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) February 6, 2019

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 February 6, 2019, MetLife, Inc. issued (i) a news release announcing its results for the quarter and full year ended December 31, 2018 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended December 31, 2018 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference, and (iii) a supplemental slide presentation for the quarter and full year ended December 31, 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 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 February 6, 2019, announcing its results for the quarter and full year ended December 31, 2018

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

99.3 Supplemental Slides for the quarter and full year ended December 31, 2018

SIGNATURES

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

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

Date: February 6, 2019

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 FOURTH QUARTER AND FULL YEAR 2018 RESULTS

NEW YORK, February 6, 2019 - MetLife, Inc. (NYSE: MET) today announced its results for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter Results Summary

• Net income of $2.0 billion, or $2.04 per share, compared to net income of $2.3 billion, or $2.14 per share, in the fourth quarter of 2017.

• Adjusted earnings* of $1.3 billion, or $1.35 per share, compared to adjusted earnings of $678 million, or $0.64 per share in the fourth quarter of 2017.

• Book value of $51.53 per share, down5 percent from $54.24 per share at December 31, 2017.

• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA)*, of $44.62 per share, up4 percent from $42.92 per share at December 31, 2017.

• Return on equity (ROE) of 16.5 percent.

• Adjusted ROE, excluding AOCI other than FCTA*, of 12.5 percent.

Full Year Results Summary

• Net income of $5.0 billion, compared to net income of $3.9 billion for the full year 2017. Net income of $4.91 per share, up 36 percent from the prior-year.

• Adjusted earnings* of $5.5 billion, compared to adjusted earnings of $4.2 billion for the full year 2017. Adjusted earnings* of $5.39 per share, up 37 percent from the prior-year.

• Return on equity of 9.6 percent.

• Adjusted ROE, excluding AOCI other than FCTA*, of 12.6 percent.

"While market conditions were challenging in the fourth quarter, our businesses performed exceptionally well overall in 2018,” said Steven A. Kandarian, chairman, president and CEO of MetLife, Inc. “MetLife delivered 37 percent adjusted earnings per share growth, achieved a 12.6 percent adjusted return on equity**, and returned a record $5.7 billion in cash to shareholders through common stock repurchases and dividends.”

**Refers to adjusted ROE, excluding AOCI other than FCTA*.

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Fourth Quarter & Full Year 2018 Summary

($ in millions, except per share data)	Three months ended December 31,			Year ended  December 31,
	2018	2017	Change	2018	2017	Change
Premiums, fees & other revenues	$11,116	$11,335	(2)%	$51,222	$45,843	12%
Net investment income	3,462	4,454	(22)%	16,166	17,363	(7)%
Net investment gains (losses)	145	106	37%	(298)	(308)	3%
Net derivative gains (losses)	939	(55)		851	(590)
Total revenues	$15,662	$15,840	(1)%	$67,941	$62,308	9%
Total adjusted revenues	$15,397	$15,403		$68,161	$62,744	9%
Adjusted premiums, fees & other revenues	$11,022	$11,300	(2)%	$50,778	$46,200	10%
Adjusted premiums, fees & other revenues, excluding pension risk transfer (PRT)	$11,098	$10,703	4%	$43,884	$42,895	2%
Net income (loss)	$2,010	$2,272	(12)%	$4,982	$3,907	28%
Net income (loss) per share	$2.04	$2.14	(5)%	$4.91	$3.62	36%
Adjusted earnings	$1,336	$678	97%	$5,461	$4,235	29%
Adjusted earnings per share	$1.35	$0.64	111%	$5.39	$3.93	37%
Book value per share	$51.53	$54.24	(5)%	$51.53	$54.24	(5)%
Book value per share, excluding AOCI other than FCTA	$44.62	$42.92	4%	$44.62	$42.92	4%
Expense ratio	20.7%	24.4%		18.9%	21.7%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	12.5%	14.5%		12.9%	13.3%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	20.4%	21.9%		20.6%	21.0%
ROE	16.5%	16.3%		9.6%	6.3%
ROE, excluding AOCI other than FCTA	18.9%	20.6%		11.5%	7.7%
Adjusted ROE, excluding AOCI other than FCTA	12.5%	6.1%		12.6%	8.4%

MetLife reported fourth quarter 2018 premiums, fees & other revenues of $11.1 billion, down2 percent over the fourth quarter of 2017. Adjusted premiums, fees & other revenues* were $11.0 billion, down2 percent, and 1 percent on a constant currency basis* over the prior-year period.

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Net investment income was $3.5 billion, down22 percent. The decline in net investment income was driven by changes in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP. On an adjusted basis, net investment income was $4.4 billion, up7 percent.

Net derivative gains amounted to $939 million, and $742 million after tax during the quarter.

Net income was $2.0 billion, compared to net income of $2.3 billion in the fourth quarter of 2017. On a per share basis, net income was $2.04, compared to net income of $2.14 in the prior-year period.

MetLife reported adjusted earnings of $1.3 billion, up97 percent over the fourth quarter of 2017, and 104 percent on a constant currency basis. On a per share basis, which includes the impact of share repurchases, adjusted earnings were $1.35, up111 percent from the prior-year period.

For the full year 2018, MetLife reported net income of $5.0 billion, compared to net income of $3.9 billion for the full year 2017.

Full year 2018 adjusted earnings were $5.5 billion, up 29 percent. On a per share basis, 2018 adjusted earnings were $5.39, up 37 percent over 2017.

Supplemental slides for the fourth quarter of 2018, titled "4Q18 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 December 31, 2018		Year ended December 31, 2018
Segment	Change from prior-year period	Change from prior-year period (on a constant currency basis)	Change from prior-year period	Change from prior-year period (on a constant currency basis)
U.S.	38%	38%	38%	38%
Asia	(9)%	(8)%	1%	—%
Latin America	10%	19%	1%	3%
Europe, the Middle East and Africa (EMEA)	(30)%	(24)%	(7)%	(7)%
MetLife Holdings	15%	15%	6%	6%

***The percentages in this table are on a reported basis, and do not exclude notable items.

Business Discussions

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

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U.S.

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Adjusted earnings	$685	$498	38%
Adjusted premiums, fees & other revenues	$5,725	$6,038	(5)%
Adjusted premiums, fees & other revenues, excluding pension risk transfers	$5,801	$5,441	7%
Notable item(s)	$0	$(55)

• Adjusted earnings for the U.S. were $685 million, up38 percent, driven by U.S. tax reform and volume growth.

• Excluding notable items from both periods, adjusted earnings were up24 percent. Excluding the impact of U.S. tax reform, and excluding notable items in both periods, adjusted earnings were up 3 percent.

• Adjusted return on allocated equity was 25.2 percent, and adjusted return on allocated tangible equity was 29.2 percent.

• Adjusted premiums, fees & other revenues were $5.7 billion, down5 percent, driven by lower pension risk transfer transactions in Retirement and Income Solutions. Excluding pension risk transfers, adjusted premiums, fees & other revenues were up7 percent.

Group Benefits

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Adjustedearnings	$230	$230	—%
Adjusted premiums, fees & other revenues	$4,283	$4,105	4%
Notable item(s)	$0	$0

• Adjusted earnings for Group Benefits were $230 million, flat compared to the prior-year period, driven by U.S. tax reform, offset by unfavorable underwriting. Excluding the impact of U.S. tax reform, adjusted earnings were down 18 percent.

• Adjusted premiums, fees & other revenues were $4.3 billion, up4 percent.

• Sales for Group Benefits were down 1 percent for the full year 2018 compared to the full year 2017.

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Retirement and Income Solutions

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Adjustedearnings	$356	$173	106%
Adjusted premiums, fees & other revenues	$523	$1,026	(49)%
Adjusted premiums, fees & other revenues, excluding pension risk transfers	$599	$429	40%
Notable item(s)	$0	$(62)

• Adjusted earnings for Retirement and Income Solutions were $356 million, up106 percent, driven by favorable underwriting, U.S. tax reform and higher investment margin.

• Excluding notable items from both periods, adjusted earnings were up51 percent. Excluding the impact of U.S. tax reform, and excluding notable items in both periods, adjusted earnings were up 24 percent.

• Adjusted premiums, fees & other revenues were $523 million, down49 percent from the prior-year period, driven by lower pension risk transfer transactions.

• Excluding pension risk transfers, adjusted premiums, fees & other revenues were up40 percent.

Property & Casualty

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Adjustedearnings	$99	$95	4%
Adjusted premiums, fees & other revenues	$919	$907	1%
Notable item(s)	$0	$7

• Adjusted earnings for Property & Casualty were $99 million, up4 percent, driven by U.S. tax reform, partially offset by unfavorable homeowners underwriting and expenses. Excluding the impact of U.S. tax reform, adjusted earnings were down 10 percent.

• Adjusted premiums, fees & other revenues were $919 million, up1 percent.

• Pre-tax catastrophe losses and prior year development totaled $19 million, compared to $16 million in the prior-year period.

• Sales for Property & Casualty were $151 million, up 13 percent.

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ASIA

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Adjusted earnings	$281	$310	(9)%
Adjusted earnings (constant currency)	$281	$305	(8)%
Adjusted premiums, fees & other revenues	$2,095	$2,088	—%
Notable item(s)	$0	$0

• Adjusted earnings for Asia were $281 million, down9 percent, and down8 percent on a constant currency basis, as volume growth was more than offset by unfavorable underwriting and weaker capital markets. Excluding the impact of U.S. tax reform, adjusted earnings were down 13 percent, and down 12 percent on a constant currency basis.

• Adjusted return on allocated equity was 7.9 percent, and adjusted return on allocated tangible equity was 12.0 percent.

• Adjusted premiums, fees & other revenues were $2.1 billion, up1 percent on a constant currency basis.

• Sales for Asia were $628 million, up5 percent on a constant currency basis. Japan sales were up19 percent, primarily driven by foreign currency denominated products. Other Asia sales were down 13 percent, primarily driven by regulatory changes in Korea.

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LATIN AMERICA

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Adjusted earnings	$137	$125	10%
Adjusted earnings (constant currency)	$137	$115	19%
Adjusted premiums, fees & other revenues	$956	$988	(3)%
Notable item(s)	$0	$0

• Adjusted earnings for Latin America were $137 million, up10 percent, and up19 percent on a constant currency basis, driven by volume growth, lower expenses and favorable underwriting, partially offset by the negative impact of U.S. tax reform and lower equity markets impacting Chile encaje. Excluding the impact of U.S. tax reform, adjusted earnings were up 19 percent, and up 30 percent on a constant currency basis.

• Adjusted return on allocated equity was 17.5 percent, and adjusted return on allocated tangible equity was 29.1 percent.

• Adjusted premiums, fees & other revenues were $956 million, down3 percent, and up5 percent on a constant currency basis, driven by volume growth across the region, led by Chile and Mexico.

• Sales for Latin America were $222 million, up6 percent on a constant currency basis, due to higher group sales.

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EMEA

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Adjusted earnings	$55	$79	(30)%
Adjusted earnings (constant currency)	$55	$72	(24)%
Adjusted premiums, fees & other revenues	$642	$651	(1)%
Notable item(s)	$0	$0

• Adjusted earnings for EMEA were $55 million, down30 percent, and down24 percent on a constant currency basis, as volume growth and lower expenses were more than offset by one-time items, unfavorable underwriting, and the negative impact of U.S. tax reform. Excluding the impact of U.S. tax reform, adjusted earnings were down 24 percent, and down 15 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 $642 million, down1 percent, and up3 percent on a constant currency basis.

• Sales for EMEA were $200 million, down7 percent on a constant currency basis due to lower volumes in the Gulf.

METLIFE HOLDINGS

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Adjusted earnings	$223	$194	15%
Adjusted premiums, fees & other revenues	$1,385	$1,453	(5)%
Notable item(s)	$0	$(48)

• Adjustedearnings for MetLife Holdings were $223 million, up15 percent.

• Excluding notable items from both periods, adjusted earnings were down8 percent. Excluding the impact of U.S. tax reform, and excluding notable items in both periods, adjusted earnings were down 21 percent due to the decline in equity markets, lower interest margins, and unfavorable life underwriting, partially offset by lower expenses.

• Adjustedreturn on allocated equity was 8.9 percent, and adjusted return on allocated tangible equity was 10.0 percent.

• Adjustedpremiums, fees & other revenues were $1.4 billion, down5 percent.

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CORPORATE & OTHER

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Adjusted earnings	$(45)	$(528)
Notable item(s)	$87	$(395)

• Corporate & Other had an adjusted loss of $45 million, compared to an adjustedloss of $528 million in the fourth quarter of 2017. Notable items in the current period include favorable tax items partially offset by expenses associated with the company's previously announced cost saving initiatives and litigation expenses.

• Excluding notable items from both periods, adjusted loss was essentially flat. Excluding the impact of U.S. tax reform, and excluding notable items in both periods, adjusted loss was $132 million, compared to an adjusted loss of $207 million in the prior-year period.

INVESTMENTS

($ in millions)	Three months ended December 31, 2018	Three months ended December 31, 2017	Change
Net investment income (as reported on an adjusted basis)	$4,375	$4,103	7%

• As reported on an adjusted basis, net investment income was $4.4 billion, up7 percent. Variable investment income was $237 million ($187 million, after tax), as compared to $216 million ($140 million, after tax) in the fourth quarter of 2017, driven by higher private equity income.

FOURTH QUARTER 2018 NOTABLE ITEMS

($ in millions)	Adjusted Earnings
	Three months ended December 31, 2018
Notable Items	U.S.			Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions	Property & Casualty
Litigation reserves & settlement costs								$(60)	$(60)
Expense initiative costs								$(100)	$(100)
Tax adjustments								$247	$247
Total notable items	$0	$0	$0	$0	$0	$0	$0	$87	$87

*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.

###

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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 fourth quarter and full year 2018 earnings conference call and audio webcast on Thursday, February 7, 2019, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 800-230-1085 (U.S.) or 612-234-9959 (outside the U.S.). To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Thursday, February 7, 2019, until Thursday, February 14, 2019, 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 462460. 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 deferred policy acquisition costs (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 earnings available to common shareholders, excluding total notable items, on a constant currency basis;	(xiii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xiv)	adjusted earnings available to common shareholders per diluted common share;	(xiv)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xv)	adjusted earnings available to common shareholders on a constant currency basis 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 return on equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xx)	return on equity

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(xxi)	adjusted tangible return on equity;	(xxi)	return on equity;
(xxii)	investment portfolio gains (losses);	(xxii)	net investment gains (losses);
(xxiii)	derivative gains (losses);	(xxiii)	net derivative gains (losses);
(xxiv)	MetLife, Inc.’s tangible common stockholders’ equity;	(xxiv)	MetLife, Inc.’s stockholders’ equity;
(xxv)	MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;	(xxv)	MetLife, Inc.’s stockholders’ equity;
(xxvi)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;	(xxvi)	MetLife, Inc.’s stockholders’ equity;
(xxvii)	MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);	(xxvii)	MetLife, Inc.’s stockholders’ equity;
(xxviii)	MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA);	(xxviii)	MetLife, Inc.’s stockholders’ equity;
(xxix)	book value per common share, excluding AOCI other than FCTA	(xxix)	book value per common share
(xxx)	book value per common share - tangible common stockholders' equity	(xxx)	book value per common share
(xxxi)	free cash flow of all holding companies;	(xxxi)	MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;
(xxxii)	adjusted expense ratio;	(xxxii)	expense ratio;
(xxxiii)	adjusted expense ratio, excluding total notable items related to other expenses and PRT;	(xxxiii)	expense ratio;
(xxxiv)	direct expense ratio; and	(xxxiv)	expense ratio; and
(xxxv)	direct expense ratio, excluding total notable items related to direct expenses and PRT.	(xxxv)	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 on a constant currency basis 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 (Unearned revenue adjustments) 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 (Operating joint venture adjustments), (iii) excludes certain amounts related to contractholder-directed equity securities (Unit-linked contract income), (iv) excludes certain amounts related to securitization entities that are variable interest entities (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 under 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).

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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 (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 certain amounts related to net investment income earned on contractholder-directed equity securities (Unit-linked contract costs);

• 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 (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.

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

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

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

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

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

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

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Statistical sales information:

• 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.

▪ Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance.

▪ Property & Casualty: calculated based on first year direct written premium, net of cancellation and endorsement activity.

• 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.

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. 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.

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• 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

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reserving assumptions; (20) ineffectiveness of risk management policies and procedures; (21) catastrophe losses; (22) increasing cost and limited market capacity for statutory life insurance reserve financings; (23) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (24) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and any adjustment for nonperformance risk; (25) our ability to address difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from (a) business acquisitions and integrating and managing the growth of such acquired businesses, (b) dispositions of businesses via sale, initial public offering, spin-off or otherwise, including failure to achieve projected operational 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 Consolidated Statements of Operations
(Unaudited)
(In millions)
	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
Revenues
Premiums	$	9,267		$	9,571		$	43,840		$	38,992
Universal life and investment-type product policy fees	1,397			1,358			5,502			5,510
Net investment income	3,462			4,454			16,166			17,363
Other revenues	452			406			1,880			1,341
Net investment gains (losses)	145			106			(298		)	(308		)
Net derivative gains (losses)	939			(55		)	851			(590		)
Total revenues	15,662			15,840			67,941			62,308
							.
Expenses
Policyholder benefits and claims	8,992			9,295			42,656			38,313
Interest credited to policyholder account balances	486			1,526			4,013			5,607
Policyholder dividends	318			306			1,251			1,231
Capitalization of DAC	(814		)	(784		)	(3,254		)	(3,002		)
Amortization of DAC and VOBA	843			736			2,975			2,681
Amortization of negative VOBA	(11		)	(27		)	(56		)	(140		)
Interest expense on debt	260			278			1,122			1,129
Other expenses	3,117			3,549			12,927			12,953
Total expenses	13,191			14,879			61,634			58,772
Income (loss) from continuing operations before provision for income tax	2,471			961			6,307			3,536
Provision for income tax expense (benefit)	409			(1,354		)	1,179			(1,470		)
Income (loss) from continuing operations, net of income tax	2,062			2,315			5,128			5,006
Income (loss) from discontinued operations, net of income tax	—			—			—			(986		)
Net income (loss)	2,062			2,315			5,128			4,020
Less: Net income (loss) attributable to noncontrolling interests	(5		)	(2		)	5			10
Net income (loss) attributable to MetLife, Inc.	2,067			2,317			5,123			4,010
Less: Preferred stock dividends	57			45			141			103
Net income (loss) available to MetLife, Inc.'s common shareholders	$	2,010		$	2,272		$	4,982		$	3,907
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 Year Ended
	December 31,												December 31,
	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	$	2,010		$	2.04		$	2,272		$	2.14		$	4,982		$	4.91		$	3,907		$	3.62
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	145			0.15			106			0.10			(298		)	(0.29		)	(308		)	(0.29		)
Net derivative gains (losses)	939			0.95			(55		)	(0.05		)	851			0.84			(590		)	(0.55		)
Premiums	—			—			—			—			—			—			(347		)	(0.32		)
Universal life and investment-type product policy fees	19			0.02			29			0.03			120			0.12			103			0.10
Net investment income	(913		)	(0.92		)	351			0.33			(1,217		)	(1.21		)	819			0.75
Other revenues	75			0.08			6			0.01			324			0.31			(113		)	(0.10		)
Policyholder benefits and claims and policyholder dividends	78			0.08			2			—			(174		)	(0.17		)	(204		)	(0.19		)
Interest credited to policyholder account balances	731			0.73			(420		)	(0.40		)	680			0.67			(1,294		)	(1.21		)
Capitalization of DAC	—			—			—			—			1			—			(34		)	(0.03		)
Amortization of DAC and VOBA	(112		)	(0.11		)	7			0.01			(215		)	(0.21		)	(33		)	(0.03		)
Amortization of negative VOBA	—			—			1			—			1			—			9			0.01
Interest expense on debt	(18		)	(0.02		)	—			—			(63		)	(0.06		)	16			0.01
Other expenses	(62		)	(0.06		)	(272		)	(0.26		)	(398		)	(0.40		)	(544		)	(0.50		)
Goodwill impairment	—			—			—			—			—			—			—			—
Provision for income tax (expense) benefit	(213		)	(0.22		)	1,837			1.73			(86		)	(0.08		)	3,188			2.96
Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			(986		)	(0.91		)
Add: Net income (loss) attributable to noncontrolling interests	(5		)	(0.01		)	(2		)	—			5			—			10			0.01
Adjusted earnings available to common shareholders	1,336			1.35			678			0.64			5,461			5.39			4,235			3.93
Less: Total notable items (2)	87			0.09			(498		)	(0.47		)	(103		)	(0.10		)	(622		)	(0.58		)
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,249		$	1.26		$	1,176		$	1.11		$	5,564		$	5.49		$	4,857		$	4.50
Adjusted earnings available to common shareholders on a constant currency basis	$	1,336		$	1.35		$	656		$	0.62		$	5,461		$	5.39		$	4,230		$	3.92
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	1,249		$	1.26		$	1,154		$	1.09		$	5,564		$	5.49		$	4,852		$	4.50
Weighted average common shares outstanding - diluted				987.6						1,062.1						1,013.9						1,078.5
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions)
	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
Premiums, Fees and Other Revenues
Premiums, fees and other revenues	$	11,116		$	11,335		$	51,222		$	45,843
Less: Unearned revenue adjustments	(8		)	(2		)	(7		)	12
GMIB fees	27			31			120			125
Settlement of foreign currency earnings hedges	5			6			19			22
TSA fees	70			—			305			—
Divested businesses	—			—			7			(516		)
Adjusted premiums, fees and other revenues	$	11,022		$	11,300		$	50,778		$	46,200
Net Investment Income
Net investment income	$	3,462		$	4,454		$	16,166		$	17,363
Less: Investment hedge adjustments	(121		)	(85		)	(475		)	(435		)
Operating joint venture adjustments	—			—			1			—
Unit-linked contract income	(765		)	436			(683		)	1,300
Securitization entities income	—			—			—			—
Certain partnership distributions	(27		)	—			(61		)	—
Divested businesses	—			—			1			(46		)
Net investment income, as reported on an adjusted basis	$	4,375		$	4,103		$	17,383		$	16,544
Revenues and Expenses
Total revenues	$	15,662		$	15,840		$	67,941		$	62,308
Less: Net investment gains (losses)	145			106			(298		)	(308		)
Less: Net derivative gains (losses)	939			(55		)	851			(590		)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	(8		)	(2		)	(7		)	12
Less: Other adjustments to revenues:
GMIB fees	27			31			120			125
Investment hedge adjustments	(121		)	(85		)	(475		)	(435		)
Operating joint venture adjustments	—			—			1			—
Unit-linked contract income	(765		)	436			(683		)	1,300
Securitization entities income	—			—			—			—
Settlement of foreign currency earnings hedges	5			6			19			22
Certain partnership distributions	(27		)	—			(61		)	—
TSA fees	70			—			305			—
Divested businesses	—			—			8			(562		)
Total adjusted revenues	$	15,397		$	15,403		$	68,161		$	62,744
Total expenses	$	13,191		$	14,879		$	61,634		$	58,772
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	44			(28		)	109			(60		)
Less: Goodwill impairment	—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	1			(77		)	29			(31		)
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	(10		)	93			252			352
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(1		)	2			(2		)	13
PAB hedge adjustments	(1		)	—			(4		)	(3		)
Unit-linked contract costs	(730		)	420			(676		)	1,264
Securitization entities debt expense	—			—			—			—
Noncontrolling interest	5			5			(10		)	(12		)
Regulatory implementation costs	5			—			11			—
Acquisition, integration and other costs	(14		)	23			24			65
TSA fees	70			—			305			—
Divested businesses	14			244			130			496
Total adjusted expenses	$	13,808		$	14,197		$	61,466		$	56,688
See footnotes on last page.

Page 23 of 28

MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
	December 31,
Book Value (3)	2018			2017
Book value per common share	$	51.53		$	54.24
Less: Net unrealized investment gains (losses), net of income tax	9.03			13.09
Defined benefit plans adjustment, net of income tax	(2.12		)	(1.77		)
Book value per common share, excluding AOCI other than FCTA	44.62			42.92
Less: Goodwill, net of income tax	9.52			8.93
VODA and VOCRA, net of income tax	0.33			0.36
Book value per common share - tangible common stockholders' equity	$	34.77		$	33.63
Common shares outstanding, end of period	958.6			1,043.6
	For the Three Months Ended
	December 31,
Expense Detail and Ratios	2018			2017
Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis.
Capitalization of DAC	$	(814	)	$	(784	)
Less: Divested businesses	—			—
Capitalization of DAC, as reported on an adjusted basis	$	(814	)	$	(784	)
Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis
Other expenses	$	3,117		$	3,549
Less: Noncontrolling interest	5			5
Less: Regulatory implementation costs	5			—
Less: Acquisition, integration and other costs	(14		)	23
Less: TSA fees	70			—
Less: Divested businesses	(4		)	244
Other expenses, as reported on an adjusted basis	$	3,055		$	3,277
Other detail and ratios
Other expenses	$	3,117		$	3,549
Capitalization of DAC	(814		)	(784		)
Other expenses, net of capitalization of DAC	$	2,303		$	2,765
Premiums, fees and other revenues	$	11,116		$	11,335
Expense ratio	20.7		%	24.4		%
Direct expenses	$	1,369		$	1,697
Less: Total notable items related to direct expenses	(19		)	149
Direct expenses, excluding total notable items related to direct expenses	$	1,388		$	1,548
Other expenses, as reported on an adjusted basis	$	3,055		$	3,277
Capitalization of DAC, as reported on an adjusted basis	(814		)	(784		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,241			2,493
Less: Total notable items related to other expenses, as reported on an adjusted basis	(19		)	149
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,260		$	2,344
Adjusted premiums, fees and other revenues	$	11,022		$	11,300
Less: Pension risk transfer (PRT)	(76		)	597
Adjusted premiums, fees and other revenues, excluding PRT	$	11,098		$	10,703
Direct expense ratio	12.4		%	15.0		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	12.5		%	14.5		%
Adjusted expense ratio	20.3		%	22.1		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	20.4		%	21.9		%
See footnotes on last page.

Page 24 of 28

MetLife, Inc.
(Unaudited)
	For the Three Months Ended				For the Year Ended
	December 31, (4)				December 31,
Return on Equity	2018		2017		2018		2017
Return on MetLife, Inc.'s:
Common stockholders' equity	16.5	%	16.3	%	9.6	%	6.3	%
Common stockholders' equity, excluding AOCI other than FCTA	18.9	%	20.6	%	11.5	%	7.7	%
Tangible common stockholders' equity	24.4	%	26.4	%	14.8	%	9.6	%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.9	%	4.9	%	10.6	%	6.8	%
Common stockholders' equity, excluding AOCI other than FCTA	12.5	%	6.1	%	12.6	%	8.4	%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	11.7	%	10.6	%	12.8	%	9.6	%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	12.5	%	6.1	%	12.6	%	10.3	%
Tangible common stockholders' equity	16.2	%	8.0	%	16.3	%	10.4	%
Tangible common stockholders' equity, excluding total notable items (2)	15.1	%	13.6	%	16.5	%	11.9	%
Return on Allocated Equity:
U.S.	25.8	%	21.5	%
Asia	21.7	%	11.8	%
Latin America	4.7	%	8.0	%
EMEA	9.2	%	11.3	%
MetLife Holdings	16.1	%	9.4	%
Return on Allocated Tangible Equity:
U.S.	29.9	%	25.0	%
Asia	32.9	%	18.8	%
Latin America	7.9	%	13.8	%
EMEA	15.1	%	18.4	%
MetLife Holdings	18.0	%	10.5	%
Adjusted Return on Allocated Equity:
U.S.	25.2	%	19.5	%
Asia	7.9	%	9.9	%
Latin America	17.5	%	17.0	%
EMEA	6.3	%	9.8	%
MetLife Holdings	8.9	%	6.9	%
Adjusted Return on Allocated Tangible Equity:
U.S.	29.2	%	22.7	%
Asia	12.0	%	15.8	%
Latin America	29.1	%	29.3	%
EMEA	10.5	%	16.1	%
MetLife Holdings	10.0	%	7.8	%
See footnotes on last page.

Page 25 of 28

Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.
to Free Cash Flow of All Holding Companies
(Unaudited)
	For the Year Ended December 31,
	2018			2017
	(In billions, except ratios)
MetLife, Inc. (parent company only) net cash provided by operating activities	$	5.5		$	6.5
Adjustments from net cash provided by operating activities to free cash flow:
Add: Incremental debt to be at or below target leverage ratios	—			—
Add: Adjustments from net cash provided by operating activities to free cash flow (5)	(1.1		)	(0.3		)
MetLife, Inc. (parent company only) free cash flow	4.4			6.2
Other MetLife, Inc. holding companies free cash flow (6)	(1.0		)	(0.5		)
Free cash flow of all holding companies	$	3.4		$	5.7
Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:
MetLife, Inc. (parent company only) net cash provided by operating activities	$	5.5		$	6.5
Consolidated net income (loss) available to MetLife, Inc.'s common shareholders (7)	$	5.0		$	3.9
Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (7) (8)	110		%	165		%
Ratio of free cash flow to adjusted earnings available to common shareholders:
Free cash flow of all holding companies (9)	$	3.4		$	5.7
Consolidated adjusted earnings available to common shareholders (9)	$	5.5		$	4.2
Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (9)	62		%	134		%
See footnotes on last page.

Page 26 of 28

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
		For the Three Months Ended						For the Year Ended
		December 31,						December 31,
		2018			2017			2018			2017
U.S.:
	Adjusted earnings available to common shareholders	$	685		$	498		$	2,804		$	2,027
	Less: Total notable items (2)	—			(55		)	37			(88		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	685		$	553		$	2,767		$	2,115
	Adjusted earnings available to common shareholders on a constant currency basis (10)	$	685		$	498		$	2,804		$	2,027
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (10)	$	685		$	553		$	2,767		$	2,115
Group Benefits:
	Adjusted earnings available to common shareholders	$	230		$	230		$	1,079		$	868
	Less: Total notable items (2)	—			—			37			3
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	230		$	230		$	1,042		$	865
	Adjusted earnings available to common shareholders on a constant currency basis (10)	$	230		$	230		$	1,079		$	868
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (10)	$	230		$	230		$	1,042		$	865
Retirement & Income Solutions:
	Adjusted earnings available to common shareholders	$	356		$	173		$	1,381		$	956
	Less: Total notable items (2)	—			(62		)	—			(45		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	356		$	235		$	1,381		$	1,001
	Adjusted earnings available to common shareholders on a constant currency basis (10)	$	356		$	173		$	1,381		$	956
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (10)	$	356		$	235		$	1,381		$	1,001
Property & Casualty:
	Adjusted earnings available to common shareholders	$	99		$	95		$	344		$	203
	Less: Total notable items (2)	—			7			—			(46		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	99		$	88		$	344		$	249
	Adjusted earnings available to common shareholders on a constant currency basis (10)	$	99		$	95		$	344		$	203
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (10)	$	99		$	88		$	344		$	249
Asia:
	Adjusted earnings available to common shareholders	$	281		$	310		$	1,237		$	1,229
	Less: Total notable items (2)	—			—			(86		)	5
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	281		$	310		$	1,323		$	1,224
	Adjusted earnings available to common shareholders on a constant currency basis	$	281		$	305		$	1,237		$	1,235
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	281		$	305		$	1,323		$	1,230
Latin America:
	Adjusted earnings available to common shareholders	$	137		$	125		$	592		$	585
	Less: Total notable items (2)	—			—			28			14
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	137		$	125		$	564		$	571
	Adjusted earnings available to common shareholders on a constant currency basis	$	137		$	115		$	592		$	573
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	137		$	115		$	564		$	559
EMEA:
	Adjusted earnings available to common shareholders	$	55		$	79		$	277		$	297
	Less: Total notable items (2)	—			—			(23		)	(8		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	55		$	79		$	300		$	305
	Adjusted earnings available to common shareholders on a constant currency basis	$	55		$	72		$	277		$	298
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	55		$	72		$	300		$	306
MetLife Holdings:
	Adjusted earnings available to common shareholders	$	223		$	194		$	1,255		$	1,182
	Less: Total notable items (2)	—			(48		)	38			111
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	223		$	242		$	1,217		$	1,071
	Adjusted earnings available to common shareholders on a constant currency basis (10)	$	223		$	194		$	1,255		$	1,182
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (10)	$	223		$	242		$	1,217		$	1,071
Corporate & Other:
	Adjusted earnings available to common shareholders	$	(45	)	$	(528	)	$	(704	)	$	(1,085	)
	Less: Total notable items (2)	87			(395		)	(97		)	(656		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	(132	)	$	(133	)	$	(607	)	$	(429	)
	Adjusted earnings available to common shareholders on a constant currency basis (10)	$	(45	)	$	(528	)	$	(704	)	$	(1,085	)
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2), (10)	$	(132	)	$	(133	)	$	(607	)	$	(429	)
See footnotes on last page.

Page 27 of 28

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 December 31, 2018 and 2017, respectively.
(4)	Annualized using quarter-to-date results.
(5)	Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net.
(6)	Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions from MetLife, Inc.; (iii) capital contributions to subsidiaries; (iv) repayments on and (issuances of) loans to subsidiaries, net; (v) other expenses; (vi) dividends and returns of capital to MetLife, Inc. and (vii) investment portfolio changes and other, net.
(7)	Consolidated net income (loss) available to MetLife, Inc.'s common shareholders for 2018 includes costs related to the separation of Brighthouse Financial, Inc. (Brighthouse) and its subsidiaries (Separation) of $0.08 billion, net of income tax. Excluding this amount from the denominator of the ratio, this ratio, as adjusted, would be 109%. Consolidated net income (loss) available to MetLife, Inc.'s common shareholders for 2017 includes Separation-related costs of $0.3 billion, net of income tax. Excluding this amount from the denominator of the ratio, this ratio, as adjusted, would be 153%.
(8)	Including the free cash flow of other MetLife, Inc. holding companies of ($1.0) billion and ($0.5) billion for the years ended December 31, 2018 and 2017, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 90% and 153%, respectively. Including the free cash flow of other MetLife, Inc. holding companies in the numerator of the ratio and excluding the Separation-related costs from the denominator of the ratio, this ratio, as adjusted, would be 88% and 141% for the years ended December 31, 2018 and 2017, respectively.
(9)	In 2018, $0.3 billion of Separation-related items (comprised of certain Separation-related inflows primarily related to reinsurance benefit from Brighthouse) were included, which increased MetLife, Inc. holding companies’ liquid assets, as well as MetLife, Inc.'s free cash flow. Excluding these Separation-related items, adjusted free cash flow would be $3.1 billion for the year ended December 31, 2018. Consolidated adjusted earnings available to common shareholders for 2018 was negatively impacted by notable items, primarily related to expense initiative costs of $0.3 billion, net of income tax, partially offset by tax adjustments of $0.2 billion, net of income tax. Excluding the Separation-related items, which increased free cash flow, from the numerator of the ratio and excluding such notable items and Separation-related costs negatively impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2018 would be 56%. In 2017, $2.1 billion of Separation-related items (comprised of certain Separation-related inflows primarily related to dividends from Brighthouse, net of outflows) were included, which increased MetLife, Inc. holding companies’ liquid assets, as well as MetLife, Inc.'s free cash flow. Excluding these Separation-related items, adjusted free cash flow would be $3.6 billion for the year ended December 31, 2017. Consolidated adjusted earnings available to common shareholders for 2017 was negatively impacted by notable items, primarily related to tax adjustments, of $0.6 billion, net of income tax. Excluding the Separation-related items, which increased free cash flow, from the numerator of the ratio and excluding such notable items and Separation-related costs negatively impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2017 would be 75%.
(10)	Amounts on a reported basis, as constant currency impact is not significant.

Page 28 of 28

EX-99.2

Exhibit 99.2

Fourth Quarter

Financial Supplement

December 31, 2018

4

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 Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Revenues
Premiums		$	9,571		$	9,178		$	15,153		$	10,242		$	9,267		$	38,992		$	43,840
Universal life and investment-type product policy fees		1,358			1,392			1,370			1,343			1,397			5,510			5,502
Net investment income		4,454			3,745			4,473			4,486			3,462			17,363			16,166
Other revenues		406			474			475			479			452			1,341			1,880
Net investment gains (losses)		106			(333		)	(227		)	117			145			(308		)	(298		)
Net derivative gains (losses)		(55		)	349			(59		)	(378		)	939			(590		)	851
Total revenues		15,840			14,805			21,185			16,289			15,662			62,308			67,941
Expenses
Policyholder benefits and claims		9,295			8,718			14,866			10,080			8,992			38,313			42,656
Interest credited to policyholder account balances		1,526			769			1,424			1,334			486			5,607			4,013
Policyholder dividends		306			297			309			327			318			1,231			1,251
Capitalization of DAC		(784		)	(796		)	(834		)	(810		)	(814		)	(3,002		)	(3,254		)
Amortization of DAC and VOBA		736			693			707			732			843			2,681			2,975
Amortization of negative VOBA		(27		)	(22		)	(16		)	(7		)	(11		)	(140		)	(56		)
Interest expense on debt		278			286			309			267			260			1,129			1,122
Other expenses		3,549			3,204			3,319			3,287			3,117			12,953			12,927
Total expenses		14,879			13,149			20,084			15,210			13,191			58,772			61,634
Income (loss) from continuing operations before provision for income tax		961			1,656			1,101			1,079			2,471			3,536			6,307
Provision for income tax expense (benefit)		(1,354		)	399			207			164			409			(1,470		)	1,179
Income (loss) from continuing operations, net of income tax		2,315			1,257			894			915			2,062			5,006			5,128
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			(986		)	—
Net income (loss)		2,315			1,257			894			915			2,062			4,020			5,128
Less: Net income (loss) attributable to noncontrolling interests		(2		)	4			3			3			(5		)	10			5
Net income (loss) attributable to MetLife, Inc.		2,317			1,253			891			912			2,067			4,010			5,123
Less: Preferred stock dividends		45			6			46			32			57			103			141
Net income (loss) available to MetLife, Inc.'s common shareholders		$	2,272		$	1,247		$	845		$	880		$	2,010		$	3,907		$	4,982
Premiums, fees and other revenues		$	11,335		$	11,044		$	16,998		$	12,064		$	11,116		$	45,843		$	51,222

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Net income (loss) available to MetLife, Inc.'s common shareholders	$	2,272		$	1,247		$	845		$	880		$	2,010
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	106			(333		)	(227		)	117			145
Less: Net derivative gains (losses)	(55		)	349			(59		)	(378		)	939
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(296		)	(146		)	(233		)	(360		)	(202		)
Less: Provision for income tax (expense) benefit	1,837			(42		)	41			128			(213		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	(2		)	4			3			3			(5		)
Adjusted earnings available to common shareholders	$	678		$	1,423		$	1,326		$	1,376		$	1,336
Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted	$	2.14		$	1.19		$	0.83		$	0.88		$	2.04
Less: Net investment gains (losses)	0.10			(0.32		)	(0.22		)	0.12			0.15
Less: Net derivative gains (losses)	(0.05		)	0.33			(0.06		)	(0.38		)	0.95
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.28		)	(0.14		)	(0.23		)	(0.37		)	(0.20		)
Less: Provision for income tax (expense) benefit	1.73			(0.04		)	0.04			0.13			(0.22		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	—			—			—			—			(0.01		)
Adjusted earnings available to common shareholders per common share - diluted	$	0.64		$	1.36		$	1.30		$	1.38		$	1.35
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Notable items impacting adjusted earnings available to common shareholders:
Variable investment income	$	—		$	—		$	—		$	—		$	—
Catastrophe experience and prior year development, net	7			—			—			—			—
Actuarial assumption review and other insurance adjustments	(110		)	62			—			(68		)	—
Litigation reserves & settlement costs	(55		)	—			—			—			(60		)
Expense initiative costs	(42		)	(34		)	(62		)	(88		)	(100		)
Other expense-related items	—			—			—			—			—
Tax adjustments	(298		)	—			—			—			247
Total notable items (2)	$	(498	)	$	28		$	(62	)	$	(156	)	$	87
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		$	—		$	—		$	—		$	—
Actuarial assumption review and other insurance adjustments	$	(0.10	)	$	0.06		$	—		$	(0.07	)	$	—
Litigation reserves & settlement costs	$	(0.05	)	$	—		$	—		$	—		$	(0.06	)
Expense initiative costs	$	(0.04	)	$	(0.03	)	$	(0.06	)	$	(0.09	)	$	(0.10	)
Other expense-related items	$	—		$	—		$	—		$	—		$	—
Tax adjustments	$	(0.28	)	$	—		$	—		$	—		$	0.25
Total notable items (2)	$	(0.47	)	$	0.03		$	(0.06	)	$	(0.16	)	$	0.09
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Weighted average common shares outstanding - diluted	1,062.1			1,044.4			1,023.8			1,000.7			987.6
(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	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Book value per common share (1)	$	54.24		$	52.49		$	50.28		$	48.94		$	51.53
Book value per common share, excluding AOCI other than FCTA (1)	$	42.92		$	43.36		$	42.76		$	42.97		$	44.62
Book value per common share - tangible common stockholders' equity (1)	$	33.63		$	33.80		$	33.22		$	33.37		$	34.77
	For the Three Months Ended
Unaudited	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Return on MetLife, Inc.'s (2):
Common stockholders' equity	16.3		%	9.0		%	6.5		%	7.1		%	16.5		%
Common stockholders' equity, excluding AOCI other than FCTA	20.6		%	11.2		%	7.8		%	8.3		%	18.9		%
Tangible common stockholders' equity	26.4		%	14.4		%	10.1		%	10.8		%	24.4		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	4.9		%	10.3		%	10.2		%	11.2		%	10.9		%
Common stockholders' equity, excluding AOCI other than FCTA	6.1		%	12.8		%	12.2		%	12.9		%	12.5		%
Tangible common stockholders' equity	8.0		%	16.4		%	15.8		%	16.8		%	16.2		%
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Common shares outstanding, beginning of period	1,054.3			1,043.6			1,024.1			1,000.2			986.6
Share repurchases	(11.9		)	(21.4		)	(24.1		)	(14.1		)	(28.4		)
Newly issued shares	1.2			1.9			0.2			0.5			0.4
Common shares outstanding, end of period	1,043.6			1,024.1			1,000.2			986.6			958.6
Weighted average common shares outstanding - basic	1,052.5			1,035.9			1,015.6			992.7			980.3
Dilutive effect of the exercise or issuance of stock-based awards	9.6			8.5			8.2			8.0			7.3
Weighted average common shares outstanding - diluted	1,062.1			1,044.4			1,023.8			1,000.7			987.6
MetLife Policyholder Trust Shares	155.2			153.5			151.6			150.0			148.0
(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 years ended December 31, 2018 and 2017.

4

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Total revenues	$	15,840		$	14,805		$	21,185		$	16,289		$	15,662		$	62,308		$	67,941
Less: Net investment (gains) losses	106			(333		)	(227		)	117			145			(308		)	(298		)
Less: Net derivative (gains) losses	(55		)	349			(59		)	(378		)	939			(590		)	851
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(2		)	(5		)	(5		)	11			(8		)	12			(7		)
Less: Other adjustments to revenues:
GMIB fees	31			30			31			32			27			125			120
Investment hedge adjustments	(85		)	(110		)	(119		)	(125		)	(121		)	(435		)	(475		)
Operating joint venture adjustments	—			1			—			—			—			—			1
Unit-linked contract income	436			(353		)	286			149			(765		)	1,300			(683		)
Securitization entities income	—			—			—			—			—			—			—
Settlement of foreign currency earnings hedges	6			4			5			5			5			22			19
Certain partnership distributions	—			(12		)	(21		)	(1		)	(27		)	—			(61		)
TSA fees	—			79			78			78			70			—			305
Divested businesses	—			7			—			1			—			(562		)	8
Total adjusted revenues	$	15,403		$	15,148		$	21,216		$	16,400		$	15,397		$	62,744		$	68,161
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Net investment income	$	4,454		$	3,745		$	4,473		$	4,486		$	3,462		$	17,363		$	16,166
Less: Adjustments to net investment income:
Investment hedge adjustments	(85		)	(110		)	(119		)	(125		)	(121		)	(435		)	(475		)
Operating joint venture adjustments	—			1			—			—			—			—			1
Unit-linked contract income	436			(353		)	286			149			(765		)	1,300			(683		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			(12		)	(21		)	(1		)	(27		)	—			(61		)
Divested businesses	—			—			—			1			—			(46		)	1
Net investment income, as reported on an adjusted basis	$	4,103		$	4,219		$	4,327		$	4,462		$	4,375		$	16,544		$	17,383
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Premiums, fees and other revenues	$	11,335		$	11,044		$	16,998		$	12,064		$	11,116		$	45,843		$	51,222
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	(2		)	(5		)	(5		)	11			(8		)	12			(7		)
GMIB fees	31			30			31			32			27			125			120
Settlement of foreign currency earnings hedges	6			4			5			5			5			22			19
TSA fees	—			79			78			78			70			—			305
Divested businesses	—			7			—			—			—			(516		)	7
Adjustedpremiums, fees and other revenues	$	11,300		$	10,929		$	16,889		$	11,938		$	11,022		$	46,200		$	50,778
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,181		$	10,692		$	16,731		$	11,885		$	11,022

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Total expenses	$	14,879		$	13,149		$	20,084		$	15,210		$	13,191		$	58,772		$	61,634
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(28		)	(14		)	(10		)	89			44			(60		)	109
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	(77		)	41			—			(13		)	1			(31		)	29
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	93			15			60			187			(10		)	352			252
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	2			—			(1		)	—			(1		)	13			(2		)
PAB hedge adjustments	—			(1		)	(1		)	(1		)	(1		)	(3		)	(4		)
Unit-linked contract costs	420			(347		)	268			133			(730		)	1,264			(676		)
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	5			(7		)	(5		)	(3		)	5			(12		)	(10		)
Regulatory implementation costs	—			1			2			3			5			—			11
Acquisition, integration and other costs	23			11			14			13			(14		)	65			24
TSA fees	—			79			78			78			70			—			305
Divested businesses	244			9			83			24			14			496			130
Total adjusted expenses	$	14,197		$	13,362		$	19,596		$	14,700		$	13,808		$	56,688		$	61,466
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Capitalization of DAC	$	(784	)	$	(796	)	$	(834	)	$	(810	)	$	(814	)	$	(3,002	)	$	(3,254	)
Less: Divested businesses	—			(1		)	—			—			—			34			(1		)
Capitalization of DAC, as reported on an adjusted basis	$	(784	)	$	(795	)	$	(834	)	$	(810	)	$	(814	)	$	(3,036	)	$	(3,253	)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Other expenses	$	3,549		$	3,204		$	3,319		$	3,287		$	3,117		$	12,953		$	12,927
Less: Noncontrolling interest	5			(7		)	(5		)	(3		)	5			(12		)	(10		)
Less: Regulatory implementation costs	—			1			2			3			5			—			11
Less: Acquisition, integration and other costs	23			11			14			13			(14		)	65			24
Less: TSA fees	—			79			78			78			70			—			305
Less: Divested businesses	244			10			53			9			(4		)	491			68
Other expenses, as reported on an adjusted basis	$	3,277		$	3,110		$	3,177		$	3,187		$	3,055		$	12,409		$	12,529
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,215		$	3,008		$	3,104		$	3,163		$	3,055

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Other expenses	$	3,549		$	3,204		$	3,319		$	3,287		$	3,117		$	12,953		$	12,927
Capitalization of DAC	(784		)	(796		)	(834		)	(810		)	(814		)	(3,002		)	(3,254		)
Other expenses, net of capitalization of DAC	$	2,765		$	2,408		$	2,485		$	2,477		$	2,303		$	9,951		$	9,673
Premiums, fees and other revenues	$	11,335		$	11,044		$	16,998		$	12,064		$	11,116		$	45,843		$	51,222
Expense ratio	24.4		%	21.8		%	14.6		%	20.5		%	20.7		%	21.7		%	18.9		%
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,697		$	1,462		$	1,500		$	1,543		$	1,369		$	6,006		$	5,874
Pension, postretirement and postemployment benefit costs	66			49			47			45			44			301			185
Premium taxes, other taxes, and licenses & fees	153			178			187			193			197			620			755
Commissions and other variable expenses	1,361			1,421			1,443			1,406			1,445			5,482			5,715
Other expenses, as reported on an adjusted basis	3,277			3,110			3,177			3,187			3,055			12,409			12,529
Capitalization of DAC, as reported on an adjusted basis	(784		)	(795		)	(834		)	(810		)	(814		)	(3,036		)	(3,253		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,493			2,315			2,343			2,377			2,241			9,373			9,276
Less: Total notable items related to other expenses, as reported on an adjusted basis	149			43			78			112			(19		)	377			214
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,344		$	2,272		$	2,265		$	2,265		$	2,260		$	8,996		$	9,062
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Employee related costs	$	846		$	937		$	894		$	921		$	912		$	3,599		$	3,664
Third party staffing costs	519			381			401			435			486			1,691			1,703
General and administrative expenses	332			144			205			187			(29		)	716			507
Direct expenses	1,697			1,462			1,500			1,543			1,369			6,006			5,874
Less: Total notable items related to direct expenses	149			43			78			112			(19		)	296			214
Direct expenses, excluding total notable items related to direct expenses	$	1,548		$	1,419		$	1,422		$	1,431		$	1,388		$	5,710		$	5,660
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,493		$	2,315		$	2,343		$	2,377		$	2,241		$	9,373		$	9,276
Less: Total notable items related to other expenses, as reported on an adjusted basis	149			43			78			112			(19		)	377			214
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,344		$	2,272		$	2,265		$	2,265		$	2,260		$	8,996		$	9,062
Adjusted premiums, fees and other revenues	$	11,300		$	10,929		$	16,889		$	11,938		$	11,022		$	46,200		$	50,778
Less: Pension risk transfer ("PRT")	597			—			5,952			1,018			(76		)	3,305			6,894
Adjusted premiums, fees and other revenues, excluding PRT	$	10,703		$	10,929		$	10,937		$	10,920		$	11,098		$	42,895		$	43,884
Direct expense ratio	15.0		%	13.4		%	8.9		%	12.9		%	12.4		%	13.0		%	11.6		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	14.5		%	13.0		%	13.0		%	13.1		%	12.5		%	13.3		%	12.9		%
Adjusted expense ratio	22.1		%	21.2		%	13.9		%	19.9		%	20.3		%	20.3		%	18.3		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	21.9		%	20.8		%	20.7		%	20.7		%	20.4		%	21.0		%	20.6		%

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	308,931		$	304,711		$	306,331		$	304,840		$	298,265
Equity securities available-for-sale, at estimated fair value	2,513			1,544			1,483			1,479			1,440
Contractholder-directed equity securities and fair value option securities, at estimated fair value	16,745			16,444			13,848			13,540			12,616
Mortgage loans	68,731			71,055			70,852			72,461			75,752
Policy loans	9,669			9,744			9,702			9,703			9,699
Real estate and real estate joint ventures	9,637			9,862			9,741			9,977			9,698
Other limited partnership interests	5,708			5,876			5,985			6,374			6,613
Short-term investments, principally at estimated fair value	4,870			5,121			3,853			5,231			3,937
Other invested assets	17,263			17,486			17,017			16,336			18,190
Total investments	444,067			441,843			438,812			439,941			436,210
Cash and cash equivalents, principally at estimated fair value	12,701			13,927			16,312			12,490			15,821
Accrued investment income	3,524			3,638			3,512			3,691			3,582
Premiums, reinsurance and other receivables	18,423			19,368			19,608			19,820			19,644
Deferred policy acquisition costs and value of business acquired	18,419			19,330			19,013			19,160			18,895
Goodwill	9,590			9,733			9,499			9,440			9,422
Other assets	8,167			8,387			8,230			8,493			8,408
Separate account assets	205,001			196,358			191,347			185,416			175,556
Total assets	$	719,892		$	712,584		$	706,333		$	698,451		$	687,538
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	177,974		$	180,348		$	184,461		$	185,476		$	186,780
Policyholder account balances	182,518			184,289			182,493			184,094			183,693
Other policy-related balances	15,515			16,023			15,908			16,207			16,529
Policyholder dividends payable	682			672			695			709			677
Policyholder dividend obligation	2,121			1,277			792			456			428
Payables for collateral under securities loaned and other transactions	25,723			26,151			27,030			26,075			24,794
Short-term debt	477			526			479			290			268
Long-term debt	15,686			15,707			14,536			13,408			12,829
Collateral financing arrangements	1,121			1,108			1,085			1,073			1,060
Junior subordinated debt securities	3,144			3,145			3,146			3,146			3,147
Current income tax payable	311			155			222			166			441
Deferred income tax liability	6,767			6,304			5,377			4,924			5,414
Other liabilities	23,982			24,013			24,930			25,202			22,964
Separate account liabilities	205,001			196,358			191,347			185,416			175,556
Total liabilities	661,022			656,076			652,501			646,642			634,580
Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	31,111			31,653			32,454			32,475			32,474
Retained earnings	26,527			26,453			26,870			27,331			28,926
Treasury stock, at cost	(6,401		)	(7,442		)	(8,557		)	(9,193		)	(10,393		)
Accumulated other comprehensive income (loss)	7,427			5,634			2,854			1,000			1,722
Total MetLife, Inc.'s stockholders' equity	58,676			56,310			53,633			51,625			52,741
Noncontrolling interests	194			198			199			184			217
Total equity	58,870			56,508			53,832			51,809			52,958
Total liabilities and equity	$	719,892		$	712,584		$	706,333		$	698,451		$	687,538

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)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	352		$	283		$	335		$	474		$	297
RETIREMENT AND INCOME SOLUTIONS	266			426			436			426			450
PROPERTY & CASUALTY	133			115			74			104			120
TOTAL U.S.	$	751		$	824		$	845		$	1,004		$	867
ASIA	471			472			524			397			392
LATIN AMERICA	158			215			200			235			180
EMEA	91			102			112			70			81
METLIFE HOLDINGS	276			529			346			405			283
CORPORATE & OTHER	(541		)	(356		)	(407		)	(411		)	(214		)
Total adjusted earnings before provision for income tax	$	1,206		$	1,786		$	1,620		$	1,700		$	1,589
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	122		$	65		$	74		$	104		$	67
RETIREMENT AND INCOME SOLUTIONS	93			87			89			87			94
PROPERTY & CASUALTY	38			19			11			18			21
TOTAL U.S.	$	253		$	171		$	174		$	209		$	182
ASIA	161			145			161			131			111
LATIN AMERICA	33			75			55			65			43
EMEA	12			21			26			15			26
METLIFE HOLDINGS	82			104			66			78			60
CORPORATE & OTHER	(58		)	(159		)	(234		)	(206		)	(226		)
Total provision for income tax expense (benefit)	$	483		$	357		$	248		$	292		$	196
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	230		$	218		$	261		$	370		$	230
RETIREMENT AND INCOME SOLUTIONS	173			339			347			339			356
PROPERTY & CASUALTY	95			96			63			86			99
TOTAL U.S.	$	498		$	653		$	671		$	795		$	685
ASIA	310			327			363			266			281
LATIN AMERICA	125			140			145			170			137
EMEA	79			81			86			55			55
METLIFE HOLDINGS	194			425			280			327			223
CORPORATE & OTHER (1)	(528		)	(203		)	(219		)	(237		)	(45		)
Total adjusted earnings available to common shareholders (1)	$	678		$	1,423		$	1,326		$	1,376		$	1,336
ADJUSTED RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
U.S.
GROUP BENEFITS	32.7		%	31.2		%	37.3		%	52.9		%	32.9		%
RETIREMENT AND INCOME SOLUTIONS	12.5		%	21.8		%	22.4		%	21.8		%	22.9		%
PROPERTY & CASUALTY	20.4		%	20.7		%	13.6		%	18.6		%	21.4		%
TOTAL U.S.	19.5		%	24.1		%	24.7		%	29.3		%	25.2		%
ASIA	9.9		%	9.2		%	10.2		%	7.5		%	7.9		%
LATIN AMERICA	17.0		%	17.8		%	18.5		%	21.7		%	17.5		%
EMEA	9.8		%	9.3		%	9.9		%	6.3		%	6.3		%
METLIFE HOLDINGS	6.9		%	16.9		%	11.1		%	13.0		%	8.9		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
U.S.	22.7		%	27.9		%	28.6		%	33.9		%	29.2		%
ASIA	15.8		%	13.9		%	15.4		%	11.3		%	12.0		%
LATIN AMERICA	29.3		%	29.8		%	30.9		%	36.2		%	29.1		%
EMEA	16.1		%	15.3		%	16.2		%	10.5		%	10.5		%
METLIFE HOLDINGS	7.8		%	19.0		%	12.6		%	14.6		%	10.0		%
(1) Includes impact of preferred stock dividends of $45 million, $6 million, $46 million, $32 million and $57 million for the three months ended December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively.
(2) Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and return on allocated tangible equity for each of the periods presented.

9

U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Adjusted revenues
Premiums		$	5,583		$	5,217		$	11,302		$	6,431		$	5,236		$	23,632		$	28,186
Universal life and investment-type product policy fees		249			258			262			252			281			1,012			1,053
Net investment income		1,607			1,662			1,719			1,787			1,809			6,396			6,977
Other revenues		206			204			203			206			208			806			821
Total adjusted revenues		7,645			7,341			13,486			8,676			7,534			31,846			37,037
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,580			5,138			11,233			6,219			5,175			23,627			27,765
Interest credited to policyholder account balances		388			407			439			457			487			1,474			1,790
Capitalization of DAC		(116		)	(106		)	(114		)	(116		)	(113		)	(458		)	(449		)
Amortization of DAC and VOBA		113			115			114			128			120			459			477
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		3			2			4			2			4			11			12
Other expenses		926			961			965			982			994			3,682			3,902
Total adjusted expenses		6,894			6,517			12,641			7,672			6,667			28,795			33,497
Adjusted earnings before provision for income tax		751			824			845			1,004			867			3,051			3,540
Provision for income tax expense (benefit)		253			171			174			209			182			1,024			736
Adjusted earnings		498			653			671			795			685			2,027			2,804
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	498		$	653		$	671		$	795		$	685		$	2,027		$	2,804
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	498		$	653		$	671		$	795		$	685		$	2,027		$	2,804
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		102			(110		)	67			58			(87		)	180			(72		)
Net derivative gains (losses)		13			(54		)	151			(17		)	188			(21		)	268
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(35		)	(54		)	(74		)	(63		)	(83		)	(195		)	(274		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1		)	8			(2		)	6			(1		)	(5		)	11
Interest credited to policyholder account balances		—			1			1			1			1			3			4
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		(28		)	45			(31		)	2			(2		)	12			14
Income (loss) from continuing operations, net of income tax		549			489			783			782			701			2,001			2,755
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		549			489			783			782			701			2,001			2,755
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		549			489			783			782			701			2,001			2,755
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	549		$	489		$	783		$	782		$	701		$	2,001		$	2,755
Adjusted premiums, fees and other revenues		$	6,038		$	5,679		$	11,767		$	6,889		$	5,725		$	25,450		$	30,060
Less: PRT		597			—			5,952			1,018			(76		)	3,305			6,894
Adjusted premiums, fees and other revenues, excluding PRT		$	5,441		$	5,679		$	5,815		$	5,871		$	5,801		$	22,145		$	23,166

10

U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Adjusted revenues
Premiums		$	3,780		$	4,094		$	4,051		$	3,988		$	3,949		$	15,387		$	16,082
Universal life and investment-type product policy fees		198			203			199			200			202			799			804
Net investment income		275			279			277			296			275			1,125			1,127
Other revenues		127			126			128			129			132			494			515
Total adjusted revenues		4,380			4,702			4,655			4,613			4,558			17,805			18,528
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,413			3,744			3,659			3,455			3,577			14,017			14,435
Interest credited to policyholder account balances		34			33			36			37			39			136			145
Capitalization of DAC		(7		)	(7		)	(8		)	(6		)	(6		)	(31		)	(27		)
Amortization of DAC and VOBA		7			11			10			22			10			36			53
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			—			1			—			1			2			2
Other expenses		580			638			622			631			640			2,313			2,531
Total adjusted expenses		4,028			4,419			4,320			4,139			4,261			16,473			17,139
Adjusted earnings before provision for income tax		352			283			335			474			297			1,332			1,389
Provision for income tax expense (benefit)		122			65			74			104			67			464			310
Adjusted earnings		230			218			261			370			230			868			1,079
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	230		$	218		$	261		$	370		$	230		$	868		$	1,079
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	230		$	218		$	261		$	370		$	230		$	868		$	1,079
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		7			(17		)	(11		)	29			4			13			5
Net derivative gains (losses)		(13		)	(45		)	17			(21		)	53			(28		)	4
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(15		)	(16		)	(16		)	(15		)	(18		)	(69		)	(65		)
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		7			17			2			—			(7		)	29			12
Income (loss) from continuing operations, net of income tax		216			157			253			363			262			813			1,035
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		216			157			253			363			262			813			1,035
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		216			157			253			363			262			813			1,035
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	216		$	157		$	253		$	363		$	262		$	813		$	1,035
Adjusted premiums, fees and other revenues		$	4,105		$	4,423		$	4,378		$	4,317		$	4,283		$	16,680		$	17,401

11

U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Adjusted revenues
Premiums		$	902		$	244		$	6,359		$	1,535		$	373		$	4,699		$	8,511
Universal life and investment-type product policy fees		51			55			63			52			79			213			249
Net investment income		1,294			1,340			1,400			1,444			1,492			5,109			5,676
Other revenues		73			72			70			71			71			290			284
Total adjusted revenues		2,320			1,711			7,892			3,102			2,015			10,311			14,720
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,587			806			6,938			2,144			998			7,048			10,886
Interest credited to policyholder account balances		354			374			403			420			448			1,338			1,645
Capitalization of DAC		(9		)	(5		)	(1		)	(2		)	(7		)	(31		)	(15		)
Amortization of DAC and VOBA		4			6			6			5			7			20			24
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			3			2			3			9			10
Other expenses		116			102			107			107			116			458			432
Total adjusted expenses		2,054			1,285			7,456			2,676			1,565			8,842			12,982
Adjusted earnings before provision for income tax		266			426			436			426			450			1,469			1,738
Provision for income tax expense (benefit)		93			87			89			87			94			513			357
Adjusted earnings		173			339			347			339			356			956			1,381
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	173		$	339		$	347		$	339		$	356		$	956		$	1,381
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	173		$	339		$	347		$	339		$	356		$	956		$	1,381
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		93			(90		)	81			31			(66		)	160			(44		)
Net derivative gains (losses)		24			(8		)	133			4			134			9			263
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(20		)	(38		)	(58		)	(48		)	(65		)	(126		)	(209		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1		)	8			(2		)	6			(1		)	(5		)	11
Interest credited to policyholder account balances		—			1			1			1			1			3			4
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		(33		)	27			(33		)	1			—			(15		)	(5		)
Income (loss) from continuing operations, net of income tax		236			239			469			334			359			982			1,401
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		236			239			469			334			359			982			1,401
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		236			239			469			334			359			982			1,401
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	236		$	239		$	469		$	334		$	359		$	982		$	1,401
Adjusted premiums, fees and other revenues		$	1,026		$	371		$	6,492		$	1,658		$	523		$	5,202		$	9,044
Less: PRT		597			—			5,952			1,018			(76		)	3,305			6,894
Adjusted premiums, fees and other revenues, excluding PRT		$	429		$	371		$	540		$	640		$	599		$	1,897		$	2,150

12

U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Adjusted revenues
Premiums	$	901		$	879		$	892		$	908		$	914		$	3,546		$	3,593
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	38			43			42			47			42			162			174
Other revenues	6			6			5			6			5			22			22
Total adjusted revenues	945			928			939			961			961			3,730			3,789
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	580			588			636			620			600			2,562			2,444
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(100		)	(94		)	(105		)	(108		)	(100		)	(396		)	(407		)
Amortization of DAC and VOBA	102			98			98			101			103			403			400
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	230			221			236			244			238			911			939
Total adjusted expenses	812			813			865			857			841			3,480			3,376
Adjusted earnings before provision for income tax	133			115			74			104			120			250			413
Provision for income tax expense (benefit)	38			19			11			18			21			47			69
Adjusted earnings	95			96			63			86			99			203			344
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	95		$	96		$	63		$	86		$	99		$	203		$	344
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	95		$	96		$	63		$	86		$	99		$	203		$	344
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)	2			(3		)	(3		)	(2		)	(25		)	7			(33		)
Net derivative gains (losses)	2			(1		)	1			—			1			(2		)	1
Premiums	—			—			—			—			—			—			—
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	—			—			—			—			—			—			—
Other revenues	—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends	—			—			—			—			—			—			—
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	—			—			—			—			—			—			—
Amortization of DAC and VOBA	—			—			—			—			—			—			—
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	—			—			—			—			—			—			—
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	(2		)	1			—			1			5			(2		)	7
Income (loss) from continuing operations, net of income tax	97			93			61			85			80			206			319
Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Net income (loss)	97			93			61			85			80			206			319
Less: Net income (loss) attributable to noncontrolling interests	—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.	97			93			61			85			80			206			319
Less: Preferred stock dividends	—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	97		$	93		$	61		$	85		$	80		$	206		$	319
Adjusted premiums, fees and other revenues	$	907		$	885		$	897		$	914		$	919		$	3,568		$	3,615

13

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Balance, beginning of period	$	18,939		$	18,927		$	18,958		$	18,909		$	18,904
Premiums and deposits	4,553			4,933			4,876			4,784			4,764
Surrenders and withdrawals	(588		)	(621		)	(617		)	(611		)	(599		)
Benefit payments	(3,496		)	(3,822		)	(3,786		)	(3,541		)	(3,691		)
Net Flows	469			490			473			632			474
Net transfers from (to) separate account	—			—			—			(1		)	(1		)
Interest	129			138			142			145			147
Policy charges	(148		)	(149		)	(150		)	(147		)	(147		)
Other	(462		)	(448		)	(514		)	(634		)	(453		)
Balance, end of period	$	18,927		$	18,958		$	18,909		$	18,904		$	18,924
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Balance, beginning of period	$	857		$	889		$	880		$	898		$	935
Premiums and deposits	62			63			62			63			64
Surrenders and withdrawals	(17		)	(21		)	(16		)	(16		)	(14		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	(1		)
Net Flows	44			41			45			46			49
Investment performance	41			3			27			44			(117		)
Net transfers from (to) general account	—			—			—			1			1
Policy charges	(51		)	(52		)	(52		)	(53		)	(52		)
Other	(2		)	(1		)	(2		)	(1		)	(3		)
Balance, end of period	$	889		$	880		$	898		$	935		$	813

14

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Direct and allocated expenses	$	321		$	325		$	310		$	313		$	319
Pension, postretirement and postemployment benefit costs	16			7			13			10			8
Premium taxes, other taxes, and licenses & fees	52			83			81			86			83
Commissions and other variable expenses	191			223			218			222			230
Other expenses, as reported on an adjusted basis	$	580		$	638		$	622		$	631		$	640
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Group Life (1)
Adjusted premiums, fees and other revenues	$	1,633		$	1,739		$	1,741		$	1,722		$	1,688
Mortality ratio	87.2		%	88.0		%	87.9		%	85.0		%	89.4		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,640		$	1,719		$	1,687		$	1,713		$	1,742
Interest adjusted benefit ratio (3)	73.7		%	75.9		%	73.1		%	68.1		%	73.2		%
(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)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Balance, beginning of period	$	107,296		$	108,147		$	108,096		$	113,324		$	114,796
Premiums and deposits	17,659			20,064			23,118			21,295			15,711
Surrenders and withdrawals	(16,912		)	(20,895		)	(17,158		)	(19,576		)	(17,014		)
Benefit payments	(841		)	(816		)	(928		)	(1,002		)	(998		)
Net Flows	(94		)	(1,647		)	5,032			717			(2,301		)
Net transfers from (to) separate account	6			(9		)	—			—			—
Interest	880			904			969			1,013			1,040
Policy charges	(6		)	(34		)	(39		)	(37		)	(10		)
Other	65			735			(734		)	(221		)	128
Balance, end of period	$	108,147		$	108,096		$	113,324		$	114,796		$	113,653
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Balance, beginning of period	$	82,341		$	80,354		$	76,709		$	77,223		$	70,396
Premiums and deposits	1,261			1,651			2,234			850			2,355
Surrenders and withdrawals	(2,889		)	(4,567		)	(2,133		)	(7,370		)	(2,276		)
Benefit payments	(11		)	(17		)	(34		)	(17		)	(18		)
Net Flows	(1,639		)	(2,933		)	67			(6,537		)	61
Investment performance	812			(798		)	30			564			(542		)
Net transfers from (to) general account	(6		)	9			—			—			—
Policy charges	(76		)	(78		)	(78		)	(74		)	(93		)
Other	(1,078		)	155			495			(780		)	801
Balance, end of period	$	80,354		$	76,709		$	77,223		$	70,396		$	70,623

16

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Direct and allocated expenses	$	64		$	67		$	63		$	59		$	63
Pension, postretirement and postemployment benefit costs	5			1			2			2			1
Premium taxes, other taxes, and licenses & fees	13			2			6			5			11
Commissions and other variable expenses	34			32			36			41			41
Other expenses, as reported on an adjusted basis	$	116		$	102		$	107		$	107		$	116
SPREAD
	For the Three Months Ended
Unaudited	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Investment income yield excluding variable investment income	4.43		%	4.50		%	4.73		%	4.70		%	4.80		%
Variable investment income yield	0.22		%	0.22		%	0.16		%	0.21		%	0.27		%
Total investment income yield	4.65		%	4.72		%	4.89		%	4.91		%	5.07		%
Average crediting rate	3.38		%	3.44		%	3.60		%	3.66		%	3.77		%
Annualized general account spread	1.27		%	1.28		%	1.29		%	1.25		%	1.30		%
Annualized general account spread excluding variable investment income yield	1.05		%	1.06		%	1.13		%	1.04		%	1.03		%

17

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Direct and allocated expenses	$	104		$	103		$	103		$	110		$	109
Pension, postretirement and postemployment benefit costs	8			4			4			4			3
Premium taxes, other taxes, and licenses & fees	23			20			26			26			24
Commissions and other variable expenses	95			94			103			104			102
Other expenses, as reported on an adjusted basis	$	230		$	221		$	236		$	244		$	238
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Net Written Premiums by Product
Auto	$	581		$	586		$	611		$	632		$	588
Homeowners & Other	291			261			330			339			307
Total	$	872		$	847		$	941		$	971		$	895
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	901		$	879		$	892		$	908		$	914
Loss and loss adjustment expense ratio	64.4		%	66.9		%	71.3		%	68.2		%	65.6		%
Other expense ratio	25.5		%	25.3		%	25.5		%	25.8		%	26.2		%
Total combined ratio	89.9		%	92.2		%	96.8		%	94.0		%	91.8		%
Effect of catastrophe losses	3.0		%	6.6		%	12.1		%	5.4		%	2.7		%
Combined ratio excluding catastrophes	86.9		%	85.6		%	84.7		%	88.6		%	89.1		%
Prior year development	(1.2)		%	(0.6)		%	(0.4)		%	(0.3)		%	(0.6)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	88.1		%	86.2		%	85.1		%	88.9		%	89.7		%
Auto
Net earned premium	$	591		$	582		$	591		$	599		$	603
Loss and loss adjustment expense ratio	74.9		%	65.8		%	66.1		%	70.0		%	74.0		%
Other expense ratio	24.9		%	25.5		%	25.1		%	25.5		%	25.5		%
Total combined ratio	99.8		%	91.3		%	91.2		%	95.5		%	99.5		%
Effect of catastrophe losses	0.6		%	(0.2		)%	0.9		%	1.5		%	—		%
Combined ratio excluding catastrophes	99.2		%	91.5		%	90.3		%	94.0		%	99.5		%
Prior year development	(1.8)		%	(0.7		)%	(0.3		)%	(0.4)		%	(0.1)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	101.0		%	92.2		%	90.6		%	94.4		%	99.6		%
Homeowners & Other
Net earned premium	$	310		$	297		$	301		$	309		$	311
Loss and loss adjustment expense ratio	44.4		%	68.9		%	81.4		%	64.7		%	49.4		%
Other expense ratio	26.6		%	24.9		%	26.5		%	26.5		%	27.5		%
Total combined ratio	71.0		%	93.8		%	107.9		%	91.2		%	76.9		%
Effect of catastrophe losses	7.6		%	19.8		%	34.1		%	12.9		%	8.0		%
Combined ratio excluding catastrophes	63.4		%	74.0		%	73.8		%	78.3		%	68.9		%
Prior year development	(0.2)		%	(0.4)		%	(0.6)		%	(0.2)		%	(1.5)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	63.6		%	74.4		%	74.4		%	78.5		%	70.4		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	4		$	(1	)	$	5		$	9		$	—
Homeowners & Other	23			59			103			40			25
Total	$	27		$	58		$	108		$	49		$	25
(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 Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Adjusted revenues
Premiums		$	1,692		$	1,748		$	1,654		$	1,689		$	1,675		$	6,755		$	6,766
Universal life and investment-type product policy fees		385			394			399			428			409			1,584			1,630
Net investment income		792			795			839			830			853			2,985			3,317
Other revenues		11			15			13			12			11			43			51
Total adjusted revenues		2,880			2,952			2,905			2,959			2,948			11,367			11,764
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,290			1,343			1,237			1,354			1,392			5,075			5,326
Interest credited to policyholder account balances		348			351			362			381			371			1,351			1,465
Capitalization of DAC		(442		)	(465		)	(495		)	(478		)	(477		)	(1,710		)	(1,915		)
Amortization of DAC and VOBA		295			314			313			366			309			1,300			1,302
Amortization of negative VOBA		(20		)	(15		)	(12		)	(4		)	(8		)	(111		)	(39		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		938			952			976			943			969			3,613			3,840
Total adjusted expenses		2,409			2,480			2,381			2,562			2,556			9,518			9,979
Adjusted earnings before provision for income tax		471			472			524			397			392			1,849			1,785
Provision for income tax expense (benefit)		161			145			161			131			111			620			548
Adjusted earnings		310			327			363			266			281			1,229			1,237
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	310		$	327		$	363		$	266		$	281		$	1,229		$	1,237
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	310		$	327		$	363		$	266		$	281		$	1,229		$	1,237
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		67			78			5			(72		)	131			128			142
Net derivative gains (losses)		40			259			(177		)	(339		)	569			31			312
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		(1		)	(4		)	(3		)	10			(9		)	13			(6		)
Net investment income		116			(86		)	7			60			(243		)	314			(262		)
Other revenues		6			4			5			5			5			22			19
Policyholder benefits and claims and policyholder dividends		(2		)	—			1			1			1			(20		)	3
Interest credited to policyholder account balances		(127		)	74			(16		)	(64		)	224			(345		)	218
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		3			7			1			(17		)	14			(9		)	5
Amortization of negative VOBA		1			1			—			—			—			9			1
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(11		)	(4		)	—			(3		)	—			(27		)	(7		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(31		)	(92		)	49			126			(198		)	(47		)	(115		)
Income (loss) from continuing operations, net of income tax		371			564			235			(27		)	775			1,298			1,547
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		371			564			235			(27		)	775			1,298			1,547
Less: Net income (loss) attributable to noncontrolling interests		—			—			1			(1		)	—			2			—
Net income (loss) attributable to MetLife, Inc.		371			564			234			(26		)	775			1,296			1,547
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	371		$	564		$	234		$	(26	)	$	775		$	1,296		$	1,547
Adjusted premiums, fees and other revenues		$	2,088		$	2,157		$	2,066		$	2,129		$	2,095		$	8,382		$	8,447

19

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Adjusted premiums, fees and other revenues	$	2,088	$	2,157	$	2,066	$	2,129	$	2,095
Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,076	$	2,070	$	1,998	$	2,110	$	2,095
Add: Operating joint ventures premiums, fees and other revenues, on a constant currency basis (1), (2)	209		222		208		216		243
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,285	$	2,292	$	2,206	$	2,326	$	2,338
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Direct and allocated expenses	$	352	$	332	$	334	$	325	$	336
Pension, postretirement and postemployment benefit costs	22		21		20		20		22
Premium taxes, other taxes, and licenses & fees	28		37		44		40		44
Commissions and other variable expenses	536		562		578		558		567
Other expenses, as reported on an adjusted basis	$	938	$	952	$	976	$	943	$	969
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	496	$	487	$	481	$	465	$	492
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	934	$	916	$	945	$	932	$	969
Add: Operating joint ventures other expenses, as reported on an adjusted basis, on a constant currency basis (1), (2)	87		86		88		92		104
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	1,021	$	1,002	$	1,033	$	1,024	$	1,073
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	548	$	517	$	521	$	514	$	555
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Japan:
Life	$	161	$	164	$	165	$	165	$	182
Accident & Health	87		78		90		103		99
Annuities	95		168		200		180		126
Other	2		2		2		1		2
Total Japan	345		412		457		449		409
Other Asia	253		223		216		260		219
Total sales	$	598	$	635	$	673	$	709	$	628
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Adjusted earnings available to common shareholders	$	310	$	327	$	363	$	266	$	281
Adjusted earnings available to common shareholders, on a constant currency basis	$	305	$	314	$	354	$	264	$	281
(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 Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Adjusted revenues
Premiums		$	700		$	699		$	688		$	692		$	681		$	2,693		$	2,760
Universal life and investment-type product policy fees		280			282			275			229			264			1,044			1,050
Net investment income		328			276			327			339			297			1,219			1,239
Other revenues		8			8			9			7			11			32			35
Total adjusted revenues		1,316			1,265			1,299			1,267			1,253			4,988			5,084
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		666			646			660			670			626			2,535			2,602
Interest credited to policyholder account balances		94			98			95			102			99			369			394
Capitalization of DAC		(100		)	(94		)	(91		)	(97		)	(95		)	(364		)	(377		)
Amortization of DAC and VOBA		78			60			71			5			73			224			209
Amortization of negative VOBA		—			—			—			(1		)	—			(1		)	(1		)
Interest expense on debt		1			2			1			2			1			5			6
Other expenses		419			338			363			351			369			1,479			1,421
Total adjusted expenses		1,158			1,050			1,099			1,032			1,073			4,247			4,254
Adjusted earnings before provision for income tax		158			215			200			235			180			741			830
Provision for income tax expense (benefit)		33			75			55			65			43			156			238
Adjusted earnings		125			140			145			170			137			585			592
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	125		$	140		$	145		$	170		$	137		$	585		$	592
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	125		$	140		$	145		$	170		$	137		$	585		$	592
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(81		)	3			1			5			9			(47		)	18
Net derivative gains (losses)		(65		)	149			(116		)	35			(132		)	108			(64		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			7			—			—			—			—			7
Net investment income		9			(7		)	(16		)	(3		)	(19		)	69			(45		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		78			(49		)	2			6			1			36			(40		)
Interest credited to policyholder account balances		(15		)	(16		)	—			(12		)	7			(105		)	(21		)
Capitalization of DAC		—			1			—			—			—			—			1
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		1			—			2			2			—			8			4
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		9			(42		)	36			(5		)	36			(41		)	25
Income (loss) from continuing operations, net of income tax		61			186			54			198			39			613			477
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		61			186			54			198			39			613			477
Less: Net income (loss) attributable to noncontrolling interests		2			1			2			1			2			7			6
Net income (loss) attributable to MetLife, Inc.		59			185			52			197			37			606			471
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	59		$	185		$	52		$	197		$	37		$	606		$	471
Adjusted premiums, fees and other revenues		$	988		$	989		$	972		$	928		$	956		$	3,769		$	3,845

21

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Direct and allocated expenses	$	175	$	105	$	142	$	128	$	148
Pension, postretirement and postemployment benefit costs	2		1		1		1		1
Premium taxes, other taxes, and licenses & fees	18		17		15		16		18
Commissions and other variable expenses	224		215		205		206		202
Other expenses, as reported on an adjusted basis	$	419	$	338	$	363	$	351	$	369
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	319	$	244	$	272	$	254	$	274
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	377	$	295	$	336	$	342	$	369
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	285	$	210	$	251	$	248	$	274
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Mexico	$	85	$	73	$	76	$	74	$	82
Chile	69		79		78		84		81
All other	55		47		48		46		59
Total sales	$	209	$	199	$	202	$	204	$	222
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Adjusted premiums, fees and other revenues	$	988	$	989	$	972	$	928	$	956
Adjusted earnings available to common shareholders	$	125	$	140	$	145	$	170	$	137
Adjusted premiums, fees and other revenues, on a constant currency basis	$	910	$	889	$	913	$	901	$	956
Adjusted earnings available to common shareholders, on a constant currency basis	$	115	$	131	$	124	$	163	$	137

22

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Adjusted revenues
Premiums		$	527		$	551		$	546		$	514		$	520		$	2,061		$	2,131
Universal life and investment-type product policy fees		109			112			107			105			107			405			431
Net investment income		80			75			73			73			72			309			293
Other revenues		15			16			20			15			15			58			66
Total adjusted revenues		731			754			746			707			714			2,833			2,921
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		256			294			286			281			266			1,077			1,127
Interest credited to policyholder account balances		25			25			26			24			25			100			100
Capitalization of DAC		(113		)	(118		)	(121		)	(109		)	(120		)	(414		)	(468		)
Amortization of DAC and VOBA		97			106			108			110			110			357			434
Amortization of negative VOBA		(6		)	(6		)	(4		)	(2		)	(3		)	(19		)	(15		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		381			351			339			333			355			1,376			1,378
Total adjusted expenses		640			652			634			637			633			2,477			2,556
Adjusted earnings before provision for income tax		91			102			112			70			81			356			365
Provision for income tax expense (benefit)		12			21			26			15			26			59			88
Adjusted earnings		79			81			86			55			55			297			277
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	79		$	81		$	86		$	55		$	55		$	297		$	277
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	79		$	81		$	86		$	55		$	55		$	297		$	277
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(2		)	(6		)	4			3			4			(10		)	5
Net derivative gains (losses)		11			1			(2		)	39			(10		)	32			28
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		6			6			6			9			4			26			25
Net investment income		294			(293		)	269			65			(529		)	848			(488		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		7			5			(24		)	(42		)	30			(28		)	(31		)
Interest credited to policyholder account balances		(278		)	289			(252		)	(57		)	499			(814		)	479
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		1			1			1			(1		)	—			1			1
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(6		)	(4		)	(12		)	(8		)	17			(16		)	(7		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(21		)	7			(4		)	(6		)	10			(35		)	7
Income (loss) from continuing operations, net of income tax		91			87			72			57			80			301			296
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		91			87			72			57			80			301			296
Less: Net income (loss) attributable to noncontrolling interests		—			—			1			1			—			2			2
Net income (loss) attributable to MetLife, Inc.		91			87			71			56			80			299			294
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	91		$	87		$	71		$	56		$	80		$	299		$	294
Adjusted premiums, fees and other revenues		$	651		$	679		$	673		$	634		$	642		$	2,524		$	2,628

23

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Direct and allocated expenses	$	169	$	136	$	113	$	127	$	135
Pension, postretirement and postemployment benefit costs	2		2		3		2		2
Premium taxes, other taxes, and licenses & fees	9		7		6		10		10
Commissions and other variable expenses	201		206		217		194		208
Other expenses, as reported on an adjusted basis	$	381	$	351	$	339	$	333	$	355
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	268	$	233	$	218	$	224	$	235
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	365	$	328	$	324	$	329	$	355
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	259	$	220	$	209	$	222	$	235
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Adjusted premiums, fees and other revenues	$	651	$	679	$	673	$	634	$	642
Adjusted earnings available to common shareholders	$	79	$	81	$	86	$	55	$	55
Adjusted premiums, fees and other revenues, on a constant currency basis	$	622	$	629	$	642	$	627	$	642
Adjusted earnings available to common shareholders, on a constant currency basis	$	72	$	70	$	79	$	54	$	55
Total sales on a constant currency basis	$	215	$	247	$	213	$	185	$	200

24

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Adjusted revenues
Premiums		$	1,074		$	950		$	957		$	949		$	1,023		$	4,144		$	3,879
Universal life and investment-type product policy fees		305			314			301			286			317			1,361			1,218
Net investment income		1,375			1,352			1,329			1,375			1,323			5,607			5,379
Other revenues		74			67			68			70			45			244			250
Total adjusted revenues		2,828			2,683			2,655			2,680			2,708			11,356			10,726
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,818			1,550			1,706			1,766			1,811			7,000			6,833
Interest credited to policyholder account balances		251			236			235			238			235			1,018			944
Capitalization of DAC		(11		)	(10		)	(10		)	(8		)	(8		)	(82		)	(36		)
Amortization of DAC and VOBA		159			100			101			13			118			302			332
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			2			2			3			24			9
Other expenses		333			276			275			264			266			1,365			1,081
Total adjusted expenses		2,552			2,154			2,309			2,275			2,425			9,627			9,163
Adjusted earnings before provision for income tax		276			529			346			405			283			1,729			1,563
Provision for income tax expense (benefit)		82			104			66			78			60			547			308
Adjusted earnings		194			425			280			327			223			1,182			1,255
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	194		$	425		$	280		$	327		$	223		$	1,182		$	1,255
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	194		$	425		$	280		$	327		$	223		$	1,182		$	1,255
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		24			(106		)	(66		)	58			(50		)	71			(164		)
Net derivative gains (losses)		(18		)	34			17			(164		)	376			(339		)	263
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		24			23			23			24			24			98			94
Net investment income		(37		)	(39		)	(40		)	(38		)	(40		)	(181		)	(157		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(79		)	(11		)	(27		)	(126		)	47			(322		)	(117		)
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		3			(4		)	(1		)	(90		)	(126		)	68			(221		)
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		153			22			19			71			(49		)	337			63
Income (loss) from continuing operations, net of income tax		264			344			205			62			405			914			1,016
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		264			344			205			62			405			914			1,016
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		264			344			205			62			405			914			1,016
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	264		$	344		$	205		$	62		$	405		$	914		$	1,016
Adjusted premiums, fees and other revenues		$	1,453		$	1,331		$	1,326		$	1,305		$	1,385		$	5,749		$	5,347

25

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Balance, beginning of period	$	80,528		$	80,795		$	79,992		$	80,103		$	80,258
Premiums and deposits (2), (3)	1,375			1,243			1,200			1,234			1,321
Surrenders and withdrawals	(646		)	(638		)	(602		)	(628		)	(627		)
Benefit payments	(679		)	(733		)	(703		)	(747		)	(721		)
Net Flows	50			(128		)	(105		)	(141		)	(27		)
Net transfers from (to) separate account	11			8			12			19			4
Interest	825			811			816			821			827
Policy charges	(199		)	(199		)	(193		)	(192		)	(196		)
Other	(420		)	(1,295		)	(419		)	(352		)	(132		)
Balance, end of period	$	80,795		$	79,992		$	80,103		$	80,258		$	80,734
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Balance, beginning of period	$	21,180		$	20,791		$	20,419		$	20,153		$	19,925
Premiums and deposits (2), (3)	109			109			110			97			99
Surrenders and withdrawals	(470		)	(450		)	(397		)	(424		)	(525		)
Benefit payments	(161		)	(170		)	(171		)	(145		)	(149		)
Net Flows	(522		)	(511		)	(458		)	(472		)	(575		)
Net transfers from (to) separate account	16			33			60			89			74
Interest	156			154			149			151			145
Policy charges	(4		)	(5		)	(5		)	(4		)	(4		)
Other	(35		)	(43		)	(12		)	8			219
Balance, end of period	$	20,791		$	20,419		$	20,153		$	19,925		$	19,784
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Balance, beginning of period	$	5,670		$	5,855		$	5,167		$	5,254		$	5,450
Premiums and deposits (3)	69			71			66			65			66
Surrenders and withdrawals	(63		)	(59		)	(66		)	(66		)	(56		)
Benefit payments	(6		)	(8		)	(8		)	(8		)	(21		)
Net Flows	—			4			(8		)	(9		)	(11		)
Investment performance	270			(9		)	200			294			(713		)
Net transfers from (to) general account	(11		)	(8		)	(12		)	(19		)	(4		)
Policy charges	(71		)	(68		)	(67		)	(66		)	(67		)
Other	(3		)	(607		)	(26		)	(4		)	5
Balance, end of period	$	5,855		$	5,167		$	5,254		$	5,450		$	4,660
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Balance, beginning of period	$	45,278		$	45,678		$	43,958		$	43,241		$	43,128
Premiums and deposits (3)	107			107			108			80			90
Surrenders and withdrawals	(1,125		)	(1,188		)	(1,201		)	(1,149		)	(1,131		)
Benefit payments	(106		)	(113		)	(106		)	(101		)	(94		)
Net Flows	(1,124		)	(1,194		)	(1,199		)	(1,170		)	(1,135		)
Investment performance	1,766			(275		)	766			1,369			(4,157		)
Net transfers from (to) general account	(16		)	(33		)	(60		)	(89		)	(74		)
Policy charges	(228		)	(218		)	(225		)	(221		)	(213		)
Other	2			—			1			(2		)	—
Balance, end of period	$	45,678		$	43,958		$	43,241		$	43,128		$	37,549
(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)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Direct and allocated expenses	$	209		$	184		$	181		$	175		$	182
Pension, postretirement and postemployment benefit costs	23			5			7			6			5
Premium taxes, other taxes, and licenses & fees	17			20			19			20			15
Commissions and other variable expenses	84			67			68			63			64
Other expenses, as reported on an adjusted basis	$	333		$	276		$	275		$	264		$	266
SPREAD BY PRODUCT
VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Investment income yield excluding variable investment income	5.42		%	5.38		%	5.68		%	5.39		%	5.36		%
Variable investment income yield	0.16		%	0.18		%	0.03		%	0.19		%	0.18		%
Total investment income yield	5.58		%	5.56		%	5.71		%	5.58		%	5.54		%
Average crediting rate	4.48		%	4.51		%	4.53		%	4.49		%	4.61		%
Annualized general account spread	1.10		%	1.05		%	1.18		%	1.09		%	0.93		%
Annualized general account spread excluding variable investment income yield	0.94		%	0.87		%	1.15		%	0.90		%	0.75		%
ANNUITIES (1)
	For the Three Months Ended
Unaudited	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Investment income yield excluding variable investment income	4.79		%	4.78		%	4.80		%	4.87		%	4.78		%
Variable investment income yield	0.20		%	0.53		%	0.22		%	0.37		%	0.33		%
Total investment income yield	4.99		%	5.31		%	5.02		%	5.24		%	5.11		%
Average crediting rate	3.12		%	3.16		%	3.11		%	3.18		%	3.10		%
Annualized general account spread	1.87		%	2.15		%	1.91		%	2.06		%	2.01		%
Annualized general account spread excluding variable investment income yield	1.67		%	1.62		%	1.69		%	1.69		%	1.68		%
(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)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Life (1)
Adjusted premiums, fees and other revenues	$	993		$	879		$	881		$	872		$	964
Interest adjusted benefit ratio	56.5		%	47.6		%	52.6		%	64.6		%	58.0		%
Lapse Ratio (2)
Traditional life	4.7		%	4.9		%	4.9		%	5.0		%	5.2		%
Variable & universal life	4.4		%	4.3		%	4.3		%	4.4		%	4.4		%
Fixed annuity	6.9		%	7.0		%	7.3		%	7.6		%	8.6		%
Variable annuity	8.5		%	9.0		%	9.5		%	10.0		%	10.2		%
(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 Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Adjusted revenues
Premiums		$	(5	)	$	13		$	6		$	(33	)	$	132		$	54		$	118
Universal life and investment-type product policy fees		1			—			—			—			—			1			—
Net investment income		(79		)	59			40			58			21			28			178
Other revenues		86			81			79			86			87			271			333
Total adjusted revenues		3			153			125			111			240			354			629
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		(7		)	(3		)	3			(38		)	118			26			80
Interest credited to policyholder account balances		—			—			—			—			—			1			—
Capitalization of DAC		(2		)	(2		)	(3		)	(2		)	(1		)	(8		)	(8		)
Amortization of DAC and VOBA		1			2			1			2			1			6			6
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		272			280			272			246			234			1,105			1,032
Other expenses		280			232			259			314			102			894			907
Total adjusted expenses		544			509			532			522			454			2,024			2,017
Adjusted earnings before provision for income tax		(541		)	(356		)	(407		)	(411		)	(214		)	(1,670		)	(1,388		)
Provision for income tax expense (benefit)		(58		)	(159		)	(234		)	(206		)	(226		)	(688		)	(825		)
Adjusted earnings		(483		)	(197		)	(173		)	(205		)	12			(982		)	(563		)
Preferred stock dividends		45			6			46			32			57			103			141
Adjusted earnings available to common shareholders		$	(528	)	$	(203	)	$	(219	)	$	(237	)	$	(45	)	$	(1,085	)	$	(704	)
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	(483	)	$	(197	)	$	(173	)	$	(205	)	$	12		$	(982	)	$	(563	)
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(4		)	(192		)	(238		)	65			138			(630		)	(227		)
Net derivative gains (losses)		(36		)	(40		)	68			68			(52		)	(401		)	44
Premiums		—			—			—			—			—			(347		)	—
Universal life and investment-type product policy fees		—			—			—			—			—			(34		)	—
Net investment income		4			5			—			3			1			(36		)	9
Other revenues		—			79			78			78			70			(135		)	305
Policyholder benefits and claims and policyholder dividends		(1		)	—			—			—			—			135			—
Interest credited to policyholder account balances		—			—			—			—			—			(33		)	—
Capitalization of DAC		—			—			—			—			—			(34		)	—
Amortization of DAC and VOBA		—			—			—			—			—			(93		)	—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			(30		)	(15		)	(18		)	16			(63		)
Other expenses		(256		)	(86		)	(132		)	(91		)	(79		)	(509		)	(388		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		1,755			18			(28		)	(60		)	(10		)	2,962			(80		)
Income (loss) from continuing operations, net of income tax		979			(413		)	(455		)	(157		)	62			(121		)	(963		)
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			(986		)	—
Net income (loss)		979			(413		)	(455		)	(157		)	62			(1,107		)	(963		)
Less: Net income (loss) attributable to noncontrolling interests		(4		)	3			(1		)	2			(7		)	(1		)	(3		)
Net income (loss) attributable to MetLife, Inc.		983			(416		)	(454		)	(159		)	69			(1,106		)	(960		)
Less: Preferred stock dividends		45			6			46			32			57			103			141
Net income (loss) available to MetLife, Inc.’s common shareholders		$	938		$	(422	)	$	(500	)	$	(191	)	$	12		$	(1,209	)	$	(1,101	)
Adjusted premiums, fees and other revenues		$	82		$	94		$	85		$	53		$	219		$	326		$	451
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Other business activities		$	9		$	6		$	12		$	13		$	10		$	28		$	41
Other net investment income		28			57			50			107			49			221			263
Interest expense on debt		(297		)	(293		)	(282		)	(256		)	(245		)	(1,198		)	(1,076		)
Corporate initiatives and projects		(78		)	(39		)	(97		)	(132		)	(137		)	(275		)	(405		)
Other		(138		)	(87		)	(90		)	(101		)	(90		)	(384		)	(368		)
Provision for income tax expense (benefit) and other tax-related items		(7		)	159			234			164			425			626			982
Preferred stock dividends		(45		)	(6		)	(46		)	(32		)	(57		)	(103		)	(141		)
Adjusted earnings available to common shareholders		$	(528	)	$	(203	)	$	(219	)	$	(237	)	$	(45	)	$	(1,085	)	$	(704	)

29

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Fixed Maturity Securities
Yield (1)	4.30		%	4.19		%	4.30		%	4.30		%	4.23		%
Investment income (2), (3), (4)	$	2,913		$	2,839		$	2,945		$	2,980		$	2,914
Investment gains (losses) (3)	—			(95		)	(46		)	106			40
Ending carrying value (2), (3)	309,796			305,647			306,991			305,520			299,136
Mortgage Loans
Yield (1)	4.55		%	4.53		%	4.59		%	4.80		%	4.72		%
Investment income (4)	778			792			815			859			874
Investment gains (losses)	11			(21		)	(15		)	4			(24		)
Ending carrying value	68,731			71,055			70,852			72,461			75,752
Real Estate and Real Estate Joint Ventures
Yield (1)	3.29		%	3.39		%	4.46		%	3.67		%	2.83		%
Investment income (3)	79			83			109			90			70
Investment gains (losses) (3)	167			25			89			40			172
Ending carrying value	9,637			9,862			9,741			9,977			9,698
Policy Loans
Yield (1)	5.46		%	5.12		%	5.21		%	5.35		%	5.16		%
Investment income	131			124			127			130			125
Ending carrying value	9,669			9,744			9,702			9,703			9,699
Equity Securities
Yield (1)	6.37		%	3.79		%	4.94		%	4.74		%	6.09		%
Investment income	36			16			15			14			19
Investment gains (losses)	54			(31		)	34			18			(96		)
Ending carrying value	2,513			1,544			1,483			1,479			1,440
Other Limited Partnership Interests
Yield (1)	10.64		%	15.10		%	9.48		%	14.86		%	12.47		%
Investment income (3)	149			219			141			229			203
Investment gains (losses) (3)	(8		)	—			8			1			—
Ending carrying value	5,708			5,876			5,985			6,374			6,613
Cash and Short-term Investments
Yield (1)	1.73		%	1.87		%	2.30		%	2.79		%	2.67		%
Investment income	40			46			61			71			66
Investment gains (losses)	(21		)	(4		)	1			(5		)	2
Ending carrying value	17,571			19,048			20,165			17,721			19,758
Other Invested Assets (1)
Investment income (3)	98			228			231			211			217
Investment gains (losses) (3)	(25		)	(126		)	(58		)	17			5
Ending carrying value	17,263			17,486			17,017			16,336			18,190
Total Investments
Investment income yield (1)	4.40		%	4.50		%	4.54		%	4.65		%	4.54		%
Investment fees and expenses yield	(0.13		)%	(0.13		)%	(0.12		)%	(0.12		)%	(0.12		)%
Net Investment Income Yield (1), (3)	4.27		%	4.37		%	4.42		%	4.53		%	4.42		%
Investment income	$	4,224		$	4,347		$	4,444		$	4,584		$	4,488
Investment fees and expenses	(121		)	(128		)	(117		)	(121		)	(113		)
Net investment income including Divested businesses	4,103			4,219			4,327			4,463			4,375
Less: Net investment income from Divested businesses	—			—			—			1			—
Net Investment Income, as reported on an adjusted basis (3)	$	4,103		$	4,219		$	4,327		$	4,462		$	4,375
Ending Carrying Value (3)	$	440,888		$	440,262		$	441,936		$	439,571		$	440,286
Gross investment gains	$	396		$	163		$	324		$	443		$	569
Gross investment losses	(195		)	(297		)	(310		)	(232		)	(440		)
Writedowns	(23		)	(118		)	(1		)	(30		)	(30		)
Investment Portfolio Gains (Losses) (3)	178			(252		)	13			181			99
Investment portfolio gains (losses) income tax (expense) benefit	(59		)	51			(39		)	(77		)	(10		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	119		$	(201	)	$	(26	)	$	104		$	89
Derivative gains (losses) (3)	$	(134	)	$	244		$	(172	)	$	(497	)	$	824
Derivative gains (losses) income tax (expense) benefit	168			(84		)	57			125			(201		)
Derivative Gains (Losses), Net of Income Tax	$	34		$	160		$	(115	)	$	(372	)	$	623
(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-8 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 equity securities 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 $865 million, $936 million, $660 million, $680 million and $871 million in ending carrying value, and $7 million, $6 million, $8 million, $11 million and $26 million of investment income related to fair value option securities at or for the three months ended December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 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 equity securities and FVO Brighthouse common stock of $15,874 million, $15,502 million, $13,182 million, $12,855 million and $11,741 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $6 million, $6 million, $5 million and $4 million at December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 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
	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Net investment gains (losses) - GAAP basis	$	106		$	(333	)	$	(227	)	$	117		$	145
Less: Operating joint venture adjustments	—			(1		)	—			—			—
Less: Partnerships at fair value	—			(5		)	(1		)	12			6
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(72		)	(75		)	(239		)	(76		)	40
Investment portfolio gains (losses) - in above yield table	$	178		$	(252	)	$	13		$	181		$	99
	For the Three Months Ended
	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Net derivative gains (losses) - GAAP basis	$	(55	)	$	349		$	(59	)	$	(378	)	$	939
Less: Investment hedge adjustments	85			110			119			125			121
Less: Settlement of foreign currency earnings hedges	(6		)	(4		)	(5		)	(5		)	(5		)
Less: PAB hedge adjustments	—			(1		)	(1		)	(1		)	(1		)
Derivative gains (losses) - in above yield table	$	(134	)	$	244		$	(172	)	$	(497	)	$	824
(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)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Fixed Maturity Securities
Yield (1)	4.29		%	4.19		%	4.24		%	4.26		%	4.26		%
Investment income (2), (3), (4)	$	11,401		$	2,839		$	5,784		$	8,764		$	11,678
Investment gains (losses) (3)	318			(95		)	(141		)	(35		)	5
Ending carrying value (2), (3)	309,796			305,647			306,991			305,520			299,136
Mortgage Loans
Yield (1)	4.58		%	4.53		%	4.56		%	4.64		%	4.66		%
Investment income (4)	3,081			792			1,607			2,466			3,340
Investment gains (losses)	13			(21		)	(36		)	(32		)	(56		)
Ending carrying value	68,731			71,055			70,852			72,461			75,752
Real Estate and Real Estate Joint Ventures
Yield (1)	3.18		%	3.39		%	3.93		%	3.84		%	3.59		%
Investment income (3)	297			83			192			282			352
Investment gains (losses) (3)	603			25			114			154			326
Ending carrying value	9,637			9,862			9,741			9,977			9,698
Policy Loans
Yield (1)	5.39		%	5.12		%	5.16		%	5.23		%	5.21		%
Investment income	517			124			251			381			506
Ending carrying value	9,669			9,744			9,702			9,703			9,699
Equity Securities
Yield (1)	5.15		%	3.79		%	4.28		%	4.41		%	4.79		%
Investment income	129			16			31			45			64
Investment gains (losses)	92			(31		)	3			21			(75		)
Ending carrying value	2,513			1,544			1,483			1,479			1,440
Other Limited Partnership Interests
Yield (1)	14.93		%	15.10		%	12.26		%	13.15		%	12.97		%
Investment income (3)	797			219			360			589			792
Investment gains (losses) (3)	(59		)	—			8			9			9
Ending carrying value	5,708			5,876			5,985			6,374			6,613
Cash and Short-term Investments
Yield (1)	1.48		%	1.87		%	2.09		%	2.33		%	2.41		%
Investment income	132			46			107			178			244
Investment gains (losses)	(16		)	(4		)	(3		)	(8		)	(6		)
Ending carrying value	17,571			19,048			20,165			17,721			19,758
Other Invested Assets (1)
Investment income (3)	655			228			459			670			887
Investment gains (losses) (3)	(97		)	(126		)	(184		)	(167		)	(162		)
Ending carrying value	17,263			17,486			17,017			16,336			18,190
Total Investments
Investment income yield (1)	4.53		%	4.50		%	4.52		%	4.57		%	4.56		%
Investment fees and expenses yield	(0.14		)%	(0.13		)%	(0.13		)%	(0.13		)%	(0.12		)%
Net Investment Income Yield (1), (3)	4.39		%	4.37		%	4.39		%	4.44		%	4.44		%
Investment income	$	17,009		$	4,347		$	8,791		$	13,375		$	17,863
Investment fees and expenses	(511		)	(128		)	(245		)	(366		)	(479		)
Net investment income including Divested businesses	16,498			4,219			8,546			13,009			17,384
Less: Net investment income from Divested businesses	(46		)	—			—			1			1
Net Investment Income, as reported on an adjusted basis (3)	$	16,544		$	4,219		$	8,546		$	13,008		$	17,383
Ending Carrying Value (3)	$	440,888		$	440,262		$	441,936		$	439,571		$	440,286
Gross investment gains	$	1,703		$	163		$	487		$	930		$	1,499
Gross investment losses	(630		)	(297		)	(607		)	(839		)	(1,279		)
Writedowns	(219		)	(118		)	(119		)	(149		)	(179		)
Investment Portfolio Gains (Losses) (3)	854			(252		)	(239		)	(58		)	41
Investment portfolio gains (losses) income tax (expense) benefit	(296		)	51			12			(65		)	(75		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	558		$	(201	)	$	(227	)	$	(123	)	$	(34	)
Derivative gains (losses) (3)	$	(1,000	)	$	244		$	72		$	(425	)	$	399
Derivative gains (losses) income tax (expense) benefit	485			(84		)	(27		)	98			(103		)
Derivative Gains (Losses), Net of Income Tax	$	(515	)	$	160		$	45		$	(327	)	$	296
(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-8 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 equity securities 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 $865 million, $936 million, $660 million, $680 million and $871 million in ending carrying value, and $68 million, $6 million, $14 million, $25 million and $51 million of investment income related to fair value option securities at or for the year-to-date period ended December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 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 equity securities and FVO Brighthouse common stock of $15,874 million, $15,502 million, $13,182 million, $12,855 million and $11,741 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $6 million, $6 million, $5 million and $4 million at December 31,2017, March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 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
	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Net investment gains (losses) - GAAP basis	$	(308	)	$	(333	)	$	(560	)	$	(443	)	$	(298	)
Less: Operating joint venture adjustments	—			(1		)	(1		)	(1		)	(1		)
Less: Partnerships at fair value	—			(5		)	(6		)	6			12
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(1,162		)	(75		)	(314		)	(390		)	(350		)
Investment portfolio gains (losses) - in above yield table	$	854		$	(252	)	$	(239	)	$	(58	)	$	41
	For the Year-to-Date Period Ended
	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Net derivative gains (losses) - GAAP basis	$	(590	)	$	349		$	290		$	(88	)	$	851
Less: Investment hedge adjustments	435			110			229			354			475
Less: Settlement of foreign currency earnings hedges	(22		)	(4		)	(9		)	(14		)	(19		)
Less: PAB hedge adjustments	(3		)	(1		)	(2		)	(3		)	(4		)
Derivative gains (losses) - in above yield table	$	(1,000	)	$	244		$	72		$	(425	)	$	399
(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
		December 31, 2017				March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	82,661	26.8	%	$	81,834	26.8	%	$	84,026	27.5	%	$	83,795	27.5	%	$	78,948	26.4	%
Foreign government securities		61,534		19.9	%	64,510		21.2	%	61,682		20.1	%	60,472		19.8	%	62,288		20.9	%
Foreign corporate securities		55,569		18.0	%	55,463		18.2	%	54,277		17.7	%	54,220		17.8	%	56,703		19.0	%
U.S. government and agency securities		47,394		15.3	%	43,827		14.4	%	45,387		14.8	%	45,572		14.9	%	39,322		13.2	%
Residential mortgage-backed securities		28,800		9.3	%	27,411		9.0	%	27,845		9.1	%	27,658		9.1	%	27,961		9.4	%
Asset-backed securities		12,291		4.0	%	11,764		3.9	%	12,866		4.2	%	12,815		4.2	%	12,472		4.2	%
Municipals		12,455		4.0	%	12,192		4.0	%	12,026		3.9	%	11,600		3.8	%	11,533		3.9	%
Commercial mortgage-backed securities		8,227		2.7	%	7,710		2.5	%	8,222		2.7	%	8,708		2.9	%	9,038		3.0	%
Total Fixed Maturity Securities Available-For-Sale		$	308,931	100.0	%	$	304,711	100.0	%	$	306,331	100.0	%	$	304,840	100.0	%	$	298,265	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	218,830	70.8	%	$	214,446	70.4	%	$	215,582	70.4	%	$	213,898	70.2	%	$	208,806	70.0	%
2	Baa	72,396		23.4	%	72,531		23.8	%	73,442		24.0	%	74,059		24.3	%	73,141		24.5	%
3	Ba	11,711		3.8	%	11,551		3.8	%	11,189		3.6	%	11,042		3.6	%	11,158		3.7	%
4	B	5,155		1.7	%	5,332		1.7	%	5,268		1.7	%	5,062		1.7	%	4,498		1.6	%
5	Caa and lower	833		0.3	%	827		0.3	%	826		0.3	%	755		0.2	%	647		0.2	%
6	In or near default	6		—	%	24		—	%	24		—	%	24		—	%	15		—	%
Total Fixed Maturity Securities Available-For-Sale (1)		$	308,931	100.0	%	$	304,711	100.0	%	$	306,331	100.0	%	$	304,840	100.0	%	$	298,265	100.0	%
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (2)
		December 31, 2017				March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%		$	1,737	91.3	%	$	3,251	94.7	%	$	4,557	95.0	%	$	4,924	94.4	%	$	5,340	89.7	%
20% or more for less than six months		49		2.6	%	97		2.8	%	174		3.6	%	214		4.1	%	460		7.7	%
20% or more for six months or greater		117		6.1	%	85		2.5	%	67		1.4	%	77		1.5	%	155		2.6	%
Total Gross Unrealized Losses		$	1,903	100.0	%	$	3,433	100.0	%	$	4,798	100.0	%	$	5,215	100.0	%	$	5,955	100.0	%
Total Gross Unrealized Gains		$	24,765			$	21,045			$	18,872			$	16,787			$	17,404
(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)	December 31, 2017					March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018
Commercial mortgage loans	$	44,375				$	46,690				$	46,075				$	47,460				$	48,463
Agricultural mortgage loans	13,014					13,098					13,293					13,677					14,905
Residential mortgage loans	11,656					11,594					11,809					11,660					12,726
Total Mortgage Loans	69,045					71,382					71,177					72,797					76,094
Valuation allowances	(314		)			(327		)			(325		)			(336		)			(342		)
Total Mortgage Loans, net	$	68,731				$	71,055				$	70,852				$	72,461				$	75,752
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2017					March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total
Pacific	$	9,875		22.3	%	$	10,583		22.7	%	$	10,695		23.2	%	$	10,878		22.9	%	$	10,884		22.5	%
International	9,101			20.5	%	9,500			20.3	%	8,869			19.2	%	9,497			20.0	%	9,281			19.1	%
Middle Atlantic	7,231			16.3	%	7,467			16.0	%	7,455			16.2	%	7,434			15.7	%	7,911			16.3	%
South Atlantic	5,311			12.0	%	5,552			11.9	%	5,534			12.0	%	5,789			12.2	%	6,347			13.1	%
West South Central	3,819			8.6	%	3,664			7.8	%	3,775			8.2	%	4,001			8.4	%	3,951			8.1	%
East North Central	2,683			6.0	%	2,687			5.7	%	2,573			5.6	%	2,768			5.8	%	2,840			5.9	%
New England	901			2.0	%	1,129			2.4	%	1,127			2.4	%	1,141			2.4	%	1,481			3.1	%
Mountain	1,188			2.7	%	1,355			2.9	%	1,364			3.0	%	1,378			2.9	%	1,387			2.9	%
West North Central	477			1.1	%	589			1.3	%	598			1.3	%	596			1.3	%	594			1.2	%
East South Central	840			1.9	%	963			2.1	%	968			2.1	%	1,072			2.3	%	564			1.2	%
Multi-Region and Other	2,949			6.6	%	3,201			6.9	%	3,117			6.8	%	2,906			6.1	%	3,223			6.6	%
Total	$	44,375		100.0	%	$	46,690		100.0	%	$	46,075		100.0	%	$	47,460		100.0	%	$	48,463		100.0	%
Office	$	22,602		50.9	%	$	23,474		50.3	%	$	23,295		50.5	%	$	24,096		50.8	%	$	23,995		49.5	%
Retail	8,032			18.1	%	8,247			17.7	%	8,462			18.4	%	8,701			18.3	%	9,089			18.7	%
Apartment	6,113			13.8	%	6,600			14.1	%	6,397			13.9	%	6,416			13.5	%	7,018			14.5	%
Industrial	3,125			7.0	%	3,699			7.9	%	3,736			8.1	%	3,775			8.0	%	3,719			7.7	%
Hotel	3,620			8.2	%	3,797			8.1	%	3,317			7.2	%	3,327			7.0	%	3,479			7.2	%
Other	883			2.0	%	873			1.9	%	868			1.9	%	1,145			2.4	%	1,163			2.4	%
Total	$	44,375		100.0	%	$	46,690		100.0	%	$	46,075		100.0	%	$	47,460		100.0	%	$	48,463		100.0	%

33

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLIfe, Inc.'s common shareholders	$	2,272		$	1,247		$	845		$	880		$	2,010		$	3,907		$	4,982
Add: Preferred stock dividends	45			6			46			32			57			103			141
Add: Net Income (loss) attributable to noncontrolling interests	(2		)	4			3			3			(5		)	10			5
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			(986		)	—
Income (loss) from continuing operations, net of income tax	2,315			1,257			894			915			2,062			$	5,006		$	5,128
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	106			(333		)	(227		)	117			145			(308		)	(298		)
Net derivative gains (losses)	(55		)	349			(59		)	(378		)	939			(590		)	851
Premiums - Divested businesses	—			—			—			—			—			(347		)	—
Universal life and investment-type product policy fees
Unearned revenue adjustments	(2		)	(5		)	(5		)	11			(8		)	12			(7		)
GMIB fees	31			30			31			32			27			125			120
Divested businesses	—			7			—			—			—			(34		)	7
Net investment income
Investment hedge adjustments	(85		)	(110		)	(119		)	(125		)	(121		)	(435		)	(475		)
Operating joint venture adjustments	—			1			—			—			—			—			1
Unit-linked contract income	436			(353		)	286			149			(765		)	1,300			(683		)
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			(12		)	(21		)	(1		)	(27		)	—			(61		)
Divested businesses	—			—			—			1			—			(46		)	1
Other revenues
Settlement of foreign currency earnings hedges	6			4			5			5			5			22			19
TSA fees	—			79			78			78			70			—			305
Divested businesses	—			—			—			—			—			(135		)	—
Policyholder benefits and claims and policyholder dividends
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	77			(41		)	—			13			(1		)	31			(29		)
GMIB costs	(72		)	(5		)	(51		)	(168		)	78			(350		)	(146		)
Market value adjustments	(3		)	(1		)	1			—			1			(22		)	1
Divested businesses	—			—			—			—			—			137			—
Interest credited to policyholder account balances
PAB hedge adjustments	—			1			1			1			1			3			4
Unit-linked contract costs	(420		)	347			(268		)	(133		)	730			(1,264		)	676
Divested businesses	—			—			—			—			—			(33		)	—
Capitalization of DAC - Divested businesses	—			1			—			—			—			(34		)	1
Amortization of DAC and VOBA
Related to NIGL and NDGL	28			14			10			(89		)	(44		)	60			(109		)
Related to GMIB fees and GMIB costs	(21		)	(10		)	(9		)	(19		)	(68		)	(2		)	(106		)
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			(91		)	—
Amortization of negative VOBA
Related to market value adjustments	1			1			—			—			—			9			1
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	—			—			(30		)	(15		)	(18		)	16			(63		)
Other expenses
Noncontrolling interest	(5		)	7			5			3			(5		)	12			10
Regulatory implementation costs	—			(1		)	(2		)	(3		)	(5		)	—			(11		)
Acquisition, integration and other costs	(23		)	(11		)	(14		)	(13		)	14			(65		)	(24		)
TSA fees	—			(79		)	(78		)	(78		)	(70		)	—			(305		)
Divested businesses	(244		)	(10		)	(53		)	(9		)	4			(491		)	(68		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	1,837			(42		)	41			128			(213		)	3,188			(86		)
Adjusted earnings	723			1,429			1,372			1,408			1,393			4,338			5,602
Less: Preferred stock dividends	45			6			46			32			57			103			141
Adjusted earnings available to common shareholders	$	678		$	1,423		$	1,326		$	1,376		$	1,336		$	4,235		$	5,461

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended																For the Year Ended
Unaudited (In millions)			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Variable investment income			$	—		$	—		$	—		$	—		$	—		$	15		$	—
Catastrophe experience and prior year development, net			7			—			—			—			—			(48		)	—
Actuarial assumption review and other insurance adjustments			(110		)	62			—			(68		)	—			63			(6		)
Litigation reserves & settlement costs			(55		)	—			—			—			(60		)	(76		)	(60		)
Expense initiative costs			(42		)	(34		)	(62		)	(88		)	(100		)	(102		)	(284		)
Other expense-related items			—			—			—			—			—			(36		)	—
Tax adjustments			(298		)	—			—			—			247			(438		)	247
Total notable items			$	(498	)	$	28		$	(62	)	$	(156	)	$	87		$	(622	)	$	(103	)
U.S.
		For the Three Months Ended																For the Year Ended
Unaudited (In millions)			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Variable investment income			$	—		$	—		$	—		$	—		$	—		$	22		$	—
Catastrophe experience and prior year development, net			7			—			—			—			—			(48		)	—
Actuarial assumption review and other insurance adjustments			(62		)	—			—			37			—			(62		)	37
Total notable items			$	(55	)	$	—		$	—		$	37		$	—		$	(88	)	$	37
	GROUP BENEFITS
		For the Three Months Ended																For the Year Ended
	Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 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 Ended
	Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	17		$	—
	Actuarial assumption review and other insurance adjustments		(62		)	—			—			—			—			(62		)	—
	Total notable items		$	(62	)	$	—		$	—		$	—		$	—		$	(45	)	$	—
	PROPERTY & CASUALTY
		For the Three Months Ended																For the Year Ended
	Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	2		$	—
	Catastrophe experience and prior year development, net		7			—			—			—			—			(48		)	—
	Total notable items		$	7		$	—		$	—		$	—		$	—		$	(46	)	$	—
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect 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 Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018				December 31, 2017			December 31, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(3	)	$	—
Actuarial assumption review and other insurance adjustments		—			—			—			(86		)	—				8			(86		)
Total notable items		$	—		$	—		$	—		$	(86	)	$	—			$	5		$	(86	)
LATIN AMERICA
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018				December 31, 2017			December 31, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(1	)	$	—
Actuarial assumption review and other insurance adjustments		—			—			—			28			—				15			28
Total notable items		$	—		$	—		$	—		$	28		$	—			$	14		$	28
EMEA
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018				December 31, 2017			December 31, 2018
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	—		$	(23	)	$	—			$	(8	)	$	(23	)
Total notable items		$	—		$	—		$	—		$	(23	)	$	—			$	(8	)	$	(23	)
METLIFE HOLDINGS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018				December 31, 2017			December 31, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	1		$	—
Actuarial assumption review and other insurance adjustments		(48		)	62			—			(24		)	—				110			38
Total notable items		$	(48	)	$	62		$	—		$	(24	)	$	—			$	111		$	38
CORPORATE & OTHER
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018				December 31, 2017			December 31, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(4	)	$	—
Litigation reserves & settlement costs		(55		)	—			—			—			(60		)		(76		)	(60		)
Expense initiative costs		(42		)	(34		)	(62		)	(88		)	(100		)		(102		)	(284		)
Other expense-related items		—			—			—			—			—				(36		)	—
Tax adjustments		(298		)	—			—			—			247				(438		)	247
Total notable items		$	(395	)	$	(34	)	$	(62	)	$	(88	)	$	87			$	(656	)	$	(97	)
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-3

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Total MetLife, Inc.'s stockholders' equity	$	58,676		$	56,310		$	53,633		$	51,625		$	52,741
Less: Preferred stock	2,066			2,560			3,340			3,340			3,340
MetLife, Inc.'s common stockholders' equity	56,610			53,750			50,293			48,285			49,401
Less: Net unrealized investment gains (losses), net of income tax	13,662			11,547			9,703			7,946			8,655
Defined benefit plans adjustment, net of income tax	(1,845		)	(2,206		)	(2,179		)	(2,051		)	(2,028		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	44,793			44,409			42,769			42,390			42,774
Less: Goodwill, net of income tax	9,322			9,428			9,205			9,147			9,133
VODA and VOCRA, net of income tax	378			365			341			316			312
Total MetLife, Inc.'s tangible common stockholders' equity	$	35,093		$	34,616		$	33,223		$	32,927		$	33,329
Unaudited (In millions, except per share data)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Book value per common share	$	54.24		$	52.49		$	50.28		$	48.94		$	51.53
Less: Net unrealized investment gains (losses), net of income tax	13.09			11.28			9.70			8.05			9.03
Defined benefit plans adjustment, net of income tax	(1.77		)	(2.15		)	(2.18		)	(2.08		)	(2.12		)
Book value per common share, excluding AOCI other than FCTA	42.92			43.36			42.76			42.97			44.62
Less: Goodwill, net of income tax	8.93			9.20			9.20			9.28			9.52
VODA and VOCRA, net of income tax	0.36			0.36			0.34			0.32			0.33
Book value per common share - tangible common stockholders' equity	$	33.63		$	33.80		$	33.22		$	33.37		$	34.77
Common shares outstanding, end of period	1,043.6			1,024.1			1,000.2			986.6			958.6
	For the Three Months Ended (1)															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			December 31, 2017			December 31, 2018
Return on MetLife, Inc.'s:
Common stockholders' equity	16.3		%	9.0		%	6.5		%	7.1		%	16.5		%	6.3		%	9.6		%
Common stockholders' equity, excluding AOCI other than FCTA	20.6		%	11.2		%	7.8		%	8.3		%	18.9		%	7.7		%	11.5		%
Tangible common stockholders' equity (2)	26.4		%	14.4		%	10.1		%	10.8		%	24.4		%	9.6		%	14.8		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	4.9		%	10.3		%	10.2		%	11.2		%	10.9		%	6.8		%	10.6		%
Common stockholders' equity, excluding AOCI other than FCTA	6.1		%	12.8		%	12.2		%	12.9		%	12.5		%	8.4		%	12.6		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	6.1		%	12.8		%	12.2		%	12.9		%	12.5		%	10.3		%	12.6		%
Tangible common stockholders' equity (3)	8.0		%	16.4		%	15.8		%	16.8		%	16.2		%	10.4		%	16.3		%
Average common stockholders' equity	$	55,763		$	55,180		$	52,022		$	49,289		$	48,843		$	62,154		$	51,668
Average common stockholders' equity, excluding AOCI other than FCTA	$	44,122		$	44,601		$	43,589		$	42,580		$	42,582		$	50,491		$	43,427
Average common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	44,122		$	44,601		$	43,589		$	42,580		$	42,582		$	40,955		$	43,427
Average tangible common stockholders' equity	$	34,509		$	34,855		$	33,920		$	33,075		$	33,128		$	40,903		$	33,838
(1) Annualized using quarter-to-date results.
(2) Net income (loss) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018 of $8 million, $10 million, $10 million, $10 million and $9 million, respectively, and for the years ended December 31, 2017 and 2018 of $39 million for each of the years.
(3) Adjusted earnings (losses) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018 of $8 million, $10 million, $10 million, $10 million and $9 million, respectively, and for the years ended December 31, 2017 and 2018 of $33 million and $39 million, respectively.

A-4

APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2)
RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
U.S.
GROUP BENEFITS		30.7		%	22.5		%	36.2		%	51.9		%	37.5		%
RETIREMENT AND INCOME SOLUTIONS		17.0		%	15.4		%	30.2		%	21.5		%	23.1		%
PROPERTY & CASUALTY		20.8		%	20.1		%	13.2		%	18.4		%	17.3		%
TOTAL U.S.		21.5		%	18.0		%	28.8		%	28.8		%	25.8		%
ASIA		11.8		%	15.8		%	6.6		%	(0.7		)%	21.7		%
LATIN AMERICA		8.0		%	23.6		%	6.6		%	25.1		%	4.7		%
EMEA		11.3		%	10.0		%	8.2		%	6.4		%	9.2		%
METLIFE HOLDINGS		9.4		%	13.7		%	8.1		%	2.5		%	16.1		%
RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
U.S.		25.0		%	20.9		%	33.4		%	33.4		%	29.9		%
ASIA		18.8		%	23.9		%	10.0		%	(1.0		)%	32.9		%
LATIN AMERICA		13.8		%	39.4		%	11.1		%	41.9		%	7.9		%
EMEA		18.4		%	16.4		%	13.4		%	10.7		%	15.1		%
METLIFE HOLDINGS		10.5		%	15.4		%	9.3		%	3.0		%	18.0		%
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
U.S.
GROUP BENEFITS		32.7		%	31.2		%	37.3		%	52.9		%	32.9		%
RETIREMENT AND INCOME SOLUTIONS		12.5		%	21.8		%	22.4		%	21.8		%	22.9		%
PROPERTY & CASUALTY		20.4		%	20.7		%	13.6		%	18.6		%	21.4		%
TOTAL U.S.		19.5		%	24.1		%	24.7		%	29.3		%	25.2		%
ASIA		9.9		%	9.2		%	10.2		%	7.5		%	7.9		%
LATIN AMERICA		17.0		%	17.8		%	18.5		%	21.7		%	17.5		%
EMEA		9.8		%	9.3		%	9.9		%	6.3		%	6.3		%
METLIFE HOLDINGS		6.9		%	16.9		%	11.1		%	13.0		%	8.9		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
U.S.		22.7		%	27.9		%	28.6		%	33.9		%	29.2		%
ASIA		15.8		%	13.9		%	15.4		%	11.3		%	12.0		%
LATIN AMERICA		29.3		%	29.8		%	30.9		%	36.2		%	29.1		%
EMEA		16.1		%	15.3		%	16.2		%	10.5		%	10.5		%
METLIFE HOLDINGS		7.8		%	19.0		%	12.6		%	14.6		%	10.0		%
(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
					ALLOCATED EQUITY						ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)				2017			2018			2017			2018
	U.S.
	GROUP BENEFITS				$	2,816		$	2,797
	RETIREMENT AND INCOME SOLUTIONS				5,538			6,209
	PROPERTY & CASUALTY				1,862			1,851
	TOTAL U.S.				$	10,216		$	10,857		$	8,792		$	9,389
	ASIA				$	12,587		$	14,260		$	7,898		$	9,456
	LATIN AMERICA				$	2,933		$	3,139		$	1,704		$	1,880
	EMEA				$	3,210		$	3,473		$	2,017		$	2,176
	METLIFE HOLDINGS				$	11,247		$	10,063		$	10,179		$	9,066
(3) Net income (loss) available to MetLife, Inc.'s common shareholders used to calculate the return on allocated tangible equity and adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity, exclude the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
	U.S.	$	1		$	1		$	1		$	1		$	1
	ASIA	$	1		$	2		$	2		$	2		$	2
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	2		$	2
	METLIFE HOLDINGS	$	4		$	5		$	5		$	5		$	4

A-5

APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
U.S. (1)	$	6,038		$	5,679		$	11,767		$	6,889		$	5,725
ASIA	2,076			2,070			1,998			2,110			2,095
LATIN AMERICA	910			889			913			901			956
EMEA	622			629			642			627			642
METLIFE HOLDINGS (1)	1,453			1,331			1,326			1,305			1,385
CORPORATE & OTHER (1)	82			94			85			53			219
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,181		$	10,692		$	16,731		$	11,885		$	11,022
Adjusted premiums, fees and other revenues	$	11,300		$	10,929		$	16,889		$	11,938		$	11,022
ASIA (including operating joint ventures) (2), (3)	$	2,285		$	2,292		$	2,206		$	2,326		$	2,338
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
U.S. (1)	$	926		$	961		$	965		$	982		$	994
ASIA	934			916			945			932			969
LATIN AMERICA	377			295			336			342			369
EMEA	365			328			324			329			355
METLIFE HOLDINGS (1)	333			276			275			264			266
CORPORATE & OTHER (1)	280			232			259			314			102
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,215		$	3,008		$	3,104		$	3,163		$	3,055
Other expenses, as reported on an adjusted basis	$	3,277		$	3,110		$	3,177		$	3,187		$	3,055
ASIA (including operating joint ventures) (2), (3)	$	1,021		$	1,002		$	1,033		$	1,024		$	1,073
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
U.S. (1)	$	498		$	653		$	671		$	795		$	685
ASIA	305			314			354			264			281
LATIN AMERICA	115			131			124			163			137
EMEA	72			70			79			54			55
METLIFE HOLDINGS (1)	194			425			280			327			223
CORPORATE & OTHER (1)	(528		)	(203		)	(219		)	(237		)	(45		)
Adjusted earnings available to common shareholders on a constant currency basis	$	656		$	1,390		$	1,289		$	1,366		$	1,336
Adjusted earnings available to common shareholders	$	678		$	1,423		$	1,326		$	1,376		$	1,336
(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 equity securities (“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 under 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 certain amounts related to net investment income earned on contractholder-directed equity securities (“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 premiums, fees and other revenues.
•	Direct expense ratio: direct expenses, on an adjusted basis, divided by 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 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 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 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 4Q18 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 Notable Items….….…………………………………………….............…….... 5 Adjusted Earnings ex. Total Notable Items by Segment…………................ 6 Direct Expense Ratio…………..................................................................... 7 Cash & Capital............................................................................................. 8 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) free cash flow of all holding companies; (ix) MetLife, Inc. (parent company only) net cash provided by operating activities; (x) adjusted expense ratio; (x) expense ratio; (xi) adjusted expense ratio, excluding total notable items related to other expenses and (xi) expense ratio; pension risk transfer (PRT); (xii) direct expense ratio; and (xii) expense ratio; and (xiii) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xiii) 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 on a constant currency basis per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of 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. In addition, for the year ended December 31, 2016, adjusted revenues and adjusted expenses exclude the financial impact of converting the Company’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods and is referred to as lag elimination. 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); 3(ii)

Explanatory Note on Non-GAAP Financial Information (Continued) • 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 equity securities, (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 under 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). 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 certain amounts related to net investment income earned on contractholder-directed equity securities; • 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 premiums, fees and other revenues. • Direct expense ratio: direct expenses, on an adjusted basis, divided by 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 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 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 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. 3(iii)

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

Reconciliations

Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2018 4Q18 4Q17 Earnings Earnings Earnings Per Per Per Weighted Weighted Weighted Average Average Average Common Common Common Share Share Share Diluted1 Diluted1 Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 4,982 $ 4.91 $ 2,010 $ 2.04 $ 2,272 $ 2.14 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (298) (0.29) 145 0.15 106 0.10 Less: Net derivative gains (losses) 851 0.84 939 0.95 (55) (0.05) Less: Other adjustments to continuing operations (941) (0.94) (202) (0.20) (296) (0.28) Less: Provision for income tax (expense) benefit (86) (0.08) (213) (0.22) 1,837 1.73 Less: Income (loss) from discontinued operations, net of income tax — — — — — — Add: Net income (loss) attributable to noncontrolling interests 5 — (5) (0.01) (2) — Adjusted earnings available to common shareholders $ 5,461 5.39 $ 1,336 $ 1.35 $ 678 $ 0.64 Less: Total notable items (103) (0.10) 87 0.09 (498) (0.47) Adjusted earnings available to common shareholders, excluding total notable items $ 5,564 $ 5.49 $ 1,249 $ 1.26 $ 1,176 $ 1.11 Weighted average common shares outstanding - diluted 1,013.9 987.6 1,062.1 Adjusted earnings available to common shareholders on a constant currency basis $ 5,461 $ 5.39 $ 1,336 $ 1.35 $ 656 $ 0.62 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 5,564 $ 5.49 $ 1,249 $ 1.26 $ 1,154 $ 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(vi)

Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q18 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 $ 685 $ 230 $ 356 $ 99 $ 281 $ 137 $ 55 $ 223 $ (45) Less: Total notable items — — — — — — — — 87 Adjusted earnings available to common shareholders, excluding total notable items $ 685 $ 230 $ 356 $ 99 $ 281 $ 137 $ 55 $ 223 $ (132) Adjusted earnings available to common shareholders on a constant currency basis $ 685 $ 230 $ 356 $ 99 $ 281 $ 137 $ 55 $ 223 $ (45) Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 685 $ 230 $ 356 $ 99 $ 281 $ 137 $ 55 $ 223 $ (132) 4Q17 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 $ 498 $ 230 $ 173 $ 95 $ 310 $ 125 $ 79 $ 194 $ (528) Less: Total notable items (55) — (62) 7 — — — (48) (395) Adjusted earnings available to common shareholders, excluding total notable items $ 553 $ 230 $ 235 $ 88 $ 310 $ 125 $ 79 $ 242 $ (133) Adjusted earnings available to common shareholders on a constant currency basis $ 498 $ 230 $ 173 $ 95 $ 305 $ 115 $ 72 $ 194 $ (528) Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 553 $ 230 $ 235 $ 88 $ 305 $ 115 $ 72 $ 242 $ (133) 3(vii)

Expense Detail and Ratios (In millions, except ratio data) 2015 2016 2017 2018 Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis Capitalization of DAC $ (3,319) $ (3,152) $ (3,002) $ (3,254) Less: Divested businesses and lag elimination1 120 (1) 34 (1) Capitalization of DAC, as reported on an adjusted basis $ (3,439) $ (3,151) $ (3,036) $ (3,253) Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 Less: Noncontrolling interest (13) (6) (12) (10) Less: Regulatory implementation costs 2 1 — 11 Less: Acquisition, integration and other costs 28 64 65 24 Less: TSA fees — — — 305 Less: Divested businesses 265 296 491 68 Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 $ 12,529 Other Detail and Ratios Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 Capitalization of DAC (3,319) (3,152) (3,002) (3,254) Other expenses net of capitalization of DAC $ 10,786 $ 10,143 $ 9,951 $ 9,673 Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 Expense ratio 24.6% 22.9% 21.7% 18.9% Direct expenses $ 6,444 $ 5,754 $ 6,006 $ 5,874 Less: Total notable items related to direct expenses 362 79 296 214 Direct expenses, excluding total notable items related to direct expenses $ 6,082 $ 5,675 $ 5,710 $ 5,660 Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 $ 12,529 Capitalization of DAC, as reported on an adjusted basis (3,439) (3,151) (3,036) (3,253) Other expenses, net of capitalization of DAC, as reported on an adjusted basis $ 10,384 $ 9,789 $ 9,373 $ 9,276 Less: Total notable items related to other expenses, as reported on an adjusted basis 362 507 377 214 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 $ 9,062 Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 Less: PRT 1,740 1,761 3,305 6,894 Adjusted premiums, fees and other revenues, excluding PRT $ 42,589 $ 42,718 $ 42,895 $ 43,884 Direct expense ratio 14.5% 12.9% 13.0% 11.6% Direct expense ratio, excluding total notable items related to direct expenses and PRT 14.3% 13.3% 13.3% 12.9% Adjusted expense ratio 23.4% 22.0% 20.3% 18.3% Adjusted expense ratio, excluding total notable items related to other expenses and PRT 23.5% 21.7% 21.0% 20.6% 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(viii)

Expense Detail and Ratios (Continued) (In millions, except ratio data) 1Q18 2Q18 3Q18 4Q18 Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis Capitalization of DAC $ (796) $ (834) $ (810) $ (814) Less: Divested businesses (1) — — — Capitalization of DAC, as reported on an adjusted basis $ (795) $ (834) $ (810) $ (814) Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis Other expenses $ 3,204 $ 3,319 $ 3,287 $ 3,117 Less: Noncontrolling interest (7) (5) (3) 5 Less: Regulatory implementation costs 1 2 3 5 Less: Acquisition, integration and other costs 11 14 13 (14) Less: TSA fees 79 78 78 70 Less: Divested businesses 10 53 9 (4) Other expenses, as reported on an adjusted basis $ 3,110 $ 3,177 $ 3,187 $ 3,055 Other Detail and Ratios Other expenses $ 3,204 $ 3,319 $ 3,287 $ 3,117 Capitalization of DAC (796) (834) (810) (814) Other expenses net of capitalization of DAC $ 2,408 $ 2,485 $ 2,477 $ 2,303 Premiums, fees and other revenues $ 11,044 $ 16,998 $ 12,064 $ 11,116 Expense ratio 21.8% 14.6% 20.5% 20.7% Direct expenses $ 1,462 $ 1,500 $ 1,543 $ 1,369 Less: Total notable items related to direct expenses 43 78 112 (19) Direct expenses, excluding total notable items related to direct expenses $ 1,419 $ 1,422 $ 1,431 $ 1,388 Other expenses, as reported on an adjusted basis $ 3,110 $ 3,177 $ 3,187 $ 3,055 Capitalization of DAC, as reported on an adjusted basis (795) (834) (810) (814) Other expenses, net of capitalization of DAC, as reported on an adjusted basis $ 2,315 $ 2,343 $ 2,377 $ 2,241 Less: Total notable items related to other expenses, as reported on an adjusted basis 43 78 112 (19) 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 $ 2,260 Adjusted premiums, fees and other revenues $ 10,929 $ 16,889 $ 11,938 $ 11,022 Less: PRT — 5,952 1,018 (76) Adjusted premiums, fees and other revenues, excluding PRT $ 10,929 $ 10,937 $ 10,920 $ 11,098 Direct expense ratio 13.4% 8.9% 12.9% 12.4% Direct expense ratio, excluding total notable items related to direct expenses and PRT 13.0% 13.0% 13.1% 12.5% Adjusted expense ratio 21.2% 13.9% 19.9% 20.3% Adjusted expense ratio, excluding total notable items related to other expenses and PRT 20.8% 20.7% 20.7% 20.4% 3(ix)

Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies 2018 2017 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $ 5.5 $ 6.5 Adjustments from net cash provided by operating activities to free cash flow: Add: Incremental debt to be at or below target leverage ratios — — Add: Adjustments from net cash provided by operating activities to free cash flow1 (1.1) (0.3) MetLife, Inc. (parent company only) free cash flow 4.4 6.2 Other MetLife, Inc. holding companies free cash flow2 (1.0) (0.5) Free cash flow of all holding companies $ 3.4 $ 5.7 Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders: MetLife, Inc. (parent company only) net cash provided by operating activities $ 5.5 $ 6.5 Consolidated net income (loss) available to MetLife, Inc.'s common shareholders3 $ 5.0 $ 3.9 Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders3,4 110% 165% Ratio of free cash flow to adjusted earnings available to common shareholders: Free cash flow of all holding companies5 $ 3.4 $ 5.7 Consolidated adjusted earnings available to common shareholders5 $ 5.5 $ 4.2 Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders5 62% 134% 3(x)

Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies (Continued) 1Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net. 2 Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions from MetLife, Inc.; (iii) capital contributions to subsidiaries; (iv) repayments on and (issuances of) loans to subsidiaries, net; (v) other expenses; (vi) dividends and returns of capital to MetLife, Inc. and (vii) investment portfolio changes and other, net. 3Consolidated net income (loss) available to MetLife, Inc.'s common shareholders for 2018 includes costs related to the separation of Brighthouse Financial, Inc. (Brighthouse) and its subsidiaries (Separation) of $0.08 billion, net of income tax. Excluding this amount from the denominator of the ratio, this ratio, as adjusted, would be 109%. Consolidated net income (loss) available to MetLife, Inc.'s common shareholders for 2017 includes Separation-related costs of $0.3 billion, net of income tax. Excluding this amount from the denominator of the ratio, this ratio, as adjusted, would be 153%. 4Including the free cash flow of other MetLife, Inc. holding companies of ($1.0) billion and ($0.5) billion for the years ended December 31, 2018 and 2017, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 90% and 153%, respectively. Including the free cash flow of other MetLife, Inc. holding companies in the numerator of the ratio and excluding the Separation-related costs from the denominator of the ratio, this ratio, as adjusted, would be 88% and 141% for the years ended December 31, 2018 and 2017, respectively. 5In 2018, $0.3 billion of Separation-related items (comprised of certain Separation-related inflows primarily related to reinsurance benefit from Brighthouse) were included, which increased MetLife, Inc. holding companies’ liquid assets, as well as MetLife, Inc.'s free cash flow. Excluding these Separation-related items, adjusted free cash flow would be $3.1 billion for the year ended December 31, 2018. Consolidated adjusted earnings available to common shareholders for 2018 was negatively impacted by notable items, primarily related to expense initiative costs of $0.3 billion, net of income tax, partially offset by tax adjustments of $0.2 billion, net of income tax. Excluding the Separation-related items, which increased free cash flow, from the numerator of the ratio and excluding such notable items and Separation-related costs negatively impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2018 would be 56%. In 2017, $2.1 billion of Separation-related items (comprised of certain Separation-related inflows primarily related to dividends from Brighthouse, net of outflows) were included, which increased MetLife, Inc. holding companies’ liquid assets, as well as MetLife, Inc.'s free cash flow. Excluding these Separation-related items, adjusted free cash flow would be $3.6 billion for the year ended December 31, 2017. Consolidated adjusted earnings available to common shareholders for 2017 was negatively impacted by notable items, primarily related to tax adjustments, of $0.6 billion, net of income tax. Excluding the Separation-related items, which increased free cash flow, from the numerator of the ratio and excluding such notable items and Separation-related costs negatively impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2017 would be 75%. 3(xi)

Net Income (Loss) to Adjusted Earnings ($ in millions) – Post-tax 4Q18 FY18 Net Income (Loss) $2,010 $4,982 Less: Net Investment Gains (Losses) 115 (235) Net Derivative Gains (Losses)1 742 672 Investment Hedge Adjustments (96) (375) Actuarial Assumption Review1 — (230) Other1 (87) (311) Adjusted Earnings $1,336 $5,461 1 Net Derivative Gains (Losses) for FY 2018 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 information, definitions and/or reconciliations. 4

Notable Items Post-tax 4Q18 FY18 $ in Per Share $ in Per Share millions Impact1 millions Impact1 Adjusted Earnings $1,336 $1.35 $5,461 $5.39 Less Notable Items: Tax Adjustments 247 0.25 247 0.24 Expense Initiative Costs (100) (0.10) (284) (0.28) Litigation Reserves & Settlement Costs (60) (0.06) (60) (0.06) Actuarial Assumption Review and Other Insurance Adjustments — — (6) (0.01) Adjusted Earnings, ex. Total Notable Items $1,249 $1.26 $5,564 $5.49 1 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. 5

Adjusted Earnings ex. Total Notable Items by Segment ($ in millions) – Post-tax % % Change 1 4Q18 4Q17 Change (Constant Rate) Highlights + Volume Growth; + Taxes; Group Benefits $230 $230 —% - Underwriting Margins; - Investment Margins + Underwriting Margins; + Investment Margins; Retirement and Income Solutions 356 235 51% + Volume Growth; + Taxes Property & Casualty 99 88 13% + Taxes U.S. $685 $553 24% - Underwriting Margins; - Capital Markets; Asia 281 310 (9%) (8%) + Volume Growth; + Taxes + Expense Margins; + Underwriting Margins; Latin America 137 125 10% 19% + Volume Growth; - Equity Markets; - Taxes - Underwriting Margins; - Taxes; EMEA 55 79 (30%) (24%) + Expense Margins - Equity Markets; - Investment Margins; MetLife Holdings 223 242 (8%) +/- Underwriting Margins; + Expense Margins; + Taxes + Expense Margins; + Investment Margins; C&O (132) (133) 1% - Taxes Adjusted Earnings, ex. Total Notable Items $1,249 $1,176 6% 8% Adjusted EPS, ex. Total Notable Items $1.26 $1.11 14% 16% 1 To be discussed on MetLife, Inc.'s fourth quarter and full year 2018 earnings conference call and audio webcast. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 6

On Track to Deliver Expense Target by 2020 Direct Expense Ratio 14.3% -140bps 13.3% 13.3% 13.1% 13.0% 13.0% 12.9% 12.5% 1Q18 2Q18 3Q18 4Q18 2015 2016 2017 2018 Note: Direct expense ratio, excluding total notable items related to direct expenses and PRT. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 7

Cash & Capital • Holding Companies Cash & Liquid Assets1 $5.7B $5.1B $5.4B $4.5B $3.0B $3.0 - 4.0B Cash Buffer 4Q17 1Q18 2Q18 3Q18 4Q18 • Free Cash Flow Ratio2 – 2017 - 2018 average of 66% – Achieved target of 65-75% • 2018 Combined U.S. Risk Based Capital Ratio3 above 360% target • Japan Solvency Margin Ratio of 794% at 9/30/18 1 At quarter-end. 2 Excluding notable and Brighthouse separation-related items. 3 NAIC basis. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 8