EX-99.2 3 ex992qfsq324.htm EX-99.2 Document
Exhibit 99.2




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Third Quarter
Financial Supplement
September 30, 2024
3

METLIFE
TABLE OF CONTENTS
 
 
 
 
 
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 its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Revenues
Premiums$11,230 $11,786 $10,053 $11,628 $10,647 $32,497 $32,328 
Universal life and investment-type product policy fees1,334 1,241 1,248 1,281 1,228 3,911 3,757 
Net investment income4,825 5,366 5,436 5,205 5,227 14,542 15,868 
Other revenues606 660 674 638 648 1,866 1,960 
Net investment gains (losses)(927)(174)(375)(421)(77)(2,650)(873)
Net derivative gains (losses)(1,202)149 (979)(508)767 (2,289)(720)
Total revenues15,866 19,028 16,057 17,823 18,440 47,877 52,320 
Expenses
Policyholder benefits and claims11,130 11,779 10,074 11,485 10,597 32,811 32,156 
Policyholder liability remeasurement (gains) losses(17)(3)(22)(10)(132)(42)(164)
Market risk benefit remeasurement (gains) losses(796)431 (694)(182)531 (1,425)(345)
Interest credited to policyholder account balances1,658 2,405 2,290 2,000 2,037 5,455 6,327 
Policyholder dividends153 159 147 148 150 463 445 
Amortization of DAC and VOBA499 504 508 499 516 1,448 1,523 
Amortization of negative VOBA(7)(6)(6)(6)(7)(20)(19)
Interest expense on debt265 269 264 257 257 776 778 
Other expenses, net of capitalization of DAC2,447 2,549 2,451 2,430 2,497 7,190 7,378 
Total expenses15,332 18,087 15,012 16,621 16,446 46,656 48,079 
Income (loss) before provision for income tax534 941 1,045 1,202 1,994 1,221 4,241 
Provision for income tax expense (benefit)39 327 170 249 653 233 1,072 
Net income (loss) 495 614 875 953 1,341 988 3,169 
Less: Net income (loss) attributable to noncontrolling interests6 7 8 7 (1)17 14 
Net income (loss) attributable to MetLife, Inc.489 607 867 946 1,342 971 3,155 
Less: Preferred stock dividends67 33 67 34 67 165 168 
Net income (loss) available to MetLife, Inc.'s common shareholders$422 $574 $800 $912 $1,275 $806 $2,987 
Premiums, fees and other revenues$13,170 $13,687 $11,975 $13,547 $12,523 $38,274 $38,045 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Net income (loss) available to MetLife, Inc.'s common shareholders$422 $574 $800 $912 $1,275 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (927)(174)(375)(421)(77)
Less: Net derivative gains (losses)(1,202)149 (979)(508)767 
Less: Market risk benefit remeasurement gains (losses)796 (431)694 182 (531)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(156)(330)(126)(232)(65)
Less: Provision for income tax (expense) benefit 429 6 260 270 (195)
Add: Net income (loss) attributable to noncontrolling interests6 7 8 7 (1)
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,488 1,361 1,334 1,628 1,375 
Less: Total notable items (2)14 (76)— — 16 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,474 $1,437 $1,334 $1,628 $1,359 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$0.56 $0.77 $1.10 $1.28 $1.81 
Less: Net investment gains (losses)(1.23)(0.23)(0.51)(0.59)(0.11)
Less: Net derivative gains (losses)(1.59)0.20 (1.34)(0.71)1.09 
Less: Market risk benefit remeasurement gains (losses)1.05 (0.58)0.95 0.25 (0.75)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.20)(0.45)(0.18)(0.32)(0.09)
Less: Provision for income tax (expense) benefit0.57 0.01 0.36 0.38 (0.28)
Add: Net income (loss) attributable to noncontrolling interests0.01 0.01 0.01 0.01 — 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders per diluted common share 1.97 1.83 1.83 2.28 1.95 
Less: Total notable items per diluted common share (2)0.02 (0.10)— — 0.02 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$1.95 $1.93 $1.83 $2.28 $1.93 
For the Three Months Ended
Unaudited (In millions, except per share data)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$14 $— $— $— $16 
Litigation reserves and settlement costs— (76)— — — 
Total notable items $14 $(76)$— $— $16 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$0.02 $— $— $— $0.02 
Litigation reserves and settlement costs— (0.10)— — — 
Total notable items $0.02 $(0.10)$— $— $0.02 
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Weighted average common shares outstanding - diluted755.5 743.4 728.4 714.7 703.7 
(1)See Pages A-1 and A-7 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)
UnauditedSeptember 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Book value per common share (1) $29.34 $35.85 $34.54 $33.30 $39.02 
Book value per common share, excluding AOCI other than FCTA (1) $53.00 $53.75 $53.13 $53.12 $54.72 
For the Three Months Ended
UnauditedSeptember 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Return on MetLife, Inc.'s (2):
Common stockholders' equity 7.0 %9.6 %12.6 %15.2 %20.2 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 24.7 %22.7 %21.0 %27.0 %21.8 %
Common stockholders' equity, excluding AOCI other than FCTA 14.9 %13.8 %13.8 %17.3 %14.6 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)14.7 %14.6 %13.8 %17.3 %14.4 %
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Common shares outstanding, beginning of period757.2 744.4 730.8 715.7 703.8 
Share repurchases (12.9)(13.7)(16.9)(12.0)(10.5)
Newly issued shares0.1 0.1 1.8 0.1 0.4 
Common shares outstanding, end of period 744.4 730.8 715.7 703.8 693.7 
Weighted average common shares outstanding - basic751.4 738.6 723.2 710.5 699.3 
Dilutive effect of the exercise or issuance of stock-based awards 4.1 4.8 5.2 4.2 4.4 
Weighted average common shares outstanding - diluted755.5 743.4 728.4 714.7 703.7 
MetLife Policyholder Trust Shares119.1 117.6 116.0 114.3 113.1 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Total revenues$15,866 $19,028 $16,057 $17,823 $18,440 $47,877 $52,320 
Less: Adjustments to total revenues:
Net investment gains (losses)(927)(174)(375)(421)(77)(2,650)(873)
Net derivative gains (losses)(1,202)149 (979)(508)767 (2,289)(720)
Investment hedge adjustments(232)(253)(176)(172)(129)(759)(477)
Asymmetrical and non-economic accounting— 29 39 35 50 — 124 
Unit-linked contract income4 580 542 219 147 603 908 
Other adjustments(14)(21)(10)(13)52 (25)29 
Divested businesses
— — — — 16 — 16 
Total adjusted revenues$18,237 $18,718 $17,016 $18,683 $17,614 $52,997 $53,313 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Net investment income$4,825 $5,366 $5,436 $5,205 $5,227 $14,542 $15,868 
Less: Adjustments to net investment income:
Investment hedge adjustments(232)(253)(176)(172)(129)(759)(477)
Unit-linked contract income4 580 542 219 147 603 908 
Other adjustments(3)(8)2 (2)66 (4)66 
Divested businesses — — — — — — — 
Adjusted net investment income$5,056 $5,047 $5,068 $5,160 $5,143 $14,702 $15,371 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Variable investment income (Included in net investment income above)$179 $63 $260 $298 $162 $356 $720 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Premiums, fees and other revenues$13,170 $13,687 $11,975 $13,547 $12,523 $38,274 $38,045 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting— 29 39 35 50 — 124 
Other adjustments(11)(13)(12)(11)(14)(21)(37)
Divested businesses
— — — — 16 — 16 
Adjusted premiums, fees and other revenues$13,181 $13,671 $11,948 $13,523 $12,471 $38,295 $37,942 
Adjusted premiums, fees and other revenues, on a constant currency basis$12,992 $13,554 $11,838 $13,490 $12,471 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Total expenses$15,332 $18,087 $15,012 $16,621 $16,446 $46,656 $48,079 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(796)431 (694)(182)531 (1,425)(345)
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting(49)129 38 166 72 118 276 
Market volatility(64)(62)(67)(88)(52)(122)(207)
Unit-linked contract costs(3)582 539 214 143 601 896 
Other adjustments21 7 7 5 12 48 24 
Divested businesses
9 9 4 4 26 29 34 
Total adjusted expenses$16,214 $16,991 $15,185 $16,502 $15,714 $47,407 $47,401 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Capitalization of DAC $(742)$(728)$(740)$(683)$(691)$(2,189)$(2,114)
Less: Divested businesses— — — — — — — 
Adjusted capitalization of DAC$(742)$(728)$(740)$(683)$(691)$(2,189)$(2,114)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Other expenses $3,189 $3,277 $3,191 $3,113 $3,188 $9,379 $9,492 
Less: Adjustments to other expenses:
Other adjustments21 7 7 5 12 48 24 
Divested businesses9 9 4 4 17 29 25 
Adjusted other expenses$3,159 $3,261 $3,180 $3,104 $3,159 $9,302 $9,443 
Adjusted other expenses on a constant currency basis$3,085 $3,215 $3,139 $3,105 $3,159 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Other expenses, net of capitalization of DAC$2,447 $2,549 $2,451 $2,430 $2,497 $7,190 $7,378 
Premiums, fees and other revenues$13,170 $13,687 $11,975 $13,547 $12,523 $38,274 $38,045 
Expense ratio18.6 %18.6 %20.5 %17.9 %19.9 %18.8 %19.4 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Adjusted other expenses by major category
Direct expenses$1,447 $1,559 $1,426 $1,397 $1,392 $4,249 $4,215 
Pension, postretirement and postemployment benefit costs59 69 65 65 65 177 195 
Premium taxes, other taxes, and licenses & fees162 153 176 171 183 507 530 
Commissions and other variable expenses1,491 1,480 1,513 1,471 1,519 4,369 4,503 
Adjusted other expenses
3,159 3,261 3,180 3,104 3,159 9,302 9,443 
Adjusted capitalization of DAC(742)(728)(740)(683)(691)(2,189)(2,114)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,417 $2,533 $2,440 $2,421 $2,468 $7,113 $7,329 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Employee-related costs$913 $882 $950 $900 $891 $2,737 $2,741 
Third-party staffing costs350 399 342 356 354 1,027 1,052 
General and administrative expenses184 278 134 141 147 485 422 
Direct expenses1,447 1,559 1,426 1,397 1,392 4,249 4,215 
Less: Total notable items related to direct expenses (1)— 96 — — — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,447 $1,463 $1,426 $1,397 $1,392 $4,249 $4,215 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,417 $2,533 $2,440 $2,421 $2,468 $7,113 $7,329 
Less: Total notable items related to adjusted other expenses (1)— 96 — — — — — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,417 $2,437 $2,440 $2,421 $2,468 $7,113 $7,329 
Adjusted premiums, fees and other revenues$13,181 $13,671 $11,948 $13,523 $12,471 $38,295 $37,942 
Less: PRT1,461 1,860 (25)1,752 529 3,464 2,256 
Adjusted premiums, fees and other revenues, excluding PRT$11,720 $11,811 $11,973 $11,771 $11,942 $34,831 $35,686 
Direct expense ratio 11.0 %11.4 %11.9 %10.3 %11.2 %11.1 %11.1 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)12.3 %12.4 %11.9 %11.9 %11.7 %12.2 %11.8 %
Adjusted expense ratio18.3 %18.5 %20.4 %17.9 %19.8 %18.6 %19.3 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.6 %20.6 %20.4 %20.6 %20.7 %20.4 %20.5 %
(1)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
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$270,982 $281,412 $278,409 $277,736 $293,779 
Equity securities, at estimated fair value742 757 750 754 746 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 9,680 10,331 10,313 10,106 9,289 
Mortgage loans92,230 92,506 91,458 89,802 90,415 
Policy loans8,725 8,788 8,800 8,691 8,822 
Real estate and real estate joint ventures13,133 13,332 12,992 13,517 13,731 
Other limited partnership interests14,918 14,764 14,301 14,288 14,186 
Short-term investments, principally at estimated fair value6,497 6,045 4,884 3,804 4,609 
Other invested assets18,755 18,202 18,097 18,131 19,706 
Total investments435,662 446,137 440,004 436,829 455,283 
Cash and cash equivalents, principally at estimated fair value14,912 20,639 19,840 20,786 21,765 
Accrued investment income3,704 3,589 3,636 3,657 3,722 
Premiums, reinsurance and other receivables19,002 28,971 29,986 31,820 31,443 
Market risk benefits, at estimated fair value334 286 351 356 310 
Deferred policy acquisition costs and value of business acquired19,737 20,151 19,842 19,568 20,401 
Current income tax recoverable— 190 — 348 304 
Deferred income tax assets3,174 2,612 2,751 2,681 2,469 
Goodwill9,109 9,236 9,037 8,950 9,155 
Other assets10,862 11,139 11,126 11,043 11,315 
Separate account assets135,624 144,634 141,003 139,707 148,809 
Total assets$652,120 $687,584 $677,576 $675,745 $704,976 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$181,755 $196,406 $191,013 $190,993 $201,340 
Policyholder account balances213,933 219,269 219,168 219,543 224,609 
Market risk benefits, at estimated fair value2,738 3,179 2,696 2,618 3,117 
Other policy-related balances19,665 19,736 20,219 19,379 19,932 
Policyholder dividends payable381 386 357 365 381 
Payables for collateral under securities loaned and other transactions17,797 17,524 17,470 17,719 17,132 
Short-term debt161 119 127 390 404 
Long-term debt 15,475 15,548 15,972 14,809 15,278 
Collateral financing arrangement651 637 590 555 529 
Junior subordinated debt securities3,160 3,161 3,162 3,163 3,163 
Current income tax payable59 — 10 — — 
Deferred income tax liability128 927 835 216 956 
Other liabilities 34,698 35,805 36,158 38,748 38,162 
Separate account liabilities135,624 144,634 141,003 139,707 148,809 
Total liabilities626,225 657,331 648,780 648,205 673,812 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,666 33,690 33,718 33,740 33,766 
Retained earnings39,958 40,146 40,350 40,873 41,765 
Treasury stock, at cost(23,724)(24,591)(25,774)(26,637)(27,418)
Accumulated other comprehensive income (loss)(24,254)(19,242)(19,771)(20,736)(17,240)
Total MetLife, Inc.'s stockholders' equity25,658 30,015 28,535 27,252 30,885 
Noncontrolling interests237 238 261 288 279 
Total equity25,895 30,253 28,796 27,540 31,164 
Total liabilities and equity$652,120 $687,584 $677,576 $675,745 $704,976 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Adjusted earnings before provision for income tax
GROUP BENEFITS$645 $590 $359 $674 $472 
RIS594 532 504 518 591 
ASIA405 419 582 625 431 
LATIN AMERICA282 271 331 311 309 
EMEA112 63 103 98 94 
METLIFE HOLDINGS259 193 196 188 226 
CORPORATE & OTHER(274)(341)(244)(233)(223)
Total adjusted earnings before provision for income tax
$2,023 $1,727 $1,831 $2,181 $1,900 
Provision for income tax expense (benefit)
GROUP BENEFITS$135 $124 $75 $141 $99 
RIS124 111 105 108 119 
ASIA130 123 159 176 125 
LATIN AMERICA83 64 98 85 88 
EMEA24 16 26 21 24 
METLIFE HOLDINGS51 37 37 35 44 
CORPORATE & OTHER(79)(142)(70)(47)(41)
Total provision for income tax expense (benefit)
$468 $333 $430 $519 $458 
Adjusted earnings available to common shareholders
GROUP BENEFITS$510 $466 $284 $533 $373 
RIS470 421 399 410 472 
ASIA275 296 423 449 306 
LATIN AMERICA199 207 233 226 221 
EMEA88 47 77 77 70 
METLIFE HOLDINGS208 156 159 153 182 
CORPORATE & OTHER (1)(262)(232)(241)(220)(249)
Total adjusted earnings available to common shareholders (1)$1,488 $1,361 $1,334 $1,628 $1,375 
(1)Includes impact of preferred stock dividends of $67 million, $33 million, $67 million, $34 million and $67 million for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.
9
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Adjusted revenues
Premiums$5,276 $5,404 $5,711 $5,599 $5,538 $16,154 $16,848 
Universal life and investment-type product policy fees219 218 222 229 231 660 682 
Net investment income330 334 315 313 311 967 939 
Other revenues371 379 397 382 377 1,114 1,156 
Total adjusted revenues6,196 6,335 6,645 6,523 6,457 18,895 19,625 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,592 4,712 5,236 4,780 4,927 14,452 14,943 
Policyholder liability remeasurement (gains) losses(29)3 (3)2 — (31)(1)
Interest credited to policyholder account balances50 49 48 48 49 144 145 
Capitalization of DAC(5)(4)(4)(5)(4)(16)(13)
Amortization of DAC and VOBA6 7 6 7 6 19 19 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt— 1 — 1 — 1 1 
Other expenses937 977 1,003 1,016 1,007 2,819 3,026 
Total adjusted expenses5,551 5,745 6,286 5,849 5,985 17,388 18,120 
Adjusted earnings before provision for income tax645 590 359 674 472 1,507 1,505 
Provision for income tax expense (benefit)135 124 75 141 99 318 315 
Adjusted earnings510 466 284 533 373 1,189 1,190 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$510 $466 $284 $533 $373 $1,189 $1,190 
Adjusted premiums, fees and other revenues$5,866 $6,001 $6,330 $6,210 $6,146 $17,928 $18,686 
10
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Direct and allocated expenses$464 $490 $505 $490 $486 
Pension, postretirement and postemployment benefit costs12 12 14 14 14 
Premium taxes, other taxes, and licenses & fees83 79 89 95 93 
Commissions and other variable expenses378 396 395 417 414 
Adjusted other expenses$937 $977 $1,003 $1,016 $1,007 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Group Life (2)
Adjusted premiums, fees and other revenues$2,215 $2,199 $2,340 $2,309 $2,293 
Mortality ratio83.6 %83.5 %90.2 %79.1 %85.6 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,620 $2,689 $2,773 $2,742 $2,718 
Interest adjusted benefit ratio (4)69.0 %70.7 %73.9 %70.8 %72.4 %
(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) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(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.
11
RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Adjusted revenues
Premiums$2,330 $2,736 $675 $2,448 $1,451 $5,512 $4,574 
Universal life and investment-type product policy fees82 81 75 73 67 232 215 
Net investment income2,009 2,032 2,089 2,117 2,133 5,771 6,339 
Other revenues66 66 63 61 61 205 185 
Total adjusted revenues4,487 4,915 2,902 4,699 3,712 11,720 11,313 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends3,100 3,503 1,471 3,248 2,247 7,766 6,966 
Policyholder liability remeasurement (gains) losses(76)(15)1 (23)(148)(116)(170)
Interest credited to policyholder account balances756 783 796 838 874 2,104 2,508 
Capitalization of DAC(41)(40)(61)(46)(53)(136)(160)
Amortization of DAC and VOBA13 13 15 16 14 36 45 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt3 4 4 3 4 10 11 
Other expenses138 135 172 145 183 430 500 
Total adjusted expenses3,893 4,383 2,398 4,181 3,121 10,094 9,700 
Adjusted earnings before provision for income tax594 532 504 518 591 1,626 1,613 
Provision for income tax expense (benefit)124 111 105 108 119 339 332 
Adjusted earnings470 421 399 410 472 1,287 1,281 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$470 $421 $399 $410 $472 $1,287 $1,281 
Adjusted premiums, fees and other revenues$2,478 $2,883 $813 $2,582 $1,579 $5,949 $4,974 
Less: PRT
1,461 1,860 (25)1,752 529 3,464 2,256 
Adjusted premiums, fees and other revenues, excluding PRT$1,017 $1,023 $838 $830 $1,050 $2,485 $2,718 
12
RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Balance, end of period (at balance sheet discount rate) (2), (3)$61,947 $69,407 $67,402 $69,385 $72,914 
Less: Accumulated other comprehensive (income) loss(5,598)(278)(1,735)(2,952)297 
Balance, end of period (at original discount rate)$67,545 $69,685 $69,137 $72,337 $72,617 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Balance, end of period$80,929 $82,405 $83,049 $84,270 $85,410 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Balance, end of period$51,740 $53,093 $51,012 $50,033 $52,537 
SYNTHETIC GICS (4), (5)
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Balance, end of period$49,003 $49,066 $48,100 $48,982 $49,081 
LONGEVITY REINSURANCE (6)
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Balance, end of period$19,175 $21,945 $21,333 $24,422 $25,699 
(1)Includes $3,731 million, $3,782 million, $3,791 million, $3,830 million and $3,847 million of DPL at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)Includes $40 million, $311 million, $296 million, $1,972 million and $2,081 million of future policy benefits subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.
(4)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.
(5)Includes $0, $1,282 million, $0, $0 and $0 of transfers from separate account GICs to synthetic GICs at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.
(6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.
13
RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Direct and allocated expenses$66 $71 $80 $74 $75 
Pension, postretirement and postemployment benefit costs4 3 4 3 4 
Premium taxes, other taxes, and licenses & fees9 1 17 11 16 
Commissions and other variable expenses59 60 71 57 88 
Adjusted other expenses$138 $135 $172 $145 $183 
SPREAD
For the Three Months Ended
UnauditedSeptember 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Investment income yield excluding variable investment income yield5.28 %5.32 %5.24 %5.28 %5.25 %
Variable investment income yield3.08 %1.96 %6.30 %5.83 %4.58 %
Total investment income yield5.20 %5.19 %5.28 %5.30 %5.23 %
Average crediting rate4.12 %4.20 %4.23 %4.31 %4.38 %
Amortization of DPL and losses at inception (1)(0.22)%(0.22)%(0.22)%(0.22)%(0.21)%
Total average crediting rate3.90 %3.98 %4.01 %4.09 %4.17 %
Annualized general account spread1.30 %1.21 %1.27 %1.21 %1.06 %
Annualized general account spread excluding variable investment income yield1.38 %1.34 %1.23 %1.19 %1.08 %
(1)Includes the amortization of DPL of (0.23)%, (0.23)%, (0.23)%, (0.23)% and (0.23)% for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.
14
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Adjusted revenues
Premiums$1,312 $1,252 $1,297 $1,216 $1,272 $3,999 $3,785 
Universal life and investment-type product policy fees411 428 426 434 420 1,204 1,280 
Net investment income1,023 1,003 1,108 1,167 1,132 2,954 3,407 
Other revenues20 25 21 18 18 61 57 
Total adjusted revenues2,766 2,708 2,852 2,835 2,842 8,218 8,529 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,095 1,051 1,067 988 1,035 3,282 3,090 
Policyholder liability remeasurement (gains) losses108 13 (32)(4)60 92 24 
Interest credited to policyholder account balances576 619 647 657 683 1,682 1,987 
Capitalization of DAC(404)(381)(361)(335)(336)(1,202)(1,032)
Amortization of DAC and VOBA204 207 210 207 217 587 634 
Amortization of negative VOBA(6)(5)(5)(5)(6)(17)(16)
Interest expense on debt— — — — — — — 
Other expenses788 785 744 702 758 2,373 2,204 
Total adjusted expenses2,361 2,289 2,270 2,210 2,411 6,797 6,891 
Adjusted earnings before provision for income tax405 419 582 625 431 1,421 1,638 
Provision for income tax expense (benefit)130 123 159 176 125 435 460 
Adjusted earnings275 296 423 449 306 986 1,178 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$275 $296 $423 $449 $306 $986 $1,178 
Adjusted premiums, fees and other revenues$1,743 $1,705 $1,744 $1,668 $1,710 $5,264 $5,122 
15
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Adjusted premiums, fees and other revenues$1,743 $1,705 $1,744 $1,668 $1,710 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,704 $1,690 $1,737 $1,714 $1,710 
Add: Operating joint ventures, on a constant currency basis (1)428 367 527 654 541 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,132 $2,057 $2,264 $2,368 $2,251 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Direct and allocated expenses$284 $300 $282 $272 $303 
Pension, postretirement and postemployment benefit costs16 20 15 15 15 
Premium taxes, other taxes, and licenses & fees33 34 33 28 31 
Commissions and other variable expenses455 431 414 387 409 
Adjusted other expenses$788 $785 $744 $702 $758 
Adjusted other expenses, net of adjusted capitalization of DAC$384 $404 $383 $367 $422 
Adjusted other expenses on a constant currency basis$766 $777 $742 $727 $758 
Add: Operating joint ventures, on a constant currency basis (2)114 98 115 107 120 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$880 $875 $857 $834 $878 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$464 $483 $449 $442 $487 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Japan:
Life$177 $194 $136 $138 $142 
Accident & Health52 59 71 65 60 
Annuities146 178 148 146 147 
Other2 1 2 2 2 
Total Japan377 432 357 351 351 
Other Asia218 178 224 288 239 
   Total sales$595 $610 $581 $639 $590 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Adjusted earnings available to common shareholders$275 $296 $423 $449 $306 
Adjusted earnings available to common shareholders, on a constant currency basis$271 $295 $423 $451 $306 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

16
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
GA AUM $113,105 $123,434 $120,743 $117,606 $128,115 
GA AUM (at amortized cost)$124,684 $130,093 $128,618 $126,997 $135,107 
GA AUM (at amortized cost), on a constant currency basis$126,973 $129,294 $131,300 $132,191 $135,107 
  Add: Operating joint ventures, on a constant currency basis (1)8,567 8,156 8,441 9,425 9,930 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$135,540 $137,450 $139,741 $141,616 $145,037 
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
17
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Adjusted revenues
Premiums$1,116 $1,123 $1,115 $1,122 $1,141 $3,164 $3,378 
Universal life and investment-type product policy fees359 352 370 373 346 1,046 1,089 
Net investment income365 482 386 398 435 1,162 1,219 
Other revenues9 11 11 11 9 31 31 
Total adjusted revenues1,849 1,968 1,882 1,904 1,931 5,403 5,717 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,020 1,132 983 1,018 1,091 2,962 3,092 
Policyholder liability remeasurement (gains) losses(4)(20)(8)(3)(18)(5)(29)
Interest credited to policyholder account balances106 116 114 115 108 310 337 
Capitalization of DAC(171)(181)(178)(175)(174)(470)(527)
Amortization of DAC and VOBA121 124 125 129 126 344 380 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 3 3 4 4 8 11 
Other expenses493 523 512 505 485 1,388 1,502 
Total adjusted expenses1,567 1,697 1,551 1,593 1,622 4,537 4,766 
Adjusted earnings before provision for income tax282 271 331 311 309 866 951 
Provision for income tax expense (benefit)83 64 98 85 88 233 271 
Adjusted earnings199 207 233 226 221 633 680 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$199 $207 $233 $226 $221 $633 $680 
Adjusted premiums, fees and other revenues$1,484 $1,486 $1,496 $1,506 $1,496 $4,241 $4,498 
18
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Direct and allocated expenses$148 $154 $140 $145 $129 
Pension, postretirement and postemployment benefit costs1 1 2 1 1 
Premium taxes, other taxes, and licenses & fees19 29 20 19 22 
Commissions and other variable expenses325 339 350 340 333 
Adjusted other expenses$493 $523 $512 $505 $485 
Adjusted other expenses, net of adjusted capitalization of DAC$322 $342 $334 $330 $311 
Adjusted other expenses on a constant currency basis$449 $489 $477 $477 $485 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$294 $321 $313 $313 $311 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Mexico$179 $150 $216 $193 $192 
Chile91 95 96 99 106 
All other72 77 71 81 85 
Total sales$342 $322 $383 $373 $383 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Adjusted premiums, fees and other revenues$1,484 $1,486 $1,496 $1,506 $1,496 
Adjusted earnings available to common shareholders$199 $207 $233 $226 $221 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,349 $1,393 $1,400 $1,422 $1,496 
Adjusted earnings available to common shareholders, on a constant currency basis$179 $192 $218 $210 $221 

19
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Adjusted revenues
Premiums$502 $519 $536 $536 $562 $1,497 $1,634 
Universal life and investment-type product policy fees79 67 77 77 84 231 238 
Net investment income51 54 54 54 55 143 163 
Other revenues7 9 7 8 9 23 24 
Total adjusted revenues639 649 674 675 710 1,894 2,059 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends230 256 258 265 276 728 799 
Policyholder liability remeasurement (gains) losses(9)7 — 1 9 (10)10 
Interest credited to policyholder account balances19 18 19 17 17 54 53 
Capitalization of DAC(114)(116)(128)(115)(119)(341)(362)
Amortization of DAC and VOBA87 91 91 82 92 257 265 
Amortization of negative VOBA(1)(1)(1)(1)(1)(3)(3)
Interest expense on debt— — — — — — — 
Other expenses315 331 332 328 342 929 1,002 
Total adjusted expenses527 586 571 577 616 1,614 1,764 
Adjusted earnings before provision for income tax112 63 103 98 94 280 295 
Provision for income tax expense (benefit)24 16 26 21 24 62 71 
Adjusted earnings88 47 77 77 70 218 224 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$88 $47 $77 $77 $70 $218 $224 
Adjusted premiums, fees and other revenues$588 $595 $620 $621 $655 $1,751 $1,896 
20
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Direct and allocated expenses$104 $109 $101 $104 $109 
Pension, postretirement and postemployment benefit costs2 6 1 2 2 
Premium taxes, other taxes, and licenses & fees6 6 6 5 6 
Commissions and other variable expenses203 210 224 217 225 
Adjusted other expenses$315 $331 $332 $328 $342 
Adjusted other expenses, net of adjusted capitalization of DAC$201 $215 $204 $213 $223 
Adjusted other expenses on a constant currency basis $307 $327 $328 $332 $342 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$197 $212 $202 $216 $223 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Adjusted premiums, fees and other revenues$588 $595 $620 $621 $655 
Adjusted earnings available to common shareholders$88 $47 $77 $77 $70 
Adjusted premiums, fees and other revenues, on a constant currency basis$573 $586 $613 $626 $655 
Adjusted earnings available to common shareholders, on a constant currency basis$87 $46 $76 $77 $70 
Total sales on a constant currency basis$189 $201 $282 $278 $249 
21
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Adjusted revenues
Premiums$685 $754 $713 $692 $673 $2,127 $2,078 
Universal life and investment-type product policy fees184 95 78 94 80 537 252 
Net investment income1,153 1,044 1,010 1,016 981 3,450 3,007 
Other revenues41 52 50 37 40 143 127 
Total adjusted revenues2,063 1,945 1,851 1,839 1,774 6,257 5,464 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,311 1,329 1,251 1,252 1,221 4,021 3,724 
Policyholder liability remeasurement (gains) losses(7)9 20 17 (35)28 2 
Interest credited to policyholder account balances198 135 103 106 84 595 293 
Capitalization of DAC(5)(5)(5)(4)(4)(17)(13)
Amortization of DAC and VOBA65 61 59 57 58 197 174 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt4 3 4 3 4 10 11 
Other expenses238 220 223 220 220 707 663 
Total adjusted expenses1,804 1,752 1,655 1,651 1,548 5,541 4,854 
Adjusted earnings before provision for income tax259 193 196 188 226 716 610 
Provision for income tax expense (benefit)51 37 37 35 44 139 116 
Adjusted earnings208 156 159 153 182 577 494 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$208 $156 $159 $153 $182 $577 $494 
Adjusted premiums, fees and other revenues$910 $901 $841 $823 $793 $2,807 $2,457 
22
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Annuities$1,508 $1,610 $1,577 $1,555 $1,606 
Life and Other53,930 53,930 53,604 53,296 53,096 
Long Term Care13,025 15,240 14,845 14,455 15,657 
Balance, end of period (at balance sheet discount rate) (2)$68,463 $70,780 $70,026 $69,306 $70,359 
Less:
Annuities$(110)$(18)$(46)$(65)$(5)
Life and Other(120)27 (2)(27)31 
Long Term Care(1,754)313 (215)(755)339 
Accumulated other comprehensive (income) loss$(1,984)$322 $(263)$(847)$365 
Annuities$1,618 $1,628 $1,623 $1,620 $1,611 
Life and Other54,050 53,903 53,606 53,323 53,065 
Long Term Care14,779 14,927 15,060 15,210 15,318 
Balance, end of period (at original discount rate)$70,447 $70,458 $70,289 $70,153 $69,994 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (3)
Annuities$— $1,519 $1,526 $1,468 $1,505 
Life and Other$1,044 $2,341 $2,345 $2,372 $2,398 
Long Term Care$— $— $— $— $— 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Annuities$12,006 $11,537 $11,129 $10,747 $10,437 
Life and Other11,844 11,641 11,486 11,303 11,284 
Balance, end of period$23,850 $23,178 $22,615 $22,050 $21,721 
Policyholder account balances subject to reinsurance (3)
Annuities$— $3,485 $3,345 $3,228 $3,124 
Life and Other$1,542 $6,352 $6,532 $6,467 $6,410 
MARKET RISK BENEFITS (4)
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Annuities$2,268 $2,722 $2,231 $2,153 $2,608 
Balance, end of period$2,268 $2,722 $2,231 $2,153 $2,608 
Market risk benefits subject to reinsurance$— $— $— $— $— 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Annuities$27,455 $29,224 $29,866 $28,843 $29,349 
Life and Other5,736 6,324 6,757 6,738 7,049 
Balance, end of period$33,191 $35,548 $36,623 $35,581 $36,398 
Separate accounts liabilities subject to modified coinsurance (5)
Annuities$— $83 $85 $82 $83 
Life and Other$— $5,597 $5,980 $5,944 $6,226 
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Represents the current discount rate at the respective balance sheet date.
(3) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(4) Market risk benefits include Japan reinsurance.
(5) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
23
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Direct and allocated expenses$166 $164 $165 $156 $159 
Pension, postretirement and postemployment benefit costs5 6 6 7 6 
Premium taxes, other taxes, and licenses & fees19 16 16 19 20 
Commissions and other variable expenses48 34 36 38 35 
Adjusted other expenses$238 $220 $223 $220 $220 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Lapse Ratio (1)
Traditional life5.1 %5.4 %5.7 %5.9 %6.2 %
Variable annuity10.5 %11.1 %11.6 %12.4 %12.8 %
(1) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

24
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Adjusted revenues
Premiums$9 $(2)$6 $15 $(6)$44 $15 
Universal life and investment-type product policy fees— — — 1 — 1 1 
Net investment income125 98 106 95 96 255 297 
Other revenues103 102 98 97 98 310 293 
Total adjusted revenues237 198 210 208 188 610 606 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4 (9)8 9 — 32 17 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(2)(1)(3)(3)(1)(7)(7)
Amortization of DAC and VOBA3 1 2 1 3 8 6 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt256 258 253 246 245 747 744 
Other expenses250 290 194 188 164 656 546 
Total adjusted expenses511 539 454 441 411 1,436 1,306 
Adjusted earnings before provision for income tax(274)(341)(244)(233)(223)(826)(700)
Provision for income tax expense (benefit)(79)(142)(70)(47)(41)(265)(158)
Adjusted earnings(195)(199)(174)(186)(182)(561)(542)
Preferred stock dividends67 33 67 34 67 165 168 
Adjusted earnings available to common shareholders$(262)$(232)$(241)$(220)$(249)$(726)$(710)
Adjusted premiums, fees and other revenues$112 $100 $104 $113 $92 $355 $309 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Business activities$13 $35 $6 $30 $20 $52 $56 
Net investment income126 95 102 92 96 258 290 
Interest expense on debt(266)(269)(265)(255)(256)(778)(776)
Corporate initiatives and projects(12)(9)(6)(7)(8)(58)(21)
Other(135)(193)(81)(93)(75)(300)(249)
Provision for income tax (expense) benefit and other tax-related items79 142 70 47 41 265 158 
Preferred stock dividends(67)(33)(67)(34)(67)(165)(168)
Adjusted earnings available to common shareholders$(262)$(232)$(241)$(220)$(249)$(726)$(710)
25
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 EndedAt or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Fixed Maturity Securities
Yield (1)4.19 %4.39 %4.38 %4.38 %4.52 %4.14 %4.43 %
Investment income (2), (3)$3,123 $3,241 $3,200 $3,206 $3,357 $9,258 $9,763 
Investment gains (losses)(699)(197)(85)(246)(157)(2,275)(488)
Ending carrying value (4)272,456 282,861 279,855 279,170 295,460 272,456 295,460 
Net Mortgage Loans
Yield (1)5.18 %5.36 %5.25 %5.30 %5.32 %5.07 %5.29 %
Investment income (3)1,094 1,127 1,100 1,096 1,097 3,226 3,293 
Investment gains (losses)3 (69)(82)6 (156)(129)(232)
Ending carrying value (5)84,058 84,118 83,452 82,051 82,773 84,058 82,773 
Real Estate and Real Estate Joint Ventures
Yield (1)(0.31)%2.08 %(2.74)%(0.97)%1.67 %(0.54)%(0.65)%
Investment income(11)69 (90)(32)57 (53)(65)
Investment gains (losses)1 37 35 12 128 32 175 
Ending carrying value13,133 13,332 12,992 13,517 13,731 13,133 13,731 
Policy Loans
Yield (1)5.52 %5.36 %5.56 %5.44 %5.72 %5.42 %5.57 %
Investment income120 113 113 110 116 358 339 
Ending carrying value8,725 8,788 8,800 8,691 8,822 8,725 8,822 
Equity Securities
Yield (1)4.14 %3.37 %5.48 %5.50 %3.47 %3.65 %4.79 %
Investment income5 4 7 7 4 27 18 
Investment gains (losses)(14)15 28 (19)(31)66 (22)
Ending carrying value742 757 750 754 746 742 746 
Other Limited Partnership Interests
Yield (1), (6)5.56 %(0.06)%8.27 %9.10 %2.45 %4.17 %6.62 %
Investment income (6)206 (2)301 325 87 457 713 
Investment gains (losses)— — (50)(9)3 12 (56)
Ending carrying value (7)14,918 14,764 14,301 14,288 14,186 14,918 14,186 
Cash and Short-term Investments
Yield (1)6.38 %5.61 %5.32 %4.61 %5.23 %5.78 %5.06 %
Investment income220 229 246 209 257 582 712 
Investment gains (losses)5 (33)25 37 (46)23 16 
Ending carrying value21,409 26,684 24,724 24,590 26,374 21,409 26,374 
Other Invested Assets
Investment income 420 410 348 386 312 1,256 1,046 
Investment gains (losses)(167)7 (17)(16)56 (165)23 
Ending carrying value18,755 18,202 18,097 18,131 19,706 18,755 19,706 
Total Investments
Investment income yield (1)4.68 %4.69 %4.75 %4.83 %4.75 %4.55 %4.77 %
Investment fees and expenses yield (1)(0.11)%(0.13)%(0.14)%(0.13)%(0.13)%(0.12)%(0.14)%
Net Investment Income Yield (1)4.57 %4.56 %4.61 %4.70 %4.62 %4.43 %4.63 %
Investment income$5,177 $5,191 $5,225 $5,307 $5,287 $15,111 $15,819 
Investment fees and expenses(121)(144)(157)(147)(144)(409)(448)
Net investment income including divested businesses5,056 5,047 5,068 5,160 5,143 14,702 15,371 
Less: Net investment income from divested businesses— — — — — — — 
Adjusted Net Investment Income (8)$5,056 $5,047 $5,068 $5,160 $5,143 $14,702 $15,371 
Ending Carrying Value$434,196 $449,506 $442,971 $441,192 $461,798 $434,196 $461,798 
Investment Portfolio Gains (Losses) (9)$(871)$(240)$(146)$(235)$(203)$(2,436)$(584)
Gross investment gains119 292 331 245 368 823 944 
Gross investment losses(418)(465)(435)(458)(417)(1,630)(1,310)
Net credit loss (provision) release and (impairments)(572)(67)(42)(22)(154)(1,629)(218)
Investment Portfolio Gains (Losses) (9)(871)(240)(146)(235)(203)(2,436)(584)
Investment portfolio gains (losses) income tax (expense) benefit155 80 41 57 56 524 154 
Investment Portfolio Gains (Losses), Net of Income Tax$(716)$(160)$(105)$(178)$(147)$(1,912)$(430)
Derivative gains (losses) (9)(1,454)(123)(1,175)(698)619 (3,104)(1,254)
Derivative gains (losses) income tax (expense) benefit397 (45)304 193 (206)764 291 
Derivative Gains (Losses), Net of Income Tax$(1,057)$(168)$(871)$(505)$413 $(2,340)$(963)
See footnotes on Page 29.

26
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$78,552 28.9 %$80,717 28.7 %$80,553 28.9 %$80,678 29.1 %$84,851 28.9 %
Foreign corporate51,377 19.0 %55,444 19.7 %54,029 19.4 %53,419 19.2 %56,752 19.3 %
Foreign government42,685 15.8 %45,489 16.2 %42,793 15.4 %40,054 14.4 %44,132 15.0 %
Residential mortgage-backed27,785 10.3 %29,096 10.3 %31,142 11.2 %32,616 11.7 %35,264 12.0 %
U.S. government and agency31,729 11.7 %32,252 11.5 %31,848 11.4 %33,238 12.0 %34,676 11.8 %
Asset-backed securities and collateralized loan obligations17,412 6.4 %17,294 6.1 %17,468 6.3 %17,775 6.4 %17,520 6.0 %
Municipals11,347 4.2 %11,171 4.0 %10,938 3.9 %10,470 3.8 %10,798 3.7 %
Commercial mortgage-backed10,095 3.7 %9,949 3.5 %9,638 3.5 %9,486 3.4 %9,786 3.3 %
Fixed Maturity Securities Available-For-Sale$270,982 100.0 %$281,412 100.0 %$278,409 100.0 %$277,736 100.0 %$293,779 100.0 %
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$186,834 69.0 %$194,722 69.2 %$192,127 69.0 %$192,239 69.2 %$203,560 69.3 %
Baa271,043 26.2 %73,680 26.2 %73,367 26.4 %72,732 26.2 %77,031 26.2 %
Ba310,325 3.8 %10,299 3.7 %10,323 3.7 %9,189 3.3 %9,666 3.3 %
B42,343 0.9 %2,371 0.8 %2,259 0.8 %3,291 1.2 %3,131 1.1 %
Caa and lower5338 0.1 %258 0.1 %267 0.1 %226 0.1 %331 0.1 %
In or near default699 — %82 — %66 — %59 — %60 — %
Total Fixed Maturity Securities Available-For-Sale (10)$270,982 100.0 %$281,412 100.0 %$278,409 100.0 %$277,736 100.0 %$293,779 100.0 %
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Gross unrealized gains$3,685 $6,876 $6,021 $5,096 $8,093 
Gross unrealized losses38,702 25,835 28,122 30,430 23,558 
Net Unrealized Gains (Losses)$(35,017)$(18,959)$(22,101)$(25,334)$(15,465)
See footnotes on Page 29.

27
INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
          
Commercial mortgage loans$52,053 $52,111 $51,527 $50,109 $50,478 
Agricultural mortgage loans 19,658 19,559 19,461 19,383 19,210 
Residential mortgage loans12,986 13,096 13,201 13,273 13,844 
Total84,697 84,766 84,189 82,765 83,532 
Allowance for credit loss(639)(648)(737)(714)(759)
Net Mortgage Loans$84,058 $84,118 $83,452 $82,051 $82,773 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$9,206 17.7 %$9,016 17.3 %$9,036 17.5 %$8,680 17.3 %$8,745 17.3 %
Non-U.S.8,682 16.7 %8,933 17.1 %8,453 16.4 %8,385 16.7 %8,593 17.0 %
Middle Atlantic7,581 14.6 %7,477 14.3 %7,430 14.4 %7,250 14.5 %6,999 13.9 %
South Atlantic6,581 12.6 %6,637 12.7 %6,802 13.2 %6,517 13.0 %6,459 12.8 %
West South Central3,417 6.6 %3,472 6.7 %3,502 6.8 %3,386 6.8 %3,455 6.9 %
New England2,875 5.5 %2,859 5.5 %2,821 5.5 %2,821 5.6 %2,838 5.6 %
Mountain2,191 4.2 %2,193 4.2 %2,192 4.3 %2,264 4.5 %2,217 4.4 %
East North Central1,855 3.6 %1,822 3.5 %1,701 3.3 %1,600 3.2 %1,543 3.1 %
East South Central622 1.2 %654 1.3 %653 1.3 %652 1.3 %608 1.2 %
West North Central643 1.2 %613 1.2 %644 1.2 %472 1.0 %472 0.9 %
Multi-Region and Other8,400 16.1 %8,435 16.2 %8,293 16.1 %8,082 16.1 %8,549 16.9 %
Total$52,053 100.0 %$52,111 100.0 %$51,527 100.0 %$50,109 100.0 %$50,478 100.0 %
Office$19,619 37.7 %$19,651 37.7 %$19,369 37.6 %$18,799 37.5 %$18,861 37.4 %
Apartment11,807 22.7 %11,974 23.0 %11,353 22.0 %10,954 21.9 %10,750 21.3 %
Retail7,441 14.3 %7,218 13.9 %7,371 14.3 %7,443 14.8 %7,273 14.4 %
Industrial5,248 10.1 %5,275 10.1 %5,315 10.3 %4,941 9.9 %5,313 10.5 %
Single Family Rental4,735 9.1 %4,728 9.1 %4,823 9.4 %4,822 9.6 %5,141 10.2 %
Hotel3,088 5.9 %3,140 6.0 %3,199 6.2 %3,049 6.1 %3,051 6.0 %
Other115 0.2 %125 0.2 %97 0.2 %101 0.2 %89 0.2 %
Total$52,053 100.0 %$52,111 100.0 %$51,527 100.0 %$50,109 100.0 %$50,478 100.0 %
See footnotes on Page 29.
28
INVESTMENTS
FOOTNOTES
(1)We calculate annualized 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-7 and presented on Page A-1. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. 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 ($17) million, $107 million, $85 million, $22 million and $76 million for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively, and $81 million and $183 million for the year-to-date period ended September 30, 2023 and September 30, 2024, respectively.
(3)Investment income from fixed maturity securities and net 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.
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Fixed maturity securities available-for-sale$270,982 $281,412 $278,409 $277,736 $293,779 
Contractholder-directed equity securities and fair value option securities9,680 10,331 10,313 10,106 9,289 
Total fixed maturity securities280,662 291,743 288,722 287,842 303,068 
Less: Contractholder-directed equity securities8,206 8,882 8,867 8,672 7,608 
Fixed maturity securities$272,456 $282,861 $279,855 $279,170 $295,460 
(5)Net mortgage loans exclude mortgage loans originated for third parties of $8,238 million, $8,461 million, $8,083 million, $7,843 million, and $7,730 million at amortized cost, which is primarily comprised of commercial mortgage loans of $7,998 million, $8,215 million, $7,832 million, $7,590 million and $7,471 million at amortized cost, and does not include the related allowance for credit loss of $66 million, $73 million, $77 million, $92 million and $88 million at September 30, 2023, December 31, 2023, March 31, 2024 , June 30, 2024 and September 30, 2024, respectively.
(6)Other limited partnership interests includes investment income related to private equity investments of $203 million, ($2) million, $301 million, $326 million and $87 million for the three months ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively, and $443 million and $714 million for the year-to-date period ended September 30, 2023 and September 30, 2024, respectively. The annualized yields for these periods were 5.50%, (0.06%), 8.29%, 9.13%, 2.46%, 4.09% and 6.64%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of $14,862 million, $14,738 million, $14,276 million, $14,270 million and $14,168 million, at September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively.
(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 EndedFor the Year-to-Date Period Ended
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Net investment gains (losses) $(927)$(174)$(375)$(421)$(77)$(2,650)$(873)
Less: Non-investment portfolio gains (losses)(63)64 (226)(176)188 (145)(214)
Less: Provision for credit loss on certain mortgage loans originated for third parties7 (7)(4)(15)4 (66)(15)
Less: Other adjustments— 9 1 5 (66)(3)(60)
Investment portfolio gains (losses) $(871)$(240)$(146)$(235)$(203)$(2,436)$(584)
For the Three Months EndedFor the Year-to-Date Period Ended
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Net derivative gains (losses) $(1,202)$149 $(979)$(508)$767 $(2,289)$(720)
Less: Investment hedge adjustments232 253 176 172 129 759 477 
Less: Other adjustments20 19 20 18 19 56 57 
Derivative gains (losses) $(1,454)$(123)$(1,175)$(698)$619 $(3,104)$(1,254)
(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 (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. 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 and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we 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 (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
29
image0a45a.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$422 $574 $800 $912 $1,275 $806 $2,987 
Add: Preferred stock dividends67 33 67 34 67 165 168 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net income (loss) attributable to noncontrolling interests6 7 8 7 (1)17 14 
Net income (loss) 495 614 875 953 1,341 $988 $3,169 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(927)(174)(375)(421)(77)(2,650)(873)
Net derivative gains (losses)(1,202)149 (979)(508)767 (2,289)(720)
Market risk benefit remeasurement gains (losses)796 (431)694 182 (531)1,425 345 
Premiums - Divested businesses
— — — — 16 — 16 
Universal life and investment-type product policy fees - Divested businesses
— — — — — — — 
Net investment income
Investment hedge adjustments(232)(253)(176)(172)(129)(759)(477)
Unit-linked contract income4 580 542 219 147 603 908 
Other adjustments(3)(8)2 (2)66 (4)66 
Divested businesses— — — — — — — 
Other revenues
Asymmetrical and non-economic accounting— 29 39 35 50 — 124 
Other adjustments(11)(13)(12)(11)(14)(21)(37)
Divested businesses— — — — — — — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting5 (26)(14)(161)7 (153)(168)
Market volatility64 62 67 88 52 122 207 
Divested businesses— — — — (9)— (9)
Policyholder liability remeasurement (gains) losses - Divested businesses
— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting44 (103)(24)(5)(79)35 (108)
Unit-linked contract costs3 (582)(539)(214)(143)(601)(896)
Divested businesses— — — — — — — 
Capitalization of DAC - Divested businesses
— — — — — — — 
Amortization of DAC and VOBA - Divested businesses
— — — — — — — 
Amortization of negative VOBA - Divested business
— — — — — — — 
Interest expense on debt - Divested business
— — — — — — — 
Other expenses
Other adjustments(21)(7)(7)(5)(12)(48)(24)
Divested businesses(9)(9)(4)(4)(17)(29)(25)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit429 6 260 270 (195)1,028 335 
Adjusted earnings1,555 1,394 1,401 1,662 1,442 4,329 4,505 
Less: Preferred stock dividends67 33 67 34 67 165 168 
Adjusted earnings available to common shareholders$1,488 $1,361 $1,334 $1,628 $1,375 $4,164 $4,337 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Actuarial assumption review and other insurance adjustments$14 $— $— $— $16 $14 $16 
Litigation reserves and settlement costs— (76)— — — — — 
Total notable items$14 $(76)$— $— $16 $14 $16 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Actuarial assumption review and other insurance adjustments $27 $— $— $— $(58)$27 $(58)
Total notable items $27 $— $— $— $(58)$27 $(58)
RIS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Actuarial assumption review and other insurance adjustments $61 $— $— $— $104 $61 $104 
Total notable items $61 $— $— $— $104 $61 $104 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-2
APPENDIX
METLIFE
NOTABLE ITEMS (1) (CONTINUED)
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Actuarial assumption review and other insurance adjustments
$(94)$— $— $— $(41)$(94)$(41)
Total notable items
$(94)$— $— $— $(41)$(94)$(41)
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $— $4 $— $4 
Total notable items
$— $— $— $— $4 $— $4 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Actuarial assumption review and other insurance adjustments
$18 $— $— $— $(5)$18 $(5)
Total notable items
$18 $— $— $— $(5)$18 $(5)
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Actuarial assumption review and other insurance adjustments
$2 $— $— $— $12 $2 $12 
Total notable items
$2 $— $— $— $12 $2 $12 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024September 30, 2023September 30, 2024
Litigation reserves and settlement costs— (76)— — — — — 
Total notable items$— $(76)$— $— $— $— $— 
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.
A-3
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Total MetLife, Inc.'s stockholders' equity$25,658 $30,015 $28,535 $27,252 $30,885 
Less: Preferred stock3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 21,840 26,197 24,717 23,434 27,067 
Less: Net unrealized investment gains (losses), net of income tax(26,548)(14,323)(16,611)(19,088)(11,531)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax10,245 2,658 4,773 6,606 2,004 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(4)27 (47)(73)4 
  Defined benefit plans adjustment, net of income tax(1,308)(1,446)(1,421)(1,396)(1,371)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA39,455 39,281 38,023 37,385 37,961 
Less: Accumulated year-to-date total notable items (2)14 (62)— — 16 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$39,441 $39,343 $38,023 $37,385 $37,945 
Unaudited (In millions, except per share data)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Book value per common share $29.34 $35.85 $34.54 $33.30 $39.02 
Less: Net unrealized investment gains (losses), net of income tax(35.66)(19.60)(23.21)(27.12)(16.62)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax13.77 3.64 6.68 9.38 2.89 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.01)0.04 (0.07)(0.10)0.01 
  Defined benefit plans adjustment, net of income tax(1.76)(1.98)(1.99)(1.98)(1.98)
Book value per common share, excluding AOCI other than FCTA$53.00 $53.75 $53.13 $53.12 $54.72 
Common shares outstanding, end of period 744.4 730.8 715.7 703.8 693.7 
For the Three Months Ended (1)
Unaudited (In millions, except ratios)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
Return on MetLife, Inc.'s:
Common stockholders' equity 7.0 %9.6 %12.6 %15.2 %20.2 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 24.7 %22.7 %21.0 %27.0 %21.8 %
Common stockholders' equity, excluding AOCI other than FCTA 14.9 %13.8 %13.8 %17.3 %14.6 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)14.7 %14.6 %13.8 %17.3 %14.4 %
Average common stockholders' equity $24,142 $24,019 $25,457 $24,076 $25,251 
Average common stockholders' equity, excluding AOCI other than FCTA $40,001 $39,368 $38,652 $37,704 $37,673 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$39,994 $39,392 $38,652 $37,704 $37,665 
(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 Pages A-2 and A-3 for further detail.
A-4
APPENDIX
METLIFE
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
 ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
GROUP BENEFITS (1)$5,866 $6,001 $6,330 $6,210 $6,146 
RIS (1)2,478 2,883 813 2,582 1,579 
ASIA 1,704 1,690 1,737 1,714 1,710 
LATIN AMERICA1,349 1,393 1,400 1,422 1,496 
EMEA 573 586 613 626 655 
METLIFE HOLDINGS (1)910 901 841 823 793 
CORPORATE & OTHER (1)112 100 104 113 92 
Adjusted premiums, fees and other revenues, on a constant currency basis$12,992 $13,554 $11,838 $13,490 $12,471 
Adjusted premiums, fees and other revenues$13,181 $13,671 $11,948 $13,523 $12,471 
ASIA (including operating joint ventures) (2), (3)$2,132 $2,057 $2,264 $2,368 $2,251 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
GROUP BENEFITS (1)$937 $977 $1,003 $1,016 $1,007 
RIS (1)138 135 172 145 183 
ASIA 766 777 742 727 758 
LATIN AMERICA449 489 477 477 485 
EMEA307 327 328 332 342 
METLIFE HOLDINGS (1)238 220 223 220 220 
CORPORATE & OTHER (1)250 290 194 188 164 
Adjusted other expenses on a constant currency basis$3,085 $3,215 $3,139 $3,105 $3,159 
Adjusted other expenses$3,159 $3,261 $3,180 $3,104 $3,159 
ASIA (including operating joint ventures) (2), (4)$880 $875 $857 $834 $878 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024
GROUP BENEFITS (1)$510 $466 $284 $533 $373 
RIS (1)470 421 399 410 472 
ASIA 271 295 423 451 306 
LATIN AMERICA179 192 218 210 221 
EMEA 87 46 76 77 70 
METLIFE HOLDINGS (1)208 156 159 153 182 
CORPORATE & OTHER (1)(262)(232)(241)(220)(249)
Adjusted earnings available to common shareholders on a constant currency basis$1,463 $1,344 $1,318 $1,614 $1,375 
Adjusted earnings available to common shareholders$1,488 $1,361 $1,334 $1,628 $1,375 
(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 15 for operating joint ventures.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
A-5
APPENDIX
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 and 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)investment portfolio gains (losses)(xiv)net investment gains (losses)
(xv)derivative gains (losses)(xv)net derivative gains (losses)
(xvi)adjusted capitalization of DAC(xvi)capitalization of DAC
(xvii)total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA(xvii)total MetLife, Inc.’s stockholders’ equity
(xviii)total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)(xviii)total MetLife, Inc.’s stockholders’ equity
(xix)book value per common share, excluding AOCI other than FCTA(xix)book value per common share
(xx)adjusted other expenses(xx)other expenses
(xxi)adjusted other expenses, net of adjusted capitalization of DAC(xxi)other expenses, net of capitalization of DAC
(xxii)adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses(xxii)other expenses, net of capitalization of DAC
(xxiii)adjusted expense ratio(xxiii)expense ratio
(xxiv)adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT(xxiv)expense ratio
(xxv)direct expenses(xxv)other expenses
(xxvi)direct expenses, excluding total notable items related to direct expenses(xxvi)other expenses
(xxvii)direct expense ratio(xxvii)expense ratio
(xxviii)direct expense ratio, excluding total notable items related to direct expenses and PRT(xxviii)expense ratio
(xxix)future policy benefits at original discount rate(xxix)future policy benefits at balance sheet discount rate
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 current period and applied to the comparable prior period ("constant currency basis").
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 the MetLife Investor Relations webpage (https://investor.metlife.com).

A-6
APPENDIX
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 (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:
•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments").
•
Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•
Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•
Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. 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.
Other adjustments are made to the line items indicated in calculating adjusted earnings:
•
Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs").
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
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.
A-7

APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
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).
Return on 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), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement 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), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement 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).
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.
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 expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•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. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) 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 net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) 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-8
APPENDIX
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
NAICNational Association of Insurance Commissioners
NRSRONationally Recognized Statistical Rating Organization
PRTPension risk transfers
QFSQuarterly financial supplement
RISRetirement and Income Solutions
VOBAValue of business acquired
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