Exhibit 99.2

First Quarter

Financial Supplement

March 31, 2019

1

METLIFE TABLE OF CONTENTS
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2
CORPORATE OVERVIEW	3
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5
EXPENSE DETAIL AND RATIOS	7
CONSOLIDATED BALANCE SHEETS	8
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	9
ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	10
U.S.
Statements of Adjusted Earnings Available to Common Shareholders	11
Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	12
Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	13
Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	14
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	15
Group Benefits - Other Expenses by Major Category and Other Statistical Information	16
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; and Synthetic GICs	17
Retirement and Income Solutions - Other Expenses by Major Category and Spread	18
Property & Casualty - Other Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data	19
ASIA
Statements of Adjusted Earnings Available to Common Shareholders	20
Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	21
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders	22
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	23
EMEA
Statements of Adjusted Earnings Available to Common Shareholders	24
Other Expenses by Major Category; and Other Statistical Information	25
METLIFE HOLDINGS
Statements of Adjusted Earnings Available to Common Shareholders	26
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	27
Other Expenses by Major Category; and 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
Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-5
Non-GAAP and Other Financial Disclosures	A-6
Acronyms	A-9

1

METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Revenues
Premiums		$	9,178		$	15,153		$	10,242		$	9,267		$	9,405		$	9,178		$	9,405
Universal life and investment-type product policy fees		1,392			1,370			1,343			1,397			1,365			1,392			1,365
Net investment income		3,745			4,473			4,486			3,462			4,908			3,745			4,908
Other revenues		474			475			479			452			494			474			494
Net investment gains (losses)		(333		)	(227		)	117			145			15			(333		)	15
Net derivative gains (losses)		349			(59		)	(378		)	939			115			349			115
Total revenues		14,805			21,185			16,289			15,662			16,302			14,805			16,302
Expenses
Policyholder benefits and claims		8,718			14,866			10,080			8,992			9,072			8,718			9,072
Interest credited to policyholder account balances		769			1,424			1,334			486			1,961			769			1,961
Policyholder dividends		297			309			327			318			300			297			300
Capitalization of DAC		(796		)	(834		)	(810		)	(814		)	(812		)	(796		)	(812		)
Amortization of DAC and VOBA		693			707			732			843			624			693			624
Amortization of negative VOBA		(22		)	(16		)	(7		)	(11		)	(10		)	(22		)	(10		)
Interest expense on debt		286			309			267			260			234			286			234
Other expenses		3,204			3,319			3,287			3,117			3,189			3,204			3,189
Total expenses		13,149			20,084			15,210			13,191			14,558			13,149			14,558
Income (loss) from continuing operations before provision for income tax		1,656			1,101			1,079			2,471			1,744			1,656			1,744
Provision for income tax expense (benefit)		399			207			164			409			359			399			359
Income (loss) from continuing operations, net of income tax		1,257			894			915			2,062			1,385			1,257			1,385
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		1,257			894			915			2,062			1,385			1,257			1,385
Less: Net income (loss) attributable to noncontrolling interests		4			3			3			(5		)	4			4			4
Net income (loss) attributable to MetLife, Inc.		1,253			891			912			2,067			1,381			1,253			1,381
Less: Preferred stock dividends		6			46			32			57			32			6			32
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,247		$	845		$	880		$	2,010		$	1,349		$	1,247		$	1,349
Premiums, fees and other revenues		$	11,044		$	16,998		$	12,064		$	11,116		$	11,264		$	11,044		$	11,264

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,247		$	845		$	880		$	2,010		$	1,349
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(333		)	(227		)	117			145			15
Less: Net derivative gains (losses)	349			(59		)	(378		)	939			115
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(146		)	(233		)	(360		)	(202		)	(177		)
Less: Provision for income tax (expense) benefit	(42		)	41			128			(213		)	(24		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	4			3			3			(5		)	4
Adjusted earnings available to common shareholders	$	1,423		$	1,326		$	1,376		$	1,336		$	1,424
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.19		$	0.83		$	0.88		$	2.04		$	1.40
Less: Net investment gains (losses)	(0.32		)	(0.22		)	0.12			0.15			0.02
Less: Net derivative gains (losses)	0.33			(0.06		)	(0.38		)	0.95			0.12
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.14		)	(0.23		)	(0.37		)	(0.20		)	(0.19		)
Less: Provision for income tax (expense) benefit	(0.04		)	0.04			0.13			(0.22		)	(0.03		)
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 diluted common share	$	1.36		$	1.30		$	1.38		$	1.35		$	1.48
	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	62		$	—		$	(68	)	$	—		$	—
Litigation reserves & settlement costs	—			—			—			(60		)	—
Expense initiative costs	(34		)	(62		)	(88		)	(100		)	(55		)
Tax adjustments	—			—			—			247			—
Total notable items	$	28		$	(62	)	$	(156	)	$	87		$	(55	)
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	0.06		$	—		$	(0.07	)	$	—		$	—
Litigation reserves & settlement costs	$	—		$	—		$	—		$	(0.06	)	$	—
Expense initiative costs	$	(0.03	)	$	(0.06	)	$	(0.09	)	$	(0.10	)	$	(0.06	)
Tax adjustments	$	—		$	—		$	—		$	0.25		$	—
Total notable items	$	0.03		$	(0.06	)	$	(0.16	)	$	0.09		$	(0.06	)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Weighted average common shares outstanding - diluted	1,044.4			1,023.8			1,000.7			987.6			963.3
(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 diluted common share. 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	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Book value per common share (1)	$	52.49		$	50.28		$	48.94		$	51.53		$	58.06
Book value per common share, excluding AOCI other than FCTA (1)	$	43.36		$	42.76		$	42.97		$	44.62		$	45.58
Book value per common share - tangible common stockholders' equity (1)	$	33.80		$	33.22		$	33.37		$	34.77		$	35.71
	For the Three Months Ended
Unaudited	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Return on MetLife, Inc.'s (2):
Common stockholders' equity	9.0		%	6.5		%	7.1		%	16.5		%	10.3		%
Common stockholders' equity, excluding AOCI other than FCTA	11.2		%	7.8		%	8.3		%	18.9		%	12.5		%
Tangible common stockholders' equity	14.4		%	10.1		%	10.8		%	24.4		%	16.2		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	10.3		%	10.2		%	11.2		%	10.9		%	10.9		%
Common stockholders' equity, excluding AOCI other than FCTA	12.8		%	12.2		%	12.9		%	12.5		%	13.2		%
Tangible common stockholders' equity	16.4		%	15.8		%	16.8		%	16.2		%	17.1		%
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Common shares outstanding, beginning of period	1,043.6			1,024.1			1,000.2			986.6			958.6
Share repurchases	(21.4		)	(24.1		)	(14.1		)	(28.4		)	(11.2		)
Newly issued shares	1.9			0.2			0.5			0.4			2.8
Common shares outstanding, end of period	1,024.1			1,000.2			986.6			958.6			950.2
Weighted average common shares outstanding - basic	1,035.9			1,015.6			992.7			980.3			956.5
Dilutive effect of the exercise or issuance of stock-based awards	8.5			8.2			8.0			7.3			6.8
Weighted average common shares outstanding - diluted	1,044.4			1,023.8			1,000.7			987.6			963.3
MetLife Policyholder Trust Shares	153.5			151.6			150.0			148.0			143.2
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results.

4

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Total revenues	$	14,805		$	21,185		$	16,289		$	15,662		$	16,302		$	14,805		$	16,302
Less: Net investment (gains) losses	(333		)	(227		)	117			145			15			(333		)	15
Less: Net derivative (gains) losses	349			(59		)	(378		)	939			115			349			115
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(5		)	(5		)	11			(8		)	—			(5		)	—
Less: Other adjustments to revenues:
GMIB fees	30			31			32			27			27			30			27
Investment hedge adjustments	(110		)	(119		)	(125		)	(121		)	(105		)	(110		)	(105		)
Operating joint venture adjustments	1			—			—			—			—			1			—
Unit-linked contract income	(353		)	286			149			(765		)	736			(353		)	736
Securitization entities income	—			—			—			—			—			—			—
Settlement of foreign currency earnings hedges	4			5			5			5			2			4			2
Certain partnership distributions	(12		)	(21		)	(1		)	(27		)	(4		)	(12		)	(4		)
TSA fees	79			78			78			70			68			79			68
Divested businesses	7			—			1			—			—			7			—
Total adjusted revenues	$	15,148		$	21,216		$	16,400		$	15,397		$	15,448		$	15,148		$	15,448
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Net investment income	$	3,745		$	4,473		$	4,486		$	3,462		$	4,908		$	3,745		$	4,908
Less: Adjustments to net investment income:
Investment hedge adjustments	(110		)	(119		)	(125		)	(121		)	(105		)	(110		)	(105		)
Operating joint venture adjustments	1			—			—			—			—			1			—
Unit-linked contract income	(353		)	286			149			(765		)	736			(353		)	736
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(12		)	(21		)	(1		)	(27		)	(4		)	(12		)	(4		)
Divested businesses	—			—			1			—			—			—			—
Net investment income, as reported on an adjusted basis	$	4,219		$	4,327		$	4,462		$	4,375		$	4,281		$	4,219		$	4,281
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Premiums, fees and other revenues	$	11,044		$	16,998		$	12,064		$	11,116		$	11,264		$	11,044		$	11,264
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	(5		)	(5		)	11			(8		)	—			(5		)	—
GMIB fees	30			31			32			27			27			30			27
Settlement of foreign currency earnings hedges	4			5			5			5			2			4			2
TSA fees	79			78			78			70			68			79			68
Divested businesses	7			—			—			—			—			7			—
Adjustedpremiums, fees and other revenues	$	10,929		$	16,889		$	11,938		$	11,022		$	11,167		$	10,929		$	11,167
Adjusted premiums, fees and other revenues, on a constant currency basis	$	10,744		$	16,785		$	11,938		$	11,078		$	11,167

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Total expenses	$	13,149		$	20,084		$	15,210		$	13,191		$	14,558		$	13,149		$	14,558
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(14		)	(10		)	89			44			(24		)	(14		)	(24		)
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	41			—			(13		)	1			79			41			79
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	15			60			187			(10		)	49			15			49
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	—			(1		)	—			(1		)	(4		)	—			(4		)
PAB hedge adjustments	(1		)	(1		)	(1		)	(1		)	(3		)	(1		)	(3		)
Unit-linked contract costs	(347		)	268			133			(730		)	716			(347		)	716
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(7		)	(5		)	(3		)	5			(6		)	(7		)	(6		)
Regulatory implementation costs	1			2			3			5			3			1			3
Acquisition, integration and other costs	11			14			13			(14		)	23			11			23
TSA fees	79			78			78			70			68			79			68
Divested businesses	9			83			24			14			—			9			—
Total adjusted expenses	$	13,362		$	19,596		$	14,700		$	13,808		$	13,657		$	13,362		$	13,657
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Capitalization of DAC	$	(796	)	$	(834	)	$	(810	)	$	(814	)	$	(812	)	$	(796	)	$	(812	)
Less: Divested businesses	(1		)	—			—			—			—			(1		)	—
Capitalization of DAC, as reported on an adjusted basis	$	(795	)	$	(834	)	$	(810	)	$	(814	)	$	(812	)	$	(795	)	$	(812	)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Other expenses	$	3,204		$	3,319		$	3,287		$	3,117		$	3,189		$	3,204		$	3,189
Less: Noncontrolling interest	(7		)	(5		)	(3		)	5			(6		)	(7		)	(6		)
Less: Regulatory implementation costs	1			2			3			5			3			1			3
Less: Acquisition, integration and other costs	11			14			13			(14		)	23			11			23
Less: TSA fees	79			78			78			70			68			79			68
Less: Divested businesses	10			53			9			(4		)	—			10			—
Other expenses, as reported on an adjusted basis	$	3,110		$	3,177		$	3,187		$	3,055		$	3,101		$	3,110		$	3,101
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,029		$	3,126		$	3,188		$	3,077		$	3,101

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Other expenses	$	3,204		$	3,319		$	3,287		$	3,117		$	3,189		$	3,204		$	3,189
Capitalization of DAC	(796		)	(834		)	(810		)	(814		)	(812		)	(796		)	(812		)
Other expenses, net of capitalization of DAC	$	2,408		$	2,485		$	2,477		$	2,303		$	2,377		$	2,408		$	2,377
Premiums, fees and other revenues	$	11,044		$	16,998		$	12,064		$	11,116		$	11,264		$	11,044		$	11,264
Expense ratio	21.8		%	14.6		%	20.5		%	20.7		%	21.1		%	21.8		%	21.1		%
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,462		$	1,500		$	1,543		$	1,369		$	1,420		$	1,462		$	1,420
Pension, postretirement and postemployment benefit costs	49			47			45			44			56			49			56
Premium taxes, other taxes, and licenses & fees	178			187			193			197			170			178			170
Commissions and other variable expenses	1,421			1,443			1,406			1,445			1,455			1,421			1,455
Other expenses, as reported on an adjusted basis	3,110			3,177			3,187			3,055			3,101			3,110			3,101
Capitalization of DAC, as reported on an adjusted basis	(795		)	(834		)	(810		)	(814		)	(812		)	(795		)	(812		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,315			2,343			2,377			2,241			2,289			2,315			2,289
Less: Total notable items related to other expenses, as reported on an adjusted basis	43			78			112			(19		)	70			43			70
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		$	2,219		$	2,272		$	2,219
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Employee related costs	$	937		$	894		$	921		$	912		$	922		$	937		$	922
Third party staffing costs	381			401			435			486			375			381			375
General and administrative expenses	144			205			187			(29		)	123			144			123
Direct expenses	1,462			1,500			1,543			1,369			1,420			1,462			1,420
Less: Total notable items related to direct expenses	43			78			112			(19		)	70			43			70
Direct expenses, excluding total notable items related to direct expenses	$	1,419		$	1,422		$	1,431		$	1,388		$	1,350		$	1,419		$	1,350
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,315		$	2,343		$	2,377		$	2,241		$	2,289		$	2,315		$	2,289
Less: Total notable items related to other expenses, as reported on an adjusted basis	43			78			112			(19		)	70			43			70
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		$	2,219		$	2,272		$	2,219
Adjusted premiums, fees and other revenues	$	10,929		$	16,889		$	11,938		$	11,022		$	11,167		$	10,929		$	11,167
Less: PRT	—			5,952			1,018			(76		)	(2		)	—			(2		)
Adjusted premiums, fees and other revenues, excluding PRT	$	10,929		$	10,937		$	10,920		$	11,098		$	11,169		$	10,929		$	11,169
Direct expense ratio	13.4		%	8.9		%	12.9		%	12.4		%	12.7		%	13.4		%	12.7		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	13.0		%	13.0		%	13.1		%	12.5		%	12.1		%	13.0		%	12.1		%
Adjusted expense ratio	21.2		%	13.9		%	19.9		%	20.3		%	20.5		%	21.2		%	20.5		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	20.8		%	20.7		%	20.7		%	20.4		%	19.9		%	20.8		%	19.9		%

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	304,711		$	306,331		$	304,840		$	298,265		$	308,410
Equity securities, at estimated fair value	1,544			1,483			1,479			1,440			1,432
Contractholder-directed equity securities and fair value option securities, at estimated fair value	16,444			13,848			13,540			12,616			13,245
Mortgage loans	71,055			70,852			72,461			75,752			78,601
Policy loans	9,744			9,702			9,703			9,699			9,670
Real estate and real estate joint ventures	9,862			9,741			9,977			9,698			10,022
Other limited partnership interests	5,876			5,985			6,374			6,613			6,787
Short-term investments, principally at estimated fair value	5,121			3,853			5,231			3,937			4,524
Other invested assets	17,486			17,017			16,336			18,190			18,175
Total investments	441,843			438,812			439,941			436,210			450,866
Cash and cash equivalents, principally at estimated fair value	13,927			16,312			12,490			15,821			14,506
Accrued investment income	3,638			3,512			3,691			3,582			3,569
Premiums, reinsurance and other receivables	19,368			19,608			19,820			19,644			20,615
Deferred policy acquisition costs and value of business acquired	19,330			19,013			19,160			18,895			18,349
Goodwill	9,733			9,499			9,440			9,422			9,418
Other assets	8,387			8,230			8,493			8,408			10,100
Separate account assets	196,358			191,347			185,416			175,556			185,765
Total assets	$	712,584		$	706,333		$	698,451		$	687,538		$	713,188
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	180,348		$	184,461		$	185,476		$	186,780		$	187,508
Policyholder account balances	184,289			182,493			184,094			183,693			187,333
Other policy-related balances	16,023			15,908			16,207			16,529			16,967
Policyholder dividends payable	672			695			709			677			671
Policyholder dividend obligation	1,277			792			456			428			1,116
Payables for collateral under securities loaned and other transactions	26,151			27,030			26,075			24,794			25,084
Short-term debt	526			479			290			268			289
Long-term debt	15,707			14,536			13,408			12,829			12,850
Collateral financing arrangements	1,108			1,085			1,073			1,060			1,048
Junior subordinated debt securities	3,145			3,146			3,146			3,147			3,148
Current income tax payable	155			222			166			441			505
Deferred income tax liability	6,304			5,377			4,924			5,414			7,075
Other liabilities	24,013			24,930			25,202			22,964			25,091
Separate account liabilities	196,358			191,347			185,416			175,556			185,765
Total liabilities	656,076			652,501			646,642			634,580			654,450
Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	31,653			32,454			32,475			32,474			32,535
Retained earnings	26,453			26,870			27,331			28,926			29,944
Treasury stock, at cost	(7,442		)	(8,557		)	(9,193		)	(10,393		)	(10,893		)
Accumulated other comprehensive income (loss)	5,634			2,854			1,000			1,722			6,911
Total MetLife, Inc.'s stockholders' equity	56,310			53,633			51,625			52,741			58,509
Noncontrolling interests	198			199			184			217			229
Total equity	56,508			53,832			51,809			52,958			58,738
Total liabilities and equity	$	712,584		$	706,333		$	698,451		$	687,538		$	713,188

8

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	283		$	335		$	474		$	297		$	433
RETIREMENT AND INCOME SOLUTIONS	426			436			426			450			358
PROPERTY & CASUALTY	115			74			104			120			117
TOTAL U.S.	$	824		$	845		$	1,004		$	867		$	908
ASIA	472			524			397			392			505
LATIN AMERICA	215			200			235			180			196
EMEA	102			112			70			81			113
METLIFE HOLDINGS	529			346			405			283			395
CORPORATE & OTHER	(356		)	(407		)	(411		)	(214		)	(326		)
Total adjusted earnings before provision for income tax	$	1,786		$	1,620		$	1,700		$	1,589		$	1,791
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	65		$	74		$	104		$	67		$	91
RETIREMENT AND INCOME SOLUTIONS	87			89			87			94			73
PROPERTY & CASUALTY	19			11			18			21			20
TOTAL U.S.	$	171		$	174		$	209		$	182		$	184
ASIA	145			161			131			111			149
LATIN AMERICA	75			55			65			43			62
EMEA	21			26			15			26			27
METLIFE HOLDINGS	104			66			78			60			78
CORPORATE & OTHER	(159		)	(234		)	(206		)	(226		)	(165		)
Total provision for income tax expense (benefit)	$	357		$	248		$	292		$	196		$	335
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	218		$	261		$	370		$	230		$	342
RETIREMENT AND INCOME SOLUTIONS	339			347			339			356			285
PROPERTY & CASUALTY	96			63			86			99			97
TOTAL U.S.	$	653		$	671		$	795		$	685		$	724
ASIA	327			363			266			281			356
LATIN AMERICA	140			145			170			137			134
EMEA	81			86			55			55			86
METLIFE HOLDINGS	425			280			327			223			317
CORPORATE & OTHER (1)	(203		)	(219		)	(237		)	(45		)	(193		)
Total adjusted earnings available to common shareholders (1)	$	1,423		$	1,326		$	1,376		$	1,336		$	1,424
(1) Includes impact of preferred stock dividends of $6 million, $46 million, $32 million, $57 million and $32 million for the three months ended March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, respectively.

9

METLIFE ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
U.S.
GROUP BENEFITS		31.2		%	37.3		%	52.9		%	32.9		%	48.6		%
RETIREMENT AND INCOME SOLUTIONS		21.8		%	22.4		%	21.8		%	22.9		%	19.4		%
PROPERTY & CASUALTY		20.7		%	13.6		%	18.6		%	21.4		%	19.2		%
TOTAL U.S.		24.1		%	24.7		%	29.3		%	25.2		%	27.0		%
ASIA		9.2		%	10.2		%	7.5		%	7.9		%	10.0		%
LATIN AMERICA		17.8		%	18.5		%	21.7		%	17.5		%	18.1		%
EMEA		9.3		%	9.9		%	6.3		%	6.3		%	12.3		%
METLIFE HOLDINGS		16.9		%	11.1		%	13.0		%	8.9		%	13.2		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
U.S.		27.9		%	28.6		%	33.9		%	29.2		%	30.7		%
ASIA		13.9		%	15.4		%	11.3		%	12.0		%	15.2		%
LATIN AMERICA		29.8		%	30.9		%	36.2		%	29.1		%	29.9		%
EMEA		15.3		%	16.2		%	10.5		%	10.5		%	22.1		%
METLIFE HOLDINGS		19.0		%	12.6		%	14.6		%	10.0		%	14.8		%
(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
					ALLOCATED EQUITY						ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)				2018			2019			2018			2019
	U.S.
	GROUP BENEFITS				$	2,797		$	2,817
	RETIREMENT AND INCOME SOLUTIONS				6,209			5,876
	PROPERTY & CASUALTY				1,851			2,020
	TOTAL U.S.				$	10,857		$	10,713		$	9,389		$	9,447
	ASIA				$	14,260		$	14,274		$	9,456		$	9,396
	LATIN AMERICA				$	3,139		$	2,965		$	1,880		$	1,791
	EMEA				$	3,473		$	2,802		$	2,176		$	1,595
	METLIFE HOLDINGS				$	10,063		$	9,599		$	9,066		$	8,715
(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
	U.S.	$	1		$	1		$	1		$	1		$	1
	ASIA	$	2		$	2		$	2		$	2		$	2
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	2		$	2
	METLIFE HOLDINGS	$	5		$	5		$	5		$	4		$	5

10

U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Adjusted revenues
Premiums		$	5,217		$	11,302		$	6,431		$	5,236		$	5,567		$	5,217		$	5,567
Universal life and investment-type product policy fees		258			262			252			281			270			258			270
Net investment income		1,662			1,719			1,787			1,809			1,719			1,662			1,719
Other revenues		204			203			206			208			221			204			221
Total adjusted revenues		7,341			13,486			8,676			7,534			7,777			7,341			7,777
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,138			11,233			6,219			5,175			5,373			5,138			5,373
Interest credited to policyholder account balances		407			439			457			487			501			407			501
Capitalization of DAC		(106		)	(114		)	(116		)	(113		)	(114		)	(106		)	(114		)
Amortization of DAC and VOBA		115			114			128			120			114			115			114
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			4			2			4			2			2			2
Other expenses		961			965			982			994			993			961			993
Total adjusted expenses		6,517			12,641			7,672			6,667			6,869			6,517			6,869
Adjusted earnings before provision for income tax		824			845			1,004			867			908			824			908
Provision for income tax expense (benefit)		171			174			209			182			184			171			184
Adjusted earnings		653			671			795			685			724			653			724
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	653		$	671		$	795		$	685		$	724		$	653		$	724
Adjusted premiums, fees and other revenues		$	5,679		$	11,767		$	6,889		$	5,725		$	6,058		$	5,679		$	6,058
Less: PRT		—			5,952			1,018			(76		)	(2		)	—			(2		)
Adjusted premiums, fees and other revenues, excluding PRT		$	5,679		$	5,815		$	5,871		$	5,801		$	6,060		$	5,679		$	6,060

11

U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Adjusted revenues
Premiums		$	4,094		$	4,051		$	3,988		$	3,949		$	4,208		$	4,094		$	4,208
Universal life and investment-type product policy fees		203			199			200			202			194			203			194
Net investment income		279			277			296			275			280			279			280
Other revenues		126			128			129			132			143			126			143
Total adjusted revenues		4,702			4,655			4,613			4,558			4,825			4,702			4,825
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,744			3,659			3,455			3,577			3,711			3,744			3,711
Interest credited to policyholder account balances		33			36			37			39			39			33			39
Capitalization of DAC		(7		)	(8		)	(6		)	(6		)	(8		)	(7		)	(8		)
Amortization of DAC and VOBA		11			10			22			10			9			11			9
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			1			—			1			—			—			—
Other expenses		638			622			631			640			641			638			641
Total adjusted expenses		4,419			4,320			4,139			4,261			4,392			4,419			4,392
Adjusted earnings before provision for income tax		283			335			474			297			433			283			433
Provision for income tax expense (benefit)		65			74			104			67			91			65			91
Adjusted earnings		218			261			370			230			342			218			342
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	218		$	261		$	370		$	230		$	342		$	218		$	342
Adjusted premiums, fees and other revenues		$	4,423		$	4,378		$	4,317		$	4,283		$	4,545		$	4,423		$	4,545

12

U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Adjusted revenues
Premiums		$	244		$	6,359		$	1,535		$	373		$	461		$	244		$	461
Universal life and investment-type product policy fees		55			63			52			79			76			55			76
Net investment income		1,340			1,400			1,444			1,492			1,395			1,340			1,395
Other revenues		72			70			71			71			72			72			72
Total adjusted revenues		1,711			7,892			3,102			2,015			2,004			1,711			2,004
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		806			6,938			2,144			998			1,071			806			1,071
Interest credited to policyholder account balances		374			403			420			448			462			374			462
Capitalization of DAC		(5		)	(1		)	(2		)	(7		)	(8		)	(5		)	(8		)
Amortization of DAC and VOBA		6			6			5			7			5			6			5
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			3			2			3			2			2			2
Other expenses		102			107			107			116			114			102			114
Total adjusted expenses		1,285			7,456			2,676			1,565			1,646			1,285			1,646
Adjusted earnings before provision for income tax		426			436			426			450			358			426			358
Provision for income tax expense (benefit)		87			89			87			94			73			87			73
Adjusted earnings		339			347			339			356			285			339			285
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	339		$	347		$	339		$	356		$	285		$	339		$	285
Adjusted premiums, fees and other revenues		$	371		$	6,492		$	1,658		$	523		$	609		$	371		$	609
Less: PRT		—			5,952			1,018			(76		)	(2		)	—			(2		)
Adjusted premiums, fees and other revenues, excluding PRT		$	371		$	540		$	640		$	599		$	611		$	371		$	611

13

U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Adjusted revenues
Premiums	$	879		$	892		$	908		$	914		$	898		$	879		$	898
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	43			42			47			42			44			43			44
Other revenues	6			5			6			5			6			6			6
Total adjusted revenues	928			939			961			961			948			928			948
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	588			636			620			600			591			588			591
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(94		)	(105		)	(108		)	(100		)	(98		)	(94		)	(98		)
Amortization of DAC and VOBA	98			98			101			103			100			98			100
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	221			236			244			238			238			221			238
Total adjusted expenses	813			865			857			841			831			813			831
Adjusted earnings before provision for income tax	115			74			104			120			117			115			117
Provision for income tax expense (benefit)	19			11			18			21			20			19			20
Adjusted earnings	96			63			86			99			97			96			97
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	96		$	63		$	86		$	99		$	97		$	96		$	97
Adjusted premiums, fees and other revenues	$	885		$	897		$	914		$	919		$	904		$	885		$	904

14

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Balance, beginning of period	$	18,927		$	18,958		$	18,909		$	18,904		$	18,924
Premiums and deposits	4,933			4,876			4,784			4,764			5,019
Surrenders and withdrawals	(621		)	(617		)	(611		)	(599		)	(597		)
Benefit payments	(3,822		)	(3,786		)	(3,541		)	(3,691		)	(3,836		)
Net flows	490			473			632			474			586
Net transfers from (to) separate account	—			—			(1		)	(1		)	1
Interest	138			142			145			147			145
Policy charges	(149		)	(150		)	(147		)	(147		)	(147		)
Other	(448		)	(514		)	(634		)	(453		)	(583		)
Balance, end of period	$	18,958		$	18,909		$	18,904		$	18,924		$	18,926
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Balance, beginning of period	$	889		$	880		$	898		$	935		$	813
Premiums and deposits	63			62			63			64			64
Surrenders and withdrawals	(21		)	(16		)	(16		)	(14		)	(18		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	(1		)
Net flows	41			45			46			49			45
Investment performance	3			27			44			(117		)	101
Net transfers from (to) general account	—			—			1			1			(1		)
Policy charges	(52		)	(52		)	(53		)	(52		)	(53		)
Other	(1		)	(2		)	(1		)	(3		)	(3		)
Balance, end of period	$	880		$	898		$	935		$	813		$	902

15

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Direct and allocated expenses	$	325		$	310		$	313		$	319		$	310
Pension, postretirement and postemployment benefit costs	7			13			10			8			15
Premium taxes, other taxes, and licenses & fees	83			81			86			83			63
Commissions and other variable expenses	223			218			222			230			253
Other expenses, as reported on an adjusted basis	$	638		$	622		$	631		$	640		$	641
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Group Life (1)
Adjusted premiums, fees and other revenues	$	1,739		$	1,741		$	1,722		$	1,688		$	1,804
Mortality ratio	88.0		%	87.9		%	85.0		%	89.4		%	85.3		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,719		$	1,687		$	1,713		$	1,742		$	1,812
Interest adjusted benefit ratio (3)	75.9		%	73.1		%	68.1		%	73.2		%	72.9		%
(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.

16

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Balance, beginning of period	$	108,147		$	108,096		$	113,324		$	114,796		$	113,653
Premiums and deposits	20,064			23,118			21,295			15,711			19,068
Surrenders and withdrawals	(20,895		)	(17,158		)	(19,576		)	(17,014		)	(17,356		)
Benefit payments	(816		)	(928		)	(1,002		)	(998		)	(1,035		)
Net flows	(1,647		)	5,032			717			(2,301		)	677
Net transfers from (to) separate account	(9		)	—			—			—			—
Interest	904			969			1,013			1,040			1,052
Policy charges	(34		)	(39		)	(37		)	(10		)	(32		)
Other	735			(734		)	(221		)	128			69
Balance, end of period	$	108,096		$	113,324		$	114,796		$	113,653		$	115,419
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Balance, beginning of period	$	80,354		$	76,709		$	77,223		$	70,396		$	70,623
Premiums and deposits	1,651			2,234			850			2,355			1,088
Surrenders and withdrawals (1)	(4,567		)	(2,133		)	(7,370		)	(2,276		)	(1,164		)
Benefit payments	(17		)	(34		)	(17		)	(18		)	(16		)
Net flows	(2,933		)	67			(6,537		)	61			(92		)
Investment performance	(798		)	30			564			(542		)	2,741
Net transfers from (to) general account	9			—			—			—			—
Policy charges	(78		)	(78		)	(74		)	(93		)	(64		)
Other	155			495			(780		)	801			483
Balance, end of period	$	76,709		$	77,223		$	70,396		$	70,623		$	73,691
SYNTHETIC GICS (2)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Balance, beginning of period	$	11,422		$	14,174		$	17,273		$	24,244		$	25,700
Premiums and deposits (1)	3,038			3,112			6,956			1,518			776
Surrenders and withdrawals	(361		)	(111		)	(113		)	(232		)	(150		)
Net flows	2,677			3,001			6,843			1,286			626
Interest	75			98			128			170			175
Balance, end of period	$	14,174		$	17,273		$	24,244		$	25,700		$	26,501
(1) Includes $2,361 million, $747 million, $6,282 million, $930 million and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(2) A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.

17

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Direct and allocated expenses	$	67		$	63		$	59		$	63		$	62
Pension, postretirement and postemployment benefit costs	1			2			2			1			3
Premium taxes, other taxes, and licenses & fees	2			6			5			11			5
Commissions and other variable expenses	32			36			41			41			44
Other expenses, as reported on an adjusted basis	$	102		$	107		$	107		$	116		$	114
SPREAD
	For the Three Months Ended
Unaudited	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Investment income yield excluding variable investment income	4.50		%	4.73		%	4.70		%	4.80		%	4.52		%
Variable investment income yield	0.22		%	0.16		%	0.21		%	0.27		%	0.15		%
Total investment income yield	4.72		%	4.89		%	4.91		%	5.07		%	4.67		%
Average crediting rate	3.44		%	3.60		%	3.66		%	3.77		%	3.71		%
Annualized general account spread	1.28		%	1.29		%	1.25		%	1.30		%	0.96		%
Annualized general account spread excluding variable investment income yield	1.06		%	1.13		%	1.04		%	1.03		%	0.81		%

18

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Direct and allocated expenses	$	103		$	103		$	110		$	109		$	105
Pension, postretirement and postemployment benefit costs	4			4			4			3			2
Premium taxes, other taxes, and licenses & fees	20			26			26			24			22
Commissions and other variable expenses	94			103			104			102			109
Other expenses, as reported on an adjusted basis	$	221		$	236		$	244		$	238		$	238
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Net Written Premiums by Product
Auto	$	586		$	611		$	632		$	588		$	588
Homeowners & Other	261			330			339			307			277
Total	$	847		$	941		$	971		$	895		$	865
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	879		$	892		$	908		$	914		$	898
Loss and loss adjustment expense ratio	66.9		%	71.3		%	68.2		%	65.6		%	65.5		%
Other expense ratio	25.3		%	25.5		%	25.8		%	26.2		%	26.7		%
Total combined ratio	92.2		%	96.8		%	94.0		%	91.8		%	92.2		%
Effect of catastrophe losses	6.6		%	12.1		%	5.4		%	2.7		%	4.6		%
Combined ratio excluding catastrophes	85.6		%	84.7		%	88.6		%	89.1		%	87.6		%
Prior year development	(0.6)		%	(0.4)		%	(0.3)		%	(0.6)		%	(0.3)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	86.2		%	85.1		%	88.9		%	89.7		%	87.9		%
Auto
Net earned premium	$	582		$	591		$	599		$	603		$	591
Loss and loss adjustment expense ratio	65.8		%	66.1		%	70.0		%	74.0		%	67.7		%
Other expense ratio	25.5		%	25.1		%	25.5		%	25.5		%	26.6		%
Total combined ratio	91.3		%	91.2		%	95.5		%	99.5		%	94.3		%
Effect of catastrophe losses	(0.2)		%	0.9		%	1.5		%	—		%	0.4		%
Combined ratio excluding catastrophes	91.5		%	90.3		%	94.0		%	99.5		%	93.9		%
Prior year development	(0.7)		%	(0.3		)%	(0.4		)%	(0.1)		%	(0.4)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	92.2		%	90.6		%	94.4		%	99.6		%	94.3		%
Homeowners & Other
Net earned premium	$	297		$	301		$	309		$	311		$	307
Loss and loss adjustment expense ratio	68.9		%	81.4		%	64.7		%	49.4		%	61.3		%
Other expense ratio	24.9		%	26.5		%	26.5		%	27.5		%	27.0		%
Total combined ratio	93.8		%	107.9		%	91.2		%	76.9		%	88.3		%
Effect of catastrophe losses	19.8		%	34.1		%	12.9		%	8.0		%	12.5		%
Combined ratio excluding catastrophes	74.0		%	73.8		%	78.3		%	68.9		%	75.8		%
Prior year development	(0.4)		%	(0.6)		%	(0.2)		%	(1.5)		%	(0.1)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	74.4		%	74.4		%	78.5		%	70.4		%	75.9		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	(1	)	$	5		$	9		$	—		$	2
Homeowners & Other	59			103			40			25			39
Total	$	58		$	108		$	49		$	25		$	41
(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.

19

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Adjusted revenues
Premiums		$	1,748		$	1,654		$	1,689		$	1,675		$	1,699		$	1,748		$	1,699
Universal life and investment-type product policy fees		394			399			428			409			406			394			406
Net investment income		795			839			830			853			880			795			880
Other revenues		15			13			12			11			16			15			16
Total adjusted revenues		2,952			2,905			2,959			2,948			3,001			2,952			3,001
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,343			1,237			1,354			1,392			1,319			1,343			1,319
Interest credited to policyholder account balances		351			362			381			371			403			351			403
Capitalization of DAC		(465		)	(495		)	(478		)	(477		)	(479		)	(465		)	(479		)
Amortization of DAC and VOBA		314			313			366			309			307			314			307
Amortization of negative VOBA		(15		)	(12		)	(4		)	(8		)	(9		)	(15		)	(9		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		952			976			943			969			955			952			955
Total adjusted expenses		2,480			2,381			2,562			2,556			2,496			2,480			2,496
Adjusted earnings before provision for income tax		472			524			397			392			505			472			505
Provision for income tax expense (benefit)		145			161			131			111			149			145			149
Adjusted earnings		327			363			266			281			356			327			356
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	327		$	363		$	266		$	281		$	356		$	327		$	356
Adjusted premiums, fees and other revenues		$	2,157		$	2,066		$	2,129		$	2,095		$	2,121		$	2,157		$	2,121

20

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019
Adjusted premiums, fees and other revenues	$	2,157	$	2,066	$	2,129	$	2,095	$	2,121
Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,101	$	2,030	$	2,141	$	2,127	$	2,121
Add: Operating joint ventures, on a constant currency basis (1), (2)	228		213		221		257		250
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,329	$	2,243	$	2,362	$	2,384	$	2,371
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019
Direct and allocated expenses	$	332	$	334	$	325	$	336	$	324
Pension, postretirement and postemployment benefit costs	21		20		20		22		23
Premium taxes, other taxes, and licenses & fees	37		44		40		44		43
Commissions and other variable expenses	562		578		558		567		565
Other expenses, as reported on an adjusted basis	$	952	$	976	$	943	$	969	$	955
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	487	$	481	$	465	$	492	$	476
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	932	$	960	$	949	$	983	$	955
Add: Operating joint ventures, on a constant currency basis (1), (2)	88		90		96		110		107
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	1,020	$	1,050	$	1,045	$	1,093	$	1,062
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	527	$	528	$	525	$	565	$	544
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019
Japan:
Life	$	164	$	165	$	165	$	183	$	174
Accident & Health	80		92		105		101		113
Annuities	167		199		180		126		178
Other	2		2		1		2		1
Total Japan	413		458		451		412		466
Other Asia	225		218		263		221		232
Total sales	$	638	$	676	$	714	$	633	$	698
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019
Adjusted earnings available to common shareholders	$	327	$	363	$	266	$	281	$	356
Adjusted earnings available to common shareholders, on a constant currency basis	$	316	$	355	$	265	$	282	$	356
(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.

21

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Adjusted revenues
Premiums		$	699		$	688		$	692		$	681		$	646		$	699		$	646
Universal life and investment-type product policy fees		282			275			229			264			284			282			284
Net investment income		276			327			339			297			296			276			296
Other revenues		8			9			7			11			12			8			12
Total adjusted revenues		1,265			1,299			1,267			1,253			1,238			1,265			1,238
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		646			660			670			626			597			646			597
Interest credited to policyholder account balances		98			95			102			99			94			98			94
Capitalization of DAC		(94		)	(91		)	(97		)	(95		)	(94		)	(94		)	(94		)
Amortization of DAC and VOBA		60			71			5			73			78			60			78
Amortization of negative VOBA		—			—			(1		)	—			—			—			—
Interest expense on debt		2			1			2			1			1			2			1
Other expenses		338			363			351			369			366			338			366
Total adjusted expenses		1,050			1,099			1,032			1,073			1,042			1,050			1,042
Adjusted earnings before provision for income tax		215			200			235			180			196			215			196
Provision for income tax expense (benefit)		75			55			65			43			62			75			62
Adjusted earnings		140			145			170			137			134			140			134
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	140		$	145		$	170		$	137		$	134		$	140		$	134
Adjusted premiums, fees and other revenues		$	989		$	972		$	928		$	956		$	942		$	989		$	942

22

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019
Direct and allocated expenses	$	105	$	142	$	128	$	148	$	148
Pension, postretirement and postemployment benefit costs	1		1		1		1		1
Premium taxes, other taxes, and licenses & fees	17		15		16		18		15
Commissions and other variable expenses	215		205		206		202		202
Other expenses, as reported on an adjusted basis	$	338	$	363	$	351	$	369	$	366
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	244	$	272	$	254	$	274	$	272
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	300	$	342	$	349	$	377	$	366
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	213	$	255	$	253	$	280	$	272
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019
Mexico	$	75	$	78	$	76	$	85	$	110
Chile	81		80		86		83		76
All other	47		48		47		59		39
Total sales	$	203	$	206	$	209	$	227	$	225
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019
Adjusted premiums, fees and other revenues	$	989	$	972	$	928	$	956	$	942
Adjusted earnings available to common shareholders	$	140	$	145	$	170	$	137	$	134
Adjusted premiums, fees and other revenues, on a constant currency basis	$	909	$	934	$	922	$	979	$	942
Adjusted earnings available to common shareholders, on a constant currency basis	$	135	$	127	$	168	$	142	$	134

23

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Adjusted revenues
Premiums		$	551		$	546		$	514		$	520		$	542		$	551		$	542
Universal life and investment-type product policy fees		112			107			105			107			103			112			103
Net investment income		75			73			73			72			74			75			74
Other revenues		16			20			15			15			14			16			14
Total adjusted revenues		754			746			707			714			733			754			733
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		294			286			281			266			284			294			284
Interest credited to policyholder account balances		25			26			24			25			24			25			24
Capitalization of DAC		(118		)	(121		)	(109		)	(120		)	(117		)	(118		)	(117		)
Amortization of DAC and VOBA		106			108			110			110			92			106			92
Amortization of negative VOBA		(6		)	(4		)	(2		)	(3		)	(1		)	(6		)	(1		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		351			339			333			355			338			351			338
Total adjusted expenses		652			634			637			633			620			652			620
Adjusted earnings before provision for income tax		102			112			70			81			113			102			113
Provision for income tax expense (benefit)		21			26			15			26			27			21			27
Adjusted earnings		81			86			55			55			86			81			86
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	81		$	86		$	55		$	55		$	86		$	81		$	86
Adjusted premiums, fees and other revenues		$	679		$	673		$	634		$	642		$	659		$	679		$	659

24

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019
Direct and allocated expenses	$	136	$	113	$	127	$	135	$	122
Pension, postretirement and postemployment benefit costs	2		3		2		2		1
Premium taxes, other taxes, and licenses & fees	7		6		10		10		8
Commissions and other variable expenses	206		217		194		208		207
Other expenses, as reported on an adjusted basis	$	351	$	339	$	333	$	355	$	338
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	233	$	218	$	224	$	235	$	221
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	328	$	325	$	330	$	355	$	338
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	220	$	210	$	222	$	235	$	221
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019
Adjusted premiums, fees and other revenues	$	679	$	673	$	634	$	642	$	659
Adjusted earnings available to common shareholders	$	81	$	86	$	55	$	55	$	86
Adjusted premiums, fees and other revenues, on a constant currency basis	$	630	$	643	$	628	$	643	$	659
Adjusted earnings available to common shareholders, on a constant currency basis	$	70	$	79	$	54	$	55	$	86
Total sales on a constant currency basis	$	248	$	214	$	185	$	201	$	255

25

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Adjusted revenues
Premiums		$	950		$	957		$	949		$	1,023		$	927		$	950		$	927
Universal life and investment-type product policy fees		314			301			286			317			274			314			274
Net investment income		1,352			1,329			1,375			1,323			1,287			1,352			1,287
Other revenues		67			68			70			45			67			67			67
Total adjusted revenues		2,683			2,655			2,680			2,708			2,555			2,683			2,555
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,550			1,706			1,766			1,811			1,648			1,550			1,648
Interest credited to policyholder account balances		236			235			238			235			226			236			226
Capitalization of DAC		(10		)	(10		)	(8		)	(8		)	(6		)	(10		)	(6		)
Amortization of DAC and VOBA		100			101			13			118			63			100			63
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			2			3			2			2			2
Other expenses		276			275			264			266			227			276			227
Total adjusted expenses		2,154			2,309			2,275			2,425			2,160			2,154			2,160
Adjusted earnings before provision for income tax		529			346			405			283			395			529			395
Provision for income tax expense (benefit)		104			66			78			60			78			104			78
Adjusted earnings		425			280			327			223			317			425			317
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	425		$	280		$	327		$	223		$	317		$	425		$	317
Adjusted premiums, fees and other revenues		$	1,331		$	1,326		$	1,305		$	1,385		$	1,268		$	1,331		$	1,268

26

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Balance, beginning of period	$	80,795		$	79,992		$	80,103		$	80,258		$	80,734
Premiums and deposits (2), (3)	1,243			1,200			1,234			1,321			1,195
Surrenders and withdrawals	(638		)	(602		)	(628		)	(627		)	(617		)
Benefit payments	(733		)	(703		)	(747		)	(721		)	(843		)
Net flows	(128		)	(105		)	(141		)	(27		)	(265		)
Net transfers from (to) separate account	8			12			19			4			12
Interest	811			816			821			827			823
Policy charges	(199		)	(193		)	(192		)	(196		)	(191		)
Other	(1,295		)	(419		)	(352		)	(132		)	(468		)
Balance, end of period	$	79,992		$	80,103		$	80,258		$	80,734		$	80,645
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Balance, beginning of period	$	20,791		$	20,419		$	20,153		$	19,925		$	19,784
Premiums and deposits (2), (3)	109			110			97			99			111
Surrenders and withdrawals	(450		)	(397		)	(424		)	(525		)	(497		)
Benefit payments	(170		)	(171		)	(145		)	(149		)	(173		)
Net flows	(511		)	(458		)	(472		)	(575		)	(559		)
Net transfers from (to) separate account	33			60			89			74			89
Interest	154			149			151			145			141
Policy charges	(5		)	(5		)	(4		)	(4		)	(4		)
Other	(43		)	(12		)	8			219			(80		)
Balance, end of period	$	20,419		$	20,153		$	19,925		$	19,784		$	19,371
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Balance, beginning of period	$	5,855		$	5,167		$	5,254		$	5,450		$	4,660
Premiums and deposits (3)	71			66			65			66			67
Surrenders and withdrawals	(59		)	(66		)	(66		)	(56		)	(59		)
Benefit payments	(8		)	(8		)	(8		)	(21		)	(8		)
Net flows	4			(8		)	(9		)	(11		)	—
Investment performance	(9		)	200			294			(713		)	638
Net transfers from (to) general account	(8		)	(12		)	(19		)	(4		)	(12		)
Policy charges	(68		)	(67		)	(66		)	(67		)	(65		)
Other	(607		)	(26		)	(4		)	5			(1		)
Balance, end of period	$	5,167		$	5,254		$	5,450		$	4,660		$	5,220
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Balance, beginning of period	$	45,678		$	43,958		$	43,241		$	43,128		$	37,549
Premiums and deposits (3)	107			108			80			90			92
Surrenders and withdrawals	(1,188		)	(1,201		)	(1,149		)	(1,131		)	(978		)
Benefit payments	(113		)	(106		)	(101		)	(94		)	(100		)
Net flows	(1,194		)	(1,199		)	(1,170		)	(1,135		)	(986		)
Investment performance	(275		)	766			1,369			(4,157		)	3,854
Net transfers from (to) general account	(33		)	(60		)	(89		)	(74		)	(89		)
Policy charges	(218		)	(225		)	(221		)	(213		)	(191		)
Other	—			1			(2		)	—			(1		)
Balance, end of period	$	43,958		$	43,241		$	43,128		$	37,549		$	40,136
(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.

27

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Direct and allocated expenses	$	184		$	181		$	175		$	182		$	146
Pension, postretirement and postemployment benefit costs	5			7			6			5			8
Premium taxes, other taxes, and licenses & fees	20			19			20			15			18
Commissions and other variable expenses	67			68			63			64			55
Other expenses, as reported on an adjusted basis	$	276		$	275		$	264		$	266		$	227
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Unaudited (In millions, except ratios)
Life (1)
Adjusted premiums, fees and other revenues	$	879		$	881		$	872		$	964		$	849
Interest adjusted benefit ratio	47.6		%	52.6		%	64.6		%	58.0		%	50.0		%
Lapse Ratio (2)
Traditional life	4.9		%	4.9		%	5.0		%	5.2		%	4.8		%
Variable & universal life	4.3		%	4.3		%	4.4		%	4.4		%	4.3		%
Fixed annuity	7.0		%	7.3		%	7.6		%	8.6		%	10.2		%
Variable annuity	9.0		%	9.5		%	10.0		%	10.2		%	10.1		%
(1) Represents traditional life and variable & universal life, components of Life & Other.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

28

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Adjusted revenues
Premiums		$	13		$	6		$	(33	)	$	132		$	24		$	13		$	24
Universal life and investment-type product policy fees		—			—			—			—			1			—			1
Net investment income		59			40			58			21			25			59			25
Other revenues		81			79			86			87			94			81			94
Total adjusted revenues		153			125			111			240			144			153			144
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		(3		)	3			(38		)	118			20			(3		)	20
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		(2		)	(3		)	(2		)	(1		)	(2		)	(2		)	(2		)
Amortization of DAC and VOBA		2			1			2			1			1			2			1
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		280			272			246			234			229			280			229
Other expenses		232			259			314			102			222			232			222
Total adjusted expenses		509			532			522			454			470			509			470
Adjusted earnings before provision for income tax		(356		)	(407		)	(411		)	(214		)	(326		)	(356		)	(326		)
Provision for income tax expense (benefit)		(159		)	(234		)	(206		)	(226		)	(165		)	(159		)	(165		)
Adjusted earnings		(197		)	(173		)	(205		)	12			(161		)	(197		)	(161		)
Preferred stock dividends		6			46			32			57			32			6			32
Adjusted earnings available to common shareholders		$	(203	)	$	(219	)	$	(237	)	$	(45	)	$	(193	)	$	(203	)	$	(193	)
Adjusted premiums, fees and other revenues		$	94		$	85		$	53		$	219		$	119		$	94		$	119
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Business activities		$	6		$	12		$	13		$	10		$	13		$	6		$	13
Net investment income		57			50			107			49			29			57			29
Interest expense on debt		(293		)	(282		)	(256		)	(245		)	(239		)	(293		)	(239		)
Corporate initiatives and projects		(39		)	(97		)	(132		)	(137		)	(100		)	(39		)	(100		)
Other		(87		)	(90		)	(101		)	(90		)	(29		)	(87		)	(29		)
Provision for income tax expense (benefit) and other tax-related items		159			234			164			425			165			159			165
Preferred stock dividends		(6		)	(46		)	(32		)	(57		)	(32		)	(6		)	(32		)
Adjusted earnings available to common shareholders		$	(203	)	$	(219	)	$	(237	)	$	(45	)	$	(193	)	$	(203	)	$	(193	)

29

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Fixed Maturity Securities
Yield (1)	4.19		%	4.30		%	4.30		%	4.23		%	4.23		%
Investment income (2), (3), (4)	$	2,839		$	2,945		$	2,980		$	2,914		$	2,902
Investment gains (losses) (3)	(95		)	(46		)	106			40			(24		)
Ending carrying value (2), (3)	305,647			306,991			305,520			299,136			309,368
Mortgage Loans
Yield (1)	4.53		%	4.59		%	4.80		%	4.72		%	4.73		%
Investment income (4)	792			815			859			874			912
Investment gains (losses)	(21		)	(15		)	4			(24		)	(15		)
Ending carrying value	71,055			70,852			72,461			75,752			78,601
Real Estate and Real Estate Joint Ventures
Yield (1)	3.39		%	4.46		%	3.67		%	2.83		%	2.04		%
Investment income (3)	83			109			90			70			50
Investment gains (losses) (3)	25			89			40			172			5
Ending carrying value	9,862			9,741			9,977			9,698			10,022
Policy Loans
Yield (1)	5.12		%	5.21		%	5.35		%	5.16		%	5.28		%
Investment income	124			127			130			125			128
Ending carrying value	9,744			9,702			9,703			9,699			9,670
Equity Securities
Yield (1)	3.79		%	4.94		%	4.74		%	6.09		%	5.43		%
Investment income	16			15			14			19			16
Investment gains (losses)	(31		)	34			18			(96		)	107
Ending carrying value	1,544			1,483			1,479			1,440			1,432
Other Limited Partnership Interests
Yield (1)	15.10		%	9.48		%	14.86		%	12.47		%	7.59		%
Investment income (3)	219			141			229			203			127
Investment gains (losses) (3)	—			8			1			—			(1		)
Ending carrying value	5,876			5,985			6,374			6,613			6,787
Cash and Short-term Investments
Yield (1)	1.87		%	2.30		%	2.79		%	2.67		%	3.08		%
Investment income	46			61			71			66			79
Investment gains (losses)	(4		)	1			(5		)	2			—
Ending carrying value	19,048			20,165			17,721			19,758			19,030
Other Invested Assets (1)
Investment income (3)	228			231			211			217			203
Investment gains (losses) (3)	(126		)	(58		)	17			5			(67		)
Ending carrying value	17,486			17,017			16,336			18,190			18,175
Total Investments
Investment income yield (1)	4.50		%	4.54		%	4.65		%	4.54		%	4.44		%
Investment fees and expenses yield	(0.13		)%	(0.12		)%	(0.12		)%	(0.12		)%	(0.14		)%
Net Investment Income Yield (1), (3)	4.37		%	4.42		%	4.53		%	4.42		%	4.30		%
Investment income	$	4,347		$	4,444		$	4,584		$	4,488		$	4,417
Investment fees and expenses	(128		)	(117		)	(121		)	(113		)	(136		)
Net investment income including Divested businesses	4,219			4,327			4,463			4,375			4,281
Less: Net investment income from Divested businesses	—			—			1			—			—
Net Investment Income, as reported on an adjusted basis (3)	$	4,219		$	4,327		$	4,462		$	4,375		$	4,281
Ending Carrying Value (3)	$	440,262		$	441,936		$	439,571		$	440,286		$	453,085
Gross investment gains	$	163		$	324		$	443		$	569		$	375
Gross investment losses	(297		)	(310		)	(232		)	(440		)	(271		)
Writedowns	(118		)	(1		)	(30		)	(30		)	(99		)
Investment Portfolio Gains (Losses) (3)	(252		)	13			181			99			5
Investment portfolio gains (losses) income tax (expense) benefit	51			(39		)	(77		)	(10		)	(17		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(201	)	$	(26	)	$	104		$	89		$	(12	)
Derivative gains (losses) (3)	$	244		$	(172	)	$	(497	)	$	824		$	15
Derivative gains (losses) income tax (expense) benefit	(84		)	57			125			(201		)	(18		)
Derivative Gains (Losses), Net of Income Tax	$	160		$	(115	)	$	(372	)	$	623		$	(3	)
(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed equity securities and Brighthouse Financial, Inc. 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 $936 million, $660 million, $680 million, $871 million and $958 million in ending carrying value, and $6 million, $8 million, $11 million, $26 million and $55 million of investment income related to fair value option securities at or for the three months ended March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, 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 Brighthouse Financial, Inc. common stock of $15,502 million, $13,182 million, $12,855 million, $11,741 million and $12,284 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $6 million, $5 million, $4 million and $3 million at March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, 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
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Net investment gains (losses) - GAAP basis	$	(333	)	$	(227	)	$	117		$	145		$	15
Less: Operating joint venture adjustments	(1		)	—			—			—			—
Less: Partnerships at fair value	(5		)	(1		)	12			6			(15		)
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(75		)	(239		)	(76		)	40			25
Investment portfolio gains (losses) - in above yield table	$	(252	)	$	13		$	181		$	99		$	5
	For the Three Months Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Net derivative gains (losses) - GAAP basis	$	349		$	(59	)	$	(378	)	$	939		$	115
Less: Investment hedge adjustments	110			119			125			121			105
Less: Settlement of foreign currency earnings hedges	(4		)	(5		)	(5		)	(5		)	(2		)
Less: PAB hedge adjustments	(1		)	(1		)	(1		)	(1		)	(3		)
Derivative gains (losses) - in above yield table	$	244		$	(172	)	$	(497	)	$	824		$	15
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

30

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Fixed Maturity Securities
Yield (1)	4.19		%	4.24		%	4.26		%	4.26		%	4.23		%
Investment income (2), (3), (4)	$	2,839		$	5,784		$	8,764		$	11,678		$	2,902
Investment gains (losses) (3)	(95		)	(141		)	(35		)	5			(24		)
Ending carrying value (2), (3)	305,647			306,991			305,520			299,136			309,368
Mortgage Loans
Yield (1)	4.53		%	4.56		%	4.64		%	4.66		%	4.73		%
Investment income (4)	792			1,607			2,466			3,340			912
Investment gains (losses)	(21		)	(36		)	(32		)	(56		)	(15		)
Ending carrying value	71,055			70,852			72,461			75,752			78,601
Real Estate and Real Estate Joint Ventures
Yield (1)	3.39		%	3.93		%	3.84		%	3.59		%	2.04		%
Investment income (3)	83			192			282			352			50
Investment gains (losses) (3)	25			114			154			326			5
Ending carrying value	9,862			9,741			9,977			9,698			10,022
Policy Loans
Yield (1)	5.12		%	5.16		%	5.23		%	5.21		%	5.28		%
Investment income	124			251			381			506			128
Ending carrying value	9,744			9,702			9,703			9,699			9,670
Equity Securities
Yield (1)	3.79		%	4.28		%	4.41		%	4.79		%	5.43		%
Investment income	16			31			45			64			16
Investment gains (losses)	(31		)	3			21			(75		)	107
Ending carrying value	1,544			1,483			1,479			1,440			1,432
Other Limited Partnership Interests
Yield (1)	15.10		%	12.26		%	13.15		%	12.97		%	7.59		%
Investment income (3)	219			360			589			792			127
Investment gains (losses) (3)	—			8			9			9			(1		)
Ending carrying value	5,876			5,985			6,374			6,613			6,787
Cash and Short-term Investments
Yield (1)	1.87		%	2.09		%	2.33		%	2.41		%	3.08		%
Investment income	46			107			178			244			79
Investment gains (losses)	(4		)	(3		)	(8		)	(6		)	—
Ending carrying value	19,048			20,165			17,721			19,758			19,030
Other Invested Assets (1)
Investment income (3)	228			459			670			887			203
Investment gains (losses) (3)	(126		)	(184		)	(167		)	(162		)	(67		)
Ending carrying value	17,486			17,017			16,336			18,190			18,175
Total Investments
Investment income yield (1)	4.50		%	4.52		%	4.57		%	4.56		%	4.44		%
Investment fees and expenses yield	(0.13		)%	(0.13		)%	(0.13		)%	(0.12		)%	(0.14		)%
Net Investment Income Yield (1), (3)	4.37		%	4.39		%	4.44		%	4.44		%	4.30		%
Investment income	$	4,347		$	8,791		$	13,375		$	17,863		$	4,417
Investment fees and expenses	(128		)	(245		)	(366		)	(479		)	(136		)
Net investment income including Divested businesses	4,219			8,546			13,009			17,384			4,281
Less: Net investment income from Divested businesses	—			—			1			1			—
Net Investment Income, as reported on an adjusted basis (3)	$	4,219		$	8,546		$	13,008		$	17,383		$	4,281
Ending Carrying Value (3)	$	440,262		$	441,936		$	439,571		$	440,286		$	453,085
Gross investment gains	$	163		$	487		$	930		$	1,499		$	375
Gross investment losses	(297		)	(607		)	(839		)	(1,279		)	(271		)
Writedowns	(118		)	(119		)	(149		)	(179		)	(99		)
Investment Portfolio Gains (Losses) (3)	(252		)	(239		)	(58		)	41			5
Investment portfolio gains (losses) income tax (expense) benefit	51			12			(65		)	(75		)	(17		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(201	)	$	(227	)	$	(123	)	$	(34	)	$	(12	)
Derivative gains (losses) (3)	$	244		$	72		$	(425	)	$	399		$	15
Derivative gains (losses) income tax (expense) benefit	(84		)	(27		)	98			(103		)	(18		)
Derivative Gains (Losses), Net of Income Tax	$	160		$	45		$	(327	)	$	296		$	(3	)
(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed equity securities and Brighthouse Financial, Inc. 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 $936 million, $660 million, $680 million, $871 million and $958 million in ending carrying value, and $6 million, $14 million, $25 million, $51 million and $55 million of investment income related to fair value option securities at or for the year-to-date period ended March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, 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 Brighthouse Financial, Inc. common stock of $15,502 million, $13,182 million, $12,855 million, $11,741 million and $12,284 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $6 million, $5 million, $4 million and $3 million at March 31,2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, 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
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Net investment gains (losses) - GAAP basis	$	(333	)	$	(560	)	$	(443	)	$	(298	)	$	15
Less: Operating joint venture adjustments	(1		)	(1		)	(1		)	(1		)	—
Less: Partnerships at fair value	(5		)	(6		)	6			12			(15		)
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(75		)	(314		)	(390		)	(350		)	25
Investment portfolio gains (losses) - in above yield table	$	(252	)	$	(239	)	$	(58	)	$	41		$	5
	For the Year-to-Date Period Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Net derivative gains (losses) - GAAP basis	$	349		$	290		$	(88	)	$	851		$	115
Less: Investment hedge adjustments	110			229			354			475			105
Less: Settlement of foreign currency earnings hedges	(4		)	(9		)	(14		)	(19		)	(2		)
Less: PAB hedge adjustments	(1		)	(2		)	(3		)	(4		)	(3		)
Derivative gains (losses) - in above yield table	$	244		$	72		$	(425	)	$	399		$	15
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

31

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	81,834	26.8	%	$	84,026	27.5	%	$	83,795	27.5	%	$	78,948	26.4	%	$	80,146	26.0	%
Foreign government securities		64,510		21.2	%	61,682		20.1	%	60,472		19.8	%	62,288		20.9	%	64,955		21.1	%
Foreign corporate securities		55,463		18.2	%	54,277		17.7	%	54,220		17.8	%	56,703		19.0	%	59,945		19.4	%
U.S. government and agency securities		43,827		14.4	%	45,387		14.8	%	45,572		14.9	%	39,322		13.2	%	41,008		13.3	%
Residential mortgage-backed securities		27,411		9.0	%	27,845		9.1	%	27,658		9.1	%	27,961		9.4	%	28,360		9.2	%
Asset-backed securities		11,764		3.9	%	12,866		4.2	%	12,815		4.2	%	12,472		4.2	%	12,631		4.1	%
Municipals		12,192		4.0	%	12,026		3.9	%	11,600		3.8	%	11,533		3.9	%	11,898		3.8	%
Commercial mortgage-backed securities		7,710		2.5	%	8,222		2.7	%	8,708		2.9	%	9,038		3.0	%	9,467		3.1	%
Total Fixed Maturity Securities Available-For-Sale		$	304,711	100.0	%	$	306,331	100.0	%	$	304,840	100.0	%	$	298,265	100.0	%	$	308,410	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	214,446	70.4	%	$	215,582	70.4	%	$	213,898	70.2	%	$	208,806	70.0	%	$	216,343	70.1	%
2	Baa	72,531		23.8	%	73,442		24.0	%	74,059		24.3	%	73,141		24.5	%	75,769		24.6	%
3	Ba	11,551		3.8	%	11,189		3.6	%	11,042		3.6	%	11,158		3.7	%	11,350		3.7	%
4	B	5,332		1.7	%	5,268		1.7	%	5,062		1.7	%	4,498		1.6	%	4,324		1.4	%
5	Caa and lower	827		0.3	%	826		0.3	%	755		0.2	%	647		0.2	%	591		0.2	%
6	In or near default	24		—	%	24		—	%	24		—	%	15		—	%	33		—	%
Total Fixed Maturity Securities Available-For-Sale (1)		$	304,711	100.0	%	$	306,331	100.0	%	$	304,840	100.0	%	$	298,265	100.0	%	$	308,410	100.0	%
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (2)
		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%		$	3,251	94.7	%	$	4,557	95.0	%	$	4,924	94.4	%	$	5,340	89.7	%	$	2,563	91.2	%
20% or more for less than six months		97		2.8	%	174		3.6	%	214		4.1	%	460		7.7	%	135		4.8	%
20% or more for six months or greater		85		2.5	%	67		1.4	%	77		1.5	%	155		2.6	%	113		4.0	%
Total Gross Unrealized Losses		$	3,433	100.0	%	$	4,798	100.0	%	$	5,215	100.0	%	$	5,955	100.0	%	$	2,811	100.0	%
Total Gross Unrealized Gains		$	21,045			$	18,872			$	16,787			$	17,404			$	22,662
(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 and commercial mortgage-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 certain 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)	March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
Commercial mortgage loans	$	46,690				$	46,075				$	47,460				$	48,463				$	49,960
Agricultural mortgage loans	13,098					13,293					13,677					14,905					15,130
Residential mortgage loans	11,594					11,809					11,660					12,726					13,861
Total Mortgage Loans	71,382					71,177					72,797					76,094					78,951
Valuation allowances	(327		)			(325		)			(336		)			(342		)			(350		)
Total Mortgage Loans, net	$	71,055				$	70,852				$	72,461				$	75,752				$	78,601
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total
Pacific	$	10,583		22.7	%	$	10,695		23.2	%	$	10,878		22.9	%	$	10,884		22.5	%	$	10,683		21.4	%
International	9,500			20.3	%	8,869			19.2	%	9,497			20.0	%	9,281			19.1	%	9,727			19.5	%
Middle Atlantic	7,467			16.0	%	7,455			16.2	%	7,434			15.7	%	7,911			16.3	%	7,873			15.7	%
South Atlantic	5,552			11.9	%	5,534			12.0	%	5,789			12.2	%	6,347			13.1	%	6,427			12.9	%
West South Central	3,664			7.8	%	3,775			8.2	%	4,001			8.4	%	3,951			8.1	%	4,299			8.6	%
East North Central	2,687			5.7	%	2,573			5.6	%	2,768			5.8	%	2,840			5.9	%	3,269			6.5	%
Mountain	1,355			2.9	%	1,364			3.0	%	1,378			2.9	%	1,387			2.9	%	1,501			3.0	%
New England	1,129			2.4	%	1,127			2.4	%	1,141			2.4	%	1,481			3.1	%	1,479			3.0	%
West North Central	589			1.3	%	598			1.3	%	596			1.3	%	594			1.2	%	594			1.2	%
East South Central	963			2.1	%	968			2.1	%	1,072			2.3	%	564			1.2	%	563			1.1	%
Multi-Region and Other	3,201			6.9	%	3,117			6.8	%	2,906			6.1	%	3,223			6.6	%	3,545			7.1	%
Total	$	46,690		100.0	%	$	46,075		100.0	%	$	47,460		100.0	%	$	48,463		100.0	%	$	49,960		100.0	%
Office	$	23,474		50.3	%	$	23,295		50.5	%	$	24,096		50.8	%	$	23,995		49.5	%	$	24,514		49.1	%
Retail	8,247			17.7	%	8,462			18.4	%	8,701			18.3	%	9,089			18.7	%	9,387			18.8	%
Apartment	6,600			14.1	%	6,397			13.9	%	6,416			13.5	%	7,018			14.5	%	6,943			13.9	%
Industrial	3,699			7.9	%	3,736			8.1	%	3,775			8.0	%	3,719			7.7	%	3,761			7.5	%
Hotel	3,797			8.1	%	3,317			7.2	%	3,327			7.0	%	3,479			7.2	%	3,716			7.4	%
Other	873			1.9	%	868			1.9	%	1,145			2.4	%	1,163			2.4	%	1,639			3.3	%
Total	$	46,690		100.0	%	$	46,075		100.0	%	$	47,460		100.0	%	$	48,463		100.0	%	$	49,960		100.0	%

33

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLIfe, Inc.'s common shareholders	$	1,247		$	845		$	880		$	2,010		$	1,349		$	1,247		$	1,349
Add: Preferred stock dividends	6			46			32			57			32			6			32
Add: Net Income (loss) attributable to noncontrolling interests	4			3			3			(5		)	4			4			4
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Income (loss) from continuing operations, net of income tax	1,257			894			915			2,062			1,385			$	1,257		$	1,385
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	(333		)	(227		)	117			145			15			(333		)	15
Net derivative gains (losses)	349			(59		)	(378		)	939			115			349			115
Premiums - Divested businesses	—			—			—			—			—			—			—
Universal life and investment-type product policy fees
Unearned revenue adjustments	(5		)	(5		)	11			(8		)	—			(5		)	—
GMIB fees	30			31			32			27			27			30			27
Divested businesses	7			—			—			—			—			7			—
Net investment income
Investment hedge adjustments	(110		)	(119		)	(125		)	(121		)	(105		)	(110		)	(105		)
Operating joint venture adjustments	1			—			—			—			—			1			—
Unit-linked contract income	(353		)	286			149			(765		)	736			(353		)	736
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(12		)	(21		)	(1		)	(27		)	(4		)	(12		)	(4		)
Divested businesses	—			—			1			—			—			—			—
Other revenues
Settlement of foreign currency earnings hedges	4			5			5			5			2			4			2
TSA fees	79			78			78			70			68			79			68
Divested businesses	—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	(41		)	—			13			(1		)	(79		)	(41		)	(79		)
GMIB costs	(5		)	(51		)	(168		)	78			(56		)	(5		)	(56		)
Market value adjustments	(1		)	1			—			1			4			(1		)	4
Divested businesses	—			—			—			—			—			—			—
Interest credited to policyholder account balances
PAB hedge adjustments	1			1			1			1			3			1			3
Unit-linked contract costs	347			(268		)	(133		)	730			(716		)	347			(716		)
Divested businesses	—			—			—			—			—			—			—
Capitalization of DAC - Divested businesses	1			—			—			—			—			1			—
Amortization of DAC and VOBA
Related to NIGL and NDGL	14			10			(89		)	(44		)	24			14			24
Related to GMIB fees and GMIB costs	(10		)	(9		)	(19		)	(68		)	7			(10		)	7
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			—			—
Amortization of negative VOBA
Related to market value adjustments	1			—			—			—			—			1			—
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	—			(30		)	(15		)	(18		)	—			—			—
Other expenses
Noncontrolling interest	7			5			3			(5		)	6			7			6
Regulatory implementation costs	(1		)	(2		)	(3		)	(5		)	(3		)	(1		)	(3		)
Acquisition, integration and other costs	(11		)	(14		)	(13		)	14			(23		)	(11		)	(23		)
TSA fees	(79		)	(78		)	(78		)	(70		)	(68		)	(79		)	(68		)
Divested businesses	(10		)	(53		)	(9		)	4			—			(10		)	—
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	(42		)	41			128			(213		)	(24		)	(42		)	(24		)
Adjusted earnings	1,429			1,372			1,408			1,393			1,456			1,429			1,456
Less: Preferred stock dividends	6			46			32			57			32			6			32
Adjusted earnings available to common shareholders	$	1,423		$	1,326		$	1,376		$	1,336		$	1,424		$	1,423		$	1,424

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Actuarial assumption review and other insurance adjustments			$	62		$	—		$	(68	)	$	—		$	—		$	62		$	—
Litigation reserves & settlement costs			—			—			—			(60		)	—			—			—
Expense initiative costs			(34		)	(62		)	(88		)	(100		)	(55		)	(34		)	(55		)
Tax adjustments			—			—			—			247			—			—			—
Total notable items			$	28		$	(62	)	$	(156	)	$	87		$	(55	)	$	28		$	(55	)
U.S.
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
Actuarial assumption review and other insurance adjustments			$	—		$	—		$	37		$	—		$	—		$	—		$	—
Total notable items			$	—		$	—		$	37		$	—		$	—		$	—		$	—
	GROUP BENEFITS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
	Actuarial assumption review and other insurance adjustments		$	—		$	—		$	37		$	—		$	—		$	—		$	—
	Total notable items		$	—		$	—		$	37		$	—		$	—		$	—		$	—
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019				March 31, 2018			March 31, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(86	)	$	—		$	—			$	—		$	—
Total notable items		$	—		$	—		$	(86	)	$	—		$	—			$	—		$	—
LATIN AMERICA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019				March 31, 2018			March 31, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	28		$	—		$	—			$	—		$	—
Total notable items		$	—		$	—		$	28		$	—		$	—			$	—		$	—
EMEA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019				March 31, 2018			March 31, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	(23	)	$	—		$	—			$	—		$	—
Total notable items		$	—		$	—		$	(23	)	$	—		$	—			$	—		$	—
METLIFE HOLDINGS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019				March 31, 2018			March 31, 2019
Actuarial assumption review and other insurance adjustments		$	62		$	—		$	(24	)	$	—		$	—			$	62		$	—
Total notable items		$	62		$	—		$	(24	)	$	—		$	—			$	62		$	—
CORPORATE & OTHER
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019				March 31, 2018			March 31, 2019
Litigation reserves & settlement costs		$	—		$	—		$	—		$	(60	)	$	—			$	—		$	—
Expense initiative costs		(34		)	(62		)	(88		)	(100		)	(55		)		(34		)	(55		)
Tax adjustments		—			—			—			247			—				—			—
Total notable items		$	(34	)	$	(62	)	$	(88	)	$	87		$	(55	)		$	(34	)	$	(55	)
(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)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Total MetLife, Inc.'s stockholders' equity	$	56,310		$	53,633		$	51,625		$	52,741		$	58,509
Less: Preferred stock	2,560			3,340			3,340			3,340			3,340
MetLife, Inc.'s common stockholders' equity	53,750			50,293			48,285			49,401			55,169
Less: Net unrealized investment gains (losses), net of income tax	11,547			9,703			7,946			8,655			13,862
Defined benefit plans adjustment, net of income tax	(2,206		)	(2,179		)	(2,051		)	(2,028		)	(2,004		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	44,409		$	42,769		$	42,390		$	42,774		$	43,311
Less: Goodwill, net of income tax	9,428			9,205			9,147			9,133			9,082
VODA and VOCRA, net of income tax	365			341			316			312			298
Total MetLife, Inc.'s tangible common stockholders' equity	$	34,616		$	33,223		$	32,927		$	33,329		$	33,931
Unaudited (In millions, except per share data)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Book value per common share	$	52.49		$	50.28		$	48.94		$	51.53		$	58.06
Less: Net unrealized investment gains (losses), net of income tax	11.28			9.70			8.05			9.03			14.59
Defined benefit plans adjustment, net of income tax	(2.15		)	(2.18		)	(2.08		)	(2.12		)	(2.11		)
Book value per common share, excluding AOCI other than FCTA	$	43.36		$	42.76		$	42.97		$	44.62		$	45.58
Less: Goodwill, net of income tax	9.20			9.20			9.28			9.52			9.56
VODA and VOCRA, net of income tax	0.36			0.34			0.32			0.33			0.31
Book value per common share - tangible common stockholders' equity	$	33.80		$	33.22		$	33.37		$	34.77		$	35.71
Common shares outstanding, end of period	1,024.1			1,000.2			986.6			958.6			950.2
	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Return on MetLife, Inc.'s:
Common stockholders' equity	9.0		%	6.5		%	7.1		%	16.5		%	10.3		%
Common stockholders' equity, excluding AOCI other than FCTA	11.2		%	7.8		%	8.3		%	18.9		%	12.5		%
Tangible common stockholders' equity (2)	14.4		%	10.1		%	10.8		%	24.4		%	16.2		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.3		%	10.2		%	11.2		%	10.9		%	10.9		%
Common stockholders' equity, excluding AOCI other than FCTA	12.8		%	12.2		%	12.9		%	12.5		%	13.2		%
Tangible common stockholders' equity (2)	16.4		%	15.8		%	16.8		%	16.2		%	17.1		%
Average common stockholders' equity	$	55,180		$	52,022		$	49,289		$	48,843		$	52,285
Average common stockholders' equity, excluding AOCI other than FCTA	$	44,601		$	43,589		$	42,580		$	42,582		$	43,043
Average tangible common stockholders' equity	$	34,855		$	33,920		$	33,075		$	33,128		$	33,630
(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 March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019 of $10 million, $10 million, $10 million, $9 million and $10 million, respectively.

A-4

APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
U.S. (1)	$	5,679		$	11,767		$	6,889		$	5,725		$	6,058
ASIA	2,101			2,030			2,141			2,127			2,121
LATIN AMERICA	909			934			922			979			942
EMEA	630			643			628			643			659
METLIFE HOLDINGS (1)	1,331			1,326			1,305			1,385			1,268
CORPORATE & OTHER (1)	94			85			53			219			119
Adjusted premiums, fees and other revenues, on a constant currency basis	$	10,744		$	16,785		$	11,938		$	11,078		$	11,167
Adjusted premiums, fees and other revenues	$	10,929		$	16,889		$	11,938		$	11,022		$	11,167
ASIA (including operating joint ventures) (2), (3)	$	2,329		$	2,243		$	2,362		$	2,384		$	2,371
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
U.S. (1)	$	961		$	965		$	982		$	994		$	993
ASIA	932			960			949			983			955
LATIN AMERICA	300			342			349			377			366
EMEA	328			325			330			355			338
METLIFE HOLDINGS (1)	276			275			264			266			227
CORPORATE & OTHER (1)	232			259			314			102			222
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,029		$	3,126		$	3,188		$	3,077		$	3,101
Other expenses, as reported on an adjusted basis	$	3,110		$	3,177		$	3,187		$	3,055		$	3,101
ASIA (including operating joint ventures) (2), (3)	$	1,020		$	1,050		$	1,045		$	1,093		$	1,062
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
U.S. (1)	$	653		$	671		$	795		$	685		$	724
ASIA	316			355			265			282			356
LATIN AMERICA	135			127			168			142			134
EMEA	70			79			54			55			86
METLIFE HOLDINGS (1)	425			280			327			223			317
CORPORATE & OTHER (1)	(203		)	(219		)	(237		)	(45		)	(193		)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,396		$	1,293		$	1,372		$	1,342		$	1,424
Adjusted earnings available to common shareholders	$	1,423		$	1,326		$	1,376		$	1,336		$	1,424
(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-5

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;
•	adjusted earnings available to common shareholders per diluted common share; and
•	adjusted earnings available to common shareholders on a constant currency basis.
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.

A-6

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Adjusted revenues and adjusted expenses
These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
•	Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
•	Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed 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).

A-7

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
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.
•	Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
	The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.
•	MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•	Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders’ equity.
•	Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
•	Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•	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.
Other items
The following additional information is relevant to an understanding of our performance results:
•	Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
•	All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates.

A-8

METLIFE ACRONYMS
AOCI	Accumulated other comprehensive income (loss)
CSE	Consolidated securitization entity
DAC	Deferred policy acquisition costs
EMEA	Europe, the Middle East and Africa
FCTA	Foreign currency translation adjustments
GAAP	Accounting principles generally accepted in the United States of America
GICs	Guaranteed interest contracts
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-9