Exhibit 99.2

Third Quarter

Financial Supplement

September 30, 2018

3

METLIFE TABLE OF CONTENTS
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2
CORPORATE OVERVIEW	3
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5
EXPENSE DETAIL AND RATIOS	7
CONSOLIDATED BALANCE SHEETS	8
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	9
U.S.
Statements of Adjusted Earnings Available to Common Shareholders	10
Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	11
Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	12
Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	13
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	14
Group Benefits - Other Expenses by Major Category and Other Statistical Information	15
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	16
Retirement and Income Solutions - Other Expenses by Major Category and Spread	17
Property & Casualty - Other Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data	18
ASIA
Statements of Adjusted Earnings Available to Common Shareholders	19
Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	20
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders	21
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	22
EMEA
Statements of Adjusted Earnings Available to Common Shareholders	23
Other Expenses by Major Category; and Other Statistical Information	24
METLIFE HOLDINGS
Statements of Adjusted Earnings Available to Common Shareholders	25
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	26
Other Expenses by Major Category; and Spread by Product	27
Other Statistical Information	28
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source	29
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	30
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses Aging Schedule	32
Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	33
APPENDIX
Reconciliation Detail	A-1
Notable Items:
MetLife Total; U.S.; U.S. - Group Benefits; U.S. - Retirement and Income Solutions; U.S. - Property & Casualty;	A-2
Asia; Latin America; EMEA; MetLife Holdings; and Corporate & Other	A-3
Equity Details, Book Value Details and Return on Equity	A-4
Return on Allocated Equity	A-5
Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-6
Non-GAAP and Other Financial Disclosures	A-7
Acronyms	A-10

1

METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Revenues
Premiums		$	10,876		$	9,571		$	9,178		$	15,153		$	10,242		$	29,421		$	34,573
Universal life and investment-type product policy fees		1,428			1,358			1,392			1,370			1,343			4,152			4,105
Net investment income		4,295			4,454			3,745			4,473			4,486			12,909			12,704
Other revenues		301			406			474			475			479			935			1,428
Net investment gains (losses)		(606		)	106			(333		)	(227		)	117			(414		)	(443		)
Net derivative gains (losses)		(123		)	(55		)	349			(59		)	(378		)	(535		)	(88		)
Total revenues		16,171			15,840			14,805			21,185			16,289			46,468			52,279
Expenses
Policyholder benefits and claims		10,728			9,295			8,718			14,866			10,080			29,018			33,664
Interest credited to policyholder account balances		1,338			1,526			769			1,424			1,334			4,081			3,527
Policyholder dividends		302			306			297			309			327			925			933
Capitalization of DAC		(761		)	(784		)	(796		)	(834		)	(810		)	(2,218		)	(2,440		)
Amortization of DAC and VOBA		626			736			693			707			732			1,945			2,132
Amortization of negative VOBA		(32		)	(27		)	(22		)	(16		)	(7		)	(113		)	(45		)
Interest expense on debt		284			278			286			309			267			851			862
Other expenses		3,201			3,549			3,204			3,319			3,287			9,404			9,810
Total expenses		15,686			14,879			13,149			20,084			15,210			43,893			48,443
Income (loss) from continuing operations before provision for income tax		485			961			1,656			1,101			1,079			2,575			3,836
Provision for income tax expense (benefit)		(398		)	(1,354		)	399			207			164			(116		)	770
Income (loss) from continuing operations, net of income tax		883			2,315			1,257			894			915			2,691			3,066
Income (loss) from discontinued operations, net of income tax		(968		)	—			—			—			—			(986		)	—
Net income (loss)		(85		)	2,315			1,257			894			915			1,705			3,066
Less: Net income (loss) attributable to noncontrolling interests		6			(2		)	4			3			3			12			10
Net income (loss) attributable to MetLife, Inc.		(91		)	2,317			1,253			891			912			1,693			3,056
Less: Preferred stock dividends		6			45			6			46			32			58			84
Net income (loss) available to MetLife, Inc.'s common shareholders		$	(97	)	$	2,272		$	1,247		$	845		$	880		$	1,635		$	2,972
Total Premiums, Fees and Other Revenues		$	12,605		$	11,335		$	11,044		$	16,998		$	12,064		$	34,508		$	40,106

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net income (loss) available to MetLife, Inc.'s common shareholders	$	(97	)	$	2,272		$	1,247		$	845		$	880
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(606		)	106			(333		)	(227		)	117
Less: Net derivative gains (losses)	(123		)	(55		)	349			(59		)	(378		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(494		)	(296		)	(146		)	(233		)	(360		)
Less: Provision for income tax (expense) benefit	985			1,837			(42		)	41			128
Less: Income (loss) from discontinued operations, net of income tax	(968		)	—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	6			(2		)	4			3			3
Adjusted earnings available to common shareholders	$	1,115		$	678		$	1,423		$	1,326		$	1,376
Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted	$	(0.09	)	$	2.14		$	1.19		$	0.83		$	0.88
Less: Net investment gains (losses)	(0.57		)	0.10			(0.32		)	(0.22		)	0.12
Less: Net derivative gains (losses)	(0.12		)	(0.05		)	0.33			(0.06		)	(0.38		)
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.45		)	(0.28		)	(0.14		)	(0.23		)	(0.37		)
Less: Provision for income tax (expense) benefit	0.92			1.73			(0.04		)	0.04			0.13
Less: Income (loss) from discontinued operations, net of income tax	(0.90		)	—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	0.01			—			—			—			—
Adjusted earnings available to common shareholders per common share - diluted	$	1.04		$	0.64		$	1.36		$	1.30		$	1.38
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Notable items impacting adjusted earnings available to common shareholders:
Variable investment income	$	—		$	—		$	—		$	—		$	—
Catastrophe experience and prior year development, net	(10		)	7			—			—			—
Actuarial assumption review and other insurance adjustments	125			(110		)	62			—			(68		)
Litigation reserves & settlement costs	—			(55		)	—			—			—
Expense initiative costs	(17		)	(42		)	(34		)	(62		)	(88		)
Other expense-related items	—			—			—			—			—
Tax adjustments	(167		)	(298		)	—			—			—
Total notable items (2)	$	(69	)	$	(498	)	$	28		$	(62	)	$	(156	)
Notable items impacting adjusted earnings available to common shareholders per common share - diluted:
Variable investment income	$	—		$	—		$	—		$	—		$	—
Catastrophe experience and prior year development, net	$	(0.01	)	$	0.01		$	—		$	—		$	—
Actuarial assumption review and other insurance adjustments	$	0.12		$	(0.10	)	$	0.06		$	—		$	(0.07	)
Litigation reserves & settlement costs	$	—		$	(0.05	)	$	—		$	—		$	—
Expense initiative costs	$	(0.02	)	$	(0.04	)	$	(0.03	)	$	(0.06	)	$	(0.09	)
Other expense-related items	$	—		$	—		$	—		$	—		$	—
Tax adjustments	$	(0.16	)	$	(0.28	)	$	—		$	—		$	—
Total notable items (2)	$	(0.06	)	$	(0.47	)	$	0.03		$	(0.06	)	$	(0.16	)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Weighted average common shares outstanding - diluted	1,071.5			1,062.1			1,044.4			1,023.8			1,000.7
(1) See Page A-1 for further detail.
(2) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per common share - diluted. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable Items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Book value per common share (1)	$	52.09		$	54.24		$	52.49		$	50.28		$	48.94
Book value per common share, excluding AOCI other than FCTA (1)	$	41.21		$	42.92		$	43.36		$	42.76		$	42.97
Book value per common share - tangible common stockholders' equity (1)	$	32.18		$	33.63		$	33.80		$	33.22		$	33.37
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Return on MetLife, Inc.'s (2):
Common stockholders' equity	(0.6		)%	16.3		%	9.0		%	6.5		%	7.1		%
Common stockholders' equity, excluding AOCI other than FCTA	(0.8		)%	20.6		%	11.2		%	7.8		%	8.3		%
Tangible common stockholders' equity	(0.9		)%	26.4		%	14.4		%	10.1		%	10.8		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	7.3		%	4.9		%	10.3		%	10.2		%	11.2		%
Common stockholders' equity, excluding AOCI other than FCTA	9.1		%	6.1		%	12.8		%	12.2		%	12.9		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	10.7		%	6.1		%	12.8		%	12.2		%	12.9		%
Tangible common stockholders' equity	11.4		%	8.0		%	16.4		%	15.8		%	16.8		%
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Common shares outstanding, beginning of period	1,063.5			1,054.3			1,043.6			1,024.1			1,000.2
Share repurchases	(10.4		)	(11.9		)	(21.4		)	(24.1		)	(14.1		)
Newly issued shares	1.2			1.2			1.9			0.2			0.5
Common shares outstanding, end of period	1,054.3			1,043.6			1,024.1			1,000.2			986.6
Weighted average common shares outstanding - basic	1,062.3			1,052.5			1,035.9			1,015.6			992.7
Dilutive effect of the exercise or issuance of stock-based awards	9.2			9.6			8.5			8.2			8.0
Weighted average common shares outstanding - diluted	1,071.5			1,062.1			1,044.4			1,023.8			1,000.7
MetLife Policyholder Trust Shares	157.3			155.2			153.5			151.6			150.0
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See page A-4 for the return on MetLife, Inc.'s common stockholders' equity and adjusted return on MetLife, Inc.'s common stockholders' equity for the year ended December 31, 2017.

4

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Total revenues	$	16,171		$	15,840		$	14,805		$	21,185		$	16,289		$	46,468		$	52,279
Less: Net investment (gains) losses	(606		)	106			(333		)	(227		)	117			(414		)	(443		)
Less: Net derivative (gains) losses	(123		)	(55		)	349			(59		)	(378		)	(535		)	(88		)
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	4			(2		)	(5		)	(5		)	11			14			1
Less: Other adjustments to revenues:
GMIB fees	32			31			30			31			32			94			93
Investment hedge adjustments	(97		)	(85		)	(110		)	(119		)	(125		)	(350		)	(354		)
Operating joint venture adjustments	—			—			1			—			—			—			1
Unit-linked contract income	234			436			(353		)	286			149			864			82
Securitization entities income	—			—			—			—			—			—			—
Settlement of foreign currency earnings hedges	5			6			4			5			5			16			14
Certain partnership distributions	—			—			(12		)	(21		)	(1		)	—			(34		)
TSA fees	—			—			79			78			78			—			235
Divested businesses	(54		)	—			7			—			1			(562		)	8
Total adjusted revenues	$	16,776		$	15,403		$	15,148		$	21,216		$	16,400		$	47,341		$	52,764
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Net investment income	$	4,295		$	4,454		$	3,745		$	4,473		$	4,486		$	12,909		$	12,704
Less: Adjustments to net investment income:
Investment hedge adjustments	(97		)	(85		)	(110		)	(119		)	(125		)	(350		)	(354		)
Operating joint venture adjustments	—			—			1			—			—			—			1
Unit-linked contract income	234			436			(353		)	286			149			864			82
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			—			(12		)	(21		)	(1		)	—			(34		)
Divested businesses	2			—			—			—			1			(46		)	1
Net investment income, as reported on an adjusted basis	$	4,156		$	4,103		$	4,219		$	4,327		$	4,462		$	12,441		$	13,008
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Total premiums, fees and other revenues	$	12,605		$	11,335		$	11,044		$	16,998		$	12,064		$	34,508		$	40,106
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	4			(2		)	(5		)	(5		)	11			14			1
GMIB fees	32			31			30			31			32			94			93
Settlement of foreign currency earnings hedges	5			6			4			5			5			16			14
TSA fees	—			—			79			78			78			—			235
Divested businesses	(56		)	—			7			—			—			(516		)	7
Total adjustedpremiums, fees and other revenues	$	12,620		$	11,300		$	10,929		$	16,889		$	11,938		$	34,900		$	39,756
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	12,517		$	11,234		$	10,748		$	16,787		$	11,938

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Total expenses	$	15,686		$	14,879		$	13,149		$	20,084		$	15,210		$	43,893		$	48,443
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(2		)	(28		)	(14		)	(10		)	89			(32		)	65
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	(28		)	(77		)	41			—			(13		)	46			28
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	138			93			15			60			187			259			262
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	6			2			—			(1		)	—			11			(1		)
PAB hedge adjustments	(1		)	—			(1		)	(1		)	(1		)	(3		)	(3		)
Unit-linked contract costs	229			420			(347		)	268			133			844			54
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(10		)	5			(7		)	(5		)	(3		)	(17		)	(15		)
Regulatory implementation costs	—			—			1			2			3			—			6
Acquisition, integration and other costs	20			23			11			14			13			42			38
TSA fees	—			—			79			78			78			—			235
Divested businesses	266			244			9			83			24			252			116
Total adjusted expenses	$	15,068		$	14,197		$	13,362		$	19,596		$	14,700		$	42,491		$	47,658
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Capitalization of DAC	$	(761	)	$	(784	)	$	(796	)	$	(834	)	$	(810	)	$	(2,218	)	$	(2,440	)
Less: Divested businesses	4			—			(1		)	—			—			34			(1		)
Capitalization of DAC, as reported on an adjusted basis	$	(765	)	$	(784	)	$	(795	)	$	(834	)	$	(810	)	$	(2,252	)	$	(2,439	)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Other expenses	$	3,201		$	3,549		$	3,204		$	3,319		$	3,287		$	9,404		$	9,810
Less: Noncontrolling interest	(10		)	5			(7		)	(5		)	(3		)	(17		)	(15		)
Less: Regulatory implementation costs	—			—			1			2			3			—			6
Less: Acquisition, integration and other costs	20			23			11			14			13			42			38
Less: TSA fees	—			—			79			78			78			—			235
Less: Divested businesses	70			244			10			53			9			247			72
Other expenses, as reported on an adjusted basis	$	3,121		$	3,277		$	3,110		$	3,177		$	3,187		$	9,132		$	9,474
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,067		$	3,238		$	3,029		$	3,129		$	3,187

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Other expenses	$	3,201		$	3,549		$	3,204		$	3,319		$	3,287		$	9,404		$	9,810
Capitalization of DAC	(761		)	(784		)	(796		)	(834		)	(810		)	(2,218		)	(2,440		)
Other expenses, net of capitalization of DAC	$	2,440		$	2,765		$	2,408		$	2,485		$	2,477		$	7,186		$	7,370
Total premiums, fees and other revenues	$	12,605		$	11,335		$	11,044		$	16,998		$	12,064		$	34,508		$	40,106
Expense ratio	19.4		%	24.4		%	21.8		%	14.6		%	20.5		%	20.8		%	18.4		%
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,506		$	1,697		$	1,462		$	1,500		$	1,543		$	4,309		$	4,505
Pension, postretirement and postemployment benefit costs	80			66			49			47			45			235			141
Premium taxes, other taxes, and licenses & fees	144			153			178			187			193			467			558
Commissions and other variable expenses	1,391			1,361			1,421			1,443			1,406			4,121			4,270
Other expenses, as reported on an adjusted basis	3,121			3,277			3,110			3,177			3,187			9,132			9,474
Capitalization of DAC, as reported on an adjusted basis	(765		)	(784		)	(795		)	(834		)	(810		)	(2,252		)	(2,439		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,356			2,493			2,315			2,343			2,377			6,880			7,035
Less: Total notable items related to other expenses, as reported on an adjusted basis	26			149			43			78			112			228			233
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,330		$	2,344		$	2,272		$	2,265		$	2,265		$	6,652		$	6,802
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Employee related costs	$	937		$	846		$	937		$	894		$	921		$	2,753		$	2,752
Third party staffing costs	412			519			381			401			435			1,172			1,217
General and administrative expenses	157			332			144			205			187			384			536
Direct expenses	1,506			1,697			1,462			1,500			1,543			4,309			4,505
Less: Total notable items related to direct expenses	26			149			43			78			112			147			233
Direct expenses, excluding total notable items related to direct expenses	$	1,480		$	1,548		$	1,419		$	1,422		$	1,431		$	4,162		$	4,272
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,356		$	2,493		$	2,315		$	2,343		$	2,377		$	6,880		$	7,035
Less: Total notable items related to other expenses, as reported on an adjusted basis	26			149			43			78			112			228			233
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,330		$	2,344		$	2,272		$	2,265		$	2,265		$	6,652		$	6,802
Total adjusted premiums, fees and other revenues	$	12,620		$	11,300		$	10,929		$	16,889		$	11,938		$	34,900		$	39,756
Less: Pension risk transfer ("PRT")	1,829			597			—			5,952			1,018			2,708			6,970
Total adjusted premiums, fees and other revenues, excluding PRT	$	10,791		$	10,703		$	10,929		$	10,937		$	10,920		$	32,192		$	32,786
Direct expense ratio	11.9		%	15.0		%	13.4		%	8.9		%	12.9		%	12.3		%	11.3		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	13.7		%	14.5		%	13.0		%	13.0		%	13.1		%	12.9		%	13.0		%
Adjusted expense ratio	18.7		%	22.1		%	21.2		%	13.9		%	19.9		%	19.7		%	17.7		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	21.6		%	21.9		%	20.8		%	20.7		%	20.7		%	20.7		%	20.7		%

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	308,894		$	308,931		$	304,711		$	306,331		$	304,840
Equity securities available-for-sale, at estimated fair value	2,776			2,513			1,544			1,483			1,479
Contractholder-directed equity securities and fair value option securities, at estimated fair value	16,538			16,745			16,444			13,848			13,540
Mortgage loans	68,057			68,731			71,055			70,852			72,461
Policy loans	9,585			9,669			9,744			9,702			9,703
Real estate and real estate joint ventures	9,486			9,637			9,862			9,741			9,977
Other limited partnership interests	5,501			5,708			5,876			5,985			6,374
Short-term investments, principally at estimated fair value	7,217			4,870			5,121			3,853			5,231
Other invested assets, principally at estimated fair value	17,652			17,263			17,486			17,017			16,336
Total investments	445,706			444,067			441,843			438,812			439,941
Cash and cash equivalents, principally at estimated fair value	13,023			12,701			13,927			16,312			12,490
Accrued investment income	3,692			3,524			3,638			3,512			3,691
Premiums, reinsurance and other receivables	18,588			18,423			19,368			19,608			19,820
Deferred policy acquisition costs and value of business acquired	18,399			18,419			19,330			19,013			19,160
Current income tax recoverable	3			—			—			—			—
Goodwill	9,556			9,590			9,733			9,499			9,440
Other assets	8,149			8,167			8,387			8,230			8,493
Separate account assets	203,399			205,001			196,358			191,347			185,416
Total assets	$	720,515		$	719,892		$	712,584		$	706,333		$	698,451
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	176,005		$	177,974		$	180,348		$	184,461		$	185,476
Policyholder account balances	181,703			182,518			184,289			182,493			184,094
Other policy-related balances	15,428			15,515			16,023			15,908			16,207
Policyholder dividends payable	730			682			672			695			709
Policyholder dividend obligation	2,201			2,121			1,277			792			456
Payables for collateral under securities loaned and other transactions	27,132			25,723			26,151			27,030			26,075
Short-term debt	214			477			526			479			290
Long-term debt	16,688			15,686			15,707			14,536			13,408
Collateral financing arrangements	1,220			1,121			1,108			1,085			1,073
Junior subordinated debt securities	3,144			3,144			3,145			3,146			3,146
Current income tax payable	—			311			155			222			166
Deferred income tax liability	8,695			6,767			6,304			5,377			4,924
Other liabilities	26,745			23,982			24,013			24,930			25,202
Separate account liabilities	203,399			205,001			196,358			191,347			185,416
Total liabilities	663,304			661,022			656,076			652,501			646,642
Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	31,066			31,111			31,653			32,454			32,475
Retained earnings	24,677			26,527			26,453			26,870			27,331
Treasury stock, at cost	(5,779		)	(6,401		)	(7,442		)	(8,557		)	(9,193		)
Accumulated other comprehensive income (loss)	7,005			7,427			5,634			2,854			1,000
Total MetLife, Inc.'s stockholders' equity	56,981			58,676			56,310			53,633			51,625
Noncontrolling interests	230			194			198			199			184
Total equity	57,211			58,870			56,508			53,832			51,809
Total liabilities and equity	$	720,515		$	719,892		$	712,584		$	706,333		$	698,451

8

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	370		$	352		$	283		$	335		$	474
RETIREMENT AND INCOME SOLUTIONS	381			266			426			436			426
PROPERTY & CASUALTY	63			133			115			74			104
TOTAL U.S.	$	814		$	751		$	824		$	845		$	1,004
ASIA	470			471			472			524			397
LATIN AMERICA	214			158			215			200			235
EMEA	92			91			102			112			70
METLIFE HOLDINGS	538			276			529			346			405
CORPORATE & OTHER	(420		)	(541		)	(356		)	(407		)	(411		)
Total adjusted earnings before provision for income tax	$	1,708		$	1,206		$	1,786		$	1,620		$	1,700
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	129		$	122		$	65		$	74		$	104
RETIREMENT AND INCOME SOLUTIONS	134			93			87			89			87
PROPERTY & CASUALTY	12			38			19			11			18
TOTAL U.S.	$	275		$	253		$	171		$	174		$	209
ASIA	156			161			145			161			131
LATIN AMERICA	51			33			75			55			65
EMEA	21			12			21			26			15
METLIFE HOLDINGS	174			82			104			66			78
CORPORATE & OTHER	(90		)	(58		)	(159		)	(234		)	(206		)
Total provision for income tax expense (benefit)	$	587		$	483		$	357		$	248		$	292
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	241		$	230		$	218		$	261		$	370
RETIREMENT AND INCOME SOLUTIONS	247			173			339			347			339
PROPERTY & CASUALTY	51			95			96			63			86
TOTAL U.S.	$	539		$	498		$	653		$	671		$	795
ASIA	314			310			327			363			266
LATIN AMERICA	163			125			140			145			170
EMEA	71			79			81			86			55
METLIFE HOLDINGS	364			194			425			280			327
CORPORATE & OTHER (1)	(336		)	(528		)	(203		)	(219		)	(237		)
Total adjusted earnings available to common shareholders (1)	$	1,115		$	678		$	1,423		$	1,326		$	1,376
ADJUSTED RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.
GROUP BENEFITS	34.2		%	32.7		%	31.2		%	37.3		%	52.9		%
RETIREMENT AND INCOME SOLUTIONS	17.8		%	12.5		%	21.8		%	22.4		%	21.8		%
PROPERTY & CASUALTY	11.0		%	20.4		%	20.7		%	13.6		%	18.6		%
TOTAL U.S.	21.1		%	19.5		%	24.1		%	24.7		%	29.3		%
ASIA	10.0		%	9.9		%	9.2		%	10.2		%	7.5		%
LATIN AMERICA	22.2		%	17.0		%	17.8		%	18.5		%	21.7		%
EMEA	8.8		%	9.8		%	9.3		%	9.9		%	6.3		%
METLIFE HOLDINGS	12.9		%	6.9		%	16.9		%	11.1		%	13.0		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.	24.6		%	22.7		%	27.9		%	28.6		%	33.9		%
ASIA	16.0		%	15.8		%	13.9		%	15.4		%	11.3		%
LATIN AMERICA	38.3		%	29.3		%	29.8		%	30.9		%	36.2		%
EMEA	14.5		%	16.1		%	15.3		%	16.2		%	10.5		%
METLIFE HOLDINGS	14.5		%	7.8		%	19.0		%	12.6		%	14.6		%
(1) Includes impact of preferred stock dividends of $6 million, $45 million, $6 million, $46 million and $32 million for the three months ended September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, respectively.
(2) Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and return on allocated tangible equity for each of the periods presented.

9

U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	6,987		$	5,583		$	5,217		$	11,302		$	6,431		$	18,049		$	22,950
Universal life and investment-type product policy fees		247			249			258			262			252			763			772
Net investment income		1,602			1,607			1,662			1,719			1,787			4,789			5,168
Other revenues		197			206			204			203			206			600			613
Total adjusted revenues		9,033			7,645			7,341			13,486			8,676			24,201			29,503
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		6,916			5,580			5,138			11,233			6,219			18,047			22,590
Interest credited to policyholder account balances		376			388			407			439			457			1,086			1,303
Capitalization of DAC		(126		)	(116		)	(106		)	(114		)	(116		)	(342		)	(336		)
Amortization of DAC and VOBA		118			113			115			114			128			346			357
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			3			2			4			2			8			8
Other expenses		933			926			961			965			982			2,756			2,908
Total adjusted expenses		8,219			6,894			6,517			12,641			7,672			21,901			26,830
Adjusted earnings before provision for income tax		814			751			824			845			1,004			2,300			2,673
Provision for income tax expense (benefit)		275			253			171			174			209			771			554
Adjusted earnings		539			498			653			671			795			1,529			2,119
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	539		$	498		$	653		$	671		$	795		$	1,529		$	2,119
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	539		$	498		$	653		$	671		$	795		$	1,529		$	2,119
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		96			102			(110		)	67			58			78			15
Net derivative gains (losses)		(14		)	13			(54		)	151			(17		)	(34		)	80
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(43		)	(35		)	(54		)	(74		)	(63		)	(160		)	(191		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1		)	(1		)	8			(2		)	6			(4		)	12
Interest credited to policyholder account balances		1			—			1			1			1			3			3
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(13		)	(28		)	45			(31		)	2			40			16
Income (loss) from continuing operations, net of income tax		565			549			489			783			782			1,452			2,054
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		565			549			489			783			782			1,452			2,054
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		565			549			489			783			782			1,452			2,054
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	565		$	549		$	489		$	783		$	782		$	1,452		$	2,054
Total Adjusted Premiums, Fees and Other Revenues		$	7,431		$	6,038		$	5,679		$	11,767		$	6,889		$	19,412		$	24,335

10

U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	3,756		$	3,780		$	4,094		$	4,051		$	3,988		$	11,607		$	12,133
Universal life and investment-type product policy fees		197			198			203			199			200			601			602
Net investment income		285			275			279			277			296			850			852
Other revenues		120			127			126			128			129			367			383
Total adjusted revenues		4,358			4,380			4,702			4,655			4,613			13,425			13,970
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,374			3,413			3,744			3,659			3,455			10,604			10,858
Interest credited to policyholder account balances		34			34			33			36			37			102			106
Capitalization of DAC		(8		)	(7		)	(7		)	(8		)	(6		)	(24		)	(21		)
Amortization of DAC and VOBA		9			7			11			10			22			29			43
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			1			—			1			—			1			1
Other expenses		579			580			638			622			631			1,733			1,891
Total adjusted expenses		3,988			4,028			4,419			4,320			4,139			12,445			12,878
Adjusted earnings before provision for income tax		370			352			283			335			474			980			1,092
Provision for income tax expense (benefit)		129			122			65			74			104			342			243
Adjusted earnings		241			230			218			261			370			638			849
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	241		$	230		$	218		$	261		$	370		$	638		$	849
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	241		$	230		$	218		$	261		$	370		$	638		$	849
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		—			7			(17		)	(11		)	29			6			1
Net derivative gains (losses)		(7		)	(13		)	(45		)	17			(21		)	(15		)	(49		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(16		)	(15		)	(16		)	(16		)	(15		)	(54		)	(47		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		8			7			17			2			—			22			19
Income (loss) from continuing operations, net of income tax		226			216			157			253			363			597			773
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		226			216			157			253			363			597			773
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		226			216			157			253			363			597			773
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	226		$	216		$	157		$	253		$	363		$	597		$	773
Total Adjusted Premiums, Fees and Other Revenues		$	4,073		$	4,105		$	4,423		$	4,378		$	4,317		$	12,575		$	13,118

11

U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	2,336		$	902		$	244		$	6,359		$	1,535		$	3,797		$	8,138
Universal life and investment-type product policy fees		50			51			55			63			52			162			170
Net investment income		1,276			1,294			1,340			1,400			1,444			3,815			4,184
Other revenues		73			73			72			70			71			217			213
Total adjusted revenues		3,735			2,320			1,711			7,892			3,102			7,991			12,705
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		2,897			1,587			806			6,938			2,144			5,461			9,888
Interest credited to policyholder account balances		342			354			374			403			420			984			1,197
Capitalization of DAC		(12		)	(9		)	(5		)	(1		)	(2		)	(22		)	(8		)
Amortization of DAC and VOBA		7			4			6			6			5			16			17
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			2			3			2			7			7
Other expenses		118			116			102			107			107			342			316
Total adjusted expenses		3,354			2,054			1,285			7,456			2,676			6,788			11,417
Adjusted earnings before provision for income tax		381			266			426			436			426			1,203			1,288
Provision for income tax expense (benefit)		134			93			87			89			87			420			263
Adjusted earnings		247			173			339			347			339			783			1,025
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	247		$	173		$	339		$	347		$	339		$	783		$	1,025
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	247		$	173		$	339		$	347		$	339		$	783		$	1,025
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		96			93			(90		)	81			31			67			22
Net derivative gains (losses)		(8		)	24			(8		)	133			4			(15		)	129
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(27		)	(20		)	(38		)	(58		)	(48		)	(106		)	(144		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1		)	(1		)	8			(2		)	6			(4		)	12
Interest credited to policyholder account balances		1			—			1			1			1			3			3
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(21		)	(33		)	27			(33		)	1			18			(5		)
Income (loss) from continuing operations, net of income tax		287			236			239			469			334			746			1,042
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		287			236			239			469			334			746			1,042
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		287			236			239			469			334			746			1,042
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	287		$	236		$	239		$	469		$	334		$	746		$	1,042
Total Adjusted Premiums, Fees and Other Revenues		$	2,459		$	1,026		$	371		$	6,492		$	1,658		$	4,176		$	8,521

12

U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums	$	895		$	901		$	879		$	892		$	908		$	2,645		$	2,679
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	41			38			43			42			47			124			132
Other revenues	4			6			6			5			6			16			17
Total adjusted revenues	940			945			928			939			961			2,785			2,828
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	645			580			588			636			620			1,982			1,844
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(106		)	(100		)	(94		)	(105		)	(108		)	(296		)	(307		)
Amortization of DAC and VOBA	102			102			98			98			101			301			297
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	236			230			221			236			244			681			701
Total adjusted expenses	877			812			813			865			857			2,668			2,535
Adjusted earnings before provision for income tax	63			133			115			74			104			117			293
Provision for income tax expense (benefit)	12			38			19			11			18			9			48
Adjusted earnings	51			95			96			63			86			108			245
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	51		$	95		$	96		$	63		$	86		$	108		$	245
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	51		$	95		$	96		$	63		$	86		$	108		$	245
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)	—			2			(3		)	(3		)	(2		)	5			(8		)
Net derivative gains (losses)	1			2			(1		)	1			—			(4		)	—
Premiums	—			—			—			—			—			—			—
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	—			—			—			—			—			—			—
Other revenues	—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends	—			—			—			—			—			—			—
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	—			—			—			—			—			—			—
Amortization of DAC and VOBA	—			—			—			—			—			—			—
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	—			—			—			—			—			—			—
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	—			(2		)	1			—			1			—			2
Income (loss) from continuing operations, net of income tax	52			97			93			61			85			109			239
Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Net income (loss)	52			97			93			61			85			109			239
Less: Net income (loss) attributable to noncontrolling interests	—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.	52			97			93			61			85			109			239
Less: Preferred stock dividends	—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	52		$	97		$	93		$	61		$	85		$	109		$	239
Total Adjusted Premiums, Fees and Other Revenues	$	899		$	907		$	885		$	897		$	914		$	2,661		$	2,696

13

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	18,954		$	18,939		$	18,927		$	18,958		$	18,909
Premiums and deposits	4,549			4,553			4,933			4,876			4,784
Surrenders and withdrawals	(646		)	(588		)	(621		)	(617		)	(611		)
Benefit payments	(3,378		)	(3,496		)	(3,822		)	(3,786		)	(3,541		)
Net Flows	525			469			490			473			632
Net transfers from (to) separate account	2			—			—			—			(1		)
Interest	132			129			138			142			145
Policy charges	(149		)	(148		)	(149		)	(150		)	(147		)
Other	(525		)	(462		)	(448		)	(514		)	(634		)
Balance, end of period	$	18,939		$	18,927		$	18,958		$	18,909		$	18,904
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	836		$	857		$	889		$	880		$	898
Premiums and deposits	62			62			63			62			63
Surrenders and withdrawals	(19		)	(17		)	(21		)	(16		)	(16		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	(1		)
Net Flows	42			44			41			45			46
Investment performance	35			41			3			27			44
Net transfers from (to) general account	(2		)	—			—			—			1
Policy charges	(52		)	(51		)	(52		)	(52		)	(53		)
Other	(2		)	(2		)	(1		)	(2		)	(1		)
Balance, end of period	$	857		$	889		$	880		$	898		$	935

14

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Direct and allocated expenses	$	310		$	321		$	325		$	310		$	313
Pension, postretirement and postemployment benefit costs	17			16			7			13			10
Premium taxes, other taxes, and licenses & fees	50			52			83			81			86
Commissions and other variable expenses	202			191			223			218			222
Other expenses, as reported on an adjusted basis	$	579		$	580		$	638		$	622		$	631
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Group Life (1)
Adjusted premiums, fees and other revenues	$	1,641		$	1,633		$	1,739		$	1,741		$	1,722
Mortality ratio	85.0		%	87.2		%	88.0		%	87.9		%	85.0		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,628		$	1,640		$	1,719		$	1,687		$	1,713
Interest adjusted benefit ratio (3)	74.7		%	73.7		%	75.9		%	73.1		%	68.1		%
(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

15

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	103,417		$	107,296		$	108,147		$	108,096		$	113,324
Premiums and deposits	19,622			17,659			20,064			23,118			21,295
Surrenders and withdrawals	(15,926		)	(16,912		)	(20,895		)	(17,158		)	(19,576		)
Benefit payments	(849		)	(841		)	(816		)	(928		)	(1,002		)
Net Flows	2,847			(94		)	(1,647		)	5,032			717
Net transfers from (to) separate account	1			6			(9		)	—			—
Interest	864			880			904			969			1,013
Policy charges	(20		)	(6		)	(34		)	(39		)	(37		)
Other	187			65			735			(734		)	(221		)
Balance, end of period	$	107,296		$	108,147		$	108,096		$	113,324		$	114,796
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	87,049		$	82,341		$	80,354		$	76,709		$	77,223
Premiums and deposits	958			1,261			1,651			2,234			850
Surrenders and withdrawals	(4,550		)	(2,889		)	(4,567		)	(2,133		)	(7,370		)
Benefit payments	(22		)	(11		)	(17		)	(34		)	(17		)
Net Flows	(3,614		)	(1,639		)	(2,933		)	67			(6,537		)
Investment performance	1,003			812			(798		)	30			564
Net transfers from (to) general account	(1		)	(6		)	9			—			—
Policy charges	(77		)	(76		)	(78		)	(78		)	(74		)
Other	(2,019		)	(1,078		)	155			495			(780		)
Balance, end of period	$	82,341		$	80,354		$	76,709		$	77,223		$	70,396

16

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Direct and allocated expenses	$	64		$	64		$	67		$	63		$	59
Pension, postretirement and postemployment benefit costs	5			5			1			2			2
Premium taxes, other taxes, and licenses & fees	3			13			2			6			5
Commissions and other variable expenses	46			34			32			36			41
Other expenses, as reported on an adjusted basis	$	118		$	116		$	102		$	107		$	107
SPREAD
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Investment income yield excluding variable investment income	4.42		%	4.43		%	4.50		%	4.73		%	4.70		%
Variable investment income yield	0.36		%	0.22		%	0.22		%	0.16		%	0.21		%
Total investment income yield	4.78		%	4.65		%	4.72		%	4.89		%	4.91		%
Average crediting rate	3.43		%	3.38		%	3.44		%	3.60		%	3.66		%
Annualized general account spread	1.35		%	1.27		%	1.28		%	1.29		%	1.25		%
Annualized general account spread excluding variable investment income yield	0.99		%	1.05		%	1.06		%	1.13		%	1.04		%

17

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Direct and allocated expenses	$	100		$	104		$	103		$	103		$	110
Pension, postretirement and postemployment benefit costs	8			8			4			4			4
Premium taxes, other taxes, and licenses & fees	23			23			20			26			26
Commissions and other variable expenses	105			95			94			103			104
Other expenses, as reported on an adjusted basis	$	236		$	230		$	221		$	236		$	244
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net Written Premiums by Product
Auto	$	617		$	581		$	586		$	611		$	632
Homeowners & Other	329			291			261			330			339
Total	$	946		$	872		$	847		$	941		$	971
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	895		$	901		$	879		$	892		$	908
Loss and loss adjustment expense ratio	72.1		%	64.4		%	66.9		%	71.3		%	68.2		%
Other expense ratio	25.7		%	25.5		%	25.3		%	25.5		%	25.8		%
Total combined ratio	97.8		%	89.9		%	92.2		%	96.8		%	94.0		%
Effect of catastrophe losses	9.6		%	3.0		%	6.6		%	12.1		%	5.4		%
Combined ratio excluding catastrophes	88.2		%	86.9		%	85.6		%	84.7		%	88.6		%
Prior year development	(0.7)		%	(1.2)		%	(0.6)		%	(0.4)		%	(0.3)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	88.9		%	88.1		%	86.2		%	85.1		%	88.9		%
Auto
Net earned premium	$	585		$	591		$	582		$	591		$	599
Loss and loss adjustment expense ratio	74.5		%	74.9		%	65.8		%	66.1		%	70.0		%
Other expense ratio	25.2		%	24.9		%	25.5		%	25.1		%	25.5		%
Total combined ratio	99.7		%	99.8		%	91.3		%	91.2		%	95.5		%
Effect of catastrophe losses	6.4		%	0.6		%	(0.2		)%	0.9		%	1.5		%
Combined ratio excluding catastrophes	93.3		%	99.2		%	91.5		%	90.3		%	94.0		%
Prior year development	(0.9)		%	(1.8		)%	(0.7		)%	(0.3)		%	(0.4)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	94.2		%	101.0		%	92.2		%	90.6		%	94.4		%
Homeowners & Other
Net earned premium	$	310		$	310		$	297		$	301		$	309
Loss and loss adjustment expense ratio	67.5		%	44.4		%	68.9		%	81.4		%	64.7		%
Other expense ratio	26.5		%	26.6		%	24.9		%	26.5		%	26.5		%
Total combined ratio	94.0		%	71.0		%	93.8		%	107.9		%	91.2		%
Effect of catastrophe losses	15.7		%	7.6		%	19.8		%	34.1		%	12.9		%
Combined ratio excluding catastrophes	78.3		%	63.4		%	74.0		%	73.8		%	78.3		%
Prior year development	(0.2)		%	(0.2)		%	(0.4)		%	(0.6)		%	(0.2)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	78.5		%	63.6		%	74.4		%	74.4		%	78.5		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	37		$	4		$	(1	)	$	5		$	9
Homeowners & Other	49			23			59			103			40
Total	$	86		$	27		$	58		$	108		$	49
(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.

18

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	1,696		$	1,692		$	1,748		$	1,654		$	1,689		$	5,063		$	5,091
Universal life and investment-type product policy fees		458			385			394			399			428			1,199			1,221
Net investment income		762			792			795			839			830			2,193			2,464
Other revenues		11			11			15			13			12			32			40
Total adjusted revenues		2,927			2,880			2,952			2,905			2,959			8,487			8,816
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,223			1,290			1,343			1,237			1,354			3,785			3,934
Interest credited to policyholder account balances		349			348			351			362			381			1,003			1,094
Capitalization of DAC		(420		)	(442		)	(465		)	(495		)	(478		)	(1,268		)	(1,438		)
Amortization of DAC and VOBA		424			295			314			313			366			1,005			993
Amortization of negative VOBA		(24		)	(20		)	(15		)	(12		)	(4		)	(91		)	(31		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		905			938			952			976			943			2,675			2,871
Total adjusted expenses		2,457			2,409			2,480			2,381			2,562			7,109			7,423
Adjusted earnings before provision for income tax		470			471			472			524			397			1,378			1,393
Provision for income tax expense (benefit)		156			161			145			161			131			459			437
Adjusted earnings		314			310			327			363			266			919			956
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	314		$	310		$	327		$	363		$	266		$	919		$	956
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	314		$	310		$	327		$	363		$	266		$	919		$	956
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(37		)	67			78			5			(72		)	61			11
Net derivative gains (losses)		(58		)	40			259			(177		)	(339		)	(9		)	(257		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		3			(1		)	(4		)	(3		)	10			14			3
Net investment income		80			116			(86		)	7			60			198			(19		)
Other revenues		5			6			4			5			5			16			14
Policyholder benefits and claims and policyholder dividends		(8		)	(2		)	—			1			1			(18		)	2
Interest credited to policyholder account balances		(90		)	(127		)	74			(16		)	(64		)	(218		)	(6		)
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(1		)	3			7			1			(17		)	(12		)	(9		)
Amortization of negative VOBA		2			1			1			—			—			8			1
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(3		)	(11		)	(4		)	—			(3		)	(16		)	(7		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		36			(31		)	(92		)	49			126			(16		)	83
Income (loss) from continuing operations, net of income tax		243			371			564			235			(27		)	927			772
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		243			371			564			235			(27		)	927			772
Less: Net income (loss) attributable to noncontrolling interests		1			—			—			1			(1		)	2			—
Net income (loss) attributable to MetLife, Inc.		242			371			564			234			(26		)	925			772
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	242		$	371		$	564		$	234		$	(26	)	$	925		$	772
Total Adjusted Premiums, Fees and Other Revenues		$	2,165		$	2,088		$	2,157		$	2,066		$	2,129		$	6,294		$	6,352

19

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Total adjusted premiums, fees and other revenues	$	2,165	$	2,088	$	2,157	$	2,066	$	2,129
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	2,151	$	2,096	$	2,089	$	2,017	$	2,129
Add: Operating joint ventures premiums, fees and other revenues, on a constant currency basis (1), (2)	191		212		226		211		220
Total adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,342	$	2,308	$	2,315	$	2,228	$	2,349
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Direct and allocated expenses	$	337	$	352	$	332	$	334	$	325
Pension, postretirement and postemployment benefit costs	21		22		21		20		20
Premium taxes, other taxes, and licenses & fees	33		28		37		44		40
Commissions and other variable expenses	514		536		562		578		558
Other expenses, as reported on an adjusted basis	$	905	$	938	$	952	$	976	$	943
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	485	$	496	$	487	$	481	$	465
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	898	$	941	$	924	$	955	$	943
Add: Operating joint ventures other expenses, as reported on an adjusted basis, on a constant currency basis (1), (2)	78		88		87		90		94
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	976	$	1,029	$	1,011	$	1,045	$	1,037
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	526	$	550	$	522	$	527	$	522
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Japan:
Life	$	156	$	161	$	164	$	165	$	165
Accident & Health	74		88		79		91		104
Annuities	95		96		168		200		181
Other	2		2		2		2		1
Total Japan	327		347		413		458		451
Other Asia	228		255		225		218		265
Total sales	$	555	$	602	$	638	$	676	$	716
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Adjusted earnings available to common shareholders	$	314	$	310	$	327	$	363	$	266
Adjusted earnings available to common shareholders, on a constant currency basis	$	310	$	308	$	317	$	355	$	266
(1) Adjusted premiums, universal life and investment-type product policy fees, other revenues and other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
(2) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) Vietnam, (ii) China, (iii) Malaysia and (iv) India.

20

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	701		$	700		$	699		$	688		$	692		$	1,993		$	2,079
Universal life and investment-type product policy fees		229			280			282			275			229			764			786
Net investment income		299			328			276			327			339			891			942
Other revenues		7			8			8			9			7			24			24
Total adjusted revenues		1,236			1,316			1,265			1,299			1,267			3,672			3,831
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		640			666			646			660			670			1,869			1,976
Interest credited to policyholder account balances		99			94			98			95			102			275			295
Capitalization of DAC		(94		)	(100		)	(94		)	(91		)	(97		)	(264		)	(282		)
Amortization of DAC and VOBA		—			78			60			71			5			146			136
Amortization of negative VOBA		(1		)	—			—			—			(1		)	(1		)	(1		)
Interest expense on debt		1			1			2			1			2			4			5
Other expenses		377			419			338			363			351			1,060			1,052
Total adjusted expenses		1,022			1,158			1,050			1,099			1,032			3,089			3,181
Adjusted earnings before provision for income tax		214			158			215			200			235			583			650
Provision for income tax expense (benefit)		51			33			75			55			65			123			195
Adjusted earnings		163			125			140			145			170			460			455
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	163		$	125		$	140		$	145		$	170		$	460		$	455
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	163		$	125		$	140		$	145		$	170		$	460		$	455
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		20			(81		)	3			1			5			34			9
Net derivative gains (losses)		46			(65		)	149			(116		)	35			173			68
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		—			—			7			—			—			—			7
Net investment income		29			9			(7		)	(16		)	(3		)	60			(26		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		29			78			(49		)	2			6			(42		)	(41		)
Interest credited to policyholder account balances		(35		)	(15		)	(16		)	—			(12		)	(90		)	(28		)
Capitalization of DAC		—			—			1			—			—			—			1
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		2			1			—			2			2			7			4
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(30		)	9			(42		)	36			(5		)	(50		)	(11		)
Income (loss) from continuing operations, net of income tax		224			61			186			54			198			552			438
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		224			61			186			54			198			552			438
Less: Net income (loss) attributable to noncontrolling interests		1			2			1			2			1			5			4
Net income (loss) attributable to MetLife, Inc.		223			59			185			52			197			547			434
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	223		$	59		$	185		$	52		$	197		$	547		$	434
Total Adjusted Premiums, Fees and Other Revenues		$	937		$	988		$	989		$	972		$	928		$	2,781		$	2,889

21

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Direct and allocated expenses	$	142	$	175	$	105	$	142	$	128
Pension, postretirement and postemployment benefit costs	1		2		1		1		1
Premium taxes, other taxes, and licenses & fees	16		18		17		15		16
Commissions and other variable expenses	218		224		215		205		206
Other expenses, as reported on an adjusted basis	$	377	$	419	$	338	$	363	$	351
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	283	$	319	$	244	$	272	$	254
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	341	$	389	$	305	$	347	$	351
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	255	$	294	$	217	$	259	$	254
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Mexico	$	82	$	89	$	76	$	79	$	77
Chile	74		71		81		81		87
All other	49		56		48		50		46
Total sales	$	205	$	216	$	205	$	210	$	210
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Adjusted premiums, fees and other revenues	$	937	$	988	$	989	$	972	$	928
Adjusted earnings available to common shareholders	$	163	$	125	$	140	$	145	$	170
Adjusted premiums, fees and other revenues, on a constant currency basis	$	869	$	941	$	919	$	943	$	928
Adjusted earnings available to common shareholders, on a constant currency basis	$	150	$	120	$	139	$	133	$	170

22

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	527		$	527		$	551		$	546		$	514		$	1,534		$	1,611
Universal life and investment-type product policy fees		109			109			112			107			105			296			324
Net investment income		77			80			75			73			73			229			221
Other revenues		(2		)	15			16			20			15			43			51
Total adjusted revenues		711			731			754			746			707			2,102			2,207
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		282			256			294			286			281			821			861
Interest credited to policyholder account balances		26			25			25			26			24			75			75
Capitalization of DAC		(109		)	(113		)	(118		)	(121		)	(109		)	(301		)	(348		)
Amortization of DAC and VOBA		78			97			106			108			110			260			324
Amortization of negative VOBA		(5		)	(6		)	(6		)	(4		)	(2		)	(13		)	(12		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		347			381			351			339			333			995			1,023
Total adjusted expenses		619			640			652			634			637			1,837			1,923
Adjusted earnings before provision for income tax		92			91			102			112			70			265			284
Provision for income tax expense (benefit)		21			12			21			26			15			47			62
Adjusted earnings		71			79			81			86			55			218			222
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	71		$	79		$	81		$	86		$	55		$	218		$	222
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	71		$	79		$	81		$	86		$	55		$	218		$	222
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(12		)	(2		)	(6		)	4			3			(8		)	1
Net derivative gains (losses)		3			11			1			(2		)	39			21			38
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		8			6			6			6			9			20			21
Net investment income		109			294			(293		)	269			65			554			41
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(9		)	7			5			(24		)	(42		)	(35		)	(61		)
Interest credited to policyholder account balances		(104		)	(278		)	289			(252		)	(57		)	(536		)	(20		)
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(1		)	1			1			1			(1		)	—			1
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		(3		)	(6		)	(4		)	(12		)	(8		)	(10		)	(24		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		—			(21		)	7			(4		)	(6		)	(14		)	(3		)
Income (loss) from continuing operations, net of income tax		62			91			87			72			57			210			216
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		62			91			87			72			57			210			216
Less: Net income (loss) attributable to noncontrolling interests		1			—			—			1			1			2			2
Net income (loss) attributable to MetLife, Inc.		61			91			87			71			56			208			214
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	61		$	91		$	87		$	71		$	56		$	208		$	214
Total Adjusted Premiums, Fees and Other Revenues		$	634		$	651		$	679		$	673		$	634		$	1,873		$	1,986

23

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Direct and allocated expenses	$	144	$	169	$	136	$	113	$	127
Pension, postretirement and postemployment benefit costs	2		2		2		3		2
Premium taxes, other taxes, and licenses & fees	6		9		7		6		10
Commissions and other variable expenses	195		201		206		217		194
Other expenses, as reported on an adjusted basis	$	347	$	381	$	351	$	339	$	333
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	238	$	268	$	233	$	218	$	224
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	336	$	369	$	331	$	328	$	333
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	233	$	262	$	222	$	212	$	224
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017		December 31, 2017		March 31, 2018		June 30, 2018		September 30, 2018
Adjusted premiums, fees and other revenues	$	634	$	651	$	679	$	673	$	634
Adjusted earnings available to common shareholders	$	71	$	79	$	81	$	86	$	55
Adjusted premiums, fees and other revenues, on a constant currency basis	$	613	$	624	$	636	$	649	$	634
Adjusted earnings available to common shareholders, on a constant currency basis	$	66	$	68	$	72	$	80	$	55
Total sales on a constant currency basis	$	241	$	215	$	249	$	215	$	187

24

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	989		$	1,074		$	950		$	957		$	949		$	3,070		$	2,856
Universal life and investment-type product policy fees		349			305			314			301			286			1,056			901
Net investment income		1,390			1,375			1,352			1,329			1,375			4,232			4,056
Other revenues		37			74			67			68			70			170			205
Total adjusted revenues		2,765			2,828			2,683			2,655			2,680			8,528			8,018
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,732			1,818			1,550			1,706			1,766			5,182			5,022
Interest credited to policyholder account balances		255			251			236			235			238			767			709
Capitalization of DAC		(14		)	(11		)	(10		)	(10		)	(8		)	(71		)	(28		)
Amortization of DAC and VOBA		(70		)	159			100			101			13			143			214
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			2			2			2			22			6
Other expenses		322			333			276			275			264			1,032			815
Total adjusted expenses		2,227			2,552			2,154			2,309			2,275			7,075			6,738
Adjusted earnings before provision for income tax		538			276			529			346			405			1,453			1,280
Provision for income tax expense (benefit)		174			82			104			66			78			465			248
Adjusted earnings		364			194			425			280			327			988			1,032
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	364		$	194		$	425		$	280		$	327		$	988		$	1,032
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	364		$	194		$	425		$	280		$	327		$	988		$	1,032
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		23			24			(106		)	(66		)	58			47			(114		)
Net derivative gains (losses)		(98		)	(18		)	34			17			(164		)	(321		)	(113		)
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		25			24			23			23			24			74			70
Net investment income		(39		)	(37		)	(39		)	(40		)	(38		)	(144		)	(117		)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(128		)	(79		)	(11		)	(27		)	(126		)	(243		)	(164		)
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		6			3			(4		)	(1		)	(90		)	65			(95		)
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		74			153			22			19			71			184			112
Income (loss) from continuing operations, net of income tax		227			264			344			205			62			650			611
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		227			264			344			205			62			650			611
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		227			264			344			205			62			650			611
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	227		$	264		$	344		$	205		$	62		$	650		$	611
Total Adjusted Premiums, Fees and Other Revenues		$	1,375		$	1,453		$	1,331		$	1,326		$	1,305		$	4,296		$	3,962

25

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	80,313		$	80,528		$	80,795		$	79,992		$	80,103
Premiums and deposits (2), (3)	1,258			1,375			1,243			1,200			1,234
Surrenders and withdrawals	(584		)	(646		)	(638		)	(602		)	(628		)
Benefit payments	(642		)	(679		)	(733		)	(703		)	(747		)
Net Flows	32			50			(128		)	(105		)	(141		)
Net transfers from (to) separate account	12			11			8			12			19
Interest	819			825			811			816			821
Policy charges	(199		)	(199		)	(199		)	(193		)	(192		)
Other	(449		)	(420		)	(1,295		)	(419		)	(352		)
Balance, end of period	$	80,528		$	80,795		$	79,992		$	80,103		$	80,258
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	21,329		$	21,180		$	20,791		$	20,419		$	20,153
Premiums and deposits (2), (3)	134			109			109			110			97
Surrenders and withdrawals	(372		)	(470		)	(450		)	(397		)	(424		)
Benefit payments	(154		)	(161		)	(170		)	(171		)	(145		)
Net Flows	(392		)	(522		)	(511		)	(458		)	(472		)
Net transfers from (to) separate account	66			16			33			60			89
Interest	158			156			154			149			151
Policy charges	(5		)	(4		)	(5		)	(5		)	(4		)
Other	24			(35		)	(43		)	(12		)	8
Balance, end of period	$	21,180		$	20,791		$	20,419		$	20,153		$	19,925
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	5,537		$	5,670		$	5,855		$	5,167		$	5,254
Premiums and deposits (3)	70			69			71			66			65
Surrenders and withdrawals	(56		)	(63		)	(59		)	(66		)	(66		)
Benefit payments	(6		)	(6		)	(8		)	(8		)	(8		)
Net Flows	8			—			4			(8		)	(9		)
Investment performance	207			270			(9		)	200			294
Net transfers from (to) general account	(12		)	(11		)	(8		)	(12		)	(19		)
Policy charges	(69		)	(71		)	(68		)	(67		)	(66		)
Other	(1		)	(3		)	(607		)	(26		)	(4		)
Balance, end of period	$	5,670		$	5,855		$	5,167		$	5,254		$	5,450
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Balance, beginning of period	$	44,907		$	45,278		$	45,678		$	43,958		$	43,241
Premiums and deposits (3)	133			107			107			108			80
Surrenders and withdrawals	(964		)	(1,125		)	(1,188		)	(1,201		)	(1,149		)
Benefit payments	(90		)	(106		)	(113		)	(106		)	(101		)
Net Flows	(921		)	(1,124		)	(1,194		)	(1,199		)	(1,170		)
Investment performance	1,587			1,766			(275		)	766			1,369
Net transfers from (to) general account	(66		)	(16		)	(33		)	(60		)	(89		)
Policy charges	(230		)	(228		)	(218		)	(225		)	(221		)
Other	1			2			—			1			(2		)
Balance, end of period	$	45,278		$	45,678		$	43,958		$	43,241		$	43,128
(1) Long-Term Care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.

26

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Direct and allocated expenses	$	204		$	209		$	184		$	181		$	175
Pension, postretirement and postemployment benefit costs	25			23			5			7			6
Premium taxes, other taxes, and licenses & fees	19			17			20			19			20
Commissions and other variable expenses	74			84			67			68			63
Other expenses, as reported on an adjusted basis	$	322		$	333		$	276		$	275		$	264
SPREAD BY PRODUCT
VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Investment income yield excluding variable investment income	5.45		%	5.42		%	5.38		%	5.68		%	5.39		%
Variable investment income yield	0.23		%	0.16		%	0.18		%	0.03		%	0.19		%
Total investment income yield	5.68		%	5.58		%	5.56		%	5.71		%	5.58		%
Average crediting rate	4.50		%	4.48		%	4.51		%	4.53		%	4.49		%
Annualized general account spread	1.18		%	1.10		%	1.05		%	1.18		%	1.09		%
Annualized general account spread excluding variable investment income yield	0.95		%	0.94		%	0.87		%	1.15		%	0.90		%
ANNUITIES (1)
	For the Three Months Ended
Unaudited	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Investment income yield excluding variable investment income	4.78		%	4.79		%	4.78		%	4.80		%	4.87		%
Variable investment income yield	0.28		%	0.20		%	0.53		%	0.22		%	0.37		%
Total investment income yield	5.06		%	4.99		%	5.31		%	5.02		%	5.24		%
Average crediting rate	3.11		%	3.12		%	3.16		%	3.11		%	3.18		%
Annualized general account spread	1.95		%	1.87		%	2.15		%	1.91		%	2.06		%
Annualized general account spread excluding variable investment income yield	1.67		%	1.67		%	1.62		%	1.69		%	1.69		%
(1) Represents the general account spread for deferred and payout annuities.

27

METLIFE HOLDINGS
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Life (1)
Adjusted premiums, fees and other revenues	$	922		$	993		$	879		$	881		$	872
Interest adjusted benefit ratio	48.0		%	56.5		%	47.6		%	52.6		%	64.6		%
Lapse Ratio (2)
Traditional life	4.7		%	4.7		%	4.9		%	4.9		%	5.0		%
Variable & universal life	4.4		%	4.4		%	4.3		%	4.3		%	4.4		%
Fixed annuity	6.8		%	6.9		%	7.0		%	7.3		%	7.6		%
Variable annuity	8.0		%	8.5		%	9.0		%	9.5		%	10.0		%
(1) Represents traditional life and variable & universal life, components of Life & Other.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

28

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Adjusted revenues
Premiums		$	13		$	(5	)	$	13		$	6		$	(33	)	$	59		$	(14	)
Universal life and investment-type product policy fees		—			1			—			—			—			—			—
Net investment income		26			(79		)	59			40			58			107			157
Other revenues		65			86			81			79			86			185			246
Total adjusted revenues		104			3			153			125			111			351			389
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		7			(7		)	(3		)	3			(38		)	33			(38		)
Interest credited to policyholder account balances		—			—			—			—			—			1			—
Capitalization of DAC		(2		)	(2		)	(2		)	(3		)	(2		)	(6		)	(7		)
Amortization of DAC and VOBA		3			1			2			1			2			5			5
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		279			272			280			272			246			833			798
Other expenses		237			280			232			259			314			614			805
Total adjusted expenses		524			544			509			532			522			1,480			1,563
Adjusted earnings before provision for income tax		(420		)	(541		)	(356		)	(407		)	(411		)	(1,129		)	(1,174		)
Provision for income tax expense (benefit)		(90		)	(58		)	(159		)	(234		)	(206		)	(630		)	(599		)
Adjusted earnings		(330		)	(483		)	(197		)	(173		)	(205		)	(499		)	(575		)
Preferred stock dividends		6			45			6			46			32			58			84
Adjusted earnings available to common shareholders		$	(336	)	$	(528	)	$	(203	)	$	(219	)	$	(237	)	$	(557	)	$	(659	)
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings		$	(330	)	$	(483	)	$	(197	)	$	(173	)	$	(205	)	$	(499	)	$	(575	)
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(696		)	(4		)	(192		)	(238		)	65			(626		)	(365		)
Net derivative gains (losses)		(2		)	(36		)	(40		)	68			68			(365		)	96
Premiums		(37		)	—			—			—			—			(347		)	—
Universal life and investment-type product policy fees		—			—			—			—			—			(34		)	—
Net investment income		3			4			5			—			3			(40		)	8
Other revenues		(19		)	—			79			78			78			(135		)	235
Policyholder benefits and claims and policyholder dividends		(113		)	(1		)	—			—			—			136			—
Interest credited to policyholder account balances		(5		)	—			—			—			—			(33		)	—
Capitalization of DAC		(4		)	—			—			—			—			(34		)	—
Amortization of DAC and VOBA		(77		)	—			—			—			—			(93		)	—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			(30		)	(15		)	16			(45		)
Other expenses		(76		)	(256		)	(86		)	(132		)	(91		)	(253		)	(309		)
Goodwill impairment		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		918			1,755			18			(28		)	(60		)	1,207			(70		)
Income (loss) from continuing operations, net of income tax		(438		)	979			(413		)	(455		)	(157		)	(1,100		)	(1,025		)
Income (loss) from discontinued operations, net of income tax		(968		)	—			—			—			—			(986		)	—
Net income (loss)		(1,406		)	979			(413		)	(455		)	(157		)	(2,086		)	(1,025		)
Less: Net income (loss) attributable to noncontrolling interests		3			(4		)	3			(1		)	2			3			4
Net income (loss) attributable to MetLife, Inc.		(1,409		)	983			(416		)	(454		)	(159		)	(2,089		)	(1,029		)
Less: Preferred stock dividends		6			45			6			46			32			58			84
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(1,415	)	$	938		$	(422	)	$	(500	)	$	(191	)	$	(2,147	)	$	(1,113	)
Total Adjusted Premiums, Fees and Other Revenues		$	78		$	82		$	94		$	85		$	53		$	244		$	232
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Other business activities		$	5		$	9		$	6		$	12		$	13		$	19		$	31
Other net investment income		49			28			57			50			107			193			214
Interest expense on debt		(300		)	(297		)	(293		)	(282		)	(256		)	(901		)	(831		)
Corporate initiatives and projects		(45		)	(78		)	(39		)	(97		)	(132		)	(197		)	(268		)
Other		(128		)	(138		)	(87		)	(90		)	(101		)	(246		)	(278		)
Provision for income tax expense (benefit) and other tax-related items		89			(7		)	159			234			164			633			557
Preferred stock dividends		(6		)	(45		)	(6		)	(46		)	(32		)	(58		)	(84		)
Adjusted earnings available to common shareholders		$	(336	)	$	(528	)	$	(203	)	$	(219	)	$	(237	)	$	(557	)	$	(659	)

29

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Fixed Maturity Securities
Yield (1)	4.25		%	4.30		%	4.19		%	4.30		%	4.30		%
Investment income (2), (3), (4)	$	2,843		$	2,913		$	2,839		$	2,945		$	2,980
Investment gains (losses) (3)	279			—			(95		)	(46		)	106
Ending carrying value (2), (3)	309,607			309,796			305,647			306,991			305,520
Mortgage Loans
Yield (1)	4.78		%	4.55		%	4.53		%	4.59		%	4.80		%
Investment income (4)	809			778			792			815			859
Investment gains (losses)	28			11			(21		)	(15		)	4
Ending carrying value	68,057			68,731			71,055			70,852			72,461
Real Estate and Real Estate Joint Ventures
Yield (1)	2.80		%	3.29		%	3.39		%	4.46		%	3.67		%
Investment income (3)	66			79			83			109			90
Investment gains (losses) (3)	169			167			25			89			40
Ending carrying value	9,486			9,637			9,862			9,741			9,977
Policy Loans
Yield (1)	5.40		%	5.46		%	5.12		%	5.21		%	5.35		%
Investment income	130			131			124			127			130
Ending carrying value	9,585			9,669			9,744			9,702			9,703
Equity Securities
Yield (1)	4.92		%	6.37		%	3.79		%	4.94		%	4.74		%
Investment income	31			36			16			15			14
Investment gains (losses)	2			54			(31		)	34			18
Ending carrying value	2,776			2,513			1,544			1,483			1,479
Other Limited Partnership Interests
Yield (1)	15.94		%	10.64		%	15.10		%	9.48		%	14.86		%
Investment income (3)	214			149			219			141			229
Investment gains (losses) (3)	(33		)	(8		)	—			8			1
Ending carrying value	5,501			5,708			5,876			5,985			6,374
Cash and Short-term Investments
Yield (1)	1.13		%	1.73		%	1.87		%	2.30		%	2.79		%
Investment income	25			40			46			61			71
Investment gains (losses)	2			(21		)	(4		)	1			(5		)
Ending carrying value	20,240			17,571			19,048			20,165			17,721
Other Invested Assets (1)
Investment income (3)	173			98			228			231			211
Investment gains (losses) (3)	28			(25		)	(126		)	(58		)	17
Ending carrying value	17,652			17,263			17,486			17,017			16,336
Total Investments
Investment income yield (1)	4.54		%	4.40		%	4.50		%	4.54		%	4.65		%
Investment fees and expenses yield	(0.14		)%	(0.13		)%	(0.13		)%	(0.12		)%	(0.12		)%
Net Investment Income Yield (1), (3)	4.40		%	4.27		%	4.37		%	4.42		%	4.53		%
Investment income	$	4,291		$	4,224		$	4,347		$	4,444		$	4,584
Investment fees and expenses	(133		)	(121		)	(128		)	(117		)	(121		)
Net investment income including Divested businesses	4,158			4,103			4,219			4,327			4,463
Less: Net investment income from Divested businesses	2			—			—			—			1
Net Investment Income, as reported on an adjusted basis (3)	$	4,156		$	4,103		$	4,219		$	4,327		$	4,462
Ending Carrying Value (3)	$	442,904		$	440,888		$	440,262		$	441,936		$	439,571
Gross investment gains	$	647		$	396		$	163		$	324		$	443
Gross investment losses	(111		)	(195		)	(297		)	(310		)	(232		)
Writedowns	(61		)	(23		)	(118		)	(1		)	(30		)
Investment Portfolio Gains (Losses) (3)	475			178			(252		)	13			181
Investment portfolio gains (losses) income tax (expense) benefit	(187		)	(59		)	51			(39		)	(77		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	288		$	119		$	(201	)	$	(26	)	$	104
Derivative gains (losses) (3)	$	(214	)	$	(134	)	$	244		$	(172	)	$	(497	)
Derivative gains (losses) income tax (expense) benefit	79			168			(84		)	57			125
Derivative Gains (Losses), Net of Income Tax	$	(135	)	$	34		$	160		$	(115	)	$	(372	)
(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and FVO Brighthouse common stock. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes $713 million, $865 million, $936 million, $660 million and $680 million in ending carrying value, and $16 million, $7 million, $6 million, $8 million and $11 million of investment income related to fair value option securities at or for the three months ended September 30, 2017, December 31,2017, March 31, 2018, June 30, 2018 and September 30, 2018, respectively.
(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: (A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed unit-linked investments and FVO Brighthouse common stock of $15,818 million, $15,874 million, $15,502 million, $13,182 million and $12,855 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $7 million, $6 million, $6 million, $6 million and $5 million at September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:
	For the Three Months Ended
	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net investment gains (losses) - GAAP basis	$	(606	)	$	106		$	(333	)	$	(227	)	$	117
Less: Operating joint venture adjustments	—			—			(1		)	—			—
Less: Partnerships at fair value	—			—			(5		)	(1		)	12
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(1,081		)	(72		)	(75		)	(239		)	(76		)
Investment portfolio gains (losses) - in above yield table	$	475		$	178		$	(252	)	$	13		$	181
	For the Three Months Ended
	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net derivative gains (losses) - GAAP basis	$	(123	)	$	(55	)	$	349		$	(59	)	$	(378	)
Less: Investment hedge adjustments	97			85			110			119			125
Less: Settlement of foreign currency earnings hedges	(5		)	(6		)	(4		)	(5		)	(5		)
Less: PAB hedge adjustments	(1		)	—			(1		)	(1		)	(1		)
Derivative gains (losses) - in above yield table	$	(214	)	$	(134	)	$	244		$	(172	)	$	(497	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

30

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Fixed Maturity Securities
Yield (1)	4.29		%	4.29		%	4.19		%	4.24		%	4.26		%
Investment income (2), (3), (4)	$	8,488		$	11,401		$	2,839		$	5,784		$	8,764
Investment gains (losses) (3)	318			318			(95		)	(141		)	(35		)
Ending carrying value (2), (3)	309,607			309,796			305,647			306,991			305,520
Mortgage Loans
Yield (1)	4.59		%	4.58		%	4.53		%	4.56		%	4.64		%
Investment income (4)	2,303			3,081			792			1,607			2,466
Investment gains (losses)	2			13			(21		)	(36		)	(32		)
Ending carrying value	68,057			68,731			71,055			70,852			72,461
Real Estate and Real Estate Joint Ventures
Yield (1)	3.14		%	3.18		%	3.39		%	3.93		%	3.84		%
Investment income (3)	218			297			83			192			282
Investment gains (losses) (3)	436			603			25			114			154
Ending carrying value	9,486			9,637			9,862			9,741			9,977
Policy Loans
Yield (1)	5.37		%	5.39		%	5.12		%	5.16		%	5.23		%
Investment income	386			517			124			251			381
Ending carrying value	9,585			9,669			9,744			9,702			9,703
Equity Securities
Yield (1)	4.80		%	5.15		%	3.79		%	4.28		%	4.41		%
Investment income	93			129			16			31			45
Investment gains (losses)	38			92			(31		)	3			21
Ending carrying value	2,776			2,513			1,544			1,483			1,479
Other Limited Partnership Interests
Yield (1)	16.46		%	14.93		%	15.10		%	12.26		%	13.15		%
Investment income (3)	648			797			219			360			589
Investment gains (losses) (3)	(51		)	(59		)	—			8			9
Ending carrying value	5,501			5,708			5,876			5,985			6,374
Cash and Short-term Investments
Yield (1)	1.39		%	1.48		%	1.87		%	2.09		%	2.33		%
Investment income	92			132			46			107			178
Investment gains (losses)	5			(16		)	(4		)	(3		)	(8		)
Ending carrying value	20,240			17,571			19,048			20,165			17,721
Other Invested Assets (1)
Investment income (3)	557			655			228			459			670
Investment gains (losses) (3)	(72		)	(97		)	(126		)	(184		)	(167		)
Ending carrying value	17,652			17,263			17,486			17,017			16,336
Total Investments
Investment income yield (1)	4.58		%	4.53		%	4.50		%	4.52		%	4.57		%
Investment fees and expenses yield	(0.14		)%	(0.14		)%	(0.13		)%	(0.13		)%	(0.13		)%
Net Investment Income Yield (1), (3)	4.44		%	4.39		%	4.37		%	4.39		%	4.44		%
Investment income	$	12,785		$	17,009		$	4,347		$	8,791		$	13,375
Investment fees and expenses	(390		)	(511		)	(128		)	(245		)	(366		)
Net investment income including Divested businesses	12,395			16,498			4,219			8,546			13,009
Less: Net investment income from Divested businesses	(46		)	(46		)	—			—			1
Net Investment Income, as reported on an adjusted basis (3)	$	12,441		$	16,544		$	4,219		$	8,546		$	13,008
Ending Carrying Value (3)	$	442,904		$	440,888		$	440,262		$	441,936		$	439,571
Gross investment gains	$	1,307		$	1,703		$	163		$	487		$	930
Gross investment losses	(435		)	(630		)	(297		)	(607		)	(839		)
Writedowns	(196		)	(219		)	(118		)	(119		)	(149		)
Investment Portfolio Gains (Losses) (3)	676			854			(252		)	(239		)	(58		)
Investment portfolio gains (losses) income tax (expense) benefit	(237		)	(296		)	51			12			(65		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	439		$	558		$	(201	)	$	(227	)	$	(123	)
Derivative gains (losses) (3)	$	(866	)	$	(1,000	)	$	244		$	72		$	(425	)
Derivative gains (losses) income tax (expense) benefit	317			485			(84		)	(27		)	98
Derivative Gains (Losses), Net of Income Tax	$	(549	)	$	(515	)	$	160		$	45		$	(327	)
(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and FVO Brighthouse common stock. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes $713 million, $865 million, $936 million, $660 million and $680 million in ending carrying value, and $61 million, $68 million, $6 million, $14 million and $25 million of investment income related to fair value option securities at or for the year-to-date period ended September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, respectively.
(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: (A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed unit-linked investments and FVO Brighthouse common stock of $15,818 million, $15,874 million, $15,502 million, $13,182 million and $12,855 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $7 million, $6 million, $6 million, $6 million and $5 million at September 30, 2017, December 31,2017, March 31, 2018, June 30, 2018 and September 30, 2018, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net investment gains (losses) - GAAP basis	$	(414	)	$	(308	)	$	(333	)	$	(560	)	$	(443	)
Less: Operating joint venture adjustments	—			—			(1		)	(1		)	(1		)
Less: Partnerships at fair value	—			—			(5		)	(6		)	6
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(1,090		)	(1,162		)	(75		)	(314		)	(390		)
Investment portfolio gains (losses) - in above yield table	$	676		$	854		$	(252	)	$	(239	)	$	(58	)
	For the Year-to-Date Period Ended
	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Net derivative gains (losses) - GAAP basis	$	(535	)	$	(590	)	$	349		$	290		$	(88	)
Less: Investment hedge adjustments	350			435			110			229			354
Less: Settlement of foreign currency earnings hedges	(16		)	(22		)	(4		)	(9		)	(14		)
Less: PAB hedge adjustments	(3		)	(3		)	(1		)	(2		)	(3		)
Derivative gains (losses) - in above yield table	$	(866	)	$	(1,000	)	$	244		$	72		$	(425	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

31

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		September 30, 2017				December 31, 2017				March 31, 2018				June 30, 2018				September 30, 2018
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	81,655	26.4	%	$	82,661	26.8	%	$	81,834	26.8	%	$	84,026	27.5	%	$	83,795	27.5	%
Foreign government securities		60,789		19.7	%	61,534		19.9	%	64,510		21.2	%	61,682		20.1	%	60,472		19.8	%
Foreign corporate securities		55,140		17.9	%	55,569		18.0	%	55,463		18.2	%	54,277		17.7	%	54,220		17.8	%
U.S. government and agency securities		47,664		15.4	%	47,394		15.3	%	43,827		14.4	%	45,387		14.8	%	45,572		14.9	%
Residential mortgage-backed securities		31,398		10.2	%	28,800		9.3	%	27,411		9.0	%	27,845		9.1	%	27,658		9.1	%
Asset-backed securities		11,771		3.8	%	12,291		4.0	%	11,764		3.9	%	12,866		4.2	%	12,815		4.2	%
State and political subdivision securities		12,345		4.0	%	12,455		4.0	%	12,192		4.0	%	12,026		3.9	%	11,600		3.8	%
Commercial mortgage-backed securities		8,132		2.6	%	8,227		2.7	%	7,710		2.5	%	8,222		2.7	%	8,708		2.9	%
Total Fixed Maturity Securities Available-For-Sale		$	308,894	100.0	%	$	308,931	100.0	%	$	304,711	100.0	%	$	306,331	100.0	%	$	304,840	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	219,158	70.9	%	$	218,830	70.8	%	$	214,446	70.4	%	$	215,582	70.4	%	$	213,898	70.2	%
2	Baa	72,293		23.4	%	72,396		23.4	%	72,531		23.8	%	73,442		24.0	%	74,059		24.3	%
3	Ba	11,562		3.7	%	11,711		3.8	%	11,551		3.8	%	11,189		3.6	%	11,042		3.6	%
4	B	4,960		1.7	%	5,155		1.7	%	5,332		1.7	%	5,268		1.7	%	5,062		1.7	%
5	Caa and lower	917		0.3	%	833		0.3	%	827		0.3	%	826		0.3	%	755		0.2	%
6	In or near default	4		—	%	6		—	%	24		—	%	24		—	%	24		—	%
Total Fixed Maturity Securities Available-For-Sale (1)		$	308,894	100.0	%	$	308,931	100.0	%	$	304,711	100.0	%	$	306,331	100.0	%	$	304,840	100.0	%
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (2)
		September 30, 2017				December 31, 2017				March 31, 2018				June 30, 2018				September 30, 2018
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%		$	1,900	91.9	%	$	1,737	91.3	%	$	3,251	94.7	%	$	4,557	95.0	%	$	4,924	94.4	%
20% or more for less than six months		49		2.4	%	49		2.6	%	97		2.8	%	174		3.6	%	214		4.1	%
20% or more for six months or greater		117		5.7	%	117		6.1	%	85		2.5	%	67		1.4	%	77		1.5	%
Total Gross Unrealized Losses		$	2,066	100.0	%	$	1,903	100.0	%	$	3,433	100.0	%	$	4,798	100.0	%	$	5,215	100.0	%
Total Gross Unrealized Gains		$	24,276			$	24,765			$	21,045			$	18,872			$	16,787
(1) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities) held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting reflect designations based on revised NAIC methodologies. The NAIC's present methodology is to evaluate structured securities held by insurers using the revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.
(2) MetLife's review of its fixed maturity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for six months or greater.

32

INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	September 30, 2017					December 31, 2017					March 31, 2018					June 30, 2018					September 30, 2018
Commercial mortgage loans	$	43,243				$	44,375				$	46,690				$	46,075				$	47,460
Agricultural mortgage loans	12,967					13,014					13,098					13,293					13,677
Residential mortgage loans	12,163					11,656					11,594					11,809					11,660
Total Mortgage Loans	68,373					69,045					71,382					71,177					72,797
Valuation allowances	(316		)			(314		)			(327		)			(325		)			(336		)
Total Mortgage Loans, net	$	68,057				$	68,731				$	71,055				$	70,852				$	72,461
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	September 30, 2017					December 31, 2017					March 31, 2018					June 30, 2018					September 30, 2018
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total
Pacific	$	9,935		23.0	%	$	9,875		22.3	%	$	10,583		22.7	%	$	10,695		23.2	%	$	10,878		22.9	%
International	8,361			19.3	%	9,101			20.5	%	9,500			20.3	%	8,869			19.2	%	9,497			20.0	%
Middle Atlantic	7,616			17.6	%	7,231			16.3	%	7,467			16.0	%	7,455			16.2	%	7,434			15.7	%
South Atlantic	4,624			10.7	%	5,311			12.0	%	5,552			11.9	%	5,534			12.0	%	5,789			12.2	%
West South Central	3,679			8.5	%	3,819			8.6	%	3,664			7.8	%	3,775			8.2	%	4,001			8.4	%
East North Central	2,413			5.6	%	2,683			6.0	%	2,687			5.7	%	2,573			5.6	%	2,768			5.8	%
Mountain	1,200			2.8	%	1,188			2.7	%	1,355			2.9	%	1,364			3.0	%	1,378			2.9	%
New England	1,162			2.7	%	901			2.0	%	1,129			2.4	%	1,127			2.4	%	1,141			2.4	%
East South Central	835			1.9	%	840			1.9	%	963			2.1	%	968			2.1	%	1,072			2.3	%
West North Central	478			1.1	%	477			1.1	%	589			1.3	%	598			1.3	%	596			1.3	%
Multi-Region and Other	2,940			6.8	%	2,949			6.6	%	3,201			6.9	%	3,117			6.8	%	2,906			6.1	%
Total	$	43,243		100.0	%	$	44,375		100.0	%	$	46,690		100.0	%	$	46,075		100.0	%	$	47,460		100.0	%
Office	$	22,339		51.7	%	$	22,602		50.9	%	$	23,474		50.3	%	$	23,295		50.5	%	$	24,096		50.8	%
Retail	8,694			20.1	%	8,032			18.1	%	8,247			17.7	%	8,462			18.4	%	8,701			18.3	%
Apartment	5,730			13.2	%	6,113			13.8	%	6,600			14.1	%	6,397			13.9	%	6,416			13.5	%
Industrial	2,744			6.3	%	3,125			7.0	%	3,699			7.9	%	3,736			8.1	%	3,775			8.0	%
Hotel	3,493			8.1	%	3,620			8.2	%	3,797			8.1	%	3,317			7.2	%	3,327			7.0	%
Other	243			0.6	%	883			2.0	%	873			1.9	%	868			1.9	%	1,145			2.4	%
Total	$	43,243		100.0	%	$	44,375		100.0	%	$	46,690		100.0	%	$	46,075		100.0	%	$	47,460		100.0	%

33

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Reconciliation to Adjusted Earnings
Income (loss) from continuing operations, net of income tax	$	883		$	2,315		$	1,257		$	894		$	915		$	2,691		$	3,066
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	(606		)	106			(333		)	(227		)	117			(414		)	(443		)
Net derivative gains (losses)	(123		)	(55		)	349			(59		)	(378		)	(535		)	(88		)
Premiums - Divested businesses	(37		)	—			—			—			—			(347		)	—
Universal life and investment-type product policy fees
Unearned revenue adjustments	4			(2		)	(5		)	(5		)	11			14			1
GMIB fees	32			31			30			31			32			94			93
Divested businesses	—			—			7			—			—			(34		)	7
Net investment income
Investment hedge adjustments	(97		)	(85		)	(110		)	(119		)	(125		)	(350		)	(354		)
Operating joint venture adjustments	—			—			1			—			—			—			1
Unit-linked contract income	234			436			(353		)	286			149			864			82
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	—			—			(12		)	(21		)	(1		)	—			(34		)
Divested businesses	2			—			—			—			1			(46		)	1
Other revenues
Settlement of foreign currency earnings hedges	5			6			4			5			5			16			14
TSA fees	—			—			79			78			78			—			235
Divested businesses	(19		)	—			—			—			—			(135		)	—
Policyholder benefits and claims and policyholder dividends
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	28			77			(41		)	—			13			(46		)	(28		)
GMIB costs	(138		)	(72		)	(5		)	(51		)	(168		)	(278		)	(224		)
Market value adjustments	(8		)	(3		)	(1		)	1			—			(19		)	—
Divested businesses	(112		)	—			—			—			—			137			—
Interest credited to policyholder account balances
PAB hedge adjustments	1			—			1			1			1			3			3
Unit-linked contract costs	(229		)	(420		)	347			(268		)	(133		)	(844		)	(54		)
Divested businesses	(5		)	—			—			—			—			(33		)	—
Capitalization of DAC - Divested businesses	(4		)	—			1			—			—			(34		)	1
Amortization of DAC and VOBA
Related to NIGL and NDGL	2			28			14			10			(89		)	32			(65		)
Related to GMIB fees and GMIB costs	—			(21		)	(10		)	(9		)	(19		)	19			(38		)
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	(75		)	—			—			—			—			(91		)	—
Amortization of negative VOBA
Related to market value adjustments	2			1			1			—			—			8			1
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	—			—			—			(30		)	(15		)	16			(45		)
Other expenses
Noncontrolling interest	10			(5		)	7			5			3			17			15
Regulatory implementation costs	—			—			(1		)	(2		)	(3		)	—			(6		)
Acquisition, integration and other costs	(20		)	(23		)	(11		)	(14		)	(13		)	(42		)	(38		)
TSA fees	—			—			(79		)	(78		)	(78		)	—			(235		)
Divested businesses	(70		)	(244		)	(10		)	(53		)	(9		)	(247		)	(72		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	985			1,837			(42		)	41			128			1,351			127
Adjusted earnings	$	1,121		$	723		$	1,429		$	1,372		$	1,408		$	3,615		$	4,209

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Variable investment income			$	—		$	—		$	—		$	—		$	—		$	15		$	—
Catastrophe experience and prior year development, net			(10		)	7			—			—			—			(55		)	—
Actuarial assumption review and other insurance adjustments			125			(110		)	62			—			(68		)	173			(6		)
Litigation reserves & settlement costs			—			(55		)	—			—			—			(21		)	—
Expense initiative costs			(17		)	(42		)	(34		)	(62		)	(88		)	(60		)	(184		)
Other expense-related items			—			—			—			—			—			(36		)	—
Tax adjustments			(167		)	(298		)	—			—			—			(140		)	—
Total notable items			$	(69	)	$	(498	)	$	28		$	(62	)	$	(156	)	$	(124	)	$	(190	)
U.S.
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
Variable investment income			$	—		$	—		$	—		$	—		$	—		$	22		$	—
Catastrophe experience and prior year development, net			(10		)	7			—			—			—			(55		)	—
Actuarial assumption review and other insurance adjustments			—			(62		)	—			—			37			—			37
Total notable items			$	(10	)	$	(55	)	$	—		$	—		$	37		$	(33	)	$	37
	GROUP BENEFITS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	3		$	—
	Actuarial assumption review and other insurance adjustments		—			—			—			—			37			—			37
	Total notable items		$	—		$	—		$	—		$	—		$	37		$	3		$	37
	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	17		$	—
	Actuarial assumption review and other insurance adjustments		—			(62		)	—			—			—			—			—
	Total notable items		$	—		$	(62	)	$	—		$	—		$	—		$	17		$	—
	PROPERTY & CASUALTY
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			September 30, 2017			September 30, 2018
	Variable investment income		$	—		$	—		$	—		$	—		$	—		$	2		$	—
	Catastrophe experience and prior year development, net		(10		)	7			—			—			—			(55		)	—
	Total notable items		$	(10	)	$	7		$	—		$	—		$	—		$	(53	)	$	—
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(3	)	$	—
Actuarial assumption review and other insurance adjustments		(4		)	—			—			—			(86		)		8			(86		)
Total notable items		$	(4	)	$	—		$	—		$	—		$	(86	)		$	5		$	(86	)
LATIN AMERICA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(1	)	$	—
Actuarial assumption review and other insurance adjustments		15			—			—			—			28				15			28
Total notable items		$	15		$	—		$	—		$	—		$	28			$	14		$	28
EMEA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Actuarial assumption review and other insurance adjustments		$	(8	)	$	—		$	—		$	—		$	(23	)		$	(8	)	$	(23	)
Total notable items		$	(8	)	$	—		$	—		$	—		$	(23	)		$	(8	)	$	(23	)
METLIFE HOLDINGS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	1		$	—
Actuarial assumption review and other insurance adjustments		122			(48		)	62			—			(24		)		158			38
Total notable items		$	122		$	(48	)	$	62		$	—		$	(24	)		$	159		$	38
CORPORATE & OTHER
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018				September 30, 2017			September 30, 2018
Variable investment income		$	—		$	—		$	—		$	—		$	—			$	(4	)	$	—
Litigation reserves & settlement costs		—			(55		)	—			—			—				(21		)	—
Expense initiative costs		(17		)	(42		)	(34		)	(62		)	(88		)		(60		)	(184		)
Other expense-related items		—			—			—			—			—				(36		)	—
Tax adjustments		(167		)	(298		)	—			—			—				(140		)	—
Total notable items		$	(184	)	$	(395	)	$	(34	)	$	(62	)	$	(88	)		$	(261	)	$	(184	)
(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, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Total MetLife, Inc.'s stockholders' equity	$	56,981		$	58,676		$	56,310		$	53,633		$	51,625
Less: Preferred stock	2,066			2,066			2,560			3,340			3,340
MetLife, Inc.'s common stockholders' equity	54,915			56,610			53,750			50,293			48,285
Less: Net unrealized investment gains (losses), net of income tax	13,343			13,662			11,547			9,703			7,946
Defined benefit plans adjustment, net of income tax	(1,878		)	(1,845		)	(2,206		)	(2,179		)	(2,051		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	43,450			44,793			44,409			42,769			42,390
Less: Goodwill, net of income tax	9,151			9,322			9,428			9,205			9,147
VODA and VOCRA, net of income tax	374			378			365			341			316
Total MetLife, Inc.'s tangible common stockholders' equity	$	33,925		$	35,093		$	34,616		$	33,223		$	32,927
Unaudited (In millions, except per share data)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
Book value per common share (1)	$	52.09		$	54.24		$	52.49		$	50.28		$	48.94
Less: Net unrealized investment gains (losses), net of income tax	12.66			13.09			11.28			9.70			8.05
Defined benefit plans adjustment, net of income tax	(1.78		)	(1.77		)	(2.15		)	(2.18		)	(2.08		)
Book value per common share, excluding AOCI other than FCTA (1)	41.21			42.92			43.36			42.76			42.97
Less: Goodwill, net of income tax	8.68			8.93			9.20			9.20			9.28
VODA and VOCRA, net of income tax	0.35			0.36			0.36			0.34			0.32
Book value per common share - tangible common stockholders' equity (1)	$	32.18		$	33.63		$	33.80		$	33.22		$	33.37
Common shares outstanding, end of period	1,054.3			1,043.6			1,024.1			1,000.2			986.6
	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2017
Return on MetLife, Inc.'s:
Common stockholders' equity	(0.6		)%	16.3		%	9.0		%	6.5		%	7.1		%	6.3		%
Common stockholders' equity, excluding AOCI other than FCTA	(0.8		)%	20.6		%	11.2		%	7.8		%	8.3		%	7.7		%
Tangible common stockholders' equity (3)	(0.9		)%	26.4		%	14.4		%	10.1		%	10.8		%	9.6		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	7.3		%	4.9		%	10.3		%	10.2		%	11.2		%	6.8		%
Common stockholders' equity, excluding AOCI other than FCTA	9.1		%	6.1		%	12.8		%	12.2		%	12.9		%	8.4		%
Common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	10.7		%	6.1		%	12.8		%	12.2		%	12.9		%	10.3		%
Tangible common stockholders' equity (4)	11.4		%	8.0		%	16.4		%	15.8		%	16.8		%	10.4		%
Average common stockholders' equity	$	61,291		$	55,763		$	55,180		$	52,022		$	49,289		$	62,154
Average common stockholders' equity, excluding AOCI other than FCTA	$	49,001		$	44,122		$	44,601		$	43,589		$	42,580		$	50,491
Average common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	41,676		$	44,122		$	44,601		$	43,589		$	42,580		$	40,955
Average tangible common stockholders' equity	$	39,437		$	34,509		$	34,855		$	33,920		$	33,075		$	40,903
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results.
(3) Net income (loss) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018 of $9 million, $8 million, $10 million, $10 million and $10 million, respectively, and for the year ended December 31, 2017 of $39 million.
(4) Adjusted earnings (losses) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018 of $9 million, $8 million, $10 million, $10 million and $10 million, respectively, and for the year ended December 31, 2017 of $33 million.

A-4

APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2)
RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.
GROUP BENEFITS		32.1		%	30.7		%	22.5		%	36.2		%	51.9		%
RETIREMENT AND INCOME SOLUTIONS		20.7		%	17.0		%	15.4		%	30.2		%	21.5		%
PROPERTY & CASUALTY		11.2		%	20.8		%	20.1		%	13.2		%	18.4		%
TOTAL U.S.		22.1		%	21.5		%	18.0		%	28.8		%	28.8		%
ASIA		7.7		%	11.8		%	15.8		%	6.6		%	(0.7		)%
LATIN AMERICA		30.4		%	8.0		%	23.6		%	6.6		%	25.1		%
EMEA		7.6		%	11.3		%	10.0		%	8.2		%	6.4		%
METLIFE HOLDINGS		8.1		%	9.4		%	13.7		%	8.1		%	2.5		%
RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.		25.8		%	25.0		%	20.9		%	33.4		%	33.4		%
ASIA		12.3		%	18.8		%	23.9		%	10.0		%	(1.0		)%
LATIN AMERICA		52.3		%	13.8		%	39.4		%	11.1		%	41.9		%
EMEA		12.5		%	18.4		%	16.4		%	13.4		%	10.7		%
METLIFE HOLDINGS		9.1		%	10.5		%	15.4		%	9.3		%	3.0		%
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.
GROUP BENEFITS		34.2		%	32.7		%	31.2		%	37.3		%	52.9		%
RETIREMENT AND INCOME SOLUTIONS		17.8		%	12.5		%	21.8		%	22.4		%	21.8		%
PROPERTY & CASUALTY		11.0		%	20.4		%	20.7		%	13.6		%	18.6		%
TOTAL U.S.		21.1		%	19.5		%	24.1		%	24.7		%	29.3		%
ASIA		10.0		%	9.9		%	9.2		%	10.2		%	7.5		%
LATIN AMERICA		22.2		%	17.0		%	17.8		%	18.5		%	21.7		%
EMEA		8.8		%	9.8		%	9.3		%	9.9		%	6.3		%
METLIFE HOLDINGS		12.9		%	6.9		%	16.9		%	11.1		%	13.0		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S.		24.6		%	22.7		%	27.9		%	28.6		%	33.9		%
ASIA		16.0		%	15.8		%	13.9		%	15.4		%	11.3		%
LATIN AMERICA		38.3		%	29.3		%	29.8		%	30.9		%	36.2		%
EMEA		14.5		%	16.1		%	15.3		%	16.2		%	10.5		%
METLIFE HOLDINGS		14.5		%	7.8		%	19.0		%	12.6		%	14.6		%
(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
					ALLOCATED EQUITY						ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)				2017			2018			2017			2018
	U.S.
	GROUP BENEFITS				$	2,816		$	2,797
	RETIREMENT AND INCOME SOLUTIONS				5,538			6,209
	PROPERTY & CASUALTY				1,862			1,851
	TOTAL U.S.				$	10,216		$	10,857		$	8,792		$	9,389
	ASIA				$	12,587		$	14,260		$	7,898		$	9,456
	LATIN AMERICA				$	2,933		$	3,139		$	1,704		$	1,880
	EMEA				$	3,210		$	3,473		$	2,017		$	2,176
	METLIFE HOLDINGS				$	11,247		$	10,063		$	10,179		$	9,066
(3) Net income (loss) available to MetLife, Inc.'s common shareholders used to calculate the return on allocated tangible equity and adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity, exclude the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
	U.S.	$	1		$	1		$	1		$	1		$	1
	ASIA	$	1		$	1		$	2		$	2		$	2
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	2		$	2
	METLIFE HOLDINGS	$	4		$	4		$	5		$	5		$	5

A-5

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, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S. (1)	$	7,431		$	6,038		$	5,679		$	11,767		$	6,889
ASIA	2,151			2,096			2,089			2,017			2,129
LATIN AMERICA	869			941			919			943			928
EMEA	613			624			636			649			634
METLIFE HOLDINGS (1)	1,375			1,453			1,331			1,326			1,305
CORPORATE & OTHER (1)	78			82			94			85			53
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	12,517		$	11,234		$	10,748		$	16,787		$	11,938
Total adjusted premiums, fees and other revenues	$	12,620		$	11,300		$	10,929		$	16,889		$	11,938
ASIA (including operating joint ventures) (2), (3)	$	2,342		$	2,308		$	2,315		$	2,228		$	2,349
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S. (1)	$	933		$	926		$	961		$	965		$	982
ASIA	898			941			924			955			943
LATIN AMERICA	341			389			305			347			351
EMEA	336			369			331			328			333
METLIFE HOLDINGS (1)	322			333			276			275			264
CORPORATE & OTHER (1)	237			280			232			259			314
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,067		$	3,238		$	3,029		$	3,129		$	3,187
Other expenses, as reported on an adjusted basis	$	3,121		$	3,277		$	3,110		$	3,177		$	3,187
ASIA (including operating joint ventures) (2), (3)	$	976		$	1,029		$	1,011		$	1,045		$	1,037
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018
U.S. (1)	$	539		$	498		$	653		$	671		$	795
ASIA	310			308			317			355			266
LATIN AMERICA	150			120			139			133			170
EMEA	66			68			72			80			55
METLIFE HOLDINGS (1)	364			194			425			280			327
CORPORATE & OTHER (1)	(336		)	(528		)	(203		)	(219		)	(237		)
Total adjusted earnings available to common shareholders on a constant currency basis	$	1,093		$	660		$	1,403		$	1,300		$	1,376
Total adjusted earnings available to common shareholders	$	1,115		$	678		$	1,423		$	1,326		$	1,376
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, universal life and investment-type product policy fees, other revenues and other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
(3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) Vietnam, (ii) China, (iii) Malaysia and (iv) India.

A-6

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	adjusted revenues	(i)	revenues
(ii)	adjusted expenses	(ii)	expenses
(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	adjusted premiums, fees & other revenues, excluding pension risk transfer	(iv)	premiums, fees and other revenues
(v)	net investment income, as reported on an adjusted basis	(v)	net investment income
(vi)	adjusted earnings	(vi)	income (loss) from continuing operations, net of income tax
(vii)	adjusted earnings available to common shareholders	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders
(viii)	adjusted earnings available to common shareholders on a constant currency basis	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders
(ix)	adjusted earnings available to common shareholders per diluted common share	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x)	adjusted return on equity	(x)	return on equity
(xi)	adjusted return on equity, excluding AOCI other than FCTA	(xi)	return on equity
(xii)	adjusted return on equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xii)	return on equity
(xiii)	adjusted tangible return on equity	(xiii)	return on equity
(xiv)	investment portfolio gains (losses)	(xiv)	net investment gains (losses)
(xv)	derivative gains (losses)	(xv)	net derivative gains (losses)
(xvi)	capitalization of DAC, as reported on an adjusted basis	(xvi)	capitalization of DAC
(xvii)	other expenses, as reported on an adjusted basis	(xvii)	other expenses
(xviii)	other expenses, as reported on an adjusted basis, on a constant currency basis	(xviii)	other expenses
(xix)	MetLife, Inc.’s tangible common stockholders’ equity	(xix)	MetLife, Inc.’s stockholders’ equity
(xx)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xx)	MetLife, Inc.’s stockholders’ equity
(xxi)	MetLife, Inc.'s common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xxi)	MetLife, Inc.’s stockholders’ equity
(xxii)	book value per common share, excluding AOCI other than FCTA	(xxii)	book value per common share
(xxiii)	book value per common share - tangible common stockholders' equity	(xxiii)	book value per common share
(xxiv)	adjusted expense ratio	(xxiv)	expense ratio
(xxv)	adjusted expense ratio, excluding total notable items related to other expenses and PRT	(xxv)	expense ratio
(xxvi)	direct expense ratio	(xxvi)	expense ratio
(xxvii)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxvii)	expense ratio
Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com. Our definitions of the various non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies: Adjusted earnings and related measures
•	adjusted earnings;
•	adjusted earnings available to common shareholders; and
•	adjusted earnings available to common shareholders per diluted common share.
These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.

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METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Adjusted revenues and adjusted expenses (continued)
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
•	Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
•	Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL for GAAP ("Certain partnership distributions"); and
•	Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
•	Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (“Inflation and pass-through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
•	Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments (“Unit-linked contract costs”);
•	Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
•	Amortization of negative VOBA excludes amounts related to Market value adjustments;
•	Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
•	Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”) and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife's effective tax rate.  Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, goodwill impairment or changes in estimated fair value. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity, allocated equity, tangible equity and related measures
•	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•	Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•	Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA : net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA): adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA).
•	Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
•	Return on allocated equity: net income (loss) available to MetLife, Inc.'s common shareholders divided by allocated equity.
•	Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
	The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.

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METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity, allocated equity, tangible equity and related measures (continued)
•	MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•	Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders’ equity.
•	Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
•	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.
•	Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
	The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•	Expense ratio: other expenses, net of capitalization of DAC, divided by total premiums, fees and other revenues.
•	Direct expense ratio: direct expenses, on an adjusted basis, divided by total adjusted premiums, fees and other revenues.
•	Direct expense ratio, excluding total notable items and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT.
•	Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by total adjusted premiums, fees and other revenues.
•	Adjusted expense ratio, excluding total notable items and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by total adjusted premiums, fees and other revenues, excluding PRT.
The following additional information is relevant to an understanding of our performance results:
•	Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
•	All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates.

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METLIFE ACRONYMS
AOCI	Accumulated other comprehensive income (loss)
CSE	Consolidated securitization entity
DAC	Deferred policy acquisition costs
EMEA	Europe, the Middle East and Africa
FCTA	Foreign currency translation adjustments
FVO	Fair value option
GAAP	Accounting principles generally accepted in the United States of America
GMIB	Guaranteed minimum income benefits
NAIC	National Association of Insurance Commissioners
NDGL	Net derivative gains (losses)
NIGL	Net investment gains (losses)
NRSRO	Nationally Recognized Statistical Rating Organizations
PAB	Policyholder account balances
PDO	Policyholder dividend obligation
PRT	Pension risk transfers
QFS	Quarterly financial supplement
TSA	Transition service agreement
VIE	Variable interest entity
VOBA	Value of business acquired
VOCRA	Value of customer relationships acquired
VODA	Value of distribution agreements

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