8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) November 1, 2018

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

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

212-578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

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

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

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

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

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

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

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

Emerging growth company    ☐

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

Item 2.02 Results of Operations and Financial Condition.

On November 1, 2018, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended September 30, 2018 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended September 30, 2018 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference, and (iii) a supplemental slide presentation for the quarter ended September 30, 2018 (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The Earnings Release, the Quarterly Financial Supplement and the Supplemental Slides are furnished and not filed pursuant to instruction B. 2 of Form 8-K.

Item 8.01 Other Events.

On November 1, 2018, the Company issued a news release announcing that its Board of Directors has approved a new $2 billion authorization for the Company to repurchase its common stock. A copy of the news release is attached hereto as Exhibit 99.4 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits

99.1 News release of MetLife, Inc., dated November 1, 2018, announcing its results for the quarter ended September 30, 2018

99.2 Quarterly Financial Supplement for the quarter ended September 30, 2018

99.3 Supplemental Slides for the quarter ended September 30, 2018

99.4 News release of MetLife, Inc., dated November 1, 2018, regarding share repurchase authorization

SIGNATURES

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

METLIFE, INC.
By:	/s/ William C. O'Donnell
	Name:	William C. O'Donnell
	Title:	Executive Vice President and Chief Accounting Officer

Date: November 1, 2018

EX-99.1

Exhibit 99.1

For Immediate Release İ Global Communications İ MetLife, Inc.

Contacts: For Media:Ashia Razzaq        

MetLife        

(212) 578-1538    

For Investors: John Hall

MetLife

(212) 578-7888

METLIFE ANNOUNCES THIRD QUARTER 2018 RESULTS

NEW YORK, November 1, 2018 - MetLife, Inc. (NYSE: MET) today announced its results for the third quarter ended September 30, 2018.

Third Quarter Results Summary

• Net income of $880 million, or $0.88 per share, compared to a loss of $97 million, or a loss of $0.09 per share, in the third quarter of 2017. The loss in the prior-year period was primarily due to the separation of Brighthouse Financial, Inc. and its subsidiaries.

• Adjusted earnings* of $1.4 billion, or $1.38 per share, compared to adjusted earnings of $1.1 billion, or $1.04 per share in the third quarter of 2017.

• Book value of $48.94 per share, down6 percent from $52.09 per share at September 30, 2017.

• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA)*, of $42.97 per share, up4 percent from $41.21 per share at September 30, 2017.

• Return on Equity (ROE) of 7.1 percent.

• Adjusted ROE, excluding AOCI other than FCTA*, of 12.9 percent.

"MetLife delivered very strong earnings in the third quarter driven by volume growth, favorable underwriting, expense management, and improved investment income," said Steven A. Kandarian, chairman, president and CEO of MetLife, Inc. "We are executing more consistently, and our results in the quarter — and for the year-to-date 2018 — demonstrate that our strategy is working."

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Third Quarter 2018 Summary

($ in millions, except per share data)	Three months ended September 30,
	2018	2017	Change
Premiums, fees & other revenues	$12,064	$12,605	(4)%
Net investment income	4,486	4,295	4%
Net investment gains (losses)	117	(606)
Net derivative gains (losses)	(378)	(123)
Total revenues	$16,289	$16,171	1%
Total adjusted revenues	$16,400	$16,776	(2)%
Adjusted premiums, fees & other revenues	$11,938	$12,620	(5)%
Adjusted premiums, fees & other revenues, excluding pension risk transfer (PRT)	$10,920	$10,791	1%
Net income (loss)	$880	$(97)
Net income (loss) per share	$0.88	$(0.09)
Adjusted earnings	$1,376	$1,115	23%
Adjusted earnings per share	$1.38	$1.04	33%
Book value per share	$48.94	$52.09	(6)%
Book value per share, excluding AOCI other than FCTA	$42.97	$41.21	4%
Expense ratio	20.5%	19.4%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	13.1%	13.7%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	20.7%	21.6%
ROE	7.1%	(0.6)%
ROE, excluding AOCI other than FCTA	8.3%	(0.8)%
Adjusted ROE, excluding AOCI other than FCTA	12.9%	9.1%

Premiums, fees & other revenues were $12.1 billion, down4 percent over the third quarter of 2017. Adjusted premiums, fees & other revenues* were $11.9 billion, down5 percent from the prior-year period on both a reported and constant currency basis*.

Net investment income was $4.5 billion, up4 percent.

Net derivative losses amounted to $299 million after tax during the quarter.

MetLife reported third quarter 2018 net income of $880 million, compared to a loss of $97 million in the third quarter of 2017.

On a per share basis, net income was $0.88, compared to a loss of $0.09 in the prior-year period.

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MetLife reported adjusted earnings of $1.4 billion, up23 percent over the third quarter of 2017, and 26 percent on a constant currency basis. On a per share basis, which includes the impact of share repurchases, adjusted earnings were $1.38, up33 percent from the prior-year period.

Supplemental slides for the third quarter of 2018, titled "3Q18 Supplemental Slides," are available on the MetLife Investor Relations website at www.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings news release.

Adjusted Earnings by Segment Summary**

	Three months ended September 30, 2018
Segment	Change from prior-year period	Change (from prior-year period on a constant currency basis)
U.S.	47%	47%
Asia	(15)%	(14)%
Latin America	4%	13%
Europe, the Middle East and Africa (EMEA)	(23)%	(17)%
MetLife Holdings	(10)%	(10)%

**The percentages in this table reflect the impact of notable items on adjusted earnings, which includes the annual actuarial assumption review and other insurance adjustments. See the Business Discussions section of this release for additional information on the impact of the annual actuarial assumption review and other insurance adjustments on the results for the third quarter of 2018.

Business Discussions

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

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U.S.

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Adjusted earnings	$795	$539	47%
Adjusted premiums, fees & other revenues	$6,889	$7,431	(7)%
Adjusted premiums, fees & other revenues, excluding pension risk transfers	$5,871	$5,602	5%
Notable item(s)	$37	$(10)

• Total adjusted earnings for the U.S. were $795 million, up47 percent, driven by U.S. tax reform, favorable underwriting and volume growth.

• Excluding notable items from both periods, adjusted earnings were up 38 percent. Excluding the impact of U.S. tax reform, and adjusting for notable items in both periods, adjusted earnings were up 14 percent.

• Adjusted return on allocated equity was 29.3 percent, and adjusted return on allocated tangible equity was 33.9 percent.

• Adjusted premiums, fees & other revenues were $6.9 billion, down7 percent, driven by lower pension risk transfer transactions in Retirement and Income Solutions. Excluding pension risk transfers, adjusted premiums, fees & other revenues were up5 percent.

Group Benefits

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Adjustedearnings	$370	$241	54%
Adjusted premiums, fees & other revenues	$4,317	$4,073	6%
Notable item(s)	$37	$0

• Adjusted earnings for Group Benefits were $370 million, up54 percent, driven by U.S. tax reform, favorable underwriting, volume growth and a favorable insurance adjustment.

• Excluding notable items from both periods, adjusted earnings were up 38 percent. Excluding the impact of U.S. tax reform, and adjusting for notable items in both periods, adjusted earnings were up 14 percent.

• Adjusted premiums, fees & other revenues were $4.3 billion, up6 percent.

• Sales for Group Benefits were down 2 percent year to date, compared to the first three quarters of 2017, which saw record jumbo case sales.

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Retirement and Income Solutions

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Adjustedearnings	$339	$247	37%
Adjusted premiums, fees & other revenues	$1,658	$2,459	(33)%
Notable item(s)	$0	$0

• Adjusted earnings for Retirement and Income Solutions were $339 million, up37 percent, driven by U.S. tax reform, favorable underwriting and volume growth offset by lower investment margin. Excluding the impact of U.S. tax reform, adjusted earnings were up 12 percent.

• Adjusted premiums, fees & other revenues were $1.7 billion, down33 percent from the prior-year period, primarily driven by lower pension risk transfer transactions.

• Excluding pension risk transfers, adjusted premiums, fees & other revenues were up2 percent.

Property & Casualty

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Adjustedearnings	$86	$51	69%
Adjusted premiums, fees & other revenues	$914	$899	2%
Notable item(s)	$0	$(10)

• Adjusted earnings for Property & Casualty were $86 million, up69 percent, primarily due to lower catastrophe losses in the current quarter.

• Excluding notable items from both periods, adjusted earnings were up 41 percent. Excluding the impact of U.S. tax reform, and adjusting for notable items in both periods, adjusted earnings were up 26 percent.

• Adjusted premiums, fees & other revenues were $914 million, up2 percent.

• Pre-tax catastrophe losses and prior year development totaled $46 million, compared to $80 million in the prior-year period.

• Sales for Property & Casualty were $165 million, up 23 percent.

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ASIA

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Adjusted earnings	$266	$314	(15)%
Adjusted earnings (constant currency)	$266	$310	(14)%
Adjusted premiums, fees & other revenues	$2,129	$2,165	(2)%
Notable item(s)	$(86)	$(4)

• Adjusted earnings for Asia were $266 million, down15 percent, and down14 percent on a constant currency basis, as volume growth was more than offset by the annual actuarial assumption review.

• Excluding notable items from both periods, adjusted earnings were up 11 percent, and up 12 percent on a constant currency basis. Excluding the impact of U.S. tax reform, and adjusting for notable items in both periods, adjusted earnings were up 8 percent, and up 9 percent on a constant currency basis.

• Adjusted return on allocated equity was 7.5 percent, and adjusted return on allocated tangible equity was 11.3 percent.

• Adjusted premiums, fees & other revenues were $2.1 billion, down2 percent and down1 percent on a constant currency basis.

• Total sales for the region were $716 million, up29 percent on a constant currency basis. Japan sales were up38 percent primarily driven by foreign currency denominated products. Other Asia sales were up16 percent, primarily driven by China and a group case in Australia.

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LATIN AMERICA

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Adjusted earnings	$170	$163	4%
Adjusted earnings (constant currency)	$170	$150	13%
Adjusted premiums, fees & other revenues	$928	$937	(1)%
Notable item(s)	$28	$15

• Adjusted earnings for Latin America were $170 million, up4 percent, and up13 percent on a constant currency basis, with volume growth, favorable underwriting and the annual actuarial assumption review partially offset by the negative impact of U.S. tax reform.

• Excluding notable items from both periods, adjusted earnings were down 4 percent, and up 4 percent on a constant currency basis. Excluding the impact of U.S. tax reform, and adjusting for notable items in both periods, adjusted earnings were up 3 percent, and up 13 percent on a constant currency basis.

• Adjusted return on allocated equity was 21.7 percent, and adjusted return on allocated tangible equity was 36.2 percent.

• Adjusted premiums, fees & other revenues were $928 million, down1 percent, and up7 percent on a constant currency basis, driven by volume growth across the region, led by Chile.

• Total sales for the region were $210 million, up2 percent on a constant currency basis, due to higher direct marketing and group sales.

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EMEA

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Adjusted earnings	$55	$71	(23)%
Adjusted earnings (constant currency)	$55	$66	(17)%
Adjusted premiums, fees & other revenues	$634	$634
Notable item(s)	$(23)	$(8)

• Adjusted earnings for EMEA were $55 million, down23 percent, and down17 percent on a constant currency basis, mostly due to the annual actuarial assumption review.

• Excluding notable items from both periods, adjusted earnings were down 1 percent, and up 5 percent on a constant currency basis.

• Adjusted return on allocated equity was 6.3 percent, and adjusted return on allocated tangible equity was 10.5 percent.

• Adjusted premiums, fees & other revenues were $634 million, flat to the prior-year period, and up3 percent on a constant currency basis.

• Total sales for the region were $187 million, down22 percent on a constant currency basis due to lower volumes in the Gulf and the exit of the UK wealth management business in mid-2017.

METLIFE HOLDINGS

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Adjusted earnings	$327	$364	(10)%
Adjusted premiums, fees & other revenues	$1,305	$1,375	(5)%
Notable item(s)	$(24)	$122

• Adjustedearnings for MetLife Holdings were $327 million, down10 percent, primarily due to the annual actuarial assumption review and other insurance adjustments, partially offset by the favorable impact of U.S. tax reform.

• Excluding notable items from both periods, adjusted earnings were up 45 percent. Excluding the impact of U.S. tax reform, and adjusting for notable items in both periods, adjusted earnings were up 24 percent, due to lower expenses and favorable underwriting.

• Adjustedreturn on allocated equity was 13.0 percent, and adjusted return on allocated tangible equity was 14.6 percent.

• Adjustedpremiums, fees & other revenues were $1.3 billion, down5 percent.

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CORPORATE & OTHER

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Adjusted earnings	$(237)	$(336)	29%
Notable item(s)	$(88)	$(184)

• Corporate & Other had an adjusted loss of $237 million, compared to an adjustedloss of $336 million in the third quarter of 2017. The notable item in the current period is related to the company's expense initiative costs.

• Excluding notable items from both periods, adjusted earnings were up 2 percent. Excluding the impact of U.S. tax reform, and adjusting for notable items in both periods, adjusted earnings were up 34 percent.

INVESTMENTS

($ in millions)	Three months ended September 30, 2018	Three months ended September 30, 2017	Change
Net investment income (as reported on an adjusted basis)	$4,462	$4,156	7%

• As reported on an adjusted basis, net investment income was $4.5 billion, up7 percent. Variable investment income was $280 million ($221 million, after tax), as compared to $236 million ($153 million, after tax) in the third quarter of 2017, driven by higher private equity and prepayment income.

THIRD QUARTER 2018 NOTABLE ITEMS

($ in millions)	Adjusted Earnings
	Three months ended September 30, 2018
Notable Items	U.S.			Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions	Property & Casualty
Actuarial assumption review and other insurance adjustments	$37			$(86)	$28	$(23)	$(24)		$(68)
Expense initiative costs								$(88)	$(88)
Total notable items	$37	$0	$0	$(86)	$28	$(23)	$(24)	$(88)	$(156)

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

###

About MetLife

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

Conference Call

MetLife will hold its third quarter of 2018 earnings conference call and audio webcast on Friday, November 2, 2018, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 877-209-9920 (U.S.) or 612-332-0530 (outside the U.S.). To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Friday, November 2, 2018, until Friday, November 9, 2018, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 800-475-6701 (U.S.) or 320-365-3844 (outside the U.S.). The access code for the replay is 433153. To access the replay of the conference call over the internet, visit the above-mentioned website.

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Non-GAAP and Other Financial Disclosures

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

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

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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 premiums, fees & other revenues, excluding pension risk transfer	(iv)	premiums, fees and other revenues;
(v)	adjusted earnings;	(v)	income (loss) from continuing operations, net of income tax;
(vi)	net investment income, as reported on an adjusted basis	(vi)	net investment income
(vii)	capitalization of DAC, as reported on an adjusted basis	(vii)	capitalization of DAC
(viii)	other expenses, as reported on an adjusted basis	(viii)	other expenses
(ix)	other expenses, as reported on an adjusted basis, on a constant currency basis	(ix)	other expenses
(x)	adjusted earnings available to common shareholders;	(x)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xi)	adjusted earnings available to common shareholders on a constant currency basis;	(xi)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xii)	adjusted earnings available to common shareholders, excluding total notable items;	(xii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xiii)	adjusted return on equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xiii)	return on equity
(xiv)	adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;	(xiv)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xv)	adjusted earnings available to common shareholders per diluted common share;	(xv)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xvi)	adjusted earnings available to common shareholders, excluding total notable items, per diluted common share;	(xvi)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xvii)	adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share;	(xvii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xviii)	adjusted return on equity;	(xviii)	return on equity;
(xix)	adjusted return on equity, excluding AOCI other than FCTA;	(xix)	return on equity;
(xx)	adjusted tangible return on equity;	(xx)	return on equity;
(xxi)	investment portfolio gains (losses);	(xxi)	net investment gains (losses);
(xxii)	derivative gains (losses);	(xxii)	net derivative gains (losses);

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(xxiii)	MetLife, Inc.’s tangible common stockholders’ equity;	(xxiii)	MetLife, Inc.’s stockholders’ equity;
(xxiv)	MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;	(xxiv)	MetLife, Inc.’s stockholders’ equity;
(xxv)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;	(xxv)	MetLife, Inc.’s stockholders’ equity;
(xxvi)	MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);	(xxvi)	MetLife, Inc.’s stockholders’ equity;
(xxvii)	MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA);	(xxvii)	MetLife, Inc.’s stockholders’ equity;
(xxviii)	book value per common share, excluding AOCI other than FCTA	(xxviii)	book value per common share
(xxix)	book value per common share - tangible common stockholders' equity	(xxix)	book value per common share
(xxx)	free cash flow of all holding companies;	(xxx)	MetLife, Inc.’s net cash provided by (used in) operating activities;
(xxxi)	adjusted expense ratio;	(xxxi)	expense ratio;
(xxxii)	adjusted expense ratio, excluding total notable items related to other expenses and PRT;	(xxxii)	expense ratio;
(xxxiii)	direct expense ratio; and	(xxxiii)	expense ratio; and
(xxxiv)	direct expense ratio, excluding total notable items related to direct expenses and PRT.	(xxxiv)	expense ratio.

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

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

Adjusted earnings and related measures

• adjusted earnings;

• adjusted earnings available to common shareholders;

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

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

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

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

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

• adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share.

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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 MetLife's performance relative to its business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

Adjusted revenues and adjusted expenses

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.

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

• Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees);

• Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment, (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed unit-linked investments, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP; and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL for GAAP; and

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

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

• Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments, (iii) benefits and hedging costs related to GMIBs (GMIB costs), and (iv) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments);

• Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments;

• Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;

• Amortization of negative VOBA excludes amounts related to Market value adjustments;

• Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

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

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

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

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

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Return on equity, allocated equity, tangible equity and related measures

• MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

• MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.

• Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.

• 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.

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The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does 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, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.

• MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items: MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements (VODA), value of customer relationships acquired (VOCRA) and total notable items, 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.

Expense ratio, direct expense ratio, adjusted expense ratio and related measures

• Expense ratio: other expenses, net of capitalization of DAC, divided by total premiums, fees and other revenues.

• Direct expense ratio: direct expenses, on an adjusted basis, divided by total adjusted premiums, fees and other revenues.

• Direct expense ratio, excluding total notable items and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT.

• Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by total adjusted premiums, fees and other revenues.

• Adjusted expense ratio, excluding total notable items and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT.

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The following additional information is relevant to an understanding of MetLife’s performance results:

• Statistical sales information for U.S. Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

• Statistical sales information for U.S. Property & Casualty: calculated based on first year direct written premium, net of cancellation and endorsement activity. Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

• Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

• All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates.

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

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

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

Page 18 of 27

• 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.

Forward-Looking Statements

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

Many factors will be important in determining the results of MetLife, Inc., its subsidiaries and affiliates. Forward-looking statements are based on our assumptions and current expectations, which may be inaccurate, and on the current economic environment, which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) adverse effects which may arise in connection with the material weaknesses in our internal control over financial reporting or our failure to promptly remediate them; (2) difficult conditions in the global capital markets; (3) increased volatility and disruption of the global capital and credit markets, which may affect our ability to meet liquidity needs and access capital, including through our credit facilities, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets, including assets supporting risks ceded to certain of our captive reinsurers or hedging arrangements associated with those risks; (4) exposure to global financial and capital market risks, including as a result of the United Kingdom’s notice of withdrawal from the European Union or other disruption in global political, security or economic conditions; (5) impact on us of comprehensive financial services regulation reform; (6) numerous rulemaking initiatives required or permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act which may impact how we conduct our business, including those compelling the liquidation of certain financial institutions; (7) regulatory, legislative or tax changes relating to our insurance, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (8) adverse results or other consequences from litigation, arbitration or regulatory investigations; (9) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (10) investment losses and defaults, and changes to investment valuations; (11) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (12) impairments of goodwill and realized losses or market value impairments to illiquid assets; (13) defaults on our mortgage loans; (14) the defaults or deteriorating credit of other financial institutions that could adversely affect us; (15) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (16) downgrades in our claims paying ability, financial strength or credit ratings; (17) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (18) availability and effectiveness of reinsurance, hedging or indemnification arrangements, as well as any default or failure of counterparties to perform; (19) differences between actual claims experience and underwriting and reserving assumptions; (20) ineffectiveness of risk management policies and procedures;

Page 19 of 27

(21) catastrophe losses; (22) increasing cost and limited market capacity for statutory life insurance reserve financings; (23) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (24) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and any adjustment for nonperformance risk; (25) our ability to address difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from (a) business acquisitions and integrating and managing the growth of such acquired businesses, (b) dispositions of businesses via sale, initial public offering, spin-off or otherwise, including failure to achieve projected operational benefits from such transactions and any restrictions, liabilities, losses or indemnification obligations arising from any transitional services or tax arrangements related to the separation of any business, or from the failure of such a separation to qualify for any intended tax-free treatment, (c) entry into joint ventures, or (d) legal entity reorganizations; (26) unanticipated or adverse developments that could adversely affect our achieving expected operational or other benefits from the separation of Brighthouse Financial, Inc. and its subsidiaries (“Brighthouse”); (27) liabilities, losses or indemnification obligations arising from our transitional services, investment management or tax arrangements or other agreements with Brighthouse; (28) failure of the separation of Brighthouse to qualify for intended tax-free treatment; (29) legal, regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (30) MetLife, Inc.’s and its subsidiary holding companies’ primary reliance, as holding companies, on dividends from subsidiaries to meet free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (31) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (32) changes in accounting standards, practices and/or policies; (33) increased expenses relating to pension and postretirement benefit plans, as well as health care and other employee benefits; (34) inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (35) difficulties in marketing and distributing products through our distribution channels; (36) provisions of laws and our incorporation documents that may delay, deter or prevent takeovers and corporate combinations involving MetLife; (37) the effects of business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on the value of our investment portfolio, our disaster recovery systems, cyber- or other information security systems and management continuity planning; (38) any failure to protect the confidentiality of client information; (39) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; (40) the impact of technological changes on our businesses; and (41) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

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

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MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
(In millions)
	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Revenues
Premiums	$	10,242		$	10,876		$	34,573		$	29,421
Universal life and investment-type product policy fees	1,343			1,428			4,105			4,152
Net investment income	4,486			4,295			12,704			12,909
Other revenues	479			301			1,428			935
Net investment gains (losses)	117			(606		)	(443		)	(414		)
Net derivative gains (losses)	(378		)	(123		)	(88		)	(535		)
Total revenues	16,289			16,171			52,279			46,468
							.
Expenses
Policyholder benefits and claims	10,080			10,728			33,664			29,018
Interest credited to policyholder account balances	1,334			1,338			3,527			4,081
Policyholder dividends	327			302			933			925
Capitalization of DAC	(810		)	(761		)	(2,440		)	(2,218		)
Amortization of DAC and VOBA	732			626			2,132			1,945
Amortization of negative VOBA	(7		)	(32		)	(45		)	(113		)
Interest expense on debt	267			284			862			851
Other expenses	3,287			3,201			9,810			9,404
Total expenses	15,210			15,686			48,443			43,893
Income (loss) from continuing operations before provision for income tax	1,079			485			3,836			2,575
Provision for income tax expense (benefit)	164			(398		)	770			(116		)
Income (loss) from continuing operations, net of income tax	915			883			3,066			2,691
Income (loss) from discontinued operations, net of income tax	—			(968		)	—			(986		)
Net income (loss)	915			(85		)	3,066			1,705
Less: Net income (loss) attributable to noncontrolling interests	3			6			10			12
Net income (loss) attributable to MetLife, Inc.	912			(91		)	3,056			1,693
Less: Preferred stock dividends	32			6			84			58
Net income (loss) available to MetLife, Inc.'s common shareholders	$	880		$	(97	)	$	2,972		$	1,635
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions, except per share data)
	For the Three Months Ended												For the Nine Months Ended
	September 30,												September 30,
	2018						2017						2018						2017
Reconciliation to Adjusted Earnings Available to Common Shareholders				Earnings Per Weighted Average Common Share Diluted (1)						Earnings Per Weighted Average Common Share Diluted (1)						Earnings Per Weighted Average Common Share Diluted (1)						Earnings Per Weighted Average Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders	$	880		$	0.88		$	(97	)	$	(0.09	)	$	2,972		$	2.91		$	1,635		$	1.51
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	117			0.12			(606		)	(0.57		)	(443		)	(0.43		)	(414		)	(0.38		)
Net derivative gains (losses)	(378		)	(0.38		)	(123		)	(0.12		)	(88		)	(0.09		)	(535		)	(0.49		)
Premiums	—			—			(37		)	(0.03		)	—			—			(347		)	(0.32		)
Universal life and investment-type product policy fees	43			0.04			36			0.03			101			0.10			74			0.07
Net investment income	24			0.02			139			0.13			(304		)	(0.29		)	468			0.43
Other revenues	83			0.08			(14		)	(0.01		)	249			0.24			(119		)	(0.11		)
Policyholder benefits and claims and policyholder dividends	(155		)	(0.16		)	(230		)	(0.21		)	(252		)	(0.24		)	(206		)	(0.19		)
Interest credited to policyholder account balances	(132		)	(0.13		)	(233		)	(0.22		)	(51		)	(0.05		)	(874		)	(0.81		)
Capitalization of DAC	—			—			(4		)	—			1			—			(34		)	(0.03		)
Amortization of DAC and VOBA	(108		)	(0.11		)	(73		)	(0.07		)	(103		)	(0.10		)	(40		)	(0.04		)
Amortization of negative VOBA	—			—			2			—			1			—			8			0.01
Interest expense on debt	(15		)	(0.01		)	—			—			(45		)	(0.04		)	16			0.01
Other expenses	(100		)	(0.10		)	(80		)	(0.07		)	(336		)	(0.33		)	(272		)	(0.25		)
Goodwill impairment	—			—			—			—			—			—			—			—
Provision for income tax (expense) benefit	128			0.13			985			0.92			127			0.12			1,351			1.25
Income (loss) from discontinued operations, net of income tax	—			—			(968		)	(0.90		)	—			—			(986		)	(0.91		)
Add: Net income (loss) attributable to noncontrolling interests	3			—			6			0.01			10			0.01			12			0.01
Adjusted earnings available to common shareholders	1,376			1.38			1,115			1.04			4,125			4.03			3,557			3.28
Less: Total notable items (2)	(156		)	(0.16		)	(69		)	(0.06		)	(190		)	(0.19		)	(124		)	(0.11		)
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,532		$	1.53		$	1,184		$	1.10		$	4,315		$	4.22		$	3,681		$	3.40
Adjusted earnings available to common shareholders on a constant currency basis	$	1,376		$	1.38		$	1,093		$	1.02		$	4,125		$	4.03		$	3,575		$	3.30
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	1,532		$	1.53		$	1,163		$	1.09		$	4,315		$	4.22		$	3,699		$	3.41
Weighted average common shares outstanding - diluted				1,000.7						1,071.5						1,022.8						1,084.0
See footnotes on last page.

Page 22 of 27

MetLife, Inc.
(Unaudited)
(In millions)
	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Premiums, Fees and Other Revenues
Total premiums, fees and other revenues	$	12,064		$	12,605		$	40,106		$	34,508
Less: Unearned revenue adjustments	11			4			1			14
GMIB fees	32			32			93			94
Settlement of foreign currency earnings hedges	5			5			14			16
TSA fees	78			—			235			—
Divested businesses	—			(56		)	7			(516		)
Total adjusted premiums, fees and other revenues	$	11,938		$	12,620		$	39,756		$	34,900
Net Investment Income
Net investment income	$	4,486		$	4,295		$	12,704		$	12,909
Less: Investment hedge adjustments	(125		)	(97		)	(354		)	(350		)
Operating joint venture adjustments	—			—			1			—
Unit-linked contract income	149			234			82			864
Securitization entities income	—			—			—			—
Certain partnership distributions	(1		)	—			(34		)	—
Divested businesses	1			2			1			(46		)
Net investment income, as reported on an adjusted basis	$	4,462		$	4,156		$	13,008		$	12,441
Revenues and Expenses
Total revenues	$	16,289		$	16,171		$	52,279		$	46,468
Less: Net investment gains (losses)	117			(606		)	(443		)	(414		)
Less: Net derivative gains (losses)	(378		)	(123		)	(88		)	(535		)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	11			4			1			14
Less: Other adjustments to revenues:
GMIB fees	32			32			93			94
Investment hedge adjustments	(125		)	(97		)	(354		)	(350		)
Operating joint venture adjustments	—			—			1			—
Unit-linked contract income	149			234			82			864
Securitization entities income	—			—			—			—
Settlement of foreign currency earnings hedges	5			5			14			16
Certain partnership distributions	(1		)	—			(34		)	—
TSA fees	78			—			235			—
Divested businesses	1			(54		)	8			(562		)
Total adjusted revenues	$	16,400		$	16,776		$	52,764		$	47,341
Total expenses	$	15,210		$	15,686		$	48,443		$	43,893
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	89			(2		)	65			(32		)
Less: Goodwill impairment	—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	(13		)	(28		)	28			46
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	187			138			262			259
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	—			6			(1		)	11
PAB hedge adjustments	(1		)	(1		)	(3		)	(3		)
Unit-linked contract costs	133			229			54			844
Securitization entities debt expense	—			—			—			—
Noncontrolling interest	(3		)	(10		)	(15		)	(17		)
Regulatory implementation costs	3			—			6			—
Acquisition, integration and other costs	13			20			38			42
TSA fees	78			—			235			—
Divested businesses	24			266			116			252
Total adjusted expenses	$	14,700		$	15,068		$	47,658		$	42,491
See footnotes on last page.

Page 23 of 27

MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
	September 30,
Book Value (3)	2018			2017
Book value per common share	$	48.94		$	52.09
Less: Net unrealized investment gains (losses), net of income tax	8.05			12.66
Defined benefit plans adjustment, net of income tax	(2.08		)	(1.78		)
Book value per common share, excluding AOCI other than FCTA	42.97			41.21
Less: Goodwill, net of income tax	9.28			8.68
VODA and VOCRA, net of income tax	0.32			0.35
Book value per common share - tangible common stockholders' equity	$	33.37		$	32.18
Common shares outstanding, end of period	986.6			1,054.3
	For the Three Months Ended
	September 30,
Expense Detail and Ratios	2018			2017
Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis.
Capitalization of DAC	$	(810	)	$	(761	)
Less: Divested businesses	—			4
Capitalization of DAC, as reported on an adjusted basis	$	(810	)	$	(765	)
Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis
Other expenses	$	3,287		$	3,201
Less: Noncontrolling interest	(3		)	(10		)
Less: Regulatory implementation costs	3			—
Less: Acquisition, integration and other costs	13			20
Less: TSA fees	78			—
Less: Divested businesses	9			70
Other expenses, as reported on an adjusted basis	$	3,187		$	3,121
Other detail and ratios
Other expenses	$	3,287		$	3,201
Capitalization of DAC	(810		)	(761		)
Other expenses, net of capitalization of DAC	$	2,477		$	2,440
Total premiums, fees and other revenues	$	12,064		$	12,605
Expense ratio	20.5		%	19.4		%
Direct expenses	$	1,543		$	1,506
Less: Total notable items related to direct expenses	112			26
Direct expenses, excluding total notable items related to direct expenses	$	1,431		$	1,480
Other expenses, as reported on an adjusted basis	$	3,187		$	3,121
Capitalization of DAC, as reported on an adjusted basis	(810		)	(765		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,377			2,356
Less: Total notable items related to other expenses, as reported on an adjusted basis	112			26
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,265		$	2,330
Total adjusted premiums, fees and other revenues	$	11,938		$	12,620
Less: Pension risk transfer ("PRT")	1,018			1,829
Total adjusted premiums, fees and other revenues, excluding PRT	$	10,920		$	10,791
Direct expense ratio	12.9		%	11.9		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	13.1		%	13.7		%
Adjusted expense ratio	19.9		%	18.7		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	20.7		%	21.6		%
See footnotes on last page.

Page 24 of 27

MetLife, Inc.
(Unaudited)
	For the Three Months Ended
	September 30, (4)
Return on Equity	2018		2017
Return on MetLife, Inc.'s:
Common stockholders' equity	7.1	%	(0.6	)%
Common stockholders' equity, excluding AOCI other than FCTA	8.3	%	(0.8	)%
Tangible common stockholders' equity	10.8	%	(0.9	)%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	11.2	%	7.3	%
Common stockholders' equity, excluding AOCI other than FCTA	12.9	%	9.1	%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	14.4	%	9.6	%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	12.9	%	10.7	%
Tangible common stockholders' equity	16.8	%	11.4	%
Tangible common stockholders' equity, excluding total notable items (2)	18.6	%	12.1	%
Return on Allocated Equity:
U.S.	28.8	%	22.1	%
Asia	(0.7	)%	7.7	%
Latin America	25.1	%	30.4	%
EMEA	6.4	%	7.6	%
MetLife Holdings	2.5	%	8.1	%
Return on Allocated Tangible Equity:
U.S.	33.4	%	25.8	%
Asia	(1.0	)%	12.3	%
Latin America	41.9	%	52.3	%
EMEA	10.7	%	12.5	%
MetLife Holdings	3.0	%	9.1	%
Adjusted Return on Allocated Equity:
U.S.	29.3	%	21.1	%
Asia	7.5	%	10.0	%
Latin America	21.7	%	22.2	%
EMEA	6.3	%	8.8	%
MetLife Holdings	13.0	%	12.9	%
Adjusted Return on Allocated Tangible Equity:
U.S.	33.9	%	24.6	%
Asia	11.3	%	16.0	%
Latin America	36.2	%	38.3	%
EMEA	10.5	%	14.5	%
MetLife Holdings	14.6	%	14.5	%
See footnotes on last page.

Page 25 of 27

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
		2018			2017			2018			2017
U.S.:
	Adjusted earnings available to common shareholders	$	795		$	539		$	2,119		$	1,529
	Less: Total notable items (2)	37			(10		)	37			(33		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	758		$	549		$	2,082		$	1,562
	Adjusted earnings available to common shareholders on a constant currency basis (5)	$	795		$	539		$	2,119		$	1,529
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (5)	$	758		$	549		$	2,082		$	1,562
Group Benefits:
	Adjusted earnings available to common shareholders	$	370		$	241		$	849		$	638
	Less: Total notable items (2)	37			—			37			3
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	333		$	241		$	812		$	635
	Adjusted earnings available to common shareholders on a constant currency basis (5)	$	370		$	241		$	849		$	638
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (5)	$	333		$	241		$	812		$	635
Retirement & Income Solutions:
	Adjusted earnings available to common shareholders	$	339		$	247		$	1,025		$	783
	Less: Total notable items (2)	—			—			—			17
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	339		$	247		$	1,025		$	766
	Adjusted earnings available to common shareholders on a constant currency basis (5)	$	339		$	247		$	1,025		$	783
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (5)	$	339		$	247		$	1,025		$	766
Property & Casualty:
	Adjusted earnings available to common shareholders	$	86		$	51		$	245		$	108
	Less: Total notable items (2)	—			(10		)	—			(53		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	86		$	61		$	245		$	161
	Adjusted earnings available to common shareholders on a constant currency basis (5)	$	86		$	51		$	245		$	108
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (5)	$	86		$	61		$	245		$	161
Asia:
	Adjusted earnings available to common shareholders	$	266		$	314		$	956		$	919
	Less: Total notable items (2)	(86		)	(4		)	(86		)	5
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	352		$	318		$	1,042		$	914
	Adjusted earnings available to common shareholders on a constant currency basis	$	266		$	310		$	956		$	931
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	352		$	314		$	1,042		$	926
Latin America:
	Adjusted earnings available to common shareholders	$	170		$	163		$	455		$	460
	Less: Total notable items (2)	28			15			28			14
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	142		$	148		$	427		$	446
	Adjusted earnings available to common shareholders on a constant currency basis	$	170		$	150		$	455		$	458
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	142		$	136		$	427		$	444
EMEA:
	Adjusted earnings available to common shareholders	$	55		$	71		$	222		$	218
	Less: Total notable items (2)	(23		)	(8		)	(23		)	(8		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	78		$	79		$	245		$	226
	Adjusted earnings available to common shareholders on a constant currency basis	$	55		$	66		$	222		$	226
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	78		$	74		$	245		$	234
MetLife Holdings:
	Adjusted earnings available to common shareholders	$	327		$	364		$	1,032		$	988
	Less: Total notable items (2)	(24		)	122			38			159
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	351		$	242		$	994		$	829
	Adjusted earnings available to common shareholders on a constant currency basis (5)	$	327		$	364		$	1,032		$	988
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (5)	$	351		$	242		$	994		$	829
Corporate & Other:
	Adjusted earnings available to common shareholders	$	(237	)	$	(336	)	$	(659	)	$	(557	)
	Less: Total notable items (2)	(88		)	(184		)	(184		)	(261		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	(149	)	$	(152	)	$	(475	)	$	(296	)
	Adjusted earnings available to common shareholders on a constant currency basis (5)	$	(237	)	$	(336	)	$	(659	)	$	(557	)
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (5)	$	(149	)	$	(152	)	$	(475	)	$	(296	)
See footnotes on last page.

Page 26 of 27

MetLife, Inc.
(Unaudited)
(1)	Adjusted earnings available to common shareholders is calculated on a standalone basis and may not equal the sum of (i) adjusted earnings available to common shareholders, excluding total notable items and (ii) total notable items.
(2)	Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively.
(3)	Book values exclude $3,340 million and $2,066 million of equity related to preferred stock at September 30, 2018 and 2017, respectively.
(4)	Annualized using quarter-to-date results.
(5)	Amounts on a reported basis, as constant currency impact is not significant.

Page 27 of 27

EX-99.2

Exhibit 99.2

Third Quarter

Financial Supplement

September 30, 2018

3

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)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Revenues
Premiums		$	10,876		$	9,571		$	9,178		$	15,153		$	10,242		$	29,421		$	34,573
Universal life and investment-type product policy fees		1,428			1,358			1,392			1,370			1,343			4,152			4,105
Net investment income		4,295			4,454			3,745			4,473			4,486			12,909			12,704
Other revenues		301			406			474			475			479			935			1,428
Net investment gains (losses)		(606		)	106			(333		)	(227		)	117			(414		)	(443		)
Net derivative gains (losses)		(123		)	(55		)	349			(59		)	(378		)	(535		)	(88		)
Total revenues		16,171			15,840			14,805			21,185			16,289			46,468			52,279
Expenses
Policyholder benefits and claims		10,728			9,295			8,718			14,866			10,080			29,018			33,664
Interest credited to policyholder account balances		1,338			1,526			769			1,424			1,334			4,081			3,527
Policyholder dividends		302			306			297			309			327			925			933
Capitalization of DAC		(761		)	(784		)	(796		)	(834		)	(810		)	(2,218		)	(2,440		)
Amortization of DAC and VOBA		626			736			693			707			732			1,945			2,132
Amortization of negative VOBA		(32		)	(27		)	(22		)	(16		)	(7		)	(113		)	(45		)
Interest expense on debt		284			278			286			309			267			851			862
Other expenses		3,201			3,549			3,204			3,319			3,287			9,404			9,810
Total expenses		15,686			14,879			13,149			20,084			15,210			43,893			48,443
Income (loss) from continuing operations before provision for income tax		485			961			1,656			1,101			1,079			2,575			3,836
Provision for income tax expense (benefit)		(398		)	(1,354		)	399			207			164			(116		)	770
Income (loss) from continuing operations, net of income tax		883			2,315			1,257			894			915			2,691			3,066
Income (loss) from discontinued operations, net of income tax		(968		)	—			—			—			—			(986		)	—
Net income (loss)		(85		)	2,315			1,257			894			915			1,705			3,066
Less: Net income (loss) attributable to noncontrolling interests		6			(2		)	4			3			3			12			10
Net income (loss) attributable to MetLife, Inc.		(91		)	2,317			1,253			891			912			1,693			3,056
Less: Preferred stock dividends		6			45			6			46			32			58			84
Net income (loss) available to MetLife, Inc.'s common shareholders		$	(97	)	$	2,272		$	1,247		$	845		$	880		$	1,635		$	2,972
Total Premiums, Fees and Other Revenues		$	12,605		$	11,335		$	11,044		$	16,998		$	12,064		$	34,508		$	40,106

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net income (loss) available to MetLife, Inc.'s common shareholders	$	(97	)	$	2,272		$	1,247		$	845		$	880
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(606		)	106			(333		)	(227		)	117
Less: Net derivative gains (losses)	(123		)	(55		)	349			(59		)	(378		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(494		)	(296		)	(146		)	(233		)	(360		)
Less: Provision for income tax (expense) benefit	985			1,837			(42		)	41			128
Less: Income (loss) from discontinued operations, net of income tax	(968		)	—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	6			(2		)	4			3			3
Adjusted earnings available to common shareholders	$	1,115		$	678		$	1,423		$	1,326		$	1,376
Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted	$	(0.09	)	$	2.14		$	1.19		$	0.83		$	0.88
Less: Net investment gains (losses)	(0.57		)	0.10			(0.32		)	(0.22		)	0.12
Less: Net derivative gains (losses)	(0.12		)	(0.05		)	0.33			(0.06		)	(0.38		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.45		)	(0.28		)	(0.14		)	(0.23		)	(0.37		)
Less: Provision for income tax (expense) benefit	0.92			1.73			(0.04		)	0.04			0.13
Less: Income (loss) from discontinued operations, net of income tax	(0.90		)	—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	0.01			—			—			—			—
Adjusted earnings available to common shareholders per common share - diluted	$	1.04		$	0.64		$	1.36		$	1.30		$	1.38
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 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	125			(110		)	62			—			(68		)
Litigation reserves & settlement costs	—			(55		)	—			—			—
Expense initiative costs	(17		)	(42		)	(34		)	(62		)	(88		)
Other expense-related items	—			—			—			—			—
Tax adjustments	(167		)	(298		)	—			—			—
Total notable items (2)	$	(69	)	$	(498	)	$	28		$	(62	)	$	(156	)
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	$	0.12		$	(0.10	)	$	0.06		$	—		$	(0.07	)
Litigation reserves & settlement costs	$	—		$	(0.05	)	$	—		$	—		$	—
Expense initiative costs	$	(0.02	)	$	(0.04	)	$	(0.03	)	$	(0.06	)	$	(0.09	)
Other expense-related items	$	—		$	—		$	—		$	—		$	—
Tax adjustments	$	(0.16	)	$	(0.28	)	$	—		$	—		$	—
Total notable items (2)	$	(0.06	)	$	(0.47	)	$	0.03		$	(0.06	)	$	(0.16	)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Weighted average common shares outstanding - diluted	1,071.5			1,062.1			1,044.4			1,023.8			1,000.7
(1) See Page A-1 for further detail.
(2) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per 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	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Book value per common share (1)	$	52.09		$	54.24		$	52.49		$	50.28		$	48.94
Book value per common share, excluding AOCI other than FCTA (1)	$	41.21		$	42.92		$	43.36		$	42.76		$	42.97
Book value per common share - tangible common stockholders' equity (1)	$	32.18		$	33.63		$	33.80		$	33.22		$	33.37
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Return on MetLife, Inc.'s (2):
Common stockholders' equity	(0.6		)%	16.3		%	9.0		%	6.5		%	7.1		%
Common stockholders' equity, excluding AOCI other than FCTA	(0.8		)%	20.6		%	11.2		%	7.8		%	8.3		%
Tangible common stockholders' equity	(0.9		)%	26.4		%	14.4		%	10.1		%	10.8		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	7.3		%	4.9		%	10.3		%	10.2		%	11.2		%
Common stockholders' equity, excluding AOCI other than FCTA	9.1		%	6.1		%	12.8		%	12.2		%	12.9		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	10.7		%	6.1		%	12.8		%	12.2		%	12.9		%
Tangible common stockholders' equity	11.4		%	8.0		%	16.4		%	15.8		%	16.8		%
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Common shares outstanding, beginning of period	1,063.5			1,054.3			1,043.6			1,024.1			1,000.2
Share repurchases	(10.4		)	(11.9		)	(21.4		)	(24.1		)	(14.1		)
Newly issued shares	1.2			1.2			1.9			0.2			0.5
Common shares outstanding, end of period	1,054.3			1,043.6			1,024.1			1,000.2			986.6
Weighted average common shares outstanding - basic	1,062.3			1,052.5			1,035.9			1,015.6			992.7
Dilutive effect of the exercise or issuance of stock-based awards	9.2			9.6			8.5			8.2			8.0
Weighted average common shares outstanding - diluted	1,071.5			1,062.1			1,044.4			1,023.8			1,000.7
MetLife Policyholder Trust Shares	157.3			155.2			153.5			151.6			150.0
(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)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Total revenues	$	16,171		$	15,840		$	14,805		$	21,185		$	16,289		$	46,468		$	52,279
Less: Net investment (gains) losses	(606		)	106			(333		)	(227		)	117			(414		)	(443		)
Less: Net derivative (gains) losses	(123		)	(55		)	349			(59		)	(378		)	(535		)	(88		)
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	4			(2		)	(5		)	(5		)	11			14			1
Less: Other adjustments to revenues:
GMIB fees	32			31			30			31			32			94			93
Investment hedge adjustments	(97		)	(85		)	(110		)	(119		)	(125		)	(350		)	(354		)
Operating joint venture adjustments	—			—			1			—			—			—			1
Unit-linked contract income	234			436			(353		)	286			149			864			82
Securitization entities income	—			—			—			—			—			—			—
Settlement of foreign currency earnings hedges	5			6			4			5			5			16			14
Certain partnership distributions	—			—			(12		)	(21		)	(1		)	—			(34		)
TSA fees	—			—			79			78			78			—			235
Divested businesses	(54		)	—			7			—			1			(562		)	8
Total adjusted revenues	$	16,776		$	15,403		$	15,148		$	21,216		$	16,400		$	47,341		$	52,764
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Net investment income	$	4,295		$	4,454		$	3,745		$	4,473		$	4,486		$	12,909		$	12,704
Less: Adjustments to net investment income:
Investment hedge adjustments	(97		)	(85		)	(110		)	(119		)	(125		)	(350		)	(354		)
Operating joint venture adjustments	—			—			1			—			—			—			1
Unit-linked contract income	234			436			(353		)	286			149			864			82
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			—			(12		)	(21		)	(1		)	—			(34		)
Divested businesses	2			—			—			—			1			(46		)	1
Net investment income, as reported on an adjusted basis	$	4,156		$	4,103		$	4,219		$	4,327		$	4,462		$	12,441		$	13,008
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Total premiums, fees and other revenues	$	12,605		$	11,335		$	11,044		$	16,998		$	12,064		$	34,508		$	40,106
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	4			(2		)	(5		)	(5		)	11			14			1
GMIB fees	32			31			30			31			32			94			93
Settlement of foreign currency earnings hedges	5			6			4			5			5			16			14
TSA fees	—			—			79			78			78			—			235
Divested businesses	(56		)	—			7			—			—			(516		)	7
Total adjustedpremiums, fees and other revenues	$	12,620		$	11,300		$	10,929		$	16,889		$	11,938		$	34,900		$	39,756
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	12,517		$	11,234		$	10,748		$	16,787		$	11,938

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Total expenses	$	15,686		$	14,879		$	13,149		$	20,084		$	15,210		$	43,893		$	48,443
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(2		)	(28		)	(14		)	(10		)	89			(32		)	65
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	(28		)	(77		)	41			—			(13		)	46			28
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	138			93			15			60			187			259			262
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	6			2			—			(1		)	—			11			(1		)
PAB hedge adjustments	(1		)	—			(1		)	(1		)	(1		)	(3		)	(3		)
Unit-linked contract costs	229			420			(347		)	268			133			844			54
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(10		)	5			(7		)	(5		)	(3		)	(17		)	(15		)
Regulatory implementation costs	—			—			1			2			3			—			6
Acquisition, integration and other costs	20			23			11			14			13			42			38
TSA fees	—			—			79			78			78			—			235
Divested businesses	266			244			9			83			24			252			116
Total adjusted expenses	$	15,068		$	14,197		$	13,362		$	19,596		$	14,700		$	42,491		$	47,658
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Capitalization of DAC	$	(761	)	$	(784	)	$	(796	)	$	(834	)	$	(810	)	$	(2,218	)	$	(2,440	)
Less: Divested businesses	4			—			(1		)	—			—			34			(1		)
Capitalization of DAC, as reported on an adjusted basis	$	(765	)	$	(784	)	$	(795	)	$	(834	)	$	(810	)	$	(2,252	)	$	(2,439	)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Other expenses	$	3,201		$	3,549		$	3,204		$	3,319		$	3,287		$	9,404		$	9,810
Less: Noncontrolling interest	(10		)	5			(7		)	(5		)	(3		)	(17		)	(15		)
Less: Regulatory implementation costs	—			—			1			2			3			—			6
Less: Acquisition, integration and other costs	20			23			11			14			13			42			38
Less: TSA fees	—			—			79			78			78			—			235
Less: Divested businesses	70			244			10			53			9			247			72
Other expenses, as reported on an adjusted basis	$	3,121		$	3,277		$	3,110		$	3,177		$	3,187		$	9,132		$	9,474
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,067		$	3,238		$	3,029		$	3,129		$	3,187

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Other expenses	$	3,201		$	3,549		$	3,204		$	3,319		$	3,287		$	9,404		$	9,810
Capitalization of DAC	(761		)	(784		)	(796		)	(834		)	(810		)	(2,218		)	(2,440		)
Other expenses, net of capitalization of DAC	$	2,440		$	2,765		$	2,408		$	2,485		$	2,477		$	7,186		$	7,370
Total premiums, fees and other revenues	$	12,605		$	11,335		$	11,044		$	16,998		$	12,064		$	34,508		$	40,106
Expense ratio	19.4		%	24.4		%	21.8		%	14.6		%	20.5		%	20.8		%	18.4		%
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,506		$	1,697		$	1,462		$	1,500		$	1,543		$	4,309		$	4,505
Pension, postretirement and postemployment benefit costs	80			66			49			47			45			235			141
Premium taxes, other taxes, and licenses & fees	144			153			178			187			193			467			558
Commissions and other variable expenses	1,391			1,361			1,421			1,443			1,406			4,121			4,270
Other expenses, as reported on an adjusted basis	3,121			3,277			3,110			3,177			3,187			9,132			9,474
Capitalization of DAC, as reported on an adjusted basis	(765		)	(784		)	(795		)	(834		)	(810		)	(2,252		)	(2,439		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,356			2,493			2,315			2,343			2,377			6,880			7,035
Less: Total notable items related to other expenses, as reported on an adjusted basis	26			149			43			78			112			228			233
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,330		$	2,344		$	2,272		$	2,265		$	2,265		$	6,652		$	6,802
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Employee related costs	$	937		$	846		$	937		$	894		$	921		$	2,753		$	2,752
Third party staffing costs	412			519			381			401			435			1,172			1,217
General and administrative expenses	157			332			144			205			187			384			536
Direct expenses	1,506			1,697			1,462			1,500			1,543			4,309			4,505
Less: Total notable items related to direct expenses	26			149			43			78			112			147			233
Direct expenses, excluding total notable items related to direct expenses	$	1,480		$	1,548		$	1,419		$	1,422		$	1,431		$	4,162		$	4,272
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,356		$	2,493		$	2,315		$	2,343		$	2,377		$	6,880		$	7,035
Less: Total notable items related to other expenses, as reported on an adjusted basis	26			149			43			78			112			228			233
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,330		$	2,344		$	2,272		$	2,265		$	2,265		$	6,652		$	6,802
Total adjusted premiums, fees and other revenues	$	12,620		$	11,300		$	10,929		$	16,889		$	11,938		$	34,900		$	39,756
Less: Pension risk transfer ("PRT")	1,829			597			—			5,952			1,018			2,708			6,970
Total adjusted premiums, fees and other revenues, excluding PRT	$	10,791		$	10,703		$	10,929		$	10,937		$	10,920		$	32,192		$	32,786
Direct expense ratio	11.9		%	15.0		%	13.4		%	8.9		%	12.9		%	12.3		%	11.3		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	13.7		%	14.5		%	13.0		%	13.0		%	13.1		%	12.9		%	13.0		%
Adjusted expense ratio	18.7		%	22.1		%	21.2		%	13.9		%	19.9		%	19.7		%	17.7		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	21.6		%	21.9		%	20.8		%	20.7		%	20.7		%	20.7		%	20.7		%

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	308,894		$	308,931		$	304,711		$	306,331		$	304,840
Equity securities available-for-sale, at estimated fair value	2,776			2,513			1,544			1,483			1,479
Contractholder-directed equity securities and fair value option securities, at estimated fair value	16,538			16,745			16,444			13,848			13,540
Mortgage loans	68,057			68,731			71,055			70,852			72,461
Policy loans	9,585			9,669			9,744			9,702			9,703
Real estate and real estate joint ventures	9,486			9,637			9,862			9,741			9,977
Other limited partnership interests	5,501			5,708			5,876			5,985			6,374
Short-term investments, principally at estimated fair value	7,217			4,870			5,121			3,853			5,231
Other invested assets, principally at estimated fair value	17,652			17,263			17,486			17,017			16,336
Total investments	445,706			444,067			441,843			438,812			439,941
Cash and cash equivalents, principally at estimated fair value	13,023			12,701			13,927			16,312			12,490
Accrued investment income	3,692			3,524			3,638			3,512			3,691
Premiums, reinsurance and other receivables	18,588			18,423			19,368			19,608			19,820
Deferred policy acquisition costs and value of business acquired	18,399			18,419			19,330			19,013			19,160
Current income tax recoverable	3			—			—			—			—
Goodwill	9,556			9,590			9,733			9,499			9,440
Other assets	8,149			8,167			8,387			8,230			8,493
Separate account assets	203,399			205,001			196,358			191,347			185,416
Total assets	$	720,515		$	719,892		$	712,584		$	706,333		$	698,451
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	176,005		$	177,974		$	180,348		$	184,461		$	185,476
Policyholder account balances	181,703			182,518			184,289			182,493			184,094
Other policy-related balances	15,428			15,515			16,023			15,908			16,207
Policyholder dividends payable	730			682			672			695			709
Policyholder dividend obligation	2,201			2,121			1,277			792			456
Payables for collateral under securities loaned and other transactions	27,132			25,723			26,151			27,030			26,075
Short-term debt	214			477			526			479			290
Long-term debt	16,688			15,686			15,707			14,536			13,408
Collateral financing arrangements	1,220			1,121			1,108			1,085			1,073
Junior subordinated debt securities	3,144			3,144			3,145			3,146			3,146
Current income tax payable	—			311			155			222			166
Deferred income tax liability	8,695			6,767			6,304			5,377			4,924
Other liabilities	26,745			23,982			24,013			24,930			25,202
Separate account liabilities	203,399			205,001			196,358			191,347			185,416
Total liabilities	663,304			661,022			656,076			652,501			646,642
Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	31,066			31,111			31,653			32,454			32,475
Retained earnings	24,677			26,527			26,453			26,870			27,331
Treasury stock, at cost	(5,779		)	(6,401		)	(7,442		)	(8,557		)	(9,193		)
Accumulated other comprehensive income (loss)	7,005			7,427			5,634			2,854			1,000
Total MetLife, Inc.'s stockholders' equity	56,981			58,676			56,310			53,633			51,625
Noncontrolling interests	230			194			198			199			184
Total equity	57,211			58,870			56,508			53,832			51,809
Total liabilities and equity	$	720,515		$	719,892		$	712,584		$	706,333		$	698,451

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)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	370		$	352		$	283		$	335		$	474
RETIREMENT AND INCOME SOLUTIONS	381			266			426			436			426
PROPERTY & CASUALTY	63			133			115			74			104
TOTAL U.S.	$	814		$	751		$	824		$	845		$	1,004
ASIA	470			471			472			524			397
LATIN AMERICA	214			158			215			200			235
EMEA	92			91			102			112			70
METLIFE HOLDINGS	538			276			529			346			405
CORPORATE & OTHER	(420		)	(541		)	(356		)	(407		)	(411		)
Total adjusted earnings before provision for income tax	$	1,708		$	1,206		$	1,786		$	1,620		$	1,700
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	129		$	122		$	65		$	74		$	104
RETIREMENT AND INCOME SOLUTIONS	134			93			87			89			87
PROPERTY & CASUALTY	12			38			19			11			18
TOTAL U.S.	$	275		$	253		$	171		$	174		$	209
ASIA	156			161			145			161			131
LATIN AMERICA	51			33			75			55			65
EMEA	21			12			21			26			15
METLIFE HOLDINGS	174			82			104			66			78
CORPORATE & OTHER	(90		)	(58		)	(159		)	(234		)	(206		)
Total provision for income tax expense (benefit)	$	587		$	483		$	357		$	248		$	292
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	241		$	230		$	218		$	261		$	370
RETIREMENT AND INCOME SOLUTIONS	247			173			339			347			339
PROPERTY & CASUALTY	51			95			96			63			86
TOTAL U.S.	$	539		$	498		$	653		$	671		$	795
ASIA	314			310			327			363			266
LATIN AMERICA	163			125			140			145			170
EMEA	71			79			81			86			55
METLIFE HOLDINGS	364			194			425			280			327
CORPORATE & OTHER (1)	(336		)	(528		)	(203		)	(219		)	(237		)
Total adjusted earnings available to common shareholders (1)	$	1,115		$	678		$	1,423		$	1,326		$	1,376
ADJUSTED RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.
GROUP BENEFITS	34.2		%	32.7		%	31.2		%	37.3		%	52.9		%
RETIREMENT AND INCOME SOLUTIONS	17.8		%	12.5		%	21.8		%	22.4		%	21.8		%
PROPERTY & CASUALTY	11.0		%	20.4		%	20.7		%	13.6		%	18.6		%
TOTAL U.S.	21.1		%	19.5		%	24.1		%	24.7		%	29.3		%
ASIA	10.0		%	9.9		%	9.2		%	10.2		%	7.5		%
LATIN AMERICA	22.2		%	17.0		%	17.8		%	18.5		%	21.7		%
EMEA	8.8		%	9.8		%	9.3		%	9.9		%	6.3		%
METLIFE HOLDINGS	12.9		%	6.9		%	16.9		%	11.1		%	13.0		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.	24.6		%	22.7		%	27.9		%	28.6		%	33.9		%
ASIA	16.0		%	15.8		%	13.9		%	15.4		%	11.3		%
LATIN AMERICA	38.3		%	29.3		%	29.8		%	30.9		%	36.2		%
EMEA	14.5		%	16.1		%	15.3		%	16.2		%	10.5		%
METLIFE HOLDINGS	14.5		%	7.8		%	19.0		%	12.6		%	14.6		%
(1) Includes impact of preferred stock dividends of $6 million, $45 million, $6 million, $46 million and $32 million for the three months ended September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 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)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	6,987		$	5,583		$	5,217		$	11,302		$	6,431		$	18,049		$	22,950
Universal life and investment-type product policy fees		247			249			258			262			252			763			772
Net investment income		1,602			1,607			1,662			1,719			1,787			4,789			5,168
Other revenues		197			206			204			203			206			600			613
Total adjusted revenues		9,033			7,645			7,341			13,486			8,676			24,201			29,503
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		6,916			5,580			5,138			11,233			6,219			18,047			22,590
Interest credited to policyholder account balances		376			388			407			439			457			1,086			1,303
Capitalization of DAC		(126		)	(116		)	(106		)	(114		)	(116		)	(342		)	(336		)
Amortization of DAC and VOBA		118			113			115			114			128			346			357
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			3			2			4			2			8			8
Other expenses		933			926			961			965			982			2,756			2,908
Total adjusted expenses		8,219			6,894			6,517			12,641			7,672			21,901			26,830
Adjusted earnings before provision for income tax		814			751			824			845			1,004			2,300			2,673
Provision for income tax expense (benefit)		275			253			171			174			209			771			554
Adjusted earnings		539			498			653			671			795			1,529			2,119
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	539		$	498		$	653		$	671		$	795		$	1,529		$	2,119
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	539		$	498		$	653		$	671		$	795		$	1,529		$	2,119
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		96			102			(110		)	67			58			78			15
Net derivative gains (losses)		(14		)	13			(54		)	151			(17		)	(34		)	80
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(43		)	(35		)	(54		)	(74		)	(63		)	(160		)	(191		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1		)	(1		)	8			(2		)	6			(4		)	12
Interest credited to policyholder account balances		1			—			1			1			1			3			3
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(13		)	(28		)	45			(31		)	2			40			16
Income (loss) from continuing operations, net of income tax		565			549			489			783			782			1,452			2,054
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		565			549			489			783			782			1,452			2,054
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		565			549			489			783			782			1,452			2,054
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	565		$	549		$	489		$	783		$	782		$	1,452		$	2,054
Total Adjusted Premiums, Fees and Other Revenues		$	7,431		$	6,038		$	5,679		$	11,767		$	6,889		$	19,412		$	24,335

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)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	3,756		$	3,780		$	4,094		$	4,051		$	3,988		$	11,607		$	12,133
Universal life and investment-type product policy fees		197			198			203			199			200			601			602
Net investment income		285			275			279			277			296			850			852
Other revenues		120			127			126			128			129			367			383
Total adjusted revenues		4,358			4,380			4,702			4,655			4,613			13,425			13,970
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,374			3,413			3,744			3,659			3,455			10,604			10,858
Interest credited to policyholder account balances		34			34			33			36			37			102			106
Capitalization of DAC		(8		)	(7		)	(7		)	(8		)	(6		)	(24		)	(21		)
Amortization of DAC and VOBA		9			7			11			10			22			29			43
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			1			—			1			—			1			1
Other expenses		579			580			638			622			631			1,733			1,891
Total adjusted expenses		3,988			4,028			4,419			4,320			4,139			12,445			12,878
Adjusted earnings before provision for income tax		370			352			283			335			474			980			1,092
Provision for income tax expense (benefit)		129			122			65			74			104			342			243
Adjusted earnings		241			230			218			261			370			638			849
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	241		$	230		$	218		$	261		$	370		$	638		$	849
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	241		$	230		$	218		$	261		$	370		$	638		$	849
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		—			7			(17		)	(11		)	29			6			1
Net derivative gains (losses)		(7		)	(13		)	(45		)	17			(21		)	(15		)	(49		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(16		)	(15		)	(16		)	(16		)	(15		)	(54		)	(47		)
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		8			7			17			2			—			22			19
Income (loss) from continuing operations, net of income tax		226			216			157			253			363			597			773
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		226			216			157			253			363			597			773
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		226			216			157			253			363			597			773
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	226		$	216		$	157		$	253		$	363		$	597		$	773
Total Adjusted Premiums, Fees and Other Revenues		$	4,073		$	4,105		$	4,423		$	4,378		$	4,317		$	12,575		$	13,118

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)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	2,336		$	902		$	244		$	6,359		$	1,535		$	3,797		$	8,138
Universal life and investment-type product policy fees		50			51			55			63			52			162			170
Net investment income		1,276			1,294			1,340			1,400			1,444			3,815			4,184
Other revenues		73			73			72			70			71			217			213
Total adjusted revenues		3,735			2,320			1,711			7,892			3,102			7,991			12,705
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		2,897			1,587			806			6,938			2,144			5,461			9,888
Interest credited to policyholder account balances		342			354			374			403			420			984			1,197
Capitalization of DAC		(12		)	(9		)	(5		)	(1		)	(2		)	(22		)	(8		)
Amortization of DAC and VOBA		7			4			6			6			5			16			17
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			2			3			2			7			7
Other expenses		118			116			102			107			107			342			316
Total adjusted expenses		3,354			2,054			1,285			7,456			2,676			6,788			11,417
Adjusted earnings before provision for income tax		381			266			426			436			426			1,203			1,288
Provision for income tax expense (benefit)		134			93			87			89			87			420			263
Adjusted earnings		247			173			339			347			339			783			1,025
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	247		$	173		$	339		$	347		$	339		$	783		$	1,025
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	247		$	173		$	339		$	347		$	339		$	783		$	1,025
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		96			93			(90		)	81			31			67			22
Net derivative gains (losses)		(8		)	24			(8		)	133			4			(15		)	129
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(27		)	(20		)	(38		)	(58		)	(48		)	(106		)	(144		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1		)	(1		)	8			(2		)	6			(4		)	12
Interest credited to policyholder account balances		1			—			1			1			1			3			3
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(21		)	(33		)	27			(33		)	1			18			(5		)
Income (loss) from continuing operations, net of income tax		287			236			239			469			334			746			1,042
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		287			236			239			469			334			746			1,042
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		287			236			239			469			334			746			1,042
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	287		$	236		$	239		$	469		$	334		$	746		$	1,042
Total Adjusted Premiums, Fees and Other Revenues		$	2,459		$	1,026		$	371		$	6,492		$	1,658		$	4,176		$	8,521

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)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums	$	895		$	901		$	879		$	892		$	908		$	2,645		$	2,679
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	41			38			43			42			47			124			132
Other revenues	4			6			6			5			6			16			17
Total adjusted revenues	940			945			928			939			961			2,785			2,828
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	645			580			588			636			620			1,982			1,844
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(106		)	(100		)	(94		)	(105		)	(108		)	(296		)	(307		)
Amortization of DAC and VOBA	102			102			98			98			101			301			297
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	236			230			221			236			244			681			701
Total adjusted expenses	877			812			813			865			857			2,668			2,535
Adjusted earnings before provision for income tax	63			133			115			74			104			117			293
Provision for income tax expense (benefit)	12			38			19			11			18			9			48
Adjusted earnings	51			95			96			63			86			108			245
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	51		$	95		$	96		$	63		$	86		$	108		$	245
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	51		$	95		$	96		$	63		$	86		$	108		$	245
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)	—			2			(3		)	(3		)	(2		)	5			(8		)
Net derivative gains (losses)	1			2			(1		)	1			—			(4		)	—
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	—			(2		)	1			—			1			—			2
Income (loss) from continuing operations, net of income tax	52			97			93			61			85			109			239
Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Net income (loss)	52			97			93			61			85			109			239
Less: Net income (loss) attributable to noncontrolling interests	—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.	52			97			93			61			85			109			239
Less: Preferred stock dividends	—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	52		$	97		$	93		$	61		$	85		$	109		$	239
Total Adjusted Premiums, Fees and Other Revenues	$	899		$	907		$	885		$	897		$	914		$	2,661		$	2,696

13

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	18,954		$	18,939		$	18,927		$	18,958		$	18,909
Premiums and deposits	4,549			4,553			4,933			4,876			4,784
Surrenders and withdrawals	(646		)	(588		)	(621		)	(617		)	(611		)
Benefit payments	(3,378		)	(3,496		)	(3,822		)	(3,786		)	(3,541		)
Net Flows	525			469			490			473			632
Net transfers from (to) separate account	2			—			—			—			(1		)
Interest	132			129			138			142			145
Policy charges	(149		)	(148		)	(149		)	(150		)	(147		)
Other	(525		)	(462		)	(448		)	(514		)	(634		)
Balance, end of period	$	18,939		$	18,927		$	18,958		$	18,909		$	18,904
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	836		$	857		$	889		$	880		$	898
Premiums and deposits	62			62			63			62			63
Surrenders and withdrawals	(19		)	(17		)	(21		)	(16		)	(16		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	(1		)
Net Flows	42			44			41			45			46
Investment performance	35			41			3			27			44
Net transfers from (to) general account	(2		)	—			—			—			1
Policy charges	(52		)	(51		)	(52		)	(52		)	(53		)
Other	(2		)	(2		)	(1		)	(2		)	(1		)
Balance, end of period	$	857		$	889		$	880		$	898		$	935

14

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Direct and allocated expenses	$	310		$	321		$	325		$	310		$	313
Pension, postretirement and postemployment benefit costs	17			16			7			13			10
Premium taxes, other taxes, and licenses & fees	50			52			83			81			86
Commissions and other variable expenses	202			191			223			218			222
Other expenses, as reported on an adjusted basis	$	579		$	580		$	638		$	622		$	631
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Group Life (1)
Adjusted premiums, fees and other revenues	$	1,641		$	1,633		$	1,739		$	1,741		$	1,722
Mortality ratio	85.0		%	87.2		%	88.0		%	87.9		%	85.0		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,628		$	1,640		$	1,719		$	1,687		$	1,713
Interest adjusted benefit ratio (3)	74.7		%	73.7		%	75.9		%	73.1		%	68.1		%
(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)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	103,417		$	107,296		$	108,147		$	108,096		$	113,324
Premiums and deposits	19,622			17,659			20,064			23,118			21,295
Surrenders and withdrawals	(15,926		)	(16,912		)	(20,895		)	(17,158		)	(19,576		)
Benefit payments	(849		)	(841		)	(816		)	(928		)	(1,002		)
Net Flows	2,847			(94		)	(1,647		)	5,032			717
Net transfers from (to) separate account	1			6			(9		)	—			—
Interest	864			880			904			969			1,013
Policy charges	(20		)	(6		)	(34		)	(39		)	(37		)
Other	187			65			735			(734		)	(221		)
Balance, end of period	$	107,296		$	108,147		$	108,096		$	113,324		$	114,796
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	87,049		$	82,341		$	80,354		$	76,709		$	77,223
Premiums and deposits	958			1,261			1,651			2,234			850
Surrenders and withdrawals	(4,550		)	(2,889		)	(4,567		)	(2,133		)	(7,370		)
Benefit payments	(22		)	(11		)	(17		)	(34		)	(17		)
Net Flows	(3,614		)	(1,639		)	(2,933		)	67			(6,537		)
Investment performance	1,003			812			(798		)	30			564
Net transfers from (to) general account	(1		)	(6		)	9			—			—
Policy charges	(77		)	(76		)	(78		)	(78		)	(74		)
Other	(2,019		)	(1,078		)	155			495			(780		)
Balance, end of period	$	82,341		$	80,354		$	76,709		$	77,223		$	70,396

16

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Direct and allocated expenses	$	64		$	64		$	67		$	63		$	59
Pension, postretirement and postemployment benefit costs	5			5			1			2			2
Premium taxes, other taxes, and licenses & fees	3			13			2			6			5
Commissions and other variable expenses	46			34			32			36			41
Other expenses, as reported on an adjusted basis	$	118		$	116		$	102		$	107		$	107
SPREAD
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Investment income yield excluding variable investment income	4.42		%	4.43		%	4.50		%	4.73		%	4.70		%
Variable investment income yield	0.36		%	0.22		%	0.22		%	0.16		%	0.21		%
Total investment income yield	4.78		%	4.65		%	4.72		%	4.89		%	4.91		%
Average crediting rate	3.43		%	3.38		%	3.44		%	3.60		%	3.66		%
Annualized general account spread	1.35		%	1.27		%	1.28		%	1.29		%	1.25		%
Annualized general account spread excluding variable investment income yield	0.99		%	1.05		%	1.06		%	1.13		%	1.04		%

17

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Direct and allocated expenses	$	100		$	104		$	103		$	103		$	110
Pension, postretirement and postemployment benefit costs	8			8			4			4			4
Premium taxes, other taxes, and licenses & fees	23			23			20			26			26
Commissions and other variable expenses	105			95			94			103			104
Other expenses, as reported on an adjusted basis	$	236		$	230		$	221		$	236		$	244
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net Written Premiums by Product
Auto	$	617		$	581		$	586		$	611		$	632
Homeowners & Other	329			291			261			330			339
Total	$	946		$	872		$	847		$	941		$	971
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	895		$	901		$	879		$	892		$	908
Loss and loss adjustment expense ratio	72.1		%	64.4		%	66.9		%	71.3		%	68.2		%
Other expense ratio	25.7		%	25.5		%	25.3		%	25.5		%	25.8		%
Total combined ratio	97.8		%	89.9		%	92.2		%	96.8		%	94.0		%
Effect of catastrophe losses	9.6		%	3.0		%	6.6		%	12.1		%	5.4		%
Combined ratio excluding catastrophes	88.2		%	86.9		%	85.6		%	84.7		%	88.6		%
Prior year development	(0.7)		%	(1.2)		%	(0.6)		%	(0.4)		%	(0.3)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	88.9		%	88.1		%	86.2		%	85.1		%	88.9		%
Auto
Net earned premium	$	585		$	591		$	582		$	591		$	599
Loss and loss adjustment expense ratio	74.5		%	74.9		%	65.8		%	66.1		%	70.0		%
Other expense ratio	25.2		%	24.9		%	25.5		%	25.1		%	25.5		%
Total combined ratio	99.7		%	99.8		%	91.3		%	91.2		%	95.5		%
Effect of catastrophe losses	6.4		%	0.6		%	(0.2		)%	0.9		%	1.5		%
Combined ratio excluding catastrophes	93.3		%	99.2		%	91.5		%	90.3		%	94.0		%
Prior year development	(0.9)		%	(1.8		)%	(0.7		)%	(0.3)		%	(0.4)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	94.2		%	101.0		%	92.2		%	90.6		%	94.4		%
Homeowners & Other
Net earned premium	$	310		$	310		$	297		$	301		$	309
Loss and loss adjustment expense ratio	67.5		%	44.4		%	68.9		%	81.4		%	64.7		%
Other expense ratio	26.5		%	26.6		%	24.9		%	26.5		%	26.5		%
Total combined ratio	94.0		%	71.0		%	93.8		%	107.9		%	91.2		%
Effect of catastrophe losses	15.7		%	7.6		%	19.8		%	34.1		%	12.9		%
Combined ratio excluding catastrophes	78.3		%	63.4		%	74.0		%	73.8		%	78.3		%
Prior year development	(0.2)		%	(0.2)		%	(0.4)		%	(0.6)		%	(0.2)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	78.5		%	63.6		%	74.4		%	74.4		%	78.5		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	37		$	4		$	(1	)	$	5		$	9
Homeowners & Other	49			23			59			103			40
Total	$	86		$	27		$	58		$	108		$	49
(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)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	1,696		$	1,692		$	1,748		$	1,654		$	1,689		$	5,063		$	5,091
Universal life and investment-type product policy fees		458			385			394			399			428			1,199			1,221
Net investment income		762			792			795			839			830			2,193			2,464
Other revenues		11			11			15			13			12			32			40
Total adjusted revenues		2,927			2,880			2,952			2,905			2,959			8,487			8,816
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,223			1,290			1,343			1,237			1,354			3,785			3,934
Interest credited to policyholder account balances		349			348			351			362			381			1,003			1,094
Capitalization of DAC		(420		)	(442		)	(465		)	(495		)	(478		)	(1,268		)	(1,438		)
Amortization of DAC and VOBA		424			295			314			313			366			1,005			993
Amortization of negative VOBA		(24		)	(20		)	(15		)	(12		)	(4		)	(91		)	(31		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		905			938			952			976			943			2,675			2,871
Total adjusted expenses		2,457			2,409			2,480			2,381			2,562			7,109			7,423
Adjusted earnings before provision for income tax		470			471			472			524			397			1,378			1,393
Provision for income tax expense (benefit)		156			161			145			161			131			459			437
Adjusted earnings		314			310			327			363			266			919			956
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	314		$	310		$	327		$	363		$	266		$	919		$	956
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	314		$	310		$	327		$	363		$	266		$	919		$	956
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(37		)	67			78			5			(72		)	61			11
Net derivative gains (losses)		(58		)	40			259			(177		)	(339		)	(9		)	(257		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		3			(1		)	(4		)	(3		)	10			14			3
Net investment income		80			116			(86		)	7			60			198			(19		)
Other revenues		5			6			4			5			5			16			14
Policyholder benefits and claims and policyholder dividends		(8		)	(2		)	—			1			1			(18		)	2
Interest credited to policyholder account balances		(90		)	(127		)	74			(16		)	(64		)	(218		)	(6		)
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(1		)	3			7			1			(17		)	(12		)	(9		)
Amortization of negative VOBA		2			1			1			—			—			8			1
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(3		)	(11		)	(4		)	—			(3		)	(16		)	(7		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		36			(31		)	(92		)	49			126			(16		)	83
Income (loss) from continuing operations, net of income tax		243			371			564			235			(27		)	927			772
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		243			371			564			235			(27		)	927			772
Less: Net income (loss) attributable to noncontrolling interests		1			—			—			1			(1		)	2			—
Net income (loss) attributable to MetLife, Inc.		242			371			564			234			(26		)	925			772
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	242		$	371		$	564		$	234		$	(26	)	$	925		$	772
Total Adjusted Premiums, Fees and Other Revenues		$	2,165		$	2,088		$	2,157		$	2,066		$	2,129		$	6,294		$	6,352

19

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Total adjusted premiums, fees and other revenues	$	2,165	$	2,088	$	2,157	$	2,066	$	2,129
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	2,151	$	2,096	$	2,089	$	2,017	$	2,129
Add: Operating joint ventures premiums, fees and other revenues, on a constant currency basis (1), (2)	191		212		226		211		220
Total adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,342	$	2,308	$	2,315	$	2,228	$	2,349
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Direct and allocated expenses	$	337	$	352	$	332	$	334	$	325
Pension, postretirement and postemployment benefit costs	21		22		21		20		20
Premium taxes, other taxes, and licenses & fees	33		28		37		44		40
Commissions and other variable expenses	514		536		562		578		558
Other expenses, as reported on an adjusted basis	$	905	$	938	$	952	$	976	$	943
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	485	$	496	$	487	$	481	$	465
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	898	$	941	$	924	$	955	$	943
Add: Operating joint ventures other expenses, as reported on an adjusted basis, on a constant currency basis (1), (2)	78		88		87		90		94
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	976	$	1,029	$	1,011	$	1,045	$	1,037
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	526	$	550	$	522	$	527	$	522
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Japan:
Life	$	156	$	161	$	164	$	165	$	165
Accident & Health	74		88		79		91		104
Annuities	95		96		168		200		181
Other	2		2		2		2		1
Total Japan	327		347		413		458		451
Other Asia	228		255		225		218		265
Total sales	$	555	$	602	$	638	$	676	$	716
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Adjusted earnings available to common shareholders	$	314	$	310	$	327	$	363	$	266
Adjusted earnings available to common shareholders, on a constant currency basis	$	310	$	308	$	317	$	355	$	266
(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 of: (i) Vietnam, (ii) China, (iii) Malaysia and (iv) India.

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)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	701		$	700		$	699		$	688		$	692		$	1,993		$	2,079
Universal life and investment-type product policy fees		229			280			282			275			229			764			786
Net investment income		299			328			276			327			339			891			942
Other revenues		7			8			8			9			7			24			24
Total adjusted revenues		1,236			1,316			1,265			1,299			1,267			3,672			3,831
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		640			666			646			660			670			1,869			1,976
Interest credited to policyholder account balances		99			94			98			95			102			275			295
Capitalization of DAC		(94		)	(100		)	(94		)	(91		)	(97		)	(264		)	(282		)
Amortization of DAC and VOBA		—			78			60			71			5			146			136
Amortization of negative VOBA		(1		)	—			—			—			(1		)	(1		)	(1		)
Interest expense on debt		1			1			2			1			2			4			5
Other expenses		377			419			338			363			351			1,060			1,052
Total adjusted expenses		1,022			1,158			1,050			1,099			1,032			3,089			3,181
Adjusted earnings before provision for income tax		214			158			215			200			235			583			650
Provision for income tax expense (benefit)		51			33			75			55			65			123			195
Adjusted earnings		163			125			140			145			170			460			455
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	163		$	125		$	140		$	145		$	170		$	460		$	455
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	163		$	125		$	140		$	145		$	170		$	460		$	455
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		20			(81		)	3			1			5			34			9
Net derivative gains (losses)		46			(65		)	149			(116		)	35			173			68
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			7			—			—			—			7
Net investment income		29			9			(7		)	(16		)	(3		)	60			(26		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		29			78			(49		)	2			6			(42		)	(41		)
Interest credited to policyholder account balances		(35		)	(15		)	(16		)	—			(12		)	(90		)	(28		)
Capitalization of DAC		—			—			1			—			—			—			1
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		2			1			—			2			2			7			4
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(30		)	9			(42		)	36			(5		)	(50		)	(11		)
Income (loss) from continuing operations, net of income tax		224			61			186			54			198			552			438
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		224			61			186			54			198			552			438
Less: Net income (loss) attributable to noncontrolling interests		1			2			1			2			1			5			4
Net income (loss) attributable to MetLife, Inc.		223			59			185			52			197			547			434
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	223		$	59		$	185		$	52		$	197		$	547		$	434
Total Adjusted Premiums, Fees and Other Revenues		$	937		$	988		$	989		$	972		$	928		$	2,781		$	2,889

21

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Direct and allocated expenses	$	142	$	175	$	105	$	142	$	128
Pension, postretirement and postemployment benefit costs	1		2		1		1		1
Premium taxes, other taxes, and licenses & fees	16		18		17		15		16
Commissions and other variable expenses	218		224		215		205		206
Other expenses, as reported on an adjusted basis	$	377	$	419	$	338	$	363	$	351
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	283	$	319	$	244	$	272	$	254
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	341	$	389	$	305	$	347	$	351
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	255	$	294	$	217	$	259	$	254
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Mexico	$	82	$	89	$	76	$	79	$	77
Chile	74		71		81		81		87
All other	49		56		48		50		46
Total sales	$	205	$	216	$	205	$	210	$	210
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Adjusted premiums, fees and other revenues	$	937	$	988	$	989	$	972	$	928
Adjusted earnings available to common shareholders	$	163	$	125	$	140	$	145	$	170
Adjusted premiums, fees and other revenues, on a constant currency basis	$	869	$	941	$	919	$	943	$	928
Adjusted earnings available to common shareholders, on a constant currency basis	$	150	$	120	$	139	$	133	$	170

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)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	527		$	527		$	551		$	546		$	514		$	1,534		$	1,611
Universal life and investment-type product policy fees		109			109			112			107			105			296			324
Net investment income		77			80			75			73			73			229			221
Other revenues		(2		)	15			16			20			15			43			51
Total adjusted revenues		711			731			754			746			707			2,102			2,207
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		282			256			294			286			281			821			861
Interest credited to policyholder account balances		26			25			25			26			24			75			75
Capitalization of DAC		(109		)	(113		)	(118		)	(121		)	(109		)	(301		)	(348		)
Amortization of DAC and VOBA		78			97			106			108			110			260			324
Amortization of negative VOBA		(5		)	(6		)	(6		)	(4		)	(2		)	(13		)	(12		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		347			381			351			339			333			995			1,023
Total adjusted expenses		619			640			652			634			637			1,837			1,923
Adjusted earnings before provision for income tax		92			91			102			112			70			265			284
Provision for income tax expense (benefit)		21			12			21			26			15			47			62
Adjusted earnings		71			79			81			86			55			218			222
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	71		$	79		$	81		$	86		$	55		$	218		$	222
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	71		$	79		$	81		$	86		$	55		$	218		$	222
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(12		)	(2		)	(6		)	4			3			(8		)	1
Net derivative gains (losses)		3			11			1			(2		)	39			21			38
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		8			6			6			6			9			20			21
Net investment income		109			294			(293		)	269			65			554			41
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(9		)	7			5			(24		)	(42		)	(35		)	(61		)
Interest credited to policyholder account balances		(104		)	(278		)	289			(252		)	(57		)	(536		)	(20		)
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(1		)	1			1			1			(1		)	—			1
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(3		)	(6		)	(4		)	(12		)	(8		)	(10		)	(24		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		—			(21		)	7			(4		)	(6		)	(14		)	(3		)
Income (loss) from continuing operations, net of income tax		62			91			87			72			57			210			216
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		62			91			87			72			57			210			216
Less: Net income (loss) attributable to noncontrolling interests		1			—			—			1			1			2			2
Net income (loss) attributable to MetLife, Inc.		61			91			87			71			56			208			214
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	61		$	91		$	87		$	71		$	56		$	208		$	214
Total Adjusted Premiums, Fees and Other Revenues		$	634		$	651		$	679		$	673		$	634		$	1,873		$	1,986

23

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Direct and allocated expenses	$	144	$	169	$	136	$	113	$	127
Pension, postretirement and postemployment benefit costs	2		2		2		3		2
Premium taxes, other taxes, and licenses & fees	6		9		7		6		10
Commissions and other variable expenses	195		201		206		217		194
Other expenses, as reported on an adjusted basis	$	347	$	381	$	351	$	339	$	333
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	238	$	268	$	233	$	218	$	224
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	336	$	369	$	331	$	328	$	333
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	233	$	262	$	222	$	212	$	224
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Adjusted premiums, fees and other revenues	$	634	$	651	$	679	$	673	$	634
Adjusted earnings available to common shareholders	$	71	$	79	$	81	$	86	$	55
Adjusted premiums, fees and other revenues, on a constant currency basis	$	613	$	624	$	636	$	649	$	634
Adjusted earnings available to common shareholders, on a constant currency basis	$	66	$	68	$	72	$	80	$	55
Total sales on a constant currency basis	$	241	$	215	$	249	$	215	$	187

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)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	989		$	1,074		$	950		$	957		$	949		$	3,070		$	2,856
Universal life and investment-type product policy fees		349			305			314			301			286			1,056			901
Net investment income		1,390			1,375			1,352			1,329			1,375			4,232			4,056
Other revenues		37			74			67			68			70			170			205
Total adjusted revenues		2,765			2,828			2,683			2,655			2,680			8,528			8,018
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,732			1,818			1,550			1,706			1,766			5,182			5,022
Interest credited to policyholder account balances		255			251			236			235			238			767			709
Capitalization of DAC		(14		)	(11		)	(10		)	(10		)	(8		)	(71		)	(28		)
Amortization of DAC and VOBA		(70		)	159			100			101			13			143			214
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			2			2			2			22			6
Other expenses		322			333			276			275			264			1,032			815
Total adjusted expenses		2,227			2,552			2,154			2,309			2,275			7,075			6,738
Adjusted earnings before provision for income tax		538			276			529			346			405			1,453			1,280
Provision for income tax expense (benefit)		174			82			104			66			78			465			248
Adjusted earnings		364			194			425			280			327			988			1,032
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	364		$	194		$	425		$	280		$	327		$	988		$	1,032
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	364		$	194		$	425		$	280		$	327		$	988		$	1,032
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		23			24			(106		)	(66		)	58			47			(114		)
Net derivative gains (losses)		(98		)	(18		)	34			17			(164		)	(321		)	(113		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		25			24			23			23			24			74			70
Net investment income		(39		)	(37		)	(39		)	(40		)	(38		)	(144		)	(117		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(128		)	(79		)	(11		)	(27		)	(126		)	(243		)	(164		)
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		6			3			(4		)	(1		)	(90		)	65			(95		)
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		74			153			22			19			71			184			112
Income (loss) from continuing operations, net of income tax		227			264			344			205			62			650			611
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		227			264			344			205			62			650			611
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		227			264			344			205			62			650			611
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	227		$	264		$	344		$	205		$	62		$	650		$	611
Total Adjusted Premiums, Fees and Other Revenues		$	1,375		$	1,453		$	1,331		$	1,326		$	1,305		$	4,296		$	3,962

25

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	80,313		$	80,528		$	80,795		$	79,992		$	80,103
Premiums and deposits (2), (3)	1,258			1,375			1,243			1,200			1,234
Surrenders and withdrawals	(584		)	(646		)	(638		)	(602		)	(628		)
Benefit payments	(642		)	(679		)	(733		)	(703		)	(747		)
Net Flows	32			50			(128		)	(105		)	(141		)
Net transfers from (to) separate account	12			11			8			12			19
Interest	819			825			811			816			821
Policy charges	(199		)	(199		)	(199		)	(193		)	(192		)
Other	(449		)	(420		)	(1,295		)	(419		)	(352		)
Balance, end of period	$	80,528		$	80,795		$	79,992		$	80,103		$	80,258
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	21,329		$	21,180		$	20,791		$	20,419		$	20,153
Premiums and deposits (2), (3)	134			109			109			110			97
Surrenders and withdrawals	(372		)	(470		)	(450		)	(397		)	(424		)
Benefit payments	(154		)	(161		)	(170		)	(171		)	(145		)
Net Flows	(392		)	(522		)	(511		)	(458		)	(472		)
Net transfers from (to) separate account	66			16			33			60			89
Interest	158			156			154			149			151
Policy charges	(5		)	(4		)	(5		)	(5		)	(4		)
Other	24			(35		)	(43		)	(12		)	8
Balance, end of period	$	21,180		$	20,791		$	20,419		$	20,153		$	19,925
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	5,537		$	5,670		$	5,855		$	5,167		$	5,254
Premiums and deposits (3)	70			69			71			66			65
Surrenders and withdrawals	(56		)	(63		)	(59		)	(66		)	(66		)
Benefit payments	(6		)	(6		)	(8		)	(8		)	(8		)
Net Flows	8			—			4			(8		)	(9		)
Investment performance	207			270			(9		)	200			294
Net transfers from (to) general account	(12		)	(11		)	(8		)	(12		)	(19		)
Policy charges	(69		)	(71		)	(68		)	(67		)	(66		)
Other	(1		)	(3		)	(607		)	(26		)	(4		)
Balance, end of period	$	5,670		$	5,855		$	5,167		$	5,254		$	5,450
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	44,907		$	45,278		$	45,678		$	43,958		$	43,241
Premiums and deposits (3)	133			107			107			108			80
Surrenders and withdrawals	(964		)	(1,125		)	(1,188		)	(1,201		)	(1,149		)
Benefit payments	(90		)	(106		)	(113		)	(106		)	(101		)
Net Flows	(921		)	(1,124		)	(1,194		)	(1,199		)	(1,170		)
Investment performance	1,587			1,766			(275		)	766			1,369
Net transfers from (to) general account	(66		)	(16		)	(33		)	(60		)	(89		)
Policy charges	(230		)	(228		)	(218		)	(225		)	(221		)
Other	1			2			—			1			(2		)
Balance, end of period	$	45,278		$	45,678		$	43,958		$	43,241		$	43,128
(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)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Direct and allocated expenses	$	204		$	209		$	184		$	181		$	175
Pension, postretirement and postemployment benefit costs	25			23			5			7			6
Premium taxes, other taxes, and licenses & fees	19			17			20			19			20
Commissions and other variable expenses	74			84			67			68			63
Other expenses, as reported on an adjusted basis	$	322		$	333		$	276		$	275		$	264
SPREAD BY PRODUCT
VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Investment income yield excluding variable investment income	5.45		%	5.42		%	5.38		%	5.68		%	5.39		%
Variable investment income yield	0.23		%	0.16		%	0.18		%	0.03		%	0.19		%
Total investment income yield	5.68		%	5.58		%	5.56		%	5.71		%	5.58		%
Average crediting rate	4.50		%	4.48		%	4.51		%	4.53		%	4.49		%
Annualized general account spread	1.18		%	1.10		%	1.05		%	1.18		%	1.09		%
Annualized general account spread excluding variable investment income yield	0.95		%	0.94		%	0.87		%	1.15		%	0.90		%
ANNUITIES (1)
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Investment income yield excluding variable investment income	4.78		%	4.79		%	4.78		%	4.80		%	4.87		%
Variable investment income yield	0.28		%	0.20		%	0.53		%	0.22		%	0.37		%
Total investment income yield	5.06		%	4.99		%	5.31		%	5.02		%	5.24		%
Average crediting rate	3.11		%	3.12		%	3.16		%	3.11		%	3.18		%
Annualized general account spread	1.95		%	1.87		%	2.15		%	1.91		%	2.06		%
Annualized general account spread excluding variable investment income yield	1.67		%	1.67		%	1.62		%	1.69		%	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)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Life (1)
Adjusted premiums, fees and other revenues	$	922		$	993		$	879		$	881		$	872
Interest adjusted benefit ratio	48.0		%	56.5		%	47.6		%	52.6		%	64.6		%
Lapse Ratio (2)
Traditional life	4.7		%	4.7		%	4.9		%	4.9		%	5.0		%
Variable & universal life	4.4		%	4.4		%	4.3		%	4.3		%	4.4		%
Fixed annuity	6.8		%	6.9		%	7.0		%	7.3		%	7.6		%
Variable annuity	8.0		%	8.5		%	9.0		%	9.5		%	10.0		%
(1) Represents traditional life and variable & universal life, components of Life & Other.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

28

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	13		$	(5	)	$	13		$	6		$	(33	)	$	59		$	(14	)
Universal life and investment-type product policy fees		—			1			—			—			—			—			—
Net investment income		26			(79		)	59			40			58			107			157
Other revenues		65			86			81			79			86			185			246
Total adjusted revenues		104			3			153			125			111			351			389
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		7			(7		)	(3		)	3			(38		)	33			(38		)
Interest credited to policyholder account balances		—			—			—			—			—			1			—
Capitalization of DAC		(2		)	(2		)	(2		)	(3		)	(2		)	(6		)	(7		)
Amortization of DAC and VOBA		3			1			2			1			2			5			5
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		279			272			280			272			246			833			798
Other expenses		237			280			232			259			314			614			805
Total adjusted expenses		524			544			509			532			522			1,480			1,563
Adjusted earnings before provision for income tax		(420		)	(541		)	(356		)	(407		)	(411		)	(1,129		)	(1,174		)
Provision for income tax expense (benefit)		(90		)	(58		)	(159		)	(234		)	(206		)	(630		)	(599		)
Adjusted earnings		(330		)	(483		)	(197		)	(173		)	(205		)	(499		)	(575		)
Preferred stock dividends		6			45			6			46			32			58			84
Adjusted earnings available to common shareholders		$	(336	)	$	(528	)	$	(203	)	$	(219	)	$	(237	)	$	(557	)	$	(659	)
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	(330	)	$	(483	)	$	(197	)	$	(173	)	$	(205	)	$	(499	)	$	(575	)
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(696		)	(4		)	(192		)	(238		)	65			(626		)	(365		)
Net derivative gains (losses)		(2		)	(36		)	(40		)	68			68			(365		)	96
Premiums		(37		)	—			—			—			—			(347		)	—
Universal life and investment-type product policy fees		—			—			—			—			—			(34		)	—
Net investment income		3			4			5			—			3			(40		)	8
Other revenues		(19		)	—			79			78			78			(135		)	235
Policyholder benefits and claims and policyholder dividends		(113		)	(1		)	—			—			—			136			—
Interest credited to policyholder account balances		(5		)	—			—			—			—			(33		)	—
Capitalization of DAC		(4		)	—			—			—			—			(34		)	—
Amortization of DAC and VOBA		(77		)	—			—			—			—			(93		)	—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			(30		)	(15		)	16			(45		)
Other expenses		(76		)	(256		)	(86		)	(132		)	(91		)	(253		)	(309		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		918			1,755			18			(28		)	(60		)	1,207			(70		)
Income (loss) from continuing operations, net of income tax		(438		)	979			(413		)	(455		)	(157		)	(1,100		)	(1,025		)
Income (loss) from discontinued operations, net of income tax		(968		)	—			—			—			—			(986		)	—
Net income (loss)		(1,406		)	979			(413		)	(455		)	(157		)	(2,086		)	(1,025		)
Less: Net income (loss) attributable to noncontrolling interests		3			(4		)	3			(1		)	2			3			4
Net income (loss) attributable to MetLife, Inc.		(1,409		)	983			(416		)	(454		)	(159		)	(2,089		)	(1,029		)
Less: Preferred stock dividends		6			45			6			46			32			58			84
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(1,415	)	$	938		$	(422	)	$	(500	)	$	(191	)	$	(2,147	)	$	(1,113	)
Total Adjusted Premiums, Fees and Other Revenues		$	78		$	82		$	94		$	85		$	53		$	244		$	232
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Other business activities		$	5		$	9		$	6		$	12		$	13		$	19		$	31
Other net investment income		49			28			57			50			107			193			214
Interest expense on debt		(300		)	(297		)	(293		)	(282		)	(256		)	(901		)	(831		)
Corporate initiatives and projects		(45		)	(78		)	(39		)	(97		)	(132		)	(197		)	(268		)
Other		(128		)	(138		)	(87		)	(90		)	(101		)	(246		)	(278		)
Provision for income tax expense (benefit) and other tax-related items		89			(7		)	159			234			164			633			557
Preferred stock dividends		(6		)	(45		)	(6		)	(46		)	(32		)	(58		)	(84		)
Adjusted earnings available to common shareholders		$	(336	)	$	(528	)	$	(203	)	$	(219	)	$	(237	)	$	(557	)	$	(659	)

29

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Fixed Maturity Securities
Yield (1)	4.25		%	4.30		%	4.19		%	4.30		%	4.30		%
Investment income (2), (3), (4)	$	2,843		$	2,913		$	2,839		$	2,945		$	2,980
Investment gains (losses) (3)	279			—			(95		)	(46		)	106
Ending carrying value (2), (3)	309,607			309,796			305,647			306,991			305,520
Mortgage Loans
Yield (1)	4.78		%	4.55		%	4.53		%	4.59		%	4.80		%
Investment income (4)	809			778			792			815			859
Investment gains (losses)	28			11			(21		)	(15		)	4
Ending carrying value	68,057			68,731			71,055			70,852			72,461
Real Estate and Real Estate Joint Ventures
Yield (1)	2.80		%	3.29		%	3.39		%	4.46		%	3.67		%
Investment income (3)	66			79			83			109			90
Investment gains (losses) (3)	169			167			25			89			40
Ending carrying value	9,486			9,637			9,862			9,741			9,977
Policy Loans
Yield (1)	5.40		%	5.46		%	5.12		%	5.21		%	5.35		%
Investment income	130			131			124			127			130
Ending carrying value	9,585			9,669			9,744			9,702			9,703
Equity Securities
Yield (1)	4.92		%	6.37		%	3.79		%	4.94		%	4.74		%
Investment income	31			36			16			15			14
Investment gains (losses)	2			54			(31		)	34			18
Ending carrying value	2,776			2,513			1,544			1,483			1,479
Other Limited Partnership Interests
Yield (1)	15.94		%	10.64		%	15.10		%	9.48		%	14.86		%
Investment income (3)	214			149			219			141			229
Investment gains (losses) (3)	(33		)	(8		)	—			8			1
Ending carrying value	5,501			5,708			5,876			5,985			6,374
Cash and Short-term Investments
Yield (1)	1.13		%	1.73		%	1.87		%	2.30		%	2.79		%
Investment income	25			40			46			61			71
Investment gains (losses)	2			(21		)	(4		)	1			(5		)
Ending carrying value	20,240			17,571			19,048			20,165			17,721
Other Invested Assets (1)
Investment income (3)	173			98			228			231			211
Investment gains (losses) (3)	28			(25		)	(126		)	(58		)	17
Ending carrying value	17,652			17,263			17,486			17,017			16,336
Total Investments
Investment income yield (1)	4.54		%	4.40		%	4.50		%	4.54		%	4.65		%
Investment fees and expenses yield	(0.14		)%	(0.13		)%	(0.13		)%	(0.12		)%	(0.12		)%
Net Investment Income Yield (1), (3)	4.40		%	4.27		%	4.37		%	4.42		%	4.53		%
Investment income	$	4,291		$	4,224		$	4,347		$	4,444		$	4,584
Investment fees and expenses	(133		)	(121		)	(128		)	(117		)	(121		)
Net investment income including Divested businesses	4,158			4,103			4,219			4,327			4,463
Less: Net investment income from Divested businesses	2			—			—			—			1
Net Investment Income, as reported on an adjusted basis (3)	$	4,156		$	4,103		$	4,219		$	4,327		$	4,462
Ending Carrying Value (3)	$	442,904		$	440,888		$	440,262		$	441,936		$	439,571
Gross investment gains	$	647		$	396		$	163		$	324		$	443
Gross investment losses	(111		)	(195		)	(297		)	(310		)	(232		)
Writedowns	(61		)	(23		)	(118		)	(1		)	(30		)
Investment Portfolio Gains (Losses) (3)	475			178			(252		)	13			181
Investment portfolio gains (losses) income tax (expense) benefit	(187		)	(59		)	51			(39		)	(77		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	288		$	119		$	(201	)	$	(26	)	$	104
Derivative gains (losses) (3)	$	(214	)	$	(134	)	$	244		$	(172	)	$	(497	)
Derivative gains (losses) income tax (expense) benefit	79			168			(84		)	57			125
Derivative Gains (Losses), Net of Income Tax	$	(135	)	$	34		$	160		$	(115	)	$	(372	)
(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 $713 million, $865 million, $936 million, $660 million and $680 million in ending carrying value, and $16 million, $7 million, $6 million, $8 million and $11 million of investment income related to fair value option securities at or for the three months ended September 30, 2017, December 31,2017, March 31, 2018, June 30, 2018 and September 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 $15,818 million, $15,874 million, $15,502 million, $13,182 million and $12,855 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $7 million, $6 million, $6 million, $6 million and $5 million at September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 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
	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net investment gains (losses) - GAAP basis	$	(606	)	$	106		$	(333	)	$	(227	)	$	117
Less: Operating joint venture adjustments	—			—			(1		)	—			—
Less: Partnerships at fair value	—			—			(5		)	(1		)	12
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(1,081		)	(72		)	(75		)	(239		)	(76		)
Investment portfolio gains (losses) - in above yield table	$	475		$	178		$	(252	)	$	13		$	181
	For the Three Months Ended
	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net derivative gains (losses) - GAAP basis	$	(123	)	$	(55	)	$	349		$	(59	)	$	(378	)
Less: Investment hedge adjustments	97			85			110			119			125
Less: Settlement of foreign currency earnings hedges	(5		)	(6		)	(4		)	(5		)	(5		)
Less: PAB hedge adjustments	(1		)	—			(1		)	(1		)	(1		)
Derivative gains (losses) - in above yield table	$	(214	)	$	(134	)	$	244		$	(172	)	$	(497	)
(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)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Fixed Maturity Securities
Yield (1)	4.29		%	4.29		%	4.19		%	4.24		%	4.26		%
Investment income (2), (3), (4)	$	8,488		$	11,401		$	2,839		$	5,784		$	8,764
Investment gains (losses) (3)	318			318			(95		)	(141		)	(35		)
Ending carrying value (2), (3)	309,607			309,796			305,647			306,991			305,520
Mortgage Loans
Yield (1)	4.59		%	4.58		%	4.53		%	4.56		%	4.64		%
Investment income (4)	2,303			3,081			792			1,607			2,466
Investment gains (losses)	2			13			(21		)	(36		)	(32		)
Ending carrying value	68,057			68,731			71,055			70,852			72,461
Real Estate and Real Estate Joint Ventures
Yield (1)	3.14		%	3.18		%	3.39		%	3.93		%	3.84		%
Investment income (3)	218			297			83			192			282
Investment gains (losses) (3)	436			603			25			114			154
Ending carrying value	9,486			9,637			9,862			9,741			9,977
Policy Loans
Yield (1)	5.37		%	5.39		%	5.12		%	5.16		%	5.23		%
Investment income	386			517			124			251			381
Ending carrying value	9,585			9,669			9,744			9,702			9,703
Equity Securities
Yield (1)	4.80		%	5.15		%	3.79		%	4.28		%	4.41		%
Investment income	93			129			16			31			45
Investment gains (losses)	38			92			(31		)	3			21
Ending carrying value	2,776			2,513			1,544			1,483			1,479
Other Limited Partnership Interests
Yield (1)	16.46		%	14.93		%	15.10		%	12.26		%	13.15		%
Investment income (3)	648			797			219			360			589
Investment gains (losses) (3)	(51		)	(59		)	—			8			9
Ending carrying value	5,501			5,708			5,876			5,985			6,374
Cash and Short-term Investments
Yield (1)	1.39		%	1.48		%	1.87		%	2.09		%	2.33		%
Investment income	92			132			46			107			178
Investment gains (losses)	5			(16		)	(4		)	(3		)	(8		)
Ending carrying value	20,240			17,571			19,048			20,165			17,721
Other Invested Assets (1)
Investment income (3)	557			655			228			459			670
Investment gains (losses) (3)	(72		)	(97		)	(126		)	(184		)	(167		)
Ending carrying value	17,652			17,263			17,486			17,017			16,336
Total Investments
Investment income yield (1)	4.58		%	4.53		%	4.50		%	4.52		%	4.57		%
Investment fees and expenses yield	(0.14		)%	(0.14		)%	(0.13		)%	(0.13		)%	(0.13		)%
Net Investment Income Yield (1), (3)	4.44		%	4.39		%	4.37		%	4.39		%	4.44		%
Investment income	$	12,785		$	17,009		$	4,347		$	8,791		$	13,375
Investment fees and expenses	(390		)	(511		)	(128		)	(245		)	(366		)
Net investment income including Divested businesses	12,395			16,498			4,219			8,546			13,009
Less: Net investment income from Divested businesses	(46		)	(46		)	—			—			1
Net Investment Income, as reported on an adjusted basis (3)	$	12,441		$	16,544		$	4,219		$	8,546		$	13,008
Ending Carrying Value (3)	$	442,904		$	440,888		$	440,262		$	441,936		$	439,571
Gross investment gains	$	1,307		$	1,703		$	163		$	487		$	930
Gross investment losses	(435		)	(630		)	(297		)	(607		)	(839		)
Writedowns	(196		)	(219		)	(118		)	(119		)	(149		)
Investment Portfolio Gains (Losses) (3)	676			854			(252		)	(239		)	(58		)
Investment portfolio gains (losses) income tax (expense) benefit	(237		)	(296		)	51			12			(65		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	439		$	558		$	(201	)	$	(227	)	$	(123	)
Derivative gains (losses) (3)	$	(866	)	$	(1,000	)	$	244		$	72		$	(425	)
Derivative gains (losses) income tax (expense) benefit	317			485			(84		)	(27		)	98
Derivative Gains (Losses), Net of Income Tax	$	(549	)	$	(515	)	$	160		$	45		$	(327	)
(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 $713 million, $865 million, $936 million, $660 million and $680 million in ending carrying value, and $61 million, $68 million, $6 million, $14 million and $25 million of investment income related to fair value option securities at or for the year-to-date period ended September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 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 $15,818 million, $15,874 million, $15,502 million, $13,182 million and $12,855 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $7 million, $6 million, $6 million, $6 million and $5 million at September 30, 2017, December 31,2017, March 31, 2018, June 30, 2018 and September 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
	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net investment gains (losses) - GAAP basis	$	(414	)	$	(308	)	$	(333	)	$	(560	)	$	(443	)
Less: Operating joint venture adjustments	—			—			(1		)	(1		)	(1		)
Less: Partnerships at fair value	—			—			(5		)	(6		)	6
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(1,090		)	(1,162		)	(75		)	(314		)	(390		)
Investment portfolio gains (losses) - in above yield table	$	676		$	854		$	(252	)	$	(239	)	$	(58	)
	For the Year-to-Date Period Ended
	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net derivative gains (losses) - GAAP basis	$	(535	)	$	(590	)	$	349		$	290		$	(88	)
Less: Investment hedge adjustments	350			435			110			229			354
Less: Settlement of foreign currency earnings hedges	(16		)	(22		)	(4		)	(9		)	(14		)
Less: PAB hedge adjustments	(3		)	(3		)	(1		)	(2		)	(3		)
Derivative gains (losses) - in above yield table	$	(866	)	$	(1,000	)	$	244		$	72		$	(425	)
(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
		September 30, 2017				December 31, 2017				March 31, 2018				June 30, 2018				September 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		$	81,655	26.4	%	$	82,661	26.8	%	$	81,834	26.8	%	$	84,026	27.5	%	$	83,795	27.5	%
Foreign government securities		60,789		19.7	%	61,534		19.9	%	64,510		21.2	%	61,682		20.1	%	60,472		19.8	%
Foreign corporate securities		55,140		17.9	%	55,569		18.0	%	55,463		18.2	%	54,277		17.7	%	54,220		17.8	%
U.S. government and agency securities		47,664		15.4	%	47,394		15.3	%	43,827		14.4	%	45,387		14.8	%	45,572		14.9	%
Residential mortgage-backed securities		31,398		10.2	%	28,800		9.3	%	27,411		9.0	%	27,845		9.1	%	27,658		9.1	%
Asset-backed securities		11,771		3.8	%	12,291		4.0	%	11,764		3.9	%	12,866		4.2	%	12,815		4.2	%
State and political subdivision securities		12,345		4.0	%	12,455		4.0	%	12,192		4.0	%	12,026		3.9	%	11,600		3.8	%
Commercial mortgage-backed securities		8,132		2.6	%	8,227		2.7	%	7,710		2.5	%	8,222		2.7	%	8,708		2.9	%
Total Fixed Maturity Securities Available-For-Sale		$	308,894	100.0	%	$	308,931	100.0	%	$	304,711	100.0	%	$	306,331	100.0	%	$	304,840	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	219,158	70.9	%	$	218,830	70.8	%	$	214,446	70.4	%	$	215,582	70.4	%	$	213,898	70.2	%
2	Baa	72,293		23.4	%	72,396		23.4	%	72,531		23.8	%	73,442		24.0	%	74,059		24.3	%
3	Ba	11,562		3.7	%	11,711		3.8	%	11,551		3.8	%	11,189		3.6	%	11,042		3.6	%
4	B	4,960		1.7	%	5,155		1.7	%	5,332		1.7	%	5,268		1.7	%	5,062		1.7	%
5	Caa and lower	917		0.3	%	833		0.3	%	827		0.3	%	826		0.3	%	755		0.2	%
6	In or near default	4		—	%	6		—	%	24		—	%	24		—	%	24		—	%
Total Fixed Maturity Securities Available-For-Sale (1)		$	308,894	100.0	%	$	308,931	100.0	%	$	304,711	100.0	%	$	306,331	100.0	%	$	304,840	100.0	%
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (2)
		September 30, 2017				December 31, 2017				March 31, 2018				June 30, 2018				September 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%		$	1,900	91.9	%	$	1,737	91.3	%	$	3,251	94.7	%	$	4,557	95.0	%	$	4,924	94.4	%
20% or more for less than six months		49		2.4	%	49		2.6	%	97		2.8	%	174		3.6	%	214		4.1	%
20% or more for six months or greater		117		5.7	%	117		6.1	%	85		2.5	%	67		1.4	%	77		1.5	%
Total Gross Unrealized Losses		$	2,066	100.0	%	$	1,903	100.0	%	$	3,433	100.0	%	$	4,798	100.0	%	$	5,215	100.0	%
Total Gross Unrealized Gains		$	24,276			$	24,765			$	21,045			$	18,872			$	16,787
(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)	September 30, 2017					December 31, 2017					March 31, 2018					June 30, 2018					September 30, 2018
Commercial mortgage loans	$	43,243				$	44,375				$	46,690				$	46,075				$	47,460
Agricultural mortgage loans	12,967					13,014					13,098					13,293					13,677
Residential mortgage loans	12,163					11,656					11,594					11,809					11,660
Total Mortgage Loans	68,373					69,045					71,382					71,177					72,797
Valuation allowances	(316		)			(314		)			(327		)			(325		)			(336		)
Total Mortgage Loans, net	$	68,057				$	68,731				$	71,055				$	70,852				$	72,461
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	September 30, 2017					December 31, 2017					March 31, 2018					June 30, 2018					September 30, 2018
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total
Pacific	$	9,935		23.0	%	$	9,875		22.3	%	$	10,583		22.7	%	$	10,695		23.2	%	$	10,878		22.9	%
International	8,361			19.3	%	9,101			20.5	%	9,500			20.3	%	8,869			19.2	%	9,497			20.0	%
Middle Atlantic	7,616			17.6	%	7,231			16.3	%	7,467			16.0	%	7,455			16.2	%	7,434			15.7	%
South Atlantic	4,624			10.7	%	5,311			12.0	%	5,552			11.9	%	5,534			12.0	%	5,789			12.2	%
West South Central	3,679			8.5	%	3,819			8.6	%	3,664			7.8	%	3,775			8.2	%	4,001			8.4	%
East North Central	2,413			5.6	%	2,683			6.0	%	2,687			5.7	%	2,573			5.6	%	2,768			5.8	%
Mountain	1,200			2.8	%	1,188			2.7	%	1,355			2.9	%	1,364			3.0	%	1,378			2.9	%
New England	1,162			2.7	%	901			2.0	%	1,129			2.4	%	1,127			2.4	%	1,141			2.4	%
East South Central	835			1.9	%	840			1.9	%	963			2.1	%	968			2.1	%	1,072			2.3	%
West North Central	478			1.1	%	477			1.1	%	589			1.3	%	598			1.3	%	596			1.3	%
Multi-Region and Other	2,940			6.8	%	2,949			6.6	%	3,201			6.9	%	3,117			6.8	%	2,906			6.1	%
Total	$	43,243		100.0	%	$	44,375		100.0	%	$	46,690		100.0	%	$	46,075		100.0	%	$	47,460		100.0	%
Office	$	22,339		51.7	%	$	22,602		50.9	%	$	23,474		50.3	%	$	23,295		50.5	%	$	24,096		50.8	%
Retail	8,694			20.1	%	8,032			18.1	%	8,247			17.7	%	8,462			18.4	%	8,701			18.3	%
Apartment	5,730			13.2	%	6,113			13.8	%	6,600			14.1	%	6,397			13.9	%	6,416			13.5	%
Industrial	2,744			6.3	%	3,125			7.0	%	3,699			7.9	%	3,736			8.1	%	3,775			8.0	%
Hotel	3,493			8.1	%	3,620			8.2	%	3,797			8.1	%	3,317			7.2	%	3,327			7.0	%
Other	243			0.6	%	883			2.0	%	873			1.9	%	868			1.9	%	1,145			2.4	%
Total	$	43,243		100.0	%	$	44,375		100.0	%	$	46,690		100.0	%	$	46,075		100.0	%	$	47,460		100.0	%

33

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Reconciliation to Adjusted Earnings
Income (loss) from continuing operations, net of income tax	$	883		$	2,315		$	1,257		$	894		$	915		$	2,691		$	3,066
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	(606		)	106			(333		)	(227		)	117			(414		)	(443		)
Net derivative gains (losses)	(123		)	(55		)	349			(59		)	(378		)	(535		)	(88		)
Premiums - Divested businesses	(37		)	—			—			—			—			(347		)	—
Universal life and investment-type product policy fees
Unearned revenue adjustments	4			(2		)	(5		)	(5		)	11			14			1
GMIB fees	32			31			30			31			32			94			93
Divested businesses	—			—			7			—			—			(34		)	7
Net investment income
Investment hedge adjustments	(97		)	(85		)	(110		)	(119		)	(125		)	(350		)	(354		)
Operating joint venture adjustments	—			—			1			—			—			—			1
Unit-linked contract income	234			436			(353		)	286			149			864			82
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			—			(12		)	(21		)	(1		)	—			(34		)
Divested businesses	2			—			—			—			1			(46		)	1
Other revenues
Settlement of foreign currency earnings hedges	5			6			4			5			5			16			14
TSA fees	—			—			79			78			78			—			235
Divested businesses	(19		)	—			—			—			—			(135		)	—
Policyholder benefits and claims and policyholder dividends
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	28			77			(41		)	—			13			(46		)	(28		)
GMIB costs	(138		)	(72		)	(5		)	(51		)	(168		)	(278		)	(224		)
Market value adjustments	(8		)	(3		)	(1		)	1			—			(19		)	—
Divested businesses	(112		)	—			—			—			—			137			—
Interest credited to policyholder account balances
PAB hedge adjustments	1			—			1			1			1			3			3
Unit-linked contract costs	(229		)	(420		)	347			(268		)	(133		)	(844		)	(54		)
Divested businesses	(5		)	—			—			—			—			(33		)	—
Capitalization of DAC - Divested businesses	(4		)	—			1			—			—			(34		)	1
Amortization of DAC and VOBA
Related to NIGL and NDGL	2			28			14			10			(89		)	32			(65		)
Related to GMIB fees and GMIB costs	—			(21		)	(10		)	(9		)	(19		)	19			(38		)
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	(75		)	—			—			—			—			(91		)	—
Amortization of negative VOBA
Related to market value adjustments	2			1			1			—			—			8			1
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	—			—			—			(30		)	(15		)	16			(45		)
Other expenses
Noncontrolling interest	10			(5		)	7			5			3			17			15
Regulatory implementation costs	—			—			(1		)	(2		)	(3		)	—			(6		)
Acquisition, integration and other costs	(20		)	(23		)	(11		)	(14		)	(13		)	(42		)	(38		)
TSA fees	—			—			(79		)	(78		)	(78		)	—			(235		)
Divested businesses	(70		)	(244		)	(10		)	(53		)	(9		)	(247		)	(72		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	985			1,837			(42		)	41			128			1,351			127
Adjusted earnings	$	1,121		$	723		$	1,429		$	1,372		$	1,408		$	3,615		$	4,209

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Variable investment income			$	—		$	—		$	—		$	—		$	—		$	15		$	—
Catastrophe experience and prior year development, net			(10		)	7			—			—			—			(55		)	—
Actuarial assumption review and other insurance adjustments			125			(110		)	62			—			(68		)	173			(6		)
Litigation reserves & settlement costs			—			(55		)	—			—			—			(21		)	—
Expense initiative costs			(17		)	(42		)	(34		)	(62		)	(88		)	(60		)	(184		)
Other expense-related items			—			—			—			—			—			(36		)	—
Tax adjustments			(167		)	(298		)	—			—			—			(140		)	—
Total notable items			$	(69	)	$	(498	)	$	28		$	(62	)	$	(156	)	$	(124	)	$	(190	)
U.S.
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Variable investment income			$	—		$	—		$	—		$	—		$	—		$	22		$	—
Catastrophe experience and prior year development, net			(10		)	7			—			—			—			(55		)	—
Actuarial assumption review and other insurance adjustments			—			(62		)	—			—			37			—			37
Total notable items			$	(10	)	$	(55	)	$	—		$	—		$	37		$	(33	)	$	37
	GROUP BENEFITS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	3		$	—
	Actuarial assumption review and other insurance adjustments		—			—			—			—			37			—			37
	Total notable items		$	—		$	—		$	—		$	—		$	37		$	3		$	37
	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 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)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	2		$	—
	Catastrophe experience and prior year development, net		(10		)	7			—			—			—			(55		)	—
	Total notable items		$	(10	)	$	7		$	—		$	—		$	—		$	(53	)	$	—
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(3	)	$	—
Actuarial assumption review and other insurance adjustments		(4		)	—			—			—			(86		)		8			(86		)
Total notable items		$	(4	)	$	—		$	—		$	—		$	(86	)		$	5		$	(86	)
LATIN AMERICA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(1	)	$	—
Actuarial assumption review and other insurance adjustments		15			—			—			—			28				15			28
Total notable items		$	15		$	—		$	—		$	—		$	28			$	14		$	28
EMEA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Actuarial assumption review and other insurance adjustments		$	(8	)	$	—		$	—		$	—		$	(23	)		$	(8	)	$	(23	)
Total notable items		$	(8	)	$	—		$	—		$	—		$	(23	)		$	(8	)	$	(23	)
METLIFE HOLDINGS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	1		$	—
Actuarial assumption review and other insurance adjustments		122			(48		)	62			—			(24		)		158			38
Total notable items		$	122		$	(48	)	$	62		$	—		$	(24	)		$	159		$	38
CORPORATE & OTHER
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(4	)	$	—
Litigation reserves & settlement costs		—			(55		)	—			—			—				(21		)	—
Expense initiative costs		(17		)	(42		)	(34		)	(62		)	(88		)		(60		)	(184		)
Other expense-related items		—			—			—			—			—				(36		)	—
Tax adjustments		(167		)	(298		)	—			—			—				(140		)	—
Total notable items		$	(184	)	$	(395	)	$	(34	)	$	(62	)	$	(88	)		$	(261	)	$	(184	)
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-3

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Total MetLife, Inc.'s stockholders' equity	$	56,981		$	58,676		$	56,310		$	53,633		$	51,625
Less: Preferred stock	2,066			2,066			2,560			3,340			3,340
MetLife, Inc.'s common stockholders' equity	54,915			56,610			53,750			50,293			48,285
Less: Net unrealized investment gains (losses), net of income tax	13,343			13,662			11,547			9,703			7,946
Defined benefit plans adjustment, net of income tax	(1,878		)	(1,845		)	(2,206		)	(2,179		)	(2,051		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	43,450			44,793			44,409			42,769			42,390
Less: Goodwill, net of income tax	9,151			9,322			9,428			9,205			9,147
VODA and VOCRA, net of income tax	374			378			365			341			316
Total MetLife, Inc.'s tangible common stockholders' equity	$	33,925		$	35,093		$	34,616		$	33,223		$	32,927
Unaudited (In millions, except per share data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Book value per common share (1)	$	52.09		$	54.24		$	52.49		$	50.28		$	48.94
Less: Net unrealized investment gains (losses), net of income tax	12.66			13.09			11.28			9.70			8.05
Defined benefit plans adjustment, net of income tax	(1.78		)	(1.77		)	(2.15		)	(2.18		)	(2.08		)
Book value per common share, excluding AOCI other than FCTA (1)	41.21			42.92			43.36			42.76			42.97
Less: Goodwill, net of income tax	8.68			8.93			9.20			9.20			9.28
VODA and VOCRA, net of income tax	0.35			0.36			0.36			0.34			0.32
Book value per common share - tangible common stockholders' equity (1)	$	32.18		$	33.63		$	33.80		$	33.22		$	33.37
Common shares outstanding, end of period	1,054.3			1,043.6			1,024.1			1,000.2			986.6
	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2017
Return on MetLife, Inc.'s:
Common stockholders' equity	(0.6		)%	16.3		%	9.0		%	6.5		%	7.1		%	6.3		%
Common stockholders' equity, excluding AOCI other than FCTA	(0.8		)%	20.6		%	11.2		%	7.8		%	8.3		%	7.7		%
Tangible common stockholders' equity (3)	(0.9		)%	26.4		%	14.4		%	10.1		%	10.8		%	9.6		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	7.3		%	4.9		%	10.3		%	10.2		%	11.2		%	6.8		%
Common stockholders' equity, excluding AOCI other than FCTA	9.1		%	6.1		%	12.8		%	12.2		%	12.9		%	8.4		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	10.7		%	6.1		%	12.8		%	12.2		%	12.9		%	10.3		%
Tangible common stockholders' equity (4)	11.4		%	8.0		%	16.4		%	15.8		%	16.8		%	10.4		%
Average common stockholders' equity	$	61,291		$	55,763		$	55,180		$	52,022		$	49,289		$	62,154
Average common stockholders' equity, excluding AOCI other than FCTA	$	49,001		$	44,122		$	44,601		$	43,589		$	42,580		$	50,491
Average common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	41,676		$	44,122		$	44,601		$	43,589		$	42,580		$	40,955
Average tangible common stockholders' equity	$	39,437		$	34,509		$	34,855		$	33,920		$	33,075		$	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 September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018 of $9 million, $8 million, $10 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 September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018 of $9 million, $8 million, $10 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		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.
GROUP BENEFITS		32.1		%	30.7		%	22.5		%	36.2		%	51.9		%
RETIREMENT AND INCOME SOLUTIONS		20.7		%	17.0		%	15.4		%	30.2		%	21.5		%
PROPERTY & CASUALTY		11.2		%	20.8		%	20.1		%	13.2		%	18.4		%
TOTAL U.S.		22.1		%	21.5		%	18.0		%	28.8		%	28.8		%
ASIA		7.7		%	11.8		%	15.8		%	6.6		%	(0.7		)%
LATIN AMERICA		30.4		%	8.0		%	23.6		%	6.6		%	25.1		%
EMEA		7.6		%	11.3		%	10.0		%	8.2		%	6.4		%
METLIFE HOLDINGS		8.1		%	9.4		%	13.7		%	8.1		%	2.5		%
RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.		25.8		%	25.0		%	20.9		%	33.4		%	33.4		%
ASIA		12.3		%	18.8		%	23.9		%	10.0		%	(1.0		)%
LATIN AMERICA		52.3		%	13.8		%	39.4		%	11.1		%	41.9		%
EMEA		12.5		%	18.4		%	16.4		%	13.4		%	10.7		%
METLIFE HOLDINGS		9.1		%	10.5		%	15.4		%	9.3		%	3.0		%
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.
GROUP BENEFITS		34.2		%	32.7		%	31.2		%	37.3		%	52.9		%
RETIREMENT AND INCOME SOLUTIONS		17.8		%	12.5		%	21.8		%	22.4		%	21.8		%
PROPERTY & CASUALTY		11.0		%	20.4		%	20.7		%	13.6		%	18.6		%
TOTAL U.S.		21.1		%	19.5		%	24.1		%	24.7		%	29.3		%
ASIA		10.0		%	9.9		%	9.2		%	10.2		%	7.5		%
LATIN AMERICA		22.2		%	17.0		%	17.8		%	18.5		%	21.7		%
EMEA		8.8		%	9.8		%	9.3		%	9.9		%	6.3		%
METLIFE HOLDINGS		12.9		%	6.9		%	16.9		%	11.1		%	13.0		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.		24.6		%	22.7		%	27.9		%	28.6		%	33.9		%
ASIA		16.0		%	15.8		%	13.9		%	15.4		%	11.3		%
LATIN AMERICA		38.3		%	29.3		%	29.8		%	30.9		%	36.2		%
EMEA		14.5		%	16.1		%	15.3		%	16.2		%	10.5		%
METLIFE HOLDINGS		14.5		%	7.8		%	19.0		%	12.6		%	14.6		%
(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)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
	U.S.	$	1		$	1		$	1		$	1		$	1
	ASIA	$	1		$	1		$	2		$	2		$	2
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	2		$	2
	METLIFE HOLDINGS	$	4		$	4		$	5		$	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)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S. (1)	$	7,431		$	6,038		$	5,679		$	11,767		$	6,889
ASIA	2,151			2,096			2,089			2,017			2,129
LATIN AMERICA	869			941			919			943			928
EMEA	613			624			636			649			634
METLIFE HOLDINGS (1)	1,375			1,453			1,331			1,326			1,305
CORPORATE & OTHER (1)	78			82			94			85			53
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	12,517		$	11,234		$	10,748		$	16,787		$	11,938
Total adjusted premiums, fees and other revenues	$	12,620		$	11,300		$	10,929		$	16,889		$	11,938
ASIA (including operating joint ventures) (2), (3)	$	2,342		$	2,308		$	2,315		$	2,228		$	2,349
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S. (1)	$	933		$	926		$	961		$	965		$	982
ASIA	898			941			924			955			943
LATIN AMERICA	341			389			305			347			351
EMEA	336			369			331			328			333
METLIFE HOLDINGS (1)	322			333			276			275			264
CORPORATE & OTHER (1)	237			280			232			259			314
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,067		$	3,238		$	3,029		$	3,129		$	3,187
Other expenses, as reported on an adjusted basis	$	3,121		$	3,277		$	3,110		$	3,177		$	3,187
ASIA (including operating joint ventures) (2), (3)	$	976		$	1,029		$	1,011		$	1,045		$	1,037
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S. (1)	$	539		$	498		$	653		$	671		$	795
ASIA	310			308			317			355			266
LATIN AMERICA	150			120			139			133			170
EMEA	66			68			72			80			55
METLIFE HOLDINGS (1)	364			194			425			280			327
CORPORATE & OTHER (1)	(336		)	(528		)	(203		)	(219		)	(237		)
Total adjusted earnings available to common shareholders on a constant currency basis	$	1,093		$	660		$	1,403		$	1,300		$	1,376
Total adjusted earnings available to common shareholders	$	1,115		$	678		$	1,423		$	1,326		$	1,376
(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 of: (i) Vietnam, (ii) China, (iii) Malaysia and (iv) India.

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 premiums, fees & other revenues, excluding pension risk transfer	(iv)	premiums, fees and other revenues
(v)	net investment income, as reported on an adjusted basis	(v)	net investment income
(vi)	adjusted earnings	(vi)	income (loss) from continuing operations, net of income tax
(vii)	adjusted earnings available to common shareholders	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders
(viii)	adjusted earnings available to common shareholders on a constant currency basis	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders
(ix)	adjusted earnings available to common shareholders per diluted common share	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x)	adjusted return on equity	(x)	return on equity
(xi)	adjusted return on equity, excluding AOCI other than FCTA	(xi)	return on equity
(xii)	adjusted return on equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xii)	return on equity
(xiii)	adjusted tangible return on equity	(xiii)	return on equity
(xiv)	investment portfolio gains (losses)	(xiv)	net investment gains (losses)
(xv)	derivative gains (losses)	(xv)	net derivative gains (losses)
(xvi)	capitalization of DAC, as reported on an adjusted basis	(xvi)	capitalization of DAC
(xvii)	other expenses, as reported on an adjusted basis	(xvii)	other expenses
(xviii)	other expenses, as reported on an adjusted basis, on a constant currency basis	(xviii)	other expenses
(xix)	MetLife, Inc.’s tangible common stockholders’ equity	(xix)	MetLife, Inc.’s stockholders’ equity
(xx)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xx)	MetLife, Inc.’s stockholders’ equity
(xxi)	MetLife, Inc.'s common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xxi)	MetLife, Inc.’s stockholders’ equity
(xxii)	book value per common share, excluding AOCI other than FCTA	(xxii)	book value per common share
(xxiii)	book value per common share - tangible common stockholders' equity	(xxiii)	book value per common share
(xxiv)	adjusted expense ratio	(xxiv)	expense ratio
(xxv)	adjusted expense ratio, excluding total notable items related to other expenses and PRT	(xxv)	expense ratio
(xxvi)	direct expense ratio	(xxvi)	expense ratio
(xxvii)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxvii)	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, 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.

A-7

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Adjusted revenues and adjusted expenses (continued)
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").
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.

A-8

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity, allocated equity, tangible equity and related measures (continued)
•	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.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•	Expense ratio: other expenses, net of capitalization of DAC, divided by total premiums, fees and other revenues.
•	Direct expense ratio: direct expenses, on an adjusted basis, divided by total adjusted premiums, fees and other revenues.
•	Direct expense ratio, excluding total notable items and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT.
•	Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by total adjusted premiums, fees and other revenues.
•	Adjusted expense ratio, excluding total notable items and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT.
The following additional information is relevant to an understanding of 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

EX-99.3

Exhibit 99.3 3Q18 Supplemental Slides John McCallion Chief Financial Officer

Table of Contents Page Explanatory Note on Non-GAAP Financial Information and 3 Reconciliations............................................................................................ Net Income (Loss) to Adjusted Earnings..…..........………………................ 4 Long Term Care (LTC)..…..........………………............................................ 5 Actuarial Assumption Review and Other Insurance Adjustments..….......... 6 Notable Items….….…………………………………………….............…….... 7 Adjusted Earnings ex. Total Notable Items by Segment…………................ 8 Direct Expense Ratio…………..................................................................... 9 Appendix…………....................................................................................... 10 2

Explanatory Note on Non-GAAP Financial Information and Reconciliations

Explanatory Note on Non-GAAP Financial Information Any references in this presentation (except in this Explanatory Note on Non- GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) adjusted earnings; and (ii) adjusted earnings available to common shareholders; and (iii) adjusted earnings per share. (iii) adjusted earnings available to common shareholders per diluted common share. In this presentation, MetLife presents certain measures of its performance that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:      Non-GAAP financial measures: Comparable GAAP financial measures: (i) adjusted earnings available to common shareholders; (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) adjusted earnings available to common shareholders on a constant currency basis; (ii) net income (loss) available to MetLife, Inc.’s common shareholders; (iii) adjusted earnings available to common shareholders, excluding total notable items; (iii) net income (loss) available to MetLife, Inc.’s common shareholders; (iv) adjusted earnings available to common shareholders, excluding total notable items, on (iv) net income (loss) available to MetLife, Inc.’s common shareholders; a constant currency basis; (v) adjusted earnings available to common shareholders per diluted common share; (v) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (vi) adjusted earnings available to common shareholders, excluding total notable items, per (vi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted diluted common share; common share; (vii) adjusted earnings available to common shareholders on a constant currency basis per (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted diluted common share; common share; (viii) adjusted earnings available to common shareholders, excluding total notable items, on (viii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted a constant currency basis per diluted common share; common share; (ix) adjusted expense ratio; (ix) expense ratio; (x) adjusted expense ratio, excluding total notable items related to other expenses and (x) expense ratio; pension risk transfer (PRT); (xi) direct expense ratio; and (xi) expense ratio; and (xii) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xii) expense ratio. 3(i)

Explanatory Note on Non-GAAP Financial Information (Continued) Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this presentation and in this period’s quarterly financial supplement and earnings news release, which are available at www.metlife.com. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income. MetLife’s definitions of the various non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; • adjusted earnings available to common shareholders on a constant currency basis per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.   Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.   The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees); • Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed unit-linked investments, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP; and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL for GAAP; and • Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees). 3(ii)

Explanatory Note on Non-GAAP Financial Information (Continued) The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:   • Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, (iii) benefits and hedging costs related to GMIBs (GMIB costs), and (iv) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments); • Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments; • Amortization of deferred policy acquisition costs (DAC) and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments; • Amortization of negative VOBA excludes amounts related to Market value adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition, integration and other costs. Other expenses includes TSA fees. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.   The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from 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. 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 related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by total adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT. The following additional information is relevant to an understanding of MetLife’s performance results: • All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. • Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect 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(iii)

Reconciliations

Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted Earnings Available to Common Shareholders 3Q18 3Q17 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Diluted1 Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 880 $ 0.88 $ (97) $ (0.09) Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) 117 0.12 (606) (0.57) Less: Net derivative gains (losses) (378) (0.38) (123) (0.12) Less: Other adjustments to continuing operations (360) (0.37) (494) (0.45) Less: Provision for income tax (expense) benefit 128 0.13 985 0.92 Less: Income (loss) from discontinued operations, net of income tax — — (968) (0.90) Add: Net income (loss) attributable to noncontrolling interests 3 — 6 0.01 Adjusted earnings available to common shareholders $ 1,376 $ 1.38 $ 1,115 $ 1.04 Less: Total notable items (156) (0.16) (69) (0.06) Adjusted earnings available to common shareholders, excluding total notable items $ 1,532 $ 1.53 $ 1,184 $ 1.10 Weighted average common shares outstanding - diluted 1,000.7 1,071.5 Adjusted earnings available to common shareholders on a constant currency basis $ 1,376 $ 1.38 $ 1,093 $ 1.02 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 1,532 $ 1.53 $ 1,163 $ 1.09 constant currency basis 1Adjusted earnings available to common shareholders is calculated on a standalone basis and may not equal the sum of (i) adjusted earnings available to common shareholders, excluding total notable items and (ii) total notable items. 3(v)

Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 3Q18 Retirement and Group Income Property & Latin MetLife Corporate U.S. Benefits Solutions Casualty Asia America EMEA Holdings & Other (In millions) Adjusted earnings available to common shareholders $ 795 $ 370 $ 339 $ 86 $ 266 $ 170 $ 55 $ 327 $ (237) Less: Total notable items 37 37 — — (86) 28 (23) (24) (88) Adjusted earnings available to common shareholders, excluding total notable items $ 758 $ 333 $ 339 $ 86 $ 352 $ 142 $ 78 $ 351 $ (149) Adjusted earnings available to common shareholders on a constant currency basis $ 795 $ 370 $ 339 $ 86 $ 266 $ 170 $ 55 $ 327 $ (237) Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 758 $ 333 $ 339 $ 86 $ 352 $ 142 $ 78 $ 351 $ (149) 3Q17 Retirement and Group Income Property & Latin MetLife Corporate U.S. Benefits Solutions Casualty Asia America EMEA Holdings & Other (In millions) Adjusted earnings available to common shareholders $ 539 $ 241 $ 247 $ 51 $ 314 $ 163 $ 71 $ 364 $ (336) Less: Total notable items (10) — — (10) (4) 15 (8) 122 (184) Adjusted earnings available to common shareholders, excluding total notable items $ 549 $ 241 $ 247 $ 61 $ 318 $ 148 $ 79 $ 242 $ (152) Adjusted earnings available to common shareholders on a constant currency basis $ 539 $ 241 $ 247 $ 51 $ 310 $ 150 $ 66 $ 364 $ (336) Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 549 $ 241 $ 247 $ 61 $ 314 $ 136 $ 74 $ 242 $ (152) 3(vi)

Expense Detail and Ratios (In millions, except ratio data) 2015 2016 2017 Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis Capitalization of DAC $ (3,319) $ (3,152) $ (3,002) Less: Divested businesses and lag elimination1 120 (1) 34 Capitalization of DAC, as reported on an adjusted basis $ (3,439) $ (3,151) $ (3,036) Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis Other expenses $ 14,105 $ 13,295 $ 12,953 Less: Noncontrolling interest (13) (6) (12) Less: Regulatory implementation costs 2 1 — Less: Acquisition, integration and other costs 28 64 65 Less: TSA fees — — — Less: Divested businesses 265 296 491 Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 Other Detail and Ratios Other expenses $ 14,105 $ 13,295 $ 12,953 Add: Capitalization of DAC (3,319) (3,152) (3,002) Other expenses net of capitalization of DAC $ 10,786 $ 10,143 $ 9,951 Total premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 Expense ratio 24.6% 22.9% 21.7% Direct expenses $ 6,444 $ 5,754 $ 6,006 Less: Total notable items related to direct expenses 362 79 296 Direct expenses, excluding total notable items related to direct expenses $ 6,082 $ 5,675 $ 5,710 Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 Add: Capitalization of DAC, as reported on an adjusted basis (3,439) (3,151) (3,036) Other expenses, net of capitalization of DAC, as reported on an adjusted basis $ 10,384 $ 9,789 $ 9,373 Less: Total notable items related to other expenses, as reported on an adjusted basis 362 507 377 Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis $ 10,022 $ 9,282 $ 8,996 Total adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 Less: PRT 1,740 1,761 3,305 Total adjusted premiums, fees and other revenues, excluding PRT $ 42,589 $ 42,718 $ 42,895 Direct expense ratio 14.5% 12.9% 13.0% Direct expense ratio, excluding total notable items related to direct expenses and PRT 14.3% 13.3% 13.3% Adjusted expense ratio 23.4% 22.0% 20.3% Adjusted expense ratio, excluding total notable items related to other expenses and PRT 23.5% 21.7% 21.0% 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods. 3(vii)

Expense Detail and Ratios (Continued) (In millions, except ratio data) 1Q18 2Q18 3Q18 Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis Capitalization of DAC $ (796) $ (834) $ (810) Less: Divested businesses and lag elimination (1) — — Capitalization of DAC, as reported on an adjusted basis $ (795) $ (834) $ (810) Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis Other expenses $ 3,204 $ 3,319 $ 3,287 Less: Noncontrolling interest (7) (5) (3) Less: Regulatory implementation costs 1 2 3 Less: Acquisition, integration and other costs 11 14 13 Less: TSA fees 79 78 78 Less: Divested businesses 10 53 9 Other expenses, as reported on an adjusted basis $ 3,110 $ 3,177 $ 3,187 Other Detail and Ratios Other expenses $ 3,204 $ 3,319 $ 3,287 Add: Capitalization of DAC (796) (834) (810) Other expenses net of capitalization of DAC $ 2,408 $ 2,485 $ 2,477 Total premiums, fees and other revenues $ 11,044 $ 16,998 $ 12,064 Expense ratio 21.8% 14.6% 20.5% Direct expenses $ 1,462 $ 1,500 $ 1,543 Less: Total notable items related to direct expenses 43 78 112 Direct expenses, excluding total notable items related to direct expenses $ 1,419 $ 1,422 $ 1,431 Other expenses, as reported on an adjusted basis $ 3,110 $ 3,177 $ 3,187 Add: Capitalization of DAC, as reported on an adjusted basis (795) (834) (810) Other expenses, net of capitalization of DAC, as reported on an adjusted basis $ 2,315 $ 2,343 $ 2,377 Less: Total notable items related to other expenses, as reported on an adjusted basis 43 78 112 Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis $ 2,272 $ 2,265 $ 2,265 Total adjusted premiums, fees and other revenues $ 10,929 $ 16,889 $ 11,938 Less: PRT — 5,952 1,018 Total adjusted premiums, fees and other revenues, excluding PRT $ 10,929 $ 10,937 $ 10,920 Direct expense ratio 13.4% 8.9% 12.9% Direct expense ratio, excluding total notable items related to direct expenses and PRT 13.0% 13.0% 13.1% Adjusted expense ratio 21.2% 13.9% 19.9% Adjusted expense ratio, excluding total notable items related to other expenses and PRT 20.8% 20.7% 20.7% 3(viii)

Net Income (Loss) to Adjusted Earnings ($ in millions) – Post-tax 3Q18 Net Income (Loss)1 $880 Less: Net Investment Gains (Losses) 92 Net Derivative Gains (Losses) 2 (299) Investment Hedge Adjustments (99) Actuarial Assumption Review 2 (230) Other 2 40 Adjusted Earnings1 $1,376 1 Available to common shareholders.2 Net Derivative Gains (Losses) includes a $94M post-tax loss associated with our Actuarial Assumption Review that is also included within the $230M Actuarial Assumption Review line item. As a result, the Other line item reflects the removal of this loss being included within both categories. See Explanatory Note on Non-GAAP Financial Information and Reconciliations (Explanatory Note) for non-GAAP financial 4 information, definitions and/or reconciliations.

Long Term Care: Overview • No GAAP reserve unlocking from Actuarial Assumption Review • GAAP loss recognition testing (LRT) margin of $2.1 billion1 • Statutory reserves are $2.6 billion higher than GAAP1 • Generates annual premium of ~$750 million • Achieved +7% average rate increase on entire LTC block in 2017 and +3% through 3Q18 year-to-date 1 As of September 30, 2018. 5

Actuarial Assumption Review and Other Insurance Adjustments ($ in millions) – Post-tax Non- Adjusted Adjusted Net Highlights Earnings Earnings Income Enhancements to the valuation modeling Group Benefits $37 $0 $37 system for Individual Disability Lapse assumption updates in Japan and Asia (86) (84) (170) Korea Improved persistency assumption for Latin America 28 0 28 Mexico Worksite Marketing Lower Group Employee Benefit termination EMEA (23) 3 (20) rates in the U.K. Better mortality, IBNR life reserve MetLife Holdings (24) (149) (173) adjustment, modified lapse assumptions, and Closed Block refinements Total $ (68) $ (230) $ (298) 6

Notable Items Post-tax 3Q18 $ in Per Share millions Impact2 Adjusted Earnings1 $1,376 $1.38 Less Notable Items: Actuarial Assumption Review and Other Insurance Adjustments (68) (0.07) Expense Initiative Costs (88) (0.09) Adjusted Earnings1, ex. Total Notable Items $1,532 $1.53 1 Available to common shareholders. 2 The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 7

Adjusted Earnings ex. Total Notable Items by Segment ($ in millions) – Post-tax % % Change 3Q18 3Q17 Change (Constant Rate) Highlights + Underwriting Margins; + Volume Growth; Group Benefits $333 $241 38% + Expense Margins; + Taxes + Underwriting Margins; + Volume Growth; Retirement and Income Solutions 339 247 37% + Taxes; - Investment Margins Property & Casualty 86 61 41% + Underwriting Margins U.S. $758 $549 38% Asia 352 318 11% 12% + Volume Growth; - Underwriting Margins + Volume Growth; + Interest Margins; Latin America 142 148 (4%) 4% + Underwriting Margins; - Taxes EMEA 78 79 (1%) 5% + Expense Margins; - Underwriting Margins + Underwriting Margins; + Expense Margins; MetLife Holdings 351 242 45% + Taxes; - Volume Growth + Variable Investment Income; C&O (149) (152) 2% + Expense Margins; - Taxes; - Interest Margins Adjusted Earnings1, ex. Total Notable Items $1,532 $1,184 29% 32% Adjusted EPS, ex. Total Notable Items $1.53 $1.10 39% 40% 1 Available to common shareholders. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 8

Direct Expense Ratio 15% 14.3% 14% 13.3% 13.3% 13.1% 13.0% 13.0% 13% 12% 2015 2016 2017 1Q18 2Q18 3Q18 Note: Direct expense ratio excludes total notable items related to direct expenses and PRT. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 9

Appendix

Long Term Care Book of Business Profile $ in millions, except daily benefits Individual Group Total Balance Sheet GAAP Reserves $7,225 $4,880 $12,105 Statutory Reserves $9,006 $5,704 $14,710 In-Force Policies In-Force 209,044 270,865 479,909 Paid-up Policies (included in policies in-force) 11,265 1,129 12,394 Average Issue Age (Yrs) 57 53 55 Average Attained Age (Yrs) 71 71 71 Average Max Daily Benefit (Current) $234 $169 $198 Average Max Benefit Period (Non-Lifetime) (Yrs) 4.1 4.6 4.4 Annualized Earned Premiums $454 $294 $748 Benefit Mix Lifetime Benefits 19% 12% 15% (by in-force count) 5% Compound Inflation 44% 7% 23% <5% Compound Inflation 3% 0% 1% % of policies with Simple Inflation 21% 0% 9% these features Combined Lifetime and Inflation Benefits 14% 1% 7% Open Claims Policies on Claim 4,715 8,131 12,846 Average Disabled Age (Yrs) (at disablement) 81 82 81 Average Max Daily Benefit $195 $150 $166 As of September 30, 2018. 11

Long Term Care: Key Assumptions Base Reserves Testing GAAP STAT GAAP LRT STAT AAT1 Morbidity Improvement Yes for 20% of block None 50 bps per year None Mortality Improvement Yes for 25% of block None 1% per year None Expected Future Claim Based primarily on Based primarily on Based on company Based on company Costs/Base Morbidity industry experience industry experience experience experience Average 2 Ultimate Lapse Rate 2.0% 1.5% 0.8% 0.8% Discount Rate / New Mean reversion of Money Investment Rate 5.5% 4.4% 10-year Treasury to NY7 4.25% over 8 years $600 million of Present Value of None None future rate increases Approved only Future Rate Increases not yet approved 1 Asset adequacy testing. 2 Preliminary 2018 assumption. 12

Long Term Care: Loss Recognition Testing Assumptions and Sensitivities GAAP LRT Margin Sensitivities Estimated Margin Impact Current Assumption Assumption Change Decrease / Increase ($ in millions) Remove improvement: -50 bps Morbidity Improvement 50 bps per year Increase improvement: +50 bps ($1,600) - $1,600 Increase improvement: +1% Mortality Improvement 1% per year Remove improvement: -1% ($700) - $700 Change in expected future Expected Future Claim Based on company claims costs: ($600) - $600 Costs/Base Morbidity experience +5% to -5% Average Ultimate Lapse Rate 0.8% -10 bps to +10 bps ($200) - $200 Mean reversion of New Money 10-year Treasury to -20 bps to +20 bps ($100) - $100 Investment Rate 4.25% over 8 years $600 million of future Present Value of rate increases not yet Decrease / increase rate ($100) - $100 Future Rate Increases approved increases by 15% 13

EX-99.4

Exhibit 99.4

For Immediate Release İ Global Communications İ MetLife, Inc.

Contacts:     For Media:    Ashia Razzaq    

MetLife

(212) 578-1538

For Investors: John Hall

MetLife

(212) 578-7888

MetLife Announces New $2 Billion Share Repurchase Authorization

NEW YORK, Nov. 1, 2018– MetLife, Inc. (NYSE: MET) today announced that its board of directors has approved a new $2 billion authorization for the company to repurchase its common stock. In May 2018, MetLife announced a $1.5 billion repurchase authorization and the company has bought back approximately $1 billion of its common stock under that board authorization.

Commenting on the announcement, MetLife Chairman, President and CEO Steven A. Kandarian said:

"Excess capital belongs to our shareholders, and we are pleased to announce a new $2 billion share repurchase authorization. Taken together with the balance from our prior authorization, MetLife has current authorized buyback capacity of almost $2.5 billion.”

###

About MetLife

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

Forward-Looking Statements This news release may contain or refer to forward-looking statements. Forward-looking statements give expectations or forecasts of the future using terms such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” and other terms tied to future periods. Results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are based on assumptions and expectations. They involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. The company has no obligation to correct or update any forward-looking statement. Parts of this news release may include additional information on forward-looking statements.