505		$	527		$	527		$	551		$	546		$	1,007		$	1,097
Universal life and investment-type product policy fees		92			109			109			112			107			187			219
Net investment income		78			77			80			75			73			152			148
Other revenues		28			(2		)	15			16			20			45			36
Total adjusted revenues		703			711			731			754			746			1,391			1,500
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		270			282			256			294			286			539			580
Interest credited to policyholder account balances		25			26			25			25			26			49			51
Capitalization of DAC		(100		)	(109		)	(113		)	(118		)	(121		)	(192		)	(239		)
Amortization of DAC and VOBA		95			78			97			106			108			182			214
Amortization of negative VOBA		(5		)	(5		)	(6		)	(6		)	(4		)	(8		)	(10		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		332			347			381			351			339			648			690
Total adjusted expenses		617			619			640			652			634			1,218			1,286
Adjusted earnings before provision for income tax		86			92			91			102			112			173			214
Provision for income tax expense (benefit)		14			21			12			21			26			26			47
Adjusted earnings		72			71			79			81			86			147			167
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	72		$	71		$	79		$	81		$	86		$	147		$	167
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	72		$	71		$	79		$	81		$	86		$	147		$	167
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			(12		)	(2		)	(6		)	4			4			(2		)
Net derivative gains (losses)		5			3			11			1			(2		)	18			(1		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		5			8			6			6			6			12			12
Net investment income		96			109			294			(293		)	269			445			(24		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(17		)	(9		)	7			5			(24		)	(26		)	(19		)
Interest credited to policyholder account balances		(93		)	(104		)	(278		)	289			(252		)	(432		)	37
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		1			(1		)	1			1			1			1			2
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(4		)	(3		)	(6		)	(4		)	(12		)	(7		)	(16		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		—			—			(21		)	7			(4		)	(14		)	3
Income (loss) from continuing operations, net of income tax		67			62			91			87			72			148			159
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		67			62			91			87			72			148			159
Less: Net income (loss) attributable to noncontrolling interests		—			1			—			—			1			1			1
Net income (loss) attributable to MetLife, Inc.		67			61			91			87			71			147			158
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	67		$	61		$	91		$	87		$	71		$	147		$	158
Total Adjusted Premiums, Fees and Other Revenues		$	625		$	634		$	651		$	679		$	673		$	1,239		$	1,352

23

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018
Direct and allocated expenses	$	139	$	144	$	169	$	136	$	113
Pension, postretirement and postemployment benefit costs	2		2		2		2		3
Premium taxes, other taxes, and licenses & fees	7		6		9		7		6
Commissions and other variable expenses	184		195		201		206		217
Other expenses, as reported on an adjusted basis	$	332	$	347	$	381	$	351	$	339
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	232	$	238	$	268	$	233	$	218
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	342	$	346	$	379	$	341	$	339
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	240	$	239	$	267	$	227	$	218
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017		September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018
Adjusted premiums, fees and other revenues	$	625	$	634	$	651	$	679	$	673
Adjusted earnings available to common shareholders	$	72	$	71	$	79	$	81	$	86
Adjusted premiums, fees and other revenues, on a constant currency basis	$	644	$	631	$	649	$	658	$	673
Adjusted earnings available to common shareholders, on a constant currency basis	$	75	$	69	$	79	$	77	$	86
Total sales on a constant currency basis	$	242	$	251	$	227	$	261	$	228

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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Adjusted revenues
Premiums		$	1,022		$	989		$	1,074		$	950		$	957		$	2,081		$	1,907
Universal life and investment-type product policy fees		345			349			305			314			301			707			615
Net investment income		1,401			1,390			1,375			1,352			1,329			2,842			2,681
Other revenues		37			37			74			67			68			133			135
Total adjusted revenues		2,805			2,765			2,828			2,683			2,655			5,763			5,338
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,717			1,732			1,818			1,550			1,706			3,450			3,256
Interest credited to policyholder account balances		255			255			251			236			235			512			471
Capitalization of DAC		(23		)	(14		)	(11		)	(10		)	(10		)	(57		)	(20		)
Amortization of DAC and VOBA		139			(70		)	159			100			101			213			201
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		5			2			2			2			2			20			4
Other expenses		370			322			333			276			275			710			551
Total adjusted expenses		2,463			2,227			2,552			2,154			2,309			4,848			4,463
Adjusted earnings before provision for income tax		342			538			276			529			346			915			875
Provision for income tax expense (benefit)		105			174			82			104			66			291			170
Adjusted earnings		237			364			194			425			280			624			705
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	237		$	364		$	194		$	425		$	280		$	624		$	705
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	237		$	364		$	194		$	425		$	280		$	624		$	705
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		3			23			24			(106		)	(66		)	24			(172		)
Net derivative gains (losses)		(219		)	(98		)	(18		)	34			17			(223		)	51
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		25			25			24			23			23			49			46
Net investment income		(48		)	(39		)	(37		)	(39		)	(40		)	(105		)	(79		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(50		)	(128		)	(79		)	(11		)	(27		)	(115		)	(38		)
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		44			6			3			(4		)	(1		)	59			(5		)
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		86			74			153			22			19			110			41
Income (loss) from continuing operations, net of income tax		78			227			264			344			205			423			549
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		78			227			264			344			205			423			549
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		78			227			264			344			205			423			549
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	78		$	227		$	264		$	344		$	205		$	423		$	549
Total Adjusted Premiums, Fees and Other Revenues		$	1,404		$	1,375		$	1,453		$	1,331		$	1,326		$	2,921		$	2,657

25

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Balance, beginning of period	$	80,313		$	80,313		$	80,528		$	80,795		$	79,992
Premiums and deposits (2), (3)	1,308			1,258			1,375			1,243			1,200
Surrenders and withdrawals	(611		)	(584		)	(646		)	(638		)	(602		)
Benefit payments	(659		)	(642		)	(679		)	(733		)	(703		)
Net Flows	38			32			50			(128		)	(105		)
Net transfers from (to) separate account	9			12			11			8			12
Interest	815			819			825			811			816
Policy charges	(200		)	(199		)	(199		)	(199		)	(193		)
Other	(662		)	(449		)	(420		)	(1,295		)	(419		)
Balance, end of period	$	80,313		$	80,528		$	80,795		$	79,992		$	80,103
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Balance, beginning of period	$	21,522		$	21,329		$	21,180		$	20,791		$	20,419
Premiums and deposits (2), (3)	135			134			109			109			110
Surrenders and withdrawals	(375		)	(372		)	(470		)	(450		)	(397		)
Benefit payments	(178		)	(154		)	(161		)	(170		)	(171		)
Net Flows	(418		)	(392		)	(522		)	(511		)	(458		)
Net transfers from (to) separate account	39			66			16			33			60
Interest	159			158			156			154			149
Policy charges	(5		)	(5		)	(4		)	(5		)	(5		)
Other	32			24			(35		)	(43		)	(12		)
Balance, end of period	$	21,329		$	21,180		$	20,791		$	20,419		$	20,153
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Balance, beginning of period	$	5,415		$	5,537		$	5,670		$	5,855		$	5,167
Premiums and deposits (3)	73			70			69			71			66
Surrenders and withdrawals	(63		)	(56		)	(63		)	(59		)	(66		)
Benefit payments	(7		)	(6		)	(6		)	(8		)	(8		)
Net Flows	3			8			—			4			(8		)
Investment performance	201			207			270			(9		)	200
Net transfers from (to) general account	(9		)	(12		)	(11		)	(8		)	(12		)
Policy charges	(71		)	(69		)	(71		)	(68		)	(67		)
Other	(2		)	(1		)	(3		)	(607		)	(26		)
Balance, end of period	$	5,537		$	5,670		$	5,855		$	5,167		$	5,254
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Balance, beginning of period	$	44,667		$	44,907		$	45,278		$	45,678		$	43,958
Premiums and deposits (3)	168			133			107			107			108
Surrenders and withdrawals	(977		)	(964		)	(1,125		)	(1,188		)	(1,201		)
Benefit payments	(92		)	(90		)	(106		)	(113		)	(106		)
Net Flows	(901		)	(921		)	(1,124		)	(1,194		)	(1,199		)
Investment performance	1,410			1,587			1,766			(275		)	766
Net transfers from (to) general account	(39		)	(66		)	(16		)	(33		)	(60		)
Policy charges	(230		)	(230		)	(228		)	(218		)	(225		)
Other	—			1			2			—			1
Balance, end of period	$	44,907		$	45,278		$	45,678		$	43,958		$	43,241
(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
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Direct and allocated expenses	$	198		$	204		$	209		$	184		$	181
Pension, postretirement and postemployment benefit costs	22			25			23			5			7
Premium taxes, other taxes, and licenses & fees	13			19			17			20			19
Commissions and other variable expenses	137			74			84			67			68
Other expenses, as reported on an adjusted basis	$	370		$	322		$	333		$	276		$	275
SPREAD BY PRODUCT
VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Investment income yield excluding variable investment income	5.62		%	5.45		%	5.42		%	5.38		%	5.68		%
Variable investment income yield	0.23		%	0.23		%	0.16		%	0.18		%	0.03		%
Total investment income yield	5.85		%	5.68		%	5.58		%	5.56		%	5.71		%
Average crediting rate	4.56		%	4.50		%	4.48		%	4.51		%	4.53		%
Annualized general account spread	1.29		%	1.18		%	1.10		%	1.05		%	1.18		%
Annualized general account spread excluding variable investment income yield	1.06		%	0.95		%	0.94		%	0.87		%	1.15		%
ANNUITIES (1)
	For the Three Months Ended
Unaudited	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Investment income yield excluding variable investment income	4.91		%	4.78		%	4.79		%	4.78		%	4.80		%
Variable investment income yield	0.26		%	0.28		%	0.20		%	0.53		%	0.22		%
Total investment income yield	5.17		%	5.06		%	4.99		%	5.31		%	5.02		%
Average crediting rate	3.14		%	3.11		%	3.12		%	3.16		%	3.11		%
Annualized general account spread	2.03		%	1.95		%	1.87		%	2.15		%	1.91		%
Annualized general account spread excluding variable investment income yield	1.77		%	1.67		%	1.67		%	1.62		%	1.69		%
(1) 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)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Life (1)
Adjusted premiums, fees and other revenues	$	946		$	922		$	993		$	879		$	881
Interest adjusted benefit ratio	51.1		%	48.0		%	56.5		%	47.6		%	52.6		%
Lapse Ratio (2)
Traditional life	4.6		%	4.7		%	4.7		%	4.9		%	4.9		%
Variable & universal life	4.5		%	4.4		%	4.4		%	4.3		%	4.3		%
Fixed annuity	7.3		%	6.8		%	6.9		%	7.0		%	7.3		%
Variable annuity	7.6		%	8.0		%	8.5		%	9.0		%	9.5		%
(1) Represents traditional life and variable & universal life, components of Life & Other.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Adjusted revenues
Premiums		$	8		$	13		$	(5	)	$	13		$	6		$	46		$	19
Universal life and investment-type product policy fees		—			—			1			—			—			—			—
Net investment income		41			26			(79		)	59			40			81			99
Other revenues		61			65			86			81			79			120			160
Total adjusted revenues		110			104			3			153			125			247			278
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1			7			(7		)	(3		)	3			26			—
Interest credited to policyholder account balances		—			—			—			—			—			1			—
Capitalization of DAC		(3		)	(2		)	(2		)	(2		)	(3		)	(4		)	(5		)
Amortization of DAC and VOBA		1			3			1			2			1			2			3
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		277			279			272			280			272			554			552
Other expenses		202			237			280			232			259			377			491
Total adjusted expenses		478			524			544			509			532			956			1,041
Adjusted earnings before provision for income tax		(368		)	(420		)	(541		)	(356		)	(407		)	(709		)	(763		)
Provision for income tax expense (benefit)		(269		)	(90		)	(58		)	(159		)	(234		)	(540		)	(393		)
Adjusted earnings		(99		)	(330		)	(483		)	(197		)	(173		)	(169		)	(370		)
Preferred stock dividends		46			6			45			6			46			52			52
Adjusted earnings available to common shareholders		$	(145	)	$	(336	)	$	(528	)	$	(203	)	$	(219	)	$	(221	)	$	(422	)
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	(99	)	$	(330	)	$	(483	)	$	(197	)	$	(173	)	$	(169	)	$	(370	)
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		116			(696		)	(4		)	(192		)	(238		)	70			(430		)
Net derivative gains (losses)		23			(2		)	(36		)	(40		)	68			(363		)	28
Premiums		(136		)	(37		)	—			—			—			(310		)	—
Universal life and investment-type product policy fees		(14		)	—			—			—			—			(34		)	—
Net investment income		(19		)	3			4			5			—			(43		)	5
Other revenues		(57		)	(19		)	—			79			78			(116		)	157
Policyholder benefits and claims and policyholder dividends		103			(113		)	(1		)	—			—			249			—
Interest credited to policyholder account balances		(14		)	(5		)	—			—			—			(28		)	—
Capitalization of DAC		(14		)	(4		)	—			—			—			(30		)	—
Amortization of DAC and VOBA		16			(77		)	—			—			—			(16		)	—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		4			—			—			—			(30		)	16			(30		)
Other expenses		(44		)	(76		)	(256		)	(86		)	(132		)	(177		)	(218		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		3			918			1,755			18			(28		)	289			(10		)
Income (loss) from continuing operations, net of income tax		(132		)	(438		)	979			(413		)	(455		)	(662		)	(868		)
Income (loss) from discontinued operations, net of income tax		58			(968		)	—			—			—			(18		)	—
Net income (loss)		(74		)	(1,406		)	979			(413		)	(455		)	(680		)	(868		)
Less: Net income (loss) attributable to noncontrolling interests		—			3			(4		)	3			(1		)	—			2
Net income (loss) attributable to MetLife, Inc.		(74		)	(1,409		)	983			(416		)	(454		)	(680		)	(870		)
Less: Preferred stock dividends		46			6			45			6			46			52			52
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(120	)	$	(1,415	)	$	938		$	(422	)	$	(500	)	$	(732	)	$	(922	)
Total Adjusted Premiums, Fees and Other Revenues		$	69		$	78		$	82		$	94		$	85		$	166		$	179
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Other business activities		$	6		$	5		$	9		$	6		$	12		$	14		$	18
Other net investment income		75			49			28			57			50			144			107
Interest expense on debt		(303		)	(300		)	(297		)	(293		)	(282		)	(601		)	(575		)
Corporate initiatives and projects		(103		)	(45		)	(78		)	(39		)	(97		)	(152		)	(136		)
Other		(47		)	(128		)	(138		)	(87		)	(90		)	(118		)	(177		)
Provision for income tax expense (benefit) and other tax-related items		273			89			(7		)	159			234			544			393
Preferred stock dividends		(46		)	(6		)	(45		)	(6		)	(46		)	(52		)	(52		)
Adjusted earnings available to common shareholders		$	(145	)	$	(336	)	$	(528	)	$	(203	)	$	(219	)	$	(221	)	$	(422	)

29

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Fixed Maturity Securities
Yield (1)	4.28		%	4.25		%	4.30		%	4.19		%	4.30		%
Investment income (2), (3), (4)	$	2,820		$	2,843		$	2,913		$	2,839		$	2,945
Investment gains (losses) (3)	43			279			—			(95		)	(46		)
Ending carrying value (2), (3)	301,267			309,607			309,796			305,647			306,991
Mortgage Loans
Yield (1)	4.53		%	4.78		%	4.55		%	4.53		%	4.59		%
Investment income (4)	758			809			778			792			815
Investment gains (losses)	(14		)	28			11			(21		)	(15		)
Ending carrying value	67,309			68,057			68,731			71,055			70,852
Real Estate and Real Estate Joint Ventures
Yield (1)	3.42		%	2.80		%	3.29		%	3.39		%	4.46		%
Investment income (3)	79			66			79			83			109
Investment gains (losses) (3)	270			169			167			25			89
Ending carrying value	9,256			9,486			9,637			9,862			9,741
Policy Loans
Yield (1)	5.38		%	5.40		%	5.46		%	5.12		%	5.21		%
Investment income	129			130			131			124			127
Ending carrying value	9,558			9,585			9,669			9,744			9,702
Equity Securities
Yield (1)	4.58		%	4.92		%	6.37		%	3.79		%	4.94		%
Investment income	31			31			36			16			15
Investment gains (losses)	1			2			54			(31		)	34
Ending carrying value	3,137			2,776			2,513			1,544			1,483
Other Limited Partnership Interests
Yield (1)	14.91		%	15.94		%	10.64		%	15.10		%	9.48		%
Investment income (3)	194			214			149			219			141
Investment gains (losses) (3)	(11		)	(33		)	(8		)	—			8
Ending carrying value	5,251			5,501			5,708			5,876			5,985
Cash and Short-term Investments
Yield (1)	1.61		%	1.13		%	1.73		%	1.87		%	2.30		%
Investment income	34			25			40			46			61
Investment gains (losses)	1			2			(21		)	(4		)	1
Ending carrying value	18,766			20,240			17,571			19,048			20,165
Other Invested Assets (1)
Investment income (3)	170			173			98			228			231
Investment gains (losses) (3)	(72		)	28			(25		)	(126		)	(58		)
Ending carrying value	16,559			17,652			17,263			17,486			17,017
Total Investments
Investment income yield (1)	4.54		%	4.54		%	4.40		%	4.50		%	4.54		%
Investment fees and expenses yield	(0.13		)%	(0.14		)%	(0.13		)%	(0.13		)%	(0.12		)%
Net Investment Income Yield (1), (3)	4.41		%	4.40		%	4.27		%	4.37		%	4.42		%
Investment income	$	4,215		$	4,291		$	4,224		$	4,347		$	4,444
Investment fees and expenses	(123		)	(133		)	(121		)	(128		)	(117		)
Net investment income including Divested businesses	4,092			4,158			4,103			4,219			4,327
Less: Net investment income from Divested businesses	(21		)	2			—			—			—
Net Investment Income, as reported on an adjusted basis (3)	$	4,113		$	4,156		$	4,103		$	4,219		$	4,327
Ending Carrying Value (3)	$	431,103		$	442,904		$	440,888		$	440,262		$	441,936
Gross investment gains	$	421		$	647		$	396		$	163		$	324
Gross investment losses	(100		)	(111		)	(195		)	(297		)	(310		)
Writedowns	(103		)	(61		)	(23		)	(118		)	(1		)
Investment Portfolio Gains (Losses) (3)	218			475			178			(252		)	13
Investment portfolio gains (losses) income tax (expense) benefit	(69		)	(187		)	(59		)	51			(39		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	149		$	288		$	119		$	(201	)	$	(26	)
Derivative gains (losses) (3)	$	(308	)	$	(214	)	$	(134	)	$	244		$	(172	)
Derivative gains (losses) income tax (expense) benefit	95			79			168			(84		)	57
Derivative Gains (Losses), Net of Income Tax	$	(213	)	$	(135	)	$	34		$	160		$	(115	)
(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 $651 million, $713 million, $865 million, $936 million and $660 million in ending carrying value, and $16 million, $16 million, $7 million, $6 million and $8 million of investment income related to fair value option securities at or for the three months ended June 30, 2017, September 30,2017, December 31, 2017, March 31, 2018 and June 30, 2018, respectively.
(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: (A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed unit-linked investments and FVO Brighthouse common stock of $14,104 million, $15,818 million, $15,874 million, $15,502 million and $13,182 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $7 million, $7 million, $6 million, $6 million and $6 million at June 30, 2017, September 30,2017, December 31, 2017, March 31, 2018 and June 30, 2018, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:
	For the Three Months Ended
	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Net investment gains (losses) - GAAP basis	$	104		$	(606	)	$	106		$	(333	)	$	(227	)
Less: Operating joint venture adjustments	(1		)	—			—			(1		)	—
Less: Partnerships at fair value	—			—			—			(5		)	(1		)
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(113		)	(1,081		)	(72		)	(75		)	(239		)
Investment portfolio gains (losses) - in above yield table	$	218		$	475		$	178		$	(252	)	$	13
	For the Three Months Ended
	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Net derivative gains (losses) - GAAP basis	$	(200	)	$	(123	)	$	(55	)	$	349		$	(59	)
Less: Investment hedge adjustments	114			97			85			110			119
Less: Settlement of foreign currency earnings hedges	(5		)	(5		)	(6		)	(4		)	(5		)
Less: PAB hedge adjustments	(1		)	(1		)	—			(1		)	(1		)
Derivative gains (losses) - in above yield table	$	(308	)	$	(214	)	$	(134	)	$	244		$	(172	)
(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)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Fixed Maturity Securities
Yield (1)	4.31		%	4.29		%	4.29		%	4.19		%	4.24		%
Investment income (2), (3), (4)	$	5,645		$	8,488		$	11,401		$	2,839		$	5,784
Investment gains (losses) (3)	39			318			318			(95		)	(141		)
Ending carrying value (2), (3)	301,267			309,607			309,796			305,647			306,991
Mortgage Loans
Yield (1)	4.50		%	4.59		%	4.58		%	4.53		%	4.56		%
Investment income (4)	1,494			2,303			3,081			792			1,607
Investment gains (losses)	(26		)	2			13			(21		)	(36		)
Ending carrying value	67,309			68,057			68,731			71,055			70,852
Real Estate and Real Estate Joint Ventures
Yield (1)	3.31		%	3.14		%	3.18		%	3.39		%	3.93		%
Investment income (3)	152			218			297			83			192
Investment gains (losses) (3)	267			436			603			25			114
Ending carrying value	9,256			9,486			9,637			9,862			9,741
Policy Loans
Yield (1)	5.36		%	5.37		%	5.39		%	5.12		%	5.16		%
Investment income	256			386			517			124			251
Ending carrying value	9,558			9,585			9,669			9,744			9,702
Equity Securities
Yield (1)	4.74		%	4.80		%	5.15		%	3.79		%	4.28		%
Investment income	62			93			129			16			31
Investment gains (losses)	36			38			92			(31		)	3
Ending carrying value	3,137			2,776			2,513			1,544			1,483
Other Limited Partnership Interests
Yield (1)	16.74		%	16.46		%	14.93		%	15.10		%	12.26		%
Investment income (3)	434			648			797			219			360
Investment gains (losses) (3)	(18		)	(51		)	(59		)	—			8
Ending carrying value	5,251			5,501			5,708			5,876			5,985
Cash and Short-term Investments
Yield (1)	1.52		%	1.39		%	1.48		%	1.87		%	2.09		%
Investment income	67			92			132			46			107
Investment gains (losses)	3			5			(16		)	(4		)	(3		)
Ending carrying value	18,766			20,240			17,571			19,048			20,165
Other Invested Assets (1)
Investment income (3)	384			557			655			228			459
Investment gains (losses) (3)	(100		)	(72		)	(97		)	(126		)	(184		)
Ending carrying value	16,559			17,652			17,263			17,486			17,017
Total Investments
Investment income yield (1)	4.60		%	4.58		%	4.53		%	4.50		%	4.52		%
Investment fees and expenses yield	(0.14		)%	(0.14		)%	(0.14		)%	(0.13		)%	(0.13		)%
Net Investment Income Yield (1), (3)	4.46		%	4.44		%	4.39		%	4.37		%	4.39		%
Investment income	$	8,494		$	12,785		$	17,009		$	4,347		$	8,791
Investment fees and expenses	(257		)	(390		)	(511		)	(128		)	(245		)
Net investment income including Divested businesses	8,237			12,395			16,498			4,219			8,546
Less: Net investment income from Divested businesses	(48		)	(46		)	(46		)	—			—
Net Investment Income, as reported on an adjusted basis (3)	$	8,285		$	12,441		$	16,544		$	4,219		$	8,546
Ending Carrying Value (3)	$	431,103		$	442,904		$	440,888		$	440,262		$	441,936
Gross investment gains	$	660		$	1,307		$	1,703		$	163		$	487
Gross investment losses	(324		)	(435		)	(630		)	(297		)	(607		)
Writedowns	(135		)	(196		)	(219		)	(118		)	(119		)
Investment Portfolio Gains (Losses) (3)	201			676			854			(252		)	(239		)
Investment portfolio gains (losses) income tax (expense) benefit	(50		)	(237		)	(296		)	51			12
Investment Portfolio Gains (Losses), Net of Income Tax	$	151		$	439		$	558		$	(201	)	$	(227	)
Derivative gains (losses) (3)	$	(652	)	$	(866	)	$	(1,000	)	$	244		$	72
Derivative gains (losses) income tax (expense) benefit	238			317			485			(84		)	(27		)
Derivative Gains (Losses), Net of Income Tax	$	(414	)	$	(549	)	$	(515	)	$	160		$	45
(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 $651 million, $713 million, $865 million, $936 million and $660 million in ending carrying value, and $45 million, $61 million, $68 million, $6 million and $14 million of investment income related to fair value option securities at or for the year-to-date period ended June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018 and June 30, 2018, respectively.
(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: (A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed unit-linked investments and FVO Brighthouse common stock of $14,104 million, $15,818 million, $15,874 million, $15,502 million and $13,182 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $7 million, $7 million, $6 million, $6 million and $6 million at June 30, 2017, September 30,2017, December 31, 2017, March 31, 2018 and June 30, 2018, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Net investment gains (losses) - GAAP basis	$	192		$	(414	)	$	(308	)	$	(333	)	$	(560	)
Less: Operating joint venture adjustments	—			—			—			(1		)	(1		)
Less: Partnerships at fair value	—			—			—			(5		)	(6		)
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(9		)	(1,090		)	(1,162		)	(75		)	(314		)
Investment portfolio gains (losses) - in above yield table	$	201		$	676		$	854		$	(252	)	$	(239	)
	For the Year-to-Date Period Ended
	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Net derivative gains (losses) - GAAP basis	$	(412	)	$	(535	)	$	(590	)	$	349		$	290
Less: Investment hedge adjustments	253			350			435			110			229
Less: Settlement of foreign currency earnings hedges	(11		)	(16		)	(22		)	(4		)	(9		)
Less: PAB hedge adjustments	(2		)	(3		)	(3		)	(1		)	(2		)
Derivative gains (losses) - in above yield table	$	(652	)	$	(866	)	$	(1,000	)	$	244		$	72
(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
		June 30, 2017				September 30, 2017				December 31, 2017				March 31, 2018				June 30, 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		$	80,188	26.7	%	$	81,655	26.4	%	$	82,661	26.8	%	$	81,834	26.8	%	$	84,026	27.5	%
Foreign government securities		59,899		19.9	%	60,789		19.7	%	61,534		19.9	%	64,510		21.2	%	61,682		20.1	%
Foreign corporate securities		53,847		17.9	%	55,140		17.9	%	55,569		18.0	%	55,463		18.2	%	54,277		17.7	%
U.S. government and agency securities		44,368		14.7	%	47,664		15.4	%	47,394		15.3	%	43,827		14.4	%	45,387		14.8	%
Residential mortgage-backed securities		30,403		10.1	%	31,398		10.2	%	28,800		9.3	%	27,411		9.0	%	27,845		9.1	%
Asset-backed securities		11,897		4.0	%	11,771		3.8	%	12,291		4.0	%	11,764		3.9	%	12,866		4.2	%
State and political subdivision securities		12,211		4.1	%	12,345		4.0	%	12,455		4.0	%	12,192		4.0	%	12,026		3.9	%
Commercial mortgage-backed securities		7,803		2.6	%	8,132		2.6	%	8,227		2.7	%	7,710		2.5	%	8,222		2.7	%
Total Fixed Maturity Securities Available-For-Sale		$	300,616	100.0	%	$	308,894	100.0	%	$	308,931	100.0	%	$	304,711	100.0	%	$	306,331	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	213,398	71.0	%	$	219,158	70.9	%	$	218,830	70.8	%	$	214,446	70.4	%	$	215,582	70.4	%
2	Baa	69,803		23.2	%	72,293		23.4	%	72,396		23.4	%	72,531		23.8	%	73,442		24.0	%
3	Ba	11,672		3.9	%	11,562		3.7	%	11,711		3.8	%	11,551		3.8	%	11,189		3.6	%
4	B	4,906		1.6	%	4,960		1.7	%	5,155		1.7	%	5,332		1.7	%	5,268		1.7	%
5	Caa and lower	836		0.3	%	917		0.3	%	833		0.3	%	827		0.3	%	826		0.3	%
6	In or near default	1		—	%	4		—	%	6		—	%	24		—	%	24		—	%
Total Fixed Maturity Securities Available-For-Sale (1)		$	300,616	100.0	%	$	308,894	100.0	%	$	308,931	100.0	%	$	304,711	100.0	%	$	306,331	100.0	%
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (2)
		June 30, 2017				September 30, 2017				December 31, 2017				March 31, 2018				June 30, 2018
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%		$	2,170	91.6	%	$	1,900	91.9	%	$	1,737	91.3	%	$	3,251	94.7	%	$	4,557	95.0	%
20% or more for less than six months		36		1.5	%	49		2.4	%	49		2.6	%	97		2.8	%	174		3.6	%
20% or more for six months or greater		162		6.9	%	117		5.7	%	117		6.1	%	85		2.5	%	67		1.4	%
Total Gross Unrealized Losses		$	2,368	100.0	%	$	2,066	100.0	%	$	1,903	100.0	%	$	3,433	100.0	%	$	4,798	100.0	%
Total Gross Unrealized Gains		$	24,193			$	24,276			$	24,765			$	21,045			$	18,872
(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 reflect designations based on 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.
(2) 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)	June 30, 2017					September 30, 2017					December 31, 2017					March 31, 2018					June 30, 2018
Commercial mortgage loans	$	42,590				$	43,243				$	44,375				$	46,690				$	46,075
Agricultural mortgage loans	12,761					12,967					13,014					13,098					13,293
Residential mortgage loans	12,270					12,163					11,656					11,594					11,809
Total Mortgage Loans	67,621					68,373					69,045					71,382					71,177
Valuation allowances	(312		)			(316		)			(314		)			(327		)			(325		)
Total Mortgage Loans, net	$	67,309				$	68,057				$	68,731				$	71,055				$	70,852
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	June 30, 2017					September 30, 2017					December 31, 2017					March 31, 2018					June 30, 2018
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total
Pacific	$	9,695		22.8	%	$	9,935		23.0	%	$	9,875		22.3	%	$	10,583		22.7	%	$	10,695		23.2	%
International	8,010			18.8	%	8,361			19.3	%	9,101			20.5	%	9,500			20.3	%	8,869			19.2	%
Middle Atlantic	7,650			17.9	%	7,616			17.6	%	7,231			16.3	%	7,467			16.0	%	7,455			16.2	%
South Atlantic	4,953			11.6	%	4,624			10.7	%	5,311			12.0	%	5,552			11.9	%	5,534			12.0	%
West South Central	3,649			8.6	%	3,679			8.5	%	3,819			8.6	%	3,664			7.8	%	3,775			8.2	%
East North Central	2,218			5.2	%	2,413			5.6	%	2,683			6.0	%	2,687			5.7	%	2,573			5.6	%
Mountain	1,200			2.8	%	1,200			2.8	%	1,188			2.7	%	1,355			2.9	%	1,364			3.0	%
New England	1,099			2.6	%	1,162			2.7	%	901			2.0	%	1,129			2.4	%	1,127			2.4	%
East South Central	714			1.7	%	835			1.9	%	840			1.9	%	963			2.1	%	968			2.1	%
West North Central	456			1.1	%	478			1.1	%	477			1.1	%	589			1.3	%	598			1.3	%
Multi-Region and Other	2,946			6.9	%	2,940			6.8	%	2,949			6.6	%	3,201			6.9	%	3,117			6.8	%
Total	$	42,590		100.0	%	$	43,243		100.0	%	$	44,375		100.0	%	$	46,690		100.0	%	$	46,075		100.0	%
Office	$	21,476		50.4	%	$	22,339		51.7	%	$	22,602		50.9	%	$	23,474		50.3	%	$	23,295		50.5	%
Retail	8,727			20.5	%	8,694			20.1	%	8,032			18.1	%	8,247			17.7	%	8,462			18.4	%
Apartment	5,549			13.0	%	5,730			13.2	%	6,113			13.8	%	6,600			14.1	%	6,397			13.9	%
Industrial	2,713			6.4	%	2,744			6.3	%	3,125			7.0	%	3,699			7.9	%	3,736			8.1	%
Hotel	3,782			8.9	%	3,493			8.1	%	3,620			8.2	%	3,797			8.1	%	3,317			7.2	%
Other	343			0.8	%	243			0.6	%	883			2.0	%	873			1.9	%	868			1.9	%
Total	$	42,590		100.0	%	$	43,243		100.0	%	$	44,375		100.0	%	$	46,690		100.0	%	$	46,075		100.0	%

33

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Reconciliation to Adjusted Earnings
Income (loss) from continuing operations, net of income tax	$	856		$	883		$	2,315		$	1,257		$	894		$	1,808		$	2,151
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	104			(606		)	106			(333		)	(227		)	192			(560		)
Net derivative gains (losses)	(200		)	(123		)	(55		)	349			(59		)	(412		)	290
Premiums - Divested businesses	(136		)	(37		)	—			—			—			(310		)	—
Universal life and investment-type product policy fees
Unearned revenue adjustments	9			4			(2		)	(5		)	(5		)	10			(10		)
GMIB fees	31			32			31			30			31			62			61
Divested businesses	(14		)	—			—			7			—			(34		)	7
Net investment income
Investment hedge adjustments	(114		)	(97		)	(85		)	(110		)	(119		)	(253		)	(229		)
Operating joint venture adjustments	1			—			—			1			—			—			1
Unit-linked contract income	214			234			436			(353		)	286			630			(67		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			—			—			(12		)	(21		)	—			(33		)
Divested businesses	(21		)	2			—			—			—			(48		)	—
Other revenues
Settlement of foreign currency earnings hedges	5			5			6			4			5			11			9
TSA fees	—			—			—			79			78			—			157
Divested businesses	(57		)	(19		)	—			—			—			(116		)	—
Policyholder benefits and claims and policyholder dividends
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	(53		)	28			77			(41		)	—			(74		)	(41		)
GMIB costs	(67		)	(138		)	(72		)	(5		)	(51		)	(140		)	(56		)
Market value adjustments	(5		)	(8		)	(3		)	(1		)	1			(11		)	—
Divested businesses	103			(112		)	—			—			—			249			—
Interest credited to policyholder account balances
PAB hedge adjustments	1			1			—			1			1			2			2
Unit-linked contract costs	(213		)	(229		)	(420		)	347			(268		)	(615		)	79
Divested businesses	(14		)	(5		)	—			—			—			(28		)	—
Capitalization of DAC - Divested businesses	(14		)	(4		)	—			1			—			(30		)	1
Amortization of DAC and VOBA
Related to NIGL and NDGL	28			2			28			14			10			30			24
Related to GMIB fees and GMIB costs	6			—			(21		)	(10		)	(9		)	19			(19		)
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	17			(75		)	—			—			—			(16		)	—
Amortization of negative VOBA
Related to market value adjustments	3			2			1			1			—			6			1
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	4			—			—			—			(30		)	16			(30		)
Other expenses
Noncontrolling interest	3			10			(5		)	7			5			7			12
Regulatory implementation costs	—			—			—			(1		)	(2		)	—			(3		)
Acquisition, integration and other costs	(14		)	(20		)	(23		)	(11		)	(14		)	(22		)	(25		)
TSA fees	—			—			—			(79		)	(78		)	—			(157		)
Divested businesses	(44		)	(70		)	(244		)	(10		)	(53		)	(177		)	(63		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	126			985			1,837			(42		)	41			366			(1		)
Adjusted earnings	$	1,167		$	1,121		$	723		$	1,429		$	1,372		$	2,494		$	2,801

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Variable investment income			$	—		$	—		$	—		$	—		$	—		$	15		$	—
Catastrophe experience and prior year development, net			—			(10		)	7			—			—			(45		)	—
Actuarial assumption review and other insurance adjustments			(28		)	125			(110		)	62			—			48			62
Litigation reserves & settlement costs			—			—			(55		)	—			—			(21		)	—
Expense initiative costs			(22		)	(17		)	(42		)	(34		)	(62		)	(43		)	(96		)
Other expense-related items (2)			(36		)	—			—			—			—			(36		)	—
Tax adjustments			27			(167		)	(298		)	—			—			27			—
Total notable items			$	(59	)	$	(69	)	$	(498	)	$	28		$	(62	)	$	(55	)	$	(34	)
U.S.
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
Variable investment income			$	—		$	—		$	—		$	—		$	—		$	22		$	—
Catastrophe experience and prior year development, net			—			(10		)	7			—			—			(45		)	—
Actuarial assumption review and other insurance adjustments			—			—			(62		)	—			—			—			—
Total notable items			$	—		$	(10	)	$	(55	)	$	—		$	—		$	(23	)	$	—
	GROUP BENEFITS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	3		$	—
	Total notable items		$	—		$	—		$	—		$	—		$	—		$	3		$	—
	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	17		$	—
	Actuarial assumption review and other insurance adjustments		—			—			(62		)	—			—			—			—
	Total notable items		$	—		$	—		$	(62	)	$	—		$	—		$	17		$	—
	PROPERTY & CASUALTY
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			June 30, 2017			June 30, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	2		$	—
	Catastrophe experience and prior year development, net		—			(10		)	7			—			—			(45		)	—
	Total notable items		$	—		$	(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 MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
(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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018				June 30, 2017			June 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(3	)	$	—
Actuarial assumption review and other insurance adjustments		12			(4		)	—			—			—				12			—
Total notable items		$	12		$	(4	)	$	—		$	—		$	—			$	9		$	—
LATIN AMERICA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018				June 30, 2017			June 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(1	)	$	—
Actuarial assumption review and other insurance adjustments		—			15			—			—			—				—			—
Total notable items		$	—		$	15		$	—		$	—		$	—			$	(1	)	$	—
EMEA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018				June 30, 2017			June 30, 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)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018				June 30, 2017			June 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	1		$	—
Actuarial assumption review and other insurance adjustments		(40		)	122			(48		)	62			—				36			62
Total notable items		$	(40	)	$	122		$	(48	)	$	62		$	—			$	37		$	62
CORPORATE & OTHER
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018				June 30, 2017			June 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(4	)	$	—
Litigation reserves & settlement costs		—			—			(55		)	—			—				(21		)	—
Expense initiative costs		(22		)	(17		)	(42		)	(34		)	(62		)		(43		)	(96		)
Other expense-related items (2)		(36		)	—			—			—			—				(36		)	—
Tax adjustments		27			(167		)	(298		)	—			—				27			—
Total notable items		$	(31	)	$	(184	)	$	(395	)	$	(34	)	$	(62	)		$	(77	)	$	(96	)
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
(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)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Total MetLife, Inc.'s stockholders' equity	$	69,732		$	56,981		$	58,676		$	56,310		$	53,633
Less: Preferred stock	2,066			2,066			2,066			2,560			3,340
MetLife, Inc.'s common stockholders' equity	67,666			54,915			56,610			53,750			50,293
Less: Net unrealized investment gains (losses), net of income tax	15,038			13,343			13,662			11,547			9,703
Defined benefit plans adjustment, net of income tax	(1,923		)	(1,878		)	(1,845		)	(2,206		)	(2,179		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	54,551			43,450			44,793			44,409			42,769
Less: Goodwill, net of income tax	9,230			9,151			9,322			9,428			9,205
VODA and VOCRA, net of income tax	373			374			378			365			341
Total MetLife, Inc.'s tangible common stockholders' equity	$	44,948		$	33,925		$	35,093		$	34,616		$	33,223
Unaudited	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Book value per common share (1)	$	63.63		$	52.09		$	54.24		$	52.49		$	50.28
Less: Net unrealized investment gains (losses), net of income tax	14.15			12.66			13.09			11.28			9.70
Defined benefit plans adjustment, net of income tax	(1.81		)	(1.78		)	(1.77		)	(2.15		)	(2.18		)
Book value per common share, excluding AOCI other than FCTA (1)	51.29			41.21			42.92			43.36			42.76
Less: Goodwill, net of income tax	8.68			8.68			8.93			9.20			9.20
VODA and VOCRA, net of income tax	0.35			0.35			0.36			0.36			0.34
Book value per common share - tangible common stockholders' equity (1)	$	42.26		$	32.18		$	33.63		$	33.80		$	33.22
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Total MetLife, Inc.'s stockholders' equity	$	69,732		$	56,981		$	58,676		$	56,310		$	53,633
Less: Preferred stock	2,066			2,066			2,066			2,560			3,340
MetLife, Inc.'s common stockholders' equity	67,666			54,915			56,610			53,750			50,293
Less: Net unrealized investment gains (losses), net of income tax	15,038			13,343			13,662			11,547			9,703
Defined benefit plans adjustment, net of income tax	(1,923		)	(1,878		)	(1,845		)	(2,206		)	(2,179		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	54,551			43,450			44,793			44,409			42,769
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA	14,649			—			—			—			—
Total MetLife, Inc.'s common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	39,902		$	43,450		$	44,793		$	44,409		$	42,769
Unaudited	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
Book value per common share (1)	$	63.63		$	52.09		$	54.24		$	52.49		$	50.28
Less: Net unrealized investment gains (losses), net of income tax	14.15			12.66			13.09			11.28			9.70
Defined benefit plans adjustment, net of income tax	(1.81		)	(1.78		)	(1.77		)	(2.15		)	(2.18		)
Book value per common share, excluding AOCI other than FCTA (1)	51.29			41.21			42.92			43.36			42.76
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA	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)	$	37.52		$	41.21		$	42.92		$	43.36		$	42.76
	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			December 31, 2017
Return on MetLife, Inc.'s:
Common stockholders' equity	5.2		%	(0.6		)%	16.3		%	9.0		%	6.5		%	6.3		%
Common stockholders' equity, excluding AOCI other than FCTA	6.3		%	(0.8		)%	20.6		%	11.2		%	7.8		%	7.7		%
Tangible common stockholders' equity (3)	7.8		%	(0.9		)%	26.4		%	14.4		%	10.1		%	9.6		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	6.7		%	7.3		%	4.9		%	10.3		%	10.2		%	6.8		%
Common stockholders' equity, excluding AOCI other than FCTA	8.2		%	9.1		%	6.1		%	12.8		%	12.2		%	8.4		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	11.4		%	10.7		%	6.1		%	12.8		%	12.2		%	10.3		%
Tangible common stockholders' equity (4)	10.0		%	11.4		%	8.0		%	16.4		%	15.8		%	10.4		%
Average common stockholders' equity	$	66,890		$	61,291		$	55,763		$	55,180		$	52,022		$	62,154
Average common stockholders' equity, excluding AOCI other than FCTA	$	54,713		$	49,001		$	44,122		$	44,601		$	43,589		$	50,491
Average common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	39,171		$	41,676		$	44,122		$	44,601		$	43,589		$	40,955
Average tangible common stockholders' equity	$	45,114		$	39,437		$	34,509		$	34,855		$	33,920		$	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 June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018 and June 30, 2018 of $11 million, $9 million, $8 million, $10 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 June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018 and June 30, 2018 of $8 million, $9 million, $8 million, $10 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		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
U.S.
GROUP BENEFITS		29.4		%	32.1		%	30.7		%	22.5		%	36.2		%
RETIREMENT AND INCOME SOLUTIONS		22.3		%	20.7		%	17.0		%	15.4		%	30.2		%
PROPERTY & CASUALTY		5.6		%	11.2		%	20.8		%	20.1		%	13.2		%
TOTAL U.S.		21.2		%	22.1		%	21.5		%	18.0		%	28.8		%
ASIA		6.5		%	7.7		%	11.8		%	15.8		%	6.6		%
LATIN AMERICA		13.0		%	30.4		%	8.0		%	23.6		%	6.6		%
EMEA		8.3		%	7.6		%	11.3		%	10.0		%	8.2		%
METLIFE HOLDINGS		2.8		%	8.1		%	9.4		%	13.7		%	8.1		%
RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
U.S.		24.7		%	25.8		%	25.0		%	20.9		%	33.4		%
ASIA		10.3		%	12.3		%	18.8		%	23.9		%	10.0		%
LATIN AMERICA		22.3		%	52.3		%	13.8		%	39.4		%	11.1		%
EMEA		13.7		%	12.5		%	18.4		%	16.4		%	13.4		%
METLIFE HOLDINGS		3.2		%	9.1		%	10.5		%	15.4		%	9.3		%
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
U.S.
GROUP BENEFITS		28.8		%	34.2		%	32.7		%	31.2		%	37.3		%
RETIREMENT AND INCOME SOLUTIONS		18.9		%	17.8		%	12.5		%	21.8		%	22.4		%
PROPERTY & CASUALTY		6.0		%	11.0		%	20.4		%	20.7		%	13.6		%
TOTAL U.S.		19.3		%	21.1		%	19.5		%	24.1		%	24.7		%
ASIA		9.9		%	10.0		%	9.9		%	9.2		%	10.2		%
LATIN AMERICA		21.0		%	22.2		%	17.0		%	17.8		%	18.5		%
EMEA		9.0		%	8.8		%	9.8		%	9.3		%	9.9		%
METLIFE HOLDINGS		8.4		%	12.9		%	6.9		%	16.9		%	11.1		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
U.S.		22.5		%	24.6		%	22.7		%	27.9		%	28.6		%
ASIA		15.8		%	16.0		%	15.8		%	13.9		%	15.4		%
LATIN AMERICA		36.2		%	38.3		%	29.3		%	29.8		%	30.9		%
EMEA		14.7		%	14.5		%	16.1		%	15.3		%	16.2		%
METLIFE HOLDINGS		9.5		%	14.5		%	7.8		%	19.0		%	12.6		%
(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)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
	U.S.	$	1		$	1		$	1		$	1		$	1
	ASIA	$	1		$	1		$	1		$	2		$	2
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	2		$	2
	METLIFE HOLDINGS	$	4		$	4		$	4		$	5		$	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)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
U.S. (1)	$	6,327		$	7,431		$	6,038		$	5,679		$	11,767
ASIA	2,085			2,200			2,143			2,136			2,066
LATIN AMERICA	910			899			969			948			972
EMEA	644			631			649			658			673
METLIFE HOLDINGS (1)	1,404			1,375			1,453			1,331			1,326
CORPORATE & OTHER (1)	69			78			82			94			85
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	11,439		$	12,614		$	11,334		$	10,846		$	16,889
Total adjusted premiums, fees and other revenues	$	11,398		$	12,620		$	11,300		$	10,929		$	16,889
ASIA (including operating joint ventures) (2), (3)	$	2,280		$	2,403		$	2,368		$	2,375		$	2,290
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
U.S. (1)	$	914		$	933		$	926		$	961		$	965
ASIA	911			920			962			945			976
LATIN AMERICA	341			354			403			320			363
EMEA	342			346			379			341			339
METLIFE HOLDINGS (1)	370			322			333			276			275
CORPORATE & OTHER (1)	202			237			280			232			259
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,080		$	3,112		$	3,283		$	3,075		$	3,177
Other expenses, as reported on an adjusted basis	$	3,070		$	3,121		$	3,277		$	3,110		$	3,177
ASIA (including operating joint ventures) (2), (3)	$	991		$	1,002		$	1,055		$	1,038		$	1,071
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018
U.S. (1)	$	493		$	539		$	498		$	653		$	671
ASIA	314			316			314			324			363
LATIN AMERICA	150			153			124			139			145
EMEA	75			69			79			77			86
METLIFE HOLDINGS (1)	237			364			194			425			280
CORPORATE & OTHER (1)	(145		)	(336		)	(528		)	(203		)	(219		)
Total adjusted earnings available to common shareholders on a constant currency basis	$	1,124		$	1,105		$	681		$	1,415		$	1,326
Total adjusted earnings available to common shareholders	$	1,121		$	1,115		$	678		$	1,423		$	1,326
(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)	adjusted return on equity, excluding AOCI other than FCTA	(ix)	return on equity
(x)	adjusted tangible return on equity	(x)	return on equity
(xi)	investment portfolio gains (losses)	(xi)	net investment gains (losses)
(xii)	derivative gains (losses)	(xii)	net derivative gains (losses)
(xiii)	MetLife, Inc.’s tangible common stockholders’ equity	(xiii)	MetLife, Inc.’s stockholders’ equity
(xiv)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xiv)	MetLife, Inc.’s stockholders’ equity
(xv)	MetLife, Inc.'s common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xv)	MetLife, Inc.’s stockholders’ equity
(xvi)	adjusted expense ratio	(xvi)	expense ratio
(xvii)	adjusted expense ratio, excluding total notable items related to other expenses and PRT	(xvii)	expense ratio
(xviii)	direct expense ratio	(xviii)	expense ratio
(xix)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xix)	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 is 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 MetLife's effective tax rate.  Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
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 AOCI other than FCTA, 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 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
FVO	Fair value option
GAAP	Accounting principles generally accepted in the United States of America
GMIB	Guaranteed minimum income benefits
NAIC	National Association of Insurance Commissioners
NDGL	Net derivative gains (losses)
NIGL	Net investment gains (losses)
NRSRO	Nationally Recognized Statistical Rating Organizations
PAB	Policyholder account balances
PDO	Policyholder dividend obligation
PRT	Pension risk transfers
QFS	Quarterly financial supplement
TSA	Transition service agreement
VIE	Variable interest entity
VOBA	Value of business acquired
VOCRA	Value of customer relationships acquired
VODA	Value of distribution agreements

A-10