8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 3, 2021

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

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

(212) 578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

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

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

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

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

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	MET	New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01	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 February 3, 2021, MetLife, Inc. issued (i) a news release announcing its results for the quarter and full year ended December 31, 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 December 31, 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 February 3, 2021, MetLife, Inc. issued a supplemental slide presentation for the quarter and full year ended December 31, 2020, as well as outlook information (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 and provide outlook information. 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

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. Although vaccines have become available, distribution and access are expected to take time before a significant percentage of the population is vaccinated.

In addition, a prolonged low or near zero 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.

Events related to the COVID-19 Pandemic may continue to adversely affect certain of our business operations, investment portfolio, derivatives, financial results or financial condition. 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.

As of December 31, 2020, we had $4.5 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 2021, we expect to maintain this holding company cash target and expect to be within or above the high end of this range.

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 implications.

Assuming (i) interest rates following the observable forward yield curves as of December 31, 2020, including a 10-year U.S. Treasury rate of 0.91% at December 31, 2020, and 1.12% at December 31, 2021, and (ii) a mid-single digit S&P Global Ratings (“S&P”) 500 equity index increase for the full year 2021, we expect the average annual ratio of free cash flow to

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adjusted earnings over the two-year period of 2020 and 2021 to be 65% to 75%. In addition, we remain on track to generate approximately $20.0 billion of free cash flow over the time period of 2020 through 2024.

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 assuming non-recessionary market conditions. However, (i) given the possible effects of the COVID-19 Pandemic and other events, (ii) given our exclusion of our wholly-owned subsidiary, Metropolitan Property and Casualty Insurance Company and certain of its wholly-owned subsidiaries (collectively, “MetLife P&C”) from adjusted earnings because we expect to close its disposition in the second quarter 2021, and (iii) assuming (a) interest rates follow the observable forward yield curves as of December 31, 2020, including our updated assumptions for the 10-year U.S. Treasury rates noted in the paragraph above, (b) a mid-single digit S&P 500 equity index increase for the full year 2021, and (c) positive low double digit private equity returns in 2021, we could be below the low end of the target range in 2021.

We are committed to achieving a direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers below 12.3%. We expect pressure on this ratio in 2021 due to the pending disposition of MetLife P&C with its lower direct expense ratio, but we intend to continue to exercise expense discipline and be below 12.3% for 2022.

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 and other factors, we will continually review our assumptions, implement mitigation plans, and take precautions. We may revise our outlook as we obtain more information regarding the effects of the COVID-19 Pandemic, the effect and efficacy of efforts taken to respond to it, economic conditions, regulatory changes, and other events, and the impact of these events on our business operations, investment portfolio, derivatives, financial results and financial condition.

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 “assuming,” “believe,” “can be affected,” “committed to,” “continue,” “could,” “expect,” “if,” “intend,” “may,” “next,” “on track to,” “outlook,” “pending,” “position,” “possible,” “potentially,” “project,” “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.

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Item 9.01 Financial Statements and Exhibits.

99.1 News release of MetLife, Inc., dated February 3, 2021, announcing its results for the quarter and full year ended December 31, 2020

99.2 Quarterly Financial Supplement for the quarter ended December 31, 2020

99.3 Supplemental Slides for the quarter and full year ended December 31, 2020 and Outlook

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)

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SIGNATURES

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

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

Date: February 3, 2021

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EX-99.1

Exhibit 99.1

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES FULL YEAR AND FOURTH QUARTER 2020 RESULTS

NEW YORK, February 3, 2021 - MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2020 results.

Full Year Results Summary

•Net income of $5.2 billion, compared to net income of $5.7 billion for the full year 2019. Net income of $5.68 per share, down 6 percent from the prior year.

•Adjusted earnings of $5.6 billion, compared to adjusted earnings of $5.8 billion for the full year 2019. Adjusted earnings of $6.16 per share, up 1 percent from the prior year.

•Adjusted earnings, excluding total notable items, of $5.8 billion, compared to $5.7 billion for the full year 2019. On a per share basis, adjusted earnings, excluding total notable items, of $6.38, up 5 percent from $6.06 for the full year 2019.

•Book value of $78.67 per share, up 15 percent from $68.62 per share at December 31, 2019.

•Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $54.18 per share, up 11 percent from $48.97 per share at December 31, 2019.

•Return on equity (ROE) of 7.6 percent.

•Adjusted ROE, excluding AOCI other than FCTA, of 11.9 percent.

•Holding company cash and liquid assets of $4.5 billion at December 31, 2020, which is above the target cash buffer of $3.0 - $4.0 billion.

Fourth Quarter Results Summary

•Net income of $124 million, or $0.14 per share, compared to net income of $536 million, or $0.58 per share, in the fourth quarter of 2019.

•Adjusted earnings of $1.8 billion, or $2.03 per share, compared to adjusted earnings of $1.8 billion, or $1.98 per share, in the fourth quarter of 2019.

•Adjusted earnings, excluding total notable items, of $1.8 billion, or $2.03 per share, compared to adjusted earnings, excluding total notable items, of $1.4 billion, or $1.53 per share in the fourth quarter of 2019.

•Return on equity (ROE) of 0.7 percent.

•Adjusted ROE, excluding AOCI other than FCTA, of 15.2 percent.

“MetLife delivered a very strong fourth quarter of 2020, capping off a year in which the strength of our diversified businesses was on full display,” said MetLife President and CEO Michel Khalaf. “By most key value metrics – adjusted earnings per share, adjusted return on equity, and book value per share – MetLife's fourth quarter results were above expectations. For the full year, in the face of an extremely challenging environment, we demonstrated resilience to low interest rates, exceptional expense discipline, and strong cash generation and I am very proud of how our people lived our purpose and delivered for our customers. As we begin 2021, we remain committed to consistent execution and confident that our Next Horizon strategy will continue to create value for all of our stakeholders.”

Page 1 of 29

Fourth Quarter and Full Year 2020 Summary

($ in millions, except per share data)	Three months ended December 31,							Year ended December 31,
	2020			2019			Change	2020			2019			Change
Premiums, fees and other revenues	$	15,772		$	13,757		15%	$	49,486		$	49,680
Net investment income	5,240			4,644			13%	17,117			18,868			(9)%
Net investment gains (losses)	(33)			207				(110)			444
Net derivative gains (losses)	(1,561)			(1,465)			(7)%	1,349			628			115%
Total revenues	$	19,418		$	17,143		13%	$	67,842		$	69,620		(3)%
Total adjusted revenues	$	20,575		$	18,154		13%	$	66,465		$	66,974		(1)%
Adjusted premiums, fees and other revenues	$	15,700		$	13,632		15%	$	49,137		$	49,144
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)	$	11,537		$	11,133		4%	$	44,502		$	44,798		(1)%
Net income (loss)	$	124		$	536		(77)%	$	5,191		$	5,721		(9)%
Net income (loss) per share	$	0.14		$	0.58		(76)%	$	5.68		$	6.06		(6)%
Adjusted earnings	$	1,838		$	1,834			$	5,623		$	5,767		(2)%
Adjusted earnings per share	$	2.03		$	1.98		3%	$	6.16		$	6.11		1%
Adjusted earnings, excluding total notable items	$	1,838		$	1,414		30%	$	5,826		$	5,720		2%
Adjusted earnings, excluding total notable items per share	$	2.03		$	1.53		33%	$	6.38		$	6.06		5%
Book value per share	$	78.67		$	68.62		15%	$	78.67		$	68.62		15%
Book value per share, excluding AOCI other than FCTA	$	54.18		$	48.97		11%	$	54.18		$	48.97		11%
Expense ratio	15.6		%	19.1		%		18.4		%	19.9		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	12.3		%	13.7		%		12.0		%	12.6		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT	20.6		%	21.5		%		19.9		%	20.3		%
ROE	0.7		%	3.4		%		7.6		%	9.8		%
Adjusted ROE, excluding AOCI other than FCTA	15.2		%	16.4		%		11.9		%	13.1		%
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA)	15.2		%	12.6		%		12.3		%	13.0		%

Page 2 of 30

MetLife reported fourth quarter 2020 premiums, fees and other revenues of $15.8 billion, up15 percent over the fourth quarter of 2019. Adjusted premiums, fees and other revenues were $15.7 billion, up 15 percent on both a reported and constant currency basis from the prior-year period.

Net investment income was $5.2 billion, up 13 percent from the fourth quarter of 2019. Adjusted net investment income was $4.9 billion, up 8 percent from the prior-year period. The increase in net investment income was primarily driven by higher variable investment income due to higher private equity returns.

Net derivative losses amounted to $1.6 billion, or $1.2 billion after tax during the quarter, driven by higher long-term interest rates and stronger equity markets.

Net income was $124 million, compared to net income of $536 million in the fourth quarter of 2019. On a per share basis, net income was $0.14, compared to net income of $0.58 in the prior-year period.

MetLife reported adjusted earnings of $1.8 billion, flat on a reported and constant currency basis, from the fourth quarter of 2019. On a per share basis, adjusted earnings were $2.03, up 3 percent from the prior-year period.

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

Details about projected impacts of various developments to MetLife are available under the heading “Outlook” in MetLife’s fourth quarter 2020 supplemental slides, titled “4Q20 Supplemental Slides & Outlook,” which are available together with MetLife’s Quarterly Financial Supplement for this period 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.Additionally, further information about projected impacts to MetLife is available under the heading “Consolidated Company Outlook” in Item 8.01 of the Form 8-K.

Adjusted Earnings by Segment Summary*

	Three months ended December 31, 2020		Year ended December 31, 2020
Segment	Change from prior-year period	Change from prior-year period (on a constant currency basis)	Change from prior year	Change from prior year (on a constant currency basis)
U.S.	51%		14%
Asia	45%	42%	11%	11%
Latin America	(91)%	(91)%	(54)%	(48)%
Europe, the Middle East and Africa (EMEA)	23%	27%	16%	21%
MetLife Holdings	58%		(6)%

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

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Business Discussions

All comparisons of the results for the fourth quarter of 2020 in the business discussions that follow are with the fourth quarter of 2019, unless otherwise noted. The fourth quarter of 2020 notable items table follows the Business Discussions section of this release.

Page 4 of 30

U.S.

($ in millions)	Three months ended December 31, 2020	Three months ended December 31, 2019	Change
Adjusted earnings	$1,021	$675	51%
Adjusted premiums, fees and other revenues	$10,578	$8,586	23%
Adjusted premiums, fees and other revenues, excluding PRT	$6,415	$6,087	5%
Notable item(s)	$0	$0

•Adjusted earnings were $1.0 billion, up 51 percent, driven by higher variable investment income, as well as underwriting, expense margins and volume growth.

•Adjusted return on allocated equity was 36.9 percent, and adjusted return on allocated tangible equity was 42.4 percent.

•Adjusted premiums, fees and other revenues were $10.6 billion, up 23 percent, driven by pension risk transfer transactions in Retirement and Income Solutions.

•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $6.4 billion, up 5 percent.

Group Benefits

($ in millions)	Three months ended December 31, 2020	Three months ended December 31, 2019	Change
Adjustedearnings	$383	$329	16%
Adjusted premiums, fees and other revenues	$5,020	$4,554	10%
Notable item(s)	$0	$0

•Adjusted earnings were $383 million, up 16 percent, driven by expense margins, underwriting, and volume growth. Underwriting results were affected by COVID-19, with favorable non-medical health more than offsetting higher mortality.

•Adjusted premiums, fees and other revenues were $5.0 billion, up 10 percent, due to solid product growth, as well as the full release of the remaining unearned dental premium reserve established in the second quarter of 2020.

•Sales were down 17 percent for the full year 2020 compared to 2019 due to lower jumbo case activity.

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Retirement and Income Solutions

($ in millions)	Three months ended December 31, 2020	Three months ended December 31, 2019	Change
Adjustedearnings	$526	$321	64%
Adjusted premiums, fees and other revenues	$4,665	$3,104	50%
Adjusted premiums, fees and other revenues, excluding PRT	$502	$605	(17)%
Notable item(s)	$0	$0

•Adjusted earnings were $526 million, up 64 percent, driven by investment margins, mainly from higher variable investment income, as well as volume growth and underwriting.

•Adjusted premiums, fees and other revenues were $4.7 billion, up 50 percent, primarily due to higher pension risk transfer activity.

•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $502 million, down 17 percent, primarily driven by lower structured settlement sales.

•Sales were up 55 percent for the full year 2020 compared to 2019, primarily driven by stable value products, UK longevity reinsurance, and pension risk transfers.

Property & Casualty

($ in millions)	Three months ended December 31, 2020	Three months ended December 31, 2019	Change
Adjustedearnings	$112	$25	348%
Adjusted premiums, fees and other revenues	$893	$928	(4)%
Notable item(s)	$0	$0

•Adjusted earnings were $112 million, up 348 percent, driven by favorable auto underwriting.

•Adjusted premiums, fees and other revenues were $893 million, down 4 percent.

•Pre-tax catastrophe losses and prior year development totaled $52 million, compared to $71 million in the prior-year period.

•Sales were $114 million, down 20 percent, primarily driven by lower quote activity.

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ASIA

($ in millions)	At or for the three months ended December 31, 2020	At or for the three months ended December 31, 2019	Change
Adjusted earnings	$494	$341	45%
Adjusted earnings (constant currency)	$494	$347	42%
Adjusted premiums, fees and other revenues	$2,161	$2,080	4%
Notable item(s)	$0	$0
General account assets under management (at amortized cost)	$129,661	$119,044	9%

•Adjusted earnings were $494 million, up 45 percent, and up 42 percent on a constant currency basis, driven by higher variable investment income, underwriting, volume growth and expense margins, partially offset by lower recurring interest margins.

•Adjusted return on allocated equity was 13.8 percent, and adjusted return on allocated tangible equity was 20.9 percent.

•Adjusted premiums, fees and other revenues were $2.2 billion, up 4 percent, and flat on a constant currency basis.

•General account assets under management (at amortized cost) were$129.7 billion, up 9 percent, and up 5 percent on a constant currency basis.

•Sales were $544 million, up 1 percent on a constant currency basis.

LATIN AMERICA

($ in millions)	Three months ended December 31, 2020	Three months ended December 31, 2019	Change
Adjusted earnings	$14	$161	(91)%
Adjusted earnings (constant currency)	$14	$153	(91)%
Adjusted premiums, fees and other revenues	$878	$888	(1)%
Notable item(s)	$0	$0

•Adjusted earnings were $14 million, down 91 percent on both a reported and constant currency basis, primarily driven by underwriting as a result of COVID-19.

•Adjusted return on allocated equity was 1.8 percent, and adjusted return on allocated tangible equity was 3.0 percent.

•Adjusted premiums, fees and other revenues were $878 million, down 1 percent, and up 5 percent on a constant currency basis.

•Sales were $169 million, down 23 percent on a constant currency basis, as COVID-19 related challenges impacted most of the region.

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EMEA

($ in millions)	Three months ended December 31, 2020	Three months ended December 31, 2019	Change
Adjusted earnings	$81	$66	23%
Adjusted earnings (constant currency)	$81	$64	27%
Adjusted premiums, fees and other revenues	$707	$670	6%
Notable item(s)	$0	$0

•Adjusted earnings were $81 million, up 23 percent, and up 27 percent on a constant currency basis, primarily driven by expense margins, underwriting and volume growth, partially offset by tax items.

•Adjusted return on allocated equity was 11.3 percent, and adjusted return on allocated tangible equity was 20.1 percent.

•Adjusted premiums, fees and other revenues were $707 million, up 6 percent, and up 5 percent on a constant currency basis.

•Sales were $219 million, up 1 percent on a constant currency basis.

METLIFE HOLDINGS

($ in millions)	Three months ended December 31, 2020	Three months ended December 31, 2019	Change
Adjusted earnings	$426	$269	58%
Adjusted premiums, fees and other revenues	$1,264	$1,321	(4)%
Notable item(s)	$0	$0

•Adjustedearnings were $426 million, up 58 percent, driven primarily by higher variable investment income, underwriting, and improved expense margins. Underwriting results were mixed, with the favorable impact on long-term care more than offsetting higher life insurance claims.

•Adjustedreturn on allocated equity was 17.2 percent, and adjusted return on allocated tangible equity was 19.1 percent.

•Adjustedpremiums, fees and other revenues were $1.3 billion, down 4 percent.

CORPORATE & OTHER

($ in millions)	Three months ended December 31, 2020	Three months ended December 31, 2019	Change
Adjusted earnings	$(198)	$322
Notable item(s)	$0	$420

•Corporate & Other had an adjusted loss of $198 million, compared to adjusted earnings of $322 million in the fourth quarter of 2019.

•Excluding notable items for both periods, adjusted loss increased by $100 million. The notable items in the prior-year period are related to favorable tax items and the company's completed cost saving initiative.

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INVESTMENTS

($ in millions)	Three months ended December 31, 2020	Three months ended December 31, 2019	Change
Adjusted net investment income	$4,875	$4,522	8%

•Adjusted net investment income was $4.9 billion, up 8 percent. Variable investment income was $778 million, compared to $327 million in the fourth quarter of 2019, primarily driven by higher private equity returns.

FOURTH QUARTER 2020 NOTABLE ITEMS

($ in millions)	Adjusted Earnings
	Three months ended December 31, 2020
Notable Items	U.S.			Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions	Property & Casualty
Total notable items	$0	$0	$0	$0	$0	$0	$0	$0	$0

###

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

For Investors:         John Hall (212) 578-7888

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 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.

Conference Call

MetLife will hold its combined fourth quarter and full year 2020 earnings and outlook conference call and audio webcast on Thursday, February 4, 2021, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 877-692-8955 (U.S.) or 234-720-6979 (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 11 a.m. (ET) on Thursday, February 4, 2021, until Thursday, February 11, 2021, 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 1393262. To access the replay of the conference call over the internet, visit the above-mentioned website.

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Non-GAAP and Other Financial Disclosures

Any references in this news release (except in this section and the tables that accompany this release) to:		should be read as, respectively:
(i)	net income (loss);	(i)	net income (loss) available to MetLife, Inc.’s common shareholders;
(ii)	net income (loss) per share;	(ii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(iii)	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 for MetLife and its investors 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.

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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;

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(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.

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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).

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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.

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

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

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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.

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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:

•U.S.:

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

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

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

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

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

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

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

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

•Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

•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.

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Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “accretive,” "assume," "believe," “beyond,” "continue," "commit," “could,” “ensure,” "estimate," "expect," “forward,” “future,” “growth,” “guidance,” “maintain,” "long-term," “near-term,” “on course,” "on track," "outlook," “plan,” "position," “potential,” “preserve,” “project,” "remain," “sustainable,” "target," "well-positioned," "will," and other words and terms of similar meaning, in each of their forms of speech, or that are tied to future periods or future performance. They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial results.

Many factors will determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our assumptions and current expectations, which may be inaccurate, and the current economic environment, which may change, underlie our forward-looking statements. MetLife, Inc. does not guarantee any future performance. Results could differ materially from those expressed or implied in forward-looking statements. The risks, uncertainties, and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1)economic condition difficulties, including risks relating to public health, interest rates, credit spreads, equity, real estate, obligors and counterparties, currency exchange rates, derivatives, and terrorism and security;

(2)global capital and credit market adversity;

(3)credit facility inaccessibility;

(4)financial strength or credit ratings downgrades;

(5)unavailability, unaffordability, or inadequate reinsurance;

(6)statutory life insurance reserve financing costs or limited market capacity;

(7)law, regulation, and supervisory and enforcement policy changes;

(8)tax rate or tax laws changes;

(9)litigation and regulatory investigations;

(10)London Interbank Offered Rate (LIBOR) termination and transition to alternative reference rates;

(11)unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(12)MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(13)MetLife, Inc.’s subsidiaries’ inability to pay it dividends;

(14)investment defaults, downgrades, or volatility;

(15)investment sales or lending difficulties;

(16)collateral or derivative-related payments;

(17)investment valuation, allowances, or impairments changes;

(18)claims or other results that differ from our estimates, assumptions, or models;

(19)global political, legal, or operational risks;

(20)business competition;

(21)technological change;

(22)catastrophes;

(23)climate changes or responses to it;

(24)accelerated DAC, deferred sales inducements (DSI), or VOBA amortization;

(25)product guarantee volatility, costs, and counterpart risks;

(26)risk management failures;

(27)insufficient protection from operational risks;

(28)confidential information protection or other cybersecurity or disaster recovery failures;

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(29)accounting standards changes;

(30)excessive risk-taking;

(31)marketing and distribution difficulties;

(32)pension and other postretirement benefit assumption changes;

(33)inability to protect our intellectual property or avoid infringement claims;

(34)acquisition, integration, growth, disposition, or reorganization difficulties;

(35)Brighthouse Financial, Inc. separation risks;

(36)MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(37)legal- and corporate governance-related effects on business combinations.

MetLife, Inc. will not publicly correct or update any forward-looking statements if MetLife, Inc. believes it is not likely to achieve them or for any other reasons. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the U.S. Securities and Exchange Commission.

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MetLife, Inc.
GAAP Consolidated Statements of Operations
(Unaudited)
(In millions)
	For the Three Months Ended				For the Year Ended
	December 31,				December 31,
	2020		2019		2020		2019
Revenues
Premiums	$	13,897	$	11,920	$	42,034	$	42,235
Universal life and investment-type product policy fees	1,376		1,386		5,603		5,603
Net investment income	5,240		4,644		17,117		18,868
Other revenues	499		451		1,849		1,842
Net investment gains (losses)	(33)		207		(110)		444
Net derivative gains (losses)	(1,561)		(1,465)		1,349		628
Total revenues	19,418		17,143		67,842		69,620
Expenses
Policyholder benefits and claims	13,772		11,748		41,461		41,461
Interest credited to policyholder account balances	1,756		1,488		5,214		6,464
Policyholder dividends	302		313		1,090		1,211
Capitalization of DAC	(804)		(827)		(3,013)		(3,358)
Amortization of DAC and VOBA	746		786		3,160		2,896
Amortization of negative VOBA	(10)		(9)		(45)		(33)
Interest expense on debt	230		224		913		955
Other expenses	3,262		3,457		12,135		13,229
Total expenses	19,254		17,180		60,915		62,825
Income (loss) before provision for income tax	164		(37)		6,927		6,795
Provision for income tax expense (benefit)	6		(625)		1,509		886
Net income (loss)	158		588		5,418		5,909
Less: Net income (loss) attributable to noncontrolling interests	—		(5)		11		10
Net income (loss) attributable to MetLife, Inc.	158		593		5,407		5,899
Less: Preferred stock dividends	34		57		202		178
Preferred stock redemption premium	—		—		14		—
Net income (loss) available to MetLife, Inc.'s common shareholders	$	124	$	536	$	5,191	$	5,721
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions, except per share data)
	For the Three Months Ended								For the Year Ended
	December 31,								December 31,
	2020				2019				2020				2019
Reconciliation to Adjusted Earnings Available to Common Shareholders			Earnings Per Weighted Average Common Share Diluted (1)				Earnings Per Weighted Average Common Share Diluted (1)				Earnings Per Weighted Average Common Share Diluted (1)				Earnings Per Weighted Average Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders	$	124	$	0.14	$	536	$	0.58	$	5,191	$	5.68	$	5,721	$	6.06
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(33)		(0.04)		207		0.22		(110)		(0.12)		444		0.47
Net derivative gains (losses)	(1,561)		(1.72)		(1,465)		(1.58)		1,349		1.48		628		0.66
Premiums	—		—		36		0.04		52		0.06		71		0.08
Universal life and investment-type product policy fees	33		0.04		45		0.05		138		0.15		208		0.22
Net investment income	365		0.40		122		0.13		(211)		(0.23)		1,038		1.10
Other revenues	39		0.04		44		0.05		159		0.17		257		0.27
Policyholder benefits and claims and policyholder dividends	(260)		(0.29)		(151)		(0.16)		(692)		(0.77)		(480)		(0.51)
Interest credited to policyholder account balances	(611)		(0.66)		(245)		(0.27)		(541)		(0.59)		(1,435)		(1.51)
Capitalization of DAC	—		—		9		0.01		5		0.01		20		0.02
Amortization of DAC and VOBA	(54)		(0.06)		(107)		(0.12)		(166)		(0.18)		(109)		(0.12)
Amortization of negative VOBA	—		—		—		—		—		—		—		—
Interest expense on debt	—		—		—		—		—		—		—		—
Other expenses	(87)		(0.10)		(171)		(0.18)		(263)		(0.29)		(451)		(0.48)
Goodwill impairment	—		—		—		—		—		—		—		—
Provision for income tax (expense) benefit	455		0.50		373		0.40		(127)		(0.14)		(227)		(0.24)
Add: Net income (loss) attributable to noncontrolling interests	—		—		(5)		(0.01)		11		0.01		10		0.01
Preferred stock redemption premium	—		—		—		—		14		0.02		—		—
Adjusted earnings available to common shareholders	1,838		2.03		1,834		1.98		5,623		6.16		5,767		6.11
Less: Total notable items (2)	—		—		420		0.45		(203)		(0.22)		47		0.05
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,838	$	2.03	$	1,414	$	1.53	$	5,826	$	6.38	$	5,720	$	6.06
Adjusted earnings available to common shareholders on a constant currency basis	$	1,838	$	2.03	$	1,830	$	1.98	$	5,623	$	6.16	$	5,681	$	6.02
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	1,838	$	2.03	$	1,410	$	1.52	$	5,826	$	6.38	$	5,634	$	5.97
Weighted average common shares outstanding - diluted			906.0				925.7				913.2				944.4
See footnotes on last page.

Page 21 of 30

MetLife, Inc.
(Unaudited)
(In millions)
	For the Three Months Ended				For the Year Ended
	December 31,				December 31,
	2020		2019		2020		2019
Premiums, Fees and Other Revenues
Premiums, fees and other revenues	$	15,772	$	13,757	$	49,486	$	49,680
Less: Unearned revenue adjustments	8		18		33		97
GMIB fees	25		26		102		108
Settlement of foreign currency earnings hedges	—		2		—		9
TSA fees	39		40		159		246
Divested businesses	—		39		55		76
Adjusted premiums, fees and other revenues	$	15,700	$	13,632	$	49,137	$	49,144
Adjusted premiums, fees and other revenues, on a constant currency basis	$	15,700	$	13,667	$	49,137	$	48,797
Less: Pension risk transfer (PRT) (3)	4,163		2,499		4,635		4,346
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis	$	11,537	$	11,168	$	44,502	$	44,451
Net Investment Income
Net investment income	$	5,240	$	4,644	$	17,117	$	18,868
Less: Investment hedge adjustments	(260)		(125)		(815)		(469)
Operating joint venture adjustments	1		—		1		—
Unit-linked contract income	628		228		568		1,475
Securitization entities income	—		—		—		—
Certain partnership distributions	(6)		(5)		(11)		(15)
Divested businesses	2		24		46		47
Adjusted net investment income	$	4,875	$	4,522	$	17,328	$	17,830
Revenues and Expenses
Total revenues	$	19,418	$	17,143	$	67,842	$	69,620
Less: Net investment gains (losses)	(33)		207		(110)		444
Less: Net derivative gains (losses)	(1,561)		(1,465)		1,349		628
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	8		18		33		97
Less: Other adjustments to revenues:
GMIB fees	25		26		102		108
Investment hedge adjustments	(260)		(125)		(815)		(469)
Operating joint venture adjustments	1		—		1		—
Unit-linked contract income	628		228		568		1,475
Securitization entities income	—		—		—		—
Certain partnership distributions	(6)		(5)		(11)		(15)
Settlement of foreign currency earnings hedges	—		2		—		9
TSA fees	39		40		159		246
Divested businesses	2		63		101		123
Total adjusted revenues	$	20,575	$	18,154	$	66,465	$	66,974
Total expenses	$	19,254	$	17,180	$	60,915	$	62,825
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	65		106		153		116
Less: Goodwill impairment	—		—		—		—
Less: Other adjustments to expenses:
PBC hedge adjustments	10		10		37		19
Inflation and pass-through adjustments	53		(6)		170		244
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	169		105		364		143
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	17		8		70		(4)
PAB hedge adjustments	(1)		(5)		(9)		(19)
Unit-linked contract costs	612		240		536		1,436
Securitization entities debt expense	—		—		—		—
Noncontrolling interest	(2)		5		(16)		(15)
Regulatory implementation costs	12		3		20		18
Acquisition, integration and other costs	29		7		42		44
TSA fees	39		40		159		246
Divested businesses	9		152		131		227
Total adjusted expenses	$	18,242	$	16,515	$	59,258	$	60,370
See footnotes on last page.

Page 22 of 30

MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2020			2019			2020			2019
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC	$	(804)		$	(827)		$	(3,013)		$	(3,358)
Less: Divested businesses	—			(9)			(5)			(20)
Adjusted capitalization of DAC	$	(804)		$	(818)		$	(3,008)		$	(3,338)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses	$	3,262		$	3,457		$	12,135		$	13,229
Less: Noncontrolling interests	(2)			5			(16)			(15)
Less: Regulatory implementation costs	12			3			20			18
Less: Acquisition, integration and other costs	29			7			42			44
Less: TSA fees	39			40			159			246
Less: Divested businesses	9			116			58			158
Adjusted other expenses	$	3,175		$	3,286		$	11,872		$	12,778
Other Detail and Ratios
Other expenses	$	3,262		$	3,457		$	12,135		$	13,229
Capitalization of DAC	(804)			(827)			(3,013)			(3,358)
Other expenses, net of capitalization of DAC	$	2,458		$	2,630		$	9,122		$	9,871
Premiums, fees and other revenues	$	15,772		$	13,757		$	49,486		$	49,680
Expense ratio	15.6		%	19.1		%	18.4		%	19.9		%
Direct expenses	$	1,423		$	1,597		$	5,342		$	5,977
Less: Total notable items related to direct expenses (2)	—			69			—			338
Direct expenses, excluding total notable items related to direct expenses (2)	$	1,423		$	1,528		$	5,342		$	5,639
Adjusted other expenses	$	3,175		$	3,286		$	11,872		$	12,778
Adjusted capitalization of DAC	(804)			(818)			(3,008)			(3,338)
Adjusted other expenses, net of adjusted capitalization of DAC	2,371			2,468			8,864			9,440
Less: Total notable items related to adjusted other expenses (2)	—			69			—			338
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2)	$	2,371		$	2,399		$	8,864		$	9,102
Adjusted premiums, fees and other revenues	$	15,700		$	13,632		$	49,137		$	49,144
Less: PRT	4,163			2,499			4,635			4,346
Adjusted premiums, fees and other revenues, excluding PRT	$	11,537		$	11,133		$	44,502		$	44,798
Direct expense ratio	9.1		%	11.7		%	10.9		%	12.2		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)	12.3		%	13.7		%	12.0		%	12.6		%
Adjusted expense ratio	15.1		%	18.1		%	18.0		%	19.2		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2)	20.6		%	21.5		%	19.9		%	20.3		%
See footnotes on last page.

Page 23 of 30

MetLife, Inc.
(Unaudited)
(In millions, except per share data)
					December 31,
Equity Details					2020		2019
Total MetLife, Inc.'s stockholders' equity					$	74,558	$	66,144
Less: Preferred stock					4,312		3,340
MetLife, Inc.'s common stockholders' equity					70,246		62,804
Less: Net unrealized investment gains (losses), net of income tax					23,730		19,981
Defined benefit plans adjustment, net of income tax					(1,863)		(2,002)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA					48,379		44,825
Less: Goodwill, net of income tax					10,090		8,986
VODA and VOCRA, net of income tax					844		268
Total MetLife, Inc.'s tangible common stockholders' equity					$	37,445	$	35,571
					December 31,
					2020		2019
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA					$	48,379	$	44,825
Less: Accumulated year-to-date total notable items (2)					(203)		47
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)					48,582		44,778
Less: Goodwill, net of income tax					10,090		8,986
VODA and VOCRA, net of income tax					844		268
Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2)					$	37,648	$	35,524
					December 31,
Book Value (4)					2020		2019
Book value per common share					$	78.67	$	68.62
Less: Net unrealized investment gains (losses), net of income tax					26.58		21.84
Defined benefit plans adjustment, net of income tax					(2.09)		(2.19)
Book value per common share, excluding AOCI other than FCTA					54.18		48.97
Less: Goodwill, net of income tax					11.29		9.82
VODA and VOCRA, net of income tax					0.95		0.29
Book value per common share - tangible common stockholders' equity					$	41.94	$	38.86
Common shares outstanding, end of period (5)					892.9		915.3
	For the Three Months Ended				For the Year Ended
	December 31,				December 31,
Average Common Stockholders' Equity	2020		2019		2020		2019
Average common stockholders' equity	$	69,625	$	63,916	$	67,869	$	58,575
Average common stockholders' equity, excluding AOCI other than FCTA	$	48,234	$	44,742	$	47,251	$	43,929
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	48,437	$	44,905	$	47,332	$	44,030
Average tangible common stockholders' equity	$	38,130	$	35,498	$	37,703	$	34,594
Average tangible common stockholders' equity, excluding total notable items (2)	$	38,333	$	35,661	$	37,784	$	34,695
See footnotes on last page.

Page 24 of 30

MetLife, Inc.
(Unaudited)
	For the Three Months Ended				For the Year Ended
	December 31, (6)				December 31,
	2020		2019		2020		2019
Return on Equity
Return on MetLife, Inc.'s:
Common stockholders' equity	0.7	%	3.4	%	7.6	%	9.8	%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	10.6	%	11.5	%	8.3	%	9.8	%
Common stockholders' equity, excluding AOCI other than FCTA	15.2	%	16.4	%	11.9	%	13.1	%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	15.2	%	12.6	%	12.3	%	13.0	%
Tangible common stockholders' equity (7)	19.4	%	20.7	%	15.0	%	16.8	%
Tangible common stockholders' equity, excluding total notable items (2), (7)	19.3	%	15.9	%	15.5	%	16.6	%
Adjusted Return on Allocated Equity:
U.S.	36.9	%	25.2	%
Asia	13.8	%	9.6	%
Latin America	1.8	%	21.7	%
EMEA	11.3	%	9.4	%
MetLife Holdings	17.2	%	11.2	%
Adjusted Return on Allocated Tangible Equity:
U.S.	42.4	%	28.6	%
Asia	20.9	%	14.6	%
Latin America	3.0	%	36.0	%
EMEA	20.1	%	16.8	%
MetLife Holdings	19.1	%	12.5	%
See footnotes on last page.

Page 25 of 30

Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.
to Free Cash Flow of All Holding Companies
(Unaudited)
	For the Year Ended December 31,
	2020			2019
	(In billions, except ratios)
MetLife, Inc. (parent company only) net cash provided by operating activities	$	3.5		$	4.2
Adjustments from net cash provided by operating activities to free cash flow:
Add: Incremental debt to be at or below target leverage ratios	1.4			0.5
Add: Adjustments from net cash provided by operating activities to free cash flow (8)	(0.2)			(0.3)
MetLife, Inc. (parent company only) free cash flow	4.7			4.4
Other MetLife, Inc. holding companies free cash flow (9)	(0.7)			0.5
Free cash flow of all holding companies	$	4.0		$	4.9
Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:
MetLife, Inc. (parent company only) net cash provided by operating activities	$	3.5		$	4.2
Consolidated net income (loss) available to MetLife, Inc.'s common shareholders	$	5.2		$	5.7
Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (10)	67		%	73		%
Ratio of free cash flow to adjusted earnings available to common shareholders:
Free cash flow of all holding companies (11)	$	4.0		$	4.9
Consolidated adjusted earnings available to common shareholders (11)	$	5.6		$	5.8
Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (11)	71		%	86		%
Cash & Capital (12), (13), (14)
(Unaudited)
	December 31,
	2020			2019
	(In billions)
Holding Companies Cash & Liquid Assets	$	4.5		$	4.2
See footnotes on last page.

Page 26 of 30

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
		For the Three Months Ended				For the Year Ended
		December 31,				December 31,
		2020		2019		2020		2019
U.S. (3):
	Adjusted earnings available to common shareholders	$	1,021	$	675	$	3,224	$	2,838
	Less: Total notable items (2)	—		—		—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,021	$	675	$	3,224	$	2,838
	Adjusted premiums, fees and other revenues	$	10,578	$	8,586	$	29,292	$	28,766
	Less: PRT	4,163		2,499		4,635		4,346
	Adjusted premiums, fees and other revenues, excluding PRT	$	6,415	$	6,087	$	24,657	$	24,420
Group Benefits (3):
	Adjusted earnings available to common shareholders	$	383	$	329	$	1,335	$	1,348
	Less: Total notable items (2)	—		—		—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	383	$	329	$	1,335	$	1,348
	Adjusted premiums, fees and other revenues	$	5,020	$	4,554	$	19,118	$	18,275
Retirement & Income Solutions (3):
	Adjusted earnings available to common shareholders	$	526	$	321	$	1,567	$	1,241
	Less: Total notable items (2)	—		—		—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	526	$	321	$	1,567	$	1,241
	Adjusted premiums, fees and other revenues	$	4,665	$	3,104	$	6,617	$	6,811
	Less: PRT	4,163		2,499		4,635		4,346
	Adjusted premiums, fees and other revenues, excluding PRT	$	502	$	605	$	1,982	$	2,465
Property & Casualty (3):
	Adjusted earnings available to common shareholders	$	112	$	25	$	322	$	249
	Less: Total notable items (2)	—		—		—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	112	$	25	$	322	$	249
	Adjusted premiums, fees and other revenues	$	893	$	928	$	3,557	$	3,680
See footnotes on last page.

Page 27 of 30

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(Unaudited)
(In millions)
		For the Three Months Ended				For the Year Ended
		December 31,				December 31,
		2020		2019		2020		2019
Asia:
	Adjusted earnings available to common shareholders	$	494	$	341	$	1,565	$	1,405
	Less: Total notable items (2)	—		—		(28)		(19)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	494	$	341	$	1,593	$	1,424
	Adjusted earnings available to common shareholders on a constant currency basis	$	494	$	347	$	1,565	$	1,404
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	494	$	347	$	1,593	$	1,423
	Adjusted premiums, fees and other revenues	$	2,161	$	2,080	$	8,524	$	8,362
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,161	$	2,163	$	8,524	$	8,473
Latin America:
	Adjusted earnings available to common shareholders	$	14	$	161	$	280	$	609
	Less: Total notable items (2)	—		—		(9)		10
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	14	$	161	$	289	$	599
	Adjusted earnings available to common shareholders on a constant currency basis	$	14	$	153	$	280	$	535
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	14	$	153	$	289	$	525
	Adjusted premiums, fees and other revenues	$	878	$	888	$	3,297	$	3,861
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	878	$	837	$	3,297	$	3,428
EMEA:
	Adjusted earnings available to common shareholders	$	81	$	66	$	327	$	282
	Less: Total notable items (2)	—		—		(31)		(13)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	81	$	66	$	358	$	295
	Adjusted earnings available to common shareholders on a constant currency basis	$	81	$	64	$	327	$	271
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	81	$	64	$	358	$	284
	Adjusted premiums, fees and other revenues	$	707	$	670	$	2,744	$	2,654
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	707	$	673	$	2,744	$	2,629
MetLife Holdings (3):
	Adjusted earnings available to common shareholders	$	426	$	269	$	976	$	1,034
	Less: Total notable items (2)	—		—		(135)		(138)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	426	$	269	$	1,111	$	1,172
	Adjusted premiums, fees and other revenues	$	1,264	$	1,321	$	4,911	$	5,125
Corporate & Other (3):
	Adjusted earnings available to common shareholders	$	(198)	$	322	$	(749)	$	(401)
	Less: Total notable items (2)	—		420		—		207
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	(198)	$	(98)	$	(749)	$	(608)
	Adjusted premiums, fees and other revenues	$	112	$	87	$	369	$	376
See footnotes on last page.

Page 28 of 30

MetLife, Inc.
(Unaudited)
	For the Three Months Ended									For the Year Ended
	March 31, 2020		June 30, 2020		September 30, 2020			December 31, 2020		December 31, 2020
Variable investment income (post-tax, in millions)
U.S.
Group Benefits	$	3	$	3	$	6		$	4	$	16
Retirement and Income Solutions	96		(122)		164			202		340
Property & Casualty	7		(9)		16			19		33
Total U.S.	$	106	$	(128)	$	186		$	225	$	389
Asia	53		(77)		148			190		314
Latin America	4		(7)		(3)			10		4
EMEA	—		—		—			—		—
MetLife Holdings	96		(161)		172			196		303
Corporate & Other	18		(65)		12			(6)		(41)
Total variable investment income	$	277	$	(438)	$	515		$	615	$	969
	Segments: U.S., Asia, Latin America and EMEA (15)
	Capital Deployed		Value Added (VNB)		Internal Rate of Return (IRR)			Payback (Years)
New business value ($ in billions)
2019	$	3.8	$	1.8	15		%	7
2018	3.8		2.1		15		%	7
2017	3.1		1.3		14		%	7
Total	$	10.7	$	5.2
See footnotes on last page.

Page 29 of 30

MetLife, Inc.
(Unaudited)
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 December 31, 2020 and 2019, respectively.
(5)	There were share repurchases of $571 million and $1.2 billion for the three months and year ended December 31, 2020 respectively.
(6)	Annualized using quarter-to-date results.
(7)	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 December 31, 2020 and 2019 of $8 million and $6 million, respectively, and for the years ended December 31, 2020 and 2019 of $33 million and $34 million, respectively.
(8)	Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net.
(9)	Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions from MetLife, Inc.; (iii) capital contributions to subsidiaries; (iv) repayments on and (issuances of) loans to subsidiaries, net; (v) other expenses; (vi) dividends and returns of capital to MetLife, Inc. and (vii) investment portfolio changes and other, net.
(10)	Including the free cash flow of other MetLife, Inc. holding companies of $(0.7) billion and $0.5 billion for the years ended December 31, 2020 and 2019, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 54% and 83%, respectively.
(11)	(i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2020, was negatively impacted by a notable item, related to actuarial assumption review and other insurance adjustments of $0.2 billion, net of income tax. Excluding this notable item impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2020, would be 69%. (ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2019, was positively impacted by notable items, primarily related to tax related adjustments of $0.5 billion, net of income tax, partially offset by expense initiative costs of $0.3 billion, net of income tax. Excluding such notable items impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2019, would be 87%.
(12)	The 2020 combined U.S. risk based capital ratio is estimated to be above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end.
(13)	The total U.S. statutory adjusted capital is expected to be approximately $19.3 billion at December 31, 2020. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.
(14)	As of September 30, 2020 the solvency margin ratio of MetLife's insurance subsidiary in Japan was 906%, which is calculated quarterly and does not reflect conditions and factors occurring after September 30, 2020.
(15)	Excludes the MetLife Holdings segment; Value of New Business is the present value of future profits net the cost of capital and time value of guarantees from new sales.

Page 30 of 30

EX-99.2

Exhibit 99.2

Fourth Quarter

Financial Supplement

December 31, 2020

4

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

1

METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Revenues
Premiums		$	11,920	$	9,466	$	8,736	$	9,935	$	13,897	$	42,235	$	42,034
Universal life and investment-type product policy fees		1,386		1,431		1,299		1,497		1,376		5,603		5,603
Net investment income		4,644		3,061		4,087		4,729		5,240		18,868		17,117
Other revenues		451		439		456		455		499		1,842		1,849
Net investment gains (losses)		207		(288)		231		(20)		(33)		444		(110)
Net derivative gains (losses)		(1,465)		4,201		(710)		(581)		(1,561)		628		1,349
Total revenues		17,143		18,310		14,099		16,015		19,418		69,620		67,842
Expenses
Policyholder benefits and claims		11,748		9,022		8,667		10,000		13,772		41,461		41,461
Interest credited to policyholder account balances		1,488		80		1,962		1,416		1,756		6,464		5,214
Policyholder dividends		313		292		290		206		302		1,211		1,090
Capitalization of DAC		(827)		(774)		(671)		(764)		(804)		(3,358)		(3,013)
Amortization of DAC and VOBA		786		788		560		1,066		746		2,896		3,160
Amortization of negative VOBA		(9)		(10)		(10)		(15)		(10)		(33)		(45)
Interest expense on debt		224		222		232		229		230		955		913
Other expenses		3,457		3,047		2,872		2,954		3,262		13,229		12,135
Total expenses		17,180		12,667		13,902		15,092		19,254		62,825		60,915
Income (loss) before provision for income tax		(37)		5,643		197		923		164		6,795		6,927
Provision for income tax expense (benefit)		(625)		1,242		47		214		6		886		1,509
Net income (loss)		588		4,401		150		709		158		5,909		5,418
Less: Net income (loss) attributable to noncontrolling interests		(5)		3		5		3		—		10		11
Net income (loss) attributable to MetLife, Inc.		593		4,398		145		706		158		5,899		5,407
Less: Preferred stock dividends		57		32		77		59		34		178		202
Preferred stock redemption premium		—		—		—		14		—		—		14
Net income (loss) available to MetLife, Inc.'s common shareholders		$	536	$	4,366	$	68	$	633	$	124	$	5,721	$	5,191
Premiums, fees and other revenues		$	13,757	$	11,336	$	10,491	$	11,887	$	15,772	$	49,680	$	49,486

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Net income (loss) available to MetLife, Inc.'s common shareholders	$	536	$	4,366	$	68	$	633	$	124
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	207		(288)		231		(20)		(33)
Less: Net derivative gains (losses)	(1,465)		4,201		(710)		(581)		(1,561)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(418)		(65)		(357)		(522)		(575)
Less: Provision for income tax (expense) benefit	373		(928)		151		195		455
Add: Net income (loss) attributable to noncontrolling interests	(5)		3		5		3		—
Add: Preferred stock redemption premium	—		—		—		14		—
Adjusted earnings available to common shareholders	1,834		1,449		758		1,578		1,838
Less: Total notable items (2)	420		—		—		(203)		—
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,414	$	1,449	$	758	$	1,781	$	1,838
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	0.58	$	4.75	$	0.07	$	0.69	$	0.14
Less: Net investment gains (losses)	0.22		(0.31)		0.25		(0.02)		(0.04)
Less: Net derivative gains (losses)	(1.58)		4.57		(0.78)		(0.64)		(1.72)
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.45)		(0.08)		(0.39)		(0.57)		(0.63)
Less: Provision for income tax (expense) benefit	0.40		(1.01)		0.17		0.21		0.50
Add: Net income (loss) attributable to noncontrolling interests	(0.01)		—		0.01		—		—
Add: Preferred stock redemption premium	—		—		—		0.02		—
Adjusted earnings available to common shareholders per diluted common share	1.98		1.58		0.83		1.73		2.03
Less: Total notable items per diluted common share (2)	0.45		—		—		(0.22)		—
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	1.53	$	1.58	$	0.83	$	1.95	$	2.03
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	—	$	—	$	—	$	(203)	$	—
Expense initiative costs	(119)		—		—		—		—
Interest on tax adjustments	64		—		—		—		—
Tax adjustments	475		—		—		—		—
Total notable items	$	420	$	—	$	—	$	(203)	$	—
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	—	$	—	$	—	$	(0.22)	$	—
Expense initiative costs	$	(0.13)	$	—	$	—	$	—	$	—
Interest on tax adjustments	$	0.07	$	—	$	—	$	—	$	—
Tax adjustments	$	0.51	$	—	$	—	$	—	$	—
Total notable items	$	0.45	$	—	$	—	$	(0.22)	$	—
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Weighted average common shares outstanding - diluted	925.7		920.0		913.1		913.7		906.0
(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.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Book value per common share (1)	$	68.62		$	72.62		$	78.65		$	76.20		$	78.67
Book value per common share, excluding AOCI other than FCTA (1)	$	48.97		$	52.36		$	52.27		$	53.10		$	54.18
Book value per common share - tangible common stockholders' equity (1)	$	38.86		$	42.33		$	42.16		$	42.86		$	41.94
	For the Three Months Ended
Unaudited	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Return on MetLife, Inc.'s (2):
Common stockholders' equity	3.4		%	27.1		%	0.4		%	3.6		%	0.7		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	11.5		%	9.0		%	4.4		%	9.0		%	10.6		%
Common stockholders' equity, excluding AOCI other than FCTA	16.4		%	12.6		%	6.4		%	13.2		%	15.2		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	12.6		%	12.6		%	6.4		%	14.9		%	15.2		%
Tangible common stockholders' equity	20.7		%	15.8		%	8.0		%	16.5		%	19.4		%
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Common shares outstanding, beginning of period	919.6			915.3			907.6			907.6			905.6
Share repurchases	(5.1)			(10.6)			—			(2.1)			(13.6)
Newly issued shares	0.8			2.9			—			0.1			0.9
Common shares outstanding, end of period	915.3			907.6			907.6			905.6			892.9
Weighted average common shares outstanding - basic	918.7			914.1			908.8			908.7			899.9
Dilutive effect of the exercise or issuance of stock-based awards	7.0			5.9			4.3			5.0			6.1
Weighted average common shares outstanding - diluted	925.7			920.0			913.1			913.7			906.0
MetLife Policyholder Trust Shares	140.7			139.2			138.4			137.3			136.0
(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.

4

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Total revenues	$	17,143	$	18,310	$	14,099	$	16,015	$	19,418	$	69,620	$	67,842
Less: Net investment gains (losses)	207		(288)		231		(20)		(33)		444		(110)
Less: Net derivative gains (losses)	(1,465)		4,201		(710)		(581)		(1,561)		628		1,349
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	18		18		5		2		8		97		33
Less: Other adjustments to revenues:
GMIB fees	26		26		25		26		25		108		102
Investment hedge adjustments	(125)		(138)		(188)		(229)		(260)		(469)		(815)
Operating joint venture adjustments	—		—		—		—		1		—		1
Unit-linked contract income	228		(1,140)		818		262		628		1,475		568
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(5)		(4)		(1)		—		(6)		(15)		(11)
Settlement of foreign currency earnings hedges	2		—		—		—		—		9		—
TSA fees	40		42		39		39		39		246		159
Divested businesses	63		56		35		8		2		123		101
Total adjusted revenues	$	18,154	$	15,537	$	13,845	$	16,508	$	20,575	$	66,974	$	66,465
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Net investment income	$	4,644	$	3,061	$	4,087	$	4,729	$	5,240	$	18,868	$	17,117
Less: Adjustments to net investment income:
Investment hedge adjustments	(125)		(138)		(188)		(229)		(260)		(469)		(815)
Operating joint venture adjustments	—		—		—		—		1		—		1
Unit-linked contract income	228		(1,140)		818		262		628		1,475		568
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(5)		(4)		(1)		—		(6)		(15)		(11)
Divested businesses	24		22		14		8		2		47		46
Adjusted net investment income	$	4,522	$	4,321	$	3,444	$	4,688	$	4,875	$	17,830	$	17,328
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Variable investment income (Included in net investment income above)	$	327	$	351	$	(555)	$	652	$	778	$	1,161	$	1,226
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Premiums, fees and other revenues	$	13,757	$	11,336	$	10,491	$	11,887	$	15,772	$	49,680	$	49,486
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	18		18		5		2		8		97		33
GMIB fees	26		26		25		26		25		108		102
Settlement of foreign currency earnings hedges	2		—		—		—		—		9		—
TSA fees	40		42		39		39		39		246		159
Divested businesses	39		34		21		—		—		76		55
Adjusted premiums, fees and other revenues	$	13,632	$	11,216	$	10,401	$	11,820	$	15,700	$	49,144	$	49,137
Adjusted premiums, fees and other revenues, on a constant currency basis	$	13,667	$	11,307	$	10,573	$	11,906	$	15,700

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Total expenses	$	17,180	$	12,667	$	13,902	$	15,092	$	19,254	$	62,825	$	60,915
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	106		30		(6)		64		65		116		153
Less: Goodwill impairment	—		—		—		—		—		—		—
Less: Other adjustments to expenses:
PBC hedge adjustment	10		9		9		9		10		19		37
Inflation and pass-through adjustments	(6)		48		106		(37)		53		244		170
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	105		(128)		85		238		169		143		364
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	8		11		21		21		17		(4)		70
PAB hedge adjustments	(5)		(5)		(2)		(1)		(1)		(19)		(9)
Unit-linked contract costs	240		(1,138)		796		266		612		1,436		536
Securitization entities debt expense	—		—		—		—		—		—		—
Noncontrolling interests	5		(3)		(7)		(4)		(2)		(15)		(16)
Regulatory implementation costs	3		2		—		6		12		18		20
Acquisition, integration and other costs	7		6		—		7		29		44		42
TSA fees	40		42		39		39		39		246		159
Divested businesses	152		51		49		22		9		227		131
Total adjusted expenses	$	16,515	$	13,742	$	12,812	$	14,462	$	18,242	$	60,370	$	59,258
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Capitalization of DAC	$	(827)	$	(774)	$	(671)	$	(764)	$	(804)	$	(3,358)	$	(3,013)
Less: Divested businesses	(9)		(3)		(2)		—		—		(20)		(5)
Adjusted capitalization of DAC	$	(818)	$	(771)	$	(669)	$	(764)	$	(804)	$	(3,338)	$	(3,008)
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Other expenses	$	3,457	$	3,047	$	2,872	$	2,954	$	3,262	$	13,229	$	12,135
Less: Noncontrolling interests	5		(3)		(7)		(4)		(2)		(15)		(16)
Less: Regulatory implementation costs	3		2		—		6		12		18		20
Less: Acquisition, integration and other costs	7		6		—		7		29		44		42
Less: TSA fees	40		42		39		39		39		246		159
Less: Divested businesses	116		19		23		7		9		158		58
Adjusted other expenses	$	3,286	$	2,981	$	2,817	$	2,899	$	3,175	$	12,778	$	11,872
Adjusted other expenses on a constant currency basis	$	3,304	$	3,016	$	2,882	$	2,930	$	3,175

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			December 31, 2019			December 31, 2020
Other expenses	$	3,457		$	3,047		$	2,872		$	2,954		$	3,262		$	13,229		$	12,135
Capitalization of DAC	(827)			(774)			(671)			(764)			(804)			(3,358)			(3,013)
Other expenses, net of capitalization of DAC	$	2,630		$	2,273		$	2,201		$	2,190		$	2,458		$	9,871		$	9,122
Premiums, fees and other revenues	$	13,757		$	11,336		$	10,491		$	11,887		$	15,772		$	49,680		$	49,486
Expense ratio	19.1		%	20.1		%	21.0		%	18.4		%	15.6		%	19.9		%	18.4		%
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			December 31, 2019			December 31, 2020
Adjusted other expenses by major category
Direct expenses	$	1,597		$	1,344		$	1,287		$	1,288		$	1,423		$	5,977		$	5,342
Pension, postretirement and postemployment benefit costs	63			39			37			37			52			233			165
Premium taxes, other taxes, and licenses & fees	165			193			176			194			201			673			764
Commissions and other variable expenses	1,461			1,405			1,317			1,380			1,499			5,895			5,601
Adjusted other expenses	3,286			2,981			2,817			2,899			3,175			12,778			11,872
Adjusted capitalization of DAC	(818)			(771)			(669)			(764)			(804)			(3,338)			(3,008)
Adjusted other expenses, net of adjusted capitalization of DAC	2,468			2,210			2,148			2,135			2,371			9,440			8,864
Less: Total notable items related to adjusted other expenses (1)	69			—			—			—			—			338			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,399		$	2,210		$	2,148		$	2,135		$	2,371		$	9,102		$	8,864
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			December 31, 2019			December 31, 2020
Employee related costs	$	948		$	866		$	840		$	865		$	937		$	3,657		$	3,508
Third party staffing costs	536			343			300			306			357			1,752			1,306
General and administrative expenses	113			135			147			117			129			568			528
Direct expenses	1,597			1,344			1,287			1,288			1,423			5,977			5,342
Less: Total notable items related to direct expenses (1)	69			—			—			—			—			338			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,528		$	1,344		$	1,287		$	1,288		$	1,423		$	5,639		$	5,342
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,468		$	2,210		$	2,148		$	2,135		$	2,371		$	9,440		$	8,864
Less: Total notable items related to adjusted other expenses (1)	69			—			—			—			—			338			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,399		$	2,210		$	2,148		$	2,135		$	2,371		$	9,102		$	8,864
Adjusted premiums, fees and other revenues	$	13,632		$	11,216		$	10,401		$	11,820		$	15,700		$	49,144		$	49,137
Less: PRT	2,499			(9)			(6)			487			4,163			4,346			4,635
Adjusted premiums, fees and other revenues, excluding PRT	$	11,133		$	11,225		$	10,407		$	11,333		$	11,537		$	44,798		$	44,502
Direct expense ratio	11.7		%	12.0		%	12.4		%	10.9		%	9.1		%	12.2		%	10.9		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	13.7		%	12.0		%	12.4		%	11.4		%	12.3		%	12.6		%	12.0		%
Adjusted expense ratio	18.1		%	19.7		%	20.7		%	18.1		%	15.1		%	19.2		%	18.0		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	21.5		%	19.7		%	20.6		%	18.8		%	20.6		%	20.3		%	19.9		%
(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.

7

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	327,820	$	326,685	$	340,005	$	353,809	$	354,809
Equity securities, at estimated fair value	1,342		1,050		1,105		1,111		1,079
Contractholder-directed equity securities and fair value option securities, at estimated fair value	13,102		11,145		11,911		12,276		13,319
Mortgage loans	80,529		81,344		82,890		82,881		83,919
Policy loans	9,680		9,638		9,639		9,580		9,493
Real estate and real estate joint ventures	10,741		11,250		11,524		11,643		11,933
Other limited partnership interests	7,716		8,230		7,794		8,569		9,470
Short-term investments, principally at estimated fair value	3,850		5,930		5,345		3,832		3,904
Other invested assets	19,015		27,839		24,731		22,544		20,593
Total investments	473,795		483,111		494,944		506,245		508,519
Cash and cash equivalents, principally at estimated fair value	16,598		24,094		24,289		24,405		19,795
Accrued investment income	3,523		3,828		3,388		3,424		3,388
Premiums, reinsurance and other receivables	20,443		21,224		20,848		20,712		17,870
Deferred policy acquisition costs and value of business acquired	17,833		17,254		16,353		16,179		16,389
Goodwill	9,308		9,159		9,245		9,360		10,112
Assets held-for-sale	—		—		—		—		7,418
Other assets	10,518		10,617		11,173		10,471		11,685
Separate account assets	188,445		168,454		187,343		189,696		199,970
Total assets	$	740,463	$	737,741	$	767,583	$	780,492	$	795,146
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	194,909	$	193,106	$	196,522	$	203,929	$	206,656
Policyholder account balances	192,627		193,875		198,147		201,072		205,176
Other policy-related balances	17,171		16,755		16,870		16,883		17,101
Policyholder dividends payable	681		654		670		595		587
Policyholder dividend obligation	2,020		1,677		2,798		2,944		2,969
Payables for collateral under securities loaned and other transactions	26,745		35,530		34,133		34,772		29,475
Short-term debt	235		298		303		351		393
Long-term debt	13,466		14,510		14,513		14,539		14,603
Collateral financing arrangement	993		981		968		924		845
Junior subordinated debt securities	3,150		3,151		3,151		3,152		3,153
Current income tax payable	363		708		928		638		129
Deferred income tax liability	9,097		10,009		11,334		10,839		11,008
Liabilities held-for-sale	—		—		—		—		4,650
Other liabilities	24,179		27,570		23,963		26,589		23,614
Separate account liabilities	188,445		168,454		187,343		189,696		199,970
Total liabilities	674,081		667,278		691,643		706,923		720,329
Equity
Preferred stock, at par value	—		—		—		—		—
Common stock, at par value	12		12		12		12		12
Additional paid-in capital	32,680		33,711		33,728		33,744		33,812
Retained earnings	33,078		36,919		36,568		36,782		36,491
Treasury stock, at cost	(12,678)		(13,178)		(13,178)		(13,258)		(13,829)
Accumulated other comprehensive income (loss)	13,052		12,757		18,563		16,036		18,072
Total MetLife, Inc.'s stockholders' equity	66,144		70,221		75,693		73,316		74,558
Noncontrolling interests	238		242		247		253		259
Total equity	66,382		70,463		75,940		73,569		74,817
Total liabilities and equity	$	740,463	$	737,741	$	767,583	$	780,492	$	795,146

8

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	416	$	401	$	319	$	502	$	490
RETIREMENT AND INCOME SOLUTIONS	404		452		240		618		663
PROPERTY & CASUALTY	27		134		101		19		138
TOTAL U.S.	$	847	$	987	$	660	$	1,139	$	1,291
ASIA	468		491		361		662		694
LATIN AMERICA	204		139		188		63		17
EMEA	71		99		137		72		100
METLIFE HOLDINGS	333		344		19		314		533
CORPORATE & OTHER	(284)		(265)		(332)		(204)		(302)
Total adjusted earnings before provision for income tax	$	1,639	$	1,795	$	1,033	$	2,046	$	2,333
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	87	$	89	$	71	$	110	$	107
RETIREMENT AND INCOME SOLUTIONS	83		93		48		128		137
PROPERTY & CASUALTY	2		25		18		1		26
TOTAL U.S.	$	172	$	207	$	137	$	239	$	270
ASIA	127		141		105		197		200
LATIN AMERICA	43		44		56		24		3
EMEA	5		21		21		20		19
METLIFE HOLDINGS	64		67		(1)		61		107
CORPORATE & OTHER	(663)		(166)		(120)		(132)		(138)
Total provision for income tax expense (benefit)	$	(252)	$	314	$	198	$	409	$	461
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	329	$	312	$	248	$	392	$	383
RETIREMENT AND INCOME SOLUTIONS	321		359		192		490		526
PROPERTY & CASUALTY	25		109		83		18		112
TOTAL U.S.	$	675	$	780	$	523	$	900	$	1,021
ASIA	341		350		256		465		494
LATIN AMERICA	161		95		132		39		14
EMEA	66		78		116		52		81
METLIFE HOLDINGS	269		277		20		253		426
CORPORATE & OTHER (1)	322		(131)		(289)		(131)		(198)
Total adjusted earnings available to common shareholders (1)	$	1,834	$	1,449	$	758	$	1,578	$	1,838
(1)Includes impact of preferred stock dividends of $57 million, $32 million, $77 million, $59 million and $34 million for the three months ended December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020, respectively.

9

METLIFE ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
U.S.
GROUP BENEFITS		46.7%		43.1%		34.3%		54.1%		52.9%
RETIREMENT AND INCOME SOLUTIONS		21.9%		23.2%		12.4%		31.7%		34.0%
PROPERTY & CASUALTY		5.0%		21.9%		16.7%		3.6%		22.5%
TOTAL U.S.		25.2%		28.2%		18.9%		32.5%		36.9%
ASIA		9.6%		9.8%		7.2%		13.0%		13.8%
LATIN AMERICA		21.7%		12.4%		17.2%		5.1%		1.8%
EMEA		9.4%		10.9%		16.3%		7.3%		11.3%
METLIFE HOLDINGS		11.2%		11.2%		0.8%		10.2%		17.2%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
U.S.		28.6%		32.4%		21.8%		37.3%		42.4%
ASIA		14.6%		14.8%		10.9%		19.6%		20.9%
LATIN AMERICA		36.0%		20.3%		28.1%		8.3%		3.0%
EMEA		16.8%		19.2%		28.6%		12.9%		20.1%
METLIFE HOLDINGS		12.5%		12.5%		1.1%		11.4%		19.1%
(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)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
	U.S.	$	—	$	1	$	2	$	1	$	1
	ASIA	$	2	$	1	$	2	$	1	$	1
	LATIN AMERICA	$	—	$	—	$	—	$	—	$	—
	EMEA	$	1	$	1	$	2	$	1	$	2
	METLIFE HOLDINGS	$	3	$	4	$	4	$	4	$	4

10

U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Adjusted revenues
Premiums		$	8,097	$	5,674	$	5,184	$	6,333	$	10,074	$	26,801	$	27,265
Universal life and investment-type product policy fees		270		275		268		263		264		1,078		1,070
Net investment income		1,747		1,766		1,425		1,827		1,885		7,021		6,903
Other revenues		219		240		240		237		240		887		957
Total adjusted revenues		10,333		7,955		7,117		8,660		12,463		35,787		36,195
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		7,932		5,435		5,038		6,108		9,728		26,165		26,309
Interest credited to policyholder account balances		472		458		412		381		371		1,984		1,622
Capitalization of DAC		(112)		(112)		(122)		(119)		(100)		(484)		(453)
Amortization of DAC and VOBA		123		119		115		123		114		475		471
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		2		2		2		1		10		7
Other expenses		1,069		1,066		1,012		1,026		1,058		4,075		4,162
Total adjusted expenses		9,486		6,968		6,457		7,521		11,172		32,225		32,118
Adjusted earnings before provision for income tax		847		987		660		1,139		1,291		3,562		4,077
Provision for income tax expense (benefit)		172		207		137		239		270		724		853
Adjusted earnings		675		780		523		900		1,021		2,838		3,224
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	675	$	780	$	523	$	900	$	1,021	$	2,838	$	3,224
Adjusted premiums, fees and other revenues		$	8,586	$	6,189	$	5,692	$	6,833	$	10,578	$	28,766	$	29,292
Less: PRT		2,499		(9)		(6)		487		4,163		4,346		4,635
Adjusted premiums, fees and other revenues, excluding PRT		$	6,087	$	6,198	$	5,698	$	6,346	$	6,415	$	24,420	$	24,657

11

U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Adjusted revenues
Premiums		$	4,217	$	4,487	$	3,989	$	4,545	$	4,659	$	16,911	$	17,680
Universal life and investment-type product policy fees		194		204		200		200		205		789		809
Net investment income		297		277		277		290		283		1,162		1,127
Other revenues		143		160		157		156		156		575		629
Total adjusted revenues		4,851		5,128		4,623		5,191		5,303		19,437		20,245
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,685		3,973		3,602		3,965		4,061		14,932		15,601
Interest credited to policyholder account balances		37		34		31		31		33		157		129
Capitalization of DAC		(5)		(7)		(6)		(5)		(5)		(28)		(23)
Amortization of DAC and VOBA		10		7		7		12		8		35		34
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		—		—		—		1		—		1		1
Other expenses		708		720		670		685		716		2,634		2,791
Total adjusted expenses		4,435		4,727		4,304		4,689		4,813		17,731		18,533
Adjusted earnings before provision for income tax		416		401		319		502		490		1,706		1,712
Provision for income tax expense (benefit)		87		89		71		110		107		358		377
Adjusted earnings		329		312		248		392		383		1,348		1,335
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	329	$	312	$	248	$	392	$	383	$	1,348	$	1,335
Adjusted premiums, fees and other revenues		$	4,554	$	4,851	$	4,346	$	4,901	$	5,020	$	18,275	$	19,118

12

U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Adjusted revenues
Premiums		$	2,955	$	275	$	367	$	885	$	4,520	$	6,230	$	6,047
Universal life and investment-type product policy fees		76		71		68		63		59		289		261
Net investment income		1,409		1,444		1,126		1,484		1,546		5,681		5,600
Other revenues		73		71		76		76		86		292		309
Total adjusted revenues		4,513		1,861		1,637		2,508		6,211		12,492		12,217
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,550		870		909		1,428		5,086		8,629		8,293
Interest credited to policyholder account balances		435		424		381		350		338		1,827		1,493
Capitalization of DAC		—		(8)		(12)		(8)		(2)		(25)		(30)
Amortization of DAC and VOBA		6		8		5		7		5		23		25
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		2		2		1		1		9		6
Other expenses		116		113		112		112		120		468		457
Total adjusted expenses		4,109		1,409		1,397		1,890		5,548		10,931		10,244
Adjusted earnings before provision for income tax		404		452		240		618		663		1,561		1,973
Provision for income tax expense (benefit)		83		93		48		128		137		320		406
Adjusted earnings		321		359		192		490		526		1,241		1,567
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	321	$	359	$	192	$	490	$	526	$	1,241	$	1,567
Adjusted premiums, fees and other revenues		$	3,104	$	417	$	511	$	1,024	$	4,665	$	6,811	$	6,617
Less: PRT		2,499		(9)		(6)		487		4,163		4,346		4,635
Adjusted premiums, fees and other revenues, excluding PRT		$	605	$	426	$	517	$	537	$	502	$	2,465	$	1,982

13

U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Adjusted revenues
Premiums	$	925	$	912	$	828	$	903	$	895	$	3,660	$	3,538
Universal life and investment-type product policy fees	—		—		—		—		—		—		—
Net investment income	41		45		22		53		56		178		176
Other revenues	3		9		7		5		(2)		20		19
Total adjusted revenues	969		966		857		961		949		3,858		3,733
Adjusted expenses
Policyholder benefits and claims and policyholder dividends	697		592		527		715		581		2,604		2,415
Interest credited to policyholder account balances	—		—		—		—		—		—		—
Capitalization of DAC	(107)		(97)		(104)		(106)		(93)		(431)		(400)
Amortization of DAC and VOBA	107		104		103		104		101		417		412
Amortization of negative VOBA	—		—		—		—		—		—		—
Interest expense on debt	—		—		—		—		—		—		—
Other expenses	245		233		230		229		222		973		914
Total adjusted expenses	942		832		756		942		811		3,563		3,341
Adjusted earnings before provision for income tax	27		134		101		19		138		295		392
Provision for income tax expense (benefit)	2		25		18		1		26		46		70
Adjusted earnings	25		109		83		18		112		249		322
Preferred stock dividends	—		—		—		—		—		—		—
Adjusted earnings available to common shareholders	$	25	$	109	$	83	$	18	$	112	$	249	$	322
Adjusted premiums, fees and other revenues	$	928	$	921	$	835	$	908	$	893	$	3,680	$	3,557

14

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Balance, beginning of period	$	18,963	$	18,965	$	18,935	$	19,665	$	20,024
Premiums and deposits	5,001		5,327		5,220		5,298		5,299
Surrenders and withdrawals	(592)		(625)		(537)		(565)		(571)
Benefit payments	(3,757)		(4,072)		(3,655)		(4,078)		(4,147)
Net flows	652		630		1,028		655		581
Net transfers from (to) separate accounts	—		—		5		6		4
Interest	145		138		130		131		134
Policy charges	(149)		(146)		(149)		(145)		(143)
Other	(646)		(652)		(284)		(288)		(668)
Balance, end of period	$	18,965	$	18,935	$	19,665	$	20,024	$	19,932
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Balance, beginning of period	$	905	$	970	$	793	$	945	$	1,003
Premiums and deposits	65		64		64		64		63
Surrenders and withdrawals	(18)		(19)		(12)		(17)		(13)
Benefit payments	(1)		—		(1)		(4)		(2)
Net flows	46		45		51		43		48
Investment performance	74		(162)		160		77		131
Net transfers from (to) general account	—		—		(5)		(6)		(4)
Policy charges	(54)		(55)		(55)		(56)		(55)
Other	(1)		(5)		1		—		—
Balance, end of period	$	970	$	793	$	945	$	1,003	$	1,123

15

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Direct and allocated expenses	$	363		$	354		$	326		$	332		$	356
Pension, postretirement and postemployment benefit costs	19			5			4			4			4
Premium taxes, other taxes, and licenses & fees	66			88			89			93			87
Commissions and other variable expenses	260			273			251			256			269
Adjusted other expenses	$	708		$	720		$	670		$	685		$	716
OTHER STATISTICAL INFORMATION (1)
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Group Life (2)
Adjusted premiums, fees and other revenues	$	1,858		$	1,920		$	1,943		$	1,915		$	1,915
Mortality ratio	85.4		%	87.9		%	95.9		%	89.6		%	96.3		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	1,849		$	1,959		$	1,376		$	1,977		$	2,079
Interest adjusted benefit ratio (4)	71.4		%	71.7		%	58.5		%	67.4		%	61.7		%
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) 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.

16

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Balance, beginning of period	$	118,134	$	121,853	$	124,174	$	129,030	$	132,376
Premiums and deposits	21,132		20,967		22,473		18,957		20,961
Surrenders and withdrawals	(17,718)		(17,441)		(20,125)		(18,536)		(17,176)
Benefit payments	(1,040)		(1,132)		(1,176)		(1,206)		(1,182)
Net flows	2,374		2,394		1,172		(785)		2,603
Net transfers from (to) separate accounts	—		—		—		—		17
Interest	1,029		1,032		988		953		946
Policy charges	(23)		(43)		(42)		(42)		(41)
Other	339		(1,062)		2,738		3,220		802
Balance, end of period	$	121,853	$	124,174	$	129,030	$	132,376	$	136,703
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Balance, beginning of period	$	78,346	$	74,959	$	76,838	$	81,486	$	83,887
Premiums and deposits	1,681		4,051		2,167		1,709		2,138
Surrenders and withdrawals (1)	(4,360)		(2,729)		(2,319)		(2,127)		(2,971)
Benefit payments	(27)		(34)		(24)		(25)		(24)
Net flows	(2,706)		1,288		(176)		(443)		(857)
Investment performance	865		(414)		3,618		1,447		2,069
Net transfers from (to) general account	—		—		—		—		(17)
Policy charges	(85)		(80)		(83)		(83)		(94)
Other	(1,461)		1,085		1,289		1,480		(795)
Balance, end of period	$	74,959	$	76,838	$	81,486	$	83,887	$	84,193
SYNTHETIC GICS (2)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Balance, beginning of period	$	28,098	$	30,341	$	33,588	$	34,921	$	36,330
Premiums and deposits (1)	3,019		3,906		1,424		1,598		2,704
Surrenders and withdrawals	(985)		(863)		(318)		(417)		(621)
Net flows	2,034		3,043		1,106		1,181		2,083
Interest	209		204		227		228		233
Balance, end of period	$	30,341	$	33,588	$	34,921	$	36,330	$	38,646
(1)Includes $2.4 billion, $0, $0, $616 million and $360 million of transfers from separate account GICs to synthetic GICs at December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31,2020 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.

17

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Direct and allocated expenses	$	61		$	61		$	56		$	57		$	60
Pension, postretirement and postemployment benefit costs	3			2			1			1			2
Premium taxes, other taxes, and licenses & fees	12			8			4			6			10
Commissions and other variable expenses	40			42			51			48			48
Adjusted other expenses	$	116		$	113		$	112		$	112		$	120
SPREAD
	For the Three Months Ended
Unaudited	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Investment income yield excluding variable investment income yield	4.32		%	4.24		%	4.02		%	3.99		%	3.98		%
Variable investment income yield	0.23		%	0.31		%	(0.60)		%	0.58		%	0.73		%
Total investment income yield	4.55		%	4.55		%	3.42		%	4.57		%	4.71		%
Average crediting rate	3.49		%	3.41		%	3.17		%	3.01		%	2.94		%
Annualized general account spread	1.06		%	1.14		%	0.25		%	1.56		%	1.77		%
Annualized general account spread excluding variable investment income yield	0.83		%	0.83		%	0.85		%	0.98		%	1.04		%

18

U.S. PROPERTY & CASUALTY
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Direct and allocated expenses	$	105		$	94		$	89		$	90		$	87
Pension, postretirement and postemployment benefit costs	3			1			1			—			1
Premium taxes, other taxes, and licenses & fees	23			21			25			24			19
Commissions and other variable expenses	114			117			115			115			115
Adjusted other expenses	$	245		$	233		$	230		$	229		$	222
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Net Written Premiums by Product
Auto	$	576		$	564		$	517		$	574		$	553
Homeowners & Other	321			283			333			334			292
Total	$	897		$	847		$	850		$	908		$	845
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	925		$	912		$	828		$	903		$	895
Loss and loss adjustment expense ratio	75.3		%	64.9		%	63.7		%	79.1		%	64.9		%
Other expense ratio	26.3		%	26.1		%	27.4		%	25.1		%	25.6		%
Total combined ratio	101.6		%	91.0		%	91.1		%	104.2		%	90.5		%
Effect of catastrophe losses	1.4		%	4.7		%	13.7		%	16.2		%	4.0		%
Combined ratio, excluding catastrophes	100.2		%	86.3		%	77.4		%	88.0		%	86.5		%
Prior year development	6.3		%	2.7		%	0.8		%	3.2		%	1.8		%
Combined ratio, excluding catastrophes and prior year development, before provision for income tax	93.9		%	83.6		%	76.6		%	84.8		%	84.7		%
Auto
Net earned premium	$	599		$	588		$	512		$	581		$	579
Loss and loss adjustment expense ratio	92.8		%	64.8		%	52.4		%	62.0		%	67.6		%
Other expense ratio	25.8		%	25.2		%	27.3		%	23.6		%	24.0		%
Total combined ratio	118.6		%	90.0		%	79.7		%	85.6		%	91.6		%
Effect of catastrophe losses	0.3		%	0.5		%	1.3		%	2.3		%	0.1		%
Combined ratio, excluding catastrophes	118.3		%	89.5		%	78.4		%	83.3		%	91.5		%
Prior year development	10.9		%	(0.1)		%	1.4		%	—		%	2.2		%
Combined ratio, excluding catastrophes and prior year development, before provision for income tax	107.4		%	89.6		%	77.0		%	83.3		%	89.3		%
Homeowners & Other
Net earned premium	$	326		$	324		$	316		$	322		$	316
Loss and loss adjustment expense ratio	43.2		%	65.1		%	82.1		%	110.1		%	60.0		%
Other expense ratio	27.1		%	27.8		%	27.4		%	27.7		%	28.5		%
Total combined ratio	70.3		%	92.9		%	109.5		%	137.8		%	88.5		%
Effect of catastrophe losses	3.5		%	12.3		%	33.9		%	41.2		%	11.0		%
Combined ratio, excluding catastrophes	66.8		%	80.6		%	75.6		%	96.6		%	77.5		%
Prior year development	(2.0)		%	8.0		%	(0.2)		%	8.8		%	1.1		%
Combined ratio, excluding catastrophes and prior year development, before provision for income tax	68.8		%	72.6		%	75.8		%	87.8		%	76.4		%
Catastrophe Losses Before Provision for Income Tax
Auto	$	2		$	3		$	6		$	14		$	1
Homeowners & Other	11			40			107			132			35
Total	$	13		$	43		$	113		$	146		$	36
(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.

19

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Adjusted revenues
Premiums		$	1,648	$	1,636	$	1,584	$	1,654	$	1,697	$	6,632	$	6,571
Universal life and investment-type product policy fees		419		430		420		595		447		1,674		1,892
Net investment income		952		937		767		1,088		1,146		3,691		3,938
Other revenues		13		14		14		16		17		56		61
Total adjusted revenues		3,032		3,017		2,785		3,353		3,307		12,053		12,462
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,323		1,321		1,255		1,291		1,346		5,185		5,213
Interest credited to policyholder account balances		443		445		447		470		472		1,710		1,834
Capitalization of DAC		(464)		(421)		(351)		(431)		(449)		(1,913)		(1,652)
Amortization of DAC and VOBA		316		315		284		506		310		1,288		1,415
Amortization of negative VOBA		(7)		(8)		(8)		(14)		(7)		(25)		(37)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		953		874		797		869		941		3,818		3,481
Total adjusted expenses		2,564		2,526		2,424		2,691		2,613		10,063		10,254
Adjusted earnings before provision for income tax		468		491		361		662		694		1,990		2,208
Provision for income tax expense (benefit)		127		141		105		197		200		585		643
Adjusted earnings		341		350		256		465		494		1,405		1,565
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	341	$	350	$	256	$	465	$	494	$	1,405	$	1,565
Adjusted premiums, fees and other revenues		$	2,080	$	2,080	$	2,018	$	2,265	$	2,161	$	8,362	$	8,524

20

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Adjusted premiums, fees and other revenues	$	2,080	$	2,080	$	2,018	$	2,265	$	2,161
Adjusted premiums, fees and other revenues, on a constant currency basis	$	2,163	$	2,175	$	2,097	$	2,310	$	2,161
Add: Operating joint ventures, on a constant currency basis (1), (2)	289		287		276		295		289
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,452	$	2,462	$	2,373	$	2,605	$	2,450
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Direct and allocated expenses	$	343	$	321	$	309	$	313	$	354
Pension, postretirement and postemployment benefit costs	23		23		24		24		35
Premium taxes, other taxes, and licenses & fees	51		40		34		42		41
Commissions and other variable expenses	536		490		430		490		511
Adjusted other expenses	$	953	$	874	$	797	$	869	$	941
Adjusted other expenses, net of adjusted capitalization of DAC	$	489	$	453	$	446	$	438	$	492
Adjusted other expenses on a constant currency basis	$	990	$	912	$	825	$	887	$	941
Add: Operating joint ventures, on a constant currency basis (1), (2)	116		99		108		103		107
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	1,106	$	1,011	$	933	$	990	$	1,048
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	585	$	544	$	535	$	523	$	569
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Japan:
Life	$	157	$	174	$	101	$	222	$	151
Accident & Health	95		81		51		78		74
Annuities	65		62		30		38		72
Other	5		2		2		1		2
Total Japan	322		319		184		339		299
Other Asia	216		201		167		230		245
Total sales	$	538	$	520	$	351	$	569	$	544
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Adjusted earnings available to common shareholders	$	341	$	350	$	256	$	465	$	494
Adjusted earnings available to common shareholders, on a constant currency basis	$	347	$	362	$	268	$	468	$	494
(1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders for operating joint ventures.
(2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

21

ASIA
GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES (1)
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
GA AUM	$	130,861	$	131,521	$	134,769	$	139,445	$	144,267
GA AUM (at amortized cost)	$	119,044	$	120,490	$	121,429	$	125,171	$	129,661
GA AUM (at amortized cost), on a constant currency basis	$	123,993	$	127,591	$	126,622	$	128,248	$	129,661
Add: Operating joint ventures, on a constant currency basis (2)	4,829		5,018		5,251		5,383		5,612
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	128,822	$	132,609	$	131,873	$	133,631	$	135,273
(1)In June 2020, MetLife completed the sale of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively, “MetLife Hong Kong”) to a third party. The GA AUM (at amortized cost) related to MetLife Hong Kong was historically reported in the Asia segment and is reflected in the above table for the periods through March 31, 2020. The GA AUM (at amortized cost) disposed in the sale was $2,226 million at June 30, 2020.
(2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments.

22

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Adjusted revenues
Premiums		$	601	$	640	$	489	$	529	$	607	$	2,723	$	2,265
Universal life and investment-type product policy fees		274		270		238		225		261		1,094		994
Net investment income		320		218		260		221		293		1,271		992
Other revenues		13		11		10		7		10		44		38
Total adjusted revenues		1,208		1,139		997		982		1,171		5,132		4,289
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		580		610		449		575		772		2,623		2,406
Interest credited to policyholder account balances		78		70		56		52		62		332		240
Capitalization of DAC		(100)		(100)		(74)		(84)		(104)		(396)		(362)
Amortization of DAC and VOBA		76		74		70		62		70		291		276
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		1		1		1		1		3		4
Other expenses		369		345		307		313		353		1,443		1,318
Total adjusted expenses		1,004		1,000		809		919		1,154		4,296		3,882
Adjusted earnings before provision for income tax		204		139		188		63		17		836		407
Provision for income tax expense (benefit)		43		44		56		24		3		227		127
Adjusted earnings		161		95		132		39		14		609		280
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	161	$	95	$	132	$	39	$	14	$	609	$	280
Adjusted premiums, fees and other revenues		$	888	$	921	$	737	$	761	$	878	$	3,861	$	3,297

23

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Direct and allocated expenses	$	145	$	129	$	119	$	117	$	125
Pension, postretirement and postemployment benefit costs	2		2		1		1		1
Premium taxes, other taxes, and licenses & fees	14		15		8		11		12
Commissions and other variable expenses	208		199		179		184		215
Adjusted other expenses	$	369	$	345	$	307	$	313	$	353
Adjusted other expenses, net of adjusted capitalization of DAC	$	269	$	245	$	233	$	229	$	249
Adjusted other expenses on a constant currency basis	$	347	$	337	$	332	$	325	$	353
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	253	$	240	$	251	$	237	$	249
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Mexico	$	93	$	118	$	65	$	74	$	77
Chile	65		89		42		44		47
All other	62		46		32		42		45
Total sales	$	220	$	253	$	139	$	160	$	169
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Adjusted premiums, fees and other revenues	$	888	$	921	$	737	$	761	$	878
Adjusted earnings available to common shareholders	$	161	$	95	$	132	$	39	$	14
Adjusted premiums, fees and other revenues, on a constant currency basis	$	837	$	909	$	808	$	799	$	878
Adjusted earnings available to common shareholders, on a constant currency basis	$	153	$	90	$	148	$	44	$	14

24

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Adjusted revenues
Premiums		$	558	$	568	$	557	$	551	$	583	$	2,177	$	2,259
Universal life and investment-type product policy fees		98		116		92		116		109		423		433
Net investment income		71		69		63		67		70		291		269
Other revenues		14		13		11		13		15		54		52
Total adjusted revenues		741		766		723		747		777		2,945		3,013
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		309		310		263		304		319		1,176		1,196
Interest credited to policyholder account balances		26		27		27		29		26		98		109
Capitalization of DAC		(134)		(130)		(115)		(122)		(124)		(505)		(491)
Amortization of DAC and VOBA		101		130		85		125		114		428		454
Amortization of negative VOBA		(2)		(2)		(2)		(1)		(3)		(8)		(8)
Interest expense on debt		—		—		—		—		1		—		1
Other expenses		370		332		328		340		344		1,399		1,344
Total adjusted expenses		670		667		586		675		677		2,588		2,605
Adjusted earnings before provision for income tax		71		99		137		72		100		357		408
Provision for income tax expense (benefit)		5		21		21		20		19		75		81
Adjusted earnings		66		78		116		52		81		282		327
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	66	$	78	$	116	$	52	$	81	$	282	$	327
Adjusted premiums, fees and other revenues		$	670	$	697	$	660	$	680	$	707	$	2,654	$	2,744

25

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Direct and allocated expenses	$	142	$	110	$	110	$	119	$	120
Pension, postretirement and postemployment benefit costs	1		2		2		1		4
Premium taxes, other taxes, and licenses & fees	6		7		8		7		5
Commissions and other variable expenses	221		213		208		213		215
Adjusted other expenses	$	370	$	332	$	328	$	340	$	344
Adjusted other expenses, net of adjusted capitalization of DAC	$	236	$	202	$	213	$	218	$	220
Adjusted other expenses on a constant currency basis	$	373	$	337	$	340	$	341	$	344
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	242	$	208	$	221	$	219	$	220
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Adjusted premiums, fees and other revenues	$	670	$	697	$	660	$	680	$	707
Adjusted earnings available to common shareholders	$	66	$	78	$	116	$	52	$	81
Adjusted premiums, fees and other revenues, on a constant currency basis	$	673	$	705	$	682	$	683	$	707
Adjusted earnings available to common shareholders, on a constant currency basis	$	64	$	77	$	120	$	51	$	81
Total sales on a constant currency basis	$	217	$	252	$	196	$	207	$	219

26

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Adjusted revenues
Premiums		$	972	$	904	$	889	$	876	$	931	$	3,748	$	3,600
Universal life and investment-type product policy fees		280		294		249		269		261		1,124		1,073
Net investment income		1,340		1,315		981		1,427		1,461		5,281		5,184
Other revenues		69		35		70		61		72		253		238
Total adjusted revenues		2,661		2,548		2,189		2,633		2,725		10,406		10,095
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,763		1,661		1,705		1,697		1,675		6,970		6,738
Interest credited to policyholder account balances		224		218		219		217		214		905		868
Capitalization of DAC		(5)		(5)		(5)		(5)		(24)		(28)		(39)
Amortization of DAC and VOBA		62		100		11		177		82		299		370
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		2		1		2		1		8		6
Other expenses		282		228		239		231		244		969		942
Total adjusted expenses		2,328		2,204		2,170		2,319		2,192		9,123		8,885
Adjusted earnings before provision for income tax		333		344		19		314		533		1,283		1,210
Provision for income tax expense (benefit)		64		67		(1)		61		107		249		234
Adjusted earnings		269		277		20		253		426		1,034		976
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	269	$	277	$	20	$	253	$	426	$	1,034	$	976
Adjusted premiums, fees and other revenues		$	1,321	$	1,233	$	1,208	$	1,206	$	1,264	$	5,125	$	4,911

27

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Balance, beginning of period	$	81,118	$	81,161	$	81,458	$	81,497	$	83,021
Premiums and deposits (2), (3)	1,322		1,236		1,227		1,236		1,216
Surrenders and withdrawals	(680)		(642)		(554)		(607)		(567)
Benefit payments	(813)		(800)		(892)		(830)		(832)
Net flows	(171)		(206)		(219)		(201)		(183)
Net transfers from (to) separate accounts	20		(1)		31		5		12
Interest	834		832		833		836		836
Policy charges	(188)		(188)		(186)		(184)		(184)
Other	(452)		(140)		(420)		1,068		(498)
Balance, end of period	$	81,161	$	81,458	$	81,497	$	83,021	$	83,004
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Balance, beginning of period	$	19,402	$	18,755	$	19,895	$	19,538	$	19,466
Premiums and deposits (2), (3)	97		116		107		91		111
Surrenders and withdrawals	(512)		(390)		(277)		(286)		(356)
Benefit payments	(161)		(168)		(158)		(149)		(158)
Net flows	(576)		(442)		(328)		(344)		(403)
Net transfers from (to) separate accounts	80		177		73		188		170
Interest	134		134		132		130		131
Policy charges	(4)		(4)		(4)		(4)		(4)
Other	(281)		1,275		(230)		(42)		(331)
Balance, end of period	$	18,755	$	19,895	$	19,538	$	19,466	$	19,029
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Balance, beginning of period	$	5,324	$	5,647	$	4,586	$	5,583	$	6,039
Premiums and deposits (3)	62		63		60		59		59
Surrenders and withdrawals	(59)		(60)		(38)		(51)		(55)
Benefit payments	(7)		(10)		(10)		(10)		(11)
Net flows	(4)		(7)		12		(2)		(7)
Investment performance	409		(987)		1,082		527		895
Net transfers from (to) general account	(20)		1		(31)		(5)		(12)
Policy charges	(66)		(65)		(65)		(65)		(66)
Other	4		(3)		(1)		1		(1)
Balance, end of period	$	5,647	$	4,586	$	5,583	$	6,039	$	6,848
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Balance, beginning of period	$	39,122	$	39,962	$	32,942	$	36,852	$	37,883
Premiums and deposits (3)	79		85		77		65		75
Surrenders and withdrawals	(1,147)		(1,111)		(641)		(812)		(942)
Benefit payments	(105)		(100)		(98)		(106)		(107)
Net flows	(1,173)		(1,126)		(662)		(853)		(974)
Investment performance	2,294		(5,531)		4,831		2,269		4,282
Net transfers from (to) general account	(80)		(177)		(73)		(188)		(170)
Policy charges	(201)		(187)		(185)		(197)		(196)
Other	—		1		(1)		—		—
Balance, end of period	$	39,962	$	32,942	$	36,852	$	37,883	$	40,825
(1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.

28

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Direct and allocated expenses	$	184		$	151		$	149		$	155		$	149
Pension, postretirement and postemployment benefit costs	9			3			3			3			3
Premium taxes, other taxes, and licenses & fees	14			17			17			17			25
Commissions and other variable expenses	75			57			70			56			67
Adjusted other expenses	$	282		$	228		$	239		$	231		$	244
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Life (1)
Adjusted premiums, fees and other revenues	$	906		$	830		$	817		$	811		$	843
Interest adjusted benefit ratio	55.5		%	51.0		%	59.1		%	60.2		%	59.6		%
Lapse Ratio (2)
Traditional life	4.8		%	4.7		%	4.5		%	4.3		%	4.1		%
Variable & universal life	4.1		%	4.1		%	3.9		%	3.7		%	3.5		%
Fixed annuity	11.3		%	9.6		%	9.1		%	8.5		%	6.5		%
Variable annuity	10.2		%	10.6		%	9.8		%	9.2		%	8.8		%
(1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.
(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

29

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Adjusted revenues
Premiums		$	8	$	12	$	13	$	(8)	$	5	$	83	$	22
Universal life and investment-type product policy fees		—		—		1		1		1		2		3
Net investment income		92		16		(52)		58		20		275		42
Other revenues		79		84		72		82		106		291		344
Total adjusted revenues		179		112		34		133		132		651		411
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3		26		3		(6)		(26)		73		(3)
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(3)		(3)		(2)		(3)		(3)		(12)		(11)
Amortization of DAC and VOBA		1		1		3		2		2		6		8
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		219		217		228		224		226		934		895
Other expenses		243		136		134		120		235		1,074		625
Total adjusted expenses		463		377		366		337		434		2,075		1,514
Adjusted earnings before provision for income tax		(284)		(265)		(332)		(204)		(302)		(1,424)		(1,103)
Provision for income tax expense (benefit)		(663)		(166)		(120)		(132)		(138)		(1,201)		(556)
Adjusted earnings		379		(99)		(212)		(72)		(164)		(223)		(547)
Preferred stock dividends		57		32		77		59		34		178		202
Adjusted earnings available to common shareholders		$	322	$	(131)	$	(289)	$	(131)	$	(198)	$	(401)	$	(749)
Adjusted premiums, fees and other revenues		$	87	$	96	$	86	$	75	$	112	$	376	$	369
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Business activities		$	20	$	18	$	12	$	30	$	36	$	70	$	96
Net investment income		101		17		(50)		59		28		290		54
Interest expense on debt		(230)		(229)		(238)		(238)		(238)		(978)		(943)
Corporate initiatives and projects		(195)		(31)		(25)		(27)		(76)		(563)		(159)
Other		(67)		(40)		(31)		(28)		(52)		(330)		(151)
Provision for income tax (expense) benefit and other tax-related items		750		166		120		132		138		1,288		556
Preferred stock dividends		(57)		(32)		(77)		(59)		(34)		(178)		(202)
Adjusted earnings available to common shareholders		$	322	$	(131)	$	(289)	$	(131)	$	(198)	$	(401)	$	(749)

30

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 Ended (1)
Unaudited (In millions, except yields)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			December 31, 2019			December 31, 2020
Fixed Maturity Securities
Yield	4.19		%	3.82		%	3.99		%	3.87		%	3.83		%	4.22		%	3.88		%
Investment income (2), (3)	$	2,965		$	2,739		$	2,885		$	2,849		$	2,883		$	11,743		$	11,356
Investment gains (losses)	71			4			146			113			31			267			294
Ending carrying value (4)	329,067			327,913			341,365			355,220			356,420			329,067			356,420
Mortgage Loans
Yield	5.00		%	4.37		%	4.20		%	4.27		%	4.25		%	4.82		%	4.27		%
Investment income (3)	998			884			862			885			887			3,782			3,518
Investment gains (losses)	6			(63)			(80)			(5)			(65)			(11)			(213)
Ending carrying value	80,529			81,344			82,890			82,881			83,919			80,529			83,919
Real Estate and Real Estate Joint Ventures
Yield	3.58		%	2.95		%	0.62		%	0.39		%	2.30		%	3.20		%	1.56		%
Investment income	94			81			18			11			68			327			178
Investment gains (losses)	297			1			2			1			3			399			7
Ending carrying value	10,741			11,250			11,524			11,643			11,933			10,741			11,933
Policy Loans
Yield	5.21		%	5.23		%	5.15		%	5.15		%	5.18		%	5.29		%	5.18		%
Investment income	126			126			124			124			124			512			498
Ending carrying value	9,680			9,638			9,639			9,580			9,493			9,680			9,493
Equity Securities
Yield	5.85		%	5.43		%	4.12		%	5.56		%	4.19		%	5.25		%	4.83		%
Investment income	16			14			11			15			10			61			50
Investment gains (losses)	12			(284)			72			2			73			134			(137)
Ending carrying value	1,342			1,050			1,105			1,111			1,079			1,342			1,079
Other Limited Partnership Interests
Yield	9.87		%	16.22		%	(30.23)		%	28.28		%	31.63		%	11.81		%	12.17		%
Investment income	187			323			(605)			578			714			840			1,010
Investment gains (losses)	3			4			1			(4)			(16)			6			(15)
Ending carrying value	7,716			8,230			7,794			8,569			9,470			7,716			9,470
Cash and Short-term Investments
Yield	2.09		%	1.73		%	1.35		%	1.28		%	1.01		%	2.47		%	1.35		%
Investment income	50			44			38			34			24			256			140
Investment gains (losses)	9			4			(5)			(19)			(8)			3			(28)
Ending carrying value (5)	20,448			30,024			29,631			28,234			23,696			20,448			23,696
Other Invested Assets
Investment income	247			266			247			331			318			901			1,162
Investment gains (losses)	(10)			21			106			54			49			(145)			230
Ending carrying value	19,015			27,839			24,731			22,544			20,593			19,015			20,593
Total Investments
Investment income yield	4.57		%	4.30		%	3.40		%	4.52		%	4.63		%	4.56		%	4.22		%
Investment fees and expenses yield	(0.13)		%	(0.13)		%	(0.12)		%	(0.12)		%	(0.14)		%	(0.14)		%	(0.13)		%
Net Investment Income Yield	4.44		%	4.17		%	3.28		%	4.40		%	4.49		%	4.42		%	4.09		%
Investment income	$	4,683		$	4,477		$	3,580		$	4,827		$	5,028		$	18,422		$	17,912
Investment fees and expenses	(137)			(134)			(122)			(131)			(151)			(545)			(538)
Net investment income including Divested businesses	4,546			4,343			3,458			4,696			4,877			17,877			17,374
Less: Net investment income from Divested businesses	24			22			14			8			2			47			46
Adjusted Net Investment Income (6)	$	4,522		$	4,321		$	3,444		$	4,688		$	4,875		$	17,830		$	17,328
Ending Carrying Value	$	478,538		$	497,288		$	508,679		$	519,782		$	516,603		$	478,538		$	516,603
Investment Portfolio Gains (Losses) including Divested businesses	$	388		$	(313)		$	242		$	142		$	67		$	653		$	138
Less: Divested businesses	—			—			—			18			—			—			18
Investment Portfolio Gains (Losses) (7)	$	388		$	(313)		$	242		$	124		$	67		$	653		$	120
Gross investment gains	672			436			677			289			338			1,707			1,740
Gross investment losses	(144)			(495)			(339)			(202)			(178)			(763)			(1,214)
Net credit loss (provision) release and (impairments)	(140)			(254)			(96)			37			(93)			(291)			(406)
Investment Portfolio Gains (Losses) (7)	388			(313)			242			124			67			653			120
Investment portfolio gains (losses) income tax (expense) benefit	(96)			69			(166)			(19)			15			(203)			(101)
Investment Portfolio Gains (Losses), Net of Income Tax	$	292		$	(244)		$	76		$	105		$	82		$	450		$	19
Derivative gains (losses) (7)	$	(1,583)		$	4,068		$	(896)		$	(809)		$	(1,820)		$	187		$	543
Derivative gains (losses) income tax (expense) benefit	364			(885)			195			165			390			(63)			(135)
Derivative Gains (Losses), Net of Income Tax	$	(1,219)		$	3,183		$	(701)		$	(644)		$	(1,430)		$	124		$	408
See footnotes on Page 34.

31

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		December 31, 2019				March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	87,753	26.8	%	$	85,071	26.0	%	$	90,112	26.5	%	$	90,622	25.6	%	$	93,416	26.3	%
Foreign government securities		67,229		20.5	%	64,844		19.9	%	65,706		19.3	%	68,611		19.4	%	71,699		20.2	%
Foreign corporate securities		64,165		19.6	%	59,195		18.1	%	62,817		18.5	%	65,394		18.5	%	69,408		19.5	%
U.S. government and agency securities		42,084		12.8	%	47,959		14.7	%	47,287		13.9	%	51,644		14.6	%	47,100		13.3	%
Residential mortgage-backed securities		28,547		8.7	%	30,469		9.3	%	31,875		9.4	%	33,454		9.5	%	30,435		8.6	%
Asset-backed securities		14,542		4.4	%	14,838		4.5	%	16,324		4.8	%	17,355		4.9	%	17,119		4.8	%
Municipals		13,053		4.0	%	13,871		4.3	%	14,611		4.3	%	14,958		4.2	%	13,722		3.9	%
Commercial mortgage-backed securities		10,447		3.2	%	10,438		3.2	%	11,273		3.3	%	11,771		3.3	%	11,910		3.4	%
Fixed Maturity Securities Available-For-Sale		$	327,820	100.0	%	$	326,685	100.0	%	$	340,005	100.0	%	$	353,809	100.0	%	$	354,809	100.0	%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	230,708	70.4	%	$	235,650	72.1	%	$	243,645	71.7	%	$	255,171	72.1	%	$	250,013	70.5	%
2	Baa	81,425		24.8	%	76,239		23.3	%	80,714		23.7	%	82,519		23.3	%	87,702		24.7	%
3	Ba	11,652		3.6	%	10,999		3.4	%	11,250		3.3	%	11,710		3.3	%	12,812		3.6	%
4	B	3,337		1.0	%	3,200		1.0	%	3,654		1.1	%	3,672		1.1	%	3,702		1.1	%
5	Caa and lower	693		0.2	%	564		0.2	%	640		0.2	%	721		0.2	%	503		0.1	%
6	In or near default	5		—	%	33		—	%	102		—	%	16		—	%	77		—	%
Fixed Maturity Securities Available-For-Sale (8)		$	327,820	100.0	%	$	326,685	100.0	%	$	340,005	100.0	%	$	353,809	100.0	%	$	354,809	100.0	%
UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
		December 31, 2019				March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%		$	1,370	83.2	%	$	5,301	68.3	%	$	2,539	80.1	%	$	1,728	81.7	%	$	1,294	89.9 %
20% or more for less than six months		116		7.0	%	2,371		30.6	%	574		18.1	%	194		9.2	%	35		2.4 %
20% or more for six months or greater		161		9.8	%	85		1.1	%	57		1.8	%	192		9.1	%	111		7.7 %
Gross Unrealized Losses		1,647		100.0	%	7,757		100.0	%	3,170		100.0	%	2,114		100.0	%	1,440		100.0	%
Gross Unrealized Gains		31,812				32,005				40,479				42,902				45,519
Net Unrealized Gains (Losses)		$	30,165			$	24,248			$	37,309			$	40,788			$	44,079
See footnotes on Page 34.

32

INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	December 31, 2019				March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020
Commercial mortgage loans	$	49,624			$	50,077			$	51,043			$	51,448			$	52,434
Agricultural mortgage loans	16,695				16,788				17,167				17,402				18,128
Residential mortgage loans	14,504				14,943				15,235				14,551				13,947
Mortgage loans held-for-sale	59				—				—				—				—
Mortgage Loans	80,882				81,808				83,445				83,401				84,509
Valuation allowances	(353)				(464)				(555)				(520)				(590)
Mortgage Loans, net	$	80,529			$	81,344			$	82,890			$	82,881			$	83,919
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2019				March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Non-U.S.	$	10,093	20.3	%	$	9,424	18.8	%	$	9,542	18.7	%	$	9,828	19.1	%	$	10,581	20.2	%
Pacific	10,169		20.5	%	10,183		20.3	%	10,275		20.1	%	10,374		20.2	%	10,235		19.5	%
Middle Atlantic	8,302		16.7	%	7,967		15.9	%	8,257		16.2	%	8,234		16.0	%	8,233		15.7	%
South Atlantic	6,487		13.1	%	6,461		12.9	%	6,513		12.8	%	6,661		13.0	%	7,217		13.8	%
West South Central	4,255		8.6	%	3,970		7.9	%	3,945		7.7	%	3,973		7.7	%	3,887		7.4	%
East North Central	3,066		6.2	%	2,183		4.4	%	2,443		4.8	%	2,518		4.9	%	2,494		4.8	%
New England	1,433		2.9	%	1,670		3.3	%	1,719		3.4	%	2,019		3.9	%	2,126		4.0	%
Mountain	1,602		3.2	%	1,755		3.5	%	1,755		3.4	%	1,753		3.4	%	1,777		3.4	%
East South Central	502		1.0	%	483		1.0	%	482		1.0	%	499		1.0	%	700		1.3	%
West North Central	607		1.2	%	635		1.3	%	633		1.2	%	635		1.2	%	609		1.2	%
Multi-Region and Other	3,108		6.3	%	5,346		10.7	%	5,479		10.7	%	4,954		9.6	%	4,575		8.7	%
Total	$	49,624	100.0	%	$	50,077	100.0	%	$	51,043	100.0	%	$	51,448	100.0	%	$	52,434	100.0	%
Office	$	22,925	46.2	%	$	22,857	45.6	%	$	23,359	45.8	%	$	23,657	46.0	%	$	23,928	45.6	%
Retail	9,052		18.2	%	8,842		17.7	%	8,906		17.4	%	8,903		17.3	%	8,911		17.0	%
Apartment	8,212		16.6	%	8,869		17.7	%	8,639		16.9	%	8,651		16.8	%	8,764		16.7	%
Industrial	3,985		8.0	%	4,101		8.2	%	4,431		8.7	%	4,770		9.3	%	5,365		10.2	%
Hotel	3,471		7.0	%	3,328		6.6	%	3,333		6.5	%	3,361		6.5	%	3,377		6.5	%
Other	1,979		4.0	%	2,080		4.2	%	2,375		4.7	%	2,106		4.1	%	2,089		4.0	%
Total	$	49,624	100.0	%	$	50,077	100.0	%	$	51,043	100.0	%	$	51,448	100.0	%	$	52,434	100.0	%

33

INVESTMENTS FOOTNOTES
(1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-6 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. 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 $32 million, ($78) million, $114 million, $36 million and $68 million for the three months ended December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020, respectively, and $184 million and $140 million for the year ended December 31, 2019 and December 31, 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.
	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Fixed maturity securities available-for-sale	$	327,820	$	326,685	$	340,005	$	353,809	$	354,809
Contractholder-directed equity securities and fair value option securities	13,102		11,145		11,911		12,276		13,319
Total fixed maturity securities	340,922		337,830		351,916		366,085		368,128
Less: Contractholder-directed equity securities	11,852		9,914		10,548		10,865		11,708
Less: Effects of consolidating under GAAP certain VIEs that are treated as CSEs	3		3		3		—		—
Fixed maturity securities	$	329,067	$	327,913	$	341,365	$	355,220	$	356,420
(5)Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $3 million at June 30, 2020, September 30, 2020 and December 31, 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 Ended
	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Net investment gains (losses)	$	207	$	(288)	$	231	$	(20)	$	(33)	$	444	$	(110)
Less: Operating joint venture adjustments	—		—		—		—		(1)		—		(1)
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	(1)		1		(13)		3		5		(14)		(4)
Less: Non-investment portfolio gains (losses)	(180)		24		2		(165)		(104)		(195)		(243)
Less: Divested businesses	—		—		—		18		—		—		18
Investment portfolio gains (losses)	$	388	$	(313)	$	242	$	124	$	67	$	653	$	120
	For the Three Months Ended										For the Year Ended
	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Net derivative gains (losses)	$	(1,465)	$	4,201	$	(710)	$	(581)	$	(1,561)	$	628	$	1,349
Less: Investment hedge adjustments	125		138		188		229		260		469		815
Less: Settlement of foreign currency earnings hedges	(2)		—		—		—		—		(9)		—
Less: PAB hedge adjustments	(5)		(5)		(2)		(1)		(1)		(19)		(9)
Derivative gains (losses)	$	(1,583)	$	4,068	$	(896)	$	(809)	$	(1,820)	$	187	$	543
(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.

34

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019		December 31, 2020
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	536	$	4,366	$	68	$	633	$	124	$	5,721	$	5,191
Add: Preferred stock dividends	57		32		77		59		34		178		202
Add: Preferred stock redemption premium	—		—		—		14		—		—		14
Add: Net Income (loss) attributable to noncontrolling interests	(5)		3		5		3		—		10		11
Net income (loss)	588		4,401		150		709		158		$	5,909	$	5,418
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	207		(288)		231		(20)		(33)		444		(110)
Net derivative gains (losses)	(1,465)		4,201		(710)		(581)		(1,561)		628		1,349
Premiums - Divested businesses	36		32		20		—		—		71		52
Universal life and investment-type product policy fees
Unearned revenue adjustments	18		18		5		2		8		97		33
GMIB fees	26		26		25		26		25		108		102
Divested businesses	1		2		1		—		—		3		3
Net investment income
Investment hedge adjustments	(125)		(138)		(188)		(229)		(260)		(469)		(815)
Operating joint venture adjustments	—		—		—		—		1		—		1
Unit-linked contract income	228		(1,140)		818		262		628		1,475		568
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(5)		(4)		(1)		—		(6)		(15)		(11)
Divested businesses	24		22		14		8		2		47		46
Other revenues
Settlement of foreign currency earnings hedges	2		—		—		—		—		9		—
TSA fees	40		42		39		39		39		246		159
Divested businesses	2		—		—		—		—		2		—
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments	(10)		(9)		(9)		(9)		(10)		(19)		(37)
PDO adjustments	—		—		—		—		—		—		—
Inflation and pass-through adjustments	6		(48)		(106)		37		(53)		(244)		(170)
GMIB costs	(106)		141		(90)		(231)		(180)		(154)		(360)
Market value adjustments	(8)		(11)		(21)		(21)		(17)		4		(70)
Divested businesses	(33)		(24)		(18)		(13)		—		(67)		(55)
Interest credited to policyholder account balances
PAB hedge adjustments	5		5		2		1		1		19		9
Unit-linked contract costs	(240)		1,138		(796)		(266)		(612)		(1,436)		(536)
Divested businesses	(10)		(5)		(7)		(2)		—		(18)		(14)
Capitalization of DAC - Divested businesses	9		3		2		—		—		20		5
Amortization of DAC and VOBA
Related to NIGL and NDGL	(106)		(30)		6		(64)		(65)		(116)		(153)
Related to GMIB fees and GMIB costs	1		(13)		5		(7)		11		11		(4)
Related to market value adjustments	—		—		—		—		—		—		—
Divested businesses	(2)		(6)		(3)		—		—		(4)		(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	(5)		3		7		4		2		15		16
Regulatory implementation costs	(3)		(2)		—		(6)		(12)		(18)		(20)
Acquisition, integration and other costs	(7)		(6)		—		(7)		(29)		(44)		(42)
TSA fees	(40)		(42)		(39)		(39)		(39)		(246)		(159)
Divested businesses	(116)		(19)		(23)		(7)		(9)		(158)		(58)
Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	373		(928)		151		195		455		(227)		(127)
Adjusted earnings	1,891		1,481		835		1,637		1,872		5,945		5,825
Less: Preferred stock dividends	57		32		77		59		34		178		202
Adjusted earnings available to common shareholders	$	1,834	$	1,449	$	758	$	1,578	$	1,838	$	5,767	$	5,623

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020			December 31, 2019		December 31, 2020
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(203)	$	—		$	(160)	$	(203)
Expense initiative costs		(119)		—		—		—		—			(332)		—
Interest on tax adjustments		64		—		—		—		—			64		—
Tax adjustments		475		—		—		—		—			475		—
Total notable items		$	420	$	—	$	—	$	(203)	$	—		$	47	$	(203)
ASIA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020			December 31, 2019		December 31, 2020
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(28)	$	—		$	(19)	$	(28)
Total notable items		$	—	$	—	$	—	$	(28)	$	—		$	(19)	$	(28)
LATIN AMERICA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020			December 31, 2019		December 31, 2020
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(9)	$	—		$	10	$	(9)
Total notable items		$	—	$	—	$	—	$	(9)	$	—		$	10	$	(9)
EMEA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020			December 31, 2019		December 31, 2020
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(31)	$	—		$	(13)	$	(31)
Total notable items		$	—	$	—	$	—	$	(31)	$	—		$	(13)	$	(31)
METLIFE HOLDINGS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020			December 31, 2019		December 31, 2020
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	(135)	$	—		$	(138)	$	(135)
Total notable items		$	—	$	—	$	—	$	(135)	$	—		$	(138)	$	(135)
CORPORATE & OTHER
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020			December 31, 2019		December 31, 2020
Expense initiative costs		(119)		—		—		—		—			(332)		—
Interest on tax adjustments		64		—		—		—		—			64		—
Tax adjustments		475		—		—		—		—			475		—
Total notable items		$	420	$	—	$	—	$	—	$	—		$	207	$	—
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Total MetLife, Inc.'s stockholders' equity	$	66,144		$	70,221		$	75,693		$	73,316		$	74,558
Less: Preferred stock	3,340			4,312			4,312			4,312			4,312
MetLife, Inc.'s common stockholders' equity	62,804			65,909			71,381			69,004			70,246
Less: Net unrealized investment gains (losses), net of income tax	19,981			20,369			25,913			22,869			23,730
Defined benefit plans adjustment, net of income tax	(2,002)			(1,985)			(1,968)			(1,954)			(1,863)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	44,825		$	47,525		$	47,436		$	48,089		$	48,379
Less: Goodwill, net of income tax	8,986			8,828			8,910			9,021			10,090
VODA and VOCRA, net of income tax	268			276			264			253			844
Total MetLife, Inc.'s tangible common stockholders' equity	$	35,571		$	38,421		$	38,262		$	38,815		$	37,445
Unaudited (In millions)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	44,825		$	47,525		$	47,436		$	48,089		$	48,379
Less: Accumulated year-to-date total notable items (2)	47			—			—			(203)			(203)
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	44,778		$	47,525		$	47,436		$	48,292		$	48,582
Unaudited (In millions, except per share data)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Book value per common share	$	68.62		$	72.62		$	78.65		$	76.20		$	78.67
Less: Net unrealized investment gains (losses), net of income tax	21.84			22.45			28.55			25.26			26.58
Defined benefit plans adjustment, net of income tax	(2.19)			(2.19)			(2.17)			(2.16)			(2.09)
Book value per common share, excluding AOCI other than FCTA	$	48.97		$	52.36		$	52.27		$	53.10		$	54.18
Less: Goodwill, net of income tax	9.82			9.73			9.82			9.96			11.29
VODA and VOCRA, net of income tax	0.29			0.30			0.29			0.28			0.95
Book value per common share - tangible common stockholders' equity	$	38.86		$	42.33		$	42.16		$	42.86		$	41.94
Common shares outstanding, end of period	915.3			907.6			907.6			905.6			892.9
	For the Three Months Ended (1)															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2019			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			December 31, 2019			December 31, 2020
Return on MetLife, Inc.'s:
Common stockholders' equity	3.4		%	27.1		%	0.4		%	3.6		%	0.7		%	9.8		%	7.6		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	11.5		%	9.0		%	4.4		%	9.0		%	10.6		%	9.8		%	8.3		%
Common stockholders' equity, excluding AOCI other than FCTA	16.4		%	12.6		%	6.4		%	13.2		%	15.2		%	13.1		%	11.9		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	12.6		%	12.6		%	6.4		%	14.9		%	15.2		%	13.0		%	12.3		%
Tangible common stockholders' equity (3)	20.7		%	15.8		%	8.0		%	16.5		%	19.4		%	16.8		%	15.0		%
Average common stockholders' equity	$	63,916		$	64,357		$	68,645		$	70,193		$	69,625		$	58,575		$	67,869
Average common stockholders' equity, excluding AOCI other than FCTA	$	44,742		$	46,175		$	47,481		$	47,763		$	48,234		$	43,929		$	47,251
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	44,905		$	46,175		$	47,481		$	47,864		$	48,437		$	44,030		$	47,332
Average tangible common stockholders' equity	$	35,498		$	36,996		$	38,342		$	38,539		$	38,130		$	34,594		$	37,703
(1) Annualized using quarter-to-date results.
(2)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.
(3)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 December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020 of $6 million, $8 million, $10 million, $7 million and $8 million, respectively, and for the year ended December 31, 2019 and 2020 of $34 million and $33 million, respectively.

A-3

APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
U.S. (1)	$	8,586	$	6,189	$	5,692	$	6,833	$	10,578
ASIA	2,163		2,175		2,097		2,310		2,161
LATIN AMERICA	837		909		808		799		878
EMEA	673		705		682		683		707
METLIFE HOLDINGS (1)	1,321		1,233		1,208		1,206		1,264
CORPORATE & OTHER (1)	87		96		86		75		112
Adjusted premiums, fees and other revenues, on a constant currency basis	$	13,667	$	11,307	$	10,573	$	11,906	$	15,700
Adjusted premiums, fees and other revenues	$	13,632	$	11,216	$	10,401	$	11,820	$	15,700
ASIA (including operating joint ventures) (2), (3)	$	2,452	$	2,462	$	2,373	$	2,605	$	2,450
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
U.S. (1)	$	1,069	$	1,066	$	1,012	$	1,026	$	1,058
ASIA	990		912		825		887		941
LATIN AMERICA	347		337		332		325		353
EMEA	373		337		340		341		344
METLIFE HOLDINGS (1)	282		228		239		231		244
CORPORATE & OTHER (1)	243		136		134		120		235
Adjusted other expenses on a constant currency basis	$	3,304	$	3,016	$	2,882	$	2,930	$	3,175
Adjusted other expenses	$	3,286	$	2,981	$	2,817	$	2,899	$	3,175
ASIA (including operating joint ventures) (2), (3)	$	1,106	$	1,011	$	933	$	990	$	1,048
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
U.S. (1)	$	675	$	780	$	523	$	900	$	1,021
ASIA	347		362		268		468		494
LATIN AMERICA	153		90		148		44		14
EMEA	64		77		120		51		81
METLIFE HOLDINGS (1)	269		277		20		253		426
CORPORATE & OTHER (1)	322		(131)		(289)		(131)		(198)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,830	$	1,455	$	790	$	1,585	$	1,838
Adjusted earnings available to common shareholders	$	1,834	$	1,449	$	758	$	1,578	$	1,838
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 20 for operating joint ventures.
(3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.

A-4

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	total adjusted revenues	(i)	total revenues
(ii)	total adjusted expenses	(ii)	total expenses
(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	adjusted premiums, fees & other revenues, excluding PRT	(iv)	premiums, fees and other revenues
(v)	adjusted net investment income	(v)	net investment income
(vi)	adjusted earnings	(vi)	net income (loss)
(vii)	adjusted earnings available to common shareholders	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders
(viii)	adjusted earnings available to common shareholders, excluding total notable items	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders
(ix)	adjusted earnings available to common shareholders per diluted common share	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(x)	adjusted earnings available to common shareholders, excluding total notable items, per diluted common share	(x)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi)	adjusted return on equity	(xi)	return on equity
(xii)	adjusted return on equity, excluding AOCI other than FCTA	(xii)	return on equity
(xiii)	adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA)	(xiii)	return on equity
(xiv)	adjusted tangible return on equity	(xiv)	return on equity
(xv)	investment portfolio gains (losses)	(xv)	net investment gains (losses)
(xvi)	derivative gains (losses)	(xvi)	net derivative gains (losses)
(xvii)	adjusted capitalization of DAC	(xvii)	capitalization of DAC
(xviii)	total MetLife, Inc.’s tangible common stockholders’ equity	(xviii)	total MetLife, Inc.’s stockholders’ equity
(xix)	total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xix)	total MetLife, Inc.’s stockholders’ equity
(xx)	total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)	(xx)	total MetLife, Inc.’s stockholders’ equity
(xxi)	book value per common share, excluding AOCI other than FCTA	(xxi)	book value per common share
(xxii)	book value per common share - tangible common stockholders' equity	(xxii)	book value per common share
(xxiii)	adjusted other expenses	(xxiii)	other expenses
(xxiv)	adjusted other expenses, net of adjusted capitalization of DAC	(xxiv)	other expenses, net of capitalization of DAC
(xxv)	adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses	(xxv)	other expenses, net of capitalization of DAC
(xxvi)	adjusted expense ratio	(xxvi)	expense ratio
(xxvii)	adjusted expense ratio, excluding total notable items related to other adjusted expenses and PRT	(xxvii)	expense ratio
(xxviii)	direct expenses	(xxviii)	other expenses
(xxix)	direct expenses, excluding total notable items related to direct expenses	(xxix)	other expenses
(xxx)	direct expense ratio	(xxx)	expense ratio
(xxxi)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxxi)	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. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at www.metlife.com.

A-5

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies: Adjusted earnings and related measures
•	adjusted earnings;
•	adjusted earnings available to common shareholders;
•	adjusted earnings available to common shareholders, excluding total notable items;
•	adjusted earnings available to common shareholders per diluted common share;
•	adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and
•	adjusted earnings available to common shareholders on a constant currency basis.
These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife’s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted revenues and adjusted expenses
These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also 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 NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
•	Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
•	Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed equity securities (“Unit-linked contract income”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP ("Certain partnership distributions"); and
•	Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
•	Policyholder benefits and claims and policyholder dividends excludes: (i) 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 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).

A-6

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity, allocated equity, tangible equity and related measures
•	Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•	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, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and 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, VODA and VOCRA, 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 assets under management 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.
Other items
The following additional information is relevant to an understanding of our performance results:
•	Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

A-7

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

A-8

EX-99.3

4Q20 Supplemental Slides1 & Outlook John McCallion Chief Financial Officer Exhibit 99.3 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

2 Table of contents Topic Page No. Net Income (Loss) to Adjusted Earnings 3 Adjusted Earnings ex. Total Notable Items by Segment 4 Variable Investment Income (VII) 5 Direct Expense Ratio 7 Cash & Capital 8 Outlook 9 Appendix 13

3 Net income (loss) to adjusted earnings 4Q20 FY20 (post-tax) $ in millions $ per share1 $ in millions $ per share1 Net Income (Loss) $124 $0.14 $5,191 $5.68 Less: Net Investment Gains (Losses) (26) (0.03) (87) (0.10) Net Derivative Gains (Losses)2 (1,233) (1.36) 1,066 1.17 Investment Hedge Adjustments (205) (0.23) (644) (0.71) Actuarial Assumption Review2 — — (98) (0.11) Other2 (250) (0.28) (669) (0.73) Adjusted Earnings $1,838 $2.03 $5,623 $6.16 Less Notable Item: Actuarial Assumption Review — — (203) (0.22) Adjusted Earnings ex. Notable Item $1,838 $2.03 $5,826 $6.38 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. 2 Full year 2020 Net Derivative Gains (Losses) includes a $34 million post-tax gain associated with our Actuarial Assumption Review that is also included within the $98 million Actuarial Assumption Review line item. As a result, the Other line item reflects the removal of this gain being included within both categories.

4 ($ in millions - post-tax) 4Q20 4Q19 % Change % Change (Constant Rate) Highlights 1 Group Benefits $383 $329 16% + Expense Margins; + Underwriting Margins; + Volume Growth Retirement and Income Solutions 526 321 64% + Investment Margins; + Volume Growth Property & Casualty 112 25 348% + Underwriting Margins U.S. $1,021 $675 51% Asia 494 341 45% 42% + Investment Margins; + Underwriting Margins; + Volume Growth; + Expense Margins Latin America 14 161 (91%) (91%) - Underwriting Margins EMEA 81 66 23% 27% + Expense Margins; + Underwriting Margins MetLife Holdings 426 269 58% + Investment Margins; + Underwriting Margins; + Expense Margins Corporate & Other (198) (98) (102%) - Investment Margins; - Taxes Adjusted Earnings, ex. Total Notable Items $1,838 $1,414 30% 30% Adjusted EPS, ex. Total Notable Items $2.03 $1.53 33% 34% Adjusted earnings ex. total notable items by segment 1 To be discussed on MetLife, Inc.'s fourth quarter and full year 2020 earnings and outlook conference call and audio webcast.

5 2020 VII above guidance of $900 million - $1.1 billion 1Q20 2Q20 3Q20 4Q20 FY20 ($ in millions - pre-tax) Private Equity Other $0 $351 ($555) $652 $778 $1,226

6 ($ in millions - post-tax) 4Q201 FY201 Group Benefits $4 $16 Retirement and Income Solutions 202 340 Property & Casualty 19 33 U.S. 225 389 Asia 190 314 Latin America 10 4 EMEA — — MetLife Holdings 196 303 Corporate & Other (6) (41) Total Variable Investment Income $615 $969 VII by segment 1 Post-tax assumes a 21% rate.

7 2020 direct expense ratio of 12.0% beats 12.3% target Direct Expense Ratio1 14.3% 13.3% 13.3% 12.9% 12.6% 12.0% 12.0% 12.4% 11.4% 12.3% 2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). -230 bps

8 Holding Company Cash1 $5.3B $6.6B $7.8B $4.5B 4Q19 1Q20 2Q20 3Q20 4Q20 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Excludes total notable items. 3 Based on estimate and includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. 4 MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. 5 Solvency ratio of MetLife's insurance subsidiary in Japan, which is calculated quarterly and does not reflect conditions and factors occurring after September 30, 2020. $3.0B to $4.0B Cash Buffer $4.2B Capital • Completed Versant Health acquisition in 4Q20 • Share repurchases of $571 million in 4Q20 and $1.2 billion in FY20 • Average 2019-2020 free cash flow ratio2 of 78%; above 65-75% target • 2020 Combined NAIC Risk-Based Capital ratio3,4 above 360% target • Expected total U.S. Statutory Adjusted Capital3 of $19.3 billion at 12/31/20, up 4% from 2019 • Japan Solvency Margin ratio5 of 906% at 9/30/20

Outlook

10 Overview Gradual recovery from pandemic: • Continued impacts from COVID-19, mostly in 1H21 • Headwinds from low interest rates, directionally improving • Favorable impacts from weaker U.S. dollar Near-term1 targets: • Adjusted return on equity2 of 12-14% • Free cash flow ratio of 65-75% of adjusted earnings3 • Direct expense ratio less than 12.3%4 Corporate guidance for 2021: • Variable investment income range of $1.2 – $1.4 billion • Corporate & Other adjusted loss of $650 – $750 million • Effective tax rate to be between 20-22% Macro Assumptions Near-Term1 Targets and Corporate Guidance Key Sensitivities Adjusted Earnings Impact from Rates $ in millions 2021 2022 2023 Flat interest rate scenario5 ($5) ($25) ($30) Declining interest rate scenario5 ($5) ($75) ($140) 10 bps increase in LIBOR6 ($10) ($10) ($15) 10 bps decrease in LIBOR6 $10 $10 $15 1 One to three years. 2 Excluding AOCI other than FCTA. 3 2-year average excluding total notable items. 4 Excluding total notable items related to direct expenses and PRT. 5 See pages 15 and 16 in the Appendix for more information. 6 Increase/decrease of 10 basis points from base interest rates for rates shorter than 1 year; no change in longer- term interest rates.

11 Near-Term Guidance: U.S. and MetLife Holdings • Adjusted premiums, fees and other revenues (PFOs) expected to grow low double-digits in 2021 aided by the Versant acquisition, and 4-6% annual growth beyond • Group Life mortality ratio of 92.4% in 2020; target of 85-90% • Group Non-Medical Health interest adjusted benefit ratio of 65.3% in 2020; target of 70-75% • Both spread based and fee-based liability exposures1 expected to grow 2-4% annually • Investment spread2 of 118 bps in 2020 and expected to be 90-115 bps in 2021 • Adjusted PFOs expected to decline by approximately 5-7% per year • Adjusted earnings of $1.0 - $1.2 billion in 2021 • Life interest adjusted benefit ratio of 55.7%3 in 2020; target of 50-55% in 2021 Group Benefits Retirement and Income Solutions MetLife Holdings 1 Includes future policy benefits, policyholder account liabilities, and separate account liabilities, as well as notional amounts not recorded on MetLife's balance sheet. 2 Average annualized general account spread. 3 Excludes the notable item related to the annual actuarial assumption review. Including this, the ratio was 57.5% in 2020.

12 Near-Term Guidance: Non-U.S.1 • Double-digit sales growth in 2021, mid-to-high single-digit growth in 2022 – 2023 • General account assets under management2 to grow at mid single-digits • Adjusted earnings essentially flat in 2021, mid single-digit growth in 2022 – 2023 • Dividends to holding companies expected to be 50-60% of adjusted earnings • High-single to low-double digit annual growth in adjusted PFOs • Adjusted earnings growth of high-teens in 2021, with adjusted earnings returning to 2019 levels in 2022 • Dividends to holding companies expected to exceed adjusted earnings in 2021, and to be 75-80% of adjusted earnings in 2022 and 2023 • Sales and adjusted PFO growth of mid-to-high single-digits • Low-to-mid single-digit adjusted earnings growth versus 2019 • Dividends to holding companies expected to be 90-100% of adjusted earnings Asia Latin America EMEA 1 Growth rates for adjusted earnings and adjusted PFOs are on a reported basis. Growth rates for sales and general account assets under management are on a constant currency basis. 2 Excludes fair value adjustments and includes operating joint ventures.

Appendix

14 Segments: U.S., Asia, Latin America and EMEA1 ($ in billions) Capital Deployed Value Added (VNB) Internal Rate of Return (IRR) Payback (Years) 2019 $3.8 $1.8 15% 7 2018 $3.8 $2.1 15% 7 2017 $3.1 $1.3 14% 7 Total $10.7 $5.2 2017 - 2019 New Business Value 1 Excludes the MetLife Holdings segment; Value of New Business (VNB) is the present value of future profits net the cost of capital and time value of guarantees from new sales.

15 12/31/20 12/31/21 12/31/22 12/31/23 Base Flat Rate Base Flat Rate Base Flat Rate Base Flat Rate 3-Month LIBOR1 0.24% 0.24% 0.20% 0.24% 0.32% 0.24% 0.56% 0.24% 10-Year U.S. Treasury1 0.91% 0.91% 1.12% 0.91% 1.31% 0.91% 1.49% 0.91% 30-Year U.S. Treasury1 1.65% 1.65% 1.72% 1.65% 1.80% 1.65% 1.88% 1.65% Interest Rates: Base vs. Flat Rate Scenario 1 Base rates based on forward curve as of December 31, 2020. All rates remain unchanged from 12/31/20 levels.

16 12/31/20 12/31/21 12/31/22 12/31/23 Base Declining Rate Base Declining Rate Base Declining Rate Base Declining Rate 3-Month LIBOR1 0.24% 0.24% 0.20% 0.24% 0.32% 0.24% 0.56% 0.24% 10-Year U.S. Treasury1 0.91% 0.91% 1.12% 0.50% 1.31% 0.50% 1.49% 0.50% 30-Year U.S. Treasury1 1.65% 1.65% 1.72% 0.77% 1.80% 0.69% 1.88% 0.63% Interest Rates: Base vs. Declining Rate Scenario 1 Base rates based on forward curve as of December 31, 2020. 3-month LIBOR remains unchanged from 12/31/20 levels while long term rates decline over the near-term.

17 Key Sensitivities: U.S. and MetLife Holdings • 1% change in Group Life mortality ratio translates to ~$65 million of adjusted earnings1 • 1% change in Group Non-Medical Health interest adjusted benefit ratio translates to ~$75 million of adjusted earnings1 • Roughly 70% of the separate account (SA) assets are in equities • +/- 10% change in SA returns translates to $10-15 million initial5 impact to adjusted earnings, and ~$35 million ongoing annual impact to adjusted earnings • 1% change in life interest adjusted benefit ratio translates to $15-20 million of adjusted earnings1 Group Benefits Retirement and Income Solutions MetLife Holdings Impact on $ in millions Change Adjusted Earnings1 LIBOR2, 3 +10 bps -$8 -10 bps +$8 U.S. Treasury4 +10 bps +$4 -10 bps -$4 • $1 billion of PRT sales translates to $7-8 million of adjusted earnings1 1 Annual impact. 2 Change from base rates for 1-month and 3-month LIBOR. No change in other interest rates. 3 This sensitivity holds for a LIBOR rate change of +/- 50 basis points. 4 Parallel shift in published U.S. Treasury rates up to 30 years. No change in other interest rates. 5 Quarter in which market impact occurs.

18 Key Sensitivities: Non-U.S. Asia Latin America EMEA 1 Independent parallel shift in yield curve for U.S. and Japan has the same impact. 2 Higher yields increase adjusted earnings and lower regulatory ratios. 3 Higher yields increase adjusted earnings and regulatory ratios.4 The ProVida encaje is capital required by Superintendencia de Pensiones. The encaje is invested in the same manner as the total pension fund, and the investment income is included in adjusted earnings. Annual Impact on Regulatory $ in millions Change Adjusted Earnings Ratios (%) Parallel shift in yield curve: Japan / U.S1,2 +/- 10 bps $1-2 5-10% Korea2 +/- 10 bps $0-1 0-5% China3 +/- 10 bps $0-1 0-5% Annual Impact on $ in millions Change Adjusted Earnings Mexican peso to U.S. dollar +1% $2 Chilean peso to U.S. dollar +1% $3 Annual return on the ProVida encaje4 +1% $3 Annual Impact on $ in millions Change Adjusted Earnings Euro to U.S. Dollar +1% $1 British Pound to U.S. Dollar +1% $1 Turkish Lira to U.S. Dollar +1% $0.4 Polish Zloty U.S. Dollar +1% $0.3

19 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, such as “assumes,” “assumption,” “beyond, “continued,” “estimate,” “expected,” “forward,” “future,” “grow,” “guidance,” “near- term,” “ongoing,” “outlook,” “remain,” “scenario,” “sensitivities,” “target,” “to be,” and “1H21”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.

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

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

22 Explanatory Note on Non-GAAP and Other Financial Information (Continued) The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees); • Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder- directed equity securities, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP; and • Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees). The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) changes in the policyholder dividend obligation related to NIGL and NDGL, (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, (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 and excludes certain amounts related to net investment income earned on contractholder-directed equity securities; • Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments; • Amortization of negative VOBA excludes amounts related to Market value adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other 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. Return on equity and related measures • Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) 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).

23 Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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: • U.S.: ◦ Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. ◦ Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate- owned life insurance. ◦ Property & Casualty: calculated based on first year direct written premium, net of cancellation and endorsement activity. • Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. The following additional information is relevant to an understanding of MetLife’s performance results and outlook: • Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. • Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

24 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2020 4Q20 4Q19 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 5,191 $ 5.68 $ 124 $ 0.14 $ 536 $ 0.58 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (110) (0.12) (33) (0.04) 207 0.22 Less: Net derivative gains (losses) 1,349 1.48 (1,561) (1.72) (1,465) (1.58) Less: Other adjustments to net income (loss)2 (1,519) (1.67) (575) (0.63) (418) (0.45) Less: Provision for income tax (expense) benefit (127) (0.14) 455 0.50 373 0.40 Add: Net income (loss) attributable to noncontrolling interests 11 0.01 — — (5) (0.01) Add: Preferred stock redemption premium 14 0.02 — — — — Adjusted earnings available to common shareholders 5,623 6.16 1,838 2.03 1,834 1.98 Less: Total notable items (203) (0.22) — — 420 0.45 Adjusted earnings available to common shareholders, excluding total notable items $ 5,826 $ 6.38 $ 1,838 $ 2.03 $ 1,414 $ 1.53 Adjusted earnings available to common shareholders on a constant currency basis $ 5,623 $ 6.16 $ 1,838 $ 2.03 $ 1,830 $ 1.98 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 5,826 $ 1,838 $ 2.03 $ 1,410 $ 1.52 constant currency basis $ 6.38 Weighted average common shares outstanding - diluted 913.2 906.0 925.7 1Adjusted 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 Includes investment hedge adjustments.

25 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q20 U.S.1 Group Benefits1 Retirement and Income Solutions1 Property & Casualty1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 1,021 $ 383 $ 526 $ 112 $ 494 $ 14 $ 81 $ 426 $ (198) Less: Total notable items — — — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 1,021 $ 383 $ 526 $ 112 $ 494 $ 14 $ 81 $ 426 $ (198) Adjusted earnings available to common shareholders on a constant currency basis $ 494 $ 14 $ 81 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 494 $ 14 $ 81 4Q19 U.S.1 Group Benefits1 Retirement and Income Solutions1 Property & Casualty1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 675 $ 329 $ 321 $ 25 $ 341 $ 161 $ 66 $ 269 $ 322 Less: Total notable items — — — — — — — — 420 Adjusted earnings available to common shareholders, excluding total notable items $ 675 $ 329 $ 321 $ 25 $ 341 $ 161 $ 66 $ 269 $ (98) Adjusted earnings available to common shareholders on a constant currency basis $ 347 $ 153 $ 64 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 347 $ 153 $ 64 1Results on a constant currency basis are not included as constant currency impact is not significant.

26 Expense Detail and Ratios (In millions, except ratio data) 2015 2016 2017 2018 2019 2020 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (3,319) $ (3,152) $ (3,002) $ (3,254) $ (3,358) $ (3,013) Less: Divested businesses and lag elimination1 120 (1) 34 (1) (20) (5) Adjusted capitalization of DAC $ (3,439) $ (3,151) $ (3,036) $ (3,253) $ (3,338) $ (3,008) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 13,229 $ 12,135 Less: Noncontrolling interests (13) (6) (12) (10) (15) (16) Less: Regulatory implementation costs 2 1 — 11 18 20 Less: Acquisition, integration and other costs 28 64 65 24 44 42 Less: TSA fees — — — 305 246 159 Less: Divested businesses1 265 296 491 68 158 58 Adjusted other expenses $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 12,778 $ 11,872 Other Detail and Ratios Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 13,229 $ 12,135 Capitalization of DAC (3,319) (3,152) (3,002) (3,254) (3,358) (3,013) Other expenses, net of capitalization of DAC $ 10,786 $ 10,143 $ 9,951 $ 9,673 $ 9,871 $ 9,122 Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 49,680 $ 49,486 Expense ratio 24.6 % 22.9 % 21.7 % 18.9 % 19.9 % 18.4 % Direct expenses $ 6,444 $ 5,754 $ 6,006 $ 5,874 $ 5,977 $ 5,342 Less: Total notable items related to direct expenses 362 79 296 214 338 — Direct expenses, excluding total notable items related to direct expenses $ 6,082 $ 5,675 $ 5,710 $ 5,660 $ 5,639 $ 5,342 Adjusted other expenses $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 12,778 $ 11,872 Adjusted capitalization of DAC (3,439) (3,151) (3,036) (3,253) (3,338) (3,008) Adjusted other expenses, net of adjusted capitalization of DAC $ 10,384 $ 9,789 $ 9,373 $ 9,276 $ 9,440 $ 8,864 Less: Total notable items related to adjusted other expenses 362 507 377 214 338 — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 10,022 $ 9,282 $ 8,996 $ 9,062 $ 9,102 $ 8,864 Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 49,144 $ 49,137 Less: PRT 1,740 1,761 3,305 6,894 4,346 4,635 Adjusted premiums, fees and other revenues, excluding PRT $ 42,589 $ 42,718 $ 42,895 $ 43,884 $ 44,798 $ 44,502 Direct expense ratio 14.5 % 12.9 % 13.0 % 11.6 % 12.2 % 10.9 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 14.3 % 13.3 % 13.3 % 12.9 % 12.6 % 12.0 % Adjusted expense ratio 23.4 % 22.0 % 20.3 % 18.3 % 19.2 % 18.0 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 23.5 % 21.7 % 21.0 % 20.6 % 20.3 % 19.9 % 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

27 Expense Detail and Ratios (In millions, except ratio data) 1Q20 2Q20 3Q20 4Q20 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (774) $ (671) $ (764) $ (804) Less: Divested businesses (3) (2) — — Adjusted capitalization of DAC $ (771) $ (669) $ (764) $ (804) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 3,047 $ 2,872 $ 2,954 $ 3,262 Less: Noncontrolling interests (3) (7) (4) (2) Less: Regulatory implementation costs 2 — 6 12 Less: Acquisition, integration and other costs 6 — 7 29 Less: TSA fees 42 39 39 39 Less: Divested businesses 19 23 7 9 Adjusted other expenses $ 2,981 $ 2,817 $ 2,899 $ 3,175 Other Detail and Ratios Other expenses $ 3,047 $ 2,872 $ 2,954 $ 3,262 Capitalization of DAC (774) (671) (764) (804) Other expenses, net of capitalization of DAC $ 2,273 $ 2,201 $ 2,190 $ 2,458 Premiums, fees and other revenues $ 11,336 $ 10,491 $ 11,887 $ 15,772 Expense ratio 20.1 % 21.0 % 18.4 % 15.6 % Direct expenses $ 1,344 $ 1,287 $ 1,288 $ 1,423 Less: Total notable items related to direct expenses — — — — Direct expenses, excluding total notable items related to direct expenses $ 1,344 $ 1,287 $ 1,288 $ 1,423 Adjusted other expenses $ 2,981 $ 2,817 $ 2,899 $ 3,175 Adjusted capitalization of DAC (771) (669) (764) (804) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,210 $ 2,148 $ 2,135 $ 2,371 Less: Total notable items related to adjusted other expenses — — — — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,210 $ 2,148 $ 2,135 $ 2,371 Adjusted premiums, fees and other revenues $ 11,216 $ 10,401 $ 11,820 $ 15,700 Less: PRT (9) (6) 487 4,163 Adjusted premiums, fees and other revenues, excluding PRT $ 11,225 $ 10,407 $ 11,333 $ 11,537 Direct expense ratio 12.0 % 12.4 % 10.9 % 9.1 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 12.0 % 12.4 % 11.4 % 12.3 % Adjusted expense ratio 19.7 % 20.7 % 18.1 % 15.1 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.7 % 20.6 % 18.8 % 20.6 %

28 Premiums, Fees and Other Revenues (In millions) 2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 Total Company - Premiums, Fees and Other Revenues Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 49,680 $ 49,486 $ 11,336 $ 10,491 $ 11,887 $ 15,772 Less: Unearned revenue adjustments 7 30 12 (7) 97 33 18 5 2 8 Less: GMIB fees 97 124 125 120 108 102 26 25 26 25 Less: Settlement of foreign currency earnings hedges (37) 4 22 19 9 — — — — — Less: TSA fees — — — 305 246 159 42 39 39 39 Less: Divested businesses and lag elimination1 (496) (267) (516) 7 76 55 34 21 — — Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 49,144 $ 49,137 $ 11,216 $ 10,401 $ 11,820 $ 15,700 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

29 Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies 2020 2019 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $ 3.5 $ 4.2 Adjustments from net cash provided by operating activities to free cash flow: Add: Incremental debt to be at or below target leverage ratios 1.4 0.5 Add: Adjustments from net cash provided by operating activities to free cash flow1 (0.2) (0.3) MetLife, Inc. (parent company only) free cash flow 4.7 4.4 Other MetLife, Inc. holding companies free cash flow2 (0.7) 0.5 Free cash flow of all holding companies $ 4.0 $ 4.9 Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders: MetLife, Inc. (parent company only) net cash provided by operating activities $ 3.5 $ 4.2 Consolidated net income (loss) available to MetLife, Inc.'s common shareholders $ 5.2 $ 5.7 Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders3 67 % 73 % Ratio of free cash flow to adjusted earnings available to common shareholders: Free cash flow of all holding companies4 $ 4.0 $ 4.9 Consolidated adjusted earnings available to common shareholders4 $ 5.6 $ 5.8 Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders4 71 % 86 % 1Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net. 2Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions from MetLife, Inc.; (iii) capital contributions to subsidiaries; (iv) repayments on and (issuances of) loans to subsidiaries, net; (v) other expenses; (vi) dividends and returns of capital to MetLife, Inc. and (vii) investment portfolio changes and other, net. 3Including the free cash flow of other MetLife, Inc. holding companies of $(0.7) billion and $0.5 billion for the years ended December 31, 2020 and 2019, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 54% and 83%, respectively. 4(i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2020, was negatively impacted by a notable item, related to actuarial assumption review and other insurance adjustments of $0.2 billion, net of income tax. Excluding this notable item impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2020, would be 69%. (ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2019, was positively impacted by notable items primarily related to tax related adjustments of $0.5 billion, net of income tax, partially offset by expense initiative costs of $0.3 billion, net of income tax. Excluding such notable items impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2019, would be 87%.

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XML

Document and Entity Information Document	Feb. 03, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 03, 2021
Entity Registrant Name	METLIFE, INC.
Entity Central Index Key	0001099219
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	1-15787
Entity Tax Identification Number	13-4075851
Entity Address, Address Line One	200 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10166-0188
City Area Code	212
Local Phone Number	578-9500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	MET
Security Exchange Name	NYSE
Series A
Entity Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock,Series A, par value $0.01
Trading Symbol	MET PRA
Security Exchange Name	NYSE
Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000thinterest in a share of 5.625% Non-Cumulative Preferred Stock, Series E
Trading Symbol	MET PRE
Security Exchange Name	NYSE
Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F
Trading Symbol	MET PRF
Security Exchange Name	NYSE