8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 31, 2019 

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

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

212-578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

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

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

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

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

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	MET	New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01	METPRA	New York Stock Exchange
Depositary Shares each representing a 1/1000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E	METPRE	New York Stock Exchange

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

Emerging growth company    ☐

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

Item 2.02 Results of Operations and Financial Condition.

On July 31, 2019, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended June 30, 2019 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended June 30, 2019 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference, and (iii) a supplemental slide presentation for the quarter ended June 30, 2019 (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The Earnings Release, the Quarterly Financial Supplement and the Supplemental Slides are furnished and not filed pursuant to instruction B. 2 of Form 8-K.

Item 8.01 Other Events.

On July 31, 2019, the Company issued a news release announcing that its Board of Directors has approved a new $2 billion authorization for the Company to repurchase its common stock. A copy of the news release is attached hereto as Exhibit 99.4 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

99.1 News release of MetLife, Inc., dated July 31, 2019, announcing its results for the quarter ended June 30, 2019

99.2 Quarterly Financial Supplement for the quarter ended June 30, 2019

99.3 Supplemental Slides for the quarter ended June 30, 2019

99.4 News release of MetLife, Inc., dated July 31, 2019, regarding share repurchase authorization

SIGNATURES

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

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

Date: July 31, 2019

EX-99.1

Exhibit 99.1

For Immediate Release İ Global Communications İ MetLife, Inc.

Contacts: For Media:Ashia Razzaq        

MetLife        

(212) 578-1538    

For Investors: John Hall

MetLife

(212) 578-7888

METLIFE ANNOUNCES SECOND QUARTER 2019 RESULTS

NEW YORK, July 31, 2019 - MetLife, Inc. (NYSE: MET) today announced its results for the second quarter ended June 30, 2019.

Second Quarter Results Summary

• Net income of $1.7 billion, or $1.77 per share, compared to net income of $845 million, or $0.83 per share, in the second quarter of 2018.

• Adjusted earnings of $1.3 billion, or $1.38 per share, compared to adjusted earnings of $1.3 billion, or $1.30 per share in the second quarter of 2018.

• Book value of $64.61 per share, up29 percent from $50.28 per share at June 30, 2018.

• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $47.09 per share, up10 percent from $42.76 per share at June 30, 2018.

• Return on equity (ROE) of 11.6 percent.

• Adjusted ROE, excluding AOCI other than FCTA, of 12.1 percent.

“MetLife had another strong quarter driven by business growth, favorable underwriting and expense discipline. During the first half of 2019, we returned approximately $2 billion to shareholders through common stock repurchases and dividends,” said Michel Khalaf, president and CEO of MetLife, Inc. “Overall, our results highlight the strength of our diverse businesses and our focus on consistently executing for our customers and shareholders.”

Page 1 of 27

Second Quarter 2019 Summary

($ in millions, except per share data)	Three months ended June 30,
	2019	2018	Change
Premiums, fees and other revenues	$12,019	$16,998	(29)%
Net investment income	4,693	4,473	5%
Net investment gains (losses)	61	(227)
Net derivative gains (losses)	724	(59)
Total revenues	$17,497	$21,185	(17)%
Total adjusted revenues	$16,454	$21,216	(22)%
Adjusted premiums, fees and other revenues	$11,900	$16,889	(30)%
Adjusted premiums, fees and other revenues, excluding pension risk transfer (PRT)	$11,344	$10,937	4%
Net income (loss)	$1,684	$845	99%
Net income (loss) per share	$1.77	$0.83	113%
Adjusted earnings	$1,319	$1,326	(1)%
Adjusted earnings per share	$1.38	$1.30	6%
Book value per share	$64.61	$50.28	29%
Book value per share, excluding AOCI other than FCTA	$47.09	$42.76	10%
Expense ratio	20.3%	14.6%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	12.3%	13.0%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	20.0%	20.7%
ROE	11.6%	6.5%
ROE, excluding AOCI other than FCTA	15.4%	7.8%
Adjusted ROE, excluding AOCI other than FCTA	12.1%	12.2%

MetLife reported second quarter 2019 premiums, fees and other revenues of $12.0 billion, down29 percent over the second quarter of 2018. Adjusted premiums, fees and other revenues were $11.9 billion, down30 percent, and 29 percent on a constant currency basis over the prior-year period. Excluding pension risk transfers, adjusted premiums, fees and other revenues were $11.3 billion, up4 percent, and 5 percent on a constant currency basis.

Net investment income was $4.7 billion, up5 percent, driven by higher variable investment income and asset growth. On an adjusted basis, net investment income was $4.6 billion, up5 percent.

Page 2 of 27

Net derivative gains amounted to $724 million, or $572 million after tax during the quarter.

Net income was $1.7 billion, compared to net income of $845 million in the second quarter of 2018. On a per share basis, net income was $1.77, compared to net income of $0.83 in the prior-year period.

MetLife reported adjusted earnings of $1.3 billion, down 1 percent, and up 2 percent on a constant currency basis. On a per share basis, which includes the impact of share repurchases, adjusted earnings were $1.38, up6 percent from the prior-year period.

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

Supplemental slides for the second quarter of 2019, titled "2Q19 Supplemental Slides," are available on the MetLife Investor Relations website at www.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings news release.

Adjusted Earnings by Segment Summary*

	Three months ended June 30, 2019
Segment	Change from prior-year period	Change from prior-year period (on a constant currency basis)
U.S.	9%
Asia	(1)%	2%
Latin America	10%	18%
Europe, the Middle East and Africa (EMEA)	(10)%	—%
MetLife Holdings	7%

*The percentages in this table are on a reported and constant currency basis, and do not exclude notable items.

Business Discussions

All comparisons of the results for the second quarter of 2019 in the business discussions that follow are with the second quarter of 2018, unless otherwise noted. See the second quarter of 2019 notable items table that follows the Business Discussions section of this release for additional information on notable items incurred in the second quarter of 2019.

Page 3 of 27

U.S.

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Adjusted earnings	$732	$671	9%
Adjusted premiums, fees and other revenues	$6,731	$11,767	(43)%
Adjusted premiums, fees and other revenues, excluding PRT	$6,175	$5,815	6%
Notable item(s)	$0	$0

• Adjusted earnings for the U.S. were $732 million, up9 percent, driven by volume growth, lower expenses and favorable underwriting.

• Adjusted return on allocated equity was 27.3 percent, and adjusted return on allocated tangible equity was 31.0 percent.

• Adjusted premiums, fees and other revenues were $6.7 billion, down43 percent, primarily due to a large pension risk transfer transaction in the prior-year period.

• Excluding pension risk transfers, adjusted premiums, fees and other revenues were $6.2 billion, up 6 percent.

Group Benefits

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Adjustedearnings	$311	$261	19%
Adjusted premiums, fees and other revenues	$4,594	$4,378	5%
Notable item(s)	$0	$0

• Adjusted earnings for Group Benefits were $311 million, up19 percent, driven by favorable volume growth and expense margin.

• Adjusted premiums, fees and other revenues were $4.6 billion, up5 percent, driven by strong growth in voluntary products.

• Sales for Group Benefits were up 12 percent year-to-date compared to the first half of 2018.

Page 4 of 27

Retirement and Income Solutions

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Adjustedearnings	$351	$347	1%
Adjusted premiums, fees and other revenues	$1,220	$6,492	(81)%
Adjusted premiums, fees and other revenues, excluding PRT	$664	$540	23%
Notable item(s)	$0	$0

• Adjusted earnings for Retirement and Income Solutions were $351 million, up1 percent as favorable variable investment income, underwriting and volume growth were partially offset by lower recurring investment margins.

• Adjusted premiums, fees and other revenues were $1.2 billion, down81 percent, primarily due to a large pension risk transfer transaction in the prior-year period.

• Excluding pension risk transfers, adjusted premiums, fees and other revenues were $664 million, up 23 percent, driven by higher sales in structured settlements.

Property & Casualty

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Adjustedearnings	$70	$63	11%
Adjusted premiums, fees and other revenues	$917	$897	2%
Notable item(s)	$0	$0

• Adjusted earnings for Property & Casualty were $70 million, up11 percent, driven by favorable underwriting.

• Adjusted premiums, fees and other revenues were $917 million, up2 percent.

• Pre-tax catastrophe losses and prior year development totaled $73 million, compared to $104 million in the prior-year period.

• Sales for Property & Casualty were $162 million, up 3 percent.

Page 5 of 27

ASIA

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Adjusted earnings	$359	$363	(1)%
Adjusted earnings (constant currency)	$359	$352	2%
Adjusted premiums, fees and other revenues	$2,063	$2,066	—%
Notable item(s)	$0	$0

• Adjusted earnings for Asia were $359 million, down1 percent, and up2 percent on a constant currency basis, as volume growth was partially offset by less favorable underwriting.

• Adjusted return on allocated equity was 10.1 percent, and adjusted return on allocated tangible equity was 15.3 percent.

• Adjusted premiums, fees and other revenues were $2.1 billion, flat compared to the prior-year period, and up2 percent on a constant currency basis.

• Sales for Asia were $605 million, down 10 percent on a constant currency basis. Japan sales were down 12 percent, primarily driven by lower sales of foreign currency-denominated annuity products, partially offset by higher accident & health product sales. Other Asia sales were down 5 percent, as sales growth in China and India was more than offset by Korea.

LATIN AMERICA

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Adjusted earnings	$159	$145	10%
Adjusted earnings (constant currency)	$159	$135	18%
Adjusted premiums, fees and other revenues	$1,064	$972	9%
Notable item(s)	$0	$0

• Adjusted earnings for Latin America were $159 million, up10 percent, and up18 percent on a constant currency basis, driven by capital markets and volume growth.

• Adjusted return on allocated equity was 21.5 percent, and adjusted return on allocated tangible equity was 35.5 percent.

• Adjusted premiums, fees and other revenues were $1.1 billion, up9 percent, and up15 percent on a constant currency basis, primarily driven by higher annuity sales in Chile.

• Sales for Latin America were $230 million, up14 percent on a constant currency basis, driven by higher sales in Chile and Mexico and by a large group sale in Brazil.

Page 6 of 27

EMEA

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Adjusted earnings	$77	$86	(10)%
Adjusted earnings (constant currency)	$77	$77	—%
Adjusted premiums, fees and other revenues	$669	$673	(1)%
Notable item(s)	$0	$0

• Adjusted earnings for EMEA were $77 million, down10 percent, and unchanged on a constant currency basis, as investment margins, favorable underwriting, and volume growth were offset by the impact of favorable expense margins in the prior-year period.

• Adjusted return on allocated equity was 11.0 percent, and adjusted return on allocated tangible equity was 19.8 percent.

• Adjusted premiums, fees and other revenues were $669 million, down1 percent, and up5 percent on a constant currency basis.

• Sales for EMEA were $223 million, up6 percent on a constant currency basis, primarily due to higher volumes in the United Kingdom, Egypt and Turkey.

METLIFE HOLDINGS

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Adjusted earnings	$299	$280	7%
Adjusted premiums, fees and other revenues	$1,275	$1,326	(4)%
Notable item(s)	$0	$0

• Adjustedearnings for MetLife Holdings were $299 million, up7 percent, due to lower expenses and favorable variable investment income, partially offset by lower life insurance underwriting results.

• Adjustedreturn on allocated equity was 12.5 percent, and adjusted return on allocated tangible equity was 14.0 percent.

• Adjustedpremiums, fees and other revenues were $1.3 billion, down4 percent.

Page 7 of 27

CORPORATE & OTHER

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Adjusted earnings	$(307)	$(219)
Notable item(s)	$(70)	$(62)

• Corporate & Other had an adjusted loss of $307 million, compared to an adjustedloss of $219 million in the second quarter of 2018. The notable item in both periods is related to the company's previously announced cost saving initiative.

• Excluding notable items from both periods, adjusted loss increased by $80 million.

INVESTMENTS

($ in millions)	Three months ended June 30, 2019	Three months ended June 30, 2018	Change
Net investment income (as reported on an adjusted basis)	$4,554	$4,327	5%

• As reported on an adjusted basis, net investment income was $4.6 billion, up5 percent. Variable investment income was $334 million ($264 million, after tax), as compared to $176 million ($139 million, after tax) in the second quarter of 2018, driven by higher private equity and prepayment income.

SECOND QUARTER 2019 NOTABLE ITEMS

($ in millions)	Adjusted Earnings
	Three months ended June 30, 2019
Notable Items	U.S.			Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions	Property & Casualty
Expense initiative costs								$(70)	$(70)
Total notable items	$0	$0	$0	$0	$0	$0	$0	$(70)	$(70)

###

Page 8 of 27

About MetLife

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

Conference Call

MetLife will hold its second quarter 2019 earnings conference call and audio webcast on Thursday, August 1, 2019, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 800-230-1085 (U.S.) or 612-288-0340 (outside the U.S.). To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Thursday, August 1, 2019, until Thursday, August 8, 2019, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 800-475-6701 (U.S.) or 320-365-3844 (outside the U.S.). The access code for the replay is 462462. To access the replay of the conference call over the internet, visit the above-mentioned website.

Page 9 of 27

Non-GAAP and Other Financial Disclosures

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

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

Page 10 of 27

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

Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	total adjusted revenues;	(i)	total revenues;
(ii)	total adjusted expenses;	(ii)	total expenses;
(iii)	adjusted premiums, fees and other revenues;	(iii)	premiums, fees and other revenues;
(iv)	adjusted premiums, fees and other revenues, excluding pension risk transfer;	(iv)	premiums, fees and other revenues;
(v)	adjusted earnings;	(v)	income (loss) from continuing operations, net of income tax;
(vi)	net investment income, as reported on an adjusted basis;	(vi)	net investment income
(vii)	capitalization of deferred policy acquisition costs (DAC), as reported on an adjusted basis;	(vii)	capitalization of DAC
(viii)	other expenses, as reported on an adjusted basis;	(viii)	other expenses
(ix)	adjusted earnings available to common shareholders;	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders;
(x)	adjusted earnings available to common shareholders, excluding total notable items;	(x)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xi)	adjusted earnings available to common shareholders per diluted common share;	(xi)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xii)	adjusted earnings available to common shareholders, excluding total notable items, per diluted common share;	(xii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xiii)	adjusted return on equity;	(xiii)	return on equity;
(xiv)	adjusted return on equity, excluding AOCI other than FCTA;	(xiv)	return on equity;
(xv)	adjusted tangible return on equity;	(xv)	return on equity;
(xvi)	investment portfolio gains (losses);	(xvi)	net investment gains (losses);
(xvii)	derivative gains (losses);	(xvii)	net derivative gains (losses);
(xviii)	total MetLife, Inc.’s tangible common stockholders’ equity;	(xviii)	total MetLife, Inc.’s stockholders’ equity;
(xix)	total MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;	(xix)	total MetLife, Inc.’s stockholders’ equity;
(xx)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;	(xx)	total MetLife, Inc.’s stockholders’ equity;
(xxi)	total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);	(xxi)	total 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

Page 11 of 27

(xxiv)	free cash flow of all holding companies;	(xxiv)	MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;
(xxv)	adjusted expense ratio;	(xxv)	expense ratio;
(xxvi)	adjusted expense ratio, excluding total notable items related to other expenses and PRT;	(xxvi)	expense ratio;
(xxvii)	direct expense ratio; and	(xxvii)	expense ratio; and
(xxviii)	direct expense ratio, excluding total notable items related to direct expenses and PRT.	(xxviii)	expense ratio.

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period and applied to the comparable prior period.

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

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

Adjusted earnings and related measures

• adjusted earnings;

• adjusted earnings available to common shareholders;

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

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

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

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

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

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

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

Page 12 of 27

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on adjusted earnings are also MetLife’s GAAP 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 MetLife's performance relative to its Business Plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

Adjusted revenues and adjusted expenses

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also 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 net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.

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

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

• Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (Operating joint venture adjustments), (iii) excludes certain amounts related to contractholder-directed equity securities (Unit-linked contract income), (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP (Securitization entities income); and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP (Certain partnership distributions); and

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

Page 13 of 27

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 certain amounts related to net investment income earned on contractholder-directed equity securities (Unit-linked contract costs);

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

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

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

• Other expenses excludes 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.

Page 14 of 27

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

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

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

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

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

• 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.

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

• Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.

Page 15 of 27

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

• Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.

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

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

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

• Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

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

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

Expense ratio, direct expense ratio, adjusted expense ratio and related measures

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

• Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.

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

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

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

Page 16 of 27

Statistical sales information:

• U.S.:

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

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

▪ Property & Casualty: calculated based on first year direct written premium, net of cancellation and endorsement activity.

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

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

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

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

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

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

Page 17 of 27

• 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.

Forward-Looking Statements

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

Many factors will be important in determining the results of MetLife, Inc., its subsidiaries and affiliates. Forward-looking statements are based on our assumptions and current expectations, which may be inaccurate, and on the current economic environment, which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) difficult economic conditions, including risks relating to interest rates, credit spreads, equity, real estate, obligors and counterparties, currency exchange rates, derivatives, and terrorism and security; (2) adverse global capital and credit market conditions, which may affect our ability to meet liquidity needs and access capital, including through our credit facilities; (3) downgrades in our claims paying ability, financial strength or credit ratings; (4) availability and effectiveness of reinsurance, hedging or indemnification arrangements; (5) increasing cost and limited market capacity for statutory life insurance reserve financings; (6) the impact on us of changes to and implementation of the wide variety of laws and regulations to which we are subject; (7) regulatory, legislative or tax changes relating to our operations that may affect the cost of, or demand for, our products or services; (8) adverse results or other consequences from litigation, arbitration or regulatory investigations; (9) legal, regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (10) MetLife, Inc.’s primary reliance, as a holding company, on dividends from subsidiaries to meet free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (11) investment losses, defaults and volatility; (12) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (13) changes to investment valuations, allowances and impairments taken on investments, and methodologies, estimates and assumptions;

Page 18 of 27

(14) differences between actual claims experience and underwriting and reserving assumptions; (15) political, legal, operational, economic and other risks relating to our global operations; (16) competitive pressures, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (17) the impact of technological changes on our businesses; (18) catastrophe losses; (19) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (20) impairment of goodwill or other long-lived assets, or the establishment of a valuation allowance against our deferred income tax asset; (21) changes in assumptions related to deferred policy acquisition costs, deferred sales inducements or value of business acquired; (22) exposure to losses related to guarantees in certain products; (23) ineffectiveness of risk management policies and procedures or models; (24) a failure in our cybersecurity systems or other information security systems or our disaster recovery plans; (25) any failure to protect the confidentiality of client information; (26) changes in accounting standards; (27) our associates taking excessive risks; (28) difficulties in marketing and distributing products through our distribution channels; (29) increased expenses relating to pension and other postretirement benefit plans; (30) inability to protect our intellectual property rights or claims of infringement of others’ intellectual property rights; (31) difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from business acquisitions and dispositions, joint ventures, or other legal entity reorganizations; (32) unanticipated or adverse developments that could adversely affect our expected operational or other benefits from the separation of Brighthouse Financial, Inc. and its subsidiaries; (33) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (34) provisions of laws and our incorporation documents that may delay, deter or prevent takeovers and corporate combinations involving MetLife; and (35) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

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

Page 19 of 27

MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
(In millions)
	For the Three Months Ended
	June 30,
	2019			2018
Revenues
Premiums	$	10,129		$	15,153
Universal life and investment-type product policy fees	1,412			1,370
Net investment income	4,693			4,473
Other revenues	478			475
Net investment gains (losses)	61			(227		)
Net derivative gains (losses)	724			(59		)
Total revenues	17,497			21,185
Expenses
Policyholder benefits and claims	9,993			14,866
Interest credited to policyholder account balances	1,515			1,424
Policyholder dividends	302			309
Capitalization of DAC	(837		)	(834		)
Amortization of DAC and VOBA	689			707
Amortization of negative VOBA	(10		)	(16		)
Interest expense on debt	274			309
Other expenses	3,274			3,319
Total expenses	15,200			20,084
Income (loss) from continuing operations before provision for income tax	2,297			1,101
Provision for income tax expense (benefit)	551			207
Income (loss) from continuing operations, net of income tax	1,746			894
Income (loss) from discontinued operations, net of income tax	—			—
Net income (loss)	1,746			894
Less: Net income (loss) attributable to noncontrolling interests	5			3
Net income (loss) attributable to MetLife, Inc.	1,741			891
Less: Preferred stock dividends	57			46
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,684		$	845
See footnotes on last page.

Page 20 of 27

MetLife, Inc.
(Unaudited)
(In millions, except per share data)
	For the Three Months Ended
	June 30,
	2019						2018
Reconciliation to Adjusted Earnings Available to Common Shareholders				Earnings Per Weighted Average Common Share Diluted (1)						Earnings Per Weighted Average Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,684		$	1.77		$	845		$	0.83
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	61			0.06			(227		)	(0.22		)
Net derivative gains (losses)	724			0.76			(59		)	(0.06		)
Premiums	—			—			—			—
Universal life and investment-type product policy fees	48			0.05			26			0.03
Net investment income	139			0.16			146			0.14
Other revenues	71			0.07			83			0.08
Policyholder benefits and claims and policyholder dividends	(112		)	(0.12		)	(50		)	(0.05		)
Interest credited to policyholder account balances	(251		)	(0.26		)	(267		)	(0.26		)
Capitalization of DAC	—			—			—			—
Amortization of DAC and VOBA	8			0.01			1			—
Amortization of negative VOBA	—			—			—			—
Interest expense on debt	—			—			(30		)	(0.03		)
Other expenses	(82		)	(0.09		)	(142		)	(0.14		)
Goodwill impairment	—			—			—			—
Provision for income tax (expense) benefit	(236		)	(0.24		)	41			0.04
Income (loss) from discontinued operations, net of income tax	—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	5			0.01			3			—
Adjusted earnings available to common shareholders	1,319			1.38			1,326			1.30
Less: Total notable items (2)	(70		)	(0.07		)	(62		)	(0.06		)
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,389		$	1.46		$	1,388		$	1.36
Adjusted earnings available to common shareholders on a constant currency basis	$	1,319		$	1.38		$	1,296		$	1.27
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	1,389		$	1.46		$	1,358		$	1.33
Weighted average common shares outstanding - diluted				952.9						1,023.8
See footnotes on last page.

Page 21 of 27

MetLife, Inc.
(Unaudited)
(In millions)
	For the Three Months Ended
	June 30,
	2019			2018
Premiums, Fees and Other Revenues
Premiums, fees and other revenues	$	12,019		$	16,998
Less: Unearned revenue adjustments	20			(5		)
GMIB fees	28			31
Settlement of foreign currency earnings hedges	2			5
TSA fees	69			78
Divested businesses	—			—
Adjusted premiums, fees and other revenues	$	11,900		$	16,889
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,900		$	16,757
Less: Pension risk transfer (PRT) (3)	556			5,952
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis	$	11,344		$	10,805
Net Investment Income
Net investment income	$	4,693		$	4,473
Less: Investment hedge adjustments	(118		)	(119		)
Operating joint venture adjustments	—			—
Unit-linked contract income	261			286
Securitization entities income	—			—
Certain partnership distributions	(4		)	(21		)
Divested businesses	—			—
Net investment income, as reported on an adjusted basis	$	4,554		$	4,327
Revenues and Expenses
Total revenues	$	17,497		$	21,185
Less: Net investment gains (losses)	61			(227		)
Less: Net derivative gains (losses)	724			(59		)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	20			(5		)
Less: Other adjustments to revenues:
GMIB fees	28			31
Investment hedge adjustments	(118		)	(119		)
Operating joint venture adjustments	—			—
Unit-linked contract income	261			286
Securitization entities income	—			—
Settlement of foreign currency earnings hedges	2			5
Certain partnership distributions	(4		)	(21		)
TSA fees	69			78
Divested businesses	—			—
Total adjusted revenues	$	16,454		$	21,216
Total expenses	$	15,200		$	20,084
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(5		)	(10		)
Less: Goodwill impairment	—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	84			—
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	36			60
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(11		)	(1		)
PAB hedge adjustments	(6		)	(1		)
Unit-linked contract costs	257			268
Securitization entities debt expense	—			—
Noncontrolling interest	(6		)	(5		)
Regulatory implementation costs	7			2
Acquisition, integration and other costs	6			14
TSA fees	69			78
Divested businesses	6			83
Total adjusted expenses	$	14,763		$	19,596
See footnotes on last page.

Page 22 of 27

MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
	For the Three Months Ended
	June 30,
Expense Detail and Ratios	2019			2018
Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis.
Capitalization of DAC	$	(837	)	$	(834	)
Less: Divested businesses	—			—
Capitalization of DAC, as reported on an adjusted basis	$	(837	)	$	(834	)
Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis
Other expenses	$	3,274		$	3,319
Less: Noncontrolling interest	(6		)	(5		)
Less: Regulatory implementation costs	7			2
Less: Acquisition, integration and other costs	6			14
Less: TSA fees	69			78
Less: Divested businesses	6			53
Other expenses, as reported on an adjusted basis	$	3,192		$	3,177
Other detail and ratios
Other expenses	$	3,274		$	3,319
Capitalization of DAC	(837		)	(834		)
Other expenses, net of capitalization of DAC	$	2,437		$	2,485
Premiums, fees and other revenues	$	12,019		$	16,998
Expense ratio	20.3		%	14.6		%
Direct expenses	$	1,485		$	1,500
Less: Total notable items related to direct expenses (2)	88			78
Direct expenses, excluding total notable items related to direct expenses	$	1,397		$	1,422
Other expenses, as reported on an adjusted basis	$	3,192		$	3,177
Capitalization of DAC, as reported on an adjusted basis	(837		)	(834		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,355			2,343
Less: Total notable items related to other expenses, as reported on an adjusted basis (2)	88			78
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (2)	$	2,267		$	2,265
Adjusted premiums, fees and other revenues	$	11,900		$	16,889
Less: PRT	556			5,952
Adjusted premiums, fees and other revenues, excluding PRT	$	11,344		$	10,937
Direct expense ratio	12.5		%	8.9		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)	12.3		%	13.0		%
Adjusted expense ratio	19.8		%	13.9		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT (2)	20.0		%	20.7		%
See footnotes on last page.

Page 23 of 27

MetLife, Inc.
(Unaudited)
	June 30,
Equity Details	2019			2018
Total MetLife, Inc.'s stockholders' equity	$	63,811		$	53,633
Less: Preferred stock	3,340			3,340
MetLife, Inc.'s common stockholders' equity	60,471			50,293
Less: Net unrealized investment gains (losses), net of income tax	18,381			9,703
Defined benefit plans adjustment, net of income tax	(1,984		)	(2,179		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	44,074			42,769
Less: Goodwill, net of income tax	9,071			9,205
VODA and VOCRA, net of income tax	288			341
Total MetLife, Inc.'s tangible common stockholders' equity	$	34,715		$	33,223
	June 30,
Book Value (4)	2019			2018
Book value per common share	$	64.61		$	50.28
Less: Net unrealized investment gains (losses), net of income tax	19.64			9.70
Defined benefit plans adjustment, net of income tax	(2.12		)	(2.18		)
Book value per common share, excluding AOCI other than FCTA	47.09			42.76
Less: Goodwill, net of income tax	9.69			9.20
VODA and VOCRA, net of income tax	0.31			0.34
Book value per common share - tangible common stockholders' equity	$	37.09		$	33.22
Common shares outstanding, end of period	935.9			1,000.2
	For the Three Months Ended
	June 30, (5)
Return on Equity	2019			2018
Return on MetLife, Inc.'s:
Common stockholders' equity	11.6		%	6.5		%
Common stockholders' equity, excluding AOCI other than FCTA	15.4		%	7.8		%
Tangible common stockholders' equity (6)	19.7		%	10.1		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	9.1		%	10.2		%
Common stockholders' equity, excluding AOCI other than FCTA	12.1		%	12.2		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	12.7		%	12.7		%
Tangible common stockholders' equity (6)	15.5		%	15.8		%
Tangible common stockholders' equity, excluding total notable items (2), (6)	16.2		%	16.5		%
Adjusted Return on Allocated Equity:
U.S.	27.3		%	24.7		%
Asia	10.1		%	10.2		%
Latin America	21.5		%	18.5		%
EMEA	11.0		%	9.9		%
MetLife Holdings	12.5		%	11.1		%
Adjusted Return on Allocated Tangible Equity:
U.S.	31.0		%	28.6		%
Asia	15.3		%	15.4		%
Latin America	35.5		%	30.9		%
EMEA	19.8		%	16.2		%
MetLife Holdings	14.0		%	12.6		%
See footnotes on last page.

Page 24 of 27

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
		For the Three Months Ended
		June 30,
		2019		2018
U.S. (3):
	Adjusted earnings available to common shareholders	$	732	$	671
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	732	$	671
	Adjusted premiums, fees and other revenues	$	6,731	$	11,767
	Less: PRT	556		5,952
	Adjusted premiums, fees and other revenues, excluding PRT	$	6,175	$	5,815
Group Benefits (3):
	Adjusted earnings available to common shareholders	$	311	$	261
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	311	$	261
	Adjusted premiums, fees and other revenues	$	4,594	$	4,378
Retirement & Income Solutions (3):
	Adjusted earnings available to common shareholders	$	351	$	347
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	351	$	347
	Adjusted premiums, fees and other revenues	$	1,220	$	6,492
	Less: PRT	556		5,952
	Adjusted premiums, fees and other revenues, excluding PRT	$	664	$	540
Property & Casualty (3):
	Adjusted earnings available to common shareholders	$	70	$	63
	Less: Total notable items (2)	—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	70	$	63
	Adjusted premiums, fees and other revenues	$	917	$	897
See footnotes on last page.

Page 25 of 27

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(Unaudited)
(In millions)
		For the Three Months Ended
		June 30,
		2019			2018
Asia:
	Adjusted earnings available to common shareholders	$	359		$	363
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	359		$	363
	Adjusted earnings available to common shareholders on a constant currency basis	$	359		$	352
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	359		$	352
	Adjusted premiums, fees and other revenues	$	2,063		$	2,066
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,063		$	2,020
Latin America:
	Adjusted earnings available to common shareholders	$	159		$	145
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	159		$	145
	Adjusted earnings available to common shareholders on a constant currency basis	$	159		$	135
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	159		$	135
	Adjusted premiums, fees and other revenues	$	1,064		$	972
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,064		$	922
EMEA:
	Adjusted earnings available to common shareholders	$	77		$	86
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	77		$	86
	Adjusted earnings available to common shareholders on a constant currency basis	$	77		$	77
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	77		$	77
	Adjusted premiums, fees and other revenues	$	669		$	673
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	669		$	637
MetLife Holdings (3):
	Adjusted earnings available to common shareholders	$	299		$	280
	Less: Total notable items (2)	—			—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	299		$	280
	Adjusted premiums, fees and other revenues	$	1,275		$	1,326
Corporate & Other (3):
	Adjusted earnings available to common shareholders	$	(307	)	$	(219	)
	Less: Total notable items (2)	(70		)	(62		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	(237	)	$	(157	)
	Adjusted premiums, fees and other revenues	$	98		$	85
See footnotes on last page.

Page 26 of 27

MetLife, Inc.
(Unaudited)
(1)	Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal the sum of (i) adjusted earnings available to common shareholders per diluted common share and (ii) total notable items per diluted common share.
(2)	Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively.
(3)	Results on a constant currency basis are not included as constant currency impact is not significant.
(4)	Book values exclude $3,340 million and $3,340 million of equity related to preferred stock at June 30, 2019 and 2018, respectively.
(5)	Annualized using quarter-to-date results.
(6)	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 June 30, 2019 and June 30, 2018 of $9 million and $10 million, respectively.

Page 27 of 27

EX-99.2

Exhibit 99.2

Second Quarter

Financial Supplement

June 30, 2019

2

METLIFE TABLE OF CONTENTS
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2
CORPORATE OVERVIEW	3
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5
EXPENSE DETAIL AND RATIOS	7
CONSOLIDATED BALANCE SHEETS	8
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	9
ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	10
U.S.
Statements of Adjusted Earnings Available to Common Shareholders	11
Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	12
Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	13
Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	14
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	15
Group Benefits - Other Expenses by Major Category and Other Statistical Information	16
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; and Synthetic GICs	17
Retirement and Income Solutions - Other Expenses by Major Category and Spread	18
Property & Casualty - Other Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data	19
ASIA
Statements of Adjusted Earnings Available to Common Shareholders	20
Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	21
General Account Assets Under Management and Related Measures	22
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders	23
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	24
EMEA
Statements of Adjusted Earnings Available to Common Shareholders	25
Other Expenses by Major Category; and Other Statistical Information	26
METLIFE HOLDINGS
Statements of Adjusted Earnings Available to Common Shareholders	27
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	28
Other Expenses by Major Category; and Other Statistical Information	29
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source	30
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	31
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses Aging Schedule	33
Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	34
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
Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-5
Non-GAAP and Other Financial Disclosures	A-6
Acronyms	A-9

1

METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Revenues
Premiums		$	15,153		$	10,242		$	9,267		$	9,405		$	10,129		$	24,331		$	19,534
Universal life and investment-type product policy fees		1,370			1,343			1,397			1,365			1,412			2,762			2,777
Net investment income		4,473			4,486			3,462			4,908			4,693			8,218			9,601
Other revenues		475			479			452			494			478			949			972
Net investment gains (losses)		(227		)	117			145			15			61			(560		)	76
Net derivative gains (losses)		(59		)	(378		)	939			115			724			290			839
Total revenues		21,185			16,289			15,662			16,302			17,497			35,990			33,799
Expenses
Policyholder benefits and claims		14,866			10,080			8,992			9,072			9,993			23,584			19,065
Interest credited to policyholder account balances		1,424			1,334			486			1,961			1,515			2,193			3,476
Policyholder dividends		309			327			318			300			302			606			602
Capitalization of DAC		(834		)	(810		)	(814		)	(812		)	(837		)	(1,630		)	(1,649		)
Amortization of DAC and VOBA		707			732			843			624			689			1,400			1,313
Amortization of negative VOBA		(16		)	(7		)	(11		)	(10		)	(10		)	(38		)	(20		)
Interest expense on debt		309			267			260			234			274			595			508
Other expenses		3,319			3,287			3,117			3,189			3,274			6,523			6,463
Total expenses		20,084			15,210			13,191			14,558			15,200			33,233			29,758
Income (loss) from continuing operations before provision for income tax		1,101			1,079			2,471			1,744			2,297			2,757			4,041
Provision for income tax expense (benefit)		207			164			409			359			551			606			910
Income (loss) from continuing operations, net of income tax		894			915			2,062			1,385			1,746			2,151			3,131
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		894			915			2,062			1,385			1,746			2,151			3,131
Less: Net income (loss) attributable to noncontrolling interests		3			3			(5		)	4			5			7			9
Net income (loss) attributable to MetLife, Inc.		891			912			2,067			1,381			1,741			2,144			3,122
Less: Preferred stock dividends		46			32			57			32			57			52			89
Net income (loss) available to MetLife, Inc.'s common shareholders		$	845		$	880		$	2,010		$	1,349		$	1,684		$	2,092		$	3,033
Premiums, fees and other revenues		$	16,998		$	12,064		$	11,116		$	11,264		$	12,019		$	28,042		$	23,283

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net income (loss) available to MetLife, Inc.'s common shareholders	$	845		$	880		$	2,010		$	1,349		$	1,684
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(227		)	117			145			15			61
Less: Net derivative gains (losses)	(59		)	(378		)	939			115			724
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations (1)	(233		)	(360		)	(202		)	(177		)	(179		)
Less: Provision for income tax (expense) benefit	41			128			(213		)	(24		)	(236		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	3			3			(5		)	4			5
Adjusted earnings available to common shareholders	$	1,326		$	1,376		$	1,336		$	1,424		$	1,319
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	0.83		$	0.88		$	2.04		$	1.40		$	1.77
Less: Net investment gains (losses)	(0.22		)	0.12			0.15			0.02			0.06
Less: Net derivative gains (losses)	(0.06		)	(0.38		)	0.95			0.12			0.76
Less: Goodwill impairment	—			—			—			—			—
Less: Other adjustments to continuing operations	(0.23		)	(0.37		)	(0.20		)	(0.19		)	(0.18		)
Less: Provision for income tax (expense) benefit	0.04			0.13			(0.22		)	(0.03		)	(0.24		)
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—
Add: Net income (loss) attributable to noncontrolling interests	—			—			(0.01		)	—			0.01
Adjusted earnings available to common shareholders per diluted common share	$	1.30		$	1.38		$	1.35		$	1.48		$	1.38
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	—		$	(68	)	$	—		$	—		$	—
Litigation reserves & settlement costs	—			—			(60		)	—			—
Expense initiative costs	(62		)	(88		)	(100		)	(55		)	(70		)
Tax adjustments	—			—			247			—			—
Total notable items	$	(62	)	$	(156	)	$	87		$	(55	)	$	(70	)
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	—		$	(0.07	)	$	—		$	—		$	—
Litigation reserves & settlement costs	$	—		$	—		$	(0.06	)	$	—		$	—
Expense initiative costs	$	(0.06	)	$	(0.09	)	$	(0.10	)	$	(0.06	)	$	(0.07	)
Tax adjustments	$	—		$	—		$	0.25		$	—		$	—
Total notable items	$	(0.06	)	$	(0.16	)	$	0.09		$	(0.06	)	$	(0.07	)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Weighted average common shares outstanding - diluted	1,023.8			1,000.7			987.6			963.3			952.9
(1) See Page A-1 for further detail.
(2) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Book value per common share (1)	$	50.28		$	48.94		$	51.53		$	58.06		$	64.61
Book value per common share, excluding AOCI other than FCTA (1)	$	42.76		$	42.97		$	44.62		$	45.58		$	47.09
Book value per common share - tangible common stockholders' equity (1)	$	33.22		$	33.37		$	34.77		$	35.71		$	37.09
	For the Three Months Ended
Unaudited	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Return on MetLife, Inc.'s (2):
Common stockholders' equity	6.5		%	7.1		%	16.5		%	10.3		%	11.6		%
Common stockholders' equity, excluding AOCI other than FCTA	7.8		%	8.3		%	18.9		%	12.5		%	15.4		%
Tangible common stockholders' equity	10.1		%	10.8		%	24.4		%	16.2		%	19.7		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	10.2		%	11.2		%	10.9		%	10.9		%	9.1		%
Common stockholders' equity, excluding AOCI other than FCTA	12.2		%	12.9		%	12.5		%	13.2		%	12.1		%
Tangible common stockholders' equity	15.8		%	16.8		%	16.2		%	17.1		%	15.5		%
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Common shares outstanding, beginning of period	1,024.1			1,000.2			986.6			958.6			950.2
Share repurchases	(24.1		)	(14.1		)	(28.4		)	(11.2		)	(15.8		)
Newly issued shares	0.2			0.5			0.4			2.8			1.5
Common shares outstanding, end of period	1,000.2			986.6			958.6			950.2			935.9
Weighted average common shares outstanding - basic	1,015.6			992.7			980.3			956.5			946.2
Dilutive effect of the exercise or issuance of stock-based awards	8.2			8.0			7.3			6.8			6.7
Weighted average common shares outstanding - diluted	1,023.8			1,000.7			987.6			963.3			952.9
MetLife Policyholder Trust Shares	151.6			150.0			148.0			146.2			144.3
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results.

4

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Total revenues	$	21,185		$	16,289		$	15,662		$	16,302		$	17,497		$	35,990		$	33,799
Less: Net investment (gains) losses	(227		)	117			145			15			61			(560		)	76
Less: Net derivative (gains) losses	(59		)	(378		)	939			115			724			290			839
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(5		)	11			(8		)	—			20			(10		)	20
Less: Other adjustments to revenues:
GMIB fees	31			32			27			27			28			61			55
Investment hedge adjustments	(119		)	(125		)	(121		)	(105		)	(118		)	(229		)	(223		)
Operating joint venture adjustments	—			—			—			—			—			1			—
Unit-linked contract income	286			149			(765		)	736			261			(67		)	997
Securitization entities income	—			—			—			—			—			—			—
Settlement of foreign currency earnings hedges	5			5			5			2			2			9			4
Certain partnership distributions	(21		)	(1		)	(27		)	(4		)	(4		)	(33		)	(8		)
TSA fees	78			78			70			68			69			157			137
Divested businesses	—			1			—			—			—			7			—
Total adjusted revenues	$	21,216		$	16,400		$	15,397		$	15,448		$	16,454		$	36,364		$	31,902
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Net investment income	$	4,473		$	4,486		$	3,462		$	4,908		$	4,693		$	8,218		$	9,601
Less: Adjustments to net investment income:
Investment hedge adjustments	(119		)	(125		)	(121		)	(105		)	(118		)	(229		)	(223		)
Operating joint venture adjustments	—			—			—			—			—			1			—
Unit-linked contract income	286			149			(765		)	736			261			(67		)	997
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(21		)	(1		)	(27		)	(4		)	(4		)	(33		)	(8		)
Divested businesses	—			1			—			—			—			—			—
Net investment income, as reported on an adjusted basis	$	4,327		$	4,462		$	4,375		$	4,281		$	4,554		$	8,546		$	8,835
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Premiums, fees and other revenues	$	16,998		$	12,064		$	11,116		$	11,264		$	12,019		$	28,042		$	23,283
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	(5		)	11			(8		)	—			20			(10		)	20
GMIB fees	31			32			27			27			28			61			55
Settlement of foreign currency earnings hedges	5			5			5			2			2			9			4
TSA fees	78			78			70			68			69			157			137
Divested businesses	—			—			—			—			—			7			—
Adjustedpremiums, fees and other revenues	$	16,889		$	11,938		$	11,022		$	11,167		$	11,900		$	27,818		$	23,067
Adjusted premiums, fees and other revenues, on a constant currency basis	$	16,757		$	11,913		$	11,054		$	11,152		$	11,900

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Total expenses	$	20,084		$	15,210		$	13,191		$	14,558		$	15,200		$	33,233		$	29,758
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(10		)	89			44			(24		)	(5		)	(24		)	(29		)
Less: Goodwill impairment	—			—			—			—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	—			(13		)	1			79			84			41			163
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	60			187			(10		)	49			36			75			85
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(1		)	—			(1		)	(4		)	(11		)	(1		)	(15		)
PAB hedge adjustments	(1		)	(1		)	(1		)	(3		)	(6		)	(2		)	(9		)
Unit-linked contract costs	268			133			(730		)	716			257			(79		)	973
Securitization entities debt expense	—			—			—			—			—			—			—
Noncontrolling interest	(5		)	(3		)	5			(6		)	(6		)	(12		)	(12		)
Regulatory implementation costs	2			3			5			3			7			3			10
Acquisition, integration and other costs	14			13			(14		)	23			6			25			29
TSA fees	78			78			70			68			69			157			137
Divested businesses	83			24			14			—			6			92			6
Total adjusted expenses	$	19,596		$	14,700		$	13,808		$	13,657		$	14,763		$	32,958		$	28,420
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Capitalization of DAC	$	(834	)	$	(810	)	$	(814	)	$	(812	)	$	(837	)	$	(1,630	)	$	(1,649	)
Less: Divested businesses	—			—			—			—			—			(1		)	—
Capitalization of DAC, as reported on an adjusted basis	$	(834	)	$	(810	)	$	(814	)	$	(812	)	$	(837	)	$	(1,629	)	$	(1,649	)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Other expenses	$	3,319		$	3,287		$	3,117		$	3,189		$	3,274		$	6,523		$	6,463
Less: Noncontrolling interest	(5		)	(3		)	5			(6		)	(6		)	(12		)	(12		)
Less: Regulatory implementation costs	2			3			5			3			7			3			10
Less: Acquisition, integration and other costs	14			13			(14		)	23			6			25			29
Less: TSA fees	78			78			70			68			69			157			137
Less: Divested businesses	53			9			(4		)	—			6			63			6
Other expenses, as reported on an adjusted basis	$	3,177		$	3,187		$	3,055		$	3,101		$	3,192		$	6,287		$	6,293
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,112		$	3,179		$	3,065		$	3,089		$	3,192

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Other expenses	$	3,319		$	3,287		$	3,117		$	3,189		$	3,274		$	6,523		$	6,463
Capitalization of DAC	(834		)	(810		)	(814		)	(812		)	(837		)	(1,630		)	(1,649		)
Other expenses, net of capitalization of DAC	$	2,485		$	2,477		$	2,303		$	2,377		$	2,437		$	4,893		$	4,814
Premiums, fees and other revenues	$	16,998		$	12,064		$	11,116		$	11,264		$	12,019		$	28,042		$	23,283
Expense ratio	14.6		%	20.5		%	20.7		%	21.1		%	20.3		%	17.4		%	20.7		%
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Other expenses by major category, as reported on an adjusted basis
Direct expenses	$	1,500		$	1,543		$	1,369		$	1,420		$	1,485		$	2,962		$	2,905
Pension, postretirement and postemployment benefit costs	47			45			44			56			57			96			113
Premium taxes, other taxes, and licenses & fees	187			193			197			170			174			365			344
Commissions and other variable expenses	1,443			1,406			1,445			1,455			1,476			2,864			2,931
Other expenses, as reported on an adjusted basis	3,177			3,187			3,055			3,101			3,192			6,287			6,293
Capitalization of DAC, as reported on an adjusted basis	(834		)	(810		)	(814		)	(812		)	(837		)	(1,629		)	(1,649		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,343			2,377			2,241			2,289			2,355			4,658			4,644
Less: Total notable items related to other expenses, as reported on an adjusted basis	78			112			(19		)	70			88			121			158
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,265		$	2,265		$	2,260		$	2,219		$	2,267		$	4,537		$	4,486
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Employee related costs	$	894		$	921		$	912		$	922		$	916		$	1,831		$	1,838
Third party staffing costs	401			435			486			375			419			782			794
General and administrative expenses	205			187			(29		)	123			150			349			273
Direct expenses	1,500			1,543			1,369			1,420			1,485			2,962			2,905
Less: Total notable items related to direct expenses (1)	78			112			(19		)	70			88			121			158
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,422		$	1,431		$	1,388		$	1,350		$	1,397		$	2,841		$	2,747
Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,343		$	2,377		$	2,241		$	2,289		$	2,355		$	4,658		$	4,644
Less: Total notable items related to other expenses, as reported on an adjusted basis (1)	78			112			(19		)	70			88			121			158
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis (1)	$	2,265		$	2,265		$	2,260		$	2,219		$	2,267		$	4,537		$	4,486
Adjusted premiums, fees and other revenues	$	16,889		$	11,938		$	11,022		$	11,167		$	11,900		$	27,818		$	23,067
Less: PRT	5,952			1,018			(76		)	(2		)	556			5,952			554
Adjusted premiums, fees and other revenues, excluding PRT	$	10,937		$	10,920		$	11,098		$	11,169		$	11,344		$	21,866		$	22,513
Direct expense ratio	8.9		%	12.9		%	12.4		%	12.7		%	12.5		%	10.6		%	12.6		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	13.0		%	13.1		%	12.5		%	12.1		%	12.3		%	13.0		%	12.2		%
Adjusted expense ratio	13.9		%	19.9		%	20.3		%	20.5		%	19.8		%	16.7		%	20.1		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT (1)	20.7		%	20.7		%	20.4		%	19.9		%	20.0		%	20.7		%	19.9		%
(1) Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively.

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	306,331		$	304,840		$	298,265		$	308,410		$	318,689
Equity securities, at estimated fair value	1,483			1,479			1,440			1,432			1,476
Contractholder-directed equity securities and fair value option securities, at estimated fair value	13,848			13,540			12,616			13,245			13,000
Mortgage loans	70,852			72,461			75,752			78,601			77,997
Policy loans	9,702			9,703			9,699			9,670			9,705
Real estate and real estate joint ventures	9,741			9,977			9,698			10,022			10,326
Other limited partnership interests	5,985			6,374			6,613			6,787			7,054
Short-term investments, principally at estimated fair value	3,853			5,231			3,937			4,524			2,811
Other invested assets	17,017			16,336			18,190			18,175			20,036
Total investments	438,812			439,941			436,210			450,866			461,094
Cash and cash equivalents, principally at estimated fair value	16,312			12,490			15,821			14,506			18,435
Accrued investment income	3,512			3,691			3,582			3,569			3,535
Premiums, reinsurance and other receivables	19,608			19,820			19,644			20,615			20,425
Deferred policy acquisition costs and value of business acquired	19,013			19,160			18,895			18,349			17,880
Current income tax recoverable	—			—			—			—			97
Goodwill	9,499			9,440			9,422			9,418			9,408
Other assets	8,230			8,493			8,408			10,100			10,029
Separate account assets	191,347			185,416			175,556			185,765			191,264
Total assets	$	706,333		$	698,451		$	687,538		$	713,188		$	732,167
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	184,461		$	185,476		$	186,780		$	187,508		$	191,139
Policyholder account balances	182,493			184,094			183,693			187,333			190,033
Other policy-related balances	15,908			16,207			16,529			16,967			16,815
Policyholder dividends payable	695			709			677			671			689
Policyholder dividend obligation	792			456			428			1,116			1,834
Payables for collateral under securities loaned and other transactions	27,030			26,075			24,794			25,084			25,354
Short-term debt	479			290			268			289			158
Long-term debt	14,536			13,408			12,829			12,850			13,346
Collateral financing arrangements	1,085			1,073			1,060			1,048			1,026
Junior subordinated debt securities	3,146			3,146			3,147			3,148			3,149
Current income tax payable	222			166			441			505			—
Deferred income tax liability	5,377			4,924			5,414			7,075			8,766
Other liabilities	24,930			25,202			22,964			25,091			24,548
Separate account liabilities	191,347			185,416			175,556			185,765			191,264
Total liabilities	652,501			646,642			634,580			654,450			668,121
Equity
Preferred stock, at par value	—			—			—			—			—
Common stock, at par value	12			12			12			12			12
Additional paid-in capital	32,454			32,475			32,474			32,535			32,602
Retained earnings	26,870			27,331			28,926			29,944			31,209
Treasury stock, at cost	(8,557		)	(9,193		)	(10,393		)	(10,893		)	(11,643		)
Accumulated other comprehensive income (loss)	2,854			1,000			1,722			6,911			11,631
Total MetLife, Inc.'s stockholders' equity	53,633			51,625			52,741			58,509			63,811
Noncontrolling interests	199			184			217			229			235
Total equity	53,832			51,809			52,958			58,738			64,046
Total liabilities and equity	$	706,333		$	698,451		$	687,538		$	713,188		$	732,167

8

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	335		$	474		$	297		$	433		$	393
RETIREMENT AND INCOME SOLUTIONS	436			426			450			358			442
PROPERTY & CASUALTY	74			104			120			117			84
TOTAL U.S.	$	845		$	1,004		$	867		$	908		$	919
ASIA	524			397			392			505			516
LATIN AMERICA	200			235			180			196			216
EMEA	112			70			81			113			99
METLIFE HOLDINGS	346			405			283			395			372
CORPORATE & OTHER	(407		)	(411		)	(214		)	(326		)	(431		)
Total adjusted earnings before provision for income tax	$	1,620		$	1,700		$	1,589		$	1,791		$	1,691
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	74		$	104		$	67		$	91		$	82
RETIREMENT AND INCOME SOLUTIONS	89			87			94			73			91
PROPERTY & CASUALTY	11			18			21			20			14
TOTAL U.S.	$	174		$	209		$	182		$	184		$	187
ASIA	161			131			111			149			157
LATIN AMERICA	55			65			43			62			57
EMEA	26			15			26			27			22
METLIFE HOLDINGS	66			78			60			78			73
CORPORATE & OTHER	(234		)	(206		)	(226		)	(165		)	(181		)
Total provision for income tax expense (benefit)	$	248		$	292		$	196		$	335		$	315
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	261		$	370		$	230		$	342		$	311
RETIREMENT AND INCOME SOLUTIONS	347			339			356			285			351
PROPERTY & CASUALTY	63			86			99			97			70
TOTAL U.S.	$	671		$	795		$	685		$	724		$	732
ASIA	363			266			281			356			359
LATIN AMERICA	145			170			137			134			159
EMEA	86			55			55			86			77
METLIFE HOLDINGS	280			327			223			317			299
CORPORATE & OTHER (1)	(219		)	(237		)	(45		)	(193		)	(307		)
Total adjusted earnings available to common shareholders (1)	$	1,326		$	1,376		$	1,336		$	1,424		$	1,319
(1) Includes impact of preferred stock dividends of $46 million, $32 million, $57 million, $32 million and $57 million for the three months ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, respectively.

9

METLIFE ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
U.S.
GROUP BENEFITS		37.3		%	52.9		%	32.9		%	48.6		%	44.2		%
RETIREMENT AND INCOME SOLUTIONS		22.4		%	21.8		%	22.9		%	19.4		%	23.9		%
PROPERTY & CASUALTY		13.6		%	18.6		%	21.4		%	19.2		%	13.9		%
TOTAL U.S.		24.7		%	29.3		%	25.2		%	27.0		%	27.3		%
ASIA		10.2		%	7.5		%	7.9		%	10.0		%	10.1		%
LATIN AMERICA		18.5		%	21.7		%	17.5		%	18.1		%	21.5		%
EMEA		9.9		%	6.3		%	6.3		%	12.3		%	11.0		%
METLIFE HOLDINGS		11.1		%	13.0		%	8.9		%	13.2		%	12.5		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
U.S.		28.6		%	33.9		%	29.2		%	30.7		%	31.0		%
ASIA		15.4		%	11.3		%	12.0		%	15.2		%	15.3		%
LATIN AMERICA		30.9		%	36.2		%	29.1		%	29.9		%	35.5		%
EMEA		16.2		%	10.5		%	10.5		%	22.1		%	19.8		%
METLIFE HOLDINGS		12.6		%	14.6		%	10.0		%	14.8		%	14.0		%
(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
					ALLOCATED EQUITY						ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)				2018			2019			2018			2019
	U.S.
	GROUP BENEFITS				$	2,797		$	2,817
	RETIREMENT AND INCOME SOLUTIONS				6,209			5,876
	PROPERTY & CASUALTY				1,851			2,020
	TOTAL U.S.				$	10,857		$	10,713		$	9,389		$	9,447
	ASIA				$	14,260		$	14,274		$	9,456		$	9,396
	LATIN AMERICA				$	3,139		$	2,965		$	1,880		$	1,791
	EMEA				$	3,473		$	2,802		$	2,176		$	1,595
	METLIFE HOLDINGS				$	10,063		$	9,599		$	9,066		$	8,715
(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
	U.S.	$	1		$	1		$	1		$	1		$	1
	ASIA	$	2		$	2		$	2		$	2		$	1
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	2		$	2		$	2		$	2		$	2
	METLIFE HOLDINGS	$	5		$	5		$	4		$	5		$	5

10

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)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums		$	11,302		$	6,431		$	5,236		$	5,567		$	6,234		$	16,519		$	11,801
Universal life and investment-type product policy fees		262			252			281			270			274			520			544
Net investment income		1,719			1,787			1,809			1,719			1,795			3,381			3,514
Other revenues		203			206			208			221			223			407			444
Total adjusted revenues		13,486			8,676			7,534			7,777			8,526			20,827			16,303
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		11,233			6,219			5,175			5,373			6,101			16,371			11,474
Interest credited to policyholder account balances		439			457			487			501			504			846			1,005
Capitalization of DAC		(114		)	(116		)	(113		)	(114		)	(127		)	(220		)	(241		)
Amortization of DAC and VOBA		114			128			120			114			117			229			231
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		4			2			4			2			3			6			5
Other expenses		965			982			994			993			1,009			1,926			2,002
Total adjusted expenses		12,641			7,672			6,667			6,869			7,607			19,158			14,476
Adjusted earnings before provision for income tax		845			1,004			867			908			919			1,669			1,827
Provision for income tax expense (benefit)		174			209			182			184			187			345			371
Adjusted earnings		671			795			685			724			732			1,324			1,456
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	671		$	795		$	685		$	724		$	732		$	1,324		$	1,456
Adjusted premiums, fees and other revenues		$	11,767		$	6,889		$	5,725		$	6,058		$	6,731		$	17,446		$	12,789
Less: PRT		5,952			1,018			(76		)	(2		)	556			5,952			554
Adjusted premiums, fees and other revenues, excluding PRT		$	5,815		$	5,871		$	5,801		$	6,060		$	6,175		$	11,494		$	12,235

11

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)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums		$	4,051		$	3,988		$	3,949		$	4,208		$	4,247		$	8,145		$	8,455
Universal life and investment-type product policy fees		199			200			202			194			203			402			397
Net investment income		277			296			275			280			292			556			572
Other revenues		128			129			132			143			144			254			287
Total adjusted revenues		4,655			4,613			4,558			4,825			4,886			9,357			9,711
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,659			3,455			3,577			3,711			3,812			7,403			7,523
Interest credited to policyholder account balances		36			37			39			39			39			69			78
Capitalization of DAC		(8		)	(6		)	(6		)	(8		)	(6		)	(15		)	(14		)
Amortization of DAC and VOBA		10			22			10			9			8			21			17
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			—			1			—			1			1			1
Other expenses		622			631			640			641			639			1,260			1,280
Total adjusted expenses		4,320			4,139			4,261			4,392			4,493			8,739			8,885
Adjusted earnings before provision for income tax		335			474			297			433			393			618			826
Provision for income tax expense (benefit)		74			104			67			91			82			139			173
Adjusted earnings		261			370			230			342			311			479			653
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	261		$	370		$	230		$	342		$	311		$	479		$	653
Adjusted premiums, fees and other revenues		$	4,378		$	4,317		$	4,283		$	4,545		$	4,594		$	8,801		$	9,139

12

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)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums		$	6,359		$	1,535		$	373		$	461		$	1,075		$	6,603		$	1,536
Universal life and investment-type product policy fees		63			52			79			76			71			118			147
Net investment income		1,400			1,444			1,492			1,395			1,458			2,740			2,853
Other revenues		70			71			71			72			74			142			146
Total adjusted revenues		7,892			3,102			2,015			2,004			2,678			9,603			4,682
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		6,938			2,144			998			1,071			1,647			7,744			2,718
Interest credited to policyholder account balances		403			420			448			462			465			777			927
Capitalization of DAC		(1		)	(2		)	(7		)	(8		)	(12		)	(6		)	(20		)
Amortization of DAC and VOBA		6			5			7			5			7			12			12
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		3			2			3			2			2			5			4
Other expenses		107			107			116			114			127			209			241
Total adjusted expenses		7,456			2,676			1,565			1,646			2,236			8,741			3,882
Adjusted earnings before provision for income tax		436			426			450			358			442			862			800
Provision for income tax expense (benefit)		89			87			94			73			91			176			164
Adjusted earnings		347			339			356			285			351			686			636
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	347		$	339		$	356		$	285		$	351		$	686		$	636
Adjusted premiums, fees and other revenues		$	6,492		$	1,658		$	523		$	609		$	1,220		$	6,863		$	1,829
Less: PRT		5,952			1,018			(76		)	(2		)	556			5,952			554
Adjusted premiums, fees and other revenues, excluding PRT		$	540		$	640		$	599		$	611		$	664		$	911		$	1,275

13

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)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums	$	892		$	908		$	914		$	898		$	912		$	1,771		$	1,810
Universal life and investment-type product policy fees	—			—			—			—			—			—			—
Net investment income	42			47			42			44			45			85			89
Other revenues	5			6			5			6			5			11			11
Total adjusted revenues	939			961			961			948			962			1,867			1,910
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	636			620			600			591			642			1,224			1,233
Interest credited to policyholder account balances	—			—			—			—			—			—			—
Capitalization of DAC	(105		)	(108		)	(100		)	(98		)	(109		)	(199		)	(207		)
Amortization of DAC and VOBA	98			101			103			100			102			196			202
Amortization of negative VOBA	—			—			—			—			—			—			—
Interest expense on debt	—			—			—			—			—			—			—
Other expenses	236			244			238			238			243			457			481
Total adjusted expenses	865			857			841			831			878			1,678			1,709
Adjusted earnings before provision for income tax	74			104			120			117			84			189			201
Provision for income tax expense (benefit)	11			18			21			20			14			30			34
Adjusted earnings	63			86			99			97			70			159			167
Preferred stock dividends	—			—			—			—			—			—			—
Adjusted earnings available to common shareholders	$	63		$	86		$	99		$	97		$	70		$	159		$	167
Adjusted premiums, fees and other revenues	$	897		$	914		$	919		$	904		$	917		$	1,782		$	1,821

14

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	18,958		$	18,909		$	18,904		$	18,924		$	18,926
Premiums and deposits	4,876			4,784			4,764			5,019			5,081
Surrenders and withdrawals	(617		)	(611		)	(599		)	(597		)	(619		)
Benefit payments	(3,786		)	(3,541		)	(3,691		)	(3,836		)	(3,887		)
Net flows	473			632			474			586			575
Net transfers from (to) separate account	—			(1		)	(1		)	1			—
Interest	142			145			147			145			152
Policy charges	(150		)	(147		)	(147		)	(147		)	(150		)
Other	(514		)	(634		)	(453		)	(583		)	(538		)
Balance, end of period	$	18,909		$	18,904		$	18,924		$	18,926		$	18,965
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	880		$	898		$	935		$	813		$	902
Premiums and deposits	62			63			64			64			64
Surrenders and withdrawals	(16		)	(16		)	(14		)	(18		)	(18		)
Benefit payments	(1		)	(1		)	(1		)	(1		)	(1		)
Net flows	45			46			49			45			45
Investment performance	27			44			(117		)	101			34
Net transfers from (to) general account	—			1			1			(1		)	—
Policy charges	(52		)	(53		)	(52		)	(53		)	(54		)
Other	(2		)	(1		)	(3		)	(3		)	(2		)
Balance, end of period	$	898		$	935		$	813		$	902		$	925

15

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Direct and allocated expenses	$	310		$	313		$	319		$	310		$	314
Pension, postretirement and postemployment benefit costs	13			10			8			15			15
Premium taxes, other taxes, and licenses & fees	81			86			83			63			67
Commissions and other variable expenses	218			222			230			253			243
Other expenses, as reported on an adjusted basis	$	622		$	631		$	640		$	641		$	639
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Group Life (1)
Adjusted premiums, fees and other revenues	$	1,741		$	1,722		$	1,688		$	1,804		$	1,805
Mortality ratio	87.9		%	85.0		%	89.4		%	85.3		%	85.3		%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,687		$	1,713		$	1,742		$	1,812		$	1,820
Interest adjusted benefit ratio (3)	73.1		%	68.1		%	73.2		%	72.9		%	75.4		%
(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

16

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	108,096		$	113,324		$	114,796		$	113,653		$	115,419
Premiums and deposits	23,118			21,295			15,711			19,068			17,898
Surrenders and withdrawals	(17,158		)	(19,576		)	(17,014		)	(17,356		)	(16,582		)
Benefit payments	(928		)	(1,002		)	(998		)	(1,035		)	(1,021		)
Net flows	5,032			717			(2,301		)	677			295
Net transfers from (to) separate account	—			—			—			—			—
Interest	969			1,013			1,040			1,052			1,051
Policy charges	(39		)	(37		)	(10		)	(32		)	(46		)
Other	(734		)	(221		)	128			69			1,354
Balance, end of period	$	113,324		$	114,796		$	113,653		$	115,419		$	118,073
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	76,709		$	77,223		$	70,396		$	70,623		$	73,691
Premiums and deposits	2,234			850			2,355			1,088			1,469
Surrenders and withdrawals (1)	(2,133		)	(7,370		)	(2,276		)	(1,164		)	(1,780		)
Benefit payments	(34		)	(17		)	(18		)	(16		)	(29		)
Net flows	67			(6,537		)	61			(92		)	(340		)
Investment performance	30			564			(542		)	2,741			2,184
Net transfers from (to) general account	—			—			—			—			—
Policy charges	(78		)	(74		)	(93		)	(64		)	(75		)
Other	495			(780		)	801			483			1,136
Balance, end of period	$	77,223		$	70,396		$	70,623		$	73,691		$	76,596
SYNTHETIC GICS (2)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	14,174		$	17,273		$	24,244		$	25,700		$	26,501
Premiums and deposits (1)	3,112			6,956			1,518			776			770
Surrenders and withdrawals	(111		)	(113		)	(232		)	(150		)	(236		)
Net flows	3,001			6,843			1,286			626			534
Interest	98			128			170			175			184
Balance, end of period	$	17,273		$	24,244		$	25,700		$	26,501		$	27,219
(1) Includes $747 million, $6,282 million, $930 million, $0 and $102 million of transfers from separate account GICs to synthetic GICs at June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(2) A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.

17

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Direct and allocated expenses	$	63		$	59		$	63		$	62		$	64
Pension, postretirement and postemployment benefit costs	2			2			1			3			3
Premium taxes, other taxes, and licenses & fees	6			5			11			5			9
Commissions and other variable expenses	36			41			41			44			51
Other expenses, as reported on an adjusted basis	$	107		$	107		$	116		$	114		$	127
SPREAD
	For the Three Months Ended
Unaudited	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Investment income yield excluding variable investment income	4.73		%	4.70		%	4.80		%	4.52		%	4.50		%
Variable investment income yield	0.16		%	0.21		%	0.27		%	0.15		%	0.35		%
Total investment income yield	4.89		%	4.91		%	5.07		%	4.67		%	4.85		%
Average crediting rate	3.60		%	3.66		%	3.77		%	3.71		%	3.66		%
Annualized general account spread	1.29		%	1.25		%	1.30		%	0.96		%	1.19		%
Annualized general account spread excluding variable investment income yield	1.13		%	1.04		%	1.03		%	0.81		%	0.84		%

18

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Direct and allocated expenses	$	103		$	110		$	109		$	105		$	100
Pension, postretirement and postemployment benefit costs	4			4			3			2			2
Premium taxes, other taxes, and licenses & fees	26			26			24			22			27
Commissions and other variable expenses	103			104			102			109			114
Other expenses, as reported on an adjusted basis	$	236		$	244		$	238		$	238		$	243
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net Written Premiums by Product
Auto	$	611		$	632		$	588		$	588		$	615
Homeowners & Other	330			339			307			277			347
Total	$	941		$	971		$	895		$	865		$	962
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	892		$	908		$	914		$	898		$	912
Loss and loss adjustment expense ratio	71.3		%	68.2		%	65.6		%	65.5		%	70.4		%
Other expense ratio	25.5		%	25.8		%	26.2		%	26.7		%	25.7		%
Total combined ratio	96.8		%	94.0		%	91.8		%	92.2		%	96.1		%
Effect of catastrophe losses	12.1		%	5.4		%	2.7		%	4.6		%	8.6		%
Combined ratio excluding catastrophes	84.7		%	88.6		%	89.1		%	87.6		%	87.5		%
Prior year development	(0.4)		%	(0.3)		%	(0.6)		%	(0.3)		%	(0.6)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	85.1		%	88.9		%	89.7		%	87.9		%	88.1		%
Auto
Net earned premium	$	591		$	599		$	603		$	591		$	598
Loss and loss adjustment expense ratio	66.1		%	70.0		%	74.0		%	67.7		%	67.8		%
Other expense ratio	25.1		%	25.5		%	25.5		%	26.6		%	25.2		%
Total combined ratio	91.2		%	95.5		%	99.5		%	94.3		%	93.0		%
Effect of catastrophe losses	0.9		%	1.5		%	—		%	0.4		%	1.7		%
Combined ratio excluding catastrophes	90.3		%	94.0		%	99.5		%	93.9		%	91.3		%
Prior year development	(0.3)		%	(0.4		)%	(0.1		)%	(0.4)		%	(0.7)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	90.6		%	94.4		%	99.6		%	94.3		%	92.0		%
Homeowners & Other
Net earned premium	$	301		$	309		$	311		$	307		$	314
Loss and loss adjustment expense ratio	81.4		%	64.7		%	49.4		%	61.3		%	75.4		%
Other expense ratio	26.5		%	26.5		%	27.5		%	27.0		%	26.7		%
Total combined ratio	107.9		%	91.2		%	76.9		%	88.3		%	102.1		%
Effect of catastrophe losses	34.1		%	12.9		%	8.0		%	12.5		%	21.6		%
Combined ratio excluding catastrophes	73.8		%	78.3		%	68.9		%	75.8		%	80.5		%
Prior year development	(0.6)		%	(0.2)		%	(1.5)		%	(0.1)		%	(0.2)		%
Combined ratio excluding catastrophes and prior year development before provision for income tax	74.4		%	78.5		%	70.4		%	75.9		%	80.7		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	5		$	9		$	—		$	2		$	10
Homeowners & Other	103			40			25			39			68
Total	$	108		$	49		$	25		$	41		$	78
(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.

19

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums		$	1,654		$	1,689		$	1,675		$	1,699		$	1,631		$	3,402		$	3,330
Universal life and investment-type product policy fees		399			428			409			406			419			793			825
Net investment income		839			830			853			880			944			1,634			1,824
Other revenues		13			12			11			16			13			28			29
Total adjusted revenues		2,905			2,959			2,948			3,001			3,007			5,857			6,008
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,237			1,354			1,392			1,319			1,279			2,580			2,598
Interest credited to policyholder account balances		362			381			371			403			424			713			827
Capitalization of DAC		(495		)	(478		)	(477		)	(479		)	(472		)	(960		)	(951		)
Amortization of DAC and VOBA		313			366			309			307			312			627			619
Amortization of negative VOBA		(12		)	(4		)	(8		)	(9		)	(7		)	(27		)	(16		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		976			943			969			955			955			1,928			1,910
Total adjusted expenses		2,381			2,562			2,556			2,496			2,491			4,861			4,987
Adjusted earnings before provision for income tax		524			397			392			505			516			996			1,021
Provision for income tax expense (benefit)		161			131			111			149			157			306			306
Adjusted earnings		363			266			281			356			359			690			715
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	363		$	266		$	281		$	356		$	359		$	690		$	715
Adjusted premiums, fees and other revenues		$	2,066		$	2,129		$	2,095		$	2,121		$	2,063		$	4,223		$	4,184

20

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019
Adjusted premiums, fees and other revenues	$	2,066	$	2,129	$	2,095	$	2,121	$	2,063
Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,020	$	2,132	$	2,119	$	2,122	$	2,063
Add: Operating joint ventures, on a constant currency basis (1), (2)	211		219		255		248		283
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,231	$	2,351	$	2,374	$	2,370	$	2,346
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019
Direct and allocated expenses	$	334	$	325	$	336	$	324	$	332
Pension, postretirement and postemployment benefit costs	20		20		22		23		23
Premium taxes, other taxes, and licenses & fees	44		40		44		43		43
Commissions and other variable expenses	578		558		567		565		557
Other expenses, as reported on an adjusted basis	$	976	$	943	$	969	$	955	$	955
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	481	$	465	$	492	$	476	$	483
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	955	$	947	$	979	$	951	$	955
Add: Operating joint ventures, on a constant currency basis (1), (2)	89		94		109		106		109
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	1,044	$	1,041	$	1,088	$	1,057	$	1,064
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	524	$	524	$	561	$	542	$	554
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019
Japan:
Life	$	165	$	165	$	183	$	174	$	163
Accident & Health	93		105		101		113		103
Annuities	199		180		126		178		135
Other	2		1		2		1		2
Total Japan	459		451		412		466		403
Other Asia	213		259		217		228		202
Total sales	$	672	$	710	$	629	$	694	$	605
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019
Adjusted earnings available to common shareholders	$	363	$	266	$	281	$	356	$	359
Adjusted earnings available to common shareholders, on a constant currency basis	$	352	$	263	$	279	$	355	$	359
(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) China, (ii) India, (iii) Malaysia and (iv) Vietnam.

21

ASIA
GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018			March 31, 2019		June 30, 2019
Total investments	$	110,435	$	111,719	$	115,433		$	121,224	$	127,178
Add:
Cash and cash equivalents	3,623		2,510		3,126			3,264		3,406
FVA - mortgage loans	52		—		(47		)	203		359
FVA - real estate and real estate joint ventures	518		507		529			533		694
Less:
Policy loans	1,607		1,599		1,654			1,644		1,656
Other invested assets (including operating joint ventures)	418		739		334			59		26
Contractholder-directed equity securities and fair value option securities	2,350		2,301		2,096			2,148		2,146
GA AUM	110,253		110,097		114,957			121,373		127,809
Less FVA:
Unrealized gains (losses) on investments carried at estimated fair value	5,580		4,942		5,745			8,417		10,747
Mortgage loans	52		—		(47		)	203		359
Real estate and real estate joint ventures	518		507		529			533		694
GA AUM (excluding FVA)	$	104,103	$	104,648	$	108,730		$	112,220	$	116,009
GA AUM (excluding FVA), on a constant currency basis	$	104,378	$	106,514	$	109,378		$	113,328	$	116,009
Add: Operating joint ventures, on a constant currency basis (1)	3,485		3,738		3,903			4,079		4,249
GA AUM (excluding FVA), including operating joint ventures, on a constant currency basis	$	107,863	$	110,252	$	113,281		$	117,407	$	120,258
(1) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are reported in other invested assets a component of total investments.

22

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums		$	688		$	692		$	681		$	646		$	773		$	1,387		$	1,419
Universal life and investment-type product policy fees		275			229			264			284			280			557			564
Net investment income		327			339			297			296			360			603			656
Other revenues		9			7			11			12			11			17			23
Total adjusted revenues		1,299			1,267			1,253			1,238			1,424			2,564			2,662
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		660			670			626			597			790			1,306			1,387
Interest credited to policyholder account balances		95			102			99			94			86			193			180
Capitalization of DAC		(91		)	(97		)	(95		)	(94		)	(100		)	(185		)	(194		)
Amortization of DAC and VOBA		71			5			73			78			79			131			157
Amortization of negative VOBA		—			(1		)	—			—			—			—			—
Interest expense on debt		1			2			1			1			1			3			2
Other expenses		363			351			369			366			352			701			718
Total adjusted expenses		1,099			1,032			1,073			1,042			1,208			2,149			2,250
Adjusted earnings before provision for income tax		200			235			180			196			216			415			412
Provision for income tax expense (benefit)		55			65			43			62			57			130			119
Adjusted earnings		145			170			137			134			159			285			293
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	145		$	170		$	137		$	134		$	159		$	285		$	293
Adjusted premiums, fees and other revenues		$	972		$	928		$	956		$	942		$	1,064		$	1,961		$	2,006

23

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019
Direct and allocated expenses	$	142	$	128	$	148	$	148	$	134
Pension, postretirement and postemployment benefit costs	1		1		1		1		1
Premium taxes, other taxes, and licenses & fees	15		16		18		15		14
Commissions and other variable expenses	205		206		202		202		203
Other expenses, as reported on an adjusted basis	$	363	$	351	$	369	$	366	$	352
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	272	$	254	$	274	$	272	$	252
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	336	$	345	$	372	$	361	$	352
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	250	$	250	$	276	$	268	$	252
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019
Mexico	$	79	$	76	$	85	$	110	$	84
Chile	78		84		81		74		95
All other	45		45		58		38		51
Total sales	$	202	$	205	$	224	$	222	$	230
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019
Adjusted premiums, fees and other revenues	$	972	$	928	$	956	$	942	$	1,064
Adjusted earnings available to common shareholders	$	145	$	170	$	137	$	134	$	159
Adjusted premiums, fees and other revenues, on a constant currency basis	$	922	$	911	$	968	$	932	$	1,064
Adjusted earnings available to common shareholders, on a constant currency basis	$	135	$	166	$	140	$	132	$	159

24

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums		$	546		$	514		$	520		$	542		$	551		$	1,097		$	1,093
Universal life and investment-type product policy fees		107			105			107			103			105			219			208
Net investment income		73			73			72			74			73			148			147
Other revenues		20			15			15			14			13			36			27
Total adjusted revenues		746			707			714			733			742			1,500			1,475
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		286			281			266			284			292			580			576
Interest credited to policyholder account balances		26			24			25			24			23			51			47
Capitalization of DAC		(121		)	(109		)	(120		)	(117		)	(126		)	(239		)	(243		)
Amortization of DAC and VOBA		108			110			110			92			107			214			199
Amortization of negative VOBA		(4		)	(2		)	(3		)	(1		)	(3		)	(10		)	(4		)
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		339			333			355			338			350			690			688
Total adjusted expenses		634			637			633			620			643			1,286			1,263
Adjusted earnings before provision for income tax		112			70			81			113			99			214			212
Provision for income tax expense (benefit)		26			15			26			27			22			47			49
Adjusted earnings		86			55			55			86			77			167			163
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	86		$	55		$	55		$	86		$	77		$	167		$	163
Adjusted premiums, fees and other revenues		$	673		$	634		$	642		$	659		$	669		$	1,352		$	1,328

25

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019
Direct and allocated expenses	$	113	$	127	$	135	$	122	$	128
Pension, postretirement and postemployment benefit costs	3		2		2		1		2
Premium taxes, other taxes, and licenses & fees	6		10		10		8		7
Commissions and other variable expenses	217		194		208		207		213
Other expenses, as reported on an adjusted basis	$	339	$	333	$	355	$	338	$	350
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	218	$	224	$	235	$	221	$	224
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	322	$	327	$	352	$	335	$	350
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	208	$	220	$	233	$	219	$	224
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018		September 30, 2018		December 31, 2018		March 31, 2019		June 30, 2019
Adjusted premiums, fees and other revenues	$	673	$	634	$	642	$	659	$	669
Adjusted earnings available to common shareholders	$	86	$	55	$	55	$	86	$	77
Adjusted premiums, fees and other revenues, on a constant currency basis	$	637	$	623	$	638	$	653	$	669
Adjusted earnings available to common shareholders, on a constant currency basis	$	77	$	54	$	54	$	85	$	77
Total sales on a constant currency basis	$	211	$	183	$	198	$	252	$	223

26

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)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums		$	957		$	949		$	1,023		$	927		$	924		$	1,907		$	1,851
Universal life and investment-type product policy fees		301			286			317			274			286			615			560
Net investment income		1,329			1,375			1,323			1,287			1,338			2,681			2,625
Other revenues		68			70			45			67			65			135			132
Total adjusted revenues		2,655			2,680			2,708			2,555			2,613			5,338			5,168
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,706			1,766			1,811			1,648			1,703			3,256			3,351
Interest credited to policyholder account balances		235			238			235			226			227			471			453
Capitalization of DAC		(10		)	(8		)	(8		)	(6		)	(8		)	(20		)	(14		)
Amortization of DAC and VOBA		101			13			118			63			80			201			143
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		2			2			3			2			2			4			4
Other expenses		275			264			266			227			237			551			464
Total adjusted expenses		2,309			2,275			2,425			2,160			2,241			4,463			4,401
Adjusted earnings before provision for income tax		346			405			283			395			372			875			767
Provision for income tax expense (benefit)		66			78			60			78			73			170			151
Adjusted earnings		280			327			223			317			299			705			616
Preferred stock dividends		—			—			—			—			—			—			—
Adjusted earnings available to common shareholders		$	280		$	327		$	223		$	317		$	299		$	705		$	616
Adjusted premiums, fees and other revenues		$	1,326		$	1,305		$	1,385		$	1,268		$	1,275		$	2,657		$	2,543

27

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	79,992		$	80,103		$	80,258		$	80,734		$	80,645
Premiums and deposits (2), (3)	1,200			1,234			1,321			1,195			1,167
Surrenders and withdrawals	(602		)	(628		)	(627		)	(617		)	(607		)
Benefit payments	(703		)	(747		)	(721		)	(843		)	(736		)
Net flows	(105		)	(141		)	(27		)	(265		)	(176		)
Net transfers from (to) separate account	12			19			4			12			14
Interest	816			821			827			823			826
Policy charges	(193		)	(192		)	(196		)	(191		)	(189		)
Other	(419		)	(352		)	(132		)	(468		)	(290		)
Balance, end of period	$	80,103		$	80,258		$	80,734		$	80,645		$	80,830
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	20,419		$	20,153		$	19,925		$	19,784		$	19,371
Premiums and deposits (2), (3)	110			97			99			111			106
Surrenders and withdrawals	(397		)	(424		)	(525		)	(497		)	(414		)
Benefit payments	(171		)	(145		)	(149		)	(173		)	(160		)
Net flows	(458		)	(472		)	(575		)	(559		)	(468		)
Net transfers from (to) separate account	60			89			74			89			110
Interest	149			151			145			141			139
Policy charges	(5		)	(4		)	(4		)	(4		)	(4		)
Other	(12		)	8			219			(80		)	161
Balance, end of period	$	20,153		$	19,925		$	19,784		$	19,371		$	19,309
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	5,167		$	5,254		$	5,450		$	4,660		$	5,220
Premiums and deposits (3)	66			65			66			67			63
Surrenders and withdrawals	(66		)	(66		)	(56		)	(59		)	(62		)
Benefit payments	(8		)	(8		)	(21		)	(8		)	(9		)
Net flows	(8		)	(9		)	(11		)	—			(8		)
Investment performance	200			294			(713		)	638			241
Net transfers from (to) general account	(12		)	(19		)	(4		)	(12		)	(14		)
Policy charges	(67		)	(66		)	(67		)	(65		)	(66		)
Other	(26		)	(4		)	5			(1		)	(5		)
Balance, end of period	$	5,254		$	5,450		$	4,660		$	5,220		$	5,368
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Balance, beginning of period	$	43,958		$	43,241		$	43,128		$	37,549		$	40,136
Premiums and deposits (3)	108			80			90			92			91
Surrenders and withdrawals	(1,201		)	(1,149		)	(1,131		)	(978		)	(1,126		)
Benefit payments	(106		)	(101		)	(94		)	(100		)	(106		)
Net flows	(1,199		)	(1,170		)	(1,135		)	(986		)	(1,141		)
Investment performance	766			1,369			(4,157		)	3,854			1,574
Net transfers from (to) general account	(60		)	(89		)	(74		)	(89		)	(110		)
Policy charges	(225		)	(221		)	(213		)	(191		)	(205		)
Other	1			(2		)	—			(1		)	1
Balance, end of period	$	43,241		$	43,128		$	37,549		$	40,136		$	40,255
(1) Long-Term Care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.

28

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Direct and allocated expenses	$	181		$	175		$	182		$	146		$	154
Pension, postretirement and postemployment benefit costs	7			6			5			8			8
Premium taxes, other taxes, and licenses & fees	19			20			15			18			18
Commissions and other variable expenses	68			63			64			55			57
Other expenses, as reported on an adjusted basis	$	275		$	264		$	266		$	227		$	237
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Unaudited (In millions, except ratios)
Life (1)
Adjusted premiums, fees and other revenues	$	881		$	872		$	964		$	849		$	851
Interest adjusted benefit ratio	52.6		%	64.6		%	58.0		%	50.0		%	53.9		%
Lapse Ratio (2)
Traditional life	4.9		%	5.0		%	5.2		%	4.8		%	4.8		%
Variable & universal life	4.3		%	4.4		%	4.4		%	4.3		%	4.2		%
Fixed annuity	7.3		%	7.6		%	8.6		%	10.2		%	10.7		%
Variable annuity	9.5		%	10.0		%	10.2		%	10.1		%	10.2		%
(1) Represents traditional life and variable & universal life, components of Life & Other.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

29

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Adjusted revenues
Premiums		$	6		$	(33	)	$	132		$	24		$	16		$	19		$	40
Universal life and investment-type product policy fees		—			—			—			1			—			—			1
Net investment income		40			58			21			25			44			99			69
Other revenues		79			86			87			94			82			160			176
Total adjusted revenues		125			111			240			144			142			278			286
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3			(38		)	118			20			18			—			38
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		(3		)	(2		)	(1		)	(2		)	(4		)	(5		)	(6		)
Amortization of DAC and VOBA		1			2			1			1			2			3			3
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		272			246			234			229			268			552			497
Other expenses		259			314			102			222			289			491			511
Total adjusted expenses		532			522			454			470			573			1,041			1,043
Adjusted earnings before provision for income tax		(407		)	(411		)	(214		)	(326		)	(431		)	(763		)	(757		)
Provision for income tax expense (benefit)		(234		)	(206		)	(226		)	(165		)	(181		)	(393		)	(346		)
Adjusted earnings		(173		)	(205		)	12			(161		)	(250		)	(370		)	(411		)
Preferred stock dividends		46			32			57			32			57			52			89
Adjusted earnings available to common shareholders		$	(219	)	$	(237	)	$	(45	)	$	(193	)	$	(307	)	$	(422	)	$	(500	)
Adjusted premiums, fees and other revenues		$	85		$	53		$	219		$	119		$	98		$	179		$	217
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Business activities		$	12		$	13		$	10		$	13		$	12		$	18		$	25
Net investment income		50			107			49			29			46			107			75
Interest expense on debt		(282		)	(256		)	(245		)	(239		)	(280		)	(575		)	(519		)
Corporate initiatives and projects		(97		)	(132		)	(137		)	(100		)	(117		)	(136		)	(217		)
Other		(90		)	(101		)	(90		)	(29		)	(92		)	(177		)	(121		)
Provision for income tax expense (benefit) and other tax-related items		234			164			425			165			181			393			346
Preferred stock dividends		(46		)	(32		)	(57		)	(32		)	(57		)	(52		)	(89		)
Adjusted earnings available to common shareholders		$	(219	)	$	(237	)	$	(45	)	$	(193	)	$	(307	)	$	(422	)	$	(500	)

30

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Fixed Maturity Securities
Yield (1)	4.30		%	4.30		%	4.23		%	4.23		%	4.30		%
Investment income (2), (3), (4)	$	2,945		$	2,980		$	2,914		$	2,902		$	2,975
Investment gains (losses) (3)	(46		)	106			40			(24		)	138
Ending carrying value (2), (3)	306,991			305,520			299,136			309,368			319,696
Mortgage Loans
Yield (1)	4.59		%	4.80		%	4.72		%	4.73		%	4.82		%
Investment income (4)	815			859			874			912			943
Investment gains (losses)	(15		)	4			(24		)	(15		)	14
Ending carrying value	70,852			72,461			75,752			78,601			77,997
Real Estate and Real Estate Joint Ventures
Yield (1)	4.46		%	3.67		%	2.83		%	2.04		%	3.62		%
Investment income (3)	109			90			70			50			92
Investment gains (losses) (3)	89			40			172			5			1
Ending carrying value	9,741			9,977			9,698			10,022			10,326
Policy Loans
Yield (1)	5.21		%	5.35		%	5.16		%	5.28		%	5.34		%
Investment income	127			130			125			128			129
Ending carrying value	9,702			9,703			9,699			9,670			9,705
Equity Securities
Yield (1)	4.94		%	4.74		%	6.09		%	5.43		%	5.15		%
Investment income	15			14			19			16			16
Investment gains (losses)	34			18			(96		)	107			(2		)
Ending carrying value	1,483			1,479			1,440			1,432			1,476
Other Limited Partnership Interests
Yield (1)	9.48		%	14.86		%	12.47		%	7.59		%	14.28		%
Investment income (3)	141			229			203			127			247
Investment gains (losses) (3)	8			1			—			(1		)	1
Ending carrying value	5,985			6,374			6,613			6,787			7,054
Cash and Short-term Investments
Yield (1)	2.30		%	2.79		%	2.67		%	3.08		%	2.39		%
Investment income	61			71			66			79			65
Investment gains (losses)	1			(5		)	2			—			(5		)
Ending carrying value	20,165			17,721			19,758			19,030			21,246
Other Invested Assets (1)
Investment income (3)	231			211			217			203			225
Investment gains (losses) (3)	(58		)	17			5			(67		)	(38		)
Ending carrying value	17,017			16,336			18,190			18,175			20,036
Total Investments
Investment income yield (1)	4.54		%	4.65		%	4.54		%	4.44		%	4.66		%
Investment fees and expenses yield	(0.12		)%	(0.12		)%	(0.12		)%	(0.14		)%	(0.14		)%
Net Investment Income Yield (1), (3)	4.42		%	4.53		%	4.42		%	4.30		%	4.52		%
Investment income	$	4,444		$	4,584		$	4,488		$	4,417		$	4,692
Investment fees and expenses	(117		)	(121		)	(113		)	(136		)	(138		)
Net investment income including Divested businesses	4,327			4,463			4,375			4,281			4,554
Less: Net investment income from Divested businesses	—			1			—			—			—
Net Investment Income, as reported on an adjusted basis (3)	$	4,327		$	4,462		$	4,375		$	4,281		$	4,554
Ending Carrying Value (3)	$	441,936		$	439,571		$	440,286		$	453,085		$	467,536
Gross investment gains	$	324		$	443		$	569		$	375		$	328
Gross investment losses	(310		)	(232		)	(440		)	(271		)	(189		)
Writedowns	(1		)	(30		)	(30		)	(99		)	(30		)
Investment Portfolio Gains (Losses) (3)	13			181			99			5			109
Investment portfolio gains (losses) income tax (expense) benefit	(39		)	(77		)	(10		)	(17		)	(26		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(26	)	$	104		$	89		$	(12	)	$	83
Derivative gains (losses) (3)	$	(172	)	$	(497	)	$	824		$	15		$	614
Derivative gains (losses) income tax (expense) benefit	57			125			(201		)	(18		)	(150		)
Derivative Gains (Losses), Net of Income Tax	$	(115	)	$	(372	)	$	623		$	(3	)	$	464
(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 and contractholder-directed equity securities. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes $660 million, $680 million, $871 million, $958 million and $1,007 million in ending carrying value, and $8 million, $11 million, $26 million, $55 million and $38 million of investment income related to fair value option securities at or for the three months ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, 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 equity securities of $13,182 million, $12,855 million, $11,741 million, $12,284 million and $11,990 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $5 million, $4 million, $3 million and $3 million at June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, 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
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net investment gains (losses) - GAAP basis	$	(227	)	$	117		$	145		$	15		$	61
Less: Operating joint venture adjustments	—			—			—			—			—
Less: Partnerships at fair value	(1		)	12			6			(15		)	3
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(239		)	(76		)	40			25			(51		)
Investment portfolio gains (losses) - in above yield table	$	13		$	181		$	99		$	5		$	109
	For the Three Months Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net derivative gains (losses) - GAAP basis	$	(59	)	$	(378	)	$	939		$	115		$	724
Less: Investment hedge adjustments	119			125			121			105			118
Less: Settlement of foreign currency earnings hedges	(5		)	(5		)	(5		)	(2		)	(2		)
Less: PAB hedge adjustments	(1		)	(1		)	(1		)	(3		)	(6		)
Derivative gains (losses) - in above yield table	$	(172	)	$	(497	)	$	824		$	15		$	614
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

31

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Fixed Maturity Securities
Yield (1)	4.24		%	4.26		%	4.26		%	4.23		%	4.27		%
Investment income (2), (3), (4)	$	5,784		$	8,764		$	11,678		$	2,902		$	5,877
Investment gains (losses) (3)	(141		)	(35		)	5			(24		)	114
Ending carrying value (2), (3)	306,991			305,520			299,136			309,368			319,696
Mortgage Loans
Yield (1)	4.56		%	4.64		%	4.66		%	4.73		%	4.77		%
Investment income (4)	1,607			2,466			3,340			912			1,855
Investment gains (losses)	(36		)	(32		)	(56		)	(15		)	(1		)
Ending carrying value	70,852			72,461			75,752			78,601			77,997
Real Estate and Real Estate Joint Ventures
Yield (1)	3.93		%	3.84		%	3.59		%	2.04		%	2.84		%
Investment income (3)	192			282			352			50			142
Investment gains (losses) (3)	114			154			326			5			6
Ending carrying value	9,741			9,977			9,698			10,022			10,326
Policy Loans
Yield (1)	5.16		%	5.23		%	5.21		%	5.28		%	5.31		%
Investment income	251			381			506			128			257
Ending carrying value	9,702			9,703			9,699			9,670			9,705
Equity Securities
Yield (1)	4.28		%	4.41		%	4.79		%	5.43		%	5.29		%
Investment income	31			45			64			16			32
Investment gains (losses)	3			21			(75		)	107			105
Ending carrying value	1,483			1,479			1,440			1,432			1,476
Other Limited Partnership Interests
Yield (1)	12.26		%	13.15		%	12.97		%	7.59		%	10.99		%
Investment income (3)	360			589			792			127			374
Investment gains (losses) (3)	8			9			9			(1		)	—
Ending carrying value	5,985			6,374			6,613			6,787			7,054
Cash and Short-term Investments
Yield (1)	2.09		%	2.33		%	2.41		%	3.08		%	2.73		%
Investment income	107			178			244			79			144
Investment gains (losses)	(3		)	(8		)	(6		)	—			(5		)
Ending carrying value	20,165			17,721			19,758			19,030			21,246
Other Invested Assets (1)
Investment income (3)	459			670			887			203			428
Investment gains (losses) (3)	(184		)	(167		)	(162		)	(67		)	(105		)
Ending carrying value	17,017			16,336			18,190			18,175			20,036
Total Investments
Investment income yield (1)	4.52		%	4.57		%	4.56		%	4.44		%	4.55		%
Investment fees and expenses yield	(0.13		)%	(0.13		)%	(0.12		)%	(0.14		)%	(0.14		)%
Net Investment Income Yield (1), (3)	4.39		%	4.44		%	4.44		%	4.30		%	4.41		%
Investment income	$	8,791		$	13,375		$	17,863		$	4,417		$	9,109
Investment fees and expenses	(245		)	(366		)	(479		)	(136		)	(274		)
Net investment income including Divested businesses	8,546			13,009			17,384			4,281			8,835
Less: Net investment income from Divested businesses	—			1			1			—			—
Net Investment Income, as reported on an adjusted basis (3)	$	8,546		$	13,008		$	17,383		$	4,281		$	8,835
Ending Carrying Value (3)	$	441,936		$	439,571		$	440,286		$	453,085		$	467,536
Gross investment gains	$	487		$	930		$	1,499		$	375		$	703
Gross investment losses	(607		)	(839		)	(1,279		)	(271		)	(460		)
Writedowns	(119		)	(149		)	(179		)	(99		)	(129		)
Investment Portfolio Gains (Losses) (3)	(239		)	(58		)	41			5			114
Investment portfolio gains (losses) income tax (expense) benefit	12			(65		)	(75		)	(17		)	(43		)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(227	)	$	(123	)	$	(34	)	$	(12	)	$	71
Derivative gains (losses) (3)	$	72		$	(425	)	$	399		$	15		$	629
Derivative gains (losses) income tax (expense) benefit	(27		)	98			(103		)	(18		)	(168		)
Derivative Gains (Losses), Net of Income Tax	$	45		$	(327	)	$	296		$	(3	)	$	461
(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 and contractholder-directed equity securities. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes $660 million, $680 million, $871 million, $958 million and $1,007 million in ending carrying value, and $14 million, $25 million, $51 million, $55 million and $93 million of investment income related to fair value option securities at or for the year-to-date period ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, 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 equity securities of $13,182 million, $12,855 million, $11,741 million, $12,284 million and $11,990 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $5 million, $4 million, $3 million and $3 million at June 30,2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019, 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
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net investment gains (losses) - GAAP basis	$	(560	)	$	(443	)	$	(298	)	$	15		$	76
Less: Operating joint venture adjustments	(1		)	(1		)	(1		)	—			—
Less: Partnerships at fair value	(6		)	6			12			(15		)	(12		)
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis	(314		)	(390		)	(350		)	25			(26		)
Investment portfolio gains (losses) - in above yield table	$	(239	)	$	(58	)	$	41		$	5		$	114
	For the Year-to-Date Period Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Net derivative gains (losses) - GAAP basis	$	290		$	(88	)	$	851		$	115		$	839
Less: Investment hedge adjustments	229			354			475			105			223
Less: Settlement of foreign currency earnings hedges	(9		)	(14		)	(19		)	(2		)	(4		)
Less: PAB hedge adjustments	(2		)	(3		)	(4		)	(3		)	(9		)
Derivative gains (losses) - in above yield table	$	72		$	(425	)	$	399		$	15		$	629
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

32

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	84,026	27.5	%	$	83,795	27.5	%	$	78,948	26.4	%	$	80,146	26.0	%	$	83,712	26.3	%
Foreign government securities		61,682		20.1	%	60,472		19.8	%	62,288		20.9	%	64,955		21.1	%	67,554		21.2	%
Foreign corporate securities		54,277		17.7	%	54,220		17.8	%	56,703		19.0	%	59,945		19.4	%	62,398		19.6	%
U.S. government and agency securities		45,387		14.8	%	45,572		14.9	%	39,322		13.2	%	41,008		13.3	%	40,003		12.6	%
Residential mortgage-backed securities		27,845		9.1	%	27,658		9.1	%	27,961		9.4	%	28,360		9.2	%	29,049		9.1	%
Asset-backed securities		12,866		4.2	%	12,815		4.2	%	12,472		4.2	%	12,631		4.1	%	13,712		4.3	%
Municipals		12,026		3.9	%	11,600		3.8	%	11,533		3.9	%	11,898		3.8	%	12,255		3.8	%
Commercial mortgage-backed securities		8,222		2.7	%	8,708		2.9	%	9,038		3.0	%	9,467		3.1	%	10,006		3.1	%
Total Fixed Maturity Securities Available-For-Sale		$	306,331	100.0	%	$	304,840	100.0	%	$	298,265	100.0	%	$	308,410	100.0	%	$	318,689	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	215,582	70.4	%	$	213,898	70.2	%	$	208,806	70.0	%	$	216,343	70.1	%	$	223,594	70.2	%
2	Baa	73,442		24.0	%	74,059		24.3	%	73,141		24.5	%	75,769		24.6	%	78,943		24.8	%
3	Ba	11,189		3.6	%	11,042		3.6	%	11,158		3.7	%	11,350		3.7	%	11,490		3.6	%
4	B	5,268		1.7	%	5,062		1.7	%	4,498		1.6	%	4,324		1.4	%	4,176		1.3	%
5	Caa and lower	826		0.3	%	755		0.2	%	647		0.2	%	591		0.2	%	451		0.1	%
6	In or near default	24		—	%	24		—	%	15		—	%	33		—	%	35		—	%
Total Fixed Maturity Securities Available-For-Sale (1)		$	306,331	100.0	%	$	304,840	100.0	%	$	298,265	100.0	%	$	308,410	100.0	%	$	318,689	100.0	%
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (2)
		June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019				June 30, 2019
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%		$	4,557	95.0	%	$	4,924	94.4	%	$	5,340	89.7	%	$	2,563	91.2	%	$	1,542	80.6	%
20% or more for less than six months		174		3.6	%	214		4.1	%	460		7.7	%	135		4.8	%	215		11.2	%
20% or more for six months or greater		67		1.4	%	77		1.5	%	155		2.6	%	113		4.0	%	156		8.2	%
Total Gross Unrealized Losses		$	4,798	100.0	%	$	5,215	100.0	%	$	5,955	100.0	%	$	2,811	100.0	%	$	1,913	100.0	%
Total Gross Unrealized Gains		$	18,872			$	16,787			$	17,404			$	22,662			$	29,373
(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 and commercial mortgage-backed securities) held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting reflect designations based on revised NAIC methodologies. The NAIC's present methodology is to evaluate certain 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.

33

INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019
Commercial mortgage loans	$	46,075				$	47,460				$	48,463				$	49,960				$	49,570
Agricultural mortgage loans	13,293					13,677					14,905					15,130					15,334
Residential mortgage loans	11,809					11,660					12,726					13,861					13,450
Total Mortgage Loans	71,177					72,797					76,094					78,951					78,354
Valuation allowances	(325		)			(336		)			(342		)			(350		)			(357		)
Total Mortgage Loans, net	$	70,852				$	72,461				$	75,752				$	78,601				$	77,997
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019					June 30, 2019
Unaudited (In millions, except ratios)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total
Pacific	$	10,695		23.2	%	$	10,878		22.9	%	$	10,884		22.5	%	$	10,683		21.4	%	$	10,511		21.2	%
Non-U.S.	8,869			19.2	%	9,497			20.0	%	9,281			19.1	%	9,727			19.5	%	9,463			19.1	%
Middle Atlantic	7,455			16.2	%	7,434			15.7	%	7,911			16.3	%	7,873			15.7	%	7,952			16.0	%
South Atlantic	5,534			12.0	%	5,789			12.2	%	6,347			13.1	%	6,427			12.9	%	6,459			13.0	%
West South Central	3,775			8.2	%	4,001			8.4	%	3,951			8.1	%	4,299			8.6	%	4,386			8.9	%
East North Central	2,573			5.6	%	2,768			5.8	%	2,840			5.9	%	3,269			6.5	%	3,245			6.6	%
Mountain	1,364			3.0	%	1,378			2.9	%	1,387			2.9	%	1,501			3.0	%	1,729			3.5	%
New England	1,127			2.4	%	1,141			2.4	%	1,481			3.1	%	1,479			3.0	%	1,628			3.3	%
West North Central	598			1.3	%	596			1.3	%	594			1.2	%	594			1.2	%	593			1.2	%
East South Central	968			2.1	%	1,072			2.3	%	564			1.2	%	563			1.1	%	563			1.1	%
Multi-Region and Other	3,117			6.8	%	2,906			6.1	%	3,223			6.6	%	3,545			7.1	%	3,041			6.1	%
Total	$	46,075		100.0	%	$	47,460		100.0	%	$	48,463		100.0	%	$	49,960		100.0	%	$	49,570		100.0	%
Office	$	23,295		50.5	%	$	24,096		50.8	%	$	23,995		49.5	%	$	24,514		49.1	%	$	23,755		47.9	%
Retail	8,462			18.4	%	8,701			18.3	%	9,089			18.7	%	9,387			18.8	%	9,577			19.3	%
Apartment	6,397			13.9	%	6,416			13.5	%	7,018			14.5	%	6,943			13.9	%	6,960			14.1	%
Industrial	3,736			8.1	%	3,775			8.0	%	3,719			7.7	%	3,761			7.5	%	3,748			7.6	%
Hotel	3,317			7.2	%	3,327			7.0	%	3,479			7.2	%	3,716			7.4	%	3,688			7.4	%
Other	868			1.9	%	1,145			2.4	%	1,163			2.4	%	1,639			3.3	%	1,842			3.7	%
Total	$	46,075		100.0	%	$	47,460		100.0	%	$	48,463		100.0	%	$	49,960		100.0	%	$	49,570		100.0	%

34

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLIfe, Inc.'s common shareholders	$	845		$	880		$	2,010		$	1,349		$	1,684		$	2,092		$	3,033
Add: Preferred stock dividends	46			32			57			32			57			52			89
Add: Net Income (loss) attributable to noncontrolling interests	3			3			(5		)	4			5			7			9
Less: Income (loss) from discontinued operations, net of income tax	—			—			—			—			—			—			—
Income (loss) from continuing operations, net of income tax	894			915			2,062			1,385			1,746			$	2,151		$	3,131
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)	(227		)	117			145			15			61			(560		)	76
Net derivative gains (losses)	(59		)	(378		)	939			115			724			290			839
Premiums - Divested businesses	—			—			—			—			—			—			—
Universal life and investment-type product policy fees
Unearned revenue adjustments	(5		)	11			(8		)	—			20			(10		)	20
GMIB fees	31			32			27			27			28			61			55
Divested businesses	—			—			—			—			—			7			—
Net investment income
Investment hedge adjustments	(119		)	(125		)	(121		)	(105		)	(118		)	(229		)	(223		)
Operating joint venture adjustments	—			—			—			—			—			1			—
Unit-linked contract income	286			149			(765		)	736			261			(67		)	997
Securitization entities income	—			—			—			—			—			—			—
Certain partnership distributions	(21		)	(1		)	(27		)	(4		)	(4		)	(33		)	(8		)
Divested businesses	—			1			—			—			—			—			—
Other revenues
Settlement of foreign currency earnings hedges	5			5			5			2			2			9			4
TSA fees	78			78			70			68			69			157			137
Divested businesses	—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends
PDO adjustments	—			—			—			—			—			—			—
Inflation and pass-through adjustments	—			13			(1		)	(79		)	(84		)	(41		)	(163		)
GMIB costs	(51		)	(168		)	78			(56		)	(39		)	(56		)	(95		)
Market value adjustments	1			—			1			4			11			—			15
Divested businesses	—			—			—			—			—			—			—
Interest credited to policyholder account balances
PAB hedge adjustments	1			1			1			3			6			2			9
Unit-linked contract costs	(268		)	(133		)	730			(716		)	(257		)	79			(973		)
Divested businesses	—			—			—			—			—			—			—
Capitalization of DAC - Divested businesses	—			—			—			—			—			1			—
Amortization of DAC and VOBA
Related to NIGL and NDGL	10			(89		)	(44		)	24			5			24			29
Related to GMIB fees and GMIB costs	(9		)	(19		)	(68		)	7			3			(19		)	10
Related to market value adjustments	—			—			—			—			—			—			—
Divested businesses	—			—			—			—			—			—			—
Amortization of negative VOBA
Related to market value adjustments	—			—			—			—			—			1			—
Divested businesses	—			—			—			—			—			—			—
Interest expense on debt
Securitization entities debt expense	—			—			—			—			—			—			—
Divested businesses	(30		)	(15		)	(18		)	—			—			(30		)	—
Other expenses
Noncontrolling interest	5			3			(5		)	6			6			12			12
Regulatory implementation costs	(2		)	(3		)	(5		)	(3		)	(7		)	(3		)	(10		)
Acquisition, integration and other costs	(14		)	(13		)	14			(23		)	(6		)	(25		)	(29		)
TSA fees	(78		)	(78		)	(70		)	(68		)	(69		)	(157		)	(137		)
Divested businesses	(53		)	(9		)	4			—			(6		)	(63		)	(6		)
Goodwill impairment	—			—			—			—			—			—			—
Provision for income tax (expense) benefit	41			128			(213		)	(24		)	(236		)	(1		)	(260		)
Adjusted earnings	1,372			1,408			1,393			1,456			1,376			2,801			2,832
Less: Preferred stock dividends	46			32			57			32			57			52			89
Adjusted earnings available to common shareholders	$	1,326		$	1,376		$	1,336		$	1,424		$	1,319		$	2,749		$	2,743

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments			$	—		$	(68	)	$	—		$	—		$	—		$	62		$	—
Litigation reserves & settlement costs			—			—			(60		)	—			—			—			—
Expense initiative costs			(62		)	(88		)	(100		)	(55		)	(70		)	(96		)	(125		)
Tax adjustments			—			—			247			—			—			—			—
Total notable items			$	(62	)	$	(156	)	$	87		$	(55	)	$	(70	)	$	(34	)	$	(125	)
U.S.
		For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments			$	—		$	37		$	—		$	—		$	—		$	—		$	—
Total notable items			$	—		$	37		$	—		$	—		$	—		$	—		$	—
	GROUP BENEFITS
		For the Three Months Ended																For the Year-to-Date Period Ended
	Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			June 30, 2018			June 30, 2019
	Actuarial assumption review and other insurance adjustments		$	—		$	37		$	—		$	—		$	—		$	—		$	—
	Total notable items		$	—		$	37		$	—		$	—		$	—		$	—		$	—
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	(86	)	$	—		$	—		$	—			$	—		$	—
Total notable items		$	—		$	(86	)	$	—		$	—		$	—			$	—		$	—
LATIN AMERICA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	28		$	—		$	—		$	—			$	—		$	—
Total notable items		$	—		$	28		$	—		$	—		$	—			$	—		$	—
EMEA
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	(23	)	$	—		$	—		$	—			$	—		$	—
Total notable items		$	—		$	(23	)	$	—		$	—		$	—			$	—		$	—
METLIFE HOLDINGS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Actuarial assumption review and other insurance adjustments		$	—		$	(24	)	$	—		$	—		$	—			$	62		$	—
Total notable items		$	—		$	(24	)	$	—		$	—		$	—			$	62		$	—
CORPORATE & OTHER
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019				June 30, 2018			June 30, 2019
Litigation reserves & settlement costs		$	—		$	—		$	(60	)	$	—		$	—			$	—		$	—
Expense initiative costs		(62		)	(88		)	(100		)	(55		)	(70		)		(96		)	(125		)
Tax adjustments		—			—			247			—			—				—			—
Total notable items		$	(62	)	$	(88	)	$	87		$	(55	)	$	(70	)		$	(96	)	$	(125	)
(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)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Total MetLife, Inc.'s stockholders' equity	$	53,633		$	51,625		$	52,741		$	58,509		$	63,811
Less: Preferred stock	3,340			3,340			3,340			3,340			3,340
MetLife, Inc.'s common stockholders' equity	50,293			48,285			49,401			55,169			60,471
Less: Net unrealized investment gains (losses), net of income tax	9,703			7,946			8,655			13,862			18,381
Defined benefit plans adjustment, net of income tax	(2,179		)	(2,051		)	(2,028		)	(2,004		)	(1,984		)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	42,769		$	42,390		$	42,774		$	43,311		$	44,074
Less: Goodwill, net of income tax	9,205			9,147			9,133			9,082			9,071
VODA and VOCRA, net of income tax	341			316			312			298			288
Total MetLife, Inc.'s tangible common stockholders' equity	$	33,223		$	32,927		$	33,329		$	33,931		$	34,715
Unaudited (In millions, except per share data)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Book value per common share	$	50.28		$	48.94		$	51.53		$	58.06		$	64.61
Less: Net unrealized investment gains (losses), net of income tax	9.70			8.05			9.03			14.59			19.64
Defined benefit plans adjustment, net of income tax	(2.18		)	(2.08		)	(2.12		)	(2.11		)	(2.12		)
Book value per common share, excluding AOCI other than FCTA	$	42.76		$	42.97		$	44.62		$	45.58		$	47.09
Less: Goodwill, net of income tax	9.20			9.28			9.52			9.56			9.69
VODA and VOCRA, net of income tax	0.34			0.32			0.33			0.31			0.31
Book value per common share - tangible common stockholders' equity	$	33.22		$	33.37		$	34.77		$	35.71		$	37.09
Common shares outstanding, end of period	1,000.2			986.6			958.6			950.2			935.9
	For the Three Months Ended (1)
Unaudited (In millions, except ratios)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
Return on MetLife, Inc.'s:
Common stockholders' equity	6.5		%	7.1		%	16.5		%	10.3		%	11.6		%
Common stockholders' equity, excluding AOCI other than FCTA	7.8		%	8.3		%	18.9		%	12.5		%	15.4		%
Tangible common stockholders' equity (2)	10.1		%	10.8		%	24.4		%	16.2		%	19.7		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.2		%	11.2		%	10.9		%	10.9		%	9.1		%
Common stockholders' equity, excluding AOCI other than FCTA	12.2		%	12.9		%	12.5		%	13.2		%	12.1		%
Tangible common stockholders' equity (2)	15.8		%	16.8		%	16.2		%	17.1		%	15.5		%
Average common stockholders' equity	$	52,022		$	49,289		$	48,843		$	52,285		$	57,820
Average common stockholders' equity, excluding AOCI other than FCTA	$	43,589		$	42,580		$	42,582		$	43,043		$	43,693
Average tangible common stockholders' equity	$	33,920		$	33,075		$	33,128		$	33,630		$	34,323
(1) Annualized using quarter-to-date results.
(2) Net income (loss) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019 of $10 million, $10 million, $9 million, $10 million and $9 million, respectively.

A-4

APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
U.S. (1)	$	11,767		$	6,889		$	5,725		$	6,058		$	6,731
ASIA	2,020			2,132			2,119			2,122			2,063
LATIN AMERICA	922			911			968			932			1,064
EMEA	637			623			638			653			669
METLIFE HOLDINGS (1)	1,326			1,305			1,385			1,268			1,275
CORPORATE & OTHER (1)	85			53			219			119			98
Adjusted premiums, fees and other revenues, on a constant currency basis	$	16,757		$	11,913		$	11,054		$	11,152		$	11,900
Adjusted premiums, fees and other revenues	$	16,889		$	11,938		$	11,022		$	11,167		$	11,900
ASIA (including operating joint ventures) (2), (3)	$	2,231		$	2,351		$	2,374		$	2,370		$	2,346
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
U.S. (1)	$	965		$	982		$	994		$	993		$	1,009
ASIA	955			947			979			951			955
LATIN AMERICA	336			345			372			361			352
EMEA	322			327			352			335			350
METLIFE HOLDINGS (1)	275			264			266			227			237
CORPORATE & OTHER (1)	259			314			102			222			289
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,112		$	3,179		$	3,065		$	3,089		$	3,192
Other expenses, as reported on an adjusted basis	$	3,177		$	3,187		$	3,055		$	3,101		$	3,192
ASIA (including operating joint ventures) (2), (3)	$	1,044		$	1,041		$	1,088		$	1,057		$	1,064
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019
U.S. (1)	$	671		$	795		$	685		$	724		$	732
ASIA	352			263			279			355			359
LATIN AMERICA	135			166			140			132			159
EMEA	77			54			54			85			77
METLIFE HOLDINGS (1)	280			327			223			317			299
CORPORATE & OTHER (1)	(219		)	(237		)	(45		)	(193		)	(307		)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,296		$	1,368		$	1,336		$	1,420		$	1,319
Adjusted earnings available to common shareholders	$	1,326		$	1,376		$	1,336		$	1,424		$	1,319
(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) China, (ii) India, (iii) Malaysia and (iv) Vietnam.

A-5

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	total adjusted revenues	(i)	total revenues
(ii)	total adjusted expenses	(ii)	total expenses
(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	adjusted premiums, fees & other revenues, excluding 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 per diluted common share	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(ix)	adjusted return on equity	(ix)	return on equity
(x)	adjusted return on equity, excluding AOCI other than FCTA	(x)	return on equity
(xi)	adjusted return on equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xi)	return on equity
(xii)	adjusted tangible return on equity	(xii)	return on equity
(xiii)	investment portfolio gains (losses)	(xiii)	net investment gains (losses)
(xiv)	derivative gains (losses)	(xiv)	net derivative gains (losses)
(xv)	capitalization of DAC, as reported on an adjusted basis	(xv)	capitalization of DAC
(xvi)	other expenses, as reported on an adjusted basis	(xvi)	other expenses
(xvii)	total MetLife, Inc.’s tangible common stockholders’ equity	(xvii)	total MetLife, Inc.’s stockholders’ equity
(xviii)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xviii)	total MetLife, Inc.’s stockholders’ equity
(xix)	total MetLife, Inc.'s common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xix)	total MetLife, Inc.’s stockholders’ equity
(xx)	book value per common share, excluding AOCI other than FCTA	(xx)	book value per common share
(xxi)	book value per common share - tangible common stockholders' equity	(xxi)	book value per common share
(xxii)	adjusted expense ratio	(xxii)	expense ratio
(xxiii)	adjusted expense ratio, excluding total notable items related to other expenses and PRT	(xxiii)	expense ratio
(xxiv)	direct expense ratio	(xxiv)	expense ratio
(xxv)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxv)	expense ratio
(xxvi)	GA AUM	(xxvi)	total investments
(xxvii)	GA AUM (excluding FVA)	(xxvii)	total investments
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com. Our definitions of 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;
•	adjusted earnings available to common shareholders per diluted common share; and
•	adjusted earnings available to common shareholders on a constant currency basis.
These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on adjusted earnings are also MetLife’s GAAP 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 MetLife's performance relative to its Business Plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

A-6

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Adjusted revenues and adjusted expenses
These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
•	Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
•	Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed equity securities (“Unit-linked contract income”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP ("Certain partnership distributions"); and
•	Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
•	Policyholder benefits and claims and policyholder dividends excludes: (i) 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 certain amounts related to net investment income earned on contractholder-directed equity securities (“Unit-Linked contract costs”);
•	Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
•	Amortization of negative VOBA excludes amounts related to Market value adjustments;
•	Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
•	Other expenses excludes 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).

A-7

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity, allocated equity, tangible equity and related measures
•	Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•	Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•	Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA : net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA): adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA).
•	Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
•	Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
	The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.
•	Total MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•	Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders’ equity.
•	Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
•	Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•	Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
	The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•	Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•	Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.
•	Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
•	Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues.
•	Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
General account assets under management and related measures
GA AUM are comprised of general account total investments and cash and cash equivalents, excluding policy loans, other invested assets, contractholder-directed equity securities and fair value option securities, as substantially all of those assets are not actively managed in MetLife’s general account investment portfolio. Mortgage loans and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from GA AUM. GA AUM are used by MetLife to describe assets in its general account investment portfolio which are actively managed and stated at estimated fair value. MetLife believes the use of GA AUM enhances the understanding and comparability of its general account investment portfolio.
GA AUM (excluding FVA) excludes the following FVA: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans and real estate and real estate joint ventures. MetLife believes that the use of GA AUM (excluding FVA) enhances the understanding of the value of GA AUM without regard to the impact of market volatility.
Other items
The following additional information is relevant to an understanding of our performance results:
•	Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

A-8

METLIFE ACRONYMS
AOCI	Accumulated other comprehensive income (loss)
CSE	Consolidated securitization entity
DAC	Deferred policy acquisition costs
EMEA	Europe, the Middle East and Africa
FVA	Fair value adjustments
FCTA	Foreign currency translation adjustments
GAAP	Accounting principles generally accepted in the United States of America
GICs	Guaranteed interest contracts
GA AUM	General account assets under management
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

A-9

EX-99.3

Exhibit 99.3 2Q19 Supplemental Slides John McCallion Chief Financial Officer

Cautionary Statement on Forward-Looking Statements This presentation may contain or refer to forward-looking statements. Forward-looking statements give expectations or forecasts of the future using terms such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” and other terms tied to future periods. Results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are based on assumptions and expectations. They involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. The company has no obligation to correct or update any forward-looking statement. Parts of this presentation may include additional information on forward- looking statements. 2

Table of Contents Page Explanatory Note on Non-GAAP Financial Information and 4 Reconciliations............................................................................................ Net Income (Loss) to Adjusted Earnings..…..........………………................ 5 Notable Items….….…………………………………………….............…….... 6 Adjusted Earnings ex. Total Notable Items by Segment…………................ 7 Variable Investment Income......................................................................... 8 Direct Expense Ratio…………..................................................................... 9 Estimated Impact from Low Interest Rates.................................................. 10 Cash & Capital............................................................................................. 11 3

Explanatory Note on Non-GAAP Financial Information and Reconciliations

Explanatory Note on Non-GAAP Financial Information Any references in this presentation (except in this Explanatory Note on Non- GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) adjusted earnings; and (ii) adjusted earnings available to common shareholders; and (iii) adjusted earnings per share. (iii) adjusted earnings available to common shareholders per diluted common share. In this presentation, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:      Non-GAAP financial measures: Comparable GAAP financial measures: (i) adjusted premiums, fees and other revenues; (i) premiums, fees and other revenues; (ii) adjusted premiums, fees and other revenues, excluding pension risk transfer (PRT); (ii) premiums, fees and other revenues; (iii) capitalization of deferred policy acquisition costs (DAC), as reported on an adjusted (iii) capitalization of DAC; basis; (iv) other expenses, as reported on an adjusted basis; (iv) other expenses; (v) adjusted earnings available to common shareholders; (v) net income (loss) available to MetLife, Inc.’s common shareholders; (vi) adjusted earnings available to common shareholders, excluding total notable items; (vi) net income (loss) available to MetLife, Inc.’s common shareholders; (vii) adjusted earnings available to common shareholders per diluted common share; (vii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (viii) adjusted earnings available to common shareholders, excluding total notable items, per (viii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted diluted common share; common share; (ix) free cash flow of all holding companies; (ix) MetLife, Inc. (parent company only) net cash provided by (used in) operating activities; (x) adjusted expense ratio; (x) expense ratio; (xi) adjusted expense ratio, excluding total notable items related to other expenses and (xi) expense ratio; PRT; (xii) direct expense ratio; and (xii) expense ratio; and (xiii) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xiii) expense ratio. 4(i)

Explanatory Note on Non-GAAP Financial Information (Continued) Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period and applied to the comparable prior period. Reconciliations of these non-GAAP financial measures to the most directly comparable historical GAAP financial measures are included in this presentation and in this period’s quarterly financial supplement and earnings news release, which are available at www.metlife.com. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income. MetLife’s definitions of the various non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders on a constant currency basis per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its Business Plan and facilitate comparisons to industry results.   Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (Divested businesses). Divested businesses also 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. In addition, for the year ended December 31, 2016, adjusted revenues and adjusted expenses exclude the financial impact of converting the Company’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods and is referred to as lag elimination. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.   4(ii)

Explanatory Note on Non-GAAP Financial Information (Continued) The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees); • Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed equity securities, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP; and • Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees). The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:   • Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments, (iii) benefits and hedging costs related to GMIBs (GMIB costs), and (iv) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments); • Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes certain amounts related to net investment income earned on contractholder-directed equity securities; • Amortization of deferred policy acquisition costs (DAC) and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments; • Amortization of negative VOBA excludes amounts related to Market value adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other expenses excludes 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. Expense ratio, direct expense ratio, adjusted expense ratio and related measures • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. 4(iii)

Explanatory Note on Non-GAAP Financial Information (Continued) The following additional information is relevant to an understanding of MetLife’s performance results: • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. • 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. 4(iv)

Reconciliations

Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2Q19 2Q18 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Share Diluted1 Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 1,684 $ 1.77 $ 845 $ 0.83 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) 61 0.06 (227) (0.22) Less: Net derivative gains (losses) 724 0.76 (59) (0.06) Less: Other adjustments to continuing operations2 (179) (0.18) (233) (0.23) Less: Provision for income tax (expense) benefit (236) (0.24) 41 0.04 Add: Net income (loss) attributable to noncontrolling interests 5 0.01 3 — Adjusted earnings available to common shareholders 1,319 1.38 1,326 1.30 Less: Total notable items (70) (0.07) (62) (0.06) Adjusted earnings available to common shareholders, excluding total notable items $ 1,389 $ 1.46 $ 1,388 $ 1.36 Adjusted earnings available to common shareholders on a constant currency basis $ 1,319 $ 1.38 $ 1,296 $ 1.27 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 1,389 $ 1.46 $ 1,358 $ 1.33 Weighted average common shares outstanding - diluted 952.9 1,023.8 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal the sum of (i) adjusted earnings available to common shareholders per diluted common share and (ii) total notable items per diluted common share. 2 Includes investment hedge adjustments. 4(vi)

Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 2Q19 Retirement and Group Income Property & Latin MetLife Corporate U.S.1 Benefits1 Solutions1 Casualty1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 732 $ 311 $ 351 $ 70 $ 359 $ 159 $ 77 $ 299 $ (307) Less: Total notable items — — — — — — — — (70) Adjusted earnings available to common shareholders, excluding total notable items $ 732 $ 311 $ 351 $ 70 $ 359 $ 159 $ 77 $ 299 $ (237) Adjusted earnings available to common shareholders on a constant currency basis $ 359 $ 159 $ 77 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 359 $ 159 $ 77 2Q18 Retirement and Group Income Property & Latin MetLife Corporate U.S.1 Benefits1 Solutions1 Casualty1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 671 $ 261 $ 347 $ 63 $ 363 $ 145 $ 86 $ 280 $ (219) Less: Total notable items — — — — — — — — (62) Adjusted earnings available to common shareholders, excluding total notable items $ 671 $ 261 $ 347 $ 63 $ 363 $ 145 $ 86 $ 280 $ (157) Adjusted earnings available to common shareholders on a constant currency basis $ 352 $ 135 $ 77 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 352 $ 135 $ 77 1Results on a constant currency basis are not included as constant currency impact is not significant. 4(vii)

Expense Detail and Ratios (In millions, except ratio data) 2015 2016 2017 2018 Q1 2019 Q2 2019 Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis Capitalization of DAC $ (3,319) $ (3,152) $ (3,002) $ (3,254) $ (812) $ (837) Less: Divested businesses and lag elimination1 120 (1) 34 (1) — — Capitalization of DAC, as reported on an adjusted basis $ (3,439) $ (3,151) $ (3,036) $ (3,253) $ (812) $ (837) Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 3,189 $ 3,274 Less: Noncontrolling interest (13) (6) (12) (10) (6) (6) Less: Regulatory implementation costs 2 1 — 11 3 7 Less: Acquisition, integration and other costs 28 64 65 24 23 6 Less: TSA fees — — — 305 68 69 Less: Divested businesses and lag elimination1 265 296 491 68 — 6 Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 3,101 $ 3,192 Other Detail and Ratios Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 3,189 $ 3,274 Capitalization of DAC (3,319) (3,152) (3,002) (3,254) (812) (837) Other expenses, net of capitalization of DAC $ 10,786 $ 10,143 $ 9,951 $ 9,673 $ 2,377 $ 2,437 Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 11,264 $ 12,019 Expense ratio 24.6% 22.9% 21.7% 18.9% 21.1% 20.3% Direct expenses $ 6,444 $ 5,754 $ 6,006 $ 5,874 $ 1,420 $ 1,485 Less: Total notable items related to direct expenses 362 79 296 214 70 88 Direct expenses, excluding total notable items related to direct expenses $ 6,082 $ 5,675 $ 5,710 $ 5,660 $ 1,350 $ 1,397 Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 3,101 $ 3,192 Capitalization of DAC, as reported on an adjusted basis (3,439) (3,151) (3,036) (3,253) (812) (837) Other expenses, net of capitalization of DAC, as reported on an adjusted basis $ 10,384 $ 9,789 $ 9,373 $ 9,276 $ 2,289 $ 2,355 Less: Total notable items related to other expenses, as reported on an adjusted basis 362 507 377 214 70 88 Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis $ 10,022 $ 9,282 $ 8,996 $ 9,062 $ 2,219 $ 2,267 Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 11,167 $ 11,900 Less: PRT 1,740 1,761 3,305 6,894 (2) 556 Adjusted premiums, fees and other revenues, excluding PRT $ 42,589 $ 42,718 $ 42,895 $ 43,884 $ 11,169 $ 11,344 Direct expense ratio 14.5% 12.9% 13.0% 11.6% 12.7% 12.5% Direct expense ratio, excluding total notable items related to direct expenses and PRT 14.3% 13.3% 13.3% 12.9% 12.1% 12.3% Adjusted expense ratio 23.4% 22.0% 20.3% 18.3% 20.5% 19.8% Adjusted expense ratio, excluding total notable items related to other expenses and PRT 23.5% 21.7% 21.0% 20.6% 19.9% 20.0% 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods. 4(viii)

Premiums, Fees and Other Revenues (In millions) 2015 2016 2017 2018 Q1 2019 Q2 2019 Total Company - Premiums, Fees and Other Revenues Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 11,264 $ 12,019 Less: Unearned revenue adjustments 7 30 12 (7) — 20 Less: GMIB fees 97 124 125 120 27 28 Less: Settlement of foreign currency earnings hedges (37) 4 22 19 2 2 Less: TSA fees — — — 305 68 69 Less: Divested businesses and lag elimination1 (496) (267) (516) 7 — — Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 11,167 $ 11,900 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods. 4(ix)

Net Income (Loss) to Adjusted Earnings ($ in millions) – Post-tax 2Q19 Net Income (Loss) $1,684 Less: Net Investment Gains (Losses)1 8 Net Derivative Gains (Losses) 572 Investment Hedge Adjustments (93) Other (122) Adjusted Earnings $1,319 1 Net investment gains (losses) includes a $140 million post-tax loss of our expected Hong Kong disposition, of which $40 million represents the net tax charge reported in provision for income tax expense (benefit). See Explanatory Note on Non-GAAP Financial Information and Reconciliations (Explanatory Note) for non-GAAP financial 5 information, definitions and/or reconciliations.

Notable Items Post-tax 2Q19 Per Share $ in millions Impact1 Adjusted Earnings $1,319 $1.38 Less Notable Items: Expense Initiative Costs (70) (0.07) Adjusted Earnings, ex. Total Notable Items $1,389 $1.46 1 The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 6

Adjusted Earnings ex. Total Notable Items by Segment ($ in millions) – Post-tax % % Change 1 2Q19 2Q18 Change (Constant Rate) Highlights Group Benefits $311 $261 19% + Expense Margins; + Volume Growth + Underwriting Margins; + Volume Growth; Retirement and Income Solutions 351 347 1% - Investment Margins Property & Casualty 70 63 11% + Underwriting Margins U.S. $732 $671 9% + Volume Growth; + Investment Margins; Asia 359 363 (1%) 2% + Taxes; - Expense Margins; - Underwriting Margins Latin America 159 145 10% 18% + Capital Markets; + Volume Growth + Underwriting Margins; + Investment Margins; EMEA 77 86 (10%) —% + Volume Growth; - Expense Margins MetLife Holdings 299 280 7% + Expense Margins Corporate & Other (237) (157) (51%) - Make-whole Fee; - Loss on a Sale; - Taxes Adjusted Earnings, ex. Total Notable Items $1,389 $1,388 —% 2% Adjusted EPS, ex. Total Notable Items $1.46 $1.36 7% 10% 1 To be discussed on MetLife, Inc.'s second quarter 2019 earnings conference call and audio webcast. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 7

Variable Investment Income (VII) ($ in millions) - Pre-tax $508 $334 $280 $268 $237 $176 $174 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H19 $200 - $250 Quarterly VII Target Range 8

Steady Progress Toward Achieving Expense Targets; 1H19 Aided by Favorable Items Direct Expense Ratio 14.3% -140bps 13.3% 13.3% 12.9% 12.3% 12.1% 2015 2016 2017 2018 1Q19 2Q19 Note: Direct expense ratio, excluding total notable items related to direct expenses and PRT. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 9

Estimated Impact from Low Interest Rates • Adjusted earnings impact from interest rate stress scenario1 largely unchanged • Free cash flow target2 holds at 1.5% to 4.5% 10-YR U.S. Treasury • Hypothetical impact if long-term interest rate assumption changes from 4.25%3: Assumption Change Impact to Net Income GAAP Loss Recognition ($ in millions - Post-tax) -25 bps $(50) No -50 bps $(100) No -75 bps $(150) No 1 As disclosed in “Item. 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 MD&A”). 2 As disclosed in the 2018 MD&A, the target average ratio of free cash flow to adjusted earnings over the two-year period of 2019 and 2020 is expected to be 65% to 75%. 3 Included in the assumptions that the Company used to measure its insurance contract liabilities, DAC and related actuarial items for its U.S. and MetLife Holdings segments, as of December 31, 2018,  is the assumption that the 10-year Treasury rate will rise to 4.25% in 8 years, by 2026, and remain level afterwards. The hypothetical impact illustrated is the estimated effect of the assumed rate of 4.25% being reduced by the amounts indicated. 10

Cash & Capital • Holding Companies Cash & Liquid Assets1 $5.4B $4.5B $4.2B $3.0B $3.2B $3.0B to $4.0B Cash Buffer 2Q18 3Q18 4Q18 1Q19 2Q19 • 2018 Combined U.S. Risk Based Capital Ratio2 of 402%; above 360% target • Japan Solvency Margin Ratio of 890% at 3/31/19 1 At quarter-end. 2 NAIC basis. 11

EX-99.4

Exhibit 99.4

For Immediate Release İ Global Communications İ MetLife, Inc.

Contacts: For Media:Ashia Razzaq

MetLife

(212) 578-1538

For Investors: John Hall

MetLife

(212) 578-7888

MetLife Announces New $2 Billion

Share Repurchase Authorization

NEW YORK, July 31, 2019 - MetLife, Inc. (NYSE: MET) today announced that its board of directors has approved a new $2 billion authorization for the company to repurchase its common stock. MetLife has approximately $20 million remaining under the $2 billion repurchase authorization announced by the company in November 2018.

Commenting on the announcement, MetLife, Inc. President and CEO Michel Khalaf said:

“This new share repurchase authorization demonstrates our continued confidence in the ability of our businesses to generate strong free cash flow. Just as important, it underscores our strong commitment to returning excess capital to our shareholders.”

###

About MetLife

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

Forward-Looking Statements 

This news release may contain or refer to forward-looking statements. Forward-looking statements give expectations or forecasts of the future using terms such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” and other terms tied to future periods. Results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are based on assumptions and expectations. They involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. The company has no obligation to correct or update any forward-looking statement. Parts of this news release may include additional information on forward-looking statements.