met-20201104

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): November 4, 2020

(Exact Name of Registrant as Specified in Its Charter)

(State or Other Jurisdiction of Incorporation)

1-15787

13-4075851

(Commission File Number)

(IRS Employer Identification No.)

200 Park Avenue,

New York,

10166-0188

(Address of Principal Executive Offices)

(Zip Code)

(Registrant’s Telephone Number, Including Area Code)

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

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


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


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


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


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

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


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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On November 4, 2020, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended September 30, 2020 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Quarterly Financial Supplement for the quarter ended September 30, 2020 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 7.01 Regulation FD Disclosure.

On November 4, 2020, MetLife, Inc. issued a supplemental slide presentation for the quarter ended September 30, 2020 (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.’s Earnings Release and Quarterly Financial Supplement for the quarter ending December 31, 2020. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 8.01 Other Events.

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

Consolidated Company Outlook

The following information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Executive Summary — Consolidated Company Outlook” included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”). There have been no material changes to our consolidated company outlook from that previously discussed in the 2019 Annual Report except as noted below.

We continue to closely monitor developments relating to the novel coronavirus COVID-19 pandemic (the “COVID-19 Pandemic”) and assess its impact on our business. The COVID-19 Pandemic continues to impact the global economy and financial markets and has caused volatility in the global equity, credit and real estate markets. Governments and businesses have taken numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, social distancing, shelter in place or total lock down orders, and business limitations and shutdowns. Some governments and businesses have begun to ease some restrictions. Others have reinstated restrictions they previously lifted. Nevertheless, these measures have disrupted and will continue to disrupt business activity and have resulted in an economic slowdown and volatility in the financial markets, to which governments and central banks around the world have responded with unprecedented fiscal and monetary policies.

In addition, a prolonged low, zero, or negative interest rate environment remains possible. The economic projections of the Board of Governors of the Federal Reserve System suggest that the current low interest rate environment will continue until 2023, and potentially longer. We believe that our investment portfolio is highly diversified and well positioned to withstand economic downturns; however, we expect that the market-related effects of the COVID-19 Pandemic, as well as the sustained low interest rate environment, will continue to have an impact across our investment portfolio. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of a Sustained Low Interest Rate Environment” included in the 2019 Annual Report for discussion of the mitigating actions the Company has taken to reduce interest rate sensitivity as market interest rates are a key driver of our results.

Events related to the COVID-19 Pandemic may continue to adversely affect our business operations, investment portfolio, derivatives, financial results or financial condition. See “Risk Factors — Pandemic Risks — The Course of the Novel Coronavirus (COVID-19) Pandemic, and Responses to It, Are Uncertain and Difficult to Predict, But Have Adversely Affected and May Continue to Adversely Affect Our Business, Results of Operations, and Financial Condition” disclosed from time to time in MetLife, Inc.’s periodic reports. We have implemented risk management and business continuity plans and taken preventive measures and other precautions, such as employee business travel restrictions and remote work arrangements which, to date, have enabled us to maintain our critical business processes, customer service levels, relationships with key vendors, financial reporting systems, internal controls over financial reporting and disclosure controls and procedures.

We granted and continue to grant certain accommodations to our customers, borrowers and lessees, including (i) waiving exclusions, such as deferred rate increases, extending premium grace periods, waiving late payment fees, and relaxing claim documentation requirements, (ii) credits on auto and insured dental premiums, (iii) payment deferrals and other loan modifications on certain commercial, agricultural and residential mortgage loans, and (iv) certain operating and direct financing lease concessions. During the nine months ended September 30, 2020, MetLife, Inc. proactively raised $3.0 billion from the capital markets ($2.0 billion of preferred stock and $1.0 billion of senior debt), providing us with additional capital flexibility in dealing with cash flow volatility related to the current environment, as well as demonstrating our ongoing access to capital markets. As of September 30, 2020, we had $7.8 billion of cash and liquid assets at the holding companies which is above the high end of our $3.0 billion to $4.0 billion holding company cash target.

In the fourth quarter of 2020, we expect to close the pending acquisition of Versant Health, Inc. for approximately $1.675 billion in an all cash transaction. In addition, we announced in September 2020 the expected repurchase of common stock remaining under MetLife, Inc.’s common stock repurchase authorization by the end of 2020. Further, in October 2020, we redeemed $1.0 billion of preferred stock. We still expect that, after all of these events, we will be above the high end of our holding company cash target.

Our capital stress testing and longstanding commitment to liquidity position us to withstand the current crisis. We have, and may continue to maintain, a higher than normal level of short-term liquidity, which may adversely affect net investment income if the reinvestment process occurs over an extended period of time. We do not expect any material liquidity deficiencies, and we expect to remain able to comply with the financial covenants of our credit agreements. We will continue reviewing accounting estimates, asset valuations and various financial scenarios for capital and liquidity. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Current Environment” and “Risk Factors” disclosed from time to time in MetLife, Inc.’s periodic reports for additional information.

As noted in our 2019 Annual Report, we expected (i) the average annual ratio of free cash flow to adjusted earnings over the two-year period of 2020 and 2021 to be 65% to 75%, assuming interest rates follow the observable forward yield curves as of December 31, 2019, including a 10-year U.S. Treasury rate between 1.5% and 4.5%, and (ii) to generate approximately $20.0 billion of free cash flow over the next five years. Equity market prices have increased during the second and third quarters of 2020, but continue to remain volatile while interest rates remain low. As a result, our ability to meet these targets could be challenged.

Assuming (i) interest rates follow the observable forward yield curves as of September 30, 2020, including a 10-year U.S. Treasury rate of 0.68% at September 30, 2020, and 0.74% at December 31, 2020, and (ii) a mid-single digit S&P Global Ratings (“S&P”) 500 equity index increase for the full year 2020, we expect the average annual ratio of free cash flow to adjusted earnings over the two-year period of 2019 and 2020 to be 65% to 75%. If, however, over the two-year period of 2020 and 2021, credit spreads and equity markets revert back to the March 31, 2020 levels, our average annual ratio of free cash flow to adjusted earnings could be 40% to 60% reflecting the impact of regulatory cash flow testing on our New York domiciled insurance entity, Metropolitan Life Insurance Company, and the related impact of the COVID-19 Pandemic on investment credit losses.

We continue to target an adjusted return on equity, excluding accumulated other comprehensive income other than foreign currency translation adjustments of 12% to 14% over the near-term under non-recessionary market conditions. However, with (i) recent macroeconomic changes and equity market volatility, (ii) actual private equity returns of negative 8% in the second quarter of 2020 and positive 7% in the third quarter of 2020, and (iii) assuming (a) interest rates follow the observable forward yield curves as of September 30, 2020, including our updated assumptions for the 10-year U.S. Treasury rates noted above, (b) a mid-single digit S&P 500 equity index increase for the full year 2020, and (c) positive low to mid-single digit private equity returns in the fourth quarter of 2020, we expect to be below the low end of the target range. This target range also included the completion of restructuring charges related to our unit cost improvement program which, as we noted in our 2019 Annual Report, is expected to result in an approximately $900 million of pre-tax expense margin expansion in 2020, or approximately a 12.3% direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers, in 2020. We remain committed to achieving this direct expense ratio in 2020 while creating additional capacity to fund over $1.0 billion in incremental technology and innovative investments to accelerate our growth over the next five years and to manage expense margins and protect profit margins in more challenging environments.

Furthermore, we remain fully committed to our Next Horizon Strategy, which was introduced at our December 2019 Investor Day.

Our outlook relies on the accuracy of our assumptions about future economic and business conditions, which can be affected by known and unknown risks and other uncertainties, such as those posed by the COVID-19 Pandemic. Due to the evolving and highly uncertain nature of the COVID-19 Pandemic, we are continually reviewing our assumptions, implementing plans, and taking precautions. As we obtain more information regarding the effects of the COVID-19 Pandemic, the effect and efficacy of efforts taken to respond to it, and the impact of these events on our business operations, investment portfolio, derivatives, financial results and financial condition, we may revise our outlook. Additional guidance from the U.S. Treasury, the U.S. Securities and Exchange Commission or the Financial Accounting Standards Board may also require us to revise our outlook in future periods.

Forward-Looking Statements and Other Financial Information

The forward-looking statements in this Item 8.01 of MetLife’s Current Report on Form 8-K such as “accelerate,” “anticipate,” “assuming,” “believe,” “can be affected,” “committed to,” “continue,” “could,” “expect,” “if,” “may,” “next,” “possible,” “potential,” “project,” “remain,” “target,” “well positioned,” and “will” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

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

Item 9.01 Financial Statements and Exhibits.


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


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

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: November 4, 2020

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES THIRD QUARTER 2020 RESULTS

NEW YORK, Nov. 4, 2020 - MetLife, Inc. (NYSE: MET) today announced its third quarter 2020 results.

Third Quarter Results Summary

•Net income of $633 million, or $0.69 per share, compared to net income of $2.2 billion, or $2.30 per share in the third quarter of 2019.

•Adjusted earnings of $1.6 billion, or $1.73 per share, compared to adjusted earnings of $1.2 billion, or $1.27 per share in the third quarter of 2019.

•Adjusted earnings, excluding total notable items, of $1.8 billion, or $1.95 per share, compared to adjusted earnings, excluding total notable items, of $1.4 billion, or $1.54 per share in the third quarter of 2019.

•Book value of $76.20 per share, up 8 percent from $70.71 per share at September 30, 2019.

•Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $53.10 per share, up 9 percent from $48.56 per share at September 30, 2019.

•Return on equity (ROE) of 3.6 percent.

•Adjusted ROE, excluding AOCI other than FCTA, of 13.2 percent.

•Holding company cash and liquid assets of $7.8 billion at September 30, 2020, which is well above our target cash buffer of $3.0 - $4.0 billion.

“In what continues to be a challenging environment, MetLife delivered strong financial performance in the third quarter with adjusted earnings per share growing 36 percent year over year,” said MetLife President and CEO Michel Khalaf. “Variable investment income rebounded sharply, the diversity of our businesses was evident in our underwriting results, and we demonstrated strong expense discipline. We were also pleased to resume share repurchases in the third quarter.”

Third Quarter 2020 Summary


($ in millions, except per share data)	Three months ended September 30,
	2020			2019			Change
Premiums, fees and other revenues	$	11,887		$	12,640		(6)%
Net investment income	4,729			4,623			2%
Net investment gains (losses)	(20)			161
Net derivative gains (losses)	(581)			1,254
Total revenues	$	16,015		$	18,678		(14)%

Total adjusted revenues	$	16,508		$	16,918		(2)%
Adjusted premiums, fees and other revenues	$	11,820		$	12,445		(5)%
Adjusted premiums, fees and other revenues, excluding pension risk transfer (PRT)	$	11,333		$	11,152		2%

Net income (loss)	$	633		$	2,152		(71)%
Net income (loss) per share	$	0.69		$	2.30		(70)%

Adjusted earnings	$	1,578		$	1,190		33%
Adjusted earnings per share	$	1.73		$	1.27		36%
Adjusted earnings, excluding total notable items	$	1,781		$	1,438		24%
Adjusted earnings, excluding total notable items per share	$	1.95		$	1.54		27%



Book value per share	$	76.20		$	70.71		8%
Book value per share, excluding AOCI other than FCTA	$	53.10		$	48.56		9%

Expense ratio	18.4		%	19.2		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	11.4		%	12.2		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	18.8		%	19.9		%

ROE	3.6		%	13.7		%
Adjusted ROE, excluding AOCI other than FCTA	13.2		%	10.7		%
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA)	14.9		%	12.9		%

MetLife reported third quarter 2020 premiums, fees and other revenues of $11.9 billion, down 6 percent over the third quarter of 2019. Adjusted premiums, fees and other revenues were $11.8 billion, down 5 percent, and down 4 percent on a constant currency basis from the prior-year period.

Net investment income was $4.7 billion, up 2 percent from the third quarter of 2019. Adjusted net investment income was $4.7 billion, up 5 percent from the prior-year period. The increase in net investment income was primarily driven by higher private equity returns.

Net derivative losses amounted to $581 million, or $459 million after tax during the quarter, driven by higher long-term interest rates and stronger equity markets.

Net income was $633 million, compared to net income of $2.2 billion in the third quarter of 2019. On a per share basis, net income was $0.69, compared to net income of $2.30 in the prior-year period.

MetLife reported adjusted earnings of $1.6 billion, up 33 percent, and up 35 percent on a constant currency basis, from the third quarter of 2019. On a per share basis, adjusted earnings were $1.73, up 36 percent from the prior-year period.

Annual Actuarial Assumption Review

In the third quarter of 2020, MetLife performed the company's annual global actuarial assumption review. The actuarial assumption review during the quarter reduced net income and adjusted earnings by $301 million and $203 million, respectively.

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 third quarter of 2020, titled "3Q20 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 release.

Adjusted Earnings by Segment Summary*


	Three months ended September 30, 2020
Segment	Change from prior-year period	Change from prior-year period (on a constant currency basis)
U.S.	27%
Asia	33%	31%
Latin America	(75)%	(71)%
Europe, the Middle East and Africa (EMEA)	(2)%	2%
MetLife Holdings	70%

*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 third quarter of 2020 in the business discussions that follow are with the third quarter of 2019, unless otherwise noted. The third quarter of 2020 notable items table follows the Business Discussions section of this release.


($ in millions)	Three months ended September 30, 2020	Three months ended September 30, 2019	Change
Adjusted earnings	$900	$707	27%
Adjusted premiums, fees and other revenues	$6,833	$7,391	(8)%
Adjusted premiums, fees and other revenues, excluding PRT	$6,346	$6,098	4%
Notable item(s)	$0	$0

•Adjusted earnings were $900 million, up 27 percent, driven by an increase in variable investment income and volume growth.

•Adjusted return on allocated equity was 32.5 percent, and adjusted return on allocated tangible equity was 37.3 percent.

•Adjusted premiums, fees and other revenues were $6.8 billion, down 8 percent.


($ in millions)	Three months ended September 30, 2020	Three months ended September 30, 2019	Change
Adjusted earnings	$392	$366	7%
Adjusted premiums, fees and other revenues	$4,901	$4,582	7%
Notable item(s)	$0	$0

•Adjusted earnings were $392 million, up 7 percent, driven by volume growth. Underwriting was mixed with favorable non-medical health largely offset by higher mortality.

•Adjusted premiums, fees and other revenues were $4.9 billion, up 7 percent, due to growth across markets, as well as a partial release of the unearned dental premium reserve established in the second quarter of 2020.

•Sales were down 13 percent year-to-date due to lower jumbo case activity compared to the first three quarters of 2019.

Retirement and Income Solutions


($ in millions)	Three months ended September 30, 2020	Three months ended September 30, 2019	Change
Adjusted earnings	$490	$284	73%
Adjusted premiums, fees and other revenues	$1,024	$1,878	(45)%
Adjusted premiums, fees and other revenues, excluding PRT	$537	$585	(8)%
Notable item(s)	$0	$0

•Adjusted earnings were $490 million, up 73 percent, driven by favorable investment margins, mainly from higher variable investment income, as well as favorable underwriting and volume growth.

•Adjusted premiums, fees and other revenues were $1.0 billion, down 45 percent, primarily due to lower pension risk transfer activity.

•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $537 million, down 8 percent, driven by lower structured settlement and institutional income annuity sales.

•Sales were up 40 percent year-to-date, primarily driven by higher sales of stable value products.


($ in millions)	Three months ended September 30, 2020	Three months ended September 30, 2019	Change
Adjusted earnings	$18	$57	(68)%
Adjusted premiums, fees and other revenues	$908	$931	(2)%
Notable item(s)	$0	$0

•Adjusted earnings were $18 million, down 68 percent, driven by catastrophe losses.

•Adjusted premiums, fees and other revenues were $908 million, down 2 percent.

•Pre-tax catastrophe losses and prior year development totaled $175 million, compared to $64 million in the prior-year period.

•Sales were $105 million, down 34 percent, primarily driven by lower quote activity.


($ in millions)	At or for the three months ended September 30, 2020	At or for the three months ended September 30, 2019	Change
Adjusted earnings	$465	$349	33%
Adjusted earnings (constant currency)	$465	$354	31%
Adjusted premiums, fees and other revenues	$2,265	$2,098	8%
Notable item(s)	$(28)	$(19)
General account assets under management (at amortized cost)	$125,171	$117,917	6%

•Adjusted earnings were $465 million, up 33 percent, and up 31 percent on a constant currency basis, driven by an increase in variable investment income, favorable underwriting, expense margins and volume growth, partially offset by a negative impact from the annual actuarial assumption review.

•Excluding notable items from both periods, adjusted earnings were up 34 percent, and up 32 percent on a constant currency basis, driven by an increase in variable investment income, favorable underwriting, expense margins and volume growth.

•Adjusted return on allocated equity was 13.0 percent, and adjusted return on allocated tangible equity was 19.6 percent.

•Adjusted premiums, fees and other revenues were $2.3 billion, up 8 percent, and up 7 percent on a constant currency basis, driven by actuarial assumption updates.

•General account assets under management (at amortized cost) were $125.2 billion, up 6 percent, and up 4 percent on a constant currency basis.

•Sales were $559 million, down 16 percent on a constant currency basis.


($ in millions)	Three months ended September 30, 2020	Three months ended September 30, 2019	Change
Adjusted earnings	$39	$155	(75)%
Adjusted earnings (constant currency)	$39	$135	(71)%
Adjusted premiums, fees and other revenues	$761	$967	(21)%
Notable item(s)	$(9)	$10

•Adjusted earnings were $39 million, down 75 percent and down 71 percent on a constant currency basis, primarily driven by unfavorable underwriting as a result of COVID-19. The other contributors were lower Chilean encaje returns and a negative impact from the annual actuarial assumption review.

•Excluding notable items from both periods, adjusted earnings were down 67 percent, and down 62 percent on a constant currency basis, primarily driven by unfavorable underwriting as a result of COVID-19. Lower Chilean encaje returns also contributed.

•Adjusted return on allocated equity was 5.1 percent, and adjusted return on allocated tangible equity was 8.3 percent.

•Adjusted premiums, fees and other revenues were $761 million, down 21 percent, and down 11 percent on a constant currency basis, driven by lower sales in Chile of single-premium income annuities.

•Sales were $154 million, down 21 percent on a constant currency basis, as COVID-19 related challenges impacted most of the region.


($ in millions)	Three months ended September 30, 2020	Three months ended September 30, 2019	Change
Adjusted earnings	$52	$53	(2)%
Adjusted earnings (constant currency)	$52	$51	2%
Adjusted premiums, fees and other revenues	$680	$656	4%
Notable item(s)	$(31)	$(13)

•Adjusted earnings were $52 million, down 2 percent, and up 2 percent on a constant currency basis, primarily driven by favorable underwriting, expense margins and volume growth, offset by a negative impact from the annual actuarial assumption review.

•Excluding notable items from both periods, adjusted earnings were up 26 percent, and up 30 percent on a constant currency basis, primarily driven by favorable underwriting, expense margins and volume growth.

•Adjusted return on allocated equity was 7.3 percent, and adjusted return on allocated tangible equity was 12.9 percent.

•Adjusted premiums, fees and other revenues were $680 million, up 4 percent, and up 3 percent on a constant currency basis.

•Sales were $208 million, up 2 percent on a constant currency basis.


($ in millions)	Three months ended September 30, 2020	Three months ended September 30, 2019	Change
Adjusted earnings	$253	$149	70%
Adjusted premiums, fees and other revenues	$1,206	$1,261	(4)%
Notable item(s)	$(135)	$(138)

•Adjusted earnings were $253 million, up 70 percent.

•Excluding notable items from both periods, adjusted earnings were up 35 percent, driven primarily by an increase in variable investment income and favorable long-term care underwriting.

•Adjusted return on allocated equity was 10.2 percent, and adjusted return on allocated tangible equity was 11.4 percent.

•Adjusted premiums, fees and other revenues were $1.2 billion, down 4 percent.


($ in millions)	Three months ended September 30, 2020	Three months ended September 30, 2019	Change
Adjusted earnings	$(131)	$(223)
Notable item(s)	$0	$(88)

•Corporate & Other had an adjusted loss of $131 million, compared to an adjusted loss of $223 million in the third quarter of 2019. The notable item in the prior-year period is related to the company's completed cost saving initiative.


($ in millions)	Three months ended September 30, 2020	Three months ended September 30, 2019	Change
Adjusted net investment income	$4,688	$4,473	5%

•Adjusted net investment income was $4.7 billion, up 5 percent. Variable investment income was $652 million, compared to $326 million in the third quarter of 2019, primarily driven by higher private equity returns.

THIRD QUARTER 2020 NOTABLE ITEMS


($ in millions)	Adjusted Earnings
	Three months ended September 30, 2020
Notable Items	U.S.			Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions	Property & Casualty

Actuarial assumption review and other insurance adjustments				$(28)	$(9)	$(31)	$(135)		$(203)




Total notable items	$0	$0	$0	$(28)	$(9)	$(31)	$(135)	$0	$(203)

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

For Investors: John Hall (212) 578-7888

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 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

MetLife will hold its third quarter 2020 earnings conference call and audio webcast on Thursday, November 5, 2020, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 844-291-6362 (U.S.) or 234-720-6995 (outside the U.S.). The participant access code is 2510803. To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 10 a.m. (ET) on Thursday, November 5, 2020, until Thursday, November 12, 2020, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 866-207-1041 (U.S.) or 402-970-0847 (outside the U.S.). The access code for the replay is 9289472. To access the replay of the conference call over the internet, visit the above-mentioned website.

Non-GAAP and Other Financial Disclosures

Any references in this news release (except in this section and the tables that accompany this release) to:

should be read as, respectively:

(i)

net income (loss);

(i)

net income (loss) available to MetLife, Inc.’s common shareholders;

(ii)

net income (loss) per share;

(ii)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;

(iii)

adjusted earnings;

(iii)

adjusted earnings available to common shareholders;

(iv)

adjusted earnings per share;

(iv)

adjusted earnings available to common shareholders per diluted common share;

(v)

book value per share;

(v)

book value per common share;

(vi)

book value per share, excluding AOCI other than FCTA;

(vi)

book value per common share, excluding AOCI other than FCTA;

(vii)

book value per share-tangible common stockholders’ equity;

(vii)

book value per common share-tangible common stockholders’ equity;

(viii)

return on equity;

(viii)

return on MetLife, Inc.’s common stockholders’ equity;

(ix)

adjusted return on equity, excluding AOCI other than FCTA; and

(ix)

adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA; and

(x)

adjusted tangible return on equity.

(x)

adjusted return on MetLife, Inc.’s tangible common stockholders’ equity.

In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding 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)

total adjusted revenues;

(i)

total revenues;

(ii)

total adjusted expenses;

(ii)

total expenses;

(iii)

adjusted premiums, fees and other revenues;

(iii)

premiums, fees and other revenues;

(iv)

adjusted premiums, fees and other revenues, excluding PRT;

(iv)

premiums, fees and other revenues;

(v)

adjusted earnings;

(v)

net income (loss)

(vi)

adjusted net investment income;

(vi)

net investment income;

(vii)

adjusted capitalization of deferred policy acquisition costs (DAC);

(vii)

capitalization of DAC;

(viii)

adjusted earnings available to common shareholders;

(viii)

net income (loss) available to MetLife, Inc.’s common shareholders;

(ix)

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

(ix)

net income (loss) available to MetLife, Inc.’s common shareholders;

(x)

adjusted earnings available to common shareholders per diluted common share;

(x)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;

(xi)

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

(xi)

net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;

(xii)

adjusted return on equity;

(xii)

return on equity;

(xiii)

adjusted return on equity, excluding AOCI other than FCTA;

(xiii)

return on equity;

(xiv)

adjusted return on equity, excluding total notable items (excludes 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;

(xxiv)

free cash flow of all holding companies;

(xxiv)

MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;

(xxv)

adjusted other expenses;

(xxv)

other expenses;

(xxvi)

adjusted other expenses, net of adjusted capitalization of DAC;

(xxvi)

other expenses, net of capitalization of DAC;

(xxvii)

adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses;

(xxvii)

other expenses, net of capitalization of DAC;

(xxviii)

adjusted expense ratio;

(xxviii)

expense ratio;

(xxix)

adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT;

(xxix)

expense ratio;

(xxx)

direct expenses;

(xxx)

other expenses;

(xxxi)

direct expenses, excluding total notable items related to direct expenses;

(xxxi)

other expenses;

(xxxii)

direct expense ratio; and

(xxxii)

expense ratio; and

(xxxiii)

direct expense ratio, excluding total notable items related to direct expenses and PRT.

(xxxiii)

expense ratio.

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

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

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

Adjusted earnings and related measures

•adjusted earnings;

•adjusted earnings available to common shareholders;

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

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

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

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

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

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

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

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.

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

Adjusted revenues and adjusted expenses

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

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

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

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

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

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

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

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

•Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (PAB hedge adjustments) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (Unit-linked contract costs);

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

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

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

•Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (Regulatory implementation costs), and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

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

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 and goodwill impairment, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

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

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

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

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

•Adjusted return on MetLife, Inc.'s common stockholders' equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity.

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

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

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

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

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 components of, or 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.

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

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

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

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

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

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

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

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

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

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

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

GA AUM is used by MetLife to describe assets in its GA investment portfolio which are actively managed and stated at estimated fair value. GA AUM is comprised of GA total investments and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife’s GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) 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 (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. GA AUM (at amortized cost) is presented net of related allowance for credit loss.

Statistical sales information:

◦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.


MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
(In millions)

	For the Three Months Ended
	September 30,
	2020		2019
Revenues
Premiums	$	9,935	$	10,781
Universal life and investment-type product policy fees	1,497		1,440
Net investment income	4,729		4,623
Other revenues	455		419
Net investment gains (losses)	(20)		161
Net derivative gains (losses)	(581)		1,254
Total revenues	16,015		18,678

Expenses
Policyholder benefits and claims	10,000		10,648
Interest credited to policyholder account balances	1,416		1,500
Policyholder dividends	206		296

Capitalization of DAC	(764)		(882)
Amortization of DAC and VOBA	1,066		797
Amortization of negative VOBA	(15)		(4)
Interest expense on debt	229		223
Other expenses	2,954		3,309
Total expenses	15,092		15,887

Income (loss) before provision for income tax	923		2,791
Provision for income tax expense (benefit)	214		601


Net income (loss)	709		2,190
Less: Net income (loss) attributable to noncontrolling interests	3		6
Net income (loss) attributable to MetLife, Inc.	706		2,184
Less: Preferred stock dividends	59		32
Preferred stock redemption premium	14		—
Net income (loss) available to MetLife, Inc.'s common shareholders	$	633	$	2,152

See footnotes on last page.


MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)

	For the Three Months Ended
	September 30,
	2020			2019
Expense Detail and Ratios

Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC	$	(764)		$	(882)
Less: Divested businesses	—			(11)
Adjusted capitalization of DAC	$	(764)		$	(871)

Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses	$	2,954		$	3,309
Less: Noncontrolling interests	(4)			(8)
Less: Regulatory implementation costs	6			5
Less: Acquisition, integration and other costs	7			8
Less: TSA fees	39			69
Less: Divested businesses	7			36
Adjusted other expenses	$	2,899		$	3,199

Other Detail and Ratios
Other expenses	$	2,954		$	3,309
Capitalization of DAC	(764)			(882)
Other expenses, net of capitalization of DAC	$	2,190		$	2,427

Premiums, fees and other revenues	$	11,887		$	12,640

Expense ratio	18.4		%	19.2		%

Direct expenses	$	1,288		$	1,475
Less: Total notable items related to direct expenses (2)	—			111
Direct expenses, excluding total notable items related to direct expenses (2)	$	1,288		$	1,364

Adjusted other expenses	$	2,899		$	3,199
Adjusted capitalization of DAC	(764)			(871)
Adjusted other expenses, net of adjusted capitalization of DAC	2,135			2,328
Less: Total notable items related to adjusted other expenses (2)	—			111
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2)	$	2,135		$	2,217

Adjusted premiums, fees and other revenues	$	11,820		$	12,445
Less: PRT	487			1,293
Adjusted premiums, fees and other revenues, excluding PRT	$	11,333		$	11,152

Direct expense ratio	10.9		%	11.9		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)	11.4		%	12.2		%
Adjusted expense ratio	18.1		%	18.7		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2)	18.8		%	19.9		%

See footnotes on last page.


MetLife, Inc.
(Unaudited)
(In millions, except per share data)
	For the Three Months Ended
	September 30,
Equity Details	2020		2019
Total MetLife, Inc.'s stockholders' equity	$	73,316	$	68,368
Less: Preferred stock	4,312		3,340
MetLife, Inc.'s common stockholders' equity	69,004		65,028
Less: Net unrealized investment gains (losses), net of income tax	22,869		22,330
Defined benefit plans adjustment, net of income tax	(1,954)		(1,961)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	48,089		44,659
Less: Goodwill, net of income tax	9,021		8,955
VODA and VOCRA, net of income tax	253		279
Total MetLife, Inc.'s tangible common stockholders' equity	$	38,815	$	35,425

	September 30,
	2020		2019
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	48,089	$	44,659
Less: Accumulated year-to-date total notable items (2)	(203)		(373)
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	48,292		45,032
Less: Goodwill, net of income tax	9,021		8,955
VODA and VOCRA, net of income tax	253		279
Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2)	$	39,018	$	35,798

	September 30,
Book Value (4)	2020		2019
Book value per common share	$	76.20	$	70.71
Less: Net unrealized investment gains (losses), net of income tax	25.26		24.28
Defined benefit plans adjustment, net of income tax	(2.16)		(2.13)
Book value per common share, excluding AOCI other than FCTA	53.10		48.56
Less: Goodwill, net of income tax	9.96		9.74
VODA and VOCRA, net of income tax	0.28		0.30
Book value per common share - tangible common stockholders' equity	$	42.86	$	38.52

Common shares outstanding, end of period	905.6		919.6


	For the Three Months Ended
	September 30,
Average Common Stockholders' Equity	2020		2019
Average common stockholders' equity	$	70,193	$	62,750
Average common stockholders' equity, excluding AOCI other than FCTA	$	47,763	$	44,367
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	47,864	$	44,616
Average tangible common stockholders' equity	$	38,539	$	35,070
Average tangible common stockholders' equity, excluding total notable items (2)	$	38,640	$	35,319

See footnotes on last page.


MetLife, Inc.
(Unaudited)
(In millions)

	For the Three Months Ended
	September 30, 2020		June 30, 2020
Variable investment income (post-tax)
U.S.
Group Benefits	$	6	$	3
Retirement & Income Solutions	164		(122)
Property & Casualty	16		(9)
Total U.S.	$	186	$	(128)
Asia	148		(77)
Latin America	(3)		(7)
EMEA	—		—
MetLife Holdings	172		(161)
Corporate & Other	12		(65)
Total variable investment income	$	515	$	(438)

See footnotes on last page.


MetLife, Inc.
(Unaudited)

Cash & Capital (7), (8)
(In billions)

		September 30,
		2020		2019
Holding Companies Cash & Liquid Assets		$	7.8	$	3.5









Footnotes

(1)	Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

(2)	Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively.

(3)	Results on a constant currency basis are not included as constant currency impact is not significant.



(4)	Book values exclude $4,312 million and $3,340 million of equity related to preferred stock at September 30, 2020 and 2019, respectively.

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

(6)	Adjusted earnings available to common shareholders used to calculate the return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended September 30, 2020 and 2019 of $7 million and $9 million, respectively.

(7)	The total U.S. statutory adjusted capital is expected to be approximately $21 billion at September 30, 2020. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.

(8)	As of June 30, 2020 the solvency margin ratio of MetLife's insurance subsidiary in Japan was 892%, which is calculated quarterly and does not reflect conditions and factors occurring after June 30, 2020.


99.1			News release of MetLife, Inc., dated November 4, 2020, announcing its results for the quarter ended September 30, 2020


99.2			Quarterly Financial Supplement for the quarter ended September 30, 2020


99.3			Supplemental Slides for the quarter ended September 30, 2020



			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; and 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 Unrealized Gains and Losses Aging Schedule: Fixed Maturity Securities Available-for-Sale			32
			Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type			33
			Footnotes			34

			APPENDIX
			Reconciliation Detail			A-1
			Notable Items			A-2
			Equity Details, Book Value Details and Return on Equity			A-3
			Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis			A-4






			Non-GAAP and Other Financial Disclosures			A-5
			Acronyms			A-8



METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020			September 30, 2020		September 30, 2019		September 30, 2020

Revenues
Premiums		$	10,781	$	11,920	$	9,466	$	8,736		$	9,935	$	30,315	$	28,137
Universal life and investment-type product policy fees		1,440		1,386		1,431		1,299			1,497		4,217		4,227
Net investment income		4,623		4,644		3,061		4,087			4,729		14,224		11,877
Other revenues		419		451		439		456			455		1,391		1,350
Net investment gains (losses)		161		207		(288)		231			(20)		237		(77)
Net derivative gains (losses)		1,254		(1,465)		4,201		(710)			(581)		2,093		2,910
Total revenues		18,678		17,143		18,310		14,099			16,015		52,477		48,424

Expenses
Policyholder benefits and claims		10,648		11,748		9,022		8,667			10,000		29,713		27,689
Interest credited to policyholder account balances		1,500		1,488		80		1,962			1,416		4,976		3,458
Policyholder dividends		296		313		292		290			206		898		788

Capitalization of DAC		(882)		(827)		(774)		(671)			(764)		(2,531)		(2,209)
Amortization of DAC and VOBA		797		786		788		560			1,066		2,110		2,414
Amortization of negative VOBA		(4)		(9)		(10)		(10)			(15)		(24)		(35)
Interest expense on debt		223		224		222		232			229		731		683
Other expenses		3,309		3,457		3,047		2,872			2,954		9,772		8,873
Total expenses		15,887		17,180		12,667		13,902			15,092		45,645		41,661
Income (loss) before provision for income tax		2,791		(37)		5,643		197			923		6,832		6,763
Provision for income tax expense (benefit)		601		(625)		1,242		47			214		1,511		1,503


Net income (loss)		2,190		588		4,401		150			709		5,321		5,260
Less: Net income (loss) attributable to noncontrolling interests		6		(5)		3		5			3		15		11
Net income (loss) attributable to MetLife, Inc.		2,184		593		4,398		145			706		5,306		5,249
Less: Preferred stock dividends		32		57		32		77			59		121		168
Preferred stock redemption premium		—		—		—		—			14		—		14
Net income (loss) available to MetLife, Inc.'s common shareholders		$	2,152	$	536	$	4,366	$	68		$	633	$	5,185	$	5,067

Premiums, fees and other revenues		$	12,640	$	13,757	$	11,336	$	10,491		$	11,887	$	35,923	$	33,714



METLIFE CORPORATE OVERVIEW


	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020

Net income (loss) available to MetLife, Inc.'s common shareholders	$	2,152	$	536	$	4,366	$	68	$	633
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	161		207		(288)		231		(20)
Less: Net derivative gains (losses)	1,254		(1,465)		4,201		(710)		(581)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(107)		(418)		(65)		(357)		(522)
Less: Provision for income tax (expense) benefit	(340)		373		(928)		151		195

Add: Net income (loss) attributable to noncontrolling interests	6		(5)		3		5		3
Add: Preferred stock redemption premium	—		—		—		—		14
Adjusted earnings available to common shareholders	1,190		1,834		1,449		758		1,578
Less: Total notable items (2)	(248)		420		—		—		(203)
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,438	$	1,414	$	1,449	$	758	$	1,781

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	2.30	$	0.58	$	4.75	$	0.07	$	0.69

Less: Net investment gains (losses)	0.17		0.22		(0.31)		0.25		(0.02)
Less: Net derivative gains (losses)	1.34		(1.58)		4.57		(0.78)		(0.64)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.11)		(0.45)		(0.08)		(0.39)		(0.57)
Less: Provision for income tax (expense) benefit	(0.36)		0.40		(1.01)		0.17		0.21

Add: Net income (loss) attributable to noncontrolling interests	0.01		(0.01)		—		0.01		—
Add: Preferred stock redemption premium	—		—		—		—		0.02
Adjusted earnings available to common shareholders per diluted common share	1.27		1.98		1.58		0.83		1.73
Less: Total notable items per diluted common share (2)	(0.26)		0.45		—		—		(0.22)
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	1.54	$	1.53	$	1.58	$	0.83	$	1.95

	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020

Notable items impacting adjusted earnings available to common shareholders (2):


Actuarial assumption review and other insurance adjustments	$	(160)	$	—	$	—	$	—	$	(203)

Expense initiative costs	(88)		(119)		—		—		—

Interest on tax adjustments	—		64		—		—		—
Tax adjustments	—		475		—		—		—
Total notable items	$	(248)	$	420	$	—	$	—	$	(203)



Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):


Actuarial assumption review and other insurance adjustments	$	(0.17)	$	—	$	—	$	—	$	(0.22)

Expense initiative costs	$	(0.09)	$	(0.13)	$	—	$	—	$	—

Interest on tax adjustments	$	—	$	0.07	$	—	$	—	$	—
Tax adjustments	$	—	$	0.51	$	—	$	—	$	—
Total notable items	$	(0.26)	$	0.45	$	—	$	—	$	(0.22)



	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020
Weighted average common shares outstanding - diluted	936.4		925.7		920.0		913.1		913.7

(1)See Page A-1 for further detail.
(2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.



METLIFE CORPORATE OVERVIEW (CONTINUED)

Unaudited	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020

Book value per common share (1)	$	70.71		$	68.62		$	72.62		$	78.65		$	76.20
Book value per common share, excluding AOCI other than FCTA (1)	$	48.56		$	48.97		$	52.36		$	52.27		$	53.10
Book value per common share - tangible common stockholders' equity (1)	$	38.52		$	38.86		$	42.33		$	42.16		$	42.86


	For the Three Months Ended
Unaudited	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020
Return on MetLife, Inc.'s (2):
Common stockholders' equity	13.7		%	3.4		%	27.1		%	0.4		%	3.6		%



Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	7.6		%	11.5		%	9.0		%	4.4		%	9.0		%
Common stockholders' equity, excluding AOCI other than FCTA	10.7		%	16.4		%	12.6		%	6.4		%	13.2		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	12.9		%	12.6		%	12.6		%	6.4		%	14.9		%
Tangible common stockholders' equity	13.7		%	20.7		%	15.8		%	8.0		%	16.5		%



	For the Three Months Ended
Unaudited (In millions)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020

Common shares outstanding, beginning of period	935.9			919.6			915.3			907.6			907.6
Share repurchases	(17.1)			(5.1)			(10.6)			—			(2.1)
Newly issued shares	0.8			0.8			2.9			—			0.1
Common shares outstanding, end of period	919.6			915.3			907.6			907.6			905.6

Weighted average common shares outstanding - basic	929.6			918.7			914.1			908.8			908.7

Dilutive effect of the exercise or issuance of stock-based awards	6.8			7.0			5.9			4.3			5.0



Weighted average common shares outstanding - diluted	936.4			925.7			920.0			913.1			913.7

MetLife Policyholder Trust Shares	142.8			140.7			139.2			138.4			137.3

(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-3 for further detail.
(3)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.



METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS




	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Total revenues	$	18,678	$	17,143	$	18,310	$	14,099	$	16,015	$	52,477	$	48,424
Less: Net investment gains (losses)	161		207		(288)		231		(20)		237		(77)
Less: Net derivative gains (losses)	1,254		(1,465)		4,201		(710)		(581)		2,093		2,910
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	59		18		18		5		2		79		25
Less: Other adjustments to revenues:
GMIB fees	27		26		26		25		26		82		77
Investment hedge adjustments	(121)		(125)		(138)		(188)		(229)		(344)		(555)

Operating joint venture adjustments	—		—		—		—		—		—		—
Unit-linked contract income	250		228		(1,140)		818		262		1,247		(60)
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(2)		(5)		(4)		(1)		—		(10)		(5)
Settlement of foreign currency earnings hedges	3		2		—		—		—		7		—
TSA fees	69		40		42		39		39		206		120
Divested businesses	60		63		56		35		8		60		99
Total adjusted revenues	$	16,918	$	18,154	$	15,537	$	13,845	$	16,508	$	48,820	$	45,890

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Net investment income	$	4,623	$	4,644	$	3,061	$	4,087	$	4,729	$	14,224	$	11,877
Less: Adjustments to net investment income:
Investment hedge adjustments	(121)		(125)		(138)		(188)		(229)		(344)		(555)
Operating joint venture adjustments	—		—		—		—		—		—		—
Unit-linked contract income	250		228		(1,140)		818		262		1,247		(60)
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(2)		(5)		(4)		(1)		—		(10)		(5)
Divested businesses	23		24		22		14		8		23		44
Adjusted net investment income	$	4,473	$	4,522	$	4,321	$	3,444	$	4,688	$	13,308	$	12,453

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Variable investment income (Included in net investment income above)	$	326	$	327	$	351	$	(555)	$	652	$	834	$	448

	For the Three Months Ended										For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Premiums, fees and other revenues	$	12,640	$	13,757	$	11,336	$	10,491	$	11,887	$	35,923	$	33,714
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	59		18		18		5		2		79		25
GMIB fees	27		26		26		25		26		82		77
Settlement of foreign currency earnings hedges	3		2		—		—		—		7		—
TSA fees	69		40		42		39		39		206		120
Divested businesses	37		39		34		21		—		37		55
Adjusted premiums, fees and other revenues	$	12,445	$	13,632	$	11,216	$	10,401	$	11,820	$	35,512	$	33,437
Adjusted premiums, fees and other revenues, on a constant currency basis	$	12,359	$	13,580	$	11,219	$	10,490	$	11,820



METLIFE EXPENSE DETAIL AND RATIOS





	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			September 30, 2019			September 30, 2020
Other expenses	$	3,309		$	3,457		$	3,047		$	2,872		$	2,954		$	9,772		$	8,873
Capitalization of DAC	(882)			(827)			(774)			(671)			(764)			(2,531)			(2,209)
Other expenses, net of capitalization of DAC	$	2,427		$	2,630		$	2,273		$	2,201		$	2,190		$	7,241		$	6,664

Premiums, fees and other revenues	$	12,640		$	13,757		$	11,336		$	10,491		$	11,887		$	35,923		$	33,714

Expense ratio	19.2		%	19.1		%	20.1		%	21.0		%	18.4		%	20.2		%	19.8		%

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			September 30, 2019			September 30, 2020
Adjusted other expenses by major category
Direct expenses	$	1,475		$	1,597		$	1,344		$	1,287		$	1,288		$	4,380		$	3,919
Pension, postretirement and postemployment benefit costs	57			63			39			37			37			170			113
Premium taxes, other taxes, and licenses & fees	164			165			193			176			194			508			563
Commissions and other variable expenses	1,503			1,461			1,405			1,317			1,380			4,434			4,102
Adjusted other expenses	3,199			3,286			2,981			2,817			2,899			9,492			8,697
Adjusted capitalization of DAC	(871)			(818)			(771)			(669)			(764)			(2,520)			(2,204)
Adjusted other expenses, net of adjusted capitalization of DAC	2,328			2,468			2,210			2,148			2,135			6,972			6,493
Less: Total notable items related to adjusted other expenses (1)	111			69			—			—			—			269			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,217		$	2,399		$	2,210		$	2,148		$	2,135		$	6,703		$	6,493

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			September 30, 2019			September 30, 2020
Employee related costs	$	871		$	948		$	866		$	840		$	865		$	2,709		$	2,571
Third party staffing costs	422			536			343			300			306			1,216			949
General and administrative expenses	182			113			135			147			117			455			399
Direct expenses	1,475			1,597			1,344			1,287			1,288			4,380			3,919
Less: Total notable items related to direct expenses (1)	111			69			—			—			—			269			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,364		$	1,528		$	1,344		$	1,287		$	1,288		$	4,111		$	3,919

Adjusted other expenses, net of adjusted capitalization of DAC	$	2,328		$	2,468		$	2,210		$	2,148		$	2,135		$	6,972		$	6,493
Less: Total notable items related to adjusted other expenses (1)	111			69			—			—			—			269			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,217		$	2,399		$	2,210		$	2,148		$	2,135		$	6,703		$	6,493

Adjusted premiums, fees and other revenues	$	12,445		$	13,632		$	11,216		$	10,401		$	11,820		$	35,512		$	33,437
Less: PRT	1,293			2,499			(9)			(6)			487			1,847			472
Adjusted premiums, fees and other revenues, excluding PRT	$	11,152		$	11,133		$	11,225		$	10,407		$	11,333		$	33,665		$	32,965

Direct expense ratio	11.9		%	11.7		%	12.0		%	12.4		%	10.9		%	12.3		%	11.7		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.2		%	13.7		%	12.0		%	12.4		%	11.4		%	12.2		%	11.9		%

Adjusted expense ratio	18.7		%	18.1		%	19.7		%	20.7		%	18.1		%	19.6		%	19.4		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	19.9		%	21.5		%	19.7		%	20.6		%	18.8		%	19.9		%	19.7		%

(1)Notable items are related to “interest on tax adjustments” and “expense initiative costs.” Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.



METLIFE CONSOLIDATED BALANCE SHEETS



Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	326,049	$	327,820	$	326,685	$	340,005	$	353,809
Equity securities, at estimated fair value	1,341		1,342		1,050		1,105		1,111
Contractholder-directed equity securities and fair value option securities, at estimated fair value	12,671		13,102		11,145		11,911		12,276




Mortgage loans	78,959		80,529		81,344		82,890		82,881
Policy loans	9,671		9,680		9,638		9,639		9,580


Real estate and real estate joint ventures	10,246		10,741		11,250		11,524		11,643
Other limited partnership interests	7,441		7,716		8,230		7,794		8,569
Short-term investments, principally at estimated fair value	3,536		3,850		5,930		5,345		3,832
Other invested assets	21,979		19,015		27,839		24,731		22,544
Total investments	471,893		473,795		483,111		494,944		506,245
Cash and cash equivalents, principally at estimated fair value	19,452		16,598		24,094		24,289		24,405
Accrued investment income	3,561		3,523		3,828		3,388		3,424
Premiums, reinsurance and other receivables	20,723		20,443		21,224		20,848		20,712
Deferred policy acquisition costs and value of business acquired	17,382		17,833		17,254		16,353		16,179


Goodwill	9,278		9,308		9,159		9,245		9,360

Other assets	10,166		10,518		10,617		11,173		10,471
Separate account assets	190,357		188,445		168,454		187,343		189,696
Total assets	$	742,812	$	740,463	$	737,741	$	767,583	$	780,492

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	193,310	$	194,909	$	193,106	$	196,522	$	203,929
Policyholder account balances	189,060		192,627		193,875		198,147		201,072
Other policy-related balances	16,960		17,171		16,755		16,870		16,883
Policyholder dividends payable	692		681		654		670		595
Policyholder dividend obligation	2,370		2,020		1,677		2,798		2,944
Payables for collateral under securities loaned and other transactions	28,443		26,745		35,530		34,133		34,772

Short-term debt	142		235		298		303		351
Long-term debt	13,443		13,466		14,510		14,513		14,539
Collateral financing arrangements	1,013		993		981		968		924
Junior subordinated debt securities	3,149		3,150		3,151		3,151		3,152

Current income tax payable	31		363		708		928		638
Deferred income tax liability	10,153		9,097		10,009		11,334		10,839
Other liabilities	25,070		24,179		27,570		23,963		26,589
Separate account liabilities	190,357		188,445		168,454		187,343		189,696
Total liabilities	674,193		674,081		667,278		691,643		706,923


Equity
Preferred stock, at par value	—		—		—		—		—

Common stock, at par value	12		12		12		12		12
Additional paid-in capital	32,639		32,680		33,711		33,728		33,744
Retained earnings	32,948		33,078		36,919		36,568		36,782
Treasury stock, at cost	(12,428)		(12,678)		(13,178)		(13,178)		(13,258)
Accumulated other comprehensive income (loss)	15,197		13,052		12,757		18,563		16,036
Total MetLife, Inc.'s stockholders' equity	68,368		66,144		70,221		75,693		73,316
Noncontrolling interests	251		238		242		247		253
Total equity	68,619		66,382		70,463		75,940		73,569
Total liabilities and equity	$	742,812	$	740,463	$	737,741	$	767,583	$	780,492



METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020

Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	464	$	416	$	401	$	319	$	502
RETIREMENT AND INCOME SOLUTIONS	357		404		452		240		618
PROPERTY & CASUALTY	67		27		134		101		19
TOTAL U.S.	$	888	$	847	$	987	$	660	$	1,139
ASIA	501		468		491		361		662
LATIN AMERICA	220		204		139		188		63
EMEA	74		71		99		137		72
METLIFE HOLDINGS	183		333		344		19		314
CORPORATE & OTHER	(383)		(284)		(265)		(332)		(204)
Total adjusted earnings before provision for income tax	$	1,483	$	1,639	$	1,795	$	1,033	$	2,046

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	98	$	87	$	89	$	71	$	110
RETIREMENT AND INCOME SOLUTIONS	73		83		93		48		128
PROPERTY & CASUALTY	10		2		25		18		1
TOTAL U.S.	$	181	$	172	$	207	$	137	$	239
ASIA	152		127		141		105		197
LATIN AMERICA	65		43		44		56		24
EMEA	21		5		21		21		20
METLIFE HOLDINGS	34		64		67		(1)		61
CORPORATE & OTHER	(192)		(663)		(166)		(120)		(132)
Total provision for income tax expense (benefit)	$	261	$	(252)	$	314	$	198	$	409

Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS	$	366	$	329	$	312	$	248	$	392
RETIREMENT AND INCOME SOLUTIONS	284		321		359		192		490
PROPERTY & CASUALTY	57		25		109		83		18
TOTAL U.S.	$	707	$	675	$	780	$	523	$	900
ASIA	349		341		350		256		465
LATIN AMERICA	155		161		95		132		39
EMEA	53		66		78		116		52
METLIFE HOLDINGS	149		269		277		20		253
CORPORATE & OTHER (1)	(223)		322		(131)		(289)		(131)
Total adjusted earnings available to common shareholders (1)	$	1,190	$	1,834	$	1,449	$	758	$	1,578

(1)Includes impact of preferred stock dividends of $32 million, $57 million, $32 million, $77 million and $59 million for the three months ended September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively.



METLIFE ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)

ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		September 30, 2019				December 31, 2019				March 31, 2020				June 30, 2020				September 30, 2020

U.S.
GROUP BENEFITS		52.0%				46.7%				43.1%				34.3%				54.1%
RETIREMENT AND INCOME SOLUTIONS		19.3%				21.9%				23.2%				12.4%				31.7%
PROPERTY & CASUALTY		11.3%				5.0%				21.9%				16.7%				3.6%
TOTAL U.S.		26.4%				25.2%				28.2%				18.9%				32.5%
ASIA		9.8%				9.6%				9.8%				7.2%				13.0%
LATIN AMERICA		20.9%				21.7%				12.4%				17.2%				5.1%
EMEA		7.6%				9.4%				10.9%				16.3%				7.3%
METLIFE HOLDINGS		6.2%				11.2%				11.2%				0.8%				10.2%

ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		September 30, 2019				December 31, 2019				March 31, 2020				June 30, 2020				September 30, 2020

U.S.		30.0%				28.6%				32.4%				21.8%				37.3%
ASIA		14.9%				14.6%				14.8%				10.9%				19.6%
LATIN AMERICA		34.6%				36.0%				20.3%				28.1%				8.3%
EMEA		13.8%				16.8%				19.2%				28.6%				12.9%
METLIFE HOLDINGS		7.1%				12.5%				12.5%				1.1%				11.4%

(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)			2019				2020				2019				2020
	U.S.
	GROUP BENEFITS			$	2,817			$	2,896
	RETIREMENT AND INCOME SOLUTIONS			5,876				6,187
	PROPERTY & CASUALTY			2,020				1,991
	TOTAL U.S.			$	10,713			$	11,074			$	9,447			$	9,652
	ASIA			$	14,274			$	14,313			$	9,396			$	9,490
	LATIN AMERICA			$	2,965			$	3,074			$	1,791			$	1,876
	EMEA			$	2,802			$	2,855			$	1,595			$	1,649
	METLIFE HOLDINGS			$	9,599			$	9,893			$	8,715			$	9,022

(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)	September 30, 2019				December 31, 2019				March 31, 2020				June 30, 2020				September 30, 2020
	U.S.	$	1			$	—			$	1			$	2			$	1
	ASIA	$	1			$	2			$	1			$	2			$	1
	LATIN AMERICA	$	—			$	—			$	—			$	—			$	—
	EMEA	$	2			$	1			$	1			$	2			$	1
	METLIFE HOLDINGS	$	5			$	3			$	4			$	4			$	4



U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020			September 30, 2019		September 30, 2020

Adjusted revenues
Premiums		$	6,903	$	8,097	$	5,674	$	5,184	$	6,333		$	18,704	$	17,191
Universal life and investment-type product policy fees		264		270		275		268		263			808		806
Net investment income		1,760		1,747		1,766		1,425		1,827			5,274		5,018
Other revenues		224		219		240		240		237			668		717
Total adjusted revenues		9,151		10,333		7,955		7,117		8,660			25,454		23,732

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		6,759		7,932		5,435		5,038		6,108			18,233		16,581
Interest credited to policyholder account balances		507		472		458		412		381			1,512		1,251
Capitalization of DAC		(131)		(112)		(112)		(122)		(119)			(372)		(353)
Amortization of DAC and VOBA		121		123		119		115		123			352		357
Amortization of negative VOBA		—		—		—		—		—			—		—
Interest expense on debt		3		2		2		2		2			8		6
Other expenses		1,004		1,069		1,066		1,012		1,026			3,006		3,104
Total adjusted expenses		8,263		9,486		6,968		6,457		7,521			22,739		20,946

Adjusted earnings before provision for income tax		888		847		987		660		1,139			2,715		2,786
Provision for income tax expense (benefit)		181		172		207		137		239			552		583
Adjusted earnings		707		675		780		523		900			2,163		2,203
Preferred stock dividends		—		—		—		—		—			—		—
Adjusted earnings available to common shareholders		$	707	$	675	$	780	$	523	$	900		$	2,163	$	2,203




































































Adjusted premiums, fees and other revenues		$	7,391	$	8,586	$	6,189	$	5,692	$	6,833		$	20,180	$	18,714
Less: PRT		1,293		2,499		(9)		(6)		487			1,847		472
Adjusted premiums, fees and other revenues, excluding PRT		$	6,098	$	6,087	$	6,198	$	5,698	$	6,346		$	18,333	$	18,242



U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Adjusted revenues
Premiums		$	4,239	$	4,217	$	4,487	$	3,989	$	4,545	$	12,694	$	13,021
Universal life and investment-type product policy fees		198		194		204		200		200		595		604
Net investment income		293		297		277		277		290		865		844
Other revenues		145		143		160		157		156		432		473
Total adjusted revenues		4,875		4,851		5,128		4,623		5,191		14,586		14,942

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,724		3,685		3,973		3,602		3,965		11,247		11,540
Interest credited to policyholder account balances		42		37		34		31		31		120		96
Capitalization of DAC		(9)		(5)		(7)		(6)		(5)		(23)		(18)
Amortization of DAC and VOBA		8		10		7		7		12		25		26
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		—		—		—		—		1		1		1
Other expenses		646		708		720		670		685		1,926		2,075
Total adjusted expenses		4,411		4,435		4,727		4,304		4,689		13,296		13,720

Adjusted earnings before provision for income tax		464		416		401		319		502		1,290		1,222
Provision for income tax expense (benefit)		98		87		89		71		110		271		270
Adjusted earnings		366		329		312		248		392		1,019		952
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	366	$	329	$	312	$	248	$	392	$	1,019	$	952


































































Adjusted premiums, fees and other revenues		$	4,582	$	4,554	$	4,851	$	4,346	$	4,901	$	13,721	$	14,098



U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Adjusted revenues
Premiums		$	1,739	$	2,955	$	275	$	367	$	885	$	3,275	$	1,527
Universal life and investment-type product policy fees		66		76		71		68		63		213		202
Net investment income		1,419		1,409		1,444		1,126		1,484		4,272		4,054
Other revenues		73		73		71		76		76		219		223
Total adjusted revenues		3,297		4,513		1,861		1,637		2,508		7,979		6,006

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		2,361		3,550		870		909		1,428		5,079		3,207
Interest credited to policyholder account balances		465		435		424		381		350		1,392		1,155
Capitalization of DAC		(5)		—		(8)		(12)		(8)		(25)		(28)
Amortization of DAC and VOBA		5		6		8		5		7		17		20
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		3		2		2		2		1		7		5
Other expenses		111		116		113		112		112		352		337
Total adjusted expenses		2,940		4,109		1,409		1,397		1,890		6,822		4,696

Adjusted earnings before provision for income tax		357		404		452		240		618		1,157		1,310
Provision for income tax expense (benefit)		73		83		93		48		128		237		269
Adjusted earnings		284		321		359		192		490		920		1,041
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	284	$	321	$	359	$	192	$	490	$	920	$	1,041



































































Adjusted premiums, fees and other revenues		$	1,878	$	3,104	$	417	$	511	$	1,024	$	3,707	$	1,952
Less: PRT		1,293		2,499		(9)		(6)		487		1,847		472
Adjusted premiums, fees and other revenues, excluding PRT		$	585	$	605	$	426	$	517	$	537	$	1,860	$	1,480



U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended								For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020			September 30, 2020		September 30, 2019		September 30, 2020

Adjusted revenues
Premiums	$	925	$	925	$	912	$	828		$	903	$	2,735	$	2,643
Universal life and investment-type product policy fees	—		—		—		—			—		—		—
Net investment income	48		41		45		22			53		137		120
Other revenues	6		3		9		7			5		17		21
Total adjusted revenues	979		969		966		857			961		2,889		2,784

Adjusted expenses
Policyholder benefits and claims and policyholder dividends	674		697		592		527			715		1,907		1,834
Interest credited to policyholder account balances	—		—		—		—			—		—		—
Capitalization of DAC	(117)		(107)		(97)		(104)			(106)		(324)		(307)
Amortization of DAC and VOBA	108		107		104		103			104		310		311
Amortization of negative VOBA	—		—		—		—			—		—		—
Interest expense on debt	—		—		—		—			—		—		—
Other expenses	247		245		233		230			229		728		692
Total adjusted expenses	912		942		832		756			942		2,621		2,530

Adjusted earnings before provision for income tax	67		27		134		101			19		268		254
Provision for income tax expense (benefit)	10		2		25		18			1		44		44
Adjusted earnings	57		25		109		83			18		224		210
Preferred stock dividends	—		—		—		—			—		—		—
Adjusted earnings available to common shareholders	$	57	$	25	$	109	$	83		$	18	$	224	$	210



































































Adjusted premiums, fees and other revenues	$	931	$	928	$	921	$	835		$	908	$	2,752	$	2,664



U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020
Balance, beginning of period	$	18,965	$	18,963	$	18,965	$	18,935	$	19,665

Premiums and deposits	5,051		5,001		5,327		5,220		5,298
Surrenders and withdrawals	(638)		(592)		(625)		(537)		(565)
Benefit payments	(3,798)		(3,757)		(4,072)		(3,655)		(4,078)

Net flows	615		652		630		1,028		655

Net transfers from (to) separate accounts	—		—		—		5		6
Interest	149		145		138		130		131
Policy charges	(145)		(149)		(146)		(149)		(145)
Other	(621)		(646)		(652)		(284)		(288)

Balance, end of period	$	18,963	$	18,965	$	18,935	$	19,665	$	20,024

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020
Balance, beginning of period	$	925	$	905	$	970	$	793	$	945

Premiums and deposits	62		65		64		64		64
Surrenders and withdrawals	(28)		(18)		(19)		(12)		(17)
Benefit payments	(1)		(1)		—		(1)		(4)

Net flows	33		46		45		51		43

Investment performance	1		74		(162)		160		77
Net transfers from (to) general account	—		—		—		(5)		(6)
Policy charges	(53)		(54)		(55)		(55)		(56)
Other	(1)		(1)		(5)		1		—

Balance, end of period	$	905	$	970	$	793	$	945	$	1,003



U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020

Direct and allocated expenses	$	316		$	363		$	354		$	326		$	332
Pension, postretirement and postemployment benefit costs	15			19			5			4			4
Premium taxes, other taxes, and licenses & fees	62			66			88			89			93


Commissions and other variable expenses	253			260			273			251			256

Adjusted other expenses	$	646		$	708		$	720		$	670		$	685














OTHER STATISTICAL INFORMATION (1)

	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020

Group Life (2)
Adjusted premiums, fees and other revenues	$	1,846		$	1,858		$	1,920		$	1,943		$	1,915
Mortality ratio	87.0		%	85.4		%	87.9		%	95.9		%	89.6		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	1,830		$	1,849		$	1,959		$	1,376		$	1,977
Interest adjusted benefit ratio (4)	70.3		%	71.4		%	71.7		%	58.5		%	67.4		%

(1) Results are derived from insurance contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
(4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.



U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020
Balance, beginning of period	$	118,073	$	118,134	$	121,853	$	124,174	$	129,030

Premiums and deposits	21,104		21,132		20,967		22,473		18,957
Surrenders and withdrawals	(21,018)		(17,718)		(17,441)		(20,125)		(18,536)
Benefit payments	(1,100)		(1,040)		(1,132)		(1,176)		(1,206)

Net flows	(1,014)		2,374		2,394		1,172		(785)

Net transfers from (to) separate accounts	—		—		—		—		—
Interest	1,053		1,029		1,032		988		953
Policy charges	(47)		(23)		(43)		(42)		(42)
Other	69		339		(1,062)		2,738		3,220

Balance, end of period	$	118,134	$	121,853	$	124,174	$	129,030	$	132,376

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020
Balance, beginning of period	$	76,596	$	78,346	$	74,959	$	76,838	$	81,486

Premiums and deposits	1,472		1,681		4,051		2,167		1,709
Surrenders and withdrawals (1)	(1,461)		(4,360)		(2,729)		(2,319)		(2,127)
Benefit payments	(21)		(27)		(34)		(24)		(25)

Net flows	(10)		(2,706)		1,288		(176)		(443)

Investment performance	1,508		865		(414)		3,618		1,447
Net transfers from (to) general account	—		—		—		—		—
Policy charges	(83)		(85)		(80)		(83)		(83)
Other	335		(1,461)		1,085		1,289		1,480

Balance, end of period	$	78,346	$	74,959	$	76,838	$	81,486	$	83,887

SYNTHETIC GICS (2)

	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020
Balance, beginning of period	$	27,219	$	28,098	$	30,341	$	33,588	$	34,921
Premiums and deposits (1)	1,054		3,019		3,906		1,424		1,598
Surrenders and withdrawals	(369)		(985)		(863)		(318)		(417)
Net flows	685		2,034		3,043		1,106		1,181
Interest	194		209		204		227		228
Balance, end of period	$	28,098	$	30,341	$	33,588	$	34,921	$	36,330

(1)Includes $20 million, $2.4 billion, $0, $0 and $616 million of transfers from separate account GICs to synthetic GICs at September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020, 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.


U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
Unaudited (In millions)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020

Direct and allocated expenses	$	101		$	105		$	94		$	89		$	90
Pension, postretirement and postemployment benefit costs	2			3			1			1			—
Premium taxes, other taxes, and licenses & fees	24			23			21			25			24

Commissions and other variable expenses	120			114			117			115			115
Adjusted other expenses	$	247		$	245		$	233		$	230		$	229
























NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020

Net Written Premiums by Product
Auto	$	623		$	576		$	564		$	517		$	574
Homeowners & Other	354			321			283			333			334
Total	$	977		$	897		$	847		$	850		$	908
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	925		$	925		$	912		$	828		$	903
Loss and loss adjustment expense ratio	72.9		%	75.3		%	64.9		%	63.7		%	79.1		%
Other expense ratio	25.5		%	26.3		%	26.1		%	27.4		%	25.1		%
Total combined ratio	98.4		%	101.6		%	91.0		%	91.1		%	104.2		%

Effect of catastrophe losses	7.6		%	1.4		%	4.7		%	13.7		%	16.2		%
Combined ratio, excluding catastrophes	90.8		%	100.2		%	86.3		%	77.4		%	88.0		%
Prior year development	(0.6)		%	6.3		%	2.7		%	0.8		%	3.2		%
Combined ratio, excluding catastrophes and prior year development, before provision for income tax	91.4		%	93.9		%	83.6		%	76.6		%	84.8		%
Auto
Net earned premium	$	603		$	599		$	588		$	512		$	581
Loss and loss adjustment expense ratio	73.8		%	92.8		%	64.8		%	52.4		%	62.0		%
Other expense ratio	24.9		%	25.8		%	25.2		%	27.3		%	23.6		%
Total combined ratio	98.7		%	118.6		%	90.0		%	79.7		%	85.6		%

Effect of catastrophe losses	2.1		%	0.3		%	0.5		%	1.3		%	2.3		%
Combined ratio, excluding catastrophes	96.6		%	118.3		%	89.5		%	78.4		%	83.3		%
Prior year development	(0.8)		%	10.9		%	(0.1)		%	1.4		%	—		%
Combined ratio, excluding catastrophes and prior year development, before provision for income tax	97.4		%	107.4		%	89.6		%	77.0		%	83.3		%
Homeowners & Other
Net earned premium	$	322		$	326		$	324		$	316		$	322
Loss and loss adjustment expense ratio	71.2		%	43.2		%	65.1		%	82.1		%	110.1		%
Other expense ratio	26.6		%	27.1		%	27.8		%	27.4		%	27.7		%
Total combined ratio	97.8		%	70.3		%	92.9		%	109.5		%	137.8		%

Effect of catastrophe losses	17.9		%	3.5		%	12.3		%	33.9		%	41.2		%
Combined ratio, excluding catastrophes	79.9		%	66.8		%	80.6		%	75.6		%	96.6		%
Prior year development	(0.3)		%	(2.0)		%	8.0		%	(0.2)		%	8.8		%
Combined ratio, excluding catastrophes and prior year development, before provision for income tax	80.2		%	68.8		%	72.6		%	75.8		%	87.8		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	13		$	2		$	3		$	6		$	14
Homeowners & Other	57			11			40			107			132
Total	$	70		$	13		$	43		$	113		$	146

(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.



ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Adjusted revenues
Premiums		$	1,654	$	1,648	$	1,636	$	1,584	$	1,654	$	4,984	$	4,874
Universal life and investment-type product policy fees		430		419		430		420		595		1,255		1,445
Net investment income		915		952		937		767		1,088		2,739		2,792
Other revenues		14		13		14		14		16		43		44
Total adjusted revenues		3,013		3,032		3,017		2,785		3,353		9,021		9,155

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,264		1,323		1,321		1,255		1,291		3,862		3,867
Interest credited to policyholder account balances		440		443		445		447		470		1,267		1,362
Capitalization of DAC		(498)		(464)		(421)		(351)		(431)		(1,449)		(1,203)
Amortization of DAC and VOBA		353		316		315		284		506		972		1,105
Amortization of negative VOBA		(2)		(7)		(8)		(8)		(14)		(18)		(30)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		955		953		874		797		869		2,865		2,540
Total adjusted expenses		2,512		2,564		2,526		2,424		2,691		7,499		7,641

Adjusted earnings before provision for income tax		501		468		491		361		662		1,522		1,514
Provision for income tax expense (benefit)		152		127		141		105		197		458		443
Adjusted earnings		349		341		350		256		465		1,064		1,071
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	349	$	341	$	350	$	256	$	465	$	1,064	$	1,071



































































Adjusted premiums, fees and other revenues		$	2,098	$	2,080	$	2,080	$	2,018	$	2,265	$	6,282	$	6,363



LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Adjusted revenues
Premiums		$	703	$	601	$	640	$	489	$	529	$	2,122	$	1,658
Universal life and investment-type product policy fees		256		274		270		238		225		820		733
Net investment income		295		320		218		260		221		951		699
Other revenues		8		13		11		10		7		31		28
Total adjusted revenues		1,262		1,208		1,139		997		982		3,924		3,118

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		656		580		610		449		575		2,043		1,634
Interest credited to policyholder account balances		74		78		70		56		52		254		178
Capitalization of DAC		(102)		(100)		(100)		(74)		(84)		(296)		(258)
Amortization of DAC and VOBA		58		76		74		70		62		215		206
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		—		1		1		1		1		2		3
Other expenses		356		369		345		307		313		1,074		965
Total adjusted expenses		1,042		1,004		1,000		809		919		3,292		2,728

Adjusted earnings before provision for income tax		220		204		139		188		63		632		390
Provision for income tax expense (benefit)		65		43		44		56		24		184		124
Adjusted earnings		155		161		95		132		39		448		266
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	155	$	161	$	95	$	132	$	39	$	448	$	266



































































Adjusted premiums, fees and other revenues		$	967	$	888	$	921	$	737	$	761	$	2,973	$	2,419



EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Adjusted revenues
Premiums		$	526	$	558	$	568	$	557	$	551	$	1,619	$	1,676
Universal life and investment-type product policy fees		117		98		116		92		116		325		324
Net investment income		73		71		69		63		67		220		199
Other revenues		13		14		13		11		13		40		37
Total adjusted revenues		729		741		766		723		747		2,204		2,236

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		291		309		310		263		304		867		877
Interest credited to policyholder account balances		25		26		27		27		29		72		83
Capitalization of DAC		(128)		(134)		(130)		(115)		(122)		(371)		(367)
Amortization of DAC and VOBA		128		101		130		85		125		327		340
Amortization of negative VOBA		(2)		(2)		(2)		(2)		(1)		(6)		(5)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		341		370		332		328		340		1,029		1,000
Total adjusted expenses		655		670		667		586		675		1,918		1,928

Adjusted earnings before provision for income tax		74		71		99		137		72		286		308
Provision for income tax expense (benefit)		21		5		21		21		20		70		62
Adjusted earnings		53		66		78		116		52		216		246
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	53	$	66	$	78	$	116	$	52	$	216	$	246



































































Adjusted premiums, fees and other revenues		$	656	$	670	$	697	$	660	$	680	$	1,984	$	2,037



METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Adjusted revenues
Premiums		$	925	$	972	$	904	$	889	$	876	$	2,776	$	2,669
Universal life and investment-type product policy fees		284		280		294		249		269		844		812
Net investment income		1,316		1,340		1,315		981		1,427		3,941		3,723
Other revenues		52		69		35		70		61		184		166
Total adjusted revenues		2,577		2,661		2,548		2,189		2,633		7,745		7,370

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,856		1,763		1,661		1,705		1,697		5,207		5,063
Interest credited to policyholder account balances		228		224		218		219		217		681		654
Capitalization of DAC		(9)		(5)		(5)		(5)		(5)		(23)		(15)
Amortization of DAC and VOBA		94		62		100		11		177		237		288
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		2		2		1		2		6		5
Other expenses		223		282		228		239		231		687		698
Total adjusted expenses		2,394		2,328		2,204		2,170		2,319		6,795		6,693

Adjusted earnings before provision for income tax		183		333		344		19		314		950		677
Provision for income tax expense (benefit)		34		64		67		(1)		61		185		127
Adjusted earnings		149		269		277		20		253		765		550
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	149	$	269	$	277	$	20	$	253	$	765	$	550



































































Adjusted premiums, fees and other revenues		$	1,261	$	1,321	$	1,233	$	1,208	$	1,206	$	3,804	$	3,647



METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)

	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020
Balance, beginning of period	$	80,830	$	81,118	$	81,161	$	81,458	$	81,497

Premiums and deposits (2), (3)	1,177		1,322		1,236		1,227		1,236
Surrenders and withdrawals	(682)		(680)		(642)		(554)		(607)
Benefit payments	(717)		(813)		(800)		(892)		(830)

Net flows	(222)		(171)		(206)		(219)		(201)

Net transfers from (to) separate accounts	12		20		(1)		31		5
Interest	833		834		832		833		836
Policy charges	(190)		(188)		(188)		(186)		(184)
Other	(145)		(452)		(140)		(420)		1,068

Balance, end of period	$	81,118	$	81,161	$	81,458	$	81,497	$	83,021



ANNUITIES	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020

Balance, beginning of period	$	19,309	$	19,402	$	18,755	$	19,895	$	19,538

Premiums and deposits (2), (3)	100		97		116		107		91
Surrenders and withdrawals	(389)		(512)		(390)		(277)		(286)
Benefit payments	(149)		(161)		(168)		(158)		(149)

Net flows	(438)		(576)		(442)		(328)		(344)

Net transfers from (to) separate accounts	93		80		177		73		188
Interest	138		134		134		132		130
Policy charges	(4)		(4)		(4)		(4)		(4)
Other	304		(281)		1,275		(230)		(42)

Balance, end of period	$	19,402	$	18,755	$	19,895	$	19,538	$	19,466

SEPARATE ACCOUNT LIABILITIES

LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020
Balance, beginning of period	$	5,368	$	5,324	$	5,647	$	4,586	$	5,583

Premiums and deposits (3)	62		62		63		60		59
Surrenders and withdrawals	(61)		(59)		(60)		(38)		(51)
Benefit payments	(9)		(7)		(10)		(10)		(10)

Net flows	(8)		(4)		(7)		12		(2)

Investment performance	(9)		409		(987)		1,082		527
Net transfers from (to) general account	(12)		(20)		1		(31)		(5)
Policy charges	(67)		(66)		(65)		(65)		(65)
Other	52		4		(3)		(1)		1


Balance, end of period	$	5,324	$	5,647	$	4,586	$	5,583	$	6,039

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020

Balance, beginning of period	$	40,255	$	39,122	$	39,962	$	32,942	$	36,852

Premiums and deposits (3)	77		79		85		77		65
Surrenders and withdrawals	(1,070)		(1,147)		(1,111)		(641)		(812)
Benefit payments	(104)		(105)		(100)		(98)		(106)

Net flows	(1,097)		(1,173)		(1,126)		(662)		(853)
Investment performance	269		2,294		(5,531)		4,831		2,269
Net transfers from (to) general account	(93)		(80)		(177)		(73)		(188)
Policy charges	(212)		(201)		(187)		(185)		(197)
Other	—		—		1		(1)		—

Balance, end of period	$	39,122	$	39,962	$	32,942	$	36,852	$	37,883

(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.



CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Adjusted revenues
Premiums		$	35	$	8	$	12	$	13	$	(8)	$	75	$	17
Universal life and investment-type product policy fees		1		—		—		1		1		2		2
Net investment income		114		92		16		(52)		58		183		22
Other revenues		36		79		84		72		82		212		238
Total adjusted revenues		186		179		112		34		133		472		279

Adjusted expenses
Policyholder benefits and claims and policyholder dividends		32		3		26		3		(6)		70		23
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(3)		(3)		(3)		(2)		(3)		(9)		(8)
Amortization of DAC and VOBA		2		1		1		3		2		5		6
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		218		219		217		228		224		715		669
Other expenses		320		243		136		134		120		831		390
Total adjusted expenses		569		463		377		366		337		1,612		1,080

Adjusted earnings before provision for income tax		(383)		(284)		(265)		(332)		(204)		(1,140)		(801)
Provision for income tax expense (benefit)		(192)		(663)		(166)		(120)		(132)		(538)		(418)
Adjusted earnings		(191)		379		(99)		(212)		(72)		(602)		(383)
Preferred stock dividends		32		57		32		77		59		121		168
Adjusted earnings available to common shareholders		$	(223)	$	322	$	(131)	$	(289)	$	(131)	$	(723)	$	(551)




































































Adjusted premiums, fees and other revenues		$	72	$	87	$	96	$	86	$	75	$	289	$	257



ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended									For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Business activities		$	25	$	20	$	18	$	12	$	30	$	50	$	60
Net investment income		114		101		17		(50)		59		189		26
Interest expense on debt		(229)		(230)		(229)		(238)		(238)		(748)		(705)
Corporate initiatives and projects		(151)		(195)		(31)		(25)		(27)		(368)		(83)
Other		(142)		(67)		(40)		(31)		(28)		(263)		(99)
Provision for income tax (expense) benefit and other tax-related items		192		750		166		120		132		538		418
Preferred stock dividends		(32)		(57)		(32)		(77)		(59)		(121)		(168)
Adjusted earnings available to common shareholders		$	(223)	$	322	$	(131)	$	(289)	$	(131)	$	(723)	$	(551)



INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.
	At or For the Three Months Ended (1)															At or For the Year-to-Date Period Ended (1)
Unaudited (In millions, except yields)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			September 30, 2019			September 30, 2020
Fixed Maturity Securities
Yield	4.15		%	4.19		%	3.82		%	3.99		%	3.87		%	4.23		%	3.89		%
Investment income (2), (3)	$	2,901		$	2,965		$	2,739		$	2,885		$	2,849		$	8,778		$	8,473
Investment gains (losses)	82			71			4			146			113			196			263
Ending carrying value (4)	327,203			329,067			327,913			341,365			355,220			327,203			355,220
Mortgage Loans
Yield	4.74		%	5.00		%	4.37		%	4.20		%	4.27		%	4.76		%	4.28		%
Investment income (3)	929			998			884			862			885			2,784			2,631
Investment gains (losses)	(16)			6			(63)			(80)			(5)			(17)			(148)
Ending carrying value	78,959			80,529			81,344			82,890			82,881			78,959			82,881
Real Estate and Real Estate Joint Ventures
Yield	3.53		%	3.58		%	2.95		%	0.62		%	0.39		%	3.08		%	1.30		%
Investment income	91			94			81			18			11			233			110
Investment gains (losses)	96			297			1			2			1			102			4
Ending carrying value	10,246			10,741			11,250			11,524			11,643			10,246			11,643
Policy Loans
Yield	5.33		%	5.21		%	5.23		%	5.15		%	5.15		%	5.32		%	5.18		%
Investment income	129			126			126			124			124			386			374
Ending carrying value	9,671			9,680			9,638			9,639			9,580			9,671			9,580
Equity Securities
Yield	4.62		%	5.85		%	5.43		%	4.12		%	5.56		%	5.07		%	5.03		%
Investment income	13			16			14			11			15			45			40
Investment gains (losses)	17			12			(284)			72			2			122			(210)
Ending carrying value	1,341			1,342			1,050			1,105			1,111			1,341			1,111
Other Limited Partnership Interests
Yield	15.37		%	9.87		%	16.22		%	(30.23)		%	28.28		%	12.51		%	4.90		%
Investment income	279			187			323			(605)			578			653			296
Investment gains (losses)	3			3			4			1			(4)			3			1
Ending carrying value	7,441			7,716			8,230			7,794			8,569			7,441			8,569
Cash and Short-term Investments
Yield	2.31		%	2.09		%	1.73		%	1.35		%	1.28		%	2.58		%	1.44		%
Investment income	62			50			44			38			34			206			116
Investment gains (losses)	(1)			9			4			(5)			(19)			(6)			(20)
Ending carrying value (5)	22,988			20,448			30,024			29,631			28,234			22,988			28,234
Other Invested Assets
Investment income	226			247			266			247			331			654			844
Investment gains (losses)	(30)			(10)			21			106			54			(135)			181
Ending carrying value	21,979			19,015			27,839			24,731			22,544			21,979			22,544
Total Investments
Investment income yield	4.57		%	4.57		%	4.30		%	3.40		%	4.52		%	4.55		%	4.07		%
Investment fees and expenses yield	(0.13)		%	(0.13)		%	(0.13)		%	(0.12)		%	(0.12)		%	(0.14)		%	(0.12)		%
Net Investment Income Yield	4.44		%	4.44		%	4.17		%	3.28		%	4.40		%	4.41		%	3.95		%
Investment income	$	4,630		$	4,683		$	4,477		$	3,580		$	4,827		$	13,739		$	12,884
Investment fees and expenses	(134)			(137)			(134)			(122)			(131)			(408)			(387)
Net investment income including Divested businesses	4,496			4,546			4,343			3,458			4,696			13,331			12,497
Less: Net investment income from Divested businesses	23			24			22			14			8			23			44
Adjusted Net Investment Income (6)	$	4,473		$	4,522		$	4,321		$	3,444		$	4,688		$	13,308		$	12,453
Ending Carrying Value	$	479,828		$	478,538		$	497,288		$	508,679		$	519,782		$	479,828		$	519,782
Investment Portfolio Gains (Losses) including Divested businesses	$	151		$	388		$	(313)		$	242		$	142		$	265		$	71
Less: Divested businesses	—			—			—			—			18			—			18
Investment Portfolio Gains (Losses) (7)	$	151		$	388		$	(313)		$	242		$	124		$	265		$	53
Gross investment gains	332			672			436			677			289			1,035			1,402
Gross investment losses	(159)			(144)			(495)			(339)			(202)			(619)			(1,036)
Net credit loss (provision) release and (impairments)	(22)			(140)			(254)			(96)			37			(151)			(313)
Investment Portfolio Gains (Losses) (7)	151			388			(313)			242			124			265			53
Investment portfolio gains (losses) income tax (expense) benefit	(64)			(96)			69			(166)			(19)			(107)			(116)
Investment Portfolio Gains (Losses), Net of Income Tax	$	87		$	292		$	(244)		$	76		$	105		$	158		$	(63)

Derivative gains (losses) (7)	$	1,141		$	(1,583)		$	4,068		$	(896)		$	(809)		$	1,770		$	2,363
Derivative gains (losses) income tax (expense) benefit	(259)			364			(885)			195			165			(427)			(525)
Derivative Gains (Losses), Net of Income Tax	$	882		$	(1,219)		$	3,183		$	(701)		$	(644)		$	1,343		$	1,838

See footnotes on Page 34.


INVESTMENTS
SUMMARY OF MORTGAGE LOANS

Unaudited (In millions)	September 30, 2019				December 31, 2019				March 31, 2020				June 30, 2020				September 30, 2020

Commercial mortgage loans	$	49,898			$	49,624			$	50,077			$	51,043			$	51,448
Agricultural mortgage loans	15,752				16,695				16,788				17,167				17,402
Residential mortgage loans	13,659				14,504				14,943				15,235				14,551
Mortgage loans held-for-sale	—				59				—				—				—
Mortgage Loans	79,309				80,882				81,808				83,445				83,401
Valuation allowances	(350)				(353)				(464)				(555)				(520)
Mortgage Loans, net	$	78,959			$	80,529			$	81,344			$	82,890			$	82,881


SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE

	September 30, 2019				December 31, 2019				March 31, 2020				June 30, 2020				September 30, 2020
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	10,079	20.2	%	$	10,169	20.5	%	$	10,183	20.3	%	$	10,275	20.1	%	$	10,374	20.2	%
Non-U.S.	9,480		19.0	%	10,093		20.3	%	9,424		18.8	%	9,542		18.7	%	9,828		19.1	%
Middle Atlantic	8,210		16.4	%	8,302		16.7	%	7,967		15.9	%	8,257		16.2	%	8,234		16.0	%
South Atlantic	6,896		13.8	%	6,487		13.1	%	6,461		12.9	%	6,513		12.8	%	6,661		13.0	%
West South Central	4,454		8.9	%	4,255		8.6	%	3,970		7.9	%	3,945		7.7	%	3,973		7.7	%
East North Central	3,225		6.5	%	3,066		6.2	%	2,183		4.4	%	2,443		4.8	%	2,518		4.9	%
New England	1,705		3.4	%	1,433		2.9	%	1,670		3.3	%	1,719		3.4	%	2,019		3.9	%
Mountain	1,774		3.6	%	1,602		3.2	%	1,755		3.5	%	1,755		3.4	%	1,753		3.4	%
West North Central	592		1.2	%	607		1.2	%	635		1.3	%	633		1.2	%	635		1.2	%
East South Central	530		1.1	%	502		1.0	%	483		1.0	%	482		1.0	%	499		1.0	%
Multi-Region and Other	2,953		5.9	%	3,108		6.3	%	5,346		10.7	%	5,479		10.7	%	4,954		9.6	%
Total	$	49,898	100.0	%	$	49,624	100.0	%	$	50,077	100.0	%	$	51,043	100.0	%	$	51,448	100.0	%


Office	$	23,455	47.0	%	$	22,925	46.2	%	$	22,857	45.6	%	$	23,359	45.8	%	$	23,657	46.0	%
Retail	9,707		19.5	%	9,052		18.2	%	8,842		17.7	%	8,906		17.4	%	8,903		17.3	%
Apartment	6,906		13.8	%	8,212		16.6	%	8,869		17.7	%	8,639		16.9	%	8,651		16.8	%
Industrial	4,226		8.5	%	3,985		8.0	%	4,101		8.2	%	4,431		8.7	%	4,770		9.3	%
Hotel	3,617		7.2	%	3,471		7.0	%	3,328		6.6	%	3,333		6.5	%	3,361		6.5	%
Other	1,987		4.0	%	1,979		4.0	%	2,080		4.2	%	2,375		4.7	%	2,106		4.1	%
Total	$	49,898	100.0	%	$	49,624	100.0	%	$	50,077	100.0	%	$	51,043	100.0	%	$	51,448	100.0	%



INVESTMENTS FOOTNOTES

(1)We calculate yields using average quarterly asset carrying values. Yields exclude the impact of recognized gains and losses, include the impact of changes in foreign currency exchange rates and reflect the adjustments described on Page A-6 and presented on Page 5. 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 investment income related to fair value option securities of $59 million, $32 million, ($78) million, $114 million and $36 million for the three months ended September 30, 2019, December 31,2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively, and $152 million and $72 million for the year-to-date period ended September 30, 2019 and September 30, 2020, respectively.
(3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities.
	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020
Fixed maturity securities available-for-sale	$	326,049	$	327,820	$	326,685	$	340,005	$	353,809
Contractholder-directed equity securities and fair value option securities	12,671		13,102		11,145		11,911		12,276
Total fixed maturity securities	338,720		340,922		337,830		351,916		366,085
Less: Contractholder-directed equity securities	11,514		11,852		9,914		10,548		10,865
Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs	3		3		3		3		—
Fixed maturity securities	$	327,203	$	329,067	$	327,913	$	341,365	$	355,220

(5)Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $3 million at both June 30, 2020 and September 30, 2020 and less than $1 million for each of the other periods presented.
(6)Adjusted net investment income reflects the adjustments as presented on Page 5.
(7)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
	For the Three Months Ended										For the Year-to-Date Period Ended
	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020
Net investment gains (losses)	$	161	$	207	$	(288)	$	231	$	(20)	$	237	$	(77)

Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	(1)		(1)		1		(13)		3		(13)		(9)
Less: Non-investment portfolio gains (losses)	11		(180)		24		2		(165)		(15)		(139)
Less: Divested businesses	—		—		—		—		18		—		18
Investment portfolio gains (losses)	$	151	$	388	$	(313)	$	242	$	124	$	265	$	53

	For the Three Months Ended										For the Year-to-Date Period Ended
	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020
Net derivative gains (losses)	$	1,254	$	(1,465)	$	4,201	$	(710)	$	(581)	$	2,093	$	2,910
Less: Investment hedge adjustments	121		125		138		188		229		344		555
Less: Settlement of foreign currency earnings hedges	(3)		(2)		—		—		—		(7)		—
Less: PAB hedge adjustments	(5)		(5)		(5)		(2)		(1)		(14)		(8)
Derivative gains (losses)	$	1,141	$	(1,583)	$	4,068	$	(896)	$	(809)	$	1,770	$	2,363

(8)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 mortgage-backed securities (non-agency residential mortgage-backed securities and commercial mortgage-backed securities). NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO continuous monitoring process. Amounts presented for certain 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 mortgage-backed securities held by insurers using 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.



APPENDIX METLIFE RECONCILIATION DETAIL

	For the Three Months Ended								For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		September 30, 2019		September 30, 2020

Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	2,152	$	536	$	4,366	$	68	$	633	$	5,185	$	5,067
Add: Preferred stock dividends	32		57		32		77		59		121		168
Add: Preferred stock redemption premium	—		—		—		—		14		—		14
Add: Net Income (loss) attributable to noncontrolling interests	6		(5)		3		5		3		15		11

Net income (loss)	2,190		588		4,401		150		709		$	5,321	$	5,260
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	161		207		(288)		231		(20)		237		(77)
Net derivative gains (losses)	1,254		(1,465)		4,201		(710)		(581)		2,093		2,910
Premiums - Divested businesses	35		36		32		20		—		35		52
Universal life and investment-type product policy fees
Unearned revenue adjustments	59		18		18		5		2		79		25
GMIB fees	27		26		26		25		26		82		77

Divested businesses	2		1		2		1		—		2		3
Net investment income
Investment hedge adjustments	(121)		(125)		(138)		(188)		(229)		(344)		(555)

Operating joint venture adjustments	—		—		—		—		—		—		—
Unit-linked contract income	250		228		(1,140)		818		262		1,247		(60)
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(2)		(5)		(4)		(1)		—		(10)		(5)
Divested businesses	23		24		22		14		8		23		44
Other revenues
Settlement of foreign currency earnings hedges	3		2		—		—		—		7		—
TSA fees	69		40		42		39		39		206		120
Divested businesses	—		2		—		—		—		—		—
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments	(9)		(10)		(9)		(9)		(9)		(9)		(27)
PDO adjustments	—		—		—		—		—		—		—
Inflation and pass-through adjustments	(87)		6		(48)		(106)		37		(250)		(117)

GMIB costs	47		(106)		141		(90)		(231)		(48)		(180)
Market value adjustments	(3)		(8)		(11)		(21)		(21)		12		(53)
Divested businesses	(34)		(33)		(24)		(18)		(13)		(34)		(55)
Interest credited to policyholder account balances
PAB hedge adjustments	5		5		5		2		1		14		8
Unit-linked contract costs	(223)		(240)		1,138		(796)		(266)		(1,196)		76
Divested businesses	(8)		(10)		(5)		(7)		(2)		(8)		(14)
Capitalization of DAC - Divested businesses	11		9		3		2		—		11		5
Amortization of DAC and VOBA
Related to NIGL and NDGL	(39)		(106)		(30)		6		(64)		(10)		(88)
Related to GMIB fees and GMIB costs	—		1		(13)		5		(7)		10		(15)
Related to market value adjustments	—		—		—		—		—		—		—
Divested businesses	(2)		(2)		(6)		(3)		—		(2)		(9)
Amortization of negative VOBA
Related to market value adjustments	—		—		—		—		—		—		—
Divested businesses	—		—		—		—		—		—		—
Interest expense on debt
Securitization entities debt expense	—		—		—		—		—		—		—
Divested businesses	—		—		—		—		—		—		—
Other expenses
Noncontrolling interests	8		(5)		3		7		4		20		14
Regulatory implementation costs	(5)		(3)		(2)		—		(6)		(15)		(8)
Acquisition, integration and other costs	(8)		(7)		(6)		—		(7)		(37)		(13)

TSA fees	(69)		(40)		(42)		(39)		(39)		(206)		(120)
Divested businesses	(36)		(116)		(19)		(23)		(7)		(42)		(49)


Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	(340)		373		(928)		151		195		(600)		(582)
Adjusted earnings	1,222		1,891		1,481		835		1,637		4,054		3,953
Less: Preferred stock dividends	32		57		32		77		59		121		168
Adjusted earnings available to common shareholders	$	1,190	$	1,834	$	1,449	$	758	$	1,578	$	3,933	$	3,785