Exhibit 99.1

Contacts:	For Media:	John Calagna
		MetLife
		(212) 578-6252
	For Investors:	John Hall
		MetLife
		(212) 578-7888

METLIFE ANNOUNCES FIRST QUARTER 2017 RESULTS

Net income of $820 million, or $0.75 per share

Operating earnings* of $1.5 billion, or $1.41 per share

NEW YORK, May 3, 2017 – MetLife, Inc. (NYSE: MET) today announced the following results for the first quarter of 2017:

First Quarter Results

On a GAAP basis, MetLife reported first quarter 2017 net income of $820 million, compared to net income of $2.2 billion in the first quarter of 2016. On a per share basis, net income was $0.75, compared to net income of $1.98 per share in the prior-year period.

Net income includes $602 million, after tax, in net derivative losses reflecting changes in equity markets and interest rates, compared to $868 million, after tax, in net derivative gains in the first quarter of 2016. MetLife uses derivatives as part of its broader asset-liability management strategy to hedge certain risks, such as movements in interest rates and foreign currencies. This hedging activity often generates derivative gains or losses and creates fluctuations in net income because the risk being hedged may not have the same GAAP accounting treatment.

In the quarter, rising equity markets and costs associated with repositioning our hedging strategies contributed to the net derivative losses. Approximately 67 percent of the net derivative losses in the quarter were attributable to asymmetrical and non-economic accounting. Excluding asymmetrical and non-economic accounting impacts, first quarter 2017 net income was $1.3 billion.

Supplemental slides related to the company’s derivative losses for the first quarter of 2017, titled “1Q17 Supplemental Slides,” are available on the MetLife Investor Relations website at www.metlife.com in the Conferences & Presentations section, and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission (SEC) in connection with this earnings news release.

MetLife reported operating earnings of $1.5 billion, up 16 percent from the first quarter of 2016, and 17 percent on a constant currency basis*. On a per share basis, operating earnings were $1.41, up 18 percent from the prior-year quarter.

First quarter 2017 operating earnings included the following notable items:

• unfavorable catastrophe experience net of prior year development in Property & Casualty, which decreased operating earnings by $45 million, or $0.04 per share, after tax

• legal matters in Corporate & Other pertaining to the guaranty fund assessment for the Penn Treaty insolvency and an increase in litigation reserves, which decreased operating earnings by $44 million, or $0.04 per share, after tax

• expenses associated with the company’s previously announced unit cost initiative in Corporate & Other, which decreased operating earnings by $21 million, or $0.02 per share, after tax

• reserve adjustments primarily resulting from modeling improvements of individual life products, which increased operating earnings by $34 million, or $0.03 per share, after tax

• variable investment income above the company’s 2017 quarterly business plan range (excluding for this notable item only, Brighthouse Financial), primarily in Retirement and Income Solutions, which increased operating earnings by $15 million, or $0.01 per share, after tax, and the impact of deferred acquisition costs (DAC)

FIRST QUARTER 2017 NOTABLE ITEMS¹

	For the Three Months Ended March 31, 2017 Unaudited (In millions)
Notable Items	U.S.							Asia			Latin America			MetLife Holdings		Corporate & Other			Brighthouse Financial			Total
	Group Benefits		Retirement and Income Solutions		Property & Casualty
Catastrophe experience and prior year development, net						(45	)																(45	)
Litigation reserves & settlement costs																	(44	)					(44	)
Expense initiative costs																	(21	)					(21	)
Actuarial assumption review and other insurance adjustments															76					(42	)		34
Variable investment income		3		17		2			(3	)		(1	)		1		(4	)					15
Total notable items	$	3	$	17	$	(43	)	$	(3	)	$	(1	)	$	77	$	(69	)	$	(42	)	$	61

¹ Notable Items reflect the unexpected impact of events that affect the company’s results, but that were unknown and that the company could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan, such as 2017 expense initiative costs, to help investors have a better understanding of company results and to evaluate and forecast those results. Notable Items can affect the company’s results either positively or negatively.

Operating earnings in the U.S. segment increased 24 percent over the prior-year period. Operating earnings in Asia decreased 3 percent, and 5 percent on a constant currency basis. Operating earnings in Latin America decreased 5 percent, but were essentially unchanged on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) increased 19 percent, and 34 percent on a constant currency basis. Operating earnings in MetLife Holdings increased 44 percent. Operating earnings in Brighthouse Financial decreased

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25 percent, including $42 million related to separation activities with MetLife Holdings, which decreased operating earnings in Brighthouse Financial, but was completely offset in MetLife Holdings.

Premiums, fees & other revenues were $12.0 billion, down 4 percent over the first quarter of 2016. Operating premiums, fees & other revenues* were $11.9 billion, essentially unchanged on both a reported and constant currency basis over the prior-year period.

“MetLife had strong first quarter operating earnings, driven by volume growth, continued expense discipline and higher fees from improved equity markets,” said Steven A. Kandarian, chairman, president and CEO, MetLife, Inc. “Our sales for the quarter were up 21 percent on a post-separation basis, led by our largest segments, the U.S. and Asia. We continue to execute on our refreshed enterprise strategy to deliver enhanced products, services and experiences for our customers and drive long-term shareholder value creation.”

FIRST QUARTER 2017 SUMMARY

(In millions, except per share data)	Three months ended March 31
	2017			2016			Change
Premiums, fees & other revenues	$	11,991		$	12,524			(4	)%
Net investment income		5,196			4,559			14	%
Net investment gains (losses)		8			15			(47	)%
Net derivative gains (losses)		(926	)		1,335
Total revenues	$	16,269		$	18,433			(12	)%
Total operating revenues	$	16,879		$	16,611			2	%
Operating premiums, fees & other revenues	$	11,884		$	11,905			—
Net income	$	820		$	2,195			(63	)%
Net income per share	$	0.75		$	1.98			(62	)%
Operating earnings	$	1,546		$	1,329			16	%
Operating earnings per share	$	1.41		$	1.20			18	%
Book value per share	$	60.91		$	67.10			(9	)%
Book value per share, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA)	$	50.52		$	53.31			(5	)%
Book value per share – tangible common stockholders’ equity	$	41.64		$	44.17			(6	)%
Return on equity (ROE)		5.0	%		12.6	%
ROE, excluding AOCI other than FCTA		6.0	%		15.3	%
Tangible ROE		7.4	%		18.6	%
Operating ROE, excluding AOCI other than FCTA		11.3	%		9.3	%
Operating tangible ROE		13.8	%		11.3	%

Book value, excluding AOCI other than FCTA*, was $50.52 per share, down 5 percent from $53.31 at March 31, 2016.

MetLife’s first quarter 2017 operating ROE, excluding AOCI other than FCTA, was 11.3 percent, and the company’s operating tangible ROE* was 13.8 percent.

* Information regarding the non-GAAP and other financial measures included in this news release and the reconciliation of the non-GAAP financial measures to GAAP measures is provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this news release and/or the First Quarter 2017 Financial Supplement (which is available on the MetLife Investor Relations web page at www.metlife.com).

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BUSINESS DISCUSSIONS

All comparisons of the results for the first quarter of 2017 in the business discussions that follow are with the first quarter of 2016, unless otherwise noted. Re-segmented results for certain prior periods were reported by MetLife, Inc. in a Form 8-K furnished to the SEC on Oct. 20, 2016.

U.S.

Total operating earnings for the U.S. were $503 million, up 24 percent, benefiting from higher variable investment income, lower expenses and volume growth. Operating return on allocated equity was 19.7 percent, and operating return on allocated tangible equity was 22.9 percent. Operating premiums, fees & other revenues were $5.7 billion, up 3 percent. Excluding pension risk transfers, operating premiums, fees & other revenues were also up 3 percent.

Group Benefits

Operating earnings for Group Benefits were $194 million, up 37 percent, due to favorable expense margins and strong non-medical health underwriting results. Operating premiums, fees & other revenues were $4.3 billion, up 5 percent, driven by growth across all markets. Sales were up 29 percent, driven by growth across all products.

Retirement and Income Solutions

Operating earnings for Retirement and Income Solutions were $280 million, up 16 percent, due primarily to higher variable investment income. Operating premiums, fees & other revenues were $479 million, essentially unchanged from the prior-year period. Excluding pension risk transfers, operating premiums, fees & other revenues were down 3 percent.

Property & Casualty

Operating earnings for Property & Casualty were $29 million, up 32 percent, compared to $22 million in the first quarter of 2016, benefiting from higher variable investment income, lower expenses and favorable auto underwriting results. Operating earnings for both periods were impacted by $45 million in unfavorable catastrophe experience net of prior year development. Operating premiums, fees & other revenues were $875 million, down 1 percent. Property & Casualty sales were down 5 percent.

ASIA

Operating earnings for Asia were $295 million, down 3 percent, and 5 percent on a constant currency basis, due to a change in the Japan effective tax rate. Operating earnings benefited from volume growth and lower expenses. Operating return on allocated equity was 9.4 percent, and operating return on allocated tangible equity was 15.0 percent.

Operating premiums, fees & other revenues in Asia were $2.1 billion, up 3 percent, and 1 percent on a constant currency basis. Total sales for the region were up 35 percent on a constant currency basis. Japan sales were up 8 percent, driven by foreign currency denominated whole life and accident & health sales growth. Other Asia sales were up 89 percent, representing good growth in all markets, driven particularly by China, as well as a large group case in Australia.

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LATIN AMERICA

Operating earnings for Latin America were $143 million, down 5 percent, and essentially unchanged on a constant currency basis. Excluding all notable items from both periods, operating earnings were down 12 percent, and 8 percent on constant currency basis, due to higher claim volumes in the quarter and the impact of an assumption change in the company’s Chile pension business. Favorable market impacts and volume growth were partial offsets in the quarter. Operating return on allocated equity was 19.5 percent, and operating return on allocated tangible equity was 33.6 percent.

Operating premiums, fees & other revenues were $916 million, up 5 percent, and 6 percent on a constant currency basis. Total sales for the region were up 3 percent on a constant currency basis, driven by strong employee benefit sales, partially offset by lower pension sales in Mexico.

EMEA

Operating earnings for EMEA were $75 million, up 19 percent, and 34 percent on a constant currency basis, driven by favorable expense margins and volume growth. Operating return on allocated equity was 9.3 percent, and operating return on allocated tangible equity was 15.3 percent.

Operating premiums, fees & other revenues were $614 million, essentially unchanged on a reported basis, but up 5 percent on a constant currency basis, driven by growth in Turkey, as well as in employee benefits in the United Kingdom and Egypt. Total sales for the region increased 4 percent on a constant currency basis.

METLIFE HOLDINGS

Operating earnings for MetLife Holdings were $385 million, up 44 percent, due to a $42 million benefit related to separation activities, as well as the previously mentioned $34 million reserve adjustment and strong variable investment income. Excluding notable items for both periods, operating earnings were up 12 percent, driven by improved underwriting, expenses and market results. Operating return on allocated equity was 13.7 percent, and operating return on allocated tangible equity was 15.3 percent. Operating premiums, fees & other revenues were $1.5 billion, down 8 percent, mostly due to the sale of the MetLife Premier Client Group, which included the company’s affiliated broker-dealer unit.

CORPORATE & OTHER

Corporate & Other had an operating loss of $99 million, compared to an operating loss of $190 million in the first quarter of 2016. This includes the benefit of a lower effective tax rate and the previously mentioned notable items related to legal matters and the company’s unit cost initiative.

BRIGHTHOUSE FINANCIAL

Brighthouse Financial reported operating earnings of $244 million, down 25 percent, primarily due to the previously mentioned separation activities with MetLife Holdings. Operating premiums, fees & other revenues were $1.1 billion, compared to $1.3 billion in the first quarter of 2016. Overall annuity sales were down 35 percent, and life sales were down 54 percent, mostly resulting from the suspension of sales through one distributor and lower sales from the former MetLife Premier Client Group. Sales of the company’s index-linked annuity product, Shield Level Selector^SM, remained strong in the first quarter of 2017 at $455 million, up 25 percent year over year.

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INVESTMENTS

As reported on an operating basis, net investment income was $5.0 billion, up 6 percent. Variable investment income was $343 million ($223 million, after tax and DAC), as compared to $165 million ($109 million, after tax and DAC) in the first quarter of 2016, due to stronger private equity and hedge fund performance.

Changes in equity markets and interest rates drove derivative net losses of $714 million, after tax and other adjustments. Derivative net gains in the first quarter of 2016 were $634 million, after tax and other adjustments.

Conference Call

MetLife will hold its first quarter 2017 earnings conference call and audio webcast on Thursday, May 4, 2017, from 8-9 a.m. (EDT). The conference call will be available live via telephone and the internet. To listen via telephone, dial 800-288-8975 (U.S.) or 612-288-0337 (outside the U.S.). To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 10 a.m. (EDT) on Thursday, May 4, 2017, until Thursday, May 11, 2017, at 11:59 p.m. (EDT). To listen to a replay of the conference call via telephone, dial 800-475-6701 (U.S.) or 320-365-3844 (outside the U.S.). The access code for the replay is 407066. To access the replay of the conference call over the internet, visit the above-mentioned website.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

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Non-GAAP and Other Financial Disclosures

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

In this news release, MetLife presents certain measures of its performance that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. 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)	operating revenues;	(i)	revenues;
(ii)	operating expenses;	(ii)	expenses;
(iii)	operating premiums, fees and other revenues;	(iii)	premiums, fees and other revenues;

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(iv)	operating earnings;	(iv)	income (loss) from continuing operations, net of income tax;
(v)	operating earnings available to common shareholders;	(v)	net income (loss) available to MetLife, Inc.’s common shareholders;
(vi)	operating earnings available to common shareholders on a constant currency basis;	(vi)	net income (loss) available to MetLife, Inc.’s common shareholders;
(vii)	operating earnings available to common shareholders, adjusted for total notable items;	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(viii)	operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis;	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(ix)	net income (loss) available to MetLife, Inc.’s common shareholders, excluding asymmetrical and non-economic accounting;	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders;
(x)	operating earnings available to common shareholders per diluted common share;	(x)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xi)	operating earnings available to common shareholders, adjusted for total notable items per diluted common share;	(xi)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xii)	operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis per diluted common share;	(xii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xiii)	operating return on equity;	(xiii)	return on equity;
(xiv)	operating return on equity, excluding AOCI other than FCTA;	(xiv)	return on equity;
(xv)	operating tangible ROE;	(xv)	return on equity;
(xvi)	investment portfolio gains (losses);	(xvi)	net investment gains (losses);
(xvii)	derivative gains (losses);	(xvii)	net derivative gains (losses);
(xviii)	MetLife, Inc.’s tangible common stockholders’ equity;	(xviii)	MetLife, Inc.’s stockholders’ equity;
(xix)	MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items;	(xix)	MetLife, Inc.’s stockholders’ equity;
(xx)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;	(xx)	MetLife, Inc.’s stockholders’ equity;
(xxi)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, adjusted for total notable items; and	(xxi)	MetLife, Inc.’s stockholders’ equity; and
(xxii)	free cash flow of all holding companies.	(xxii)	MetLife, Inc.’s net cash provided by (used in) operating activities.

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

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

Operating earnings and related measures

• operating earnings;

• operating earnings available to common shareholders;

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

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

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

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

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

• operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis per diluted common share;

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, operating earnings is also MetLife’s GAAP measure of segment performance. Operating earnings and other financial measures based on operating 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. Operating earnings and other financial measures based on operating earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results.

Operating earnings is defined as operating revenues less operating expenses, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends.

Operating revenues and operating expenses

These financial measures, along with the related operating premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and divested businesses and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife and are referred to as divested businesses. In addition, for the year ended March 31, 2016, operating revenues and operating expenses exclude the financial impact of converting MetLife’s Japan operations to calendar-year end reporting without retrospective application of this change to prior periods and is referred to as lag elimination. Operating revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Operating expenses also excludes goodwill impairments.

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

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

• Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain

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investments but do not qualify for hedge accounting treatment, (ii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed unit-linked investments, and (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP; and

• Other revenues are adjusted for settlements of foreign currency earnings hedges.

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

• Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, (iii) benefits and hedging costs related to GMIBs (GMIB costs), and (iv) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments);

• Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments;

• Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;

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

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

• Other operating expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition, integration and other costs.

Operating 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 the company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

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

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses or goodwill impairment. 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 operating earnings and not within derivative gains (losses).

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

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

• MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, adjusted for total notable items.

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• Operating return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: operating earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding AOCI other than FCTA.

• Operating return on MetLife, Inc.’s common stockholders’ equity: operating earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.

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

• 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.

• Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.

• Operating return on allocated equity: operating earnings available to common shareholders divided by allocated equity.

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

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also refer to the utilization of operating earnings and other financial measures based on operating earnings mentioned above.

• MetLife, Inc.’s tangible common shareholders’ equity or tangible equity: MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI reduced by the impact of goodwill, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.

• MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items.

• Operating return on MetLife, Inc.’s tangible common stockholders’ equity: operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.

• Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding goodwill impairment and amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.

• Operating return on allocated tangible equity: operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

• Return on allocated tangible equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

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

• Operating expense ratio: calculated by dividing operating expenses (other expenses, net of capitalization of DAC) by operating premiums, fees and other revenues.

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• Statistical sales information for the U.S. MetLife Holdings and Brighthouse Financial segments are calculated (i) for life sales using the LIMRA definition of sales for core direct sales, excluding company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance, and (ii) annuity sales consist of statutory premiums direct and assumed, excluding company sponsored internal exchanges. Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

• Statistical sales information for Latin America, Asia and EMEA is calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

• All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods.

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

• Asymmetrical and non-economic accounting refer to: (i) the portion of net derivative gains (losses) on embedded derivatives attributable to the inclusion of MetLife’s credit spreads in the liability valuations, (ii) hedging activity that generates net derivative gains (losses) and creates fluctuations in net income because hedge accounting cannot be achieved and the item being hedged does not a have an offsetting gain or loss recognized in earnings, (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, and (iv) impact of changes in foreign currency exchange rates on the re-measurement of foreign denominated unhedged funding agreements and financing transactions to the U.S. dollar and the re-measurement of certain liabilities from non-functional currencies to functional currencies. MetLife believes that excluding the impact of asymmetrical and non-economic accounting from total GAAP results enhances investor understanding of MetLife’s performance by disclosing how these accounting practices affect reported GAAP results.

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

Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Page 12 of 14

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) difficult conditions in the global capital markets; (2) increased volatility and disruption of the global capital and credit markets, which may affect our ability to meet liquidity needs and access capital, including through our credit facilities, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets, including assets supporting risks ceded to certain of our captive reinsurers or hedging arrangements associated with those risks; (3) exposure to global financial and capital market risks, including as a result of the pending withdrawal of the United Kingdom from the European Union, other disruption in Europe and possible withdrawal of one or more countries from the Euro zone; (4) impact on us of comprehensive financial services regulation reform, including potential regulation of MetLife, Inc. as a non-bank systemically important financial institution, or otherwise; (5) numerous rulemaking initiatives required or permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act which may impact how we conduct our business, including those compelling the liquidation of certain financial institutions; (6) regulatory, legislative or tax changes relating to our insurance, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (7) adverse results or other consequences from litigation, arbitration or regulatory investigations; (8) unanticipated developments that could delay, prevent or otherwise adversely affect the separation of Brighthouse Financial; (9) our ability to address difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from (a) business acquisitions and integrating and managing the growth of such acquired businesses, (b) dispositions of businesses via sale, initial public offering, spin-off or otherwise, including failure to achieve projected operational benefit from such transactions and any restrictions, liabilities, losses or indemnification obligations arising from and transitional services or tax arrangements related to the separation of any business, or from the failure of such a separation to qualify for any intended tax-free treatment; (c) entry into joint ventures, or (d) legal entity reorganizations; (10) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions, including any separated business’ incurrence of debt in connection with such a separation; (11) investment losses and defaults, and changes to investment valuations; (12) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (13) impairments of goodwill and realized losses or market value impairments to illiquid assets; (14) defaults on our mortgage loans; (15) the defaults or deteriorating credit of other financial institutions that could adversely affect us; (16) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (17) downgrades in our claims paying ability, financial strength or credit ratings; (18) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (19) availability and effectiveness of reinsurance, hedging, or indemnification arrangements, as well as any default or failure of counterparties to perform; (20) differences between actual claims experience and underwriting and reserving assumptions; (21) ineffectiveness of risk management policies and procedures; (22) catastrophe losses; (23) increasing cost and limited market capacity for statutory life insurance reserve financings; (24) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (25) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and any adjustment for nonperformance risk; (26) legal, regulatory and other restrictions affecting MetLife,

Page 13 of 14

Inc.’s ability to pay dividends and repurchase common stock; (27) MetLife, Inc.’s and its subsidiary holding companies’ primary reliance, as holding companies, on dividends from its subsidiaries to meet its free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (28) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (29) changes in accounting standards, practices and/or policies; (30) increased expenses relating to pension and postretirement benefit plans, as well as health care and other employee benefits; (31) inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (32) difficulties in marketing and distributing products through our distribution channels; (33) provisions of laws and our incorporation documents may delay, deter or prevent takeovers and corporate combinations involving MetLife; (34) the effects of business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on the value of our investment portfolio, our disaster recovery systems, cyber- or other information security systems and management continuity planning; (35) any failure to protect the confidentiality of client information; (36) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; and (37) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the U.S. Securities and Exchange Commission.

Page 14 of 14

MetLife, Inc.

GAAP Interim Condensed Consolidated Statements of Operations

(Unaudited)

(In millions)

	For the Three Months Ended
	March 31,
	2017			2016
Revenues
Premiums	$	9,315		$	9,693
Universal life and investment-type product policy fees		2,302			2,344
Net investment income		5,196			4,559
Other revenues		374			487
Net investment gains (losses)		8			15
Net derivative gains (losses)		(926	)		1,335
Total revenues		16,269			18,433
Expenses
Policyholder benefits and claims		9,859			9,678
Interest credited to policyholder account balances		1,712			1,326
Policyholder dividends		317			315
Capitalization of DAC		(796	)		(981	)
Amortization of DAC and VOBA		533			995
Amortization of negative VOBA		(43	)		(99	)
Interest expense on debt		296			312
Other expenses		3,574			3,965
Total expenses		15,452			15,511
Income (loss) from continuing operations before provision for income tax		817			2,922
Provision for income tax expense (benefit)		(12	)		719
Income (loss) from continuing operations, net of income tax		829			2,203
Income (loss) from discontinued operations, net of income tax		—			—
Net income (loss)		829			2,203
Less: Net income (loss) attributable to noncontrolling interests		3			2
Net income (loss) attributable to MetLife, Inc.		826			2,201
Less: Preferred stock dividends		6			6
Net income (loss) available to MetLife, Inc.’s common shareholders	$	820		$	2,195

See footnotes on last page.

MetLife, Inc.

(Unaudited)

(In millions, except per share data)

	For the Three Months Ended
	March 31,
	2017						2016
				Earnings Per Weighted Average Common Shares Diluted (1)						Earnings Per Weighted Average Common Shares Diluted (1)
Reconciliation to Operating Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.’s common shareholders	$	820			0.75		$	2,195		$	1.98
Adjustments from net income (loss) available to MetLife, Inc.’s common shareholders to operating earnings available to common shareholders:
Less: Net investment gains (losses) (2)		8			0.01			15			0.01
Net derivative gains (losses) (2)		(926	)		(0.84	)		1,335			1.20
Premiums		—			—			426			0.38
Universal life and investment-type product policy fees		101			0.09			193			0.17
Net investment income		201			0.18			(147	)		(0.13	)
Other revenues		6			0.01			—			—
Policyholder benefits and claims and policyholder dividends (2)		(348	)		(0.32	)		(400	)		(0.35	)
Interest credited to policyholder account balances		(402	)		(0.36	)		(25	)		(0.02	)
Capitalization of DAC		—			—			105			0.09
Amortization of DAC and VOBA (2)		312			0.28			(114	)		(0.10	)
Amortization of negative VOBA		3			—			32			0.03
Interest expense on debt		—			—			—			—
Other operating expenses		(106	)		(0.10	)		(255	)		(0.23	)
Goodwill impairment		—			—			—			—
Provision for income tax (expense) benefit (2)		428			0.39			(297	)		(0.27	)
Add: Net income (loss) attributable to noncontrolling interests		3			—			2			—
Operating earnings available to common shareholders		1,546			1.41			1,329			1.20
Less: Total notable items (3)		(61	)		(0.06	)		(121	)		(0.11	)
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	1,607		$	1.46		$	1,450		$	1.31
Operating earnings available to common shareholders on a constant currency basis	$	1,546		$	1.41		$	1,319		$	1.19
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3)	$	1,607		$	1.46		$	1,441		$	1.30
Weighted average common shares outstanding - diluted					1,098.7						1,108.6

	For the Three Months Ended
	March 31,
Asymmetrical and Non-Economic Accounting	2017			2016
Net income (loss) available to MetLife, Inc.’s common shareholders	$	820		$	2,195
Less: asymmetrical and non-economic accounting		(482	)		931
Net income (loss) available to MetLife, Inc.’s common shareholders, excluding asymmetrical and non-economic accounting	$	1,302		$	1,264

See footnotes on last page.

MetLife, Inc.

(Unaudited)

(In millions)

	For the Three Months Ended
	March 31,
	2017			2016
Premiums, Fees and Other Revenues
Total premiums, fees and other revenues	$	11,991		$	12,524
Less: Unearned revenue adjustments		—			25
GMIB fees		101			101
Settlement of foreign currency earnings hedges		6			(4	)
Divested businesses and Lag elimination (4)		—			497
Total operating premiums, fees and other revenues	$	11,884		$	11,905
Revenues and Expenses
Total revenues	$	16,269		$	18,433
Less: Net investment (gains) losses		8			15
Less: Net derivative (gains) losses		(926	)		1,335
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)		—			25
Less: Other adjustments to revenues:
GMIB fees		101			101
Investment hedge adjustments		(214	)		(221	)
Operating joint venture adjustments		(1	)		5
Unit-linked contract income		416			(97	)
Securitization entities income		—			—
Settlement of foreign currency earnings hedges		6			(4	)
Divested businesses and Lag elimination (4)		—			663
Total operating revenues	$	16,879		$	16,611
Total expenses	$	15,452		$	15,511
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		(241	)		6
Less: Goodwill impairment		—			—
Less: Other adjustments to expenses:
Inflation and pass through adjustments		26			71
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs		245			42
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments		3			7
PAB hedge adjustments		—			1
Unit-linked contract costs		402			(77	)
Securitization entities debt expense		—			—
Noncontrolling interest		(4	)		(5	)
Regulatory implementation costs		—			—
Acquisition, integration and other costs		8			6
Divested businesses and Lag elimination (4)		102			606
Total operating expenses	$	14,911		$	14,854

See footnotes on last page.

MetLife, Inc.

(Unaudited)

	March 31,
Book Value (5)	2017			2106
Book value per common share	$	60.91		$	67.10
Less: Net unrealized investment gains (losses), net of income tax		12.20			15.63
Defined benefit plans adjustment, net of income tax		(1.81	)		(1.84	)
Book value per common share, excluding AOCI other than FCTA		50.52			53.31
Less: Goodwill, net of income tax		8.52			8.70
VODA and VOCRA, net of income tax		0.36			0.44
Book value per common share - tangible common stockholders’ equity	$	41.64		$	44.17
Common shares outstanding, end of period (In millions)		1,081.3			1,098.5
	For the Three Months Ended
	March 31, (6)
Return on Equity (7)	2017			2016
Return on MetLife, Inc.’s:
Common stockholders’ equity		5.0	%		12.6	%
Common stockholders’ equity, excluding AOCI other than FCTA		6.0	%		15.3	%
Tangible common stockholders’ equity		7.4	%		18.6	%
Operating return on MetLife, Inc.’s:
Common stockholders’ equity		9.4	%		7.6	%
Common stockholders’ equity, excluding AOCI other than FCTA		11.3	%		9.3	%
Common stockholders’ equity, excluding AOCI other than FCTA, adjusted for total notable items (3), (8)		11.8	%		10.1	%
Tangible common stockholders’ equity		13.8	%		11.3	%
Tangible common stockholders’ equity, adjusted for total notable items (3), (8)		14.3	%		12.3	%
Return on Allocated Equity:
U.S.		13.6	%		15.9	%
Asia		15.3	%		31.3	%
Latin America		31.2	%		18.4	%
EMEA		10.0	%		9.1	%
MetLife Holdings		11.5	%		17.3	%
Return on Allocated Tangible Equity:
U.S.		15.8	%		17.5	%
Asia		24.4	%		53.7	%
Latin America		53.8	%		29.1	%
EMEA		16.3	%		15.6	%
MetLife Holdings		12.8	%		18.3	%
Operating Return on Allocated Equity:
U.S.		19.7	%		15.0	%
Asia		9.4	%		11.0	%
Latin America		19.5	%		19.7	%
EMEA		9.3	%		7.8	%
MetLife Holdings		13.7	%		9.6	%
Operating Return on Allocated Tangible Equity:
U.S.		22.9	%		16.5	%
Asia		15.0	%		19.0	%
Latin America		33.6	%		31.2	%
EMEA		15.3	%		13.5	%
MetLife Holdings		15.3	%		10.3	%

See footnotes on last page.

MetLife, Inc.

Operating Earnings Available to Common Shareholders

(Unaudited)

(In millions)

	For the Three Months Ended
	March 31,
	2017			2016
U.S.:
Operating earnings available to common shareholders	$	503		$	406
Less: Total notable items (3)		(23	)		(78	)
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	526		$	484
Operating earnings available to common shareholders on a constant currency basis (9)	$	503		$	406
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3), (9)	$	526		$	484
Group Benefits:
Operating earnings available to common shareholders	$	194		$	142
Less: Total notable items (3)		3			(1	)
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	191		$	143
Operating earnings available to common shareholders on a constant currency basis (9)	$	194		$	142
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3), (9)	$	191		$	143
Retirement and Income Solutions:
Operating earnings available to common shareholders	$	280		$	242
Less: Total notable items (3)		17			(25	)
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	263		$	267
Operating earnings available to common shareholders on a constant currency basis (9)	$	280		$	242
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3), (9)	$	263		$	267
Property & Casualty:
Operating earnings available to common shareholders	$	29		$	22
Less: Total notable items (3)		(43	)		(52	)
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	72		$	74
Operating earnings available to common shareholders on a constant currency basis (9)	$	29		$	22
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3), (9)	$	72		$	74
Asia:
Operating earnings available to common shareholders	$	295		$	305
Less: Total notable items (3)		(3	)		—
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	298		$	305
Operating earnings available to common shareholders on a constant currency basis	$	295		$	311
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3)	$	298		$	311
Latin America:
Operating earnings available to common shareholders	$	143		$	151
Less: Total notable items (3)		(1	)		(13	)
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	144		$	164
Operating earnings available to common shareholders on a constant currency basis	$	143		$	142
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3)	$	144		$	156
EMEA:
Operating earnings available to common shareholders	$	75		$	63
Less: Total notable items (3)		—			—
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	75		$	63
Operating earnings available to common shareholders on a constant currency basis	$	75		$	56
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3)	$	75		$	56
MetLife Holdings:
Operating earnings available to common shareholders	$	385		$	267
Less: Total notable items (3)		77			(8	)
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	308		$	275
Operating earnings available to common shareholders on a constant currency basis (9)	$	385		$	267
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3), (9)	$	308		$	275
Corporate & Other:
Operating earnings available to common shareholders	$	(99	)	$	(190	)
Less: Total notable items (3)		(69	)		(4	)
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	(30	)	$	(186	)
Operating earnings available to common shareholders on a constant currency basis (9)	$	(99	)	$	(190	)
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3), (9)	$	(30	)	$	(186	)
Brighthouse Financial (7):
Operating earnings available to common shareholders	$	244		$	327
Less: Total notable items (3)		(42	)		(18	)
Operating earnings available to common shareholders, adjusted for total notable items (3)	$	286		$	345
Operating earnings available to common shareholders on a constant currency basis (9)	$	244		$	327
Operating earnings available to common shareholders, adjusted for total notable items, on a constant currency basis (3), (9)	$	286		$	345

See footnotes on last page.

MetLife, Inc.

(Unaudited)

(1) Operating earnings available to common shareholders is calculated on a standalone basis and may not equal the sum of operating earnings available to common shareholders, adjusted for total notable items and total notable items.

(2) The impacts of asymmetrical and non-economic accounting on operating earnings for the three months ended March 31, 2017 are as follows: i) Net investment gains (losses) - $105 million; ii) Net derivative gains (losses) - ($602) million; iii) Inflation and pass through adjustments - ($26) million; iv) Amortization of DAC and VOBA - ($202) million; and v) Provision for income tax (expense) benefit - $254 million.

(3) Notable Items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan, such as 2017 expense initiative costs, to help investors have a better understanding of Company results and to evaluate and forecast those results. Notable Items can affect the Company’s results either positively or negatively.

(4) For the three months ended March 31, 2016, Divested businesses and Lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

(5) Book values exclude $2,066 million of equity related to preferred stock at both March 31, 2017 and 2016.

(6) Annualized using quarter-to-date results.

(7) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and related companies on a combined basis; therefore, return on equity calculations for the Brighthouse Financial segment are not presented.

(8) Adjusted for total notable items for the reported periods presented in calculating the ratios.

(9) Amounts on a reported basis, as constant currency impact is not significant.