8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 2, 2022

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

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

(212) 578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	MET	New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01	MET PRA	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E	MET PRE	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F	MET PRF	New York Stock Exchange

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

Emerging growth company    ☐

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

Item 2.02 Results of Operations and Financial Condition.

On February 2, 2022, MetLife, Inc. issued (i) a news release announcing its results for the quarter and full year ended December 31, 2021 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Quarterly Financial Supplement for the quarter ended December 31, 2021 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 7.01 Regulation FD Disclosure.

On February 2, 2022, MetLife, Inc. issued a supplemental slide presentation for the quarter and full year ended December 31, 2021, as well as outlook information (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement and provide outlook information. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 8.01 Other Events.

As used herein, “MetLife,” “we,” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

Consolidated Company Outlook

We continue to closely monitor developments relating to the COVID-19 pandemic and assess its impact on our business operations, investment portfolio and derivatives. Due to the continued uncertainty around the COVID-19 pandemic in 2022, we have excluded assumptions related to COVID-19 from our near-term targets.

While the economic projections of the Federal Reserve Board suggest that the interest rates will increase in 2022, a prolonged low interest rate environment still remains possible. We believe that our investment portfolio is highly diversified and positioned to perform well in a variety of economic scenarios, including disruptions caused by the COVID-19 pandemic.

As of December 31, 2021, we had $5.4 billion of cash and liquid assets at the holding companies which is above the high end of our $3.0 billion to $4.0 billion holding company cash target. In 2022, we expect to maintain this holding company cash target and expect to be at or above the high end of this range.

Our capital stress testing and longstanding commitment to liquidity position us to withstand a variety of economic conditions. We do not expect any material liquidity deficiencies, and we expect to remain able to comply with the financial covenants of our credit agreements. We will continue reviewing accounting estimates, asset valuations and various financial scenarios for capital and liquidity implications.

Assuming (i) interest rates following the observable forward yield curves as of December 31, 2021, including a 10-year U.S. Treasury rate of 1.51% at December 31, 2021, and 1.73% at December 31, 2022, (ii) a mid-single digit S&P Global Ratings 500 equity index annual return over the near-term, and (iii) positive low double digit private equity annual returns over the near-term consistent with historical long-term averages; we expect to maintain the two-year average annual ratio of free cash flow to adjusted earnings, excluding total notable items, at 65% to 75%. Due to higher 2021 adjusted earnings, we expect the 2021-2022 ratio to be at the lower end of the range before moving higher in 2022-2024. Based on the aforementioned assumptions, we continue to target an adjusted return on equity, excluding accumulated other comprehensive income other than foreign currency translation adjustments, of 12% to 14% over the near-term. Lastly, we remain on track to generate approximately $20.0 billion of free cash flow over the time period of 2020 through 2024.

We are fully committed to achieving a full year direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers, of less than 12.3% over the near-term.

Furthermore, we continue to execute on our Next Horizon Strategy, which was introduced at our December 2019 Investor Day.

Our outlook relies on the accuracy of our assumptions about future economic and business conditions, which can be affected by known and unknown risks and other uncertainties, such as those posed by the COVID-19 pandemic. Due to the evolving and highly uncertain nature of the COVID-19 pandemic and other factors, we will continually review our assumptions, implement mitigation plans, and take precautions. We may revise our outlook as we obtain more information regarding the effects of the COVID-19 pandemic, the effect and efficacy of efforts taken to respond to it, economic conditions, regulatory changes, and other events, and the impact of these events on our business operations, investment portfolio, derivatives, financial results and financial condition.

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Forward-Looking Statements

The forward-looking statements in this Item 8.01 of MetLife, Inc.’s Current Report on Form 8-K, which contain words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

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Item 9.01 Financial Statements and Exhibits.

99.1 News release of MetLife, Inc., dated February 2, 2022, announcing its results for the quarter and full year ended December 31, 2021

99.2 Quarterly Financial Supplement for the quarter ended December 31, 2021

99.3 Supplemental Slides for the quarter and full year ended December 31, 2021 and Outlook

101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

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SIGNATURES

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

METLIFE, INC.
By:	/s/ Tamara L. Schock
	Name:	Tamara L. Schock
	Title:	Executive Vice President and Chief Accounting Officer

Date: February 2, 2022

5

EX-99.1

Exhibit 99.1

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES FULL YEAR AND FOURTH QUARTER 2021 RESULTS

NEW YORK, Feb. 2, 2022 - MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2021 results.

Full Year Results Summary

•Net income of $6.4 billion, compared to net income of $5.2 billion for the full year 2020. Net income of $7.31 per share, up 29 percent from the prior year.

•Adjusted earnings of $8.0 billion, compared to adjusted earnings of $5.6 billion for the full year 2020. Adjusted earnings of $9.15 per share, up 49 percent from the prior year.

•Adjusted earnings, excluding total notable items, of $7.9 billion, compared to $5.8 billion for the full year 2020. On a per share basis, adjusted earnings, excluding total notable items, of $9.07, up 42 percent from $6.38 for the full year 2020.

•Book value of $77.12 per share, down 2 percent from $78.67 per share at December 31, 2020.

•Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $57.65 per share, up 6 percent from $54.18 per share at December 31, 2020.

•Return on equity (ROE) of 9.7 percent.

•Adjusted ROE, excluding AOCI other than FCTA, of 16.6 percent.

•Holding company cash and liquid assets of $5.4 billion at December 31, 2021, which is above the target cash buffer of $3.0 - $4.0 billion.

Fourth Quarter Results Summary

•Net income of $1.2 billion, or $1.39 per share, compared to net income of $124 million, or $0.14 per share, in the fourth quarter of 2020.

•Adjusted earnings of $1.8 billion, or $2.17 per share, compared to adjusted earnings of $1.8 billion, or $2.03 per share, in the fourth quarter of 2020.

•Adjusted earnings, excluding total notable items, of $1.7 billion, or $2.01 per share, compared to adjusted earnings, excluding total notable items, of $1.8 billion, or $2.03 per share, in the fourth quarter of 2020.

•Return on equity (ROE) of 7.3 percent.

•Adjusted ROE, excluding AOCI other than FCTA, of 15.3 percent.

Commenting on the company’s results, MetLife President and CEO Michel Khalaf said: “MetLife’s financial performance in the fourth quarter and full year of 2021 was outstanding. Our strategic decisions and consistent execution generated banner adjusted earnings and adjusted earnings per share. We know that strong performance leads to higher expectations. We embrace the challenge of meeting those expectations and continuing to deliver for our stakeholders.”

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Fourth Quarter and Full Year 2021 Summary

($ in millions, except per share data)	Three months ended December 31,							Year ended December 31,
	2021			2020			Change	2021			2020			Change
Premiums, fees and other revenues	$	15,178		$	15,772		(4)%	$	50,384		$	49,486		2%
Net investment income	5,233			5,240			—%	21,395			17,117			25%
Net investment gains (losses)	(126)			(33)				1,529			(110)
Net derivative gains (losses)	(196)			(1,561)				(2,228)			1,349
Total revenues	$	20,089		$	19,418			$	71,080		$	67,842
Adjusted premiums, fees and other revenues	$	15,010		$	15,700		(4)%	$	48,964		$	49,137		—%
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)	$	11,459		$	11,537		(1)%	$	45,451		$	44,502		2%
Net income (loss)	$	1,176		$	124		NM*	$	6,353		$	5,191		22%
Net income (loss) per share	$	1.39		$	0.14		NM*	$	7.31		$	5.68		29%
Adjusted earnings	$	1,838		$	1,838		—%	$	7,954		$	5,623		41%
Adjusted earnings per share	$	2.17		$	2.03		7%	$	9.15		$	6.16		49%
Adjusted earnings, excluding total notable items	$	1,698		$	1,838		(8)%	$	7,888		$	5,826		35%
Adjusted earnings, excluding total notable items per share	$	2.01		$	2.03		(1)%	$	9.07		$	6.38		42%
Book value per share	$	77.12		$	78.67		(2)%	$	77.12		$	78.67		(2)%
Book value per share, excluding AOCI other than FCTA	$	57.65		$	54.18		6%	$	57.65		$	54.18		6%
Expense ratio	16.1		%	15.6		%		18.2		%	18.4		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	12.9		%	12.3		%		11.6		%	12.0		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT	20.4		%	20.6		%		19.3		%	19.9		%
ROE	7.3		%	0.7		%		9.7		%	7.6		%
Adjusted ROE, excluding AOCI other than FCTA	15.3		%	15.2		%		16.6		%	11.9		%
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA)	14.2		%	15.2		%		16.5		%	12.3		%

*Not meaningful.For more information, refer to “Non-GAAP and Other Financial Disclosures”.

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Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP and Other Financial Disclosures” below and in the tables that accompany this news release.

Details about projected impacts of various developments to MetLife are available under

the heading “Outlook” in MetLife’s fourth quarter 2021 supplemental slides, titled “4Q21 Supplemental Slides and Outlook,” which are available together with MetLife’s Quarterly Financial Supplement for this period on the MetLife Investor Relations website at https://investor.metlife.com, and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Additionally, further information about projected impacts to MetLife is available under the heading “Consolidated Company Outlook” in Item 8.01 of the Form 8-K.

Total Company Discussion

MetLife reported fourth quarter 2021 premiums, fees and other revenues of $15.2 billion, down4 percent from the fourth quarter of 2020. Adjusted premiums, fees and other revenues were $15.0 billion, down 4 percent on a reported basis and 3 percent on a constant currency basis from the prior-year period.

Net investment income was $5.2 billion, flat from the fourth quarter of 2020. Adjusted net investment income was $5.2 billion, up 7 percent from the prior-year period, largely driven by higher variable investment income primarily due to strong private equity returns.

Net derivative losses amounted to $196 million, or $155 million after tax during the quarter, driven by stronger equity markets and foreign currency exchange rate changes.

Net income was $1.2 billion, compared to net income of $124 million in the fourth quarter of 2020, primarily driven by higher derivative losses in the prior-year period. On a per share basis, net income was $1.39, compared to net income of $0.14 in the prior-year period.

MetLife reported adjusted earnings of $1.8 billion, flat on a reported and constant currency basis from the fourth quarter of 2020. On a per share basis, which includes the impact of share repurchases, adjusted earnings were $2.17, up 7 percent from the prior-year period.

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Adjusted Earnings by Segment Summary*

	Three months ended December 31, 2021		Year ended December 31, 2021
Segment	Change from prior-year period	Change from prior-year period (on a constant currency basis)	Change from prior year	Change from prior year (on a constant currency basis)
U.S.	(37)%		—%
Asia	19%	21%	47%	44%
Latin America	NM**	NM**	4%	(4)%
Europe, the Middle East and Africa (EMEA)	(48)%	(45)%	(8)%	(9)%
MetLife Holdings	13%		130%

*The percentages in this table are on a reported and constant currency basis, and do not exclude notable items. For the three months and year ended December 31, 2021, U.S. results exclude the Property & Casualty business, which was sold in the second quarter. This business is included in the prior-year period.

**Not meaningful. For more information, refer to “Non-GAAP and Other Financial Disclosures”.

Business Discussions

All comparisons of the results for the fourth quarter of 2021 in the business discussions that follow are with the fourth quarter of 2020, unless otherwise noted. The fourth quarter of 2021 notable items table follows the Business Discussions section of this release.

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U.S.*

($ in millions)	Three months ended December 31, 2021	Three months ended December 31, 2020	Change
Adjusted earnings	$640	$1,021	(37)%
Adjusted premiums, fees and other revenues	$10,100	$10,578	(5)%
Adjusted premiums, fees and other revenues, excluding PRT	$6,549	$6,415	2%
Notable item(s)	$0	$0

* For the three months ended December 31, 2021, U.S. results exclude the Property & Casualty business, which was sold in the second quarter. This business is included in the prior-year period.

•Adjusted earnings were $640 million, down 37 percent, driven by unfavorable underwriting, partially offset by higher variable investment income. In the prior-year period, adjusted earnings included $112 million from Property & Casualty.

•Adjusted return on allocated equity was 27.5 percent, and adjusted return on allocated tangible equity was 32.2 percent.

•Adjusted premiums, fees and other revenues were $10.1 billion, down 5 percent, driven by higher pension risk transfer sales in the prior-year period, partially offset by growth in Group Benefits and the addition of Versant Health. In the prior-year period, adjusted premiums, fees and other revenues included $893 million from Property & Casualty.

Group Benefits

($ in millions)	Three months ended December 31, 2021	Three months ended December 31, 2020	Change
Adjustedearnings	$20	$383	(95)%
Adjusted premiums, fees and other revenues	$5,791	$5,020	15%
Notable item(s)	$0	$0

•Adjusted earnings were $20 million, down 95 percent, primarily driven by favorable dental underwriting in the prior-year period and unfavorable group life underwriting as a result of COVID-19 in the current-year period.

•Adjusted premiums, fees and other revenues were $5.8 billion, up 15 percent, primarily driven by solid growth across most products and the addition of Versant Health.

•Sales were up 40 percent for the full year 2021 compared to 2020 due to higher jumbo case activity.

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Retirement and Income Solutions

($ in millions)	Three months ended December 31, 2021	Three months ended December 31, 2020	Change
Adjustedearnings	$620	$526	18%
Adjusted premiums, fees and other revenues	$4,309	$4,665	(8)%
Adjusted premiums, fees and other revenues, excluding PRT	$758	$502	51%
Notable item(s)	$0	$0

•Adjusted earnings were $620 million, up 18 percent, largely driven by higher variable investment income and volume growth, partially offset by lower recurring interest margins.

•Adjusted premiums, fees and other revenues were $4.3 billion, down 8 percent, largely driven by higher pension risk transfer sales in the prior-year period.

•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $758 million, up 51 percent, primarily from growth in UK longevity reinsurance.

•Sales were down 9 percent for the full year 2021, primarily driven by strong stable value product sales in 2020.

ASIA

($ in millions)	Three months ended December 31, 2021	Three months ended December 31, 2020	Change
Adjusted earnings	$586	$494	19%
Adjusted earnings (constant currency)	$586	$486	21%
Adjusted premiums, fees and other revenues	$2,022	$2,161	(6)%
Notable item(s)	$0	$0
Asia general account assets under management (at amortized cost)	$130,310	$129,661	1%

•Adjusted earnings were $586 million, up 19 percent on a reported basis, and up 21 percent on a constant currency basis, largely driven by higher variable investment income, as well as favorable expense margins and volume growth. Lower recurring interest margins and unfavorable underwriting were partial offsets.

•Adjusted return on allocated equity was 16.0 percent, and adjusted return on allocated tangible equity was 23.9 percent.

•Adjusted premiums, fees and other revenues were $2.0 billion, down 6 percent, and flat on a constant currency basis.

•Asia general account assets under management (at amortized cost) were$130.3 billion, up 1 percent, and up 7 percent on a constant currency basis.

•Sales were $605 million, up 13 percent on a constant currency basis, primarily driven by growth across most markets.

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LATIN AMERICA*

($ in millions)	Three months ended December 31, 2021	Three months ended December 31, 2020	Change
Adjusted earnings	$125	$14	NM
Adjusted earnings (constant currency)	$125	$12	NM
Adjusted premiums, fees and other revenues	$962	$878	10%
Notable item(s)	$0	$0

* For the three months ended December 31, 2021, Latin America results exclude the Argentina business, which was sold in the third quarter. This business is included in the prior-year period.

•Adjusted earnings were $125 million, compared to $14 million for the fourth quarter of 2020, primarily driven by lower COVID-19 related claims in the current-year period. Higher net investment income, lower taxes, and volume growth also contributed.

•Adjusted return on allocated equity was 18.1 percent, and adjusted return on allocated tangible equity was 28.5 percent.

•Adjusted premiums, fees and other revenues were $962 million, up 10 percent, and up 13 percent on a constant currency basis, driven by growth across the region.

•Sales were $220 million, up 35 percent on a constant currency basis, driven by growth across the region.

EMEA*

($ in millions)	Three months ended December 31, 2021	Three months ended December 31, 2020	Change
Adjusted earnings	$42	$81	(48)%
Adjusted earnings (constant currency)	$42	$76	(45)%
Adjusted premiums, fees and other revenues	$621	$707	(12)%
Notable item(s)	$0	$0

* For the three months ended December 31, 2021, EMEA results exclude the Russia, Greece and Poland businesses, which were sold or reported as divested businesses. These businesses are included in the prior-year period.

•Adjusted earnings were $42 million, down 48 percent on a reported basis, and down 45 percent on a constant currency basis, driven by unfavorable underwriting mainly as a result of COVID-19, as well as higher expenses and the exclusion of divested businesses in the current-year period.

•Adjusted return on allocated equity was 5.9 percent, and adjusted return on allocated tangible equity was 10.2 percent.

•Adjusted premiums, fees and other revenues were $621 million, down 12 percent, and down 10 percent on a constant currency basis, primarily due to the exclusion of divested businesses, partially offset by growth in the UK and Turkey.

•Sales were $196 million, down 6 percent on a constant currency basis, primarily driven by the exclusion of divested businesses and higher jumbo group activity in the UK in the prior-year period, partially offset by growth in Turkey.

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METLIFE HOLDINGS

($ in millions)	Three months ended December 31, 2021	Three months ended December 31, 2020	Change
Adjusted earnings	$482	$426	13%
Adjusted premiums, fees and other revenues	$1,206	$1,264	(5)%
Notable item(s)	$0	$0

•Adjustedearnings were $482 million, up 13 percent, largely driven by higher variable investment income. Lower recurring interest margins and unfavorable underwriting were partial offsets.

•Adjusted return on allocated equity was 18.5 percent, and adjusted return on allocated tangible equity was 20.3 percent.

•Adjustedpremiums, fees and other revenues were $1.2 billion, down 5 percent.

CORPORATE & OTHER

	Three months ended December 31, 2021	Three months ended December 31, 2020	Change
Adjusted earnings	$(37)	$(198)
Notable item(s)	$140	$0

•Adjusted loss of $37 million, compared to an adjusted loss of $198 million in the prior-year period. The notable item in the current period is related to tax adjustments.

INVESTMENTS

($ in millions)	Three months ended December 31, 2021	Three months ended December 31, 2020	Change
Adjusted net investment income	$5,201	$4,875	7%

•Adjusted net investment income was $5.2 billion, up 7 percent. Variable investment income was $1.3 billion, compared to $778 million in the prior-year period, primarily driven by higher private equity income.

FOURTH QUARTER 2021 NOTABLE ITEMS

($ in millions)	Adjusted Earnings
	Three months ended December 31, 2021
Notable Items	U.S.		Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions
Tax adjustments							$140	$140
Total notable items	$0	$0	$0	$0	$0	$0	$140	$140

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###

Contacts: For Media:        Randy Clerihue (646) 552-0533    

For Investors:         John Hall (212) 578-7888

About MetLife

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

Conference Call

MetLife will hold its combined fourth quarter and full year 2021 earnings and outlook conference call and audio webcast on Thursday, February 3, 2022, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 877-692-8955 (U.S.) or 234-720-6979 (outside the U.S.). The participant access code is 2510803. To listen to the conference call via the internet, click the link to the webcast on the MetLife Investor Relations web page (https://investor.metlife.com). Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Thursday, February 3, 2022, until Friday, February 11, 2022, at 12:00 a.m. (ET). To listen to a replay of the conference call via telephone, dial 866-207-1041 (U.S.) or 402-970-0847 (outside the U.S.). The access code for the replay is 3511681. To access the replay of the conference call over the internet, visit the above-mentioned website.

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Non-GAAP and Other Financial Disclosures

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

In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

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The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	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 and other revenues, excluding PRT;	(iv)	premiums, fees and other revenues;
(v)	adjusted net investment income;	(v)	net investment income;
(vi)	adjusted capitalization of deferred policy acquisition costs (DAC);	(vi)	capitalization of DAC;
(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, excluding total notable items;	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(ix)	adjusted earnings available to common shareholders per diluted common share;	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(x)	adjusted earnings available to common shareholders, excluding total notable items, per diluted common share;	(x)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xi)	adjusted return on equity;	(xi)	return on equity;
(xii)	adjusted return on equity, excluding AOCI other than FCTA;	(xii)	return on equity;
(xiii)	adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA);	(xiii)	return on equity;
(xiv)	adjusted tangible return on equity;	(xiv)	return on equity;
(xv)	investment portfolio gains (losses);	(xv)	net investment gains (losses);
(xvi)	derivative gains (losses);	(xvi)	net derivative gains (losses);
(xvii)	total MetLife, Inc.’s tangible common stockholders’ equity;	(xvii)	total MetLife, Inc.’s stockholders’ equity;
(xviii)	total MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;	(xviii)	total MetLife, Inc.’s stockholders’ equity;
(xix)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;	(xix)	total MetLife, Inc.’s stockholders’ equity;
(xx)	total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);	(xx)	total MetLife, Inc.’s stockholders’ equity;
(xxi)	book value per common share, excluding AOCI other than FCTA;	(xxi)	book value per common share;
(xxii)	book value per common share - tangible common stockholders' equity;	(xxii)	book value per common share;
(xxiii)	free cash flow of all holding companies;	(xxiii)	MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;
(xxiv)	adjusted other expenses;	(xxiv)	other expenses;

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(xxv)	adjusted other expenses, net of adjusted capitalization of DAC;	(xxv)	other expenses, net of capitalization of DAC;
(xxvi)	adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses;	(xxvi)	other expenses, net of capitalization of DAC;
(xxvii)	adjusted expense ratio;	(xxvii)	expense ratio;
(xxviii)	adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT;	(xxviii)	expense ratio;
(xxix)	direct expenses;	(xxix)	other expenses;
(xxx)	direct expenses, excluding total notable items related to direct expenses;	(xxx)	other expenses;
(xxxi)	direct expense ratio; and	(xxxi)	expense ratio; and
(xxxii)	direct expense ratio, excluding total notable items related to direct expenses and PRT.	(xxxii)	expense ratio.

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 and applied to the comparable prior period.

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

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

Adjusted earnings and related measures

•adjusted earnings;

•adjusted earnings available to common shareholders;

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

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

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

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

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

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

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

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These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings 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 loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

Adjusted revenues and adjusted expenses

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

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

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

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

•Net investment income: (i) includes 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 variable interest entities (VIEs) consolidated under GAAP (Securitization entities income); and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP (Certain partnership distributions); and

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

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

•Policyholder benefits and claims and policyholder dividends excludes: (i) 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 value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;

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

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

•Other expenses excludes: (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.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.

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

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

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

•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.

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

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

•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 total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders' equity, excluding total notable items (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.

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The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses.

•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, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.

•Total MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA, VOCRA and total notable items, all net of income tax.

•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: adjusted direct expenses, divided by adjusted premiums, fees and other revenues.

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

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

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

Asia General account (GA) assets under management (GA AUM) and related measures

Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures included in Asia 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 Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.

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Statistical sales information:

•U.S.:

◦Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products.

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

•Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group).

Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

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

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

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

•Notable items 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 represent a positive (negative) impact to adjusted earnings available to common shareholders.

•We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

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•Not Meaningful (NM) indicates a percentage change in a financial metric over a specified period of time and reflects changes in factors that are subject to volatility, and should not, accordingly be viewed as representative of a reasonable trend currently or in the future. For example,

($ in millions, except per share data)	Three months ended December 31, 2021		Three months ended December 31, 2020		Change
Net income (loss)	$	1,176	$	124	848	%
Net income (loss) per share	$	1.39	$	0.14	893	%
Adjusted earnings - Latin America	$	125	$	14	793	%
Adjusted earnings (constant currency) - Latin America	$	125	$	12	942	%

Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial results.

Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1)economic condition difficulties, including risks relating to public health, interest rates, credit spreads, equity, real estate, obligors and counterparties, currency exchange rates, derivatives, and terrorism and security;

(2)global capital and credit market adversity;

(3)credit facility inaccessibility;

(4)financial strength or credit ratings downgrades;

(5)unavailability, unaffordability, or inadequate reinsurance;

(6)statutory life insurance reserve financing costs or limited market capacity;

(7)legal, regulatory, and supervisory and enforcement policy changes;

(8)changes in tax rates, tax laws or interpretations;

(9)litigation and regulatory investigations;

(10)London Interbank Offered Rate discontinuation and transition to alternative reference rates;

(11)unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(12)MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(13)MetLife, Inc.’s subsidiaries’ inability to pay it dividends;

(14)investment defaults, downgrades, or volatility;

(15)investment sales or lending difficulties;

(16)collateral or derivative-related payments;

(17)investment valuations, allowances, or impairments changes;

(18)claims or other results that differ from our estimates, assumptions, or models;

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(19)global political, legal, or operational risks;

(20)business competition;

(21)technological changes;

(22)catastrophes;

(23)climate changes or responses to it;

(24)deficiencies in our closed block;

(25)goodwill or other asset impairment, or deferred income tax asset allowance;

(26)acceleration of amortization of DAC, deferred sales inducements, VOBA, value of distribution agreements acquired or VOCRA;

(27)product guarantee volatility, costs, and counterparty risks;

(28)risk management failures;

(29)insufficient protection from operational risks;

(30)confidential information protection or other cybersecurity or disaster recovery failures;

(31)accounting standards changes;

(32)excessive risk-taking;

(33)marketing and distribution difficulties;

(34)pension and other postretirement benefit assumption changes;

(35)inability to protect our intellectual property or avoid infringement claims;

(36)acquisition, integration, growth, disposition, or reorganization difficulties;

(37)Brighthouse Financial, Inc. separation risks;

(38)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(39)legal- and corporate governance-related effects on business combinations.

MetLife, Inc. will not publicly correct or update any forward-looking statements if MetLife, Inc. believes it is not likely to achieve them or for any other reasons. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

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MetLife, Inc.
GAAP Consolidated Statements of Operations
(Unaudited)
(In millions)
	For the Three Months Ended				For the Year Ended
	December 31,				December 31,
	2021		2020		2021		2020
Revenues
Premiums	$	13,095	$	13,897	$	42,009	$	42,034
Universal life and investment-type product policy fees	1,422		1,376		5,756		5,603
Net investment income	5,233		5,240		21,395		17,117
Other revenues	661		499		2,619		1,849
Net investment gains (losses)	(126)		(33)		1,529		(110)
Net derivative gains (losses)	(196)		(1,561)		(2,228)		1,349
Total revenues	20,089		19,418		71,080		67,842
Expenses
Policyholder benefits and claims	13,923		13,772		43,954		41,461
Interest credited to policyholder account balances	1,385		1,756		5,538		5,214
Policyholder dividends	204		302		876		1,090
Capitalization of DAC	(666)		(804)		(2,718)		(3,013)
Amortization of DAC and VOBA	612		746		2,555		3,160
Amortization of negative VOBA	(9)		(10)		(34)		(45)
Interest expense on debt	224		230		920		913
Other expenses	3,110		3,262		11,863		12,135
Total expenses	18,783		19,254		62,954		60,915
Income (loss) before provision for income tax	1,306		164		8,126		6,927
Provision for income tax expense (benefit)	95		6		1,551		1,509
Net income (loss)	1,211		158		6,575		5,418
Less: Net income (loss) attributable to noncontrolling interests	6		—		21		11
Net income (loss) attributable to MetLife, Inc.	1,205		158		6,554		5,407
Less: Preferred stock dividends	29		34		195		202
Preferred stock redemption premium	—		—		6		14
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,176	$	124	$	6,353	$	5,191
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions, except per share data)
	For the Three Months Ended								For the Year Ended
	December 31,								December 31,
	2021				2020				2021				2020
Reconciliation to Adjusted Earnings Available to Common Shareholders			Earnings Per Weighted Average Common Share Diluted (1)				Earnings Per Weighted Average Common Share Diluted (1)				Earnings Per Weighted Average Common Share Diluted (1)				Earnings Per Weighted Average Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,176	$	1.39	$	124	$	0.14	$	6,353	$	7.31	$	5,191	$	5.68
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(126)		(0.15)		(33)		(0.04)		1,529		1.76		(110)		(0.12)
Net derivative gains (losses)	(196)		(0.23)		(1,561)		(1.72)		(2,228)		(2.56)		1,349		1.48
Premiums	60		0.07		—		—		982		1.13		52		0.06
Universal life and investment-type product policy fees	50		0.06		33		0.04		195		0.22		138		0.15
Net investment income	32		0.04		365		0.40		115		0.13		(211)		(0.23)
Other revenues	58		0.07		39		0.04		243		0.28		159		0.17
Policyholder benefits and claims and policyholder dividends	(258)		(0.30)		(260)		(0.29)		(1,179)		(1.36)		(692)		(0.77)
Interest credited to policyholder account balances	(251)		(0.30)		(611)		(0.66)		(946)		(1.09)		(541)		(0.59)
Capitalization of DAC	15		0.02		—		—		119		0.14		5		0.01
Amortization of DAC and VOBA	(82)		(0.10)		(54)		(0.06)		(219)		(0.25)		(166)		(0.18)
Amortization of negative VOBA	—		—		—		—		—		—		—		—
Interest expense on debt	—		—		—		—		(1)		—		—		—
Other expenses	(125)		(0.15)		(87)		(0.10)		(564)		(0.65)		(263)		(0.29)
Goodwill impairment	—		—		—		—		—		—		—		—
Provision for income tax (expense) benefit	167		0.20		455		0.50		380		0.44		(127)		(0.14)
Add: Net income (loss) attributable to noncontrolling interests	6		0.01		—		—		21		0.02		11		0.01
Preferred stock redemption premium	—		—		—		—		6		0.01		14		0.02
Adjusted earnings available to common shareholders	1,838		2.17		1,838		2.03		7,954		9.15		5,623		6.16
Less: Total notable items (2)	140		0.17		—		—		66		0.08		(203)		(0.22)
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,698	$	2.01	$	1,838	$	2.03	$	7,888	$	9.07	$	5,826	$	6.38
Adjusted earnings available to common shareholders on a constant currency basis	$	1,838	$	2.17	$	1,823	$	2.01	$	7,954	$	9.15	$	5,674	$	6.21
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	1,698	$	2.01	$	1,823	$	2.01	$	7,888	$	9.07	5,877		$	6.44
Weighted average common shares outstanding - diluted			845.2				906.0				869.4				913.2
See footnotes on last page.

Page 21 of 30

MetLife, Inc.
(Unaudited)
(In millions)
	For the Three Months Ended				For the Year Ended
	December 31,				December 31,
	2021		2020		2021		2020
Premiums, Fees and Other Revenues
Premiums, fees and other revenues	$	15,178	$	15,772	$	50,384	$	49,486
Less: Unearned revenue adjustments	13		8		71		33
GMIB fees	24		25		98		102
Settlement of foreign currency earnings hedges	—		—		—		—
TSA fees	53		39		221		159
Divested businesses	78		—		1,030		55
Adjusted premiums, fees and other revenues	$	15,010	$	15,700	$	48,964	$	49,137
Adjusted premiums, fees and other revenues, on a constant currency basis	$	15,010	$	15,517	$	48,964	$	49,218
Less: Pension risk transfers (PRT) (3)	3,551		4,163		3,513		4,635
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis	$	11,459	$	11,354	$	45,451	$	44,583
Net Investment Income
Net investment income	$	5,233	$	5,240	$	21,395	$	17,117
Less: Investment hedge adjustments	(235)		(260)		(895)		(815)
Operating joint venture adjustments	—		1		(1)		1
Unit-linked contract income	253		628		952		568
Securitization entities income	—		—		—		—
Certain partnership distributions	(1)		(6)		(8)		(11)
Divested businesses	15		2		67		46
Adjusted net investment income	$	5,201	$	4,875	$	21,280	$	17,328
Revenues and Expenses
Total revenues	$	20,089	$	19,418	$	71,080	$	67,842
Less: Net investment gains (losses)	(126)		(33)		1,529		(110)
Less: Net derivative gains (losses)	(196)		(1,561)		(2,228)		1,349
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	13		8		71		33
Less: Other adjustments to revenues:
GMIB fees	24		25		98		102
Investment hedge adjustments	(235)		(260)		(895)		(815)
Operating joint venture adjustments	—		1		(1)		1
Unit-linked contract income	253		628		952		568
Securitization entities income	—		—		—		—
Certain partnership distributions	(1)		(6)		(8)		(11)
Settlement of foreign currency earnings hedges	—		—		—		—
TSA fees	53		39		221		159
Divested businesses	93		2		1,097		101
Total adjusted revenues	$	20,211	$	20,575	$	70,244	$	66,465
Total expenses	$	18,783	$	19,254	$	62,954	$	60,915
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	63		65		100		153
Less: Goodwill impairment	—		—		—		—
Less: Other adjustments to expenses:
PBC hedge adjustments	7		10		32		37
Inflation and pass-through adjustments	99		53		3		170
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	93		169		395		364
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	23		17		83		70
PAB hedge adjustments	—		(1)		(2)		(9)
Unit-linked contract costs	246		612		938		536
Securitization entities debt expense	—		—		—		—
Noncontrolling interest	(9)		(2)		(28)		(16)
Regulatory implementation costs	1		12		4		20
Acquisition, integration and other costs	(1)		29		9		42
TSA fees	53		39		221		159
Divested businesses	126		9		1,035		131
Total adjusted expenses	$	18,082	$	18,242	$	60,164	$	59,258
See footnotes on last page.

Page 22 of 30

MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2021			2020			2021			2020
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC	$	(666)		$	(804)		$	(2,718)		$	(3,013)
Less: Divested businesses	(15)			—			(119)			(5)
Adjusted capitalization of DAC	$	(651)		$	(804)		$	(2,599)		$	(3,008)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses	$	3,110		$	3,262		$	11,863		$	12,135
Less: Noncontrolling interests	(9)			(2)			(28)			(16)
Less: Regulatory implementation costs	1			12			4			20
Less: Acquisition, integration and other costs	(1)			29			9			42
Less: TSA fees	53			39			221			159
Less: Divested businesses	81			9			358			58
Adjusted other expenses	$	2,985		$	3,175		$	11,299		$	11,872
Other Detail and Ratios
Other expenses	$	3,110		$	3,262		$	11,863		$	12,135
Capitalization of DAC	(666)			(804)			(2,718)			(3,013)
Other expenses, net of capitalization of DAC	$	2,444		$	2,458		$	9,145		$	9,122
Premiums, fees and other revenues	$	15,178		$	15,772		$	50,384		$	49,486
Expense ratio	16.1		%	15.6		%	18.2		%	18.4		%
Direct expenses	$	1,483		$	1,423		$	5,196		$	5,342
Less: Total notable items related to direct expenses (2)	—			—			(84)			—
Direct expenses, excluding total notable items related to direct expenses (2)	$	1,483		$	1,423		$	5,280		$	5,342
Adjusted other expenses	$	2,985		$	3,175		$	11,299		$	11,872
Adjusted capitalization of DAC	(651)			(804)			(2,599)			(3,008)
Adjusted other expenses, net of adjusted capitalization of DAC	2,334			2,371			8,700			8,864
Less: Total notable items related to adjusted other expenses (2)	—			—			(84)			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2)	$	2,334		$	2,371		$	8,784		$	8,864
Adjusted premiums, fees and other revenues	$	15,010		$	15,700		$	48,964		$	49,137
Less: PRT	3,551			4,163			3,513			4,635
Adjusted premiums, fees and other revenues, excluding PRT	$	11,459		$	11,537		$	45,451		$	44,502
Direct expense ratio	9.9		%	9.1		%	10.6		%	10.9		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)	12.9		%	12.3		%	11.6		%	12.0		%
Adjusted expense ratio	15.5		%	15.1		%	17.8		%	18.0		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2)	20.4		%	20.6		%	19.3		%	19.9		%
See footnotes on last page.

Page 23 of 30

MetLife, Inc.
(Unaudited)
(In millions, except per share data)
					December 31,
Equity Details					2021		2020
Total MetLife, Inc.'s stockholders' equity					$	67,482	$	74,558
Less: Preferred stock					3,818		4,312
MetLife, Inc.'s common stockholders' equity					63,664		70,246
Less: Net unrealized investment gains (losses), net of income tax					17,671		23,730
Defined benefit plans adjustment, net of income tax					(1,598)		(1,863)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA					47,591		48,379
Less: Goodwill, net of income tax					9,221		10,090
VODA and VOCRA, net of income tax					718		844
Total MetLife, Inc.'s tangible common stockholders' equity					$	37,652	$	37,445
					December 31,
					2021		2020
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA					$	47,591	$	48,379
Less: Accumulated year-to-date total notable items (2)					66		(203)
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)					47,525		48,582
Less: Goodwill, net of income tax					9,221		10,090
VODA and VOCRA, net of income tax					718		844
Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2)					$	37,586	$	37,648
					December 31,
Book Value (4)					2021		2020
Book value per common share					$	77.12	$	78.67
Less: Net unrealized investment gains (losses), net of income tax					21.41		26.58
Defined benefit plans adjustment, net of income tax					(1.94)		(2.09)
Book value per common share, excluding AOCI other than FCTA					57.65		54.18
Less: Goodwill, net of income tax					11.17		11.29
VODA and VOCRA, net of income tax					0.87		0.95
Book value per common share - tangible common stockholders' equity					$	45.61	$	41.94
Common shares outstanding, end of period (5)					825.5		892.9
	For the Three Months Ended				For the Year Ended
	December 31,				December 31,
Average Common Stockholders' Equity	2021		2020		2021		2020
Average common stockholders' equity	$	64,448	$	69,625	$	65,203	$	67,869
Average common stockholders' equity, excluding AOCI other than FCTA	$	47,985	$	48,234	$	47,917	$	47,251
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	47,989	$	48,437	$	47,905	$	47,332
Average tangible common stockholders' equity	$	37,976	$	38,130	$	37,615	$	37,703
Average tangible common stockholders' equity, excluding total notable items (2)	$	37,980	$	38,333	$	37,604	$	37,784
See footnotes on last page.

Page 24 of 30

MetLife, Inc.
(Unaudited)
	For the Three Months Ended				For the Year Ended
	December 31, (6)				December 31,
	2021		2020		2021		2020
Return on Equity
Return on MetLife, Inc.'s:
Common stockholders' equity	7.3	%	0.7	%	9.7	%	7.6	%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	11.4	%	10.6	%	12.2	%	8.3	%
Common stockholders' equity, excluding AOCI other than FCTA	15.3	%	15.2	%	16.6	%	11.9	%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	14.2	%	15.2	%	16.5	%	12.3	%
Tangible common stockholders' equity (7)	19.6	%	19.4	%	21.4	%	15.0	%
Tangible common stockholders' equity, excluding total notable items (2), (7)	18.1	%	19.3	%	21.2	%	15.5	%
Adjusted Return on Allocated Equity:
U.S.	27.5	%	36.9	%
Asia	16.0	%	13.8	%
Latin America	18.1	%	1.8	%
EMEA	5.9	%	11.3	%
MetLife Holdings	18.5	%	17.2	%
Adjusted Return on Allocated Tangible Equity:
U.S.	32.2	%	42.4	%
Asia	23.9	%	20.9	%
Latin America	28.5	%	3.0	%
EMEA	10.2	%	20.1	%
MetLife Holdings	20.3	%	19.1	%
See footnotes on last page.

Page 25 of 30

Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.
to Free Cash Flow of All Holding Companies
(Unaudited)
	For the Year Ended December 31,
	2021			2020
	(In billions, except ratios)
MetLife, Inc. (parent company only) net cash provided by operating activities	$	3.8		$	3.5
Adjustments from net cash provided by operating activities to free cash flow:
Add: Incremental debt to be at or below target leverage ratios	—			1.4
Add: Adjustments from net cash provided by operating activities to free cash flow (8)	(0.3)			(0.2)
MetLife, Inc. (parent company only) free cash flow	3.5			4.7
Other MetLife, Inc. holding companies free cash flow (9)	0.3			(0.7)
Free cash flow of all holding companies	$	3.8		$	4.0
Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:
MetLife, Inc. (parent company only) net cash provided by operating activities	$	3.8		$	3.5
Consolidated net income (loss) available to MetLife, Inc.'s common shareholders	$	6.4		$	5.2
Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (10)	59		%	67		%
Ratio of free cash flow to adjusted earnings available to common shareholders:
Free cash flow of all holding companies (11)	$	3.8		$	4.0
Consolidated adjusted earnings available to common shareholders (11)	$	8.0		$	5.6
Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (11)	48		%	71		%
Cash & Capital (12), (13), (14)
(Unaudited)
	December 31,
	2021			2020
	(In billions)
Holding Companies Cash & Liquid Assets	$	5.4		$	4.5
See footnotes on last page.

Page 26 of 30

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
		For the Three Months Ended				For the Year Ended
		December 31,				December 31,
		2021		2020		2021		2020
U.S. (3), (15):
	Adjusted earnings available to common shareholders	$	640	$	1,021	$	3,221	$	3,224
	Less: Total notable items (2)	—		—		—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	640	$	1,021	$	3,221	$	3,224
	Adjusted premiums, fees and other revenues	$	10,100	$	10,578	$	29,036	$	29,292
	Less: PRT	3,551		4,163		3,513		4,635
	Adjusted premiums, fees and other revenues, excluding PRT	$	6,549	$	6,415	$	25,523	$	24,657
Group Benefits (3):
	Adjusted earnings available to common shareholders	$	20	$	383	$	472	$	1,335
	Less: Total notable items (2)	—		—		—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	20	$	383	$	472	$	1,335
	Adjusted premiums, fees and other revenues	$	5,791	$	5,020	$	22,543	$	19,118
Retirement & Income Solutions (3):
	Adjusted earnings available to common shareholders	$	620	$	526	$	2,749	$	1,567
	Less: Total notable items (2)	—		—		—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	620	$	526	$	2,749	$	1,567
	Adjusted premiums, fees and other revenues	$	4,309	$	4,665	$	6,493	$	6,617
	Less: PRT	3,551		4,163		3,513		4,635
	Adjusted premiums, fees and other revenues, excluding PRT	$	758	$	502	$	2,980	$	1,982
Property & Casualty (3), (15):
	Adjusted earnings available to common shareholders	$	—	$	112	$	—	$	322
	Less: Total notable items (2)	—		—		—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	—	$	112	$	—	$	322
	Adjusted premiums, fees and other revenues	$	—	$	893	$	—	$	3,557
See footnotes on last page.

Page 27 of 30

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(Unaudited)
(In millions)
		For the Three Months Ended				For the Year Ended
		December 31,				December 31,
		2021		2020		2021		2020
Asia:
	Adjusted earnings available to common shareholders	$	586	$	494	$	2,298	$	1,565
	Less: Total notable items (2)	—		—		(79)		(28)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	586	$	494	$	2,377	$	1,593
	Adjusted earnings available to common shareholders on a constant currency basis	$	586	$	486	$	2,298	$	1,591
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	586	$	486	$	2,377	$	1,619
	Adjusted premiums, fees and other revenues	$	2,022	$	2,161	$	8,308	$	8,524
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,022	$	2,025	$	8,308	$	8,451
Latin America:
	Adjusted earnings available to common shareholders	$	125	$	14	$	291	$	280
	Less: Total notable items (2)	—		—		(2)		(9)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	125	$	14	$	293	$	289
	Adjusted earnings available to common shareholders on a constant currency basis	$	125	$	12	$	291	$	302
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	125	$	12	$	293	$	311
	Adjusted premiums, fees and other revenues	$	962	$	878	$	3,759	$	3,297
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	962	$	851	$	3,759	$	3,420
EMEA:
	Adjusted earnings available to common shareholders	$	42	$	81	$	301	$	327
	Less: Total notable items (2)	—		—		(6)		(31)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	42	$	81	$	307	$	358
	Adjusted earnings available to common shareholders on a constant currency basis	$	42	$	76	$	301	$	330
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	42	$	76	$	307	$	361
	Adjusted premiums, fees and other revenues	$	621	$	707	$	2,713	$	2,744
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	621	$	687	$	2,713	$	2,775
MetLife Holdings (3):
	Adjusted earnings available to common shareholders	$	482	$	426	$	2,242	$	976
	Less: Total notable items (2)	—		—		(53)		(135)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	482	$	426	$	2,295	$	1,111
	Adjusted premiums, fees and other revenues	$	1,206	$	1,264	$	4,691	$	4,911
Corporate & Other (3):
	Adjusted earnings available to common shareholders	$	(37)	$	(198)	$	(399)	$	(749)
	Less: Total notable items (2)	140		—		206		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	(177)	$	(198)	$	(605)	$	(749)
	Adjusted premiums, fees and other revenues	$	99	$	112	$	457	$	369
See footnotes on last page.

Page 28 of 30

MetLife, Inc.
(Unaudited)
	For the Three Months Ended									For the Year Ended
	March 31, 2021		June 30, 2021		September 30, 2021			December 31, 2021		December 31, 2021
Variable investment income (post-tax, in millions) (16)
U.S.
Group Benefits	$	11	$	14	$	17		$	17	$	59
Retirement and Income Solutions	390		351		449			$	324	1,514
Total U.S.	401		365		466			341		1,573
Asia	273		218		373			$	307	1,171
Latin America	17		22		22			$	17	78
EMEA	—		—		—			$	—	—
MetLife Holdings	381		301		487			$	266	1,435
Corporate & Other	26		44		65			$	72	207
Total variable investment income	$	1,098	$	950	$	1,413		$	1,003	$	4,464
	Segments: U.S., Asia, Latin America and EMEA (17)
	Capital Deployed		Value Added (VNB)		Internal Rate of Return (IRR)			Payback (Years)
Value of new business ($ in billions)
2020	$	3.2	$	1.9	17		%	6
2019	$	3.8	$	1.8	15		%	7
2018	$	3.8	$	2.1	15		%	7
2017	$	3.1	$	1.3	14		%	7
2016	$	2.9	$	1.0	14		%	7
See footnotes on last page.

Page 29 of 30

MetLife, Inc.
(Unaudited)
Group Benefits Underwriting (18)
		For the Three Months Ended
		December 31,
		2021		2020
Group Life Mortality Ratio (19)		106.3	%	96.3	%
Footnotes
(1)	Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.
(2)	Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively.
(3)	Results on a constant currency basis are not included as constant currency impact is not significant.
(4)	Book values exclude $3,818 million and $4,312 million of equity related to preferred stock at December 31, 2021 and 2020, respectively.
(5)	There were share repurchases of $1.2 billion and $4.3 billion for the three months and year ended December 31, 2021, respectively.
(6)	Annualized using quarter-to-date results.
(7)	Adjusted earnings available to common shareholders, used to calculate the adjusted return on tangible common stockholders' equity, excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021 and 2020 of $19 million and $8 million, respectively, and for the years ended December 31, 2021 and 2020 of $79 million and $33 million. respectively.
(8)	Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net.
(9)	Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions from MetLife, Inc.; (iii) capital contributions to subsidiaries; (iv) repayments on and (issuances of) loans to subsidiaries, net; (v) other expenses; (vi) dividends and returns of capital to MetLife, Inc. and (vii) investment portfolio changes and other, net.
(10)	Including the free cash flow of other MetLife, Inc. holding companies of $0.3 billion and $(0.7) billion for the years ended December 31, 2021 and 2020, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 64 % and 54%, respectively.
(11)	(i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2021, was positively impacted by notable items, related to tax adjustments of $0.1 billion, net of income tax, and litigation reserves and settlement costs of $0.1 billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding such notable items impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2021, would be 49%. (ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2020, was negatively impacted by a notable item, related to actuarial assumption review and other insurance adjustments of $0.2 billion, net of income tax. Excluding this notable item impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2020, would be 69%.
(12)	The 2021 combined U.S. risk based capital ratio is estimated to be above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end.
(13)	The total U.S. statutory adjusted capital is expected to be approximately $19.1 billion at December 31, 2021, up 12% from December 31, 2020. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company and Metropolitan Property and Casualty Insurance Company from both periods.
(14)	As of September 30, 2021, the solvency margin ratio of MetLife's insurance subsidiary in Japan was 911%, which is calculated quarterly and does not reflect conditions and factors occurring after September 30, 2021.
(15)	For the three months and year ended December 31, 2021, U.S. results excluded the Property & Casualty business which was reported as divested business beginning in the first quarter. This business is included in the prior-year period.
(16)	Assumes a 21% tax rate.
(17)	Excludes the MetLife Holdings segment; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales.
(18)	Results are derived from insurance and non-administrative services-only contracts.
(19)	Excludes certain experience-rated contracts and includes accidental death and dismemberment. For the three months ended December 31, 2021 there was an estimated (18) percentage point impact to the ratio due to COVID-19 reported deaths with an estimated impact to adjusted earnings of ($300) million.

Page 30 of 30

EX-99.2

Exhibit 99.2

Fourth Quarter

Financial Supplement

December 31, 2021

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
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	14
Group Benefits - Other Expenses by Major Category; and Other Statistical Information	15
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance	16
Retirement and Income Solutions - Other Expenses by Major Category; and Spread	17
ASIA
Statements of Adjusted Earnings Available to Common Shareholders	18
Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	19
General Account Assets Under Management and Related Measures	20
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders	21
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	22
EMEA
Statements of Adjusted Earnings Available to Common Shareholders	23
Other Expenses by Major Category; and Other Statistical Information	24
METLIFE HOLDINGS
Statements of Adjusted Earnings Available to Common Shareholders	25
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	26
Other Expenses by Major Category; and Other Statistical Information	27
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source	28
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	29
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale	30
Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	31
Footnotes	32
APPENDIX
Reconciliation Detail	A-1
Notable Items	A-2
Equity Details, Book Value Details and Return on Equity	A-3
Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-4
Non-GAAP and Other Financial Disclosures	A-5
Acronyms	A-8

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 for MetLife and its investors of MetLife's 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, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Revenues
Premiums		$	13,897	$	10,327	$	9,132	$	9,455	$	13,095	$	42,034	$	42,009
Universal life and investment-type product policy fees		1,376		1,391		1,422		1,521		1,422		5,603		5,756
Net investment income		5,240		5,314		5,280		5,568		5,233		17,117		21,395
Other revenues		499		631		664		663		661		1,849		2,619
Net investment gains (losses)		(33)		134		1,605		(84)		(126)		(110)		1,529
Net derivative gains (losses)		(1,561)		(2,235)		421		(218)		(196)		1,349		(2,228)
Total revenues		19,418		15,562		18,524		16,905		20,089		67,842		71,080
Expenses
Policyholder benefits and claims		13,772		10,523		9,405		10,103		13,923		41,461		43,954
Interest credited to policyholder account balances		1,756		1,351		1,515		1,287		1,385		5,214		5,538
Policyholder dividends		302		247		236		189		204		1,090		876
Capitalization of DAC		(804)		(775)		(642)		(635)		(666)		(3,013)		(2,718)
Amortization of DAC and VOBA		746		590		537		816		612		3,160		2,555
Amortization of negative VOBA		(10)		(9)		(10)		(6)		(9)		(45)		(34)
Interest expense on debt		230		228		228		240		224		913		920
Other expenses		3,262		3,116		2,768		2,869		3,110		12,135		11,863
Total expenses		19,254		15,271		14,037		14,863		18,783		60,915		62,954
Income (loss) before provision for income tax		164		291		4,487		2,042		1,306		6,927		8,126
Provision for income tax expense (benefit)		6		(72)		1,075		453		95		1,509		1,551
Net income (loss)		158		363		3,412		1,589		1,211		5,418		6,575
Less: Net income (loss) attributable to noncontrolling interests		—		5		5		5		6		11		21
Net income (loss) attributable to MetLife, Inc.		158		358		3,407		1,584		1,205		5,407		6,554
Less: Preferred stock dividends		34		68		35		63		29		202		195
Preferred stock redemption premium		—		—		6		—		—		14		6
Net income (loss) available to MetLife, Inc.'s common shareholders		$	124	$	290	$	3,366	$	1,521	$	1,176	$	5,191	$	6,353
Premiums, fees and other revenues		$	15,772	$	12,349	$	11,218	$	11,639	$	15,178	$	49,486	$	50,384

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Net income (loss) available to MetLife, Inc.'s common shareholders	$	124	$	290	$	3,366	$	1,521	$	1,176
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(33)		134		1,605		(84)		(126)
Less: Net derivative gains (losses)	(1,561)		(2,235)		421		(218)		(196)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(575)		(174)		(247)		(333)		(501)
Less: Provision for income tax (expense) benefit	455		605		(491)		99		167
Add: Net income (loss) attributable to noncontrolling interests	—		5		5		5		6
Add: Preferred stock redemption premium	—		—		6		—		—
Adjusted earnings available to common shareholders	1,838		1,965		2,089		2,062		1,838
Less: Total notable items (2)	—		—		66		(140)		140
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,838	$	1,965	$	2,023	$	2,202	$	1,698
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	0.14	$	0.33	$	3.83	$	1.77	$	1.39
Less: Net investment gains (losses)	(0.04)		0.15		1.82		(0.10)		(0.15)
Less: Net derivative gains (losses)	(1.72)		(2.51)		0.48		(0.25)		(0.23)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.63)		(0.19)		(0.27)		(0.37)		(0.59)
Less: Provision for income tax (expense) benefit	0.50		0.69		(0.55)		0.11		0.20
Add: Net income (loss) attributable to noncontrolling interests	—		0.01		0.01		0.01		0.01
Add: Preferred stock redemption premium	—		—		0.01		—		—
Adjusted earnings available to common shareholders per diluted common share	2.03		2.20		2.37		2.39		2.17
Less: Total notable items per diluted common share (2)	—		—		0.08		(0.16)		0.17
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	2.03	$	2.20	$	2.30	$	2.56	$	2.01
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	—	$	—	$	—	$	(140)	$	—
Litigation reserves and settlement costs	—		—		66		—		—
Tax adjustments	—		—		—		—		140
Total notable items	$	—	$	—	$	66	$	(140)	$	140
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	—	$	—	$	—	$	(0.16)	$	—
Litigation reserves and settlement costs	$	—	$	—	$	0.08	$	—	$	—
Tax adjustments	$	—	$	—	$	—	$	—	$	0.17
Total notable items	$	—	$	—	$	0.08	$	(0.16)	$	0.17
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Weighted average common shares outstanding - diluted	906.0		892.1		879.7		861.2		845.2
(1)See Page A-1 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Book value per common share (1)	$	78.67		$	70.08		$	75.86		$	77.24		$	77.12
Book value per common share, excluding AOCI other than FCTA (1)	$	54.18		$	53.16		$	56.38		$	57.29		$	57.65
Book value per common share - tangible common stockholders' equity (1)	$	41.94		$	41.34		$	44.56		$	45.35		$	45.61
	For the Three Months Ended
Unaudited	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Return on MetLife, Inc.'s (2):
Common stockholders' equity	0.7		%	1.8		%	21.2		%	9.3		%	7.3		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	10.6		%	11.9		%	13.2		%	12.6		%	11.4		%
Common stockholders' equity, excluding AOCI other than FCTA	15.2		%	16.5		%	17.5		%	17.0		%	15.3		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	15.2		%	16.5		%	17.0		%	18.2		%	14.2		%
Tangible common stockholders' equity	19.4		%	21.5		%	22.6		%	21.7		%	19.6		%
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Common shares outstanding, beginning of period	905.6			892.9			878.3			861.1			844.5
Share repurchases	(13.6)			(18.6)			(17.6)			(16.7)			(19.4)
Newly issued shares	0.9			4.0			0.4			0.1			0.4
Common shares outstanding, end of period	892.9			878.3			861.1			844.5			825.5
Weighted average common shares outstanding - basic	899.9			885.4			873.3			854.9			838.1
Dilutive effect of the exercise or issuance of stock-based awards	6.1			6.7			6.4			6.3			7.1
Weighted average common shares outstanding - diluted	906.0			892.1			879.7			861.2			845.2
MetLife Policyholder Trust Shares	136.0			134.4			132.4			131.1			129.3
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-3 for further detail.
(3)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 Page A-2 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, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Total revenues	$	19,418	$	15,562	$	18,524	$	16,905	$	20,089	$	67,842	$	71,080
Less: Net investment gains (losses)	(33)		134		1,605		(84)		(126)		(110)		1,529
Less: Net derivative gains (losses)	(1,561)		(2,235)		421		(218)		(196)		1,349		(2,228)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	8		—		12		46		13		33		71
Less: Other adjustments to revenues:
GMIB fees	25		25		24		25		24		102		98
Investment hedge adjustments	(260)		(220)		(212)		(228)		(235)		(815)		(895)
Operating joint venture adjustments	1		—		—		(1)		—		1		(1)
Unit-linked contract income	628		207		378		114		253		568		952
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(6)		(3)		(3)		(1)		(1)		(11)		(8)
Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
TSA fees	39		35		60		73		53		159		221
Divested businesses	2		912		—		92		93		101		1,097
Total adjusted revenues	$	20,575	$	16,707	$	16,239	$	17,087	$	20,211	$	66,465	$	70,244
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Net investment income	$	5,240	$	5,314	$	5,280	$	5,568	$	5,233	$	17,117	$	21,395
Less: Adjustments to net investment income:
Investment hedge adjustments	(260)		(220)		(212)		(228)		(235)		(815)		(895)
Operating joint venture adjustments	1		—		—		(1)		—		1		(1)
Unit-linked contract income	628		207		378		114		253		568		952
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(6)		(3)		(3)		(1)		(1)		(11)		(8)
Divested businesses	2		36		—		16		15		46		67
Adjusted net investment income	$	4,875	$	5,294	$	5,117	$	5,668	$	5,201	$	17,328	$	21,280
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Variable investment income (Included in net investment income above)	$	778	$	1,390	$	1,202	$	1,789	$	1,269	$	1,226	$	5,650
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Premiums, fees and other revenues	$	15,772	$	12,349	$	11,218	$	11,639	$	15,178	$	49,486	$	50,384
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	8		—		12		46		13		33		71
GMIB fees	25		25		24		25		24		102		98
Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
TSA fees	39		35		60		73		53		159		221
Divested businesses	—		876		—		76		78		55		1,030
Adjusted premiums, fees and other revenues	$	15,700	$	11,413	$	11,122	$	11,419	$	15,010	$	49,137	$	48,964
Adjusted premiums, fees and other revenues, on a constant currency basis	$	15,517	$	11,215	$	10,958	$	11,305	$	15,010

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Total expenses	$	19,254	$	15,271	$	14,037	$	14,863	$	18,783	$	60,915	$	62,954
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	65		(3)		9		31		63		153		100
Less: Goodwill impairment	—		—		—		—		—		—		—
Less: Other adjustments to expenses:
PBC hedge adjustment	10		9		8		8		7		37		32
Inflation and pass-through adjustments	53		(78)		(18)		—		99		170		3
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	169		115		58		129		93		364		395
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	17		23		16		21		23		70		83
PAB hedge adjustments	(1)		—		(1)		(1)		—		(9)		(2)
Unit-linked contract costs	612		210		366		116		246		536		938
Securitization entities debt expense	—		—		—		—		—		—		—
Noncontrolling interests	(2)		(6)		(6)		(7)		(9)		(16)		(28)
Regulatory implementation costs	12		(3)		6		—		1		20		4
Acquisition, integration and other costs	29		4		4		2		(1)		42		9
TSA fees	39		35		60		73		53		159		221
Divested businesses	9		824		4		81		126		131		1,035
Total adjusted expenses	$	18,242	$	14,141	$	13,531	$	14,410	$	18,082	$	59,258	$	60,164
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Capitalization of DAC	$	(804)	$	(775)	$	(642)	$	(635)	$	(666)	$	(3,013)	$	(2,718)
Less: Divested businesses	—		(89)		—		(15)		(15)		(5)		(119)
Adjusted capitalization of DAC	$	(804)	$	(686)	$	(642)	$	(620)	$	(651)	$	(3,008)	$	(2,599)
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Other expenses	$	3,262	$	3,116	$	2,768	$	2,869	$	3,110	$	12,135	$	11,863
Less: Noncontrolling interests	(2)		(6)		(6)		(7)		(9)		(16)		(28)
Less: Regulatory implementation costs	12		(3)		6		—		1		20		4
Less: Acquisition, integration and other costs	29		4		4		2		(1)		42		9
Less: TSA fees	39		35		60		73		53		159		221
Less: Divested businesses	9		232		4		41		81		58		358
Adjusted other expenses	$	3,175	$	2,854	$	2,700	$	2,760	$	2,985	$	11,872	$	11,299
Adjusted other expenses on a constant currency basis	$	3,088	$	2,768	$	2,635	$	2,711	$	2,985

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021			December 31, 2020			December 31, 2021
Other expenses	$	3,262		$	3,116		$	2,768		$	2,869		$	3,110		$	12,135		$	11,863
Capitalization of DAC	(804)			(775)			(642)			(635)			(666)			(3,013)			(2,718)
Other expenses, net of capitalization of DAC	$	2,458		$	2,341		$	2,126		$	2,234		$	2,444		$	9,122		$	9,145
Premiums, fees and other revenues	$	15,772		$	12,349		$	11,218		$	11,639		$	15,178		$	49,486		$	50,384
Expense ratio	15.6		%	19.0		%	19.0		%	19.2		%	16.1		%	18.4		%	18.2		%
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021			December 31, 2020			December 31, 2021
Adjusted other expenses by major category
Direct expenses	$	1,423		$	1,259		$	1,188		$	1,266		$	1,483		$	5,342		$	5,196
Pension, postretirement and postemployment benefit costs	52			25			43			44			52			165			164
Premium taxes, other taxes, and licenses & fees	201			149			169			142			147			764			607
Commissions and other variable expenses	1,499			1,421			1,300			1,308			1,303			5,601			5,332
Adjusted other expenses	3,175			2,854			2,700			2,760			2,985			11,872			11,299
Adjusted capitalization of DAC	(804)			(686)			(642)			(620)			(651)			(3,008)			(2,599)
Adjusted other expenses, net of adjusted capitalization of DAC	2,371			2,168			2,058			2,140			2,334			8,864			8,700
Less: Total notable items related to adjusted other expenses (1)	—			—			(84)			—			—			—			(84)
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,371		$	2,168		$	2,142		$	2,140		$	2,334		$	8,864		$	8,784
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021			December 31, 2020			December 31, 2021
Employee related costs	$	937		$	897		$	793		$	789		$	906		$	3,508		$	3,385
Third party staffing costs	357			302			333			347			413			1,306			1,395
General and administrative expenses	129			60			62			130			164			528			416
Direct expenses	1,423			1,259			1,188			1,266			1,483			5,342			5,196
Less: Total notable items related to direct expenses (1)	—			—			(84)			—			—			—			(84)
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,423		$	1,259		$	1,272		$	1,266		$	1,483		$	5,342		$	5,280
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,371		$	2,168		$	2,058		$	2,140		$	2,334		$	8,864		$	8,700
Less: Total notable items related to adjusted other expenses (1)	—			—			(84)			—			—			—			(84)
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,371		$	2,168		$	2,142		$	2,140		$	2,334		$	8,864		$	8,784
Adjusted premiums, fees and other revenues	$	15,700		$	11,413		$	11,122		$	11,419		$	15,010		$	49,137		$	48,964
Less: PRT	4,163			—			(14)			(24)			3,551			4,635			3,513
Adjusted premiums, fees and other revenues, excluding PRT	$	11,537		$	11,413		$	11,136		$	11,443		$	11,459		$	44,502		$	45,451
Direct expense ratio	9.1		%	11.0		%	10.7		%	11.1		%	9.9		%	10.9		%	10.6		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.3		%	11.0		%	11.4		%	11.1		%	12.9		%	12.0		%	11.6		%
Adjusted expense ratio	15.1		%	19.0		%	18.5		%	18.7		%	15.5		%	18.0		%	17.8		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	20.6		%	19.0		%	19.2		%	18.7		%	20.4		%	19.9		%	19.3		%
(1)Notable items are related to “litigation reserves and settlement 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 Page A-2 for further detail.

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	354,809	$	332,941	$	340,695	$	341,038	$	340,274
Equity securities, at estimated fair value	1,079		1,063		1,001		941		1,269
Contractholder-directed equity securities and fair value option securities, at estimated fair value	13,319		12,975		12,177		12,055		12,142
Mortgage loans	83,919		83,015		81,497		80,964		79,353
Policy loans	9,493		9,334		9,256		9,186		9,111
Real estate and real estate joint ventures	11,933		12,007		11,901		12,182		12,216
Other limited partnership interests	9,470		10,961		11,980		13,480		14,625
Short-term investments, principally at estimated fair value	3,904		4,781		3,759		7,150		7,176
Other invested assets	20,593		18,677		18,977		18,683		18,655
Total investments	508,519		485,754		491,243		495,679		494,821
Cash and cash equivalents, principally at estimated fair value	19,795		19,635		25,037		18,956		20,047
Accrued investment income	3,388		3,363		3,202		3,354		3,185
Premiums, reinsurance and other receivables	17,870		18,727		18,236		17,816		17,149
Deferred policy acquisition costs and value of business acquired	16,389		17,214		16,527		16,191		16,061
Current income tax recoverable	—		214		52		—		184
Goodwill	10,112		9,944		9,768		9,638		9,535
Assets held-for-sale	7,418		6,599		7,590		7,462		7,238
Other assets	11,685		12,164		11,651		11,614		11,615
Separate account assets	199,970		196,200		189,947		180,954		179,873
Total assets	$	795,146	$	769,814	$	773,253	$	761,664	$	759,708
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	206,656	$	197,755	$	199,376	$	197,086	$	199,721
Policyholder account balances	205,176		205,186		204,948		203,973		203,473
Other policy-related balances	17,101		18,045		17,527		17,735		17,751
Policyholder dividends payable	587		562		572		525		478
Policyholder dividend obligation	2,969		1,546		2,115		1,952		1,682
Payables for collateral under securities loaned and other transactions	29,475		28,694		30,620		31,382		31,920
Short-term debt	393		302		393		346		341
Long-term debt	14,603		14,509		14,518		14,010		13,933
Collateral financing arrangement	845		833		818		806		766
Junior subordinated debt securities	3,153		3,153		3,154		3,155		3,156
Current income tax payable	129		—		—		103		—
Deferred income tax liability	11,008		8,570		9,748		9,850		9,693
Liabilities held-for-sale	4,650		3,865		6,844		6,757		6,634
Other liabilities	23,614		24,457		23,250		23,697		22,538
Separate account liabilities	199,970		196,200		189,947		180,954		179,873
Total liabilities	720,329		703,677		703,830		692,331		691,959
Equity
Preferred stock, at par value	—		—		—		—		—
Common stock, at par value	12		12		12		12		12
Additional paid-in capital	33,812		33,910		33,440		33,457		33,511
Retained earnings	36,491		36,373		39,318		40,426		41,197
Treasury stock, at cost	(13,829)		(14,828)		(15,941)		(16,956)		(18,157)
Accumulated other comprehensive income (loss)	18,072		10,397		12,309		12,111		10,919
Total MetLife, Inc.'s stockholders' equity	74,558		65,864		69,138		69,050		67,482
Noncontrolling interests	259		273		285		283		267
Total equity	74,817		66,137		69,423		69,333		67,749
Total liabilities and equity	$	795,146	$	769,814	$	773,253	$	761,664	$	759,708

8

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	490	$	119	$	315	$	141	$	25
RETIREMENT AND INCOME SOLUTIONS	663		872		826		989		784
PROPERTY & CASUALTY (1)	138		—		—		—		—
TOTAL U.S.	$	1,291	$	991	$	1,141	$	1,130	$	809
ASIA	694		868		741		806		819
LATIN AMERICA	17		53		131		28		149
EMEA	100		92		129		116		60
METLIFE HOLDINGS	533		776		672		761		603
CORPORATE & OTHER	(302)		(214)		(106)		(164)		(311)
Total adjusted earnings before provision for income tax	$	2,333	$	2,566	$	2,708	$	2,677	$	2,129
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	107	$	26	$	67	$	30	$	5
RETIREMENT AND INCOME SOLUTIONS	137		181		172		205		164
PROPERTY & CASUALTY (1)	26		—		—		—		—
TOTAL U.S.	$	270	$	207	$	239	$	235	$	169
ASIA	200		245		221		237		233
LATIN AMERICA	3		13		34		(1)		24
EMEA	19		21		35		22		18
METLIFE HOLDINGS	107		158		136		155		121
CORPORATE & OTHER	(138)		(111)		(81)		(96)		(303)
Total provision for income tax expense (benefit)	$	461	$	533	$	584	$	552	$	262
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	383	$	93	$	248	$	111	$	20
RETIREMENT AND INCOME SOLUTIONS	526		691		654		784		620
PROPERTY & CASUALTY (1)	112		—		—		—		—
TOTAL U.S.	$	1,021	$	784	$	902	$	895	$	640
ASIA	494		623		520		569		586
LATIN AMERICA	14		40		97		29		125
EMEA	81		71		94		94		42
METLIFE HOLDINGS	426		618		536		606		482
CORPORATE & OTHER (2)	(198)		(171)		(60)		(131)		(37)
Total adjusted earnings available to common shareholders (2)	$	1,838	$	1,965	$	2,089	$	2,062	$	1,838
(1)For the three months ended March 31, 2021, U.S. results exclude Property & Casualty, which was reported as divested business. MetLife subsequently completed the sale of the business and, therefore, Property & Casualty results are not reported for the three months ended June 30, 2021, September 30, 2021 and December 31, 2021. See the Non-GAAP and Other Financial Disclosures section for further information on divested business.
(2)Includes impact of preferred stock dividends of $34 million, $68 million, $35 million, $63 million and $29 million for the three months ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021, 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, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
U.S.
GROUP BENEFITS		52.9%		12.8%		34.2%		15.3%		2.8%
RETIREMENT AND INCOME SOLUTIONS		34.0%		43.1%		40.8%		48.9%		38.6%
PROPERTY & CASUALTY (3)		22.5%		—		—		—		—
TOTAL U.S.		36.9%		33.7%		38.7%		38.4%		27.5%
ASIA		13.8%		17.0%		14.2%		15.5%		16.0%
LATIN AMERICA		1.8%		5.8%		14.1%		4.2%		18.1%
EMEA		11.3%		10.0%		13.2%		13.2%		5.9%
METLIFE HOLDINGS		17.2%		23.7%		20.6%		23.2%		18.5%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (4)
		For the Three Months Ended
Unaudited		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
U.S.		42.4%		39.3%		45.1%		44.8%		32.2%
ASIA		20.9%		25.4%		21.3%		23.2%		23.9%
LATIN AMERICA		3.0%		9.1%		22.1%		6.6%		28.5%
EMEA		20.1%		17.1%		22.6%		22.8%		10.2%
METLIFE HOLDINGS		19.1%		26.0%		22.5%		25.4%		20.3%
(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)	2020		2021		2020		2021
	U.S.
	GROUP BENEFITS	$	2,896	$	2,899
	RETIREMENT AND INCOME SOLUTIONS	6,187		6,418
	PROPERTY & CASUALTY (3)	1,991		—
	TOTAL U.S.	$	11,074	$	9,317	$	9,652	$	8,116
	ASIA	$	14,313	$	14,648	$	9,490	$	9,824
	LATIN AMERICA	$	3,074	$	2,757	$	1,876	$	1,757
	EMEA	$	2,855	$	2,844	$	1,649	$	1,683
	METLIFE HOLDINGS	$	9,893	$	10,428	$	9,022	$	9,581
(3) For the three months ended March 31, 2021, U.S. results exclude Property & Casualty, which was reported as divested business. MetLife subsequently completed the sale of the business and, therefore, Property & Casualty results are not reported for the three months ended June 30, 2021, September 30, 2021 and December 31, 2021. See the Non-GAAP and Other Financial Disclosures section for further information on divested business.
(4) 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, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
	U.S.	$	1	$	14	$	13	$	14	$	13
	ASIA	$	1	$	1	$	2	$	1	$	1
	LATIN AMERICA	$	—	$	—	$	—	$	—	$	—
	EMEA	$	2	$	1	$	1	$	2	$	1
	METLIFE HOLDINGS	$	4	$	4	$	4	$	3	$	4

10

U.S. (1) STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Adjusted revenues
Premiums		$	10,074	$	5,699	$	5,474	$	5,746	$	9,439	$	27,265	$	26,358
Universal life and investment-type product policy fees		264		297		282		279		282		1,070		1,140
Net investment income		1,885		2,010		1,998		2,098		1,942		6,903		8,048
Other revenues		240		396		380		383		379		957		1,538
Total adjusted revenues		12,463		8,402		8,134		8,506		12,042		36,195		37,084
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		9,728		6,142		5,739		6,118		9,958		26,309		27,957
Interest credited to policyholder account balances		371		359		359		362		342		1,622		1,422
Capitalization of DAC		(100)		(18)		(13)		(17)		(17)		(453)		(65)
Amortization of DAC and VOBA		114		16		8		26		10		471		60
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		1		2		1		3		7		7
Other expenses		1,058		911		898		886		937		4,162		3,632
Total adjusted expenses		11,172		7,411		6,993		7,376		11,233		32,118		33,013
Adjusted earnings before provision for income tax		1,291		991		1,141		1,130		809		4,077		4,071
Provision for income tax expense (benefit)		270		207		239		235		169		853		850
Adjusted earnings		1,021		784		902		895		640		3,224		3,221
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	1,021	$	784	$	902	$	895	$	640	$	3,224	$	3,221
Adjusted premiums, fees and other revenues		$	10,578	$	6,392	$	6,136	$	6,408	$	10,100	$	29,292	$	29,036
Less: PRT		4,163		—		(14)		(24)		3,551		4,635		3,513
Adjusted premiums, fees and other revenues, excluding PRT		$	6,415	$	6,392	$	6,150	$	6,432	$	6,549	$	24,657	$	25,523
(1)For the three months ended March 31, 2021, U.S. results exclude Property & Casualty, which was reported as divested business. MetLife subsequently completed the sale of the business and, therefore, Property & Casualty results are not reported for the three months ended June 30, 2021, September 30, 2021 and December 31, 2021. U.S. results prior to the three months ended March 31, 2021 include Property & Casualty. See page 9 for further information on adjusted earnings available to common shareholders related to Property & Casualty and see the Non-GAAP and Other Financial Disclosures section for further information on divested business.

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, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Adjusted revenues
Premiums		$	4,659	$	5,106	$	5,085	$	5,006	$	5,278	$	17,680	$	20,475
Universal life and investment-type product policy fees		205		212		207		204		206		809		829
Net investment income		283		279		295		290		296		1,127		1,160
Other revenues		156		318		307		307		307		629		1,239
Total adjusted revenues		5,303		5,915		5,894		5,807		6,087		20,245		23,703
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,061		4,970		4,761		4,853		5,206		15,601		19,790
Interest credited to policyholder account balances		33		32		30		33		32		129		127
Capitalization of DAC		(5)		(5)		(5)		(5)		(4)		(23)		(19)
Amortization of DAC and VOBA		8		5		8		8		7		34		28
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		—		—		—		—		1		1		1
Other expenses		716		794		785		777		820		2,791		3,176
Total adjusted expenses		4,813		5,796		5,579		5,666		6,062		18,533		23,103
Adjusted earnings before provision for income tax		490		119		315		141		25		1,712		600
Provision for income tax expense (benefit)		107		26		67		30		5		377		128
Adjusted earnings		383		93		248		111		20		1,335		472
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	383	$	93	$	248	$	111	$	20	$	1,335	$	472
Adjusted premiums, fees and other revenues		$	5,020	$	5,636	$	5,599	$	5,517	$	5,791	$	19,118	$	22,543

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, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Adjusted revenues
Premiums		$	4,520	$	593	$	389	$	740	$	4,161	$	6,047	$	5,883
Universal life and investment-type product policy fees		59		85		75		75		76		261		311
Net investment income		1,546		1,731		1,703		1,808		1,646		5,600		6,888
Other revenues		86		78		73		76		72		309		299
Total adjusted revenues		6,211		2,487		2,240		2,699		5,955		12,217		13,381
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,086		1,172		978		1,265		4,752		8,293		8,167
Interest credited to policyholder account balances		338		327		329		329		310		1,493		1,295
Capitalization of DAC		(2)		(13)		(8)		(12)		(13)		(30)		(46)
Amortization of DAC and VOBA		5		11		—		18		3		25		32
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		1		2		1		2		6		6
Other expenses		120		117		113		109		117		457		456
Total adjusted expenses		5,548		1,615		1,414		1,710		5,171		10,244		9,910
Adjusted earnings before provision for income tax		663		872		826		989		784		1,973		3,471
Provision for income tax expense (benefit)		137		181		172		205		164		406		722
Adjusted earnings		526		691		654		784		620		1,567		2,749
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	526	$	691	$	654	$	784	$	620	$	1,567	$	2,749
Adjusted premiums, fees and other revenues		$	4,665	$	756	$	537	$	891	$	4,309	$	6,617	$	6,493
Less: PRT		4,163		—		(14)		(24)		3,551		4,635		3,513
Adjusted premiums, fees and other revenues, excluding PRT		$	502	$	756	$	551	$	915	$	758	$	1,982	$	2,980

13

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, beginning of period	$	20,024	$	19,932	$	19,694	$	19,783	$	19,682
Premiums and deposits	5,299		6,068		6,014		5,897		6,227
Surrenders and withdrawals	(571)		(642)		(700)		(673)		(657)
Benefit payments	(4,147)		(4,970)		(4,795)		(4,895)		(5,165)
Net flows	581		456		519		329		405
Net transfers from (to) separate accounts	4		2		2		1		—
Interest	134		123		123		125		125
Policy charges	(143)		(149)		(147)		(146)		(147)
Other	(668)		(670)		(408)		(410)		(240)
Balance, end of period	$	19,932	$	19,694	$	19,783	$	19,682	$	19,825
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, beginning of period	$	1,003	$	1,123	$	1,161	$	1,233	$	1,220
Premiums and deposits	63		68		67		68		68
Surrenders and withdrawals	(13)		(18)		(18)		(16)		(19)
Benefit payments	(2)		(1)		(2)		(2)		—
Net flows	48		49		47		50		49
Investment performance	131		49		85		(4)		80
Net transfers from (to) general account	(4)		(2)		(2)		(1)		—
Policy charges	(55)		(57)		(58)		(58)		(58)
Other	—		(1)		—		—		1
Balance, end of period	$	1,123	$	1,161	$	1,233	$	1,220	$	1,292

14

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Direct and allocated expenses	$	356		$	405		$	392		$	400		$	434
Pension, postretirement and postemployment benefit costs	4			(1)			7			8			7
Premium taxes, other taxes, and licenses & fees	87			70			83			73			74
Commissions and other variable expenses	269			320			303			296			305
Adjusted other expenses	$	716		$	794		$	785		$	777		$	820
OTHER STATISTICAL INFORMATION (1)
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Group Life (2)
Adjusted premiums, fees and other revenues	$	1,915		$	2,088		$	2,078		$	2,074		$	2,151
Mortality ratio	96.3		%	106.3		%	94.3		%	106.2		%	106.3		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,079		$	2,371		$	2,341		$	2,352		$	2,388
Interest adjusted benefit ratio (4)	61.7		%	71.1		%	73.8		%	70.7		%	74.2		%
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

15

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, beginning of period	$	132,376	$	136,703	$	134,056	$	136,524	$	134,283
Premiums and deposits	20,961		22,008		20,382		20,813		20,151
Surrenders and withdrawals	(17,176)		(19,926)		(19,759)		(20,936)		(17,271)
Benefit payments	(1,182)		(1,317)		(1,344)		(1,379)		(1,495)
Net flows	2,603		765		(721)		(1,502)		1,385
Net transfers from (to) separate accounts	17		—		8		—		1
Interest	946		946		938		942		943
Policy charges	(41)		(10)		(44)		(43)		(28)
Other	802		(4,348)		2,287		(1,638)		(253)
Balance, end of period	$	136,703	$	134,056	$	136,524	$	134,283	$	136,331
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, beginning of period	$	83,887	$	84,193	$	82,183	$	82,432	$	81,091
Premiums and deposits	2,138		1,393		1,443		1,027		838
Surrenders and withdrawals (1)	(2,971)		(2,390)		(2,329)		(3,214)		(2,781)
Benefit payments	(24)		(22)		(64)		(27)		(36)
Net flows	(857)		(1,019)		(950)		(2,214)		(1,979)
Investment performance	2,069		(1,302)		2,167		256		954
Net transfers from (to) general account	(17)		—		(8)		—		(1)
Policy charges	(94)		(84)		(83)		(87)		(82)
Other	(795)		395		(877)		704		(58)
Balance, end of period	$	84,193	$	82,183	$	82,432	$	81,091	$	79,925
SYNTHETIC GICS (2)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, beginning of period	$	36,330	$	38,646	$	38,514	$	37,773	$	39,365
Premiums and deposits (1)	2,704		482		314		1,857		1,547
Surrenders and withdrawals	(621)		(829)		(1,251)		(463)		(993)
Net flows	2,083		(347)		(937)		1,394		554
Interest	233		215		196		198		202
Balance, end of period	$	38,646	$	38,514	$	37,773	$	39,365	$	40,121
LONGEVITY REINSURANCE (3)
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, end of period	$	3,894	$	8,833	$	9,502	$	9,358	$	14,824
(1)Includes $360 million, $86 million, $0, $119 million and $750 million of transfers from separate account GICs to synthetic GICs at December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021, 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.
(3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market.

16

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Direct and allocated expenses	$	60		$	61		$	58		$	57		$	60
Pension, postretirement and postemployment benefit costs	2			—			2			2			3
Premium taxes, other taxes, and licenses & fees	10			4			11			3			15
Commissions and other variable expenses	48			52			42			47			39
Adjusted other expenses	$	120		$	117		$	113		$	109		$	117
SPREAD
	For the Three Months Ended
Unaudited	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Investment income yield excluding variable investment income yield	3.98		%	3.77		%	3.82		%	3.77		%	3.72		%
Variable investment income yield	0.73		%	1.46		%	1.26		%	1.63		%	1.11		%
Total investment income yield	4.71		%	5.23		%	5.08		%	5.40		%	4.83		%
Average crediting rate	2.94		%	2.89		%	2.84		%	2.84		%	2.81		%
Annualized general account spread	1.77		%	2.34		%	2.24		%	2.56		%	2.02		%
Annualized general account spread excluding variable investment income yield	1.04		%	0.88		%	0.98		%	0.93		%	0.91		%

17

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Adjusted revenues
Premiums		$	1,697	$	1,685	$	1,582	$	1,594	$	1,560	$	6,571	$	6,421
Universal life and investment-type product policy fees		447		458		436		477		443		1,892		1,814
Net investment income		1,146		1,264		1,158		1,354		1,276		3,938		5,052
Other revenues		17		18		19		17		19		61		73
Total adjusted revenues		3,307		3,425		3,195		3,442		3,298		12,462		13,360
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,346		1,297		1,233		1,220		1,258		5,213		5,008
Interest credited to policyholder account balances		472		489		496		513		497		1,834		1,995
Capitalization of DAC		(449)		(435)		(395)		(373)		(404)		(1,652)		(1,607)
Amortization of DAC and VOBA		310		314		296		470		289		1,415		1,369
Amortization of negative VOBA		(7)		(7)		(8)		(5)		(7)		(37)		(27)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		941		899		832		811		846		3,481		3,388
Total adjusted expenses		2,613		2,557		2,454		2,636		2,479		10,254		10,126
Adjusted earnings before provision for income tax		694		868		741		806		819		2,208		3,234
Provision for income tax expense (benefit)		200		245		221		237		233		643		936
Adjusted earnings		494		623		520		569		586		1,565		2,298
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	494	$	623	$	520	$	569	$	586	$	1,565	$	2,298
Adjusted premiums, fees and other revenues		$	2,161	$	2,161	$	2,037	$	2,088	$	2,022	$	8,524	$	8,308

18

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Adjusted premiums, fees and other revenues	$	2,161	$	2,161	$	2,037	$	2,088	$	2,022
Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,025	$	2,038	$	1,962	$	2,036	$	2,022
Add: Operating joint ventures, on a constant currency basis (1), (2)	295		345		279		323		320
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,320	$	2,383	$	2,241	$	2,359	$	2,342
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Direct and allocated expenses	$	354	$	318	$	314	$	305	$	319
Pension, postretirement and postemployment benefit costs	35		23		22		22		31
Premium taxes, other taxes, and licenses & fees	41		46		45		39		41
Commissions and other variable expenses	511		512		451		445		455
Adjusted other expenses	$	941	$	899	$	832	$	811	$	846
Adjusted other expenses, net of adjusted capitalization of DAC	$	492	$	464	$	437	$	438	$	442
Adjusted other expenses on a constant currency basis	$	877	$	847	$	803	$	787	$	846
Add: Operating joint ventures, on a constant currency basis (1), (2)	109		115		93		100		102
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	986	$	962	$	896	$	887	$	948
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	540	$	522	$	493	$	502	$	518
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Japan:
Life	$	150	$	167	$	162	$	164	$	193
Accident & Health	69		58		69		62		74
Annuities	72		91		76		66		71
Other	1		1		1		2		2
Total Japan	292		317		308		294		340
Other Asia	242		254		181		199		265
Total sales	$	534	$	571	$	489	$	493	$	605
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Adjusted earnings available to common shareholders	$	494	$	623	$	520	$	569	$	586
Adjusted earnings available to common shareholders, on a constant currency basis	$	486	$	608	$	511	$	567	$	586
(1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements 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.

19

ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
GA AUM	$	144,267	$	137,258	$	140,875	$	141,304	$	140,317
GA AUM (at amortized cost)	$	129,661	$	127,695	$	129,411	$	130,777	$	130,310
GA AUM (at amortized cost), on a constant currency basis	$	121,891	$	124,328	$	126,464	$	129,096	$	130,310
Add: Operating joint ventures, on a constant currency basis (1)	5,688		5,851		6,037		6,201		6,775
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	127,579	$	130,179	$	132,501	$	135,297	$	137,085
(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.

20

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Adjusted revenues
Premiums		$	607	$	595	$	636	$	705	$	673	$	2,265	$	2,609
Universal life and investment-type product policy fees		261		270		287		274		278		994		1,109
Net investment income		293		299		308		306		358		992		1,271
Other revenues		10		10		11		9		11		38		41
Total adjusted revenues		1,171		1,174		1,242		1,294		1,320		4,289		5,030
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		772		761		724		885		773		2,406		3,143
Interest credited to policyholder account balances		62		59		60		63		67		240		249
Capitalization of DAC		(104)		(95)		(100)		(109)		(110)		(362)		(414)
Amortization of DAC and VOBA		70		60		83		62		80		276		285
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		1		1		2		1		4		5
Other expenses		353		335		343		363		360		1,318		1,401
Total adjusted expenses		1,154		1,121		1,111		1,266		1,171		3,882		4,669
Adjusted earnings before provision for income tax		17		53		131		28		149		407		361
Provision for income tax expense (benefit)		3		13		34		(1)		24		127		70
Adjusted earnings		14		40		97		29		125		280		291
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	14	$	40	$	97	$	29	$	125	$	280	$	291
Adjusted premiums, fees and other revenues		$	878	$	875	$	934	$	988	$	962	$	3,297	$	3,759

21

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Direct and allocated expenses	$	125	$	121	$	120	$	126	$	132
Pension, postretirement and postemployment benefit costs	1		1		1		2		—
Premium taxes, other taxes, and licenses & fees	12		11		11		10		8
Commissions and other variable expenses	215		202		211		225		220
Adjusted other expenses	$	353	$	335	$	343	$	363	$	360
Adjusted other expenses, net of adjusted capitalization of DAC	$	249	$	240	$	243	$	254	$	250
Adjusted other expenses on a constant currency basis	$	340	$	319	$	322	$	348	$	360
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	241	$	229	$	228	$	244	$	250
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Mexico	$	77	$	89	$	89	$	93	$	96
Chile	43		46		53		63		64
All other	43		39		66		68		60
Total sales	$	163	$	174	$	208	$	224	$	220
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Adjusted premiums, fees and other revenues	$	878	$	875	$	934	$	988	$	962
Adjusted earnings available to common shareholders	$	14	$	40	$	97	$	29	$	125
Adjusted premiums, fees and other revenues, on a constant currency basis	$	851	$	833	$	877	$	946	$	962
Adjusted earnings available to common shareholders, on a constant currency basis	$	12	$	29	$	86	$	26	$	125

22

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Adjusted revenues
Premiums		$	583	$	598	$	621	$	532	$	520	$	2,259	$	2,271
Universal life and investment-type product policy fees		109		67		107		128		93		433		395
Net investment income		70		63		62		46		44		269		215
Other revenues		15		13		16		10		8		52		47
Total adjusted revenues		777		741		806		716		665		3,013		2,928
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		319		343		333		268		297		1,196		1,241
Interest credited to policyholder account balances		26		24		25		17		20		109		86
Capitalization of DAC		(124)		(127)		(122)		(110)		(110)		(491)		(469)
Amortization of DAC and VOBA		114		62		94		118		82		454		356
Amortization of negative VOBA		(3)		(2)		(2)		(1)		(2)		(8)		(7)
Interest expense on debt		1		—		—		—		—		1		—
Other expenses		344		349		349		308		318		1,344		1,324
Total adjusted expenses		677		649		677		600		605		2,605		2,531
Adjusted earnings before provision for income tax		100		92		129		116		60		408		397
Provision for income tax expense (benefit)		19		21		35		22		18		81		96
Adjusted earnings		81		71		94		94		42		327		301
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	81	$	71	$	94	$	94	$	42	$	327	$	301
Adjusted premiums, fees and other revenues		$	707	$	678	$	744	$	670	$	621	$	2,744	$	2,713

23

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Direct and allocated expenses	$	120	$	112	$	116	$	98	$	102
Pension, postretirement and postemployment benefit costs	4		1		2		3		2
Premium taxes, other taxes, and licenses & fees	5		8		6		5		4
Commissions and other variable expenses	215		228		225		202		210
Adjusted other expenses	$	344	$	349	$	349	$	308	$	318
Adjusted other expenses, net of adjusted capitalization of DAC	$	220	$	222	$	227	$	198	$	208
Adjusted other expenses on a constant currency basis	$	334	$	331	$	334	$	298	$	318
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	215	$	212	$	218	$	193	$	208
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Adjusted premiums, fees and other revenues	$	707	$	678	$	744	$	670	$	621
Adjusted earnings available to common shareholders	$	81	$	71	$	94	$	94	$	42
Adjusted premiums, fees and other revenues, on a constant currency basis	$	687	$	645	$	712	$	650	$	621
Adjusted earnings available to common shareholders, on a constant currency basis	$	76	$	64	$	87	$	89	$	42
Total sales on a constant currency basis	$	208	$	250	$	223	$	185	$	196

24

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Adjusted revenues
Premiums		$	931	$	827	$	839	$	805	$	862	$	3,600	$	3,333
Universal life and investment-type product policy fees		261		274		273		279		275		1,073		1,101
Net investment income		1,461		1,646		1,543		1,771		1,490		5,184		6,450
Other revenues		72		62		69		57		69		238		257
Total adjusted revenues		2,725		2,809		2,724		2,912		2,696		10,095		11,141
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,675		1,523		1,549		1,611		1,585		6,738		6,268
Interest credited to policyholder account balances		214		210		210		212		208		868		840
Capitalization of DAC		(24)		(8)		(9)		(8)		(8)		(39)		(33)
Amortization of DAC and VOBA		82		54		56		80		67		370		257
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		1		2		1		1		6		5
Other expenses		244		253		244		255		240		942		992
Total adjusted expenses		2,192		2,033		2,052		2,151		2,093		8,885		8,329
Adjusted earnings before provision for income tax		533		776		672		761		603		1,210		2,812
Provision for income tax expense (benefit)		107		158		136		155		121		234		570
Adjusted earnings		426		618		536		606		482		976		2,242
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	426	$	618	$	536	$	606	$	482	$	976	$	2,242
Adjusted premiums, fees and other revenues		$	1,264	$	1,163	$	1,181	$	1,141	$	1,206	$	4,911	$	4,691

25

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, beginning of period	$	83,021	$	83,004	$	81,446	$	81,993	$	82,115
Premiums and deposits (2), (3)	1,216		1,142		1,100		1,070		1,121
Surrenders and withdrawals	(567)		(529)		(538)		(532)		(529)
Benefit payments	(832)		(936)		(790)		(818)		(805)
Net flows	(183)		(323)		(228)		(280)		(213)
Net transfers from (to) separate accounts	12		2		9		12		10
Interest	836		831		834		838		839
Policy charges	(184)		(185)		(183)		(183)		(180)
Other	(498)		(1,883)		115		(265)		(188)
Balance, end of period	$	83,004	$	81,446	$	81,993	$	82,115	$	82,383
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, beginning of period	$	19,466	$	19,029	$	18,367	$	18,270	$	18,341
Premiums and deposits (2), (3)	111		107		91		72		89
Surrenders and withdrawals	(356)		(340)		(306)		(326)		(410)
Benefit payments	(158)		(171)		(150)		(144)		(152)
Net flows	(403)		(404)		(365)		(398)		(473)
Net transfers from (to) separate accounts	170		96		29		61		52
Interest	131		129		125		125		125
Policy charges	(4)		(4)		(4)		(4)		(4)
Other	(331)		(479)		118		287		20
Balance, end of period	$	19,029	$	18,367	$	18,270	$	18,341	$	18,061
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, beginning of period	$	6,039	$	6,848	$	7,021	$	7,424	$	7,248
Premiums and deposits (3)	59		62		57		56		57
Surrenders and withdrawals	(55)		(68)		(67)		(61)		(64)
Benefit payments	(11)		(16)		(18)		(15)		(19)
Net flows	(7)		(22)		(28)		(20)		(26)
Investment performance	895		260		508		(80)		367
Net transfers from (to) general account	(12)		(2)		(9)		(12)		(10)
Policy charges	(66)		(66)		(66)		(66)		(65)
Other	(1)		3		(2)		2		(2)
Balance, end of period	$	6,848	$	7,021	$	7,424	$	7,248	$	7,512
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Balance, beginning of period	$	37,883	$	40,825	$	40,444	$	41,543	$	39,840
Premiums and deposits (3)	75		79		83		61		74
Surrenders and withdrawals	(942)		(1,062)		(1,094)		(1,127)		(1,177)
Benefit payments	(107)		(128)		(121)		(116)		(135)
Net flows	(974)		(1,111)		(1,132)		(1,182)		(1,238)
Investment performance	4,282		1,017		2,460		(258)		1,819
Net transfers from (to) general account	(170)		(96)		(29)		(61)		(52)
Policy charges	(196)		(190)		(200)		(203)		(195)
Other	—		(1)		—		1		(1)
Balance, end of period	$	40,825	$	40,444	$	41,543	$	39,840	$	40,173
(1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.

26

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Direct and allocated expenses	$	149		$	166		$	164		$	165		$	163
Pension, postretirement and postemployment benefit costs	3			—			4			4			4
Premium taxes, other taxes, and licenses & fees	25			14			18			16			16
Commissions and other variable expenses	67			73			58			70			57
Adjusted other expenses	$	244		$	253		$	244		$	255		$	240
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Life (1)
Adjusted premiums, fees and other revenues	$	843		$	762		$	766		$	734		$	791
Interest adjusted benefit ratio	59.6		%	54.8		%	47.1		%	53.3		%	54.3		%
Lapse Ratio (2)
Traditional life	4.1		%	4.0		%	4.0		%	4.0		%	4.0		%
Variable & universal life	3.5		%	3.3		%	3.3		%	3.3		%	3.3		%
Fixed annuity	6.5		%	6.6		%	6.7		%	6.8		%	6.8		%
Variable annuity	8.8		%	8.5		%	9.2		%	9.7		%	10.2		%
(1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

27

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Adjusted revenues
Premiums		$	5	$	58	$	(20)	$	16	$	(19)	$	22	$	35
Universal life and investment-type product policy fees		1		—		1		—		1		3		2
Net investment income		20		12		48		93		91		42		244
Other revenues		106		86		109		108		117		344		420
Total adjusted revenues		132		156		138		217		190		411		701
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		(26)		40		(13)		9		(2)		(3)		34
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(3)		(3)		(3)		(3)		(2)		(11)		(11)
Amortization of DAC and VOBA		2		2		3		2		2		8		9
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		226		224		223		236		219		895		902
Other expenses		235		107		34		137		284		625		562
Total adjusted expenses		434		370		244		381		501		1,514		1,496
Adjusted earnings before provision for income tax		(302)		(214)		(106)		(164)		(311)		(1,103)		(795)
Provision for income tax expense (benefit)		(138)		(111)		(81)		(96)		(303)		(556)		(591)
Adjusted earnings		(164)		(103)		(25)		(68)		(8)		(547)		(204)
Preferred stock dividends		34		68		35		63		29		202		195
Adjusted earnings available to common shareholders		$	(198)	$	(171)	$	(60)	$	(131)	$	(37)	$	(749)	$	(399)
Adjusted premiums, fees and other revenues		$	112	$	144	$	90	$	124	$	99	$	369	$	457
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Business activities		$	36	$	29	$	28	$	41	$	45	$	96	$	143
Net investment income		28		13		51		95		89		54		248
Interest expense on debt		(238)		(234)		(235)		(247)		(228)		(943)		(944)
Corporate initiatives and projects		(76)		(25)		(24)		(25)		(54)		(159)		(128)
Other		(52)		3		74		(28)		(163)		(151)		(114)
Provision for income tax (expense) benefit and other tax-related items		138		111		81		96		303		556		591
Preferred stock dividends		(34)		(68)		(35)		(63)		(29)		(202)		(195)
Adjusted earnings available to common shareholders		$	(198)	$	(171)	$	(60)	$	(131)	$	(37)	$	(749)	$	(399)

28

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, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021			December 31, 2020			December 31, 2021
Fixed Maturity Securities
Yield	3.83		%	3.72		%	3.76		%	3.71		%	3.77		%	3.88		%	3.74		%
Investment income (2), (3)	$	2,883		$	2,784		$	2,785		$	2,761		$	2,816		$	11,356		$	11,146
Investment gains (losses)	31			(64)			6			130			(2)			294			70
Ending carrying value (4)	356,420			334,594			342,344			342,591			341,876			356,420			341,876
Mortgage Loans
Yield	4.25		%	4.11		%	4.29		%	4.12		%	4.23		%	4.27		%	4.19		%
Investment income (3)	887			861			885			837			847			3,518			3,430
Investment gains (losses)	(65)			60			(2)			43			(119)			(213)			(18)
Ending carrying value	83,919			83,015			81,497			80,964			79,353			83,919			79,353
Real Estate and Real Estate Joint Ventures
Yield	2.30		%	3.18		%	3.65		%	6.00		%	6.36		%	1.56		%	4.81		%
Investment income	68			95			109			181			194			178			579
Investment gains (losses)	3			48			368			66			20			7			502
Ending carrying value	11,933			12,007			11,901			12,182			12,216			11,933			12,216
Policy Loans
Yield	5.18		%	5.14		%	5.18		%	5.09		%	5.02		%	5.18		%	5.11		%
Investment income	124			121			120			118			115			498			474
Ending carrying value	9,493			9,334			9,256			9,186			9,111			9,493			9,111
Equity Securities
Yield	4.19		%	4.90		%	4.30		%	4.85		%	3.76		%	4.83		%	4.45		%
Investment income	10			11			9			8			8			50			36
Investment gains (losses)	73			75			55			(33)			11			(137)			108
Ending carrying value	1,079			1,063			1,001			941			1,269			1,079			1,269
Other Limited Partnership Interests
Yield (5)	31.63		%	50.30		%	36.58		%	48.43		%	30.11		%	12.17		%	40.71		%
Investment income (5)	714			1,285			1,050			1,542			1,058			1,010			4,935
Investment gains (losses)	(16)			(5)			(8)			(4)			11			(15)			(6)
Ending carrying value (6)	9,470			10,961			11,980			13,480			14,625			9,470			14,625
Cash and Short-term Investments
Yield	1.01		%	0.87		%	0.72		%	0.70		%	0.93		%	1.35		%	0.80		%
Investment income	24			21			21			20			25			140			87
Investment gains (losses)	(8)			4			2			6			15			(28)			27
Ending carrying value (7)	23,696			24,416			28,796			26,106			27,223			23,696			27,223
Other Invested Assets
Investment income	318			298			266			342			291			1,162			1,197
Investment gains (losses)	49			17			19			12			51			230			99
Ending carrying value	20,593			18,677			18,977			18,683			18,655			20,593			18,655
Total Investments
Investment income yield	4.63		%	5.05		%	4.85		%	5.36		%	4.94		%	4.22		%	5.05		%
Investment fees and expenses yield	(0.14)		%	(0.13)		%	(0.12)		%	(0.12)		%	(0.13)		%	(0.13)		%	(0.12)		%
Net Investment Income Yield	4.49		%	4.92		%	4.73		%	5.24		%	4.81		%	4.09		%	4.93		%
Investment income	$	5,028		$	5,476		$	5,245		$	5,809		$	5,354		$	17,912		$	21,884
Investment fees and expenses	(151)			(146)			(128)			(125)			(138)			(538)			(537)
Net investment income including divested businesses	4,877			5,330			5,117			5,684			5,216			17,374			21,347
Less: Net investment income from divested businesses	2			36			—			16			15			46			67
Adjusted Net Investment Income (8)	$	4,875		$	5,294		$	5,117		$	5,668		$	5,201		$	17,328		$	21,280
Ending Carrying Value	$	516,603		$	494,067		$	505,752		$	504,133		$	504,328		$	516,603		$	504,328
Investment Portfolio Gains (Losses) including divested businesses	$	67		$	135		$	440		$	220		$	(13)		$	138		$	782
Less: Divested businesses	—			28			—			—			2			18			30
Investment Portfolio Gains (Losses) (9)	$	67		$	107		$	440		$	220		$	(15)		$	120		$	752
Gross investment gains	338			372			656			352			331			1,740			1,711
Gross investment losses	(178)			(288)			(164)			(156)			(242)			(1,214)			(850)
Net credit loss (provision) release and (impairments)	(93)			23			(52)			24			(104)			(406)			(109)
Investment Portfolio Gains (Losses) (9)	67			107			440			220			(15)			120			752
Investment portfolio gains (losses) income tax (expense) benefit	15			(25)			(78)			(60)			17			(101)			(146)
Investment Portfolio Gains (Losses), Net of Income Tax	$	82		$	82		$	362		$	160		$	2		$	19		$	606
Derivative gains (losses) including Divested businesses	$	(1,820)		$	(2,455)		$	210		$	(445)		$	(431)		$	543		$	(3,121)
Less: Derivative gains (losses) from divested businesses	—			(1)			—			—			—			—			(1)
Derivative gains (losses) (9)	(1,820)			(2,454)			210			(445)			(431)			543			(3,120)
Derivative gains (losses) income tax (expense) benefit	390			599			(63)			127			96			(135)			759
Derivative Gains (Losses), Net of Income Tax	$	(1,430)		$	(1,855)		$	147		$	(318)		$	(335)		$	408		$	(2,361)
See footnotes on Page 32.

29

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		December 31, 2020				March 31, 2021				June 30, 2021				September 30, 2021				December 31, 2021
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate		$	93,416	26.3	%	$	88,002	26.4	%	$	91,371	26.8	%	$	92,012	27.0	%	$	93,034	27.3	%
Foreign corporate		69,408		19.5	%	65,883		19.8	%	65,605		19.2	%	63,922		18.7	%	63,640		18.7	%
Foreign government		71,699		20.2	%	67,137		20.2	%	64,630		19.0	%	63,380		18.6	%	61,609		18.1	%
U.S. government and agency		47,100		13.3	%	41,402		12.4	%	46,556		13.7	%	48,100		14.1	%	46,599		13.7	%
Residential mortgage-backed		30,435		8.6	%	29,302		8.8	%	29,848		8.8	%	30,267		8.9	%	30,404		8.9	%
Asset-backed		17,119		4.8	%	16,217		4.9	%	16,713		4.9	%	17,403		5.1	%	18,569		5.5	%
Municipals		13,722		3.9	%	13,212		4.0	%	13,923		4.1	%	14,040		4.1	%	14,212		4.2	%
Commercial mortgage-backed		11,910		3.4	%	11,786		3.5	%	12,049		3.5	%	11,914		3.5	%	12,207		3.6	%
Fixed Maturity Securities Available-For-Sale		$	354,809	100.0	%	$	332,941	100.0	%	$	340,695	100.0	%	$	341,038	100.0	%	$	340,274	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	250,013	70.5	%	$	231,570	69.6	%	$	237,231	69.6	%	$	239,158	70.1	%	$	239,394	70.4	%
2	Baa	87,702		24.7	%	84,467		25.4	%	86,293		25.3	%	84,831		24.9	%	85,209		25.0	%
3	Ba	12,812		3.6	%	12,825		3.8	%	12,978		3.8	%	12,876		3.8	%	11,973		3.5	%
4	B	3,702		1.1	%	3,397		1.0	%	3,534		1.1	%	3,584		1.0	%	3,150		0.9	%
5	Caa and lower	503		0.1	%	633		0.2	%	604		0.2	%	565		0.2	%	526		0.2	%
6	In or near default	77		—	%	49		—	%	55		—	%	24		—	%	22		—	%
Fixed Maturity Securities Available-For-Sale (10)		$	354,809	100.0	%	$	332,941	100.0	%	$	340,695	100.0	%	$	341,038	100.0	%	$	340,274	100.0	%
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)		December 31, 2020				March 31, 2021				June 30, 2021				September 30, 2021				December 31, 2021
Gross unrealized gains		$	45,519			$	31,251			$	35,681			$	33,349			$	31,901
Gross unrealized losses		1,440				2,973				1,989				2,247				2,420
Net Unrealized Gains (Losses)		$	44,079			$	28,278			$	33,692			$	31,102			$	29,481
See footnotes on Page 32.

30

INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	December 31, 2020				March 31, 2021				June 30, 2021				September 30, 2021				December 31, 2021
Commercial mortgage loans	$	52,434			$	52,300			$	51,602			$	51,336			$	50,553
Agricultural mortgage loans	18,128				18,051				18,044				18,353				18,111
Residential mortgage loans	13,947				13,192				12,421				11,838				11,323
Mortgage Loans	84,509				83,543				82,067				81,527				79,987
Valuation allowances	(590)				(528)				(570)				(563)				(634)
Mortgage Loans, net	$	83,919			$	83,015			$	81,497			$	80,964			$	79,353
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2020				March 31, 2021				June 30, 2021				September 30, 2021				December 31, 2021
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Non-U.S.	$	10,581	20.2	%	$	10,507	20.1	%	$	10,227	19.8	%	$	9,501	18.5	%	$	9,969	19.7	%
Pacific	10,235		19.5	%	10,401		19.9	%	10,161		19.7	%	10,249		20.0	%	9,676		19.1	%
Middle Atlantic	8,233		15.7	%	8,170		15.6	%	8,115		15.7	%	7,877		15.3	%	7,537		14.9	%
South Atlantic	7,217		13.8	%	7,134		13.6	%	7,186		13.9	%	7,047		13.7	%	6,800		13.5	%
West South Central	3,887		7.4	%	3,655		7.0	%	3,636		7.0	%	3,434		6.7	%	3,492		6.9	%
New England	2,126		4.0	%	2,148		4.1	%	2,214		4.3	%	2,623		5.1	%	2,748		5.4	%
East North Central	2,494		4.8	%	2,555		4.9	%	2,197		4.3	%	2,229		4.3	%	2,129		4.2	%
Mountain	1,777		3.4	%	1,650		3.2	%	1,903		3.7	%	1,996		3.9	%	1,993		4.0	%
East South Central	700		1.3	%	753		1.4	%	781		1.5	%	824		1.6	%	759		1.5	%
West North Central	609		1.2	%	616		1.2	%	649		1.3	%	649		1.3	%	663		1.3	%
Multi-Region and Other	4,575		8.7	%	4,711		9.0	%	4,533		8.8	%	4,907		9.6	%	4,787		9.5	%
Total	$	52,434	100.0	%	$	52,300	100.0	%	$	51,602	100.0	%	$	51,336	100.0	%	$	50,553	100.0	%
Office	$	23,928	45.6	%	$	23,443	44.8	%	$	22,883	44.3	%	$	22,573	44.0	%	$	22,388	44.3	%
Apartment	8,764		16.7	%	8,748		16.7	%	8,699		16.9	%	8,910		17.4	%	9,121		18.0	%
Retail	8,911		17.0	%	9,028		17.3	%	8,960		17.4	%	8,684		16.9	%	8,548		16.9	%
Industrial	5,365		10.2	%	5,625		10.7	%	5,437		10.5	%	5,562		10.8	%	5,096		10.1	%
Hotel	3,377		6.5	%	3,281		6.3	%	3,187		6.2	%	3,175		6.2	%	3,201		6.3	%
Other	2,089		4.0	%	2,175		4.2	%	2,436		4.7	%	2,432		4.7	%	2,199		4.4	%
Total	$	52,434	100.0	%	$	52,300	100.0	%	$	51,602	100.0	%	$	51,336	100.0	%	$	50,553	100.0	%

31

INVESTMENTS FOOTNOTES
(1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-6 and presented on Page A-1. Average quarterly 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. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. 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 $68 million, $36 million, $50 million, $6 million and $75 million for the three months ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 respectively, and $140 million and $167 million for the year ended December 30, 2020 and December 30, 2021, 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, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
Fixed maturity securities available-for-sale	$	354,809	$	332,941	$	340,695	$	341,038	$	340,274
Contractholder-directed equity securities and fair value option securities	13,319		12,975		12,177		12,055		12,142
Total fixed maturity securities	368,128		345,916		352,872		353,093		352,416
Less: Contractholder-directed equity securities	11,708		11,322		10,528		10,502		10,540
Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs	—		—		—		—		—
Fixed maturity securities	$	356,420	$	334,594	$	342,344	$	342,591	$	341,876
(5)Other limited partnership interests includes investment income related to private equity investments of $705 million, $1,278 million, $1,045 million, $1,516 million and $1,059 million for the three months ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021, respectively, and $913 million and $4,898 million for the year ended December 30, 2020 and December 30, 2021, respectively. The annualized yields for these periods were 33.61%, 53.35%, 38.60%, 50.19%, 31.64%, 11.85% and 42.70%, respectively.
(6)Other limited partnership interests includes ending carrying value related to private equity investments of $8,827 million, $10,321 million, $11,337 million, $12,811 million and $13,963 million at December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021, respectively.
(7)Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $3 million at September 30, 2020 and December 31, 2020, and less than $1 million at March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021.
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)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, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Net investment gains (losses)	$	(33)	$	134	$	1,605	$	(84)	$	(126)	$	(110)	$	1,529
Less: Operating joint venture adjustments	(1)		—		—		1		—		(1)		1
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	5		9		5		9		22		(4)		45
Less: Non-investment portfolio gains (losses)	(104)		(10)		1,160		(314)		(135)		(243)		701
Less: Divested businesses	—		28		—		—		2		18		30
Investment portfolio gains (losses)	$	67	$	107	$	440	$	220	$	(15)	$	120	$	752
	For the Three Months Ended										For the Year Ended
	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Net derivative gains (losses)	$	(1,561)	$	(2,235)	$	421	$	(218)	$	(196)	$	1,349	$	(2,228)
Less: Investment hedge adjustments	260		220		212		228		235		815		895
Less: Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
Less: PAB hedge adjustments	(1)		—		(1)		(1)		—		(9)		(2)
Less: Divested businesses	$	—	$	(1)	$	—	$	—	$	—	$	—	$	(1)
Derivative gains (losses)	$	(1,820)	$	(2,454)	$	210	$	(445)	$	(431)	$	543	$	(3,120)
(10)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When MetLife, Inc.’s insurance subsidiaries acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for non-agency RMBS and CMBS; accordingly, NAIC designations may not correspond to NRSRO ratings.

32

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2020		December 31, 2021
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	124	$	290	$	3,366	$	1,521	$	1,176	$	5,191	$	6,353
Add: Preferred stock dividends	34		68		35		63		29		202		195
Add: Preferred stock redemption premium	—		—		6		—		—		14		6
Add: Net Income (loss) attributable to noncontrolling interests	—		5		5		5		6		11		21
Net income (loss)	158		363		3,412		1,589		1,211		$	5,418	$	6,575
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(33)		134		1,605		(84)		(126)		(110)		1,529
Net derivative gains (losses)	(1,561)		(2,235)		421		(218)		(196)		1,349		(2,228)
Premiums - Divested businesses	—		865		—		57		60		52		982
Universal life and investment-type product policy fees
Unearned revenue adjustments	8		—		12		46		13		33		71
GMIB fees	25		25		24		25		24		102		98
Divested businesses	—		—		—		13		13		3		26
Net investment income
Investment hedge adjustments	(260)		(220)		(212)		(228)		(235)		(815)		(895)
Operating joint venture adjustments	1		—		—		(1)		—		1		(1)
Unit-linked contract income	628		207		378		114		253		568		952
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(6)		(3)		(3)		(1)		(1)		(11)		(8)
Divested businesses	2		36		—		16		15		46		67
Other revenues
Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
TSA fees	39		35		60		73		53		159		221
Divested businesses	—		11		—		6		5		—		22
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments	(10)		(9)		(8)		(8)		(7)		(37)		(32)
PDO adjustments	—		—		—		—		—		—		—
Inflation and pass-through adjustments	(53)		78		18		—		(99)		(170)		(3)
GMIB costs	(180)		(128)		(70)		(116)		(88)		(360)		(402)
Market value adjustments	(17)		(23)		(16)		(21)		(23)		(70)		(83)
Divested businesses	—		(582)		—		(36)		(41)		(55)		(659)
Interest credited to policyholder account balances
PAB hedge adjustments	1		—		1		1		—		9		2
Unit-linked contract costs	(612)		(210)		(366)		(116)		(246)		(536)		(938)
Divested businesses	—		—		—		(5)		(5)		(14)		(10)
Capitalization of DAC - Divested businesses	—		89		—		15		15		5		119
Amortization of DAC and VOBA
Related to NIGL and NDGL	(65)		3		(9)		(31)		(63)		(153)		(100)
Related to GMIB fees and GMIB costs	11		13		12		(13)		(5)		(4)		7
Related to market value adjustments	—		—		—		—		—		—		—
Divested businesses	—		(98)		—		(14)		(14)		(9)		(126)
Amortization of negative VOBA
Related to market value adjustments	—		—		—		—		—		—		—
Divested businesses	—		—		—		—		—		—		—
Interest expense on debt
Securitization entities debt expense	—		—		—		—		—		—		—
Divested businesses	—		(1)		—		—		—		—		(1)
Other expenses
Noncontrolling interests	2		6		6		7		9		16		28
Regulatory implementation costs	(12)		3		(6)		—		(1)		(20)		(4)
Acquisition, integration and other costs	(29)		(4)		(4)		(2)		1		(42)		(9)
TSA fees	(39)		(35)		(60)		(73)		(53)		(159)		(221)
Divested businesses	(9)		(232)		(4)		(41)		(81)		(58)		(358)
Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	455		605		(491)		99		167		(127)		380
Adjusted earnings	1,872		2,033		2,124		2,125		1,867		5,825		8,149
Less: Preferred stock dividends	34		68		35		63		29		202		195
Adjusted earnings available to common shareholders	$	1,838	$	1,965	$	2,089	$	2,062	$	1,838	$	5,623	$	7,954

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021			December 31, 2020		December 31, 2021
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(140)	$	—		$	(203)	$	(140)
Litigation reserves and settlement costs		—		—		66		—		—			—		66
Tax adjustments		—		—		—		—		140			—		140
Total notable items		$	—	$	—	$	66	$	(140)	$	140		$	(203)	$	66
ASIA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021			December 31, 2020		December 31, 2021
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(79)	$	—		$	(28)	$	(79)
Total notable items		$	—	$	—	$	—	$	(79)	$	—		$	(28)	$	(79)
LATIN AMERICA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021			December 31, 2020		December 31, 2021
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(2)	$	—		$	(9)	$	(2)
Total notable items		$	—	$	—	$	—	$	(2)	$	—		$	(9)	$	(2)
EMEA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021			December 31, 2020		December 31, 2021
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(6)	$	—		$	(31)	$	(6)
Total notable items		$	—	$	—	$	—	$	(6)	$	—		$	(31)	$	(6)
METLIFE HOLDINGS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021			December 31, 2020		December 31, 2021
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(53)	$	—		$	(135)	$	(53)
Total notable items		$	—	$	—	$	—	$	(53)	$	—		$	(135)	$	(53)
CORPORATE & OTHER
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021			December 31, 2020		December 31, 2021
Litigation reserves and settlement costs		$	—	$	—	$	66	$	—	$	—		$	—	$	66
Tax adjustments		—		—		—		—		140			—		140
Total notable items		$	—	$	—	$	66	$	—	$	140		$	—	$	206
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Total MetLife, Inc.'s stockholders' equity	$	74,558		$	65,864		$	69,138		$	69,050		$	67,482
Less: Preferred stock	4,312			4,312			3,818			3,818			3,818
MetLife, Inc.'s common stockholders' equity	70,246			61,552			65,320			65,232			63,664
Less: Net unrealized investment gains (losses), net of income tax	23,730			16,712			18,608			18,658			17,671
Defined benefit plans adjustment, net of income tax	(1,863)			(1,848)			(1,836)			(1,805)			(1,598)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	48,379		$	46,688		$	48,548		$	48,379		$	47,591
Less: Goodwill, net of income tax	10,090			9,571			9,398			9,317			9,221
VODA and VOCRA, net of income tax	844			807			779			763			718
Total MetLife, Inc.'s tangible common stockholders' equity	$	37,445		$	36,310		$	38,371		$	38,299		$	37,652
Unaudited (In millions)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	48,379		$	46,688		$	48,548		$	48,379		$	47,591
Less: Accumulated year-to-date total notable items (2)	(203)			—			66			(74)			66
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	48,582		$	46,688		$	48,482		$	48,453		$	47,525
Unaudited (In millions, except per share data)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021
Book value per common share	$	78.67		$	70.08		$	75.86		$	77.24		$	77.12
Less: Net unrealized investment gains (losses), net of income tax	26.58			19.02			21.61			22.09			21.41
Defined benefit plans adjustment, net of income tax	(2.09)			(2.10)			(2.13)			(2.14)			(1.94)
Book value per common share, excluding AOCI other than FCTA	$	54.18		$	53.16		$	56.38		$	57.29		$	57.65
Less: Goodwill, net of income tax	11.29			10.90			10.92			11.04			11.17
VODA and VOCRA, net of income tax	0.95			0.92			0.90			0.90			0.87
Book value per common share - tangible common stockholders' equity	$	41.94		$	41.34		$	44.56		$	45.35		$	45.61
Common shares outstanding, end of period	892.9			878.3			861.1			844.5			825.5
	For the Three Months Ended (1)															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			December 31, 2021			December 31, 2020			December 31, 2021
Return on MetLife, Inc.'s:
Common stockholders' equity	0.7		%	1.8		%	21.2		%	9.3		%	7.3		%	7.6		%	9.7		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.6		%	11.9		%	13.2		%	12.6		%	11.4		%	8.3		%	12.2		%
Common stockholders' equity, excluding AOCI other than FCTA	15.2		%	16.5		%	17.5		%	17.0		%	15.3		%	11.9		%	16.6		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	15.2		%	16.5		%	17.0		%	18.2		%	14.2		%	12.3		%	16.5		%
Tangible common stockholders' equity (3)	19.4		%	21.5		%	22.6		%	21.7		%	19.6		%	15.0		%	21.4		%
Average common stockholders' equity	$	69,625		$	65,899		$	63,436		$	65,276		$	64,448		$	67,869		$	65,203
Average common stockholders' equity, excluding AOCI other than FCTA	$	48,234		$	47,534		$	47,618		$	48,464		$	47,985		$	47,251		$	47,917
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	48,437		$	47,534		$	47,585		$	48,468		$	47,989		$	47,332		$	47,905
Average tangible common stockholders' equity	$	38,130		$	36,878		$	37,341		$	38,335		$	37,976		$	37,703		$	37,615
(1) Annualized using quarter-to-date results.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.
(3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 of $8 million, $20 million, $20 million, $20 million and $19 million, respectively, and for the year ended December 31, 2020 and 2021 of $33 million and $79 million, respectively.

A-3

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, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
U.S. (1)	$	10,578	$	6,392	$	6,136	$	6,408	$	10,100
ASIA	2,025		2,038		1,962		2,036		2,022
LATIN AMERICA	851		833		877		946		962
EMEA	687		645		712		650		621
METLIFE HOLDINGS (1)	1,264		1,163		1,181		1,141		1,206
CORPORATE & OTHER (1)	112		144		90		124		99
Adjusted premiums, fees and other revenues, on a constant currency basis	$	15,517	$	11,215	$	10,958	$	11,305	$	15,010
Adjusted premiums, fees and other revenues	$	15,700	$	11,413	$	11,122	$	11,419	$	15,010
ASIA (including operating joint ventures) (2), (3)	$	2,320	$	2,383	$	2,241	$	2,359	$	2,342
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
U.S. (1)	$	1,058	$	911	$	898	$	886	$	937
ASIA	877		847		803		787		846
LATIN AMERICA	340		319		322		348		360
EMEA	334		331		334		298		318
METLIFE HOLDINGS (1)	244		253		244		255		240
CORPORATE & OTHER (1)	235		107		34		137		284
Adjusted other expenses on a constant currency basis	$	3,088	$	2,768	$	2,635	$	2,711	$	2,985
Adjusted other expenses	$	3,175	$	2,854	$	2,700	$	2,760	$	2,985
ASIA (including operating joint ventures) (2), (3)	$	986	$	962	$	896	$	887	$	948
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
U.S. (1)	$	1,021	$	784	$	902	$	895	$	640
ASIA	486		608		511		567		586
LATIN AMERICA	12		29		86		26		125
EMEA	76		64		87		89		42
METLIFE HOLDINGS (1)	426		618		536		606		482
CORPORATE & OTHER (1)	(198)		(171)		(60)		(131)		(37)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,823	$	1,932	$	2,062	$	2,052	$	1,838
Adjusted earnings available to common shareholders	$	1,838	$	1,965	$	2,089	$	2,062	$	1,838
(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 statements of adjusted earnings available to common shareholders on Page 18 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-4

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 for MetLife and its investors of MetLife's 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)	adjusted net investment income	(v)	net investment income
(vi)	adjusted earnings	(vi)	net income (loss)
(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, excluding total notable items	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders
(ix)	adjusted earnings available to common shareholders per diluted common share	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x)	adjusted earnings available to common shareholders, excluding total notable items, per diluted common share	(x)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi)	adjusted return on equity	(xi)	return on equity
(xii)	adjusted return on equity, excluding AOCI other than FCTA	(xii)	return on equity
(xiii)	adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA)	(xiii)	return on equity
(xiv)	adjusted tangible return on equity	(xiv)	return on equity
(xv)	investment portfolio gains (losses)	(xv)	net investment gains (losses)
(xvi)	derivative gains (losses)	(xvi)	net derivative gains (losses)
(xvii)	adjusted capitalization of DAC	(xvii)	capitalization of DAC
(xviii)	total MetLife, Inc.’s tangible common stockholders’ equity	(xviii)	total MetLife, Inc.’s stockholders’ equity
(xix)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xix)	total MetLife, Inc.’s stockholders’ equity
(xx)	total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)	(xx)	total MetLife, Inc.’s stockholders’ equity
(xxi)	book value per common share, excluding AOCI other than FCTA	(xxi)	book value per common share
(xxii)	book value per common share - tangible common stockholders' equity	(xxii)	book value per common share
(xxiii)	adjusted other expenses	(xxiii)	other expenses
(xxiv)	adjusted other expenses, net of adjusted capitalization of DAC	(xxiv)	other expenses, net of capitalization of DAC
(xxv)	adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses	(xxv)	other expenses, net of capitalization of DAC
(xxvi)	adjusted expense ratio	(xxvi)	expense ratio
(xxvii)	adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT	(xxvii)	expense ratio
(xxviii)	direct expenses	(xxviii)	other expenses
(xxix)	direct expenses, excluding total notable items related to direct expenses	(xxix)	other expenses
(xxx)	direct expense ratio	(xxx)	expense ratio
(xxxi)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxxi)	expense ratio
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.

A-5

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
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, excluding total notable items;
•	adjusted earnings available to common shareholders per diluted common share;
•	adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•	adjusted earnings available to common shareholders 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.
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 include 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. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
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, as well as investment portfolio gains (losses) of divested businesses. 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-6

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.
•	Total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.
•	Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•	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 total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders’ equity, excluding total notable items (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.
•	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.
•	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: adjusted direct expenses divided by adjusted premiums, fees and other revenues.
•	Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•	Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•	Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account assets under management and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate equity (including real estate and real estate joint ventures) included in Asia 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 Asia GA AUM.
Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
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-7

METLIFE ACRONYMS
AOCI	Accumulated other comprehensive income (loss)
CSE	Consolidated securitization entity
DAC	Deferred policy acquisition costs
EMEA	Europe, the Middle East and Africa
FCTA	Foreign currency translation adjustments
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-8

EX-99.3

4Q21 Supplemental Slides and Outlook1 John McCallion Chief Financial Officer Exhibit 99.3 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

2 Table of contents Topic Page No. Net income (loss) to adjusted earnings 3 Adjusted earnings, ex. total notable items, by segment 4 Group Benefits underwriting 5 Variable investment income (VII) 6 Direct expense ratio 8 Cash & capital 9 Outlook 10 Appendix 15

3 Net income (loss) to adjusted earnings 4Q21 FY21 (post-tax) $ in millions $ per share1 $ in millions $ per share1 Net Income (Loss) $1,176 $1.39 $6,353 $7.31 Less: Net Investment Gains (Losses) (100) (0.12) 1,208 1.39 Net Derivative Gains (Losses) (155) (0.18) (1,760) (2.02) Investment Hedge Adjustments (186) (0.22) (707) (0.81) Actuarial Assumption Review — — (76) (0.09) Other (221) (0.26) (266) (0.31) Adjusted Earnings $1,838 $2.17 $7,954 $9.15 Less Notable Items: Actuarial Assumption Review — — (140) (0.16) Litigation Reserves and Settlement Costs — — 66 0.08 Tax adjustments 140 0.17 140 0.16 Adjusted Earnings ex. Total Notable Items $1,698 $2.01 $7,888 $9.07 1 The per share data for each item is calculated on a standalone basis and may not sum to the total.

4 ($ in millions - post-tax) 4Q21 4Q20 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $20 $383 (95%) Volume Growth Underwriting Margins Retirement and Income Solutions 620 526 18% Investment Margins; Volume Growth Property & Casualty2 — 112 U.S. 640 1,021 (37%) Asia 586 494 19% 21% Investment Margins; Expense Margins; Volume Growth Underwriting Margins Latin America 125 14 NM3 NM3 Underwriting Margins; Investment Margins; Volume Growth Equity Markets EMEA 42 81 (48%) (45%) Volume Growth Underwriting Margins; Expense Margins MetLife Holdings 482 426 13% Investment Margins; Policyholder Dividends Underwriting Margins Corporate & Other (177) (198) Net Investment Income; Taxes Expenses Adjusted Earnings ex. Total Notable Items $1,698 $1,838 (8%) (7%) Adjusted EPS ex. Total Notable Items $2.01 $2.03 (1%) —% Adjusted earnings, ex. total notable items, by segment 1 To be discussed on MetLife, Inc.'s fourth quarter and full year 2021 earnings conference call and audio webcast. 2 The Property & Casualty business was sold to Farmers Group, Inc. in the second quarter of 2021. 3 Not Meaningful (NM) indicates a percentage change in a financial metric over a specified period of time and reflects changes in factors that are subject to volatility, and should not, accordingly be viewed as representative of a reasonable trend currently or in the future.

5 Group Benefits underwriting impacted by COVID-19 mortality 1 Results are derived from insurance and non-administrative services-only contracts. 2 Excludes certain experience-rated contracts and includes accidental death and dismemberment. 3 COVID-19 reported deaths. Group Benefits Adjusted Earnings 106.3% 94.3% 106.2% 106.3% Ratio (as reported) Ratio ex. COVID-19 1Q 2021 2Q 2021 3Q 2021 4Q21 85.0% 90.0% 95.0% 100.0% 105.0% 110.0% Group Life Mortality Ratio1,2 4Q21 Highlights COVID-19 Impact to Adjusted Earnings (~$280M) (~$75M) (~$290M) $93M $248M $111M COVID-19 Impact on Ratio3 85-90% target range ~17 pts ~5 pts ~18 pts • COVID-19 life claims remain elevated • Lower percentage of COVID-19 deaths under age 65 relative to 3Q21 • Non-COVID-19 mortality within normal quarterly fluctuations $20M (~$300M) ~18 pts

6 $1,390 $1,202 $1,789 $1,269 $5,650 1Q21 2Q21 3Q21 4Q21 FY21 2021 VII above guidance1 driven by private equity returns ($ in millions - pre-tax) Private Equity Other 1 Quarterly VII range of $300 million - $350 million, based on full year 2021 guidance range of $1.2 - $1.4 billion.

7 ($ in millions - post-tax1) 1Q21 2Q21 3Q21 4Q21 FY21 Group Benefits $11 $14 $17 $17 $59 Retirement and Income Solutions 390 351 449 324 1,514 U.S. 401 365 466 341 1,573 Asia 273 218 373 307 1,171 Latin America 17 22 22 17 78 EMEA — — — — — MetLife Holdings 381 301 487 266 1,435 Corporate & Other 26 44 65 72 207 Total Variable Investment Income $1,098 $950 $1,413 $1,003 $4,464 1 Assumes a 21% tax rate. VII by segment

8 12.0% 11.0% 12.4% 11.4% 11.4% 11.1% 12.3% 12.9% 12.0% 11.6% 1Q20 1Q21 2Q20 2Q21 3Q20 3Q21 4Q20 4Q21 FY20 FY21 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.3% Target FY21 direct expense ratio1 of 11.6%, below 12.3% target

9 Holding Company Cash1 $4.5 $6.5 $5.1 $5.4 4Q20 1Q21 2Q21 3Q21 4Q21 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Excludes total notable items. 3 Based on estimate and includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. 4 MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. 5 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company and Metropolitan Property and Casualty Insurance Company for both periods. 6 Solvency ratio of MetLife's insurance subsidiary in Japan, which is calculated quarterly and does not reflect conditions and factors occurring after September 30, 2021. $3.0B to $4.0B Cash Buffer Capital • Share repurchases of $1.2 billion in 4Q21 and $4.3 billion in FY21 • Average 2020-2021 free cash flow ratio2 of 59% – Free cash flow generation remains strong – Ratio below 65-75% target driven by higher adjusted earnings from private equity in 2021 • 2021 Combined NAIC Risk-Based Capital ratio3,4 above 360% target • Expected total U.S. Statutory Adjusted Capital5 of $19.1 billion at 12/31/21, up 12% from 12/31/20 • Japan Solvency Margin ratio6 of 911% at 9/30/21 $3.8 ($ in billions)

Outlook

11 Overview • Continued uncertainty around COVID-19 in 2022, excluded from near-term1 targets • Rising interest rates, but flatter yield curve • Unfavorable impacts from stronger U.S. dollar2 • S&P 500 annual return of 5%; private equity annual return of 12% Near-term1 targets: • Adjusted return on equity3 of 12-14% • Free cash flow ratio of 65-75% of adjusted earnings4 • Direct expense ratio less than 12.3%5 Corporate guidance for 2022: • Variable investment income range of $1.8 – $2.0 billion6 • Corporate & Other adjusted loss of $650 – $750 million • Effective tax rate to be between 21-23% Macro Assumptions Near-Term1 Targets and Corporate Guidance Key Sensitivities Adjusted Earnings Impact from Rates $ in millions 2022 2023 2024 Declining interest rate scenario7 $20 ($45) ($105) Rising interest rate scenario7 ($15) $50 $95 10 bps increase in LIBOR8 ($10) ($5) ($10) 10 bps decrease in LIBOR8 $10 $5 $10 1 One to three years. 2 Based on 12/31/21 forward FX rates, adjusted earnings in 2022 versus 2021 reduced by ~$50 million in Asia and ~$25 million in both Latin America and EMEA. 3 Excluding AOCI other than FCTA. 4 2-year average excluding total notable items. 5 Excluding total notable items related to direct expenses and PRT. 6 Pre-tax. 7 See pages 17 and 18 in the Appendix for more information. 8 Increase/decrease of 10 basis points from base for interest rates shorter than 1 year; no change in longer-term interest rates.

12 $2,627 $7,698 $11,450 2020 2021 2022 Expected 2022 VII guidance ($ in millions) Private Equity Real Estate and Other Funds Average Asset Balance Highlights • Long-term annual return assumptions: – Private equity: 12% – Hedge funds: 6.5% – Real estate and other funds: 7% • 2022 full year VII range of $1.8 – $2.0 billion2 • Expect ~$1 billion of private equity secondary sales in 2022 • Real estate and other funds were re-classed to VII portfolio from recurring investment income portfolio as of 1/1/21 Hedge Funds $8,369 $16,500 $14,716 $12,130 $3,700 $670 $639 $597 1 2020 average asset balances includes $74 million from real estate funds and other assets. 2 Includes fixed maturity securities and mortgage loans. 1

13 Near-Term Guidance1 • Adjusted premiums, fees and other revenues (PFOs) expected to grow 4-6%1 annually • Group Life mortality ratio of 103.3% in 2021; target of 85-90% • Group Non-Medical Health interest adjusted benefit ratio of 72.5% in 2021; target of 70-75% • Both spread based and fee-based liability exposures2 expected to grow 2-4% annually • Investment spread3 of 229 bps in 2021; expected to be 95-120 bps in 2022 • Adjusted PFOs expected to decline by approximately 6-8% per year • Life interest adjusted benefit ratio of 52.4% in 2021; target of 45-50% in 2022 • Adjusted earnings of $1.0 - $1.2 billion in 2022 Group Benefits Retirement and Income Solutions MetLife Holdings 1 Excludes 2021 excess premiums from participating group life contracts of $1.1 billion. 2 Includes future policy benefits, policyholder account liabilities, and separate account liabilities, as well as notional amounts not recorded on MetLife's balance sheet. 3 Average annualized general account spread.

14 Near-Term Guidance1,2 • Mid-to-high single-digit sales growth • General account assets under management3 to grow at mid single-digits • Mid-single-digit adjusted earnings growth, excluding excess VII4 • High single-digit annual growth in adjusted PFOs • Adjusted earnings expected to double in 2022 • Adjusted earnings expected to grow high-single to low-double-digits in 2023 and 2024 • Sales growth of mid-to-high single-digits • Adjusted earnings and PFOs anticipated to decline in 2022 due to FX and divestitures • Adjusted earnings and PFOs expected to grow mid-to-high single-digits in 2023-2024 Asia Latin America EMEA 1 2021-2022 growth rates for adjusted earnings and PFOs based on full year 2021 results as reported in the Quarterly Financial Supplement. 2 Growth rates on a constant rate basis, unless otherwise noted. 3 Excludes fair value adjustments and includes operating joint ventures. 4 Excludes VII above plan of approximately $800M post-tax in 2021.

Appendix

16 Value of new business1 $2.9 $3.1 $3.8 $3.8 $3.2 $1.0 $1.3 $2.1 $1.8 $1.9 Capital Deployed Value of New Business 2016 2017 2018 2019 2020 ($ in billions) IRR Payback Period 15% 7 Years 15% 7 Years 17% 6 Years 14% 7 Years 14% 7 Years 1 Excludes the MetLife Holdings segment; Value of New Business (VNB) is the present value of future profits net of the cost of capital and time value of guarantees from new sales.

17 12/31/21 12/31/22 12/31/23 12/31/24 Base Declining Rate Base Declining Rate Base Declining Rate Base Declining Rate 3-Month LIBOR1 0.21% 0.21% 1.07% 0.57% 1.60% 1.10% 1.66% 1.16% 10-Year U.S. Treasury1 1.51% 1.51% 1.73% 1.23% 1.86% 1.36% 1.96% 1.46% 30-Year U.S. Treasury1 1.90% 1.90% 1.97% 1.47% 2.00% 1.50% 2.02% 1.52% Interest Rates: Base vs. Declining Rate Scenario 1 Base rates based on forward curve as of December 31, 2021.

18 12/31/21 12/31/22 12/31/23 12/31/24 Base Rising Rate Base Rising Rate Base Rising Rate Base Rising Rate 3-Month LIBOR1 0.21% 0.21% 1.07% 1.57% 1.60% 2.10% 1.66% 2.16% 10-Year U.S. Treasury1 1.51% 1.51% 1.73% 2.23% 1.86% 2.36% 1.96% 2.46% 30-Year U.S. Treasury1 1.90% 1.90% 1.97% 2.47% 2.00% 2.50% 2.02% 2.52% Interest Rates: Base vs. Rising Rate Scenario 1 Base rates based on forward curve as of December 31, 2021.

19 Key Sensitivities • 1% change in Group Life mortality ratio translates to ~$65 million of adjusted earnings1 • 1% change in Group Non-Medical Health interest adjusted benefit ratio translates to ~$80 million of adjusted earnings1 • Roughly 70% of the separate account (SA) assets are in equities • +/- 10% change in SA returns translates to $10-15 million initial5 impact to adjusted earnings, and ~$40 million ongoing annual impact to adjusted earnings • 1% change in life interest adjusted benefit ratio translates to $15-20 million of adjusted earnings1 Group Benefits Retirement and Income Solutions MetLife Holdings Impact on $ in millions Change Adjusted Earnings1 LIBOR2, 3 +10 bps -$4 -10 bps +$4 U.S. Treasury4 +10 bps +$4 -10 bps -$4 • $1 billion of PRT sales translates to $7-8 million of adjusted earnings1 1 Annual impact. 2 Change from base scenario for interest rates for rates shorter than 1 year; no change in longer-term interest rates. 3 This sensitivity holds for a LIBOR rate change of +/- 50 basis points. 4 Parallel shift in base scenario U.S. Treasury rates from 1 to 30 years. No change in other interest rates. 5 Quarter in which market impact occurs.

20 Key Sensitivities Asia Latin America EMEA 1 Independent parallel shift in yield curve for U.S. and Japan has the same impact. 2 Higher yields increase adjusted earnings and lower regulatory ratios. 3 Higher yields increase adjusted earnings and regulatory ratios.4 The ProVida encaje is capital required by Superintendencia de Pensiones. The encaje is invested in the same manner as the total pension fund, and the investment income is included in adjusted earnings. Annual Impact on Regulatory $ in millions Change Adjusted Earnings Ratios (%) Parallel shift in yield curve: Japan / U.S1,2 +/- 10 bps $1-2 5-10% Korea2 +/- 10 bps $0-1 0-5% China3 +/- 10 bps $0-1 5-10% Annual Impact on $ in millions Change Adjusted Earnings Mexican peso to U.S. dollar +1% $3 Chilean peso to U.S. dollar +1% $3 Annual return on the ProVida encaje4 +1% $3 Annual Impact on $ in millions Change Adjusted Earnings Euro to U.S. Dollar +1% $1 British Pound to U.S. Dollar +1% $1 Turkish Lira to U.S. Dollar +1% $0.2

21 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, such as "anticipated," “assumes,” “assumption,” “continued,” “estimate,” “expect,” “forward,” “future,” “grow,” “guidance,” "long- term," “near-term,” “ongoing,” “outlook,” “remain,” “scenario,” “sensitivities,” “target,” and “to be,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

22 Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) net income (loss) per share; (ii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (iii) adjusted earnings; and (iii) adjusted earnings available to common shareholders; and (iv) adjusted earnings per share. (iv) adjusted earnings available to common shareholders per diluted common share. In this presentation, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the 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) adjusted premiums, fees and other revenues; (i) premiums, fees and other revenues; (ii) adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT); (ii) premiums, fees and other revenues; (iii) adjusted capitalization of deferred policy acquisition costs (DAC); (iii) capitalization of DAC; (iv) adjusted earnings available to common shareholders; (iv) net income (loss) available to MetLife, Inc.’s common shareholders; (v) adjusted earnings available to common shareholders, excluding total notable items; (v) net income (loss) available to MetLife, Inc.’s common shareholders; (vi) adjusted earnings available to common shareholders per diluted common share; (vi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (vii) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share; (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (viii) free cash flows of all holding companies; (viii) MetLife, Inc. (parent company only) net cash provided by (used in) operating activities; (ix) adjusted other expenses; (ix) other expenses; (x) adjusted other expenses, net of adjusted capitalization of DAC; (x) other expenses, net of capitalization of DAC; (xi) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; (xi) other expenses, net of capitalization of DAC; (xii) adjusted expense ratio; (xii) expense ratio; (xiii) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; (xiii) expense ratio; (xiv) direct expenses; (xiv) other expenses; (xv) direct expenses, excluding total notable items related to direct expenses; (xv) other expenses; (xvi) direct expense ratio; and (xvi) expense ratio; and (xvii) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xvii) expense ratio.

23 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 and applied to the comparable prior period. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this presentation and in this period’s quarterly financial supplement and earnings news release, which are available at www.metlife.com. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income. MetLife’s definitions of non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders on a constant currency basis per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings 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 loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non- core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (Divested businesses). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments. Explanatory Note on Non-GAAP and Other Financial Information (Continued)

24 Explanatory Note on Non-GAAP and Other Financial Information (Continued) The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (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, (iii) excludes certain amounts related to contractholder- directed equity securities, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP; and • Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees). The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) changes in the policyholder dividend obligation related to NIGL and NDGL, (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, (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 and excludes certain amounts related to net investment income earned on contractholder-directed equity securities; • Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments; • Amortization of negative VOBA excludes amounts related to Market value adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other expenses excludes: (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. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders. 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: adjusted direct expenses, divided by adjusted premiums, fees and other revenues. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

25 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asia General account (GA) assets under management (GA AUM) and related measures Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures included in Asia 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 Asia GA AUM. Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss. Statistical sales information: • U.S.: ◦ Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. ◦ Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate- owned life insurance. • Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. The following additional information is relevant to an understanding of MetLife’s performance results and outlook: • Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. • Notable items 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 represent a positive (negative) impact to adjusted earnings available to common shareholders. • We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

26 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2021 4Q21 4Q20 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 6,353 $ 7.31 $ 1,176 $ 1.39 $ 124 $ 0.14 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) 1,529 1.76 (126) (0.15) (33) (0.04) Less: Net derivative gains (losses) (2,228) (2.56) (196) (0.23) (1,561) (1.72) Less: Other adjustments to net income (loss) (1,255) (1.45) (501) (0.59) (575) (0.63) Less: Provision for income tax (expense) benefit 380 0.44 167 0.20 455 0.50 Add: Net income (loss) attributable to noncontrolling interests 21 0.02 6 0.01 — — Add: Preferred stock redemption premium 6 0.01 — — — — Adjusted earnings available to common shareholders 7,954 9.15 1,838 2.17 1,838 2.03 Less: Total notable items 66 0.08 140 0.17 — — Adjusted earnings available to common shareholders, excluding total notable items $ 7,888 $ 9.07 $ 1,698 $ 2.01 $ 1,838 $ 2.03 Adjusted earnings available to common shareholders on a constant currency basis $ 7,954 $ 9.15 $ 1,838 $ 2.17 $ 1,823 $ 2.01 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 7,888 $ 9.07 $ 1,698 $ 2.01 $ 1,823 $ 2.01 constant currency basis Weighted average common shares outstanding - diluted 869.4 845.2 906.0 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

27 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q21 U.S.1,2 Group Benefits1 Retirement & Income Solutions1 Property & Casualty1,2 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 640 $ 20 $ 620 $ — $ 586 $ 125 $ 42 $ 482 $ (37) Less: Total notable items — — — — — — — — 140 Adjusted earnings available to common shareholders, excluding total notable items $ 640 $ 20 $ 620 $ — $ 586 $ 125 $ 42 $ 482 $ (177) Adjusted earnings available to common shareholders on a constant currency basis $ 586 $ 125 $ 42 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 586 $ 125 $ 42 4Q20 U.S.1,2 Group Benefits1 Retirement & Income Solutions1 Property & Casualty1,2 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 1,021 $ 383 $ 526 $ 112 $ 494 $ 14 $ 81 $ 426 $ (198) Less: Total notable items — — — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 1,021 $ 383 $ 526 $ 112 $ 494 $ 14 $ 81 $ 426 $ (198) Adjusted earnings available to common shareholders on a constant currency basis $ 486 $ 12 $ 76 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 486 $ 12 $ 76 1Results on a constant currency basis are not included as constant currency impact is not significant. 2 For the three months ended December 31, 2021, U.S. results exclude the Property & Casualty business which was sold in the second quarter. This business is included in the prior-year period.

28 Expense Detail and Ratios (In millions, except ratio data) 1Q20 2Q20 3Q20 4Q20 2020 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (774) $ (671) $ (764) $ (804) $ (3,013) Less: Divested businesses (3) (2) — — (5) Adjusted capitalization of DAC $ (771) $ (669) $ (764) $ (804) $ (3,008) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 3,047 $ 2,872 $ 2,954 $ 3,262 $ 12,135 Less: Noncontrolling interests (3) (7) (4) (2) (16) Less: Regulatory implementation costs 2 — 6 12 20 Less: Acquisition, integration and other costs 6 — 7 29 42 Less: TSA fees 42 39 39 39 159 Less: Divested businesses 19 23 7 9 58 Adjusted other expenses $ 2,981 $ 2,817 $ 2,899 $ 3,175 $ 11,872 Other Detail and Ratios Other expenses $ 3,047 $ 2,872 $ 2,954 $ 3,262 $ 12,135 Capitalization of DAC (774) (671) (764) (804) (3,013) Other expenses, net of capitalization of DAC $ 2,273 $ 2,201 $ 2,190 $ 2,458 $ 9,122 Premiums, fees and other revenues $ 11,336 $ 10,491 $ 11,887 $ 15,772 $ 49,486 Expense ratio 20.1 % 21.0 % 18.4 % 15.6 % 18.4 % Direct expenses $ 1,344 $ 1,287 $ 1,288 $ 1,423 $ 5,342 Less: Total notable items related to direct expenses — — — — — Direct expenses, excluding total notable items related to direct expenses $ 1,344 $ 1,287 $ 1,288 $ 1,423 $ 5,342 Adjusted other expenses $ 2,981 $ 2,817 $ 2,899 $ 3,175 $ 11,872 Adjusted capitalization of DAC (771) (669) (764) (804) (3,008) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,210 $ 2,148 $ 2,135 $ 2,371 $ 8,864 Less: Total notable items related to adjusted other expenses — — — — — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,210 $ 2,148 $ 2,135 $ 2,371 $ 8,864 Adjusted premiums, fees and other revenues $ 11,216 $ 10,401 $ 11,820 $ 15,700 $ 49,137 Less: PRT (9) (6) 487 4,163 4,635 Adjusted premiums, fees and other revenues, excluding PRT $ 11,225 $ 10,407 $ 11,333 $ 11,537 $ 44,502 Direct expense ratio 12.0 % 12.4 % 10.9 % 9.1 % 10.9 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 12.0 % 12.4 % 11.4 % 12.3 % 12.0 % Adjusted expense ratio 19.7 % 20.7 % 18.1 % 15.1 % 18.0 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.7 % 20.6 % 18.8 % 20.6 % 19.9 %

29 Expense Detail and Ratios (In millions, except ratio data) 1Q21 2Q21 3Q21 Q421 2021 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (775) $ (642) $ (635) $ (666) $ (2,718) Less: Divested businesses (89) — (15) (15) (119) Adjusted capitalization of DAC $ (686) $ (642) $ (620) $ (651) $ (2,599) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 3,116 $ 2,768 $ 2,869 $ 3,110 $ 11,863 Less: Noncontrolling interests (6) (6) (7) (9) (28) Less: Regulatory implementation costs (3) 6 — 1 4 Less: Acquisition, integration and other costs 4 4 2 (1) 9 Less: TSA fees 35 60 73 53 221 Less: Divested businesses 232 4 41 81 358 Adjusted other expenses $ 2,854 $ 2,700 $ 2,760 $ 2,985 $ 11,299 Other Detail and Ratios Other expenses $ 3,116 $ 2,768 $ 2,869 $ 3,110 $ 11,863 Capitalization of DAC (775) (642) (635) (666) (2,718) Other expenses, net of capitalization of DAC $ 2,341 $ 2,126 $ 2,234 $ 2,444 $ 9,145 Premiums, fees and other revenues $ 12,349 $ 11,218 $ 11,639 $ 15,178 $ 50,384 Expense ratio 19.0 % 19.0 % 19.2 % 16.1 % 18.2 % Direct expenses $ 1,259 $ 1,188 $ 1,266 $ 1,483 $ 5,196 Less: Total notable items related to direct expenses — (84) — — (84) Direct expenses, excluding total notable items related to direct expenses $ 1,259 $ 1,272 $ 1,266 $ 1,483 $ 5,280 Adjusted other expenses $ 2,854 $ 2,700 $ 2,760 $ 2,985 $ 11,299 Adjusted capitalization of DAC (686) (642) (620) (651) (2,599) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,168 $ 2,058 $ 2,140 $ 2,334 $ 8,700 Less: Total notable items related to adjusted other expenses — (84) — — (84) Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,168 $ 2,142 $ 2,140 $ 2,334 $ 8,784 Adjusted premiums, fees and other revenues $ 11,413 $ 11,122 $ 11,419 $ 15,010 $ 48,964 Less: PRT — (14) (24) 3,551 3,513 Adjusted premiums, fees and other revenues, excluding PRT $ 11,413 $ 11,136 $ 11,443 $ 11,459 $ 45,451 Direct expense ratio 11.0 % 10.7 % 11.1 % 9.9 % 10.6 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.0 % 11.4 % 11.1 % 12.9 % 11.6 % Adjusted expense ratio 19.0 % 18.5 % 18.7 % 15.5 % 17.8 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.0 % 19.2 % 18.7 % 20.4 % 19.3 %

30 Premiums, Fees and Other Revenues (In millions) 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21 3Q21 4Q21 2021 Total Company - Premiums, Fees and Other Revenues Premiums, fees and other revenues $ 11,336 $ 10,491 $ 11,887 $ 15,772 $ 49,486 $ 12,349 $ 11,218 $ 11,639 $ 15,178 $ 50,384 Less: Unearned revenue adjustments 18 5 2 8 33 — 12 46 13 71 Less: GMIB fees 26 25 26 25 102 25 24 25 24 98 Less: Settlement of foreign currency earnings hedges — — — — — — — — — — Less: TSA fees 42 39 39 39 159 35 60 73 53 221 Less: Divested businesses 34 21 — — 55 876 — 76 78 1,030 Adjusted premiums, fees and other revenues $ 11,216 $ 10,401 $ 11,820 $ 15,700 $ 49,137 $ 11,413 $ 11,122 $ 11,419 $ 15,010 $ 48,964

31 Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies 2021 2020 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $ 3.8 $ 3.5 Adjustments from net cash provided by operating activities to free cash flow: Add: Incremental debt to be at or below target leverage ratios — 1.4 Add: Adjustments from net cash provided by operating activities to free cash flow1 (0.3) (0.2) MetLife, Inc. (parent company only) free cash flow 3.5 4.7 Other MetLife, Inc. holding companies free cash flow2 0.3 (0.7) Free cash flow of all holding companies $ 3.8 $ 4.0 Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders: MetLife, Inc. (parent company only) net cash provided by operating activities $ 3.8 $ 3.5 Consolidated net income (loss) available to MetLife, Inc.'s common shareholders $ 6.4 $ 5.2 Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders3 59 % 67 % Ratio of free cash flow to adjusted earnings available to common shareholders: Free cash flow of all holding companies4 $ 3.8 $ 4.0 Consolidated adjusted earnings available to common shareholders4 $ 8.0 $ 5.6 Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders4 48 % 71 % 1Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net. 2Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions from MetLife, Inc.; (iii) capital contributions to subsidiaries; (iv) repayments on and (issuances of) loans to subsidiaries, net; (v) other expenses; (vi) dividends and returns of capital to MetLife, Inc. and (vii) investment portfolio changes and other, net. 3Including the free cash flow of other MetLife, Inc. holding companies of $0.3 billion and $(0.7) billion for the years ended December 31, 2021 and 2020, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 64% and 54%, respectively. 4(i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2021, was positively impacted by notable items, related to tax adjustments of $0.1 billion, net of income tax, and litigation reserves and settlement costs of $0.1 billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding such notable items impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2021, would be 49%. (ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2020, was negatively impacted by a notable item, related to actuarial assumption review and other insurance adjustments of $0.2 billion, net of income tax. Excluding this notable item impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2020, would be 69%.

32

XML

Document and Entity Information Document	Feb. 02, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 02, 2022
Entity Registrant Name	METLIFE, INC.
Entity Central Index Key	0001099219
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	1-15787
Entity Tax Identification Number	13-4075851
Entity Address, Address Line One	200 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10166-0188
City Area Code	212
Local Phone Number	578-9500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	MET
Security Exchange Name	NYSE
Series A
Entity Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock,Series A, par value $0.01
Trading Symbol	MET PRA
Security Exchange Name	NYSE
Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000thinterest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
Trading Symbol	MET PRE
Security Exchange Name	NYSE
Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F
Trading Symbol	MET PRF
Security Exchange Name	NYSE