Exhibit 99.2

Fourth Quarter

Financial Supplement

December 31, 2019

4

METLIFE TABLE OF CONTENTS
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2
CORPORATE OVERVIEW	3
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5
EXPENSE DETAIL AND RATIOS	7
CONSOLIDATED BALANCE SHEETS	8
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	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; and 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
General Account Assets Under Management and Related Measures	22
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders	23
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	24
EMEA
Statements of Adjusted Earnings Available to Common Shareholders	25
Other Expenses by Major Category; and Other Statistical Information	26
METLIFE HOLDINGS
Statements of Adjusted Earnings Available to Common Shareholders	27
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	28
Other Expenses by Major Category; and Other Statistical Information	29
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source	30
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	31
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses Aging Schedule: Fixed Maturity Securities Available-for-Sale	32
Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	33
Footnotes	34
APPENDIX
Reconciliation Detail	A-1
Notable Items:
MetLife Total; U.S.; U.S. - Group Benefits;	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 Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Revenues
Premiums		$	9,267		$	9,405		$	10,129		$	10,781		$	11,920		$	43,840		$	42,235
Universal life and investment-type product policy fees		1,397			1,365			1,412			1,440			1,386			5,502			5,603
Net investment income		3,462			4,908			4,693			4,623			4,644			16,166			18,868
Other revenues		452			494			478			419			451			1,880			1,842
Net investment gains (losses)		145			15			61			161			207			(298		)	444
Net derivative gains (losses)		939			115			724			1,254			(1,465		)	851			628
Total revenues		15,662			16,302			17,497			18,678			17,143			67,941			69,620
Expenses
Policyholder benefits and claims		8,992			9,072			9,993			10,648			11,748			42,656			41,461
Interest credited to policyholder account balances		486			1,961			1,515			1,500			1,488			4,013			6,464
Policyholder dividends		318			300			302			296			313			1,251			1,211
Capitalization of DAC		(814		)	(812		)	(837		)	(882		)	(827		)	(3,254		)	(3,358		)
Amortization of DAC and VOBA		843			624			689			797			786			2,975			2,896
Amortization of negative VOBA		(11		)	(10		)	(10		)	(4		)	(9		)	(56		)	(33		)
Interest expense on debt		260			234			274			223			224			1,122			955
Other expenses		3,117			3,189			3,274			3,309			3,457			12,927			13,229
Total expenses		13,191			14,558			15,200			15,887			17,180			61,634			62,825
Income (loss) from continuing operations before provision for income tax		2,471			1,744			2,297			2,791			(37		)	6,307			6,795
Provision for income tax expense (benefit)		409			359			551			601			(625		)	1,179			886
Income (loss) from continuing operations, net of income tax		2,062			1,385			1,746			2,190			588			5,128			5,909
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		2,062			1,385			1,746			2,190			588			5,128			5,909
Less: Net income (loss) attributable to noncontrolling interests		(5		)	4			5			6			(5		)	5			10
Net income (loss) attributable to MetLife, Inc.		2,067			1,381			1,741			2,184			593			5,123			5,899
Less: Preferred stock dividends		57			32			57			32			57			141			178
Net income (loss) available to MetLife, Inc.'s common shareholders		$	2,010		$	1,349		$	1,684		$	2,152		$	536		$	4,982		$	5,721
Premiums, fees and other revenues		$	11,116		$	11,264		$	12,019		$	12,640		$	13,757		$	51,222		$	49,680

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Net income (loss) available to MetLife, Inc.'s common shareholders	$	2,010		$	1,349		$	1,684		$	2,152		$	536
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	145			15			61			161			207
Less: Net derivative gains (losses)	939			115			724			1,254			(1,465		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(202		)	(177		)	(179		)	(107		)	(418		)
Less: Provision for income tax (expense) benefit	(213		)	(24		)	(236		)	(340		)	373
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	(5		)	4			5			6			(5		)
Adjusted earnings available to common shareholders	$	1,336		$	1,424		$	1,319		$	1,190		$	1,834
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	2.04		$	1.40		$	1.77		$	2.30		$	0.58
Less: Net investment gains (losses)	0.15			0.02			0.06			0.17			0.22
Less: Net derivative gains (losses)	0.95			0.12			0.76			1.34			(1.58		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.20		)	(0.19		)	(0.18		)	(0.11		)	(0.45		)
Less: Provision for income tax (expense) benefit	(0.22		)	(0.03		)	(0.24		)	(0.36		)	0.40
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	(0.01		)	—			0.01			0.01			(0.01		)
Adjusted earnings available to common shareholders per diluted common share	$	1.35		$	1.48		$	1.38		$	1.27		$	1.98
	For the Three Months Ended
Unaudited (In millions, except per share data) (2)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Notable items impacting adjusted earnings available to common shareholders (3):
Actuarial assumption review and other insurance adjustments	$	—		$	—		$	—		$	(160	)	$	—
Litigation reserves & settlement costs	(60		)	—			—			—			—
Expense initiative costs	(100		)	(55		)	(70		)	(88		)	(119		)
Interest on tax adjustments	170			—			—			—			64
Tax adjustments	77			—			—			—			475
Total notable items	$	87		$	(55	)	$	(70	)	$	(248	)	$	420
Notable items impacting adjusted earnings available to common shareholders per diluted common share (3):
Actuarial assumption review and other insurance adjustments	$	—		$	—		$	—		$	(0.17	)	$	—
Litigation reserves & settlement costs	$	(0.06	)	$	—		$	—		$	—		$	—
Expense initiative costs	$	(0.10	)	$	(0.06	)	$	(0.07	)	$	(0.09	)	$	(0.13	)
Interest on tax adjustments	$	0.17		$	—		$	—		$	—		$	0.07
Tax adjustments	$	0.08		$	—		$	—		$	—		$	0.51
Total notable items	$	0.09		$	(0.06	)	$	(0.07	)	$	(0.26	)	$	0.45
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Weighted average common shares outstanding - diluted	987.6			963.3			952.9			936.4			925.7
(1) See Page A-1 for further detail.
(2) Certain amounts in prior periods have been reclassified to conform to current period presentation.
(3) 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. See Pages A-2 and A-3 for further detail.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Book value per common share (1)	$	51.53		$	58.06		$	64.61		$	70.71		$	68.62
Book value per common share, excluding AOCI other than FCTA (1)	$	44.62		$	45.58		$	47.09		$	48.56		$	48.97
Book value per common share - tangible common stockholders' equity (1)	$	34.77		$	35.71		$	37.09		$	38.52		$	38.86
	For the Three Months Ended
Unaudited	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Return on MetLife, Inc.'s (2):
Common stockholders' equity	16.5		%	10.3		%	11.6		%	13.7		%	3.4		%
Common stockholders' equity, excluding AOCI other than FCTA	18.9		%	12.5		%	15.4		%	19.4		%	4.8		%
Tangible common stockholders' equity	24.4		%	16.2		%	19.7		%	24.6		%	6.1		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	10.9		%	10.9		%	9.1		%	7.6		%	11.5		%
Common stockholders' equity, excluding AOCI other than FCTA	12.5		%	13.2		%	12.1		%	10.7		%	16.4		%
Tangible common stockholders' equity	16.2		%	17.1		%	15.5		%	13.7		%	20.7		%
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Common shares outstanding, beginning of period	986.6			958.6			950.2			935.9			919.6
Share repurchases	(28.4		)	(11.2		)	(15.8		)	(17.1		)	(5.1		)
Newly issued shares	0.4			2.8			1.5			0.8			0.8
Common shares outstanding, end of period	958.6			950.2			935.9			919.6			915.3
Weighted average common shares outstanding - basic	980.3			956.5			946.2			929.6			918.7
Dilutive effect of the exercise or issuance of stock-based awards	7.3			6.8			6.7			6.8			7.0
Weighted average common shares outstanding - diluted	987.6			963.3			952.9			936.4			925.7
MetLife Policyholder Trust Shares	148.0			146.2			144.3			142.8			140.7
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.

4

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Total revenues	$	15,662		$	16,302		$	17,497		$	18,678		$	17,143		$	67,941		$	69,620
Less: Net investment gains (losses)	145			15			61			161			207			(298		)	444
Less: Net derivative gains (losses)	939			115			724			1,254			(1,465		)	851			628
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	(8		)	—			20			59			18			(7		)	97
Less: Other adjustments to revenues:
GMIB fees	27			27			28			27			26			120			108
Investment hedge adjustments	(121		)	(105		)	(118		)	(121		)	(125		)	(475		)	(469		)
Operating joint venture adjustments	—			—			—			—			—			1			—
Unit-linked contract income	(765		)	736			261			250			228			(683		)	1,475
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(27		)	(4		)	(4		)	(2		)	(5		)	(61		)	(15		)
Settlement of foreign currency earnings hedges	5			2			2			3			2			19			9
TSA fees	70			68			69			69			40			305			246
Divested businesses	—			—			—			60			63			8			123
Total adjusted revenues	$	15,397		$	15,448		$	16,454		$	16,918		$	18,154		$	68,161		$	66,974
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Net investment income	$	3,462		$	4,908		$	4,693		$	4,623		$	4,644		$	16,166		$	18,868
Less: Adjustments to net investment income:
Investment hedge adjustments	(121		)	(105		)	(118		)	(121		)	(125		)	(475		)	(469		)
Operating joint venture adjustments	—			—			—			—			—			1			—
Unit-linked contract income	(765		)	736			261			250			228			(683		)	1,475
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(27		)	(4		)	(4		)	(2		)	(5		)	(61		)	(15		)
Divested businesses	—			—			—			23			24			1			47
Net investment income, as reported on an adjusted basis	$	4,375		$	4,281		$	4,554		$	4,473		$	4,522		$	17,383		$	17,830
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Premiums, fees and other revenues	$	11,116		$	11,264		$	12,019		$	12,640		$	13,757		$	51,222		$	49,680
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	(8		)	—			20			59			18			(7		)	97
GMIB fees	27			27			28			27			26			120			108
Settlement of foreign currency earnings hedges	5			2			2			3			2			19			9
TSA fees	70			68			69			69			40			305			246
Divested businesses	—			—			—			37			39			7			76
Adjustedpremiums, fees and other revenues	$	11,022		$	11,167		$	11,900		$	12,445		$	13,632		$	50,778		$	49,144
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,019		$	11,109		$	11,858		$	12,411		$	13,632

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Total expenses	$	13,191		$	14,558		$	15,200		$	15,887		$	17,180		$	61,634		$	62,825
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	44			(24		)	(5		)	39			106			109			116
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
PBC hedge adjustment	—			—			—			9			10			—			19
Inflation and pass-through adjustments	1			79			84			87			(6		)	29			244
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	(10		)	49			36			(47		)	105			252			143
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(1		)	(4		)	(11		)	3			8			(2		)	(4		)
PAB hedge adjustments	(1		)	(3		)	(6		)	(5		)	(5		)	(4		)	(19		)
Unit-linked contract costs	(730		)	716			257			223			240			(676		)	1,436
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	5			(6		)	(6		)	(8		)	5			(10		)	(15		)
Regulatory implementation costs	5			3			7			5			3			11			18
Acquisition, integration and other costs	(14		)	23			6			8			7			24			44
TSA fees	70			68			69			69			40			305			246
Divested businesses	14			—			6			69			152			130			227
Total adjusted expenses	$	13,808		$	13,657		$	14,763		$	15,435		$	16,515		$	61,466		$	60,370
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Capitalization of DAC	$	(814	)	$	(812	)	$	(837	)	$	(882	)	$	(827	)	$	(3,254	)	$	(3,358	)
Less: Divested businesses	—			—			—			(11		)	(9		)	(1		)	(20		)
Capitalization of DAC, as reported on an adjusted basis	$	(814	)	$	(812	)	$	(837	)	$	(871	)	$	(818	)	$	(3,253	)	$	(3,338	)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Other expenses	$	3,117		$	3,189		$	3,274		$	3,309		$	3,457		$	12,927		$	13,229
Less: Noncontrolling interest	5			(6		)	(6		)	(8		)	5			(10		)	(15		)
Less: Regulatory implementation costs	5			3			7			5			3			11			18
Less: Acquisition, integration and other costs	(14		)	23			6			8			7			24			44
Less: TSA fees	70			68			69			69			40			305			246
Less: Divested businesses	(4		)	—			6			36			116			68			158
Other expenses, as reported on an adjusted basis	$	3,055		$	3,101		$	3,192		$	3,199		$	3,286		$	12,529		$	12,778
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,059		$	3,081		$	3,181		$	3,186		$	3,286

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Other expenses	$	3,117		$	3,189		$	3,274		$	3,309		$	3,457		$	12,927		$	13,229
Capitalization of DAC	(814		)	(812		)	(837		)	(882		)	(827		)	(3,254		)	(3,358		)
Other expenses, net of capitalization of DAC	$	2,303		$	2,377		$	2,437		$	2,427		$	2,630		$	9,673		$	9,871
Premiums, fees and other revenues	$	11,116		$	11,264		$	12,019		$	12,640		$	13,757		$	51,222		$	49,680
Expense ratio	20.7		%	21.1		%	20.3		%	19.2		%	19.1		%	18.9		%	19.9		%
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,369		$	1,420		$	1,485		$	1,475		$	1,597		$	5,874		$	5,977
Pension, postretirement and postemployment benefit costs	44			56			57			57			63			185			233
Premium taxes, other taxes, and licenses & fees	197			170			174			164			165			755			673
Commissions and other variable expenses	1,445			1,455			1,476			1,503			1,461			5,715			5,895
Other expenses, as reported on an adjusted basis	3,055			3,101			3,192			3,199			3,286			12,529			12,778
Capitalization of DAC, as reported on an adjusted basis	(814		)	(812		)	(837		)	(871		)	(818		)	(3,253		)	(3,338		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,241			2,289			2,355			2,328			2,468			9,276			9,440
Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	(19		)	70			88			111			69			214			338
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,260		$	2,219		$	2,267		$	2,217		$	2,399		$	9,062		$	9,102
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Employee related costs	$	912		$	922		$	916		$	871		$	948		$	3,664		$	3,657
Third party staffing costs	486			375			419			422			536			1,703			1,752
General and administrative expenses	(29		)	123			150			182			113			507			568
Direct expenses	1,369			1,420			1,485			1,475			1,597			5,874			5,977
Less: Total notable items related to direct expenses (1)	(19		)	70			88			111			69			214			338
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,388		$	1,350		$	1,397		$	1,364		$	1,528		$	5,660		$	5,639
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,241		$	2,289		$	2,355		$	2,328		$	2,468		$	9,276		$	9,440
Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	(19		)	70			88			111			69			214			338
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,260		$	2,219		$	2,267		$	2,217		$	2,399		$	9,062		$	9,102
Adjusted premiums, fees and other revenues	$	11,022		$	11,167		$	11,900		$	12,445		$	13,632		$	50,778		$	49,144
Less: PRT	(76		)	(2		)	556			1,293			2,499			6,894			4,346
Adjusted premiums, fees and other revenues, excluding PRT	$	11,098		$	11,169		$	11,344		$	11,152		$	11,133		$	43,884		$	44,798
Direct expense ratio	12.4		%	12.7		%	12.5		%	11.9		%	11.7		%	11.6		%	12.2		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.5		%	12.1		%	12.3		%	12.2		%	13.7		%	12.9		%	12.6		%
Adjusted expense ratio	20.3		%	20.5		%	19.8		%	18.7		%	18.1		%	18.3		%	19.2		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT (1)	20.4		%	19.9		%	20.0		%	19.9		%	21.5		%	20.6		%	20.3		%
(1) Notable items are related to “litigation reserves & settlement costs”, “interest (expense) income on tax adjustments” and “expense initiative costs”. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Pages A-2 and A-3 for further detail.

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	298,265		$	308,410		$	318,689		$	326,049		$	327,820
Equity securities, at estimated fair value	1,440			1,432			1,476			1,341			1,342
Contractholder-directed equity securities and fair value option securities, at estimated fair value	12,616			13,245			13,000			12,671			13,102
Mortgage loans	75,752			78,601			77,997			78,959			80,529
Policy loans	9,699			9,670			9,705			9,671			9,680
Real estate and real estate joint ventures	9,698			10,022			10,326			10,246			10,741
Other limited partnership interests	6,613			6,787			7,054			7,441			7,716
Short-term investments, principally at estimated fair value	3,937			4,524			2,811			3,536			3,850
Other invested assets	18,190			18,175			20,036			21,979			19,015
Total investments	436,210			450,866			461,094			471,893			473,795
Cash and cash equivalents, principally at estimated fair value	15,821			14,506			18,435			19,452			16,598
Accrued investment income	3,582			3,569			3,535			3,561			3,523
Premiums, reinsurance and other receivables	19,644			20,615			20,425			20,723			20,443
Deferred policy acquisition costs and value of business acquired	18,895			18,349			17,880			17,382			17,833
Current income tax recoverable	—			—			97			—			—
Goodwill	9,422			9,418			9,408			9,278			9,308
Other assets	8,408			10,100			10,029			10,166			10,518
Separate account assets	175,556			185,765			191,264			190,357			188,445
Total assets	$	687,538		$	713,188		$	732,167		$	742,812		$	740,463
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	186,780		$	187,508		$	191,139		$	193,310		$	194,909
Policyholder account balances	183,693			187,333			190,033			189,060			192,627
Other policy-related balances	16,529			16,967			16,815			16,960			17,171
Policyholder dividends payable	677			671			689			692			681
Policyholder dividend obligation	428			1,116			1,834			2,370			2,020
Payables for collateral under securities loaned and other transactions	24,794			25,084			25,354			28,443			26,745
Short-term debt	268			289			158			142			235
Long-term debt	12,829			12,850			13,346			13,443			13,466
Collateral financing arrangements	1,060			1,048			1,026			1,013			993
Junior subordinated debt securities	3,147			3,148			3,149			3,149			3,150
Current income tax payable	441			505			—			31			363
Deferred income tax liability	5,414			7,075			8,766			10,153			9,097
Other liabilities	22,964			25,091			24,548			25,070			24,179
Separate account liabilities	175,556			185,765			191,264			190,357			188,445
Total liabilities	634,580			654,450			668,121			674,193			674,081
Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	32,474			32,535			32,602			32,639			32,680
Retained earnings	28,926			29,944			31,209			32,948			33,078
Treasury stock, at cost	(10,393		)	(10,893		)	(11,643		)	(12,428		)	(12,678		)
Accumulated other comprehensive income (loss)	1,722			6,911			11,631			15,197			13,052
Total MetLife, Inc.'s stockholders' equity	52,741			58,509			63,811			68,368			66,144
Noncontrolling interests	217			229			235			251			238
Total equity	52,958			58,738			64,046			68,619			66,382
Total liabilities and equity	$	687,538		$	713,188		$	732,167		$	742,812		$	740,463

8

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	297		$	433		$	393		$	464		$	416
RETIREMENT AND INCOME SOLUTIONS	450			358			442			357			404
PROPERTY & CASUALTY	120			117			84			67			27
TOTAL U.S.	$	867		$	908		$	919		$	888		$	847
ASIA	392			505			516			501			468
LATIN AMERICA	180			196			216			220			204
EMEA	81			113			99			74			71
METLIFE HOLDINGS	283			395			372			183			333
CORPORATE & OTHER	(214		)	(326		)	(431		)	(383		)	(284		)
Total adjusted earnings before provision for income tax	$	1,589		$	1,791		$	1,691		$	1,483		$	1,639
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	67		$	91		$	82		$	98		$	87
RETIREMENT AND INCOME SOLUTIONS	94			73			91			73			83
PROPERTY & CASUALTY	21			20			14			10			2
TOTAL U.S.	$	182		$	184		$	187		$	181		$	172
ASIA	111			149			157			152			127
LATIN AMERICA	43			62			57			65			43
EMEA	26			27			22			21			5
METLIFE HOLDINGS	60			78			73			34			64
CORPORATE & OTHER	(226		)	(165		)	(181		)	(192		)	(663		)
Total provision for income tax expense (benefit)	$	196		$	335		$	315		$	261		$	(252	)
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	230		$	342		$	311		$	366		$	329
RETIREMENT AND INCOME SOLUTIONS	356			285			351			284			321
PROPERTY & CASUALTY	99			97			70			57			25
TOTAL U.S.	$	685		$	724		$	732		$	707		$	675
ASIA	281			356			359			349			341
LATIN AMERICA	137			134			159			155			161
EMEA	55			86			77			53			66
METLIFE HOLDINGS	223			317			299			149			269
CORPORATE & OTHER (1)	(45		)	(193		)	(307		)	(223		)	322
Total adjusted earnings available to common shareholders (1)	$	1,336		$	1,424		$	1,319		$	1,190		$	1,834
(1) Includes impact of preferred stock dividends of $57 million, $32 million, $57 million, $32 million and $57 million for the three months ended December 31, 2018, March 31, 2019, June 30, 2019, September 30, 2019 and December 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		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
U.S.
GROUP BENEFITS		32.9		%	48.6		%	44.2		%	52.0		%	46.7		%
RETIREMENT AND INCOME SOLUTIONS		22.9		%	19.4		%	23.9		%	19.3		%	21.9		%
PROPERTY & CASUALTY		21.4		%	19.2		%	13.9		%	11.3		%	5.0		%
TOTAL U.S.		25.2		%	27.0		%	27.3		%	26.4		%	25.2		%
ASIA		7.9		%	10.0		%	10.1		%	9.8		%	9.6		%
LATIN AMERICA		17.5		%	18.1		%	21.5		%	20.9		%	21.7		%
EMEA		6.3		%	12.3		%	11.0		%	7.6		%	9.4		%
METLIFE HOLDINGS		8.9		%	13.2		%	12.5		%	6.2		%	11.2		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
U.S.		29.2		%	30.7		%	31.0		%	30.0		%	28.6		%
ASIA		12.0		%	15.2		%	15.3		%	14.9		%	14.6		%
LATIN AMERICA		29.1		%	29.9		%	35.5		%	34.6		%	36.0		%
EMEA		10.5		%	22.1		%	19.8		%	13.8		%	16.8		%
METLIFE HOLDINGS		10.0		%	14.8		%	14.0		%	7.1		%	12.5		%
(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)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
	U.S.	$	1		$	1		$	1		$	1		$	—
	ASIA	$	2		$	2		$	1		$	1		$	2
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	2		$	1
	METLIFE HOLDINGS	$	4		$	5		$	5		$	5		$	3

10

U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Adjusted revenues
Premiums		$	5,236		$	5,567		$	6,234		$	6,903		$	8,097		$	28,186		$	26,801
Universal life and investment-type product policy fees		281			270			274			264			270			1,053			1,078
Net investment income		1,809			1,719			1,795			1,760			1,747			6,977			7,021
Other revenues		208			221			223			224			219			821			887
Total adjusted revenues		7,534			7,777			8,526			9,151			10,333			37,037			35,787
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,175			5,373			6,101			6,759			7,932			27,765			26,165
Interest credited to policyholder account balances		487			501			504			507			472			1,790			1,984
Capitalization of DAC		(113		)	(114		)	(127		)	(131		)	(112		)	(449		)	(484		)
Amortization of DAC and VOBA		120			114			117			121			123			477			475
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		4			2			3			3			2			12			10
Other expenses		994			993			1,009			1,004			1,069			3,902			4,075
Total adjusted expenses		6,667			6,869			7,607			8,263			9,486			33,497			32,225
Adjusted earnings before provision for income tax		867			908			919			888			847			3,540			3,562
Provision for income tax expense (benefit)		182			184			187			181			172			736			724
Adjusted earnings		685			724			732			707			675			2,804			2,838
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	685		$	724		$	732		$	707		$	675		$	2,804		$	2,838
Adjusted premiums, fees and other revenues		$	5,725		$	6,058		$	6,731		$	7,391		$	8,586		$	30,060		$	28,766
Less: PRT		(76		)	(2		)	556			1,293			2,499			6,894			4,346
Adjusted premiums, fees and other revenues, excluding PRT		$	5,801		$	6,060		$	6,175		$	6,098		$	6,087		$	23,166		$	24,420

11

U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Adjusted revenues
Premiums		$	3,949		$	4,208		$	4,247		$	4,239		$	4,217		$	16,082		$	16,911
Universal life and investment-type product policy fees		202			194			203			198			194			804			789
Net investment income		275			280			292			293			297			1,127			1,162
Other revenues		132			143			144			145			143			515			575
Total adjusted revenues		4,558			4,825			4,886			4,875			4,851			18,528			19,437
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,577			3,711			3,812			3,724			3,685			14,435			14,932
Interest credited to policyholder account balances		39			39			39			42			37			145			157
Capitalization of DAC		(6		)	(8		)	(6		)	(9		)	(5		)	(27		)	(28		)
Amortization of DAC and VOBA		10			9			8			8			10			53			35
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			—			1			—			—			2			1
Other expenses		640			641			639			646			708			2,531			2,634
Total adjusted expenses		4,261			4,392			4,493			4,411			4,435			17,139			17,731
Adjusted earnings before provision for income tax		297			433			393			464			416			1,389			1,706
Provision for income tax expense (benefit)		67			91			82			98			87			310			358
Adjusted earnings		230			342			311			366			329			1,079			1,348
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	230		$	342		$	311		$	366		$	329		$	1,079		$	1,348
Adjusted premiums, fees and other revenues		$	4,283		$	4,545		$	4,594		$	4,582		$	4,554		$	17,401		$	18,275

12

U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019		December 31, 2018			December 31, 2019
Adjusted revenues
Premiums		$	373		$	461		$	1,075		$	1,739		$	2,955	$	8,511		$	6,230
Universal life and investment-type product policy fees		79			76			71			66			76		249			289
Net investment income		1,492			1,395			1,458			1,419			1,409		5,676			5,681
Other revenues		71			72			74			73			73		284			292
Total adjusted revenues		2,015			2,004			2,678			3,297			4,513		14,720			12,492
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		998			1,071			1,647			2,361			3,550		10,886			8,629
Interest credited to policyholder account balances		448			462			465			465			435		1,645			1,827
Capitalization of DAC		(7		)	(8		)	(12		)	(5		)	—		(15		)	(25		)
Amortization of DAC and VOBA		7			5			7			5			6		24			23
Amortization of negative VOBA		—			—			—			—			—		—			—
Interest expense on debt		3			2			2			3			2		10			9
Other expenses		116			114			127			111			116		432			468
Total adjusted expenses		1,565			1,646			2,236			2,940			4,109		12,982			10,931
Adjusted earnings before provision for income tax		450			358			442			357			404		1,738			1,561
Provision for income tax expense (benefit)		94			73			91			73			83		357			320
Adjusted earnings		356			285			351			284			321		1,381			1,241
Preferred stock dividends		—			—			—			—			—		—			—
Adjusted earnings available to common shareholders		$	356		$	285		$	351		$	284		$	321	$	1,381		$	1,241
Adjusted premiums, fees and other revenues		$	523		$	609		$	1,220		$	1,878		$	3,104	$	9,044		$	6,811
Less: PRT		(76		)	(2		)	556			1,293			2,499		6,894			4,346
Adjusted premiums, fees and other revenues, excluding PRT		$	599		$	611		$	664		$	585		$	605	$	2,150		$	2,465

13

U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Adjusted revenues
Premiums	$	914		$	898		$	912		$	925		$	925		$	3,593		$	3,660
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	42			44			45			48			41			174			178
Other revenues	5			6			5			6			3			22			20
Total adjusted revenues	961			948			962			979			969			3,789			3,858
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	600			591			642			674			697			2,444			2,604
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(100		)	(98		)	(109		)	(117		)	(107		)	(407		)	(431		)
Amortization of DAC and VOBA	103			100			102			108			107			400			417
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	238			238			243			247			245			939			973
Total adjusted expenses	841			831			878			912			942			3,376			3,563
Adjusted earnings before provision for income tax	120			117			84			67			27			413			295
Provision for income tax expense (benefit)	21			20			14			10			2			69			46
Adjusted earnings	99			97			70			57			25			344			249
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	99		$	97		$	70		$	57		$	25		$	344		$	249
Adjusted premiums, fees and other revenues	$	919		$	904		$	917		$	931		$	928		$	3,615		$	3,680

14

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Balance, beginning of period	$	18,904		$	18,924		$	18,926		$	18,965		$	18,963
Premiums and deposits	4,764			5,019			5,081			5,051			5,001
Surrenders and withdrawals	(599		)	(597		)	(619		)	(638		)	(592		)
Benefit payments	(3,691		)	(3,836		)	(3,887		)	(3,798		)	(3,757		)
Net flows	474			586			575			615			652
Net transfers from (to) separate account	(1		)	1			—			—			—
Interest	147			145			152			149			145
Policy charges	(147		)	(147		)	(150		)	(145		)	(149		)
Other	(453		)	(583		)	(538		)	(621		)	(646		)
Balance, end of period	$	18,924		$	18,926		$	18,965		$	18,963		$	18,965
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Balance, beginning of period	$	935		$	813		$	902		$	925		$	905
Premiums and deposits	64			64			64			62			65
Surrenders and withdrawals	(14		)	(18		)	(18		)	(28		)	(18		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	(1		)
Net flows	49			45			45			33			46
Investment performance	(117		)	101			34			1			74
Net transfers from (to) general account	1			(1		)	—			—			—
Policy charges	(52		)	(53		)	(54		)	(53		)	(54		)
Other	(3		)	(3		)	(2		)	(1		)	(1		)
Balance, end of period	$	813		$	902		$	925		$	905		$	970

15

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Direct and allocated expenses	$	319		$	310		$	314		$	316		$	363
Pension, postretirement and postemployment benefit costs	8			15			15			15			19
Premium taxes, other taxes, and licenses & fees	83			63			67			62			66
Commissions and other variable expenses	230			253			243			253			260
Other expenses, as reported on an adjusted basis	$	640		$	641		$	639		$	646		$	708
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Group Life (1)
Adjusted premiums, fees and other revenues	$	1,688		$	1,804		$	1,805		$	1,846		$	1,858
Mortality ratio	89.4		%	85.3		%	85.3		%	87.0		%	85.4		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,742		$	1,812		$	1,820		$	1,830		$	1,849
Interest adjusted benefit ratio (3)	73.2		%	72.9		%	75.4		%	70.3		%	71.4		%
(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)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Balance, beginning of period	$	114,796		$	113,653		$	115,419		$	118,073		$	118,134
Premiums and deposits	15,711			19,068			17,898			21,104			21,132
Surrenders and withdrawals	(17,014		)	(17,356		)	(16,582		)	(21,018		)	(17,718		)
Benefit payments	(998		)	(1,035		)	(1,021		)	(1,100		)	(1,040		)
Net flows	(2,301		)	677			295			(1,014		)	2,374
Net transfers from (to) separate account	—			—			—			—			—
Interest	1,040			1,052			1,051			1,053			1,029
Policy charges	(10		)	(32		)	(46		)	(47		)	(23		)
Other	128			69			1,354			69			339
Balance, end of period	$	113,653		$	115,419		$	118,073		$	118,134		$	121,853
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Balance, beginning of period	$	70,396		$	70,623		$	73,691		$	76,596		$	78,346
Premiums and deposits	2,355			1,088			1,469			1,472			1,681
Surrenders and withdrawals (1)	(2,276		)	(1,164		)	(1,780		)	(1,461		)	(4,360		)
Benefit payments	(18		)	(16		)	(29		)	(21		)	(27		)
Net flows	61			(92		)	(340		)	(10		)	(2,706		)
Investment performance	(542		)	2,741			2,184			1,508			865
Net transfers from (to) general account	—			—			—			—			—
Policy charges	(93		)	(64		)	(75		)	(83		)	(85		)
Other	801			483			1,136			335			(1,461		)
Balance, end of period	$	70,623		$	73,691		$	76,596		$	78,346		$	74,959
SYNTHETIC GICS (2)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Balance, beginning of period	$	24,244		$	25,700		$	26,501		$	27,219		$	28,098
Premiums and deposits (1)	1,518			776			770			1,054			3,019
Surrenders and withdrawals	(232		)	(150		)	(236		)	(369		)	(985		)
Net flows	1,286			626			534			685			2,034
Interest	170			175			184			194			209
Balance, end of period	$	25,700		$	26,501		$	27,219		$	28,098		$	30,341
(1) Includes $930 million, $0, $102 million, $20 million and $2.4 billion of transfers from separate account GICs to synthetic GICs at December 31, 2018, March 31, 2019, June 30, 2019, September 30, 2019 and December 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)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Direct and allocated expenses	$	63		$	62		$	64		$	56		$	61
Pension, postretirement and postemployment benefit costs	1			3			3			2			3
Premium taxes, other taxes, and licenses & fees	11			5			9			4			12
Commissions and other variable expenses	41			44			51			49			40
Other expenses, as reported on an adjusted basis	$	116		$	114		$	127		$	111		$	116
SPREAD
	For the Three Months Ended
Unaudited	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Investment income yield excluding variable investment income yield	4.80		%	4.52		%	4.50		%	4.43		%	4.32		%
Variable investment income yield	0.27		%	0.15		%	0.35		%	0.23		%	0.23		%
Total investment income yield	5.07		%	4.67		%	4.85		%	4.66		%	4.55		%
Average crediting rate	3.77		%	3.71		%	3.66		%	3.64		%	3.49		%
Annualized general account spread	1.30		%	0.96		%	1.19		%	1.02		%	1.06		%
Annualized general account spread excluding variable investment income yield	1.03		%	0.81		%	0.84		%	0.79		%	0.83		%

18

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Direct and allocated expenses	$	109		$	105		$	100		$	101		$	105
Pension, postretirement and postemployment benefit costs	3			2			2			2			3
Premium taxes, other taxes, and licenses & fees	24			22			27			24			23
Commissions and other variable expenses	102			109			114			120			114
Other expenses, as reported on an adjusted basis	$	238		$	238		$	243		$	247		$	245
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Net Written Premiums by Product
Auto	$	588		$	588		$	615		$	623		$	576
Homeowners & Other	307			277			347			354			321
Total	$	895		$	865		$	962		$	977		$	897
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	914		$	898		$	912		$	925		$	925
Loss and loss adjustment expense ratio	65.6		%	65.5		%	70.4		%	72.9		%	75.3		%
Other expense ratio	26.2		%	26.7		%	25.7		%	25.5		%	26.3		%
Total combined ratio	91.8		%	92.2		%	96.1		%	98.4		%	101.6		%
Effect of catastrophe losses	2.7		%	4.6		%	8.6		%	7.6		%	1.4		%
Combined ratio excluding catastrophes	89.1		%	87.6		%	87.5		%	90.8		%	100.2		%
Prior year development	(0.6)		%	(0.3)		%	(0.6)		%	(0.6)		%	6.3		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	89.7		%	87.9		%	88.1		%	91.4		%	93.9		%
Auto
Net earned premium	$	603		$	591		$	598		$	603		$	599
Loss and loss adjustment expense ratio	74.0		%	67.7		%	67.8		%	73.8		%	92.8		%
Other expense ratio	25.5		%	26.6		%	25.2		%	24.9		%	25.8		%
Total combined ratio	99.5		%	94.3		%	93.0		%	98.7		%	118.6		%
Effect of catastrophe losses	—		%	0.4		%	1.7		%	2.1		%	0.3		%
Combined ratio excluding catastrophes	99.5		%	93.9		%	91.3		%	96.6		%	118.3		%
Prior year development	(0.1)		%	(0.4		)%	(0.7		)%	(0.8)		%	10.9		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	99.6		%	94.3		%	92.0		%	97.4		%	107.4		%
Homeowners & Other
Net earned premium	$	311		$	307		$	314		$	322		$	326
Loss and loss adjustment expense ratio	49.4		%	61.3		%	75.4		%	71.2		%	43.2		%
Other expense ratio	27.5		%	27.0		%	26.7		%	26.6		%	27.1		%
Total combined ratio	76.9		%	88.3		%	102.1		%	97.8		%	70.3		%
Effect of catastrophe losses	8.0		%	12.5		%	21.6		%	17.9		%	3.5		%
Combined ratio excluding catastrophes	68.9		%	75.8		%	80.5		%	79.9		%	66.8		%
Prior year development	(1.5)		%	(0.1)		%	(0.2)		%	(0.3)		%	(2.0)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	70.4		%	75.9		%	80.7		%	80.2		%	68.8		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	—		$	2		$	10		$	13		$	2
Homeowners & Other	25			39			68			57			11
Total	$	25		$	41		$	78		$	70		$	13
(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 Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Adjusted revenues
Premiums		$	1,675		$	1,699		$	1,631		$	1,654		$	1,648		$	6,766		$	6,632
Universal life and investment-type product policy fees		409			406			419			430			419			1,630			1,674
Net investment income		853			880			944			915			952			3,317			3,691
Other revenues		11			16			13			14			13			51			56
Total adjusted revenues		2,948			3,001			3,007			3,013			3,032			11,764			12,053
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,392			1,319			1,279			1,264			1,323			5,326			5,185
Interest credited to policyholder account balances		371			403			424			440			443			1,465			1,710
Capitalization of DAC		(477		)	(479		)	(472		)	(498		)	(464		)	(1,915		)	(1,913		)
Amortization of DAC and VOBA		309			307			312			353			316			1,302			1,288
Amortization of negative VOBA		(8		)	(9		)	(7		)	(2		)	(7		)	(39		)	(25		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		969			955			955			955			953			3,840			3,818
Total adjusted expenses		2,556			2,496			2,491			2,512			2,564			9,979			10,063
Adjusted earnings before provision for income tax		392			505			516			501			468			1,785			1,990
Provision for income tax expense (benefit)		111			149			157			152			127			548			585
Adjusted earnings		281			356			359			349			341			1,237			1,405
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	281		$	356		$	359		$	349		$	341		$	1,237		$	1,405
Adjusted premiums, fees and other revenues		$	2,095		$	2,121		$	2,063		$	2,098		$	2,080		$	8,447		$	8,362

20

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018		March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Adjusted premiums, fees and other revenues	$	2,095	$	2,121	$	2,063	$	2,098	$	2,080
Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,128	$	2,119	$	2,073	$	2,083	$	2,080
Add: Operating joint ventures, on a constant currency basis (1), (2)	248		241		276		249		279
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,376	$	2,360	$	2,349	$	2,332	$	2,359
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018		March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Direct and allocated expenses	$	336	$	324	$	332	$	316	$	343
Pension, postretirement and postemployment benefit costs	22		23		23		23		23
Premium taxes, other taxes, and licenses & fees	44		43		43		43		51
Commissions and other variable expenses	567		565		557		573		536
Other expenses, as reported on an adjusted basis	$	969	$	955	$	955	$	955	$	953
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	492	$	476	$	483	$	457	$	489
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	987	$	957	$	959	$	948	$	953
Add: Operating joint ventures, on a constant currency basis (1), (2)	106		103		106		103		111
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	1,093	$	1,060	$	1,065	$	1,051	$	1,064
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	564	$	541	$	554	$	522	$	565
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018		March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Japan:
Life	$	184	$	174	$	163	$	169	$	156
Accident & Health	102		114		104		90		92
Annuities	125		178		135		122		65
Other	2		1		2		4		5
Total Japan	413		467		404		385		318
Other Asia	214		224		199		274		207
Total sales	$	627	$	691	$	603	$	659	$	525
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018		March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Adjusted earnings available to common shareholders	$	281	$	356	$	359	$	349	$	341
Adjusted earnings available to common shareholders, on a constant currency basis	$	278	$	351	$	357	$	350	$	341
(1) Adjusted premiums, fees and other revenues as well as 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) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

21

ASIA
GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)	December 31, 2018			March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Total investments	$	115,433		$	121,224	$	127,178	$	130,734	$	130,482
Add:
Cash and cash equivalents	3,126			3,264		3,406		3,239		2,508
FVA - mortgage loans	(47		)	203		359		446		377
FVA - real estate and real estate joint ventures	529			533		694		703		704
Less:
Policy loans	1,654			1,644		1,656		1,643		1,658
Other invested assets (including operating joint ventures)	334			59		26		40		(615		)
Contractholder-directed equity securities and fair value option securities	2,096			2,148		2,146		2,130		2,167
GA AUM	114,957			121,373		127,809		131,309		130,861
Less:
Unrealized gains (losses) on investments carried at estimated fair value	5,745			8,417		10,747		12,243		10,736
FVA - mortgage loans	(47		)	203		359		446		377
FVA - real estate and real estate joint ventures	529			533		694		703		704
GA AUM (excluding FVA)	$	108,730		$	112,220	$	116,009	$	117,917	$	119,044
GA AUM (excluding FVA), on a constant currency basis	$	108,934		$	112,876	$	115,553	$	118,546	$	119,044
Add: Operating joint ventures, on a constant currency basis (1)	3,848			4,021		4,188		4,363		4,620
GA AUM (excluding FVA), including operating joint ventures, on a constant currency basis	$	112,782		$	116,897	$	119,741	$	122,909	$	123,664
(1) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments.

22

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Adjusted revenues
Premiums		$	681		$	646		$	773		$	703		$	601		$	2,760		$	2,723
Universal life and investment-type product policy fees		264			284			280			256			274			1,050			1,094
Net investment income		297			296			360			295			320			1,239			1,271
Other revenues		11			12			11			8			13			35			44
Total adjusted revenues		1,253			1,238			1,424			1,262			1,208			5,084			5,132
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		626			597			790			656			580			2,602			2,623
Interest credited to policyholder account balances		99			94			86			74			78			394			332
Capitalization of DAC		(95		)	(94		)	(100		)	(102		)	(100		)	(377		)	(396		)
Amortization of DAC and VOBA		73			78			79			58			76			209			291
Amortization of negative VOBA		—			—			—			—			—			(1		)	—
Interest expense on debt		1			1			1			—			1			6			3
Other expenses		369			366			352			356			369			1,421			1,443
Total adjusted expenses		1,073			1,042			1,208			1,042			1,004			4,254			4,296
Adjusted earnings before provision for income tax		180			196			216			220			204			830			836
Provision for income tax expense (benefit)		43			62			57			65			43			238			227
Adjusted earnings		137			134			159			155			161			592			609
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	137		$	134		$	159		$	155		$	161		$	592		$	609
Adjusted premiums, fees and other revenues		$	956		$	942		$	1,064		$	967		$	888		$	3,845		$	3,861

23

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018		March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Direct and allocated expenses	$	148	$	148	$	134	$	130	$	145
Pension, postretirement and postemployment benefit costs	1		1		1		1		2
Premium taxes, other taxes, and licenses & fees	18		15		14		15		14
Commissions and other variable expenses	202		202		203		210		208
Other expenses, as reported on an adjusted basis	$	369	$	366	$	352	$	356	$	369
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	274	$	272	$	252	$	254	$	269
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	359	$	348	$	338	$	349	$	369
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	266	$	258	$	242	$	249	$	269
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018		March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Mexico	$	85	$	110	$	83	$	84	$	99
Chile	73		67		86		83		66
All other	56		36		49		52		73
Total sales	$	214	$	213	$	218	$	219	$	238
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018		March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Adjusted premiums, fees and other revenues	$	956	$	942	$	1,064	$	967	$	888
Adjusted earnings available to common shareholders	$	137	$	134	$	159	$	155	$	161
Adjusted premiums, fees and other revenues, on a constant currency basis	$	926	$	893	$	1,013	$	944	$	888
Adjusted earnings available to common shareholders, on a constant currency basis	$	133	$	125	$	151	$	151	$	161

24

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Adjusted revenues
Premiums		$	520		$	542		$	551		$	526		$	558		$	2,131		$	2,177
Universal life and investment-type product policy fees		107			103			105			117			98			431			423
Net investment income		72			74			73			73			71			293			291
Other revenues		15			14			13			13			14			66			54
Total adjusted revenues		714			733			742			729			741			2,921			2,945
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		266			284			292			291			309			1,127			1,176
Interest credited to policyholder account balances		25			24			23			25			26			100			98
Capitalization of DAC		(120		)	(117		)	(126		)	(128		)	(134		)	(468		)	(505		)
Amortization of DAC and VOBA		110			92			107			128			101			434			428
Amortization of negative VOBA		(3		)	(1		)	(3		)	(2		)	(2		)	(15		)	(8		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		355			338			350			341			370			1,378			1,399
Total adjusted expenses		633			620			643			655			670			2,556			2,588
Adjusted earnings before provision for income tax		81			113			99			74			71			365			357
Provision for income tax expense (benefit)		26			27			22			21			5			88			75
Adjusted earnings		55			86			77			53			66			277			282
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	55		$	86		$	77		$	53		$	66		$	277		$	282
Adjusted premiums, fees and other revenues		$	642		$	659		$	669		$	656		$	670		$	2,628		$	2,654

25

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018		March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Direct and allocated expenses	$	135	$	122	$	128	$	115	$	142
Pension, postretirement and postemployment benefit costs	2		1		2		2		1
Premium taxes, other taxes, and licenses & fees	10		8		7		7		6
Commissions and other variable expenses	208		207		213		217		221
Other expenses, as reported on an adjusted basis	$	355	$	338	$	350	$	341	$	370
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	235	$	221	$	224	$	213	$	236
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	351	$	334	$	349	$	342	$	370
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	232	$	219	$	223	$	214	$	236
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018		March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Adjusted premiums, fees and other revenues	$	642	$	659	$	669	$	656	$	670
Adjusted earnings available to common shareholders	$	55	$	86	$	77	$	53	$	66
Adjusted premiums, fees and other revenues, on a constant currency basis	$	636	$	652	$	668	$	660	$	670
Adjusted earnings available to common shareholders, on a constant currency basis	$	54	$	84	$	77	$	53	$	66
Total sales on a constant currency basis	$	198	$	252	$	224	$	207	$	222

26

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Adjusted revenues
Premiums		$	1,023		$	927		$	924		$	925		$	972		$	3,879		$	3,748
Universal life and investment-type product policy fees		317			274			286			284			280			1,218			1,124
Net investment income		1,323			1,287			1,338			1,316			1,340			5,379			5,281
Other revenues		45			67			65			52			69			250			253
Total adjusted revenues		2,708			2,555			2,613			2,577			2,661			10,726			10,406
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,811			1,648			1,703			1,856			1,763			6,833			6,970
Interest credited to policyholder account balances		235			226			227			228			224			944			905
Capitalization of DAC		(8		)	(6		)	(8		)	(9		)	(5		)	(36		)	(28		)
Amortization of DAC and VOBA		118			63			80			94			62			332			299
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		3			2			2			2			2			9			8
Other expenses		266			227			237			223			282			1,081			969
Total adjusted expenses		2,425			2,160			2,241			2,394			2,328			9,163			9,123
Adjusted earnings before provision for income tax		283			395			372			183			333			1,563			1,283
Provision for income tax expense (benefit)		60			78			73			34			64			308			249
Adjusted earnings		223			317			299			149			269			1,255			1,034
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	223		$	317		$	299		$	149		$	269		$	1,255		$	1,034
Adjusted premiums, fees and other revenues		$	1,385		$	1,268		$	1,275		$	1,261		$	1,321		$	5,347		$	5,125

27

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Balance, beginning of period	$	80,258		$	80,734		$	80,645		$	80,830		$	81,118
Premiums and deposits (2), (3)	1,321			1,195			1,167			1,177			1,322
Surrenders and withdrawals	(627		)	(617		)	(607		)	(682		)	(680		)
Benefit payments	(721		)	(843		)	(736		)	(717		)	(813		)
Net flows	(27		)	(265		)	(176		)	(222		)	(171		)
Net transfers from (to) separate account	4			12			14			12			20
Interest	827			823			826			833			834
Policy charges	(196		)	(191		)	(189		)	(190		)	(188		)
Other	(132		)	(468		)	(290		)	(145		)	(452		)
Balance, end of period	$	80,734		$	80,645		$	80,830		$	81,118		$	81,161
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Balance, beginning of period	$	19,925		$	19,784		$	19,371		$	19,309		$	19,402
Premiums and deposits (2), (3)	99			111			106			100			97
Surrenders and withdrawals	(525		)	(497		)	(414		)	(389		)	(512		)
Benefit payments	(149		)	(173		)	(160		)	(149		)	(161		)
Net flows	(575		)	(559		)	(468		)	(438		)	(576		)
Net transfers from (to) separate account	74			89			110			93			80
Interest	145			141			139			138			134
Policy charges	(4		)	(4		)	(4		)	(4		)	(4		)
Other	219			(80		)	161			304			(281		)
Balance, end of period	$	19,784		$	19,371		$	19,309		$	19,402		$	18,755
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Balance, beginning of period	$	5,450		$	4,660		$	5,220		$	5,368		$	5,324
Premiums and deposits (3)	66			67			63			62			62
Surrenders and withdrawals	(56		)	(59		)	(62		)	(61		)	(59		)
Benefit payments	(21		)	(8		)	(9		)	(9		)	(7		)
Net flows	(11		)	—			(8		)	(8		)	(4		)
Investment performance	(713		)	638			241			(9		)	409
Net transfers from (to) general account	(4		)	(12		)	(14		)	(12		)	(20		)
Policy charges	(67		)	(65		)	(66		)	(67		)	(66		)
Other	5			(1		)	(5		)	52			4
Balance, end of period	$	4,660		$	5,220		$	5,368		$	5,324		$	5,647
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Balance, beginning of period	$	43,128		$	37,549		$	40,136		$	40,255		$	39,122
Premiums and deposits (3)	90			92			91			77			79
Surrenders and withdrawals	(1,131		)	(978		)	(1,126		)	(1,070		)	(1,147		)
Benefit payments	(94		)	(100		)	(106		)	(104		)	(105		)
Net flows	(1,135		)	(986		)	(1,141		)	(1,097		)	(1,173		)
Investment performance	(4,157		)	3,854			1,574			269			2,294
Net transfers from (to) general account	(74		)	(89		)	(110		)	(93		)	(80		)
Policy charges	(213		)	(191		)	(205		)	(212		)	(201		)
Other	—			(1		)	1			—			—
Balance, end of period	$	37,549		$	40,136		$	40,255		$	39,122		$	39,962
(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.

28

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Direct and allocated expenses	$	182		$	146		$	154		$	141		$	184
Pension, postretirement and postemployment benefit costs	5			8			8			7			9
Premium taxes, other taxes, and licenses & fees	15			18			18			17			14
Commissions and other variable expenses	64			55			57			58			75
Other expenses, as reported on an adjusted basis	$	266		$	227		$	237		$	223		$	282
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Life (1)
Adjusted premiums, fees and other revenues	$	964		$	849		$	851		$	845		$	906
Interest adjusted benefit ratio	58.0		%	50.0		%	53.9		%	67.5		%	55.5		%
Lapse Ratio (2)
Traditional life	5.2		%	4.8		%	4.8		%	4.8		%	4.8		%
Variable & universal life	4.4		%	4.3		%	4.2		%	4.2		%	4.1		%
Fixed annuity	8.6		%	10.2		%	10.7		%	10.7		%	11.3		%
Variable annuity	10.2		%	10.1		%	10.2		%	10.2		%	10.2		%
(1) Represents traditional life and variable & universal life, components of Life & Other.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

29

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Adjusted revenues
Premiums		$	132		$	24		$	16		$	35		$	8		$	118		$	83
Universal life and investment-type product policy fees		—			1			—			1			—			—			2
Net investment income		21			25			44			114			92			178			275
Other revenues		87			94			82			36			79			333			291
Total adjusted revenues		240			144			142			186			179			629			651
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		118			20			18			32			3			80			73
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		(1		)	(2		)	(4		)	(3		)	(3		)	(8		)	(12		)
Amortization of DAC and VOBA		1			1			2			2			1			6			6
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		234			229			268			218			219			1,032			934
Other expenses		102			222			289			320			243			907			1,074
Total adjusted expenses		454			470			573			569			463			2,017			2,075
Adjusted earnings before provision for income tax		(214		)	(326		)	(431		)	(383		)	(284		)	(1,388		)	(1,424		)
Provision for income tax expense (benefit)		(226		)	(165		)	(181		)	(192		)	(663		)	(825		)	(1,201		)
Adjusted earnings		12			(161		)	(250		)	(191		)	379			(563		)	(223		)
Preferred stock dividends		57			32			57			32			57			141			178
Adjusted earnings available to common shareholders		$	(45	)	$	(193	)	$	(307	)	$	(223	)	$	322		$	(704	)	$	(401	)
Adjusted premiums, fees and other revenues		$	219		$	119		$	98		$	72		$	87		$	451		$	376
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Business activities		$	10		$	13		$	12		$	25		$	20		$	41		$	70
Net investment income		49			29			46			114			101			263			290
Interest expense on debt		(245		)	(239		)	(280		)	(229		)	(230		)	(1,076		)	(978		)
Corporate initiatives and projects		(137		)	(100		)	(117		)	(151		)	(195		)	(405		)	(563		)
Other		(90		)	(29		)	(92		)	(142		)	(67		)	(368		)	(330		)
Provision for income tax (expense) benefit and other tax-related items		425			165			181			192			750			982			1,288
Preferred stock dividends		(57		)	(32		)	(57		)	(32		)	(57		)	(141		)	(178		)
Adjusted earnings available to common shareholders		$	(45	)	$	(193	)	$	(307	)	$	(223	)	$	322		$	(704	)	$	(401	)

30

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
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.
	At or For the Three Months Ended (1)															At or For the Year Ended (1)
Unaudited (In millions, except yields)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Fixed Maturity Securities
Yield	4.23		%	4.23		%	4.30		%	4.15		%	4.19		%	4.26		%	4.22		%
Investment income (2), (3)	$	2,914		$	2,902		$	2,975		$	2,901		$	2,965		$	11,678		$	11,743
Investment gains (losses)	40			(24		)	138			82			71			5			267
Ending carrying value (4)	299,136			309,368			319,696			327,203			329,067			299,136			329,067
Mortgage Loans
Yield	4.72		%	4.73		%	4.82		%	4.74		%	5.00		%	4.66		%	4.82		%
Investment income (3)	874			912			943			929			998			3,340			3,782
Investment gains (losses)	(24		)	(15		)	14			(16		)	6			(56		)	(11		)
Ending carrying value	75,752			78,601			77,997			78,959			80,529			75,752			80,529
Real Estate and Real Estate Joint Ventures
Yield	2.83		%	2.04		%	3.62		%	3.53		%	3.58		%	3.59		%	3.20		%
Investment income	70			50			92			91			94			352			327
Investment gains (losses)	172			5			1			96			297			326			399
Ending carrying value	9,698			10,022			10,326			10,246			10,741			9,698			10,741
Policy Loans
Yield	5.16		%	5.28		%	5.34		%	5.33		%	5.21		%	5.21		%	5.29		%
Investment income	125			128			129			129			126			506			512
Ending carrying value	9,699			9,670			9,705			9,671			9,680			9,699			9,680
Equity Securities
Yield	6.09		%	5.43		%	5.15		%	4.62		%	5.85		%	4.79		%	5.25		%
Investment income	19			16			16			13			16			64			61
Investment gains (losses)	(96		)	107			(2		)	17			12			(75		)	134
Ending carrying value	1,440			1,432			1,476			1,341			1,342			1,440			1,342
Other Limited Partnership Interests
Yield	12.47		%	7.59		%	14.28		%	15.37		%	9.87		%	12.97		%	11.81		%
Investment income	203			127			247			279			187			792			840
Investment gains (losses)	—			(1		)	1			3			3			9			6
Ending carrying value	6,613			6,787			7,054			7,441			7,716			6,613			7,716
Cash and Short-term Investments
Yield	2.67		%	3.08		%	2.39		%	2.31		%	2.09		%	2.41		%	2.47		%
Investment income	66			79			65			62			50			244			256
Investment gains (losses)	2			—			(5		)	(1		)	9			(6		)	3
Ending carrying value	19,758			19,030			21,246			22,988			20,448			19,758			20,448
Other Invested Assets
Investment income	217			203			225			226			247			887			901
Investment gains (losses)	5			(67		)	(38		)	(30		)	(10		)	(162		)	(145		)
Ending carrying value	18,190			18,175			20,036			21,979			19,015			18,190			19,015
Total Investments
Investment income yield	4.54		%	4.44		%	4.66		%	4.57		%	4.57		%	4.56		%	4.56		%
Investment fees and expenses yield	(0.12		)%	(0.14		)%	(0.14		)%	(0.13		)%	(0.13		)%	(0.12		)%	(0.14		)%
Net Investment Income Yield	4.42		%	4.30		%	4.52		%	4.44		%	4.44		%	4.44		%	4.42		%
Investment income	$	4,488		$	4,417		$	4,692		$	4,630		$	4,683		$	17,863		$	18,422
Investment fees and expenses	(113		)	(136		)	(138		)	(134		)	(137		)	(479		)	(545		)
Net investment income including Divested businesses	4,375			4,281			4,554			4,496			4,546			17,384			17,877
Less: Net investment income from Divested businesses	—			—			—			23			24			1			47
Net Investment Income, as reported on an adjusted basis (5)	$	4,375		$	4,281		$	4,554		$	4,473		$	4,522		$	17,383		$	17,830
Ending Carrying Value	$	440,286		$	453,085		$	467,536		$	479,828		$	478,538		$	440,286		$	478,538
Gross investment gains	$	569		$	375		$	328		$	332		$	672		$	1,499		$	1,707
Gross investment losses	(440		)	(271		)	(189		)	(159		)	(144		)	(1,279		)	(763		)
Writedowns	(30		)	(99		)	(30		)	(22		)	(140		)	(179		)	(291		)
Investment Portfolio Gains (Losses) (6)	99			5			109			151			388			41			653
Investment portfolio gains (losses) income tax (expense) benefit	(10		)	(17		)	(26		)	(64		)	(96		)	(75		)	(203		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	89		$	(12	)	$	83		$	87		$	292		$	(34	)	$	450
Derivative gains (losses) (6)	$	824		$	15		$	614		$	1,141		$	(1,583	)	$	399		$	187
Derivative gains (losses) income tax (expense) benefit	(201		)	(18		)	(150		)	(259		)	364			(103		)	(63		)
Derivative Gains (Losses), Net of Income Tax	$	623		$	(3	)	$	464		$	882		$	(1,219	)	$	296		$	124
See footnotes on Page 34.

31

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019				December 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		$	78,948	26.4	%	$	80,146	26.0	%	$	83,712	26.3	%	$	87,114	26.7	%	$	87,753	26.8	%
Foreign government securities		62,288		20.9	%	64,955		21.1	%	67,554		21.2	%	67,547		20.7	%	67,229		20.5	%
Foreign corporate securities		56,703		19.0	%	59,945		19.4	%	62,398		19.6	%	63,100		19.3	%	64,165		19.6	%
U.S. government and agency securities		39,322		13.2	%	41,008		13.3	%	40,003		12.6	%	40,802		12.5	%	42,084		12.8	%
Residential mortgage-backed securities		27,961		9.4	%	28,360		9.2	%	29,049		9.1	%	29,591		9.1	%	28,547		8.7	%
Asset-backed securities		12,472		4.2	%	12,631		4.1	%	13,712		4.3	%	14,345		4.4	%	14,542		4.4	%
Municipals		11,533		3.9	%	11,898		3.8	%	12,255		3.8	%	12,942		4.0	%	13,053		4.0	%
Commercial mortgage-backed securities		9,038		3.0	%	9,467		3.1	%	10,006		3.1	%	10,608		3.3	%	10,447		3.2	%
Fixed Maturity Securities Available-For-Sale		$	298,265	100.0	%	$	308,410	100.0	%	$	318,689	100.0	%	$	326,049	100.0	%	$	327,820	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	208,806	70.0	%	$	216,343	70.1	%	$	223,594	70.2	%	$	229,104	70.3	%	$	230,708	70.4	%
2	Baa	73,141		24.5	%	75,769		24.6	%	78,943		24.8	%	81,478		25.0	%	81,425		24.8	%
3	Ba	11,158		3.7	%	11,350		3.7	%	11,490		3.6	%	11,400		3.5	%	11,652		3.6	%
4	B	4,498		1.6	%	4,324		1.4	%	4,176		1.3	%	3,423		1.0	%	3,337		1.0	%
5	Caa and lower	647		0.2	%	591		0.2	%	451		0.1	%	609		0.2	%	693		0.2	%
6	In or near default	15		—	%	33		—	%	35		—	%	35		—	%	5		—	%
Fixed Maturity Securities Available-For-Sale (7)		$	298,265	100.0	%	$	308,410	100.0	%	$	318,689	100.0	%	$	326,049	100.0	%	$	327,820	100.0	%
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (8)
		December 31, 2018				March 31, 2019				June 30, 2019				September 30, 2019				December 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%		$	5,340	89.7	%	$	2,563	91.2	%	$	1,542	80.6	%	$	1,499	73.3	%	$	1,370	83.2	%
20% or more for less than six months		460		7.7	%	135		4.8	%	215		11.2	%	370		18.1	%	116		7.0	%
20% or more for six months or greater		155		2.6	%	113		4.0	%	156		8.2	%	176		8.6	%	161		9.8	%
Gross Unrealized Losses		$	5,955	100.0	%	$	2,811	100.0	%	$	1,913	100.0	%	$	2,045	100.0	%	$	1,647	100.0	%
Gross Unrealized Gains		$	17,404			$	22,662			$	29,373			$	34,964			$	31,812
See footnotes on Page 34.

32

INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019					December 31, 2019
Commercial mortgage loans	$	48,463				$	49,960				$	49,570				$	49,898				$	49,624
Agricultural mortgage loans	14,905					15,130					15,334					15,752					16,695
Residential mortgage loans	12,726					13,861					13,450					13,659					14,504
Mortgage loans held-for-sale	—					—					—					—					59
Mortgage Loans	76,094					78,951					78,354					79,309					80,882
Valuation allowances	(342		)			(350		)			(357		)			(350		)			(353		)
Mortgage Loans, net	$	75,752				$	78,601				$	77,997				$	78,959				$	80,529
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2018					March 31, 2019					June 30, 2019					September 30, 2019					December 31, 2019
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total
Pacific	$	10,884		22.5	%	$	10,683		21.4	%	$	10,511		21.2	%	$	10,079		20.2	%	$	10,169		20.5	%
Non-U.S.	9,281			19.1	%	9,727			19.5	%	9,463			19.1	%	9,480			19.0	%	10,093			20.3	%
Middle Atlantic	7,911			16.3	%	7,873			15.7	%	7,952			16.0	%	8,210			16.4	%	8,302			16.7	%
South Atlantic	6,347			13.1	%	6,427			12.9	%	6,459			13.0	%	6,896			13.8	%	6,487			13.1	%
West South Central	3,951			8.1	%	4,299			8.6	%	4,386			8.9	%	4,454			8.9	%	4,255			8.6	%
East North Central	2,840			5.9	%	3,269			6.5	%	3,245			6.6	%	3,225			6.5	%	3,066			6.2	%
Mountain	1,387			2.9	%	1,501			3.0	%	1,729			3.5	%	1,774			3.6	%	1,602			3.2	%
New England	1,481			3.1	%	1,479			3.0	%	1,628			3.3	%	1,705			3.4	%	1,433			2.9	%
West North Central	594			1.2	%	594			1.2	%	593			1.2	%	592			1.2	%	607			1.2	%
East South Central	564			1.2	%	563			1.1	%	563			1.1	%	530			1.1	%	502			1.0	%
Multi-Region and Other	3,223			6.6	%	3,545			7.1	%	3,041			6.1	%	2,953			5.9	%	3,108			6.3	%
Total	$	48,463		100.0	%	$	49,960		100.0	%	$	49,570		100.0	%	$	49,898		100.0	%	$	49,624		100.0	%
Office	$	23,995		49.5	%	$	24,514		49.1	%	$	23,755		47.9	%	$	23,455		47.0	%	$	22,925		46.2	%
Retail	9,089			18.7	%	9,387			18.8	%	9,577			19.3	%	9,707			19.5	%	9,052			18.2	%
Apartment	7,018			14.5	%	6,943			13.9	%	6,960			14.1	%	6,906			13.8	%	8,212			16.6	%
Industrial	3,719			7.7	%	3,761			7.5	%	3,748			7.6	%	4,226			8.5	%	3,985			8.0	%
Hotel	3,479			7.2	%	3,716			7.4	%	3,688			7.4	%	3,617			7.2	%	3,471			7.0	%
Other	1,163			2.4	%	1,639			3.3	%	1,842			3.7	%	1,987			4.0	%	1,979			4.0	%
Total	$	48,463		100.0	%	$	49,960		100.0	%	$	49,570		100.0	%	$	49,898		100.0	%	$	49,624		100.0	%

33

INVESTMENTS FOOTNOTES
(1) We calculate yields using average quarterly asset carrying values. Yields exclude the impact of 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 5. 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 and contractholder-directed equity securities. 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 investment income related to fair value option securities of $26 million, $55 million, $38 million, $59 million and $32 million for the three months ended December 31, 2018, March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively, and $51 million and $184 million for the year ended December 31, 2018 and December 31, 2019, respectively.
(3) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4) The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Fixed maturity securities available-for-sale	$	298,265		$	308,410		$	318,689		$	326,049		$	327,820
Contractholder-directed equity securities and fair value option securities	12,616			13,245			13,000			12,671			13,102
Total fixed maturity securities	310,881			321,655			331,689			338,720			340,922
Less: Contractholder-directed equity securities	11,741			12,284			11,990			11,514			11,852
Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs	4			3			3			3			3
Fixed maturity securities	$	299,136		$	309,368		$	319,696		$	327,203		$	329,067
(5) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5.
(6) Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
	For the Three Months Ended															For the Year Ended
	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Net investment gains (losses)	$	145		$	15		$	61		$	161		$	207		$	(298	)	$	444
Less: Operating joint venture adjustments	—			—			—			—			—			(1		)	—
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	6			(15		)	3			(1		)	(1		)	12			(14		)
Less: Non-investment portfolio gains (losses)	40			25			(51		)	11			(180		)	(350		)	(195		)
Investment portfolio gains (losses)	$	99		$	5		$	109		$	151		$	388		$	41		$	653
	For the Three Months Ended															For the Year Ended
	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Net derivative gains (losses)	$	939		$	115		$	724		$	1,254		$	(1,465	)	$	851		$	628
Less: Investment hedge adjustments	121			105			118			121			125			475			469
Less: Settlement of foreign currency earnings hedges	(5		)	(2		)	(2		)	(3		)	(2		)	(19		)	(9		)
Less: PAB hedge adjustments	(1		)	(3		)	(6		)	(5		)	(5		)	(4		)	(19		)
Derivative gains (losses)	$	824		$	15		$	614		$	1,141		$	(1,583	)	$	399		$	187
(7) 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 mortgage-backed securities (non-agency residential mortgage-backed securities and commercial mortgage-backed securities). 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 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 mortgage-backed 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.
(8) 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.

34

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	2,010		$	1,349		$	1,684		$	2,152		$	536		$	4,982		$	5,721
Add: Preferred stock dividends	57			32			57			32			57			141			178
Add: Net Income (loss) attributable to noncontrolling interests	(5		)	4			5			6			(5		)	5			10
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Income (loss) from continuing operations, net of income tax	2,062			1,385			1,746			2,190			588			$	5,128		$	5,909
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	145			15			61			161			207			(298		)	444
Net derivative gains (losses)	939			115			724			1,254			(1,465		)	851			628
Premiums - Divested businesses	—			—			—			35			36			—			71
Universal life and investment-type product policy fees
Unearned revenue adjustments	(8		)	—			20			59			18			(7		)	97
GMIB fees	27			27			28			27			26			120			108
Divested businesses	—			—			—			2			1			7			3
Net investment income
Investment hedge adjustments	(121		)	(105		)	(118		)	(121		)	(125		)	(475		)	(469		)
Operating joint venture adjustments	—			—			—			—			—			1			—
Unit-linked contract income	(765		)	736			261			250			228			(683		)	1,475
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(27		)	(4		)	(4		)	(2		)	(5		)	(61		)	(15		)
Divested businesses	—			—			—			23			24			1			47
Other revenues
Settlement of foreign currency earnings hedges	5			2			2			3			2			19			9
TSA fees	70			68			69			69			40			305			246
Divested businesses	—			—			—			—			2			—			2
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments	—			—			—			(9		)	(10		)	—			(19		)
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	(1		)	(79		)	(84		)	(87		)	6			(29		)	(244		)
GMIB costs	78			(56		)	(39		)	47			(106		)	(146		)	(154		)
Market value adjustments	1			4			11			(3		)	(8		)	1			4
Divested businesses	—			—			—			(34		)	(33		)	—			(67		)
Interest credited to policyholder account balances
PAB hedge adjustments	1			3			6			5			5			4			19
Unit-linked contract costs	730			(716		)	(257		)	(223		)	(240		)	676			(1,436		)
Divested businesses	—			—			—			(8		)	(10		)	—			(18		)
Capitalization of DAC - Divested businesses	—			—			—			11			9			1			20
Amortization of DAC and VOBA
Related to NIGL and NDGL	(44		)	24			5			(39		)	(106		)	(109		)	(116		)
Related to GMIB fees and GMIB costs	(68		)	7			3			—			1			(106		)	11
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			—			(2		)	(2		)	—			(4		)
Amortization of negative VOBA
Related to market value adjustments	—			—			—			—			—			1			—
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	(18		)	—			—			—			—			(63		)	—
Other expenses
Noncontrolling interest	(5		)	6			6			8			(5		)	10			15
Regulatory implementation costs	(5		)	(3		)	(7		)	(5		)	(3		)	(11		)	(18		)
Acquisition, integration and other costs	14			(23		)	(6		)	(8		)	(7		)	(24		)	(44		)
TSA fees	(70		)	(68		)	(69		)	(69		)	(40		)	(305		)	(246		)
Divested businesses	4			—			(6		)	(36		)	(116		)	(68		)	(158		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	(213		)	(24		)	(236		)	(340		)	373			(86		)	(227		)
Adjusted earnings	1,393			1,456			1,376			1,222			1,891			5,602			5,945
Less: Preferred stock dividends	57			32			57			32			57			141			178
Adjusted earnings available to common shareholders	$	1,336		$	1,424		$	1,319		$	1,190		$	1,834		$	5,461		$	5,767

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL (2)
		For the Three Months Ended																For the Year Ended
Unaudited (In millions)			December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Actuarial assumption review and other insurance adjustments			$	—		$	—		$	—		$	(160	)	$	—		$	(6	)	$	(160	)
Litigation reserves & settlement costs			(60		)	—			—			—			—			(60		)	—
Expense initiative costs			(100		)	(55		)	(70		)	(88		)	(119		)	(284		)	(332		)
Interest on tax adjustments			170			—			—			—			64			170			64
Tax adjustments			77			—			—			—			475			77			475
Total notable items			$	87		$	(55	)	$	(70	)	$	(248	)	$	420		$	(103	)	$	47
U.S.
		For the Three Months Ended																For the Year Ended
Unaudited (In millions)			December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Actuarial assumption review and other insurance adjustments			$	—		$	—		$	—		$	—		$	—		$	37		$	—
Total notable items			$	—		$	—		$	—		$	—		$	—		$	37		$	—
	GROUP BENEFITS
		For the Three Months Ended																For the Year Ended
	Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 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.
(2) Certain amounts in prior periods have been reclassified to conform to current period presentation.

A-2

APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019				December 31, 2018			December 31, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	—		$	(19	)	$	—			$	(86	)	$	(19	)
Total notable items		$	—		$	—		$	—		$	(19	)	$	—			$	(86	)	$	(19	)
LATIN AMERICA
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019				December 31, 2018			December 31, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	—		$	10		$	—			$	28		$	10
Total notable items		$	—		$	—		$	—		$	10		$	—			$	28		$	10
EMEA
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019				December 31, 2018			December 31, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	—		$	(13	)	$	—			$	(23	)	$	(13	)
Total notable items		$	—		$	—		$	—		$	(13	)	$	—			$	(23	)	$	(13	)
METLIFE HOLDINGS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019				December 31, 2018			December 31, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	—		$	—		$	(138	)	$	—			$	38		$	(138	)
Total notable items		$	—		$	—		$	—		$	(138	)	$	—			$	38		$	(138	)
CORPORATE & OTHER (2)
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019				December 31, 2018			December 31, 2019
Litigation reserves & settlement costs		$	(60	)	$	—		$	—		$	—		$	—			$	(60	)	$	—
Expense initiative costs		(100		)	(55		)	(70		)	(88		)	(119		)		(284		)	(332		)
Interest on tax adjustments		170			—			—			—			64				170			64
Tax adjustments		77			—			—			—			475				77			475
Total notable items		$	87		$	(55	)	$	(70	)	$	(88	)	$	420			$	(97	)	$	207
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
(2) Certain amounts in prior periods have been reclassified to conform to current period presentation.

A-3

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Total MetLife, Inc.'s stockholders' equity	$	52,741		$	58,509		$	63,811		$	68,368		$	66,144
Less: Preferred stock	3,340			3,340			3,340			3,340			3,340
MetLife, Inc.'s common stockholders' equity	49,401			55,169			60,471			65,028			62,804
Less: Net unrealized investment gains (losses), net of income tax	8,655			13,862			18,381			22,330			19,981
Defined benefit plans adjustment, net of income tax	(2,028		)	(2,004		)	(1,984		)	(1,961		)	(2,002		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	42,774		$	43,311		$	44,074		$	44,659		$	44,825
Less: Goodwill, net of income tax	9,133			9,082			9,071			8,955			8,986
VODA and VOCRA, net of income tax	312			298			288			279			268
Total MetLife, Inc.'s tangible common stockholders' equity	$	33,329		$	33,931		$	34,715		$	35,425		$	35,571
Unaudited (In millions, except per share data)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
Book value per common share	$	51.53		$	58.06		$	64.61		$	70.71		$	68.62
Less: Net unrealized investment gains (losses), net of income tax	9.03			14.59			19.64			24.28			21.84
Defined benefit plans adjustment, net of income tax	(2.12		)	(2.11		)	(2.12		)	(2.13		)	(2.19		)
Book value per common share, excluding AOCI other than FCTA	$	44.62		$	45.58		$	47.09		$	48.56		$	48.97
Less: Goodwill, net of income tax	9.52			9.56			9.69			9.74			9.82
VODA and VOCRA, net of income tax	0.33			0.31			0.31			0.30			0.29
Book value per common share - tangible common stockholders' equity	$	34.77		$	35.71		$	37.09		$	38.52		$	38.86
Common shares outstanding, end of period	958.6			950.2			935.9			919.6			915.3
	For the Three Months Ended (1)															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2018			December 31, 2019
Return on MetLife, Inc.'s:
Common stockholders' equity	16.5		%	10.3		%	11.6		%	13.7		%	3.4		%	9.6		%	9.8		%
Common stockholders' equity, excluding AOCI other than FCTA	18.9		%	12.5		%	15.4		%	19.4		%	4.8		%	11.5		%	13.0		%
Tangible common stockholders' equity (2)	24.4		%	16.2		%	19.7		%	24.6		%	6.1		%	14.8		%	16.6		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.9		%	10.9		%	9.1		%	7.6		%	11.5		%	10.6		%	9.8		%
Common stockholders' equity, excluding AOCI other than FCTA	12.5		%	13.2		%	12.1		%	10.7		%	16.4		%	12.6		%	13.1		%
Tangible common stockholders' equity (2)	16.2		%	17.1		%	15.5		%	13.7		%	20.7		%	16.3		%	16.8		%
Average common stockholders' equity	$	48,843		$	52,285		$	57,820		$	62,750		$	63,916		$	51,668		$	58,575
Average common stockholders' equity, excluding AOCI other than FCTA	$	42,582		$	43,043		$	43,693		$	44,367		$	44,742		$	43,427		$	43,929
Average tangible common stockholders' equity	$	33,128		$	33,630		$	34,323		$	35,070		$	35,498		$	33,838		$	34,594
(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 common stockholders' equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2018, March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019 of $9 million, $10 million, $9 million, $9 million and $6 million, respectively, and for the years ended December 31, 2018 and 2019 of $39 million and $34 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)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
U.S. (1)	$	5,725		$	6,058		$	6,731		$	7,391		$	8,586
ASIA	2,128			2,119			2,073			2,083			2,080
LATIN AMERICA	926			893			1,013			944			888
EMEA	636			652			668			660			670
METLIFE HOLDINGS (1)	1,385			1,268			1,275			1,261			1,321
CORPORATE & OTHER (1)	219			119			98			72			87
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,019		$	11,109		$	11,858		$	12,411		$	13,632
Adjusted premiums, fees and other revenues	$	11,022		$	11,167		$	11,900		$	12,445		$	13,632
ASIA (including operating joint ventures) (2), (3)	$	2,376		$	2,360		$	2,349		$	2,332		$	2,359
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
U.S. (1)	$	994		$	993		$	1,009		$	1,004		$	1,069
ASIA	987			957			959			948			953
LATIN AMERICA	359			348			338			349			369
EMEA	351			334			349			342			370
METLIFE HOLDINGS (1)	266			227			237			223			282
CORPORATE & OTHER (1)	102			222			289			320			243
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,059		$	3,081		$	3,181		$	3,186		$	3,286
Other expenses, as reported on an adjusted basis	$	3,055		$	3,101		$	3,192		$	3,199		$	3,286
ASIA (including operating joint ventures) (2), (3)	$	1,093		$	1,060		$	1,065		$	1,051		$	1,064
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
U.S. (1)	$	685		$	724		$	732		$	707		$	675
ASIA	278			351			357			350			341
LATIN AMERICA	133			125			151			151			161
EMEA	54			84			77			53			66
METLIFE HOLDINGS (1)	223			317			299			149			269
CORPORATE & OTHER (1)	(45		)	(193		)	(307		)	(223		)	322
Adjusted earnings available to common shareholders on a constant currency basis	$	1,328		$	1,408		$	1,309		$	1,187		$	1,834
Adjusted earnings available to common shareholders	$	1,336		$	1,424		$	1,319		$	1,190		$	1,834
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as 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) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

A-5

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis 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. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. 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)	total adjusted revenues	(i)	total revenues
(ii)	total adjusted expenses	(ii)	total expenses
(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	adjusted premiums, fees & other revenues, excluding PRT	(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 per diluted common share	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(ix)	adjusted return on equity	(ix)	return on equity
(x)	adjusted return on equity, excluding AOCI other than FCTA	(x)	return on equity
(xi)	adjusted tangible return on equity	(xi)	return on equity
(xii)	investment portfolio gains (losses)	(xii)	net investment gains (losses)
(xiii)	derivative gains (losses)	(xiii)	net derivative gains (losses)
(xiv)	capitalization of DAC, as reported on an adjusted basis	(xiv)	capitalization of DAC
(xv)	total MetLife, Inc.’s tangible common stockholders’ equity	(xv)	total MetLife, Inc.’s stockholders’ equity
(xvi)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xvi)	total MetLife, Inc.’s stockholders’ equity
(xvii)	book value per common share, excluding AOCI other than FCTA	(xvii)	book value per common share
(xviii)	book value per common share - tangible common stockholders' equity	(xviii)	book value per common share
(xix)	other expenses, as reported on an adjusted basis	(xix)	other expenses
(xx)	other expenses, net of capitalization of DAC, as reported on an adjusted basis	(xx)	other expenses, net of capitalization of DAC
(xxi)	other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	(xxi)	other expenses, net of capitalization of DAC
(xxii)	adjusted expense ratio	(xxii)	expense ratio
(xxiii)	adjusted expense ratio, excluding total notable items related to other expenses and PRT	(xxiii)	expense ratio
(xxiv)	direct expenses	(xxiv)	other expenses
(xxv)	direct expenses, excluding total notable items related to direct expenses	(xxv)	other expenses
(xxvi)	direct expense ratio	(xxvi)	expense ratio
(xxvii)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxvii)	expense ratio
(xxviii)	GA AUM	(xxviii)	total investments
(xxix)	GA AUM (excluding FVA)	(xxix)	total investments
Any of these financial measures shown 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 most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com. Our definitions of 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 and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its Business Plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted 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 adjustments for 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) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits ("PBC hedge adjustments"), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (“Inflation and pass-through adjustments”), (iv) benefits and hedging costs related to GMIBs (“GMIB costs”), and (v) 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: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (“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
•	Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total 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 components of, or other financial measures based on, adjusted earnings mentioned above.
•	Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total 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.
General account assets under management and related measures
GA AUM is used by MetLife to describe assets in its GA investment portfolio which are actively managed and stated at estimated fair value. MetLife believes the use of GA AUM enhances the understanding and comparability of its GA investment portfolio. GA AUM is comprised of GA total investments and cash and cash equivalents, excluding policy loans, other invested assets, contractholder-directed equity securities and fair value option securities, as substantially all of these assets are not actively managed in MetLife’s GA investment portfolio. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from GA AUM.
GA AUM (excluding FVA) excludes the following FVA: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. MetLife believes that the use of GA AUM (excluding FVA) enhances the understanding of the value of GA AUM without regard to the impact of market volatility.
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.

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
FVA	Fair value adjustments
FCTA	Foreign currency translation adjustments
GA	General account
GA AUM	General account assets under management
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
PBC	Policyholder benefits and claims
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