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 1, 2023

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 1, 2023, MetLife, Inc. issued (i) a news release announcing its results for the quarter and full year ended December 31, 2022 (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, 2022 (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 1, 2023, MetLife, Inc. issued a supplemental slide presentation for the quarter and full year ended December 31, 2022, 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,” “we,” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

Consolidated Company Outlook

Our outlook reflects the impacts of the adoption of targeted improvements to the accounting for long-duration contracts (“LDTI”). We assume COVID-19 to be endemic consistent with the recent trends that we have been experiencing. We expect continued uncertainty to persist around inflation and a potential recession.

We expect interest rates to remain elevated relative to December 31, 2022. We believe that our investment portfolio is highly diversified and positioned to perform well in a variety of economic scenarios.

As of December 31, 2022, we had $5.4 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 2023, we expect to maintain this holding company cash target.

Our continued capital stress testing and longstanding commitment to liquidity position us to withstand a variety of economic conditions. 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, 2022, including a 10-year U.S. Treasury rate of 3.88% at December 31, 2022, and 3.84% at December 31, 2023, (ii) S&P 500 equity index annual return of 5% over the near-term, and (iii) private equity annual returns of 12% over the near-term consistent with historical long-term averages; we expect to maintain the two-year average annual ratio of free cash flow to adjusted earnings, excluding total notable items, at 65% to 75%.

Further, based on the aforementioned assumptions, the growing impact of our mix of business and higher new business returns over the last several years, as well as the impact of LDTI, we are increasing our target for adjusted return on equity, excluding accumulated other comprehensive income (“AOCI”) other than foreign currency translation adjustments (“FCTA”), to 13% to 15% over the near-term. Lastly, we expect to exceed our goals to generate approximately $20.0 billion of free cash flow and make available an additional $1.0 billion to invest in growth and innovation, over the time period of 2020 through 2024.

Our full year direct expense ratio target, excluding total notable items related to direct expenses and pension risk transfers, is 12.6% over the near-term. This increase from the previous target of 12.3% reflects a reduction in adjusted premiums, fees and other revenues, excluding pension risk transfers, due to the impact of the adoption of LDTI. Since this change in accounting will be applied retrospectively to January 1, 2021, our previously reported direct expense ratios will likewise be re-calibrated to put 2021 and 2022 on the same basis as 2023 and beyond.

Our outlook relies on the accuracy of our assumptions about future economic and business conditions, which can be affected by known and unknown risks, uncertainties and other factors. We continually review our assumptions, implement mitigation plans, and take precautions. We may revise our outlook as we obtain more information regarding 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

The forward-looking statements in this Item 8.01 of MetLife, Inc.’s Current Report on Form 8-K, which contain words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would” and other words and terms of similar meaning or that are otherwise tied to

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future periods or future performance, 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 does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife becomes aware that such statement is not likely to be achieved.

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 1, 2023, announcing its results for the quarter and full year ended December 31, 2022

99.2 Quarterly Financial Supplement for the quarter ended December 31, 2022

99.3 Supplemental Slides for the quarter and full year ended December 31, 2022 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 1, 2023

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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 2022 RESULTS

NEW YORK, February 1, 2023 - MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2022 results.

Full Year Results Summary

•Net income of $2.4 billion, compared to net income of $6.4 billion for the full year 2021. Net income of $2.91 per share, down 60 percent from the prior year.

•Adjusted earnings of $5.5 billion, compared to adjusted earnings of $8.0 billion for the full year 2021. Adjusted earnings of $6.85 per share, down 25 percent from the prior year.

•Adjusted earnings, excluding total notable items, of $5.4 billion, compared to $7.9 billion for the full year 2021. On a per share basis, adjusted earnings, excluding total notable items, of $6.72, down 26 percent from $9.07 for the full year 2021.

•Book value of $29.81 per share, down 61 percent from $77.12 per share at December 31, 2021.

•Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $56.34 per share, down 2 percent from $57.65 per share at December 31, 2021.

•Return on equity (ROE) of 6.1 percent.

•Adjusted ROE, excluding AOCI other than FCTA, of 12.3 percent.

•Holding company cash and liquid assets of $5.4 billion at December 31, 2022, which is above the target cash buffer of $3.0 - $4.0 billion.

Fourth Quarter Results Summary

•Net income of $1.3 billion, or $1.66 per share, compared to net income of $1.2 billion, or $1.39 per share, in the fourth quarter of 2021.

•Adjusted earnings of $1.2 billion, or $1.55 per share, compared to adjusted earnings of $1.8 billion, or $2.17 per share, in the fourth quarter of 2021.

•Adjusted earnings, excluding total notable items, of $1.2 billion, or $1.55 per share, compared to adjusted earnings, excluding total notable items, of $1.7 billion, or $2.01 per share, in the fourth quarter of 2021.

•ROE of 23.6 percent.

•Adjusted ROE, excluding AOCI other than FCTA, of 11.3 percent.

Commenting on the company's results, MetLife President and CEO Michel Khalaf said: "MetLife's strong underlying fundamentals were on full display in the fourth quarter and full year of 2022. With our great set of market-leading businesses, good growth prospects around the world, and the strength of our balance sheet and our free cash flow, I believe MetLife is very well-positioned for the future. As we begin 2023, we are raising the bar and setting our standards higher as we focus on creating value for all of our stakeholders.”

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Fourth Quarter and Full Year 2022 Summary

($ in millions, except per share data)	Three months ended December 31,							Year ended December 31,
	2022			2021			Change	2022			2021			Change
Premiums, fees and other revenues	$	11,335		$	15,178		(25)%	$	57,616		$	50,384		14%
Net investment income	4,464			5,233			(15)%	15,916			21,395			(26)%
Net investment gains (losses)	355			(126)				(1,262)			1,529
Net derivative gains (losses)	162			(196)				(2,372)			(2,228)
Total revenues	$	16,316		$	20,089			$	69,898		$	71,080
Adjusted premiums, fees and other revenues	$	11,306		$	15,010		(25)%	$	57,359		$	48,964		17%
Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT)	$	11,375		$	11,459		(1)%	$	45,140		$	45,451		(1)%
Net income (loss)	$	1,314		$	1,176		12%	$	2,354		$	6,353		(63)%
Net income (loss) per share	$	1.66		$	1.39		19%	$	2.91		$	7.31		(60)%
Adjusted earnings	$	1,226		$	1,838		(33)%	$	5,545		$	7,954		(30)%
Adjusted earnings per share	$	1.55		$	2.17		(29)%	$	6.85		$	9.15		(25)%
Adjusted earnings, excluding total notable items	$	1,226		$	1,698		(28)%	$	5,434		$	7,888		(31)%
Adjusted earnings, excluding total notable items per share	$	1.55		$	2.01		(23)%	$	6.72		$	9.07		(26)%
Book value per share	$	29.81		$	77.12		(61)%	$	29.81		$	77.12		(61)%
Book value per share, excluding AOCI other than FCTA	$	56.34		$	57.65		(2)%	$	56.34		$	57.65		(2)%
Expense ratio	21.3		%	16.1		%		16.0		%	18.2		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT	13.1		%	12.9		%		12.2		%	11.6		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT	20.7		%	20.4		%		19.8		%	19.3		%
ROE	23.6		%	7.3		%		6.1		%	9.7		%
Adjusted ROE, excluding AOCI other than FCTA	11.3		%	15.3		%		12.3		%	16.6		%
Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA)	11.3		%	14.2		%		12.1		%	16.5		%

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

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and Other Financial Disclosures” below and in the tables that accompany this news release.

Supplemental slides for the fourth quarter of 2022, titled “4Q22 Supplemental Slides and Outlook,” are available on the MetLife Investor Relations website at https://investor.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 is available under the heading "Consolidated Company Outlook" in Item 8.01 of the Form 8-K.

Total Company Discussion

MetLife reported fourth quarter 2022 premiums, fees and other revenues of $11.3 billion, down25 percent from the fourth quarter of 2021. Adjusted premiums, fees and other revenues were $11.3 billion, down 25 percent on a reported basis and down 23 percent on a constant currency basis from the prior-year period.

Net investment income was $4.5 billion, down 15 percent from the fourth quarter of 2021, largely driven by lower variable investment income primarily due to lower private equity returns. Adjusted net investment income was $4.5 billion, down 13 percent from the prior-year period, driven by lower variable investment income primarily due to lower private equity returns.

Net derivative gains amounted to $162 million, or $128 million after tax during the quarter, primarily driven by a weakening of the U.S. dollar.

Net income was $1.3 billion, compared to net income of $1.2 billion in the fourth quarter of 2021, primarily driven by net investment and net derivative gains. On a per share basis, net income was $1.66, compared to net income of $1.39 in the prior-year period.

MetLife reported adjusted earnings of $1.2 billion, down 33 percent on a reported basis and down 32 percent on a constant currency basis from the fourth quarter of 2021. On a per share basis, adjusted earnings were $1.55, down 29 percent from the prior-year period.

Adjusted Earnings by Segment Summary*

	Three months ended December 31, 2022		Year ended December 31, 2022
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.	20%		(7)%
Asia	(63)%	(62)%	(40)%	(38)%
Latin America	45%	51%	162%	201%
Europe, the Middle East and Africa (EMEA)	67%	112%	(18)%	—%
MetLife Holdings	(57)%		(55)%

* 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 2022 in the business discussions that follow are with the fourth quarter of 2021, unless otherwise noted. There were no notable items in the fourth quarter of 2022, as indicated in the notable items table which follows the Business Discussions section of this release.

U.S.

($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjusted earnings	$771	$640	20%
Adjusted premiums, fees and other revenues	$6,666	$10,100	(34)%
Adjusted premiums, fees and other revenues, excluding PRT	$6,735	$6,549	3%
Notable item(s)	$0	$0

•Adjusted earnings were $771 million, up 20 percent, primarily driven by favorable underwriting and volume growth, partially offset by lower variable investment income.

•Adjusted return on allocated equity was 27.0 percent, and adjusted return on allocated tangible equity was 36.2 percent.

•Adjusted premiums, fees and other revenues were $6.7 billion, down 34 percent, primarily driven by higher pension risk transfer sales in the prior-year period.

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Group Benefits

($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjustedearnings	$400	$20	NM%*
Adjusted premiums, fees and other revenues	$5,799	$5,791	—%
Notable item(s)	$0	$0

* Not meaningful. For more information, refer to "Non-GAAP and Other Financial Disclosures".

•Adjusted earnings were $400 million, compared to $20 million at 2021, primarily driven by favorable underwriting and volume growth.

•Adjusted premiums, fees and other revenues were $5.8 billion, essentially flat compared to the prior-year period, driven by solid growth across most products, offset by higher premiums in the prior year related to participating life contracts. Premiums, fees and other revenues from participating life contracts can fluctuate with claims experience.

•Sales were down 15 percent for the full year 2022 compared to 2021 due to lower jumbo case activity.

Retirement and Income Solutions

($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjustedearnings	$371	$620	(40)%
Adjusted premiums, fees and other revenues	$867	$4,309	(80)%
Adjusted premiums, fees and other revenues, excluding PRT	$936	$758	23%
Notable item(s)	$0	$0

•Adjusted earnings were $371 million, down 40 percent, largely driven by lower variable investment income.

•Adjusted premiums, fees and other revenues were $867 million, compared to $4.3 billion in the fourth quarter of 2021, largely driven by higher pension risk transfer sales in the prior-year period.

•Excluding pension risk transfers, adjusted premiums, fees and other revenues were $936 million, up 23 percent, primarily driven by strong structured settlement sales.

•Sales were up 23 percent for the full year 2022, primarily driven by pension risk transfer transactions, stable value products and structured settlements.

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ASIA

($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjusted earnings	$215	$586	(63)%
Adjusted earnings (constant currency)	$215	$560	(62)%
Adjusted premiums, fees and other revenues	$1,770	$2,022	(12)%
Notable item(s)	$0	$0
Asia general account assets under management (at amortized cost)	$126,335	$130,310	(3)%

•Adjusted earnings were $215 million, down 63 percent on a reported basis and down 62 percent on a constant currency basis, largely driven by lower variable investment income.

•Adjusted return on allocated equity was 6.0 percent, and adjusted return on allocated tangible equity was 9.0 percent.

•Adjusted premiums, fees and other revenues were $1.8 billion, down 12 percent, and up 3 percent on a constant currency basis.

•Asia general account assets under management (at amortized cost) were$126.3 billion, down 3 percent, and up 4 percent on a constant currency basis.

•Sales were $618 million, up 12 percent on a constant currency basis, primarily driven by sales in Japan.

LATIN AMERICA

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($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjusted earnings	$181	$125	45%
Adjusted earnings (constant currency)	$181	$120	51%
Adjusted premiums, fees and other revenues	$1,154	$962	20%
Notable item(s)	$0	$0

•Adjusted earnings were $181 million, up 45 percent on a reported basis, and up 51 percent on a constant currency basis, primarily driven by favorable underwriting and volume growth. Higher investment margins and Chilean encaje returns were offset by lower variable investment income.

•Adjusted return on allocated equity was 26.5 percent, and adjusted return on allocated tangible equity was 41.4 percent.

•Adjusted premiums, fees and other revenues were $1.2 billion, up 20 percent on both a reported and constant currency basis, driven by strong sales and solid persistency across the region.

•Sales were $297 million, up 22 percent on a constant currency basis, driven by growth across the region.

EMEA

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($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjusted earnings	$70	$42	67%
Adjusted earnings (constant currency)	$70	$33	112%
Adjusted premiums, fees and other revenues	$562	$621	(10)%
Notable item(s)	$0	$0

•Adjusted earnings were $70 million, up 67 percent on a reported basis, and up 112 percent on a constant currency basis, primarily driven by favorable underwriting.

•Adjusted return on allocated equity was 12.4 percent, and adjusted return on allocated tangible equity was 18.4 percent.

•Adjusted premiums, fees and other revenues were $562 million, down 10 percent on a reported basis, but up 2 percent on a constant currency basis, primarily driven by sales growth.

•Sales were $185 million, up 13 percent on a constant currency basis, driven by growth across the region.

METLIFE HOLDINGS

($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjusted earnings	$208	$482	(57)%
Adjusted premiums, fees and other revenues	$1,051	$1,206	(13)%
Notable item(s)	$0	$0

•Adjustedearnings were $208 million, down 57 percent, largely driven by lower variable investment income.

•Adjusted return on allocated equity was 7.6 percent, and adjusted return on allocated tangible equity was 8.3 percent.

•Adjustedpremiums, fees and other revenues were $1.1 billion, down 13 percent.

CORPORATE & OTHER

($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjusted earnings	$(219)	$(37)
Notable item(s)	$0	$140

•Adjusted loss of $219 million, compared to an adjusted loss of $37 million in the prior-year period.

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INVESTMENTS

($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjusted net investment income	$4,530	$5,201	(13)%

•Adjusted net investment income was $4.5 billion, down 13 percent. Variable investment income was $24 million, compared to variable investment income of $1.3 billion in the prior-year period, primarily driven by lower private equity returns.

FOURTH QUARTER 2022 NOTABLE ITEMS

($ in millions)	Adjusted Earnings
	Three months ended December 31, 2022
Notable Items	U.S.		Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions
Total notable items	$0	$0	$0	$0	$0	$0	$0	$0

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Contacts: For Media:        Brian Blaser (212) 578-2415    

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 individual and institutional customers build a more confident future. 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 2022 earnings and outlook conference call and audio webcast on Thursday, February 2, 2023, from 9-10 a.m. (ET). The conference call

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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, click the link to the webcast on the MetLife Investor Relations web page (https://investor.metlife.com). 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 2, 2023, until Thursday, February 9, 2023, 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 3034929. To access the replay of the conference call over the internet, visit the above-mentioned website.

Non-GAAP and Other Financial Disclosures

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

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

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(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 net investment income;	(v)	net investment income;
(vi)	adjusted capitalization of deferred policy acquisition costs (DAC);	(vi)	capitalization of DAC;
(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)	total MetLife, Inc.’s tangible common stockholders’ equity;	(xvii)	total MetLife, Inc.’s stockholders’ equity;
(xviii)	total MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;	(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)	free cash flow of all holding companies;	(xxiii)	MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;
(xxiv)	adjusted other expenses;	(xxiv)	other expenses;
(xxv)	adjusted other expenses, net of adjusted capitalization of DAC;	(xxv)	other expenses, net of capitalization of DAC;

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(xxvi)	adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses;	(xxvi)	other expenses, net of capitalization of DAC;
(xxvii)	adjusted expense ratio;	(xxvii)	expense ratio;
(xxviii)	adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT;	(xxviii)	expense ratio;
(xxix)	direct expenses;	(xxix)	other expenses;
(xxx)	direct expenses, excluding total notable items related to direct expenses;	(xxx)	other expenses;
(xxxi)	direct expense ratio; and	(xxxi)	expense ratio; and
(xxxii)	direct expense ratio, excluding total notable items related to direct expenses and PRT.	(xxxii)	expense ratio.

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

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

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

Adjusted earnings and related measures

•adjusted earnings;

•adjusted earnings available to common shareholders;

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

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

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

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

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

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

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

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

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

Page 13 of 29

adjusted earnings less preferred stock dividends.

Adjusted revenues and adjusted expenses

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

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

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

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

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

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

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

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

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

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

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

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•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)

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, 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 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 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

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allocated equity. The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses.

•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 acquired (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, VODA, 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.

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

Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, 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 Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures included in Asia 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 Asia GA AUM.

Asia 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. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.

Statistical sales information:

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•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.

•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.

•Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.

•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 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 represent a positive (negative) impact to adjusted earnings available to common shareholders.

•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.

•Not Meaningful (NM) indicates a percentage change in a financial metric over a specified period of time and reflects changes in factors that are subject to volatility, and should not, accordingly be viewed as representative of a reasonable trend currently or in the future. For example,

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($ in millions)	Three months ended December 31, 2022	Three months ended December 31, 2021	Change
Adjusted earnings - Group Benefits	$400	$20	1,900%

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 “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. 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 determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors, including those relating to the COVID-19 pandemic, 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, government default, currency exchange rates, derivatives, climate change 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)legal, regulatory, and supervisory and enforcement policy changes;

(8)changes in tax rates, tax laws or interpretations;

(9)litigation and regulatory investigations;

(10)London Interbank Offered Rate discontinuation 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 dividends to MetLife, Inc.;

(14)investment defaults, downgrades, or volatility;

(15)investment sales or lending difficulties;

(16)collateral or derivative-related payments;

(17)investment valuations, 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 changes;

(22)catastrophes;

(23)climate changes or responses to it;

(24)deficiencies in our closed block;

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(25)goodwill or other asset impairment, or deferred income tax asset allowance;

(26)impairment of VOBA, VODA or VOCRA;

(27)product guarantee volatility, costs, and counterparty risks;

(28)risk management failures;

(29)insufficient protection from operational risks;

(30)failure to protect confidentiality and integrity of data or other cybersecurity or disaster recovery failures;

(31)accounting standards changes;

(32)excessive risk-taking;

(33)marketing and distribution difficulties;

(34)pension and other postretirement benefit assumption changes;

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

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

(37)Brighthouse Financial, Inc. separation risks;

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

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

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent 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,
	2022		2021		2022		2021
Revenues
Premiums	$	9,358	$	13,095	$	49,397	$	42,009
Universal life and investment-type product policy fees	1,349		1,422		5,585		5,756
Net investment income	4,464		5,233		15,916		21,395
Other revenues	628		661		2,634		2,619
Net investment gains (losses)	355		(126)		(1,262)		1,529
Net derivative gains (losses)	162		(196)		(2,372)		(2,228)
Total revenues	16,316		20,089		69,898		71,080
Expenses
Policyholder benefits and claims	9,636		13,923		50,612		43,954
Interest credited to policyholder account balances	1,590		1,385		3,692		5,538
Policyholder dividends	155		204		701		876
Capitalization of DAC	(671)		(666)		(2,558)		(2,718)
Amortization of DAC and VOBA	560		612		1,931		2,555
Amortization of negative VOBA	(10)		(9)		(41)		(34)
Interest expense on debt	248		224		938		920
Other expenses	3,081		3,110		11,764		11,863
Total expenses	14,589		18,783		67,039		62,954
Income (loss) before provision for income tax	1,727		1,306		2,859		8,126
Provision for income tax expense (benefit)	381		95		301		1,551
Net income (loss)	1,346		1,211		2,558		6,575
Less: Net income (loss) attributable to noncontrolling interests	3		6		19		21
Net income (loss) attributable to MetLife, Inc.	1,343		1,205		2,539		6,554
Less: Preferred stock dividends	29		29		185		195
Preferred stock redemption premium	—		—		—		6
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,314	$	1,176	$	2,354	$	6,353
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,
	2022				2021				2022				2021
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	$	1,314	$	1.66	$	1,176	$	1.39	$	2,354	$	2.91	$	6,353	$	7.31
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	355		0.45		(126)		(0.15)		(1,262)		(1.56)		1,529		1.76
Net derivative gains (losses)	162		0.21		(196)		(0.23)		(2,372)		(2.93)		(2,228)		(2.56)
Premiums	—		—		60		0.07		41		0.05		982		1.13
Universal life and investment-type product policy fees	4		0.01		50		0.06		53		0.07		195		0.22
Net investment income	(66)		(0.08)		32		0.04		(2,273)		(2.81)		115		0.13
Other revenues	25		0.03		58		0.07		163		0.20		243		0.28
Policyholder benefits and claims and policyholder dividends	(56)		(0.07)		(258)		(0.30)		53		0.07		(1,179)		(1.36)
Interest credited to policyholder account balances	(180)		(0.24)		(251)		(0.30)		1,319		1.63		(946)		(1.09)
Capitalization of DAC	—		—		15		0.02		11		0.01		119		0.14
Amortization of DAC and VOBA	—		—		(82)		(0.10)		106		0.13		(219)		(0.25)
Amortization of negative VOBA	—		—		—		—		—		—		—		—
Interest expense on debt	—		—		—		—		—		—		(1)		—
Other expenses	(57)		(0.08)		(125)		(0.15)		(263)		(0.33)		(564)		(0.65)
Goodwill impairment	—		—		—		—		—		—		—		—
Provision for income tax (expense) benefit	(96)		(0.12)		167		0.20		1,252		1.55		380		0.44
Add: Net income (loss) attributable to noncontrolling interests	3		—		6		0.01		19		0.02		21		0.02
Preferred stock redemption premium	—		—		—		—		—		—		6		0.01
Adjusted earnings available to common shareholders	1,226		1.55		1,838		2.17		5,545		6.85		7,954		9.15
Less: Total notable items (2)	—		—		140		0.17		111		0.14		66		0.08
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,226	$	1.55	$	1,698	$	2.01	$	5,434	$	6.72	$	7,888	$	9.07
Adjusted earnings available to common shareholders on a constant currency basis	$	1,226	$	1.55	$	1,798	$	2.13	$	5,545	$	6.85	$	7,780	$	8.95
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	1,226	$	1.55	$	1,658	$	1.96	$	5,434	$	6.72	7,714		$	8.87
Weighted average common shares outstanding - diluted			790.2				845.2				808.9				869.4
See footnotes on last page.

Page 21 of 29

MetLife, Inc.
(Unaudited)
(In millions)
	For the Three Months Ended				For the Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
Premiums, Fees and Other Revenues
Premiums, fees and other revenues	$	11,335	$	15,178	$	57,616	$	50,384
Less: Unearned revenue adjustments	(14)		13		(42)		71
GMIB fees	18		24		84		98
Settlement of foreign currency earnings hedges	—		—		—		—
TSA fees	25		53		160		221
Divested businesses	—		78		55		1,030
Adjusted premiums, fees and other revenues	$	11,306	$	15,010	$	57,359	$	48,964
Adjusted premiums, fees and other revenues, on a constant currency basis	$	11,306	$	14,632	$	57,359	$	47,519
Less: PRT (3)	(69)		3,551		12,219		3,513
Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis	$	11,375	$	11,081	$	45,140	$	44,006
Net Investment Income
Net investment income	$	4,464	$	5,233	$	15,916	$	21,395
Less: Investment hedge adjustments	(277)		(235)		(976)		(895)
Operating joint venture adjustments	1		—		(9)		(1)
Unit-linked contract income	209		253		(1,298)		952
Securitization entities income	—		—		—		—
Certain partnership distributions	1		(1)		(1)		(8)
Divested businesses	—		15		11		67
Adjusted net investment income	$	4,530	$	5,201	$	18,189	$	21,280
Revenues and Expenses
Total revenues	$	16,316	$	20,089	$	69,898	$	71,080
Less: Net investment gains (losses)	355		(126)		(1,262)		1,529
Less: Net derivative gains (losses)	162		(196)		(2,372)		(2,228)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	(14)		13		(42)		71
Less: Other adjustments to revenues:
GMIB fees	18		24		84		98
Investment hedge adjustments	(277)		(235)		(976)		(895)
Operating joint venture adjustments	1		—		(9)		(1)
Unit-linked contract income	209		253		(1,298)		952
Securitization entities income	—		—		—		—
Certain partnership distributions	1		(1)		(1)		(8)
Settlement of foreign currency earnings hedges	—		—		—		—
TSA fees	25		53		160		221
Divested businesses	—		93		66		1,097
Total adjusted revenues	$	15,836	$	20,211	$	75,548	$	70,244
Total expenses	$	14,589	$	18,783	$	67,039	$	62,954
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	8		63		(105)		100
Less: Goodwill impairment	—		—		—		—
Less: Other adjustments to expenses:
PBC hedge adjustments	6		7		25		32
Inflation and pass-through adjustments	144		99		423		3
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	(28)		93		(371)		395
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(74)		23		(162)		83
PAB hedge adjustments	—		—		—		(2)
Unit-linked contract costs	180		246		(1,322)		938
Securitization entities debt expense	—		—		—		—
Noncontrolling interest	(5)		(9)		(24)		(28)
Regulatory implementation costs	1		1		4		4
Acquisition, integration and other costs	15		(1)		49		9
TSA fees	25		53		160		221
Divested businesses	21		126		97		1,035
Total adjusted expenses	$	14,296	$	18,082	$	68,265	$	60,164
See footnotes on last page.

Page 22 of 29

MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2022			2021			2022			2021
Expense Detail and Ratios
Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC
Capitalization of DAC	$	(671)		$	(666)		$	(2,558)		$	(2,718)
Less: Divested businesses	—			(15)			(11)			(119)
Adjusted capitalization of DAC	$	(671)		$	(651)		$	(2,547)		$	(2,599)
Reconciliation of Other Expenses to Adjusted Other Expenses
Other expenses	$	3,081		$	3,110		$	11,764		$	11,863
Less: Noncontrolling interests	(5)			(9)			(24)			(28)
Less: Regulatory implementation costs	1			1			4			4
Less: Acquisition, integration and other costs	15			(1)			49			9
Less: TSA fees	25			53			160			221
Less: Divested businesses	21			81			74			358
Adjusted other expenses	$	3,024		$	2,985		$	11,501		$	11,299
Other Detail and Ratios
Other expenses	$	3,081		$	3,110		$	11,764		$	11,863
Capitalization of DAC	(671)			(666)			(2,558)			(2,718)
Other expenses, net of capitalization of DAC	$	2,410		$	2,444		$	9,206		$	9,145
Premiums, fees and other revenues	$	11,335		$	15,178		$	57,616		$	50,384
Expense ratio	21.3		%	16.1		%	16.0		%	18.2		%
Direct expenses	$	1,485		$	1,483		$	5,523		$	5,196
Less: Total notable items related to direct expenses (2)	—			—			—			(84)
Direct expenses, excluding total notable items related to direct expenses (2)	$	1,485		$	1,483		$	5,523		$	5,280
Adjusted other expenses	$	3,024		$	2,985		$	11,501		$	11,299
Adjusted capitalization of DAC	(671)			(651)			(2,547)			(2,599)
Adjusted other expenses, net of adjusted capitalization of DAC	2,353			2,334			8,954			8,700
Less: Total notable items related to adjusted other expenses (2)	—			—			—			(84)
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2)	$	2,353		$	2,334		$	8,954		$	8,784
Adjusted premiums, fees and other revenues	$	11,306		$	15,010		$	57,359		$	48,964
Less: PRT	(69)			3,551			12,219			3,513
Adjusted premiums, fees and other revenues, excluding PRT	$	11,375		$	11,459		$	45,140		$	45,451
Direct expense ratio	13.1		%	9.9		%	9.6		%	10.6		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (2)	13.1		%	12.9		%	12.2		%	11.6		%
Adjusted expense ratio	20.8		%	15.5		%	15.6		%	17.8		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2)	20.7		%	20.4		%	19.8		%	19.3		%
See footnotes on last page.

Page 23 of 29

MetLife, Inc.
(Unaudited)
(In millions, except per share data)
					December 31,
Equity Details					2022		2021
Total MetLife, Inc.'s stockholders' equity					$	27,040	$	67,482
Less: Preferred stock					3,818		3,818
MetLife, Inc.'s common stockholders' equity					23,222		63,664
Less: Net unrealized investment gains (losses), net of income tax					(19,294)		17,671
Defined benefit plans adjustment, net of income tax					(1,377)		(1,598)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA					43,893		47,591
Less: Goodwill, net of income tax					8,964		9,221
VODA and VOCRA, net of income tax					649		718
Total MetLife, Inc.'s tangible common stockholders' equity					$	34,280	$	37,652
					December 31,
					2022		2021
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA					$	43,893	$	47,591
Less: Accumulated year-to-date total notable items (2)					111		66
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)					43,782		47,525
Less: Goodwill, net of income tax					8,964		9,221
VODA and VOCRA, net of income tax					649		718
Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2)					$	34,169	$	37,586
					December 31,
Book Value (4)					2022		2021
Book value per common share					$	29.81	$	77.12
Less: Net unrealized investment gains (losses), net of income tax					(24.76)		21.41
Defined benefit plans adjustment, net of income tax					(1.77)		(1.94)
Book value per common share, excluding AOCI other than FCTA					56.34		57.65
Less: Goodwill, net of income tax					11.51		11.17
VODA and VOCRA, net of income tax					0.83		0.87
Book value per common share - tangible common stockholders' equity					$	44.00	$	45.61
Common shares outstanding, end of period (5)					779.1		825.5
	For the Three Months Ended				For the Year Ended
	December 31,				December 31,
Average Common Stockholders' Equity	2022		2021		2022		2021
Average common stockholders' equity	$	22,240	$	64,448	$	38,315	$	65,203
Average common stockholders' equity, excluding AOCI other than FCTA	$	43,348	$	47,985	$	45,025	$	47,917
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	43,237	$	47,989	$	44,965	$	47,905
Average tangible common stockholders' equity	$	33,868	$	37,976	$	35,371	$	37,615
Average tangible common stockholders' equity, excluding total notable items (2)	$	33,757	$	37,980	$	35,311	$	37,604
See footnotes on last page.

Page 24 of 29

MetLife, Inc.
(Unaudited)
	For the Three Months Ended				For the Year Ended
	December 31, (6)				December 31,
	2022		2021		2022		2021
Return on Equity
Return on MetLife, Inc.'s:
Common stockholders' equity	23.6	%	7.3	%	6.1	%	9.7	%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	22.1	%	11.4	%	14.5	%	12.2	%
Common stockholders' equity, excluding AOCI other than FCTA	11.3	%	15.3	%	12.3	%	16.6	%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	11.3	%	14.2	%	12.1	%	16.5	%
Tangible common stockholders' equity (7)	14.7	%	19.6	%	15.9	%	21.4	%
Tangible common stockholders' equity, excluding total notable items (2), (7)	14.7	%	18.1	%	15.6	%	21.2	%
Adjusted Return on Allocated Equity:
U.S.	27.0	%	27.5	%
Asia	6.0	%	16.0	%
Latin America	26.5	%	18.1	%
EMEA	12.4	%	5.9	%
MetLife Holdings	7.6	%	18.5	%
Adjusted Return on Allocated Tangible Equity:
U.S.	36.2	%	32.2	%
Asia	9.0	%	23.9	%
Latin America	41.4	%	28.5	%
EMEA	18.4	%	10.2	%
MetLife Holdings	8.3	%	20.3	%
See footnotes on last page.

Page 25 of 29

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,
	2022			2021
	(In billions, except ratios)
MetLife, Inc. (parent company only) net cash provided by operating activities	$	4.4		$	3.8
Adjustments from net cash provided by operating activities to free cash flow:
Add: Incremental debt to be at or below target leverage ratios	1			—
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	5.2			3.5
Other MetLife, Inc. holding companies free cash flow (9)	(0.5)			0.3
Free cash flow of all holding companies	$	4.7		$	3.8
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	$	4.4		$	3.8
Consolidated net income (loss) available to MetLife, Inc.'s common shareholders	$	2.4		$	6.4
Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (10)	188		%	59		%
Ratio of free cash flow to adjusted earnings available to common shareholders:
Free cash flow of all holding companies (11)	$	4.7		$	3.8
Consolidated adjusted earnings available to common shareholders (11)	$	5.5		$	8.0
Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (11)	84		%	48		%
	December 31,
	2022			2021
Cash & Capital (12), (13), (14)	(In billions)
Holding Companies Cash & Liquid Assets	$	5.4		$	5.4
See footnotes on last page.

Page 26 of 29

MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
		For the Three Months Ended				For the Year Ended
		December 31,				December 31,
		2022		2021		2022		2021
U.S. (3):
	Adjusted earnings available to common shareholders	$	771	$	640	$	2,996	$	3,221
	Less: Total notable items (2)	—		—		91		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	771	$	640	$	2,905	$	3,221
	Adjusted premiums, fees and other revenues	$	6,666	$	10,100	$	38,462	$	29,036
	Less: PRT	(69)		3,551		12,219		3,513
	Adjusted premiums, fees and other revenues, excluding PRT	$	6,735	$	6,549	$	26,243	$	25,523
Group Benefits (3):
	Adjusted earnings available to common shareholders	$	400	$	20	$	1,311	$	472
	Less: Total notable items (2)	—		—		—		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	400	$	20	$	1,311	$	472
	Adjusted premiums, fees and other revenues (15)	$	5,799	$	5,791	$	23,266	$	22,543
Retirement & Income Solutions (3):
	Adjusted earnings available to common shareholders	$	371	$	620	$	1,685	$	2,749
	Less: Total notable items (2)	—		—		91		—
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	371	$	620	$	1,594	$	2,749
	Adjusted premiums, fees and other revenues	$	867	$	4,309	$	15,196	$	6,493
	Less: PRT	(69)		3,551		12,219		3,513
	Adjusted premiums, fees and other revenues, excluding PRT	$	936	$	758	$	2,977	$	2,980
See footnotes on last page.

Page 27 of 29

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,
		2022		2021		2022		2021
Asia:
	Adjusted earnings available to common shareholders	$	215	$	586	$	1,378	$	2,298
	Less: Total notable items (2)	—		—		23		(79)
	Adjusted earnings available to common shareholders, excluding total notable items (2), (16)	$	215	$	586	$	1,355	$	2,377
	Adjusted earnings available to common shareholders on a constant currency basis	$	215	$	560	$	1,378	$	2,218
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	215	$	560	$	1,355	$	2,297
	Adjusted premiums, fees and other revenues	$	1,770	$	2,022	$	7,498	$	8,308
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,770	$	1,712	$	7,498	$	7,263
Latin America:
	Adjusted earnings available to common shareholders	$	181	$	125	$	761	$	291
	Less: Total notable items (2)	—		—		7		(2)
	Adjusted earnings available to common shareholders, excluding total notable items (2), (17)	$	181	$	125	$	754	$	293
	Adjusted earnings available to common shareholders on a constant currency basis	$	181	$	120	$	761	$	253
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	181	$	120	$	754	$	255
	Adjusted premiums, fees and other revenues	$	1,154	$	962	$	4,440	$	3,759
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,154	$	965	$	4,440	$	3,643
EMEA:
	Adjusted earnings available to common shareholders	$	70	$	42	$	246	$	301
	Less: Total notable items (2)	—		—		4		(6)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	70	$	42	$	242	$	307
	Adjusted earnings available to common shareholders on a constant currency basis	$	70	$	33	$	246	$	245
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)	$	70	$	33	$	242	$	251
	Adjusted premiums, fees and other revenues	$	562	$	621	$	2,299	$	2,713
	Adjusted premiums, fees and other revenues, on a constant currency basis	$	562	$	550	$	2,299	$	2,429
MetLife Holdings (3):
	Adjusted earnings available to common shareholders	$	208	$	482	$	1,008	$	2,242
	Less: Total notable items (2)	—		—		(14)		(53)
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	208	$	482	$	1,022	$	2,295
	Adjusted premiums, fees and other revenues	$	1,051	$	1,206	$	4,278	$	4,691
Corporate & Other (3):
	Adjusted earnings available to common shareholders	$	(219)	$	(37)	$	(844)	$	(399)
	Less: Total notable items (2)	—		140		—		206
	Adjusted earnings available to common shareholders, excluding total notable items (2)	$	(219)	$	(177)	$	(844)	$	(605)
	Adjusted premiums, fees and other revenues	$	103	$	99	$	382	$	457
See footnotes on last page.

Page 28 of 29

MetLife, Inc.
(Unaudited)
	For the Three Months Ended								For the Year Ended
	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2022
Variable investment income (post-tax, in millions) (18)
U.S.
Group Benefits	$	12	$	7	$	(1)	$	3	$	21
Retirement and Income Solutions	277		75		(35)		5		322
Total U.S.	289		82		(36)		8		343
Asia	288		101		(18)		4		375
Latin America	16		16		—		(3)		29
EMEA	—		—		—		—		—
MetLife Holdings	208		85		(21)		12		284
Corporate & Other	135		23		33		(1)		190
Total variable investment income	$	936	$	307	$	(42)	$	20	$	1,221
Average asset balances (in billions)
Private equity									$	14.0
Real estate and other funds									4.5
Total average asset balances									$	18.5
See footnotes on last page.

Page 29 of 29

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 $3,818 million of equity related to preferred stock at both December 31, 2022 and 2021, respectively.
(5)	There were share repurchases of $596 million and $3.3 billion for the three months and year ended December 31, 2022, respectively.
(6)	Annualized using quarter-to-date results.
(7)	Adjusted earnings available to common shareholders, used to calculate the adjusted 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, 2022 and 2021 of $18 million and $19 million, respectively and for the years ended December 31, 2022 and 2021 of $72 million and $79 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 to subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net.
(10)	Including the free cash flow of other MetLife, Inc. holding companies of ($0.5) billion and $0.3 billion for the years ended December 31, 2022 and 2021, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 167% and 64%, respectively.
(11)	i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2022, was positively impacted by notable items, related to actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2022, would be 86%. ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2021, was positively impacted by notable items, related to tax adjustments of $0.1 billion, net of income tax, and litigation reserves and settlement costs of $0.1 billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2021, would be 49%.
(12)	The 2022 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 $18.3 billion at December 31, 2022, down 3% from September 30, 2022. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods.
(14)	As of September 30, 2022, the solvency margin ratio of MetLife's insurance subsidiary in Japan was 456.9%, which is calculated quarterly and does not reflect conditions and factors occurring after September 30, 2022. The expected Japan solvency margin ratio will be approximately 700% at December 31, 2022.
(15)	For the full year ended 2022, Group Benefits adjusted premiums, fees and other revenues includes excess premiums from participating group life contracts of $750 million.
(16)	For the full year ended 2022, Asia adjusted earnings available to common shareholders, excluding total notable items includes COVID-19 claims of approximately $270 million.
(17)	For the full year ended 2022, Latin America adjusted earnings available to common shareholders, excluding total notable items includes favorable market impacts of approximately $80 million.
(18)	Assumes a 21% tax rate.

Page 30 of 29

EX-99.2

Exhibit 99.2

Fourth Quarter

Financial Supplement

December 31, 2022

4

METLIFE TABLE OF CONTENTS
GAAP 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
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	14
Group Benefits - Other Expenses by Major Category; and Other Statistical Information	15
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance	16
Retirement and Income Solutions - Other Expenses by Major Category; and Spread	17
ASIA
Statements of Adjusted Earnings Available to Common Shareholders	18
Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	19
General Account Assets Under Management and Related Measures	20
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders	21
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	22
EMEA
Statements of Adjusted Earnings Available to Common Shareholders	23
Other Expenses by Major Category; and Other Statistical Information	24
METLIFE HOLDINGS
Statements of Adjusted Earnings Available to Common Shareholders	25
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	26
Other Expenses by Major Category; and Other Statistical Information	27
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source	28
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	29
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale	30
Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	31
Footnotes	32
APPENDIX
Reconciliation Detail	A-1
Notable Items	A-2
Equity Details, Book Value Details and Return on Equity	A-4
Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-5
Non-GAAP and Other Financial Disclosures	A-6
Acronyms	A-9

1

METLIFE
As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's 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 CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Revenues
Premiums		$	13,095	$	10,771	$	11,721	$	17,547	$	9,358	$	42,009	$	49,397
Universal life and investment-type product policy fees		1,422		1,418		1,516		1,302		1,349		5,756		5,585
Net investment income		5,233		4,284		3,583		3,585		4,464		21,395		15,916
Other revenues		661		660		616		730		628		2,619		2,634
Net investment gains (losses)		(126)		(518)		(685)		(414)		355		1,529		(1,262)
Net derivative gains (losses)		(196)		(859)		(1,195)		(480)		162		(2,228)		(2,372)
Total revenues		20,089		15,756		15,556		22,270		16,316		71,080		69,898
Expenses
Policyholder benefits and claims		13,923		11,193		11,790		17,993		9,636		43,954		50,612
Interest credited to policyholder account balances		1,385		630		492		980		1,590		5,538		3,692
Policyholder dividends		204		198		193		155		155		876		701
Capitalization of DAC		(666)		(650)		(622)		(615)		(671)		(2,718)		(2,558)
Amortization of DAC and VOBA		612		537		616		218		560		2,555		1,931
Amortization of negative VOBA		(9)		(9)		(10)		(12)		(10)		(34)		(41)
Interest expense on debt		224		225		226		239		248		920		938
Other expenses		3,110		2,917		2,873		2,893		3,081		11,863		11,764
Total expenses		18,783		15,041		15,558		21,851		14,589		62,954		67,039
Income (loss) before provision for income tax		1,306		715		(2)		419		1,727		8,126		2,859
Provision for income tax expense (benefit)		95		41		(140)		19		381		1,551		301
Net income (loss)		1,211		674		138		400		1,346		6,575		2,558
Less: Net income (loss) attributable to noncontrolling interests		6		5		6		5		3		21		19
Net income (loss) attributable to MetLife, Inc.		1,205		669		132		395		1,343		6,554		2,539
Less: Preferred stock dividends		29		63		29		64		29		195		185
Preferred stock redemption premium		—		—		—		—		—		6		—
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,176	$	606	$	103	$	331	$	1,314	$	6,353	$	2,354
Premiums, fees and other revenues		$	15,178	$	12,849	$	13,853	$	19,579	$	11,335	$	50,384	$	57,616

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,176	$	606	$	103	$	331	$	1,314
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)	(126)		(518)		(685)		(414)		355
Less: Net derivative gains (losses)	(196)		(859)		(1,195)		(480)		162
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss) (1)	(501)		(183)		(253)		(24)		(330)
Less: Provision for income tax (expense) benefit	167		444		616		288		(96)
Add: Net income (loss) attributable to noncontrolling interests	6		5		6		5		3
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders	1,838		1,727		1,626		966		1,226
Less: Total notable items (2)	140		—		77		34		—
Adjusted earnings available to common shareholders, excluding total notable items (2)	$	1,698	$	1,727	$	1,549	$	932	$	1,226
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share	$	1.39	$	0.73	$	0.13	$	0.41	$	1.66
Less: Net investment gains (losses)	(0.15)		(0.62)		(0.84)		(0.52)		0.45
Less: Net derivative gains (losses)	(0.23)		(1.03)		(1.47)		(0.60)		0.21
Less: Goodwill impairment	—		—		—		—		—
Less: Other adjustments to net income (loss)	(0.59)		(0.22)		(0.31)		(0.03)		(0.43)
Less: Provision for income tax (expense) benefit	0.20		0.53		0.76		0.36		(0.12)
Add: Net income (loss) attributable to noncontrolling interests	0.01		0.01		0.01		0.01		—
Add: Preferred stock redemption premium	—		—		—		—		—
Adjusted earnings available to common shareholders per diluted common share	2.17		2.08		2.00		1.21		1.55
Less: Total notable items per diluted common share (2)	0.17		—		0.09		0.04		—
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)	$	2.01	$	2.08	$	1.90	$	1.16	$	1.55
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments	$	—	$	—	$	77	$	34	$	—
Tax adjustments	140		—		—		—		—
Total notable items	$	140	$	—	$	77	$	34	$	—
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments	$	—	$	—	$	0.09	$	0.04	$	—
Tax adjustments	0.17		—		—		—		—
Total notable items	$	0.17	$	—	$	0.09	$	0.04	$	—
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Weighted average common shares outstanding - diluted	845.2		830.5		814.5		800.7		790.2
(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, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Book value per common share (1)	$	77.12		$	61.55		$	41.73		$	27.00		$	29.81
Book value per common share, excluding AOCI other than FCTA (1)	$	57.65		$	57.12		$	55.54		$	54.37		$	56.34
Book value per common share - tangible common stockholders' equity (1)	$	45.61		$	45.02		$	43.62		$	42.49		$	44.00
	For the Three Months Ended
Unaudited	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Return on MetLife, Inc.'s (2):
Common stockholders' equity	7.3		%	4.3		%	1.0		%	4.9		%	23.6		%
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity	11.4		%	12.1		%	15.6		%	14.2		%	22.1		%
Common stockholders' equity, excluding AOCI other than FCTA	15.3		%	14.7		%	14.3		%	8.9		%	11.3		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)	14.2		%	14.7		%	13.7		%	8.6		%	11.3		%
Tangible common stockholders' equity	19.6		%	18.8		%	18.4		%	11.5		%	14.7		%
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Common shares outstanding, beginning of period	844.5			825.5			814.8			797.6			787.3
Share repurchases	(19.4)			(13.6)			(17.3)			(10.3)			(8.5)
Newly issued shares	0.4			2.9			0.1			—			0.3
Common shares outstanding, end of period	825.5			814.8			797.6			787.3			779.1
Weighted average common shares outstanding - basic	838.1			823.8			809.7			795.8			784.2
Dilutive effect of the exercise or issuance of stock-based awards	7.1			6.7			4.8			4.9			6.0
Weighted average common shares outstanding - diluted	845.2			830.5			814.5			800.7			790.2
MetLife Policyholder Trust Shares	129.3			127.8			126.2			125.1			123.6
(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, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Total revenues	$	20,089	$	15,756	$	15,556	$	22,270	$	16,316	$	71,080	$	69,898
Less: Net investment gains (losses)	(126)		(518)		(685)		(414)		355		1,529		(1,262)
Less: Net derivative gains (losses)	(196)		(859)		(1,195)		(480)		162		(2,228)		(2,372)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	13		(8)		(11)		(9)		(14)		71		(42)
Less: Other adjustments to revenues:
GMIB fees	24		23		22		21		18		98		84
Investment hedge adjustments	(235)		(215)		(232)		(252)		(277)		(895)		(976)
Operating joint venture adjustments	—		(6)		1		(5)		1		(1)		(9)
Unit-linked contract income	253		(498)		(688)		(321)		209		952		(1,298)
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(1)		—		(2)		—		1		(8)		(1)
Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
TSA fees	53		47		48		40		25		221		160
Divested businesses	93		66		—		—		—		1,097		66
Total adjusted revenues	$	20,211	$	17,724	$	18,298	$	23,690	$	15,836	$	70,244	$	75,548
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Net investment income	$	5,233	$	4,284	$	3,583	$	3,585	$	4,464	$	21,395	$	15,916
Less: Adjustments to net investment income:
Investment hedge adjustments	(235)		(215)		(232)		(252)		(277)		(895)		(976)
Operating joint venture adjustments	—		(6)		1		(5)		1		(1)		(9)
Unit-linked contract income	253		(498)		(688)		(321)		209		952		(1,298)
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(1)		—		(2)		—		1		(8)		(1)
Divested businesses	15		11		—		—		—		67		11
Adjusted net investment income	$	5,201	$	4,992	$	4,504	$	4,163	$	4,530	$	21,280	$	18,189
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Variable investment income (Included in net investment income above)	$	1,269	$	1,185	$	389	$	(53)	$	24	$	5,650	$	1,545
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Premiums, fees and other revenues	$	15,178	$	12,849	$	13,853	$	19,579	$	11,335	$	50,384	$	57,616
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments	13		(8)		(11)		(9)		(14)		71		(42)
GMIB fees	24		23		22		21		18		98		84
Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
TSA fees	53		47		48		40		25		221		160
Divested businesses	78		55		—		—		—		1,030		55
Adjusted premiums, fees and other revenues	$	15,010	$	12,732	$	13,794	$	19,527	$	11,306	$	48,964	$	57,359
Adjusted premiums, fees and other revenues, on a constant currency basis	$	14,632	$	12,384	$	13,601	$	19,508	$	11,306

5

METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Total expenses	$	18,783	$	15,041	$	15,558	$	21,851	$	14,589	$	62,954	$	67,039
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	63		(19)		4		(98)		8		100		(105)
Less: Goodwill impairment	—		—		—		—		—		—		—
Less: Other adjustments to expenses:
PBC hedge adjustment	7		7		6		6		6		32		25
Inflation and pass-through adjustments	99		39		152		88		144		3		423
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	93		(44)		(109)		(190)		(28)		395		(371)
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	23		12		(34)		(66)		(74)		83		(162)
PAB hedge adjustments	—		—		—		—		—		(2)		—
Unit-linked contract costs	246		(505)		(695)		(302)		180		938		(1,322)
Securitization entities debt expense	—		—		—		—		—		—		—
Noncontrolling interests	(9)		(7)		(4)		(8)		(5)		(28)		(24)
Regulatory implementation costs	1		—		2		1		1		4		4
Acquisition, integration and other costs	(1)		7		13		14		15		9		49
TSA fees	53		47		48		40		25		221		160
Divested businesses	126		55		8		13		21		1,035		97
Total adjusted expenses	$	18,082	$	15,449	$	16,167	$	22,353	$	14,296	$	60,164	$	68,265
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Capitalization of DAC	$	(666)	$	(650)	$	(622)	$	(615)	$	(671)	$	(2,718)	$	(2,558)
Less: Divested businesses	(15)		(11)		—		—		—		(119)		(11)
Adjusted capitalization of DAC	$	(651)	$	(639)	$	(622)	$	(615)	$	(671)	$	(2,599)	$	(2,547)
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Other expenses	$	3,110	$	2,917	$	2,873	$	2,893	$	3,081	$	11,863	$	11,764
Less: Noncontrolling interests	(9)		(7)		(4)		(8)		(5)		(28)		(24)
Less: Regulatory implementation costs	1		—		2		1		1		4		4
Less: Acquisition, integration and other costs	(1)		7		13		14		15		9		49
Less: TSA fees	53		47		48		40		25		221		160
Less: Divested businesses	81		32		8		13		21		358		74
Adjusted other expenses	$	2,985	$	2,838	$	2,806	$	2,833	$	3,024	$	11,299	$	11,501
Adjusted other expenses on a constant currency basis	$	2,809	$	2,686	$	2,725	$	2,823	$	3,024

6

METLIFE EXPENSE DETAIL AND RATIOS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2021			December 31, 2022
Other expenses	$	3,110		$	2,917		$	2,873		$	2,893		$	3,081		$	11,863		$	11,764
Capitalization of DAC	(666)			(650)			(622)			(615)			(671)			(2,718)			(2,558)
Other expenses, net of capitalization of DAC	$	2,444		$	2,267		$	2,251		$	2,278		$	2,410		$	9,145		$	9,206
Premiums, fees and other revenues	$	15,178		$	12,849		$	13,853		$	19,579		$	11,335		$	50,384		$	57,616
Expense ratio	16.1		%	17.6		%	16.2		%	11.6		%	21.3		%	18.2		%	16.0		%
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2021			December 31, 2022
Adjusted other expenses by major category
Direct expenses	$	1,483		$	1,337		$	1,341		$	1,360		$	1,485		$	5,196		$	5,523
Pension, postretirement and postemployment benefit costs	52			25			24			24			25			164			98
Premium taxes, other taxes, and licenses & fees	147			151			137			172			146			607			606
Commissions and other variable expenses	1,303			1,325			1,304			1,277			1,368			5,332			5,274
Adjusted other expenses	2,985			2,838			2,806			2,833			3,024			11,299			11,501
Adjusted capitalization of DAC	(651)			(639)			(622)			(615)			(671)			(2,599)			(2,547)
Adjusted other expenses, net of adjusted capitalization of DAC	2,334			2,199			2,184			2,218			2,353			8,700			8,954
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—			—			(84)			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,334		$	2,199		$	2,184		$	2,218		$	2,353		$	8,784		$	8,954
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratio data)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2021			December 31, 2022
Employee related costs	$	906		$	899		$	866		$	875		$	864		$	3,385		$	3,504
Third party staffing costs	413			375			371			349			433			1,395			1,528
General and administrative expenses	164			63			104			136			188			416			491
Direct expenses	1,483			1,337			1,341			1,360			1,485			5,196			5,523
Less: Total notable items related to direct expenses (1)	—			—			—			—			—			(84)			—
Direct expenses, excluding total notable items related to direct expenses (1)	$	1,483		$	1,337		$	1,341		$	1,360		$	1,485		$	5,280		$	5,523
Adjusted other expenses, net of adjusted capitalization of DAC	$	2,334		$	2,199		$	2,184		$	2,218		$	2,353		$	8,700		$	8,954
Less: Total notable items related to adjusted other expenses (1)	—			—			—			—			—			(84)			—
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)	$	2,334		$	2,199		$	2,184		$	2,218		$	2,353		$	8,784		$	8,954
Adjusted premiums, fees and other revenues	$	15,010		$	12,732		$	13,794		$	19,527		$	11,306		$	48,964		$	57,359
Less: PRT	3,551			1,258			2,564			8,466			(69)			3,513			12,219
Adjusted premiums, fees and other revenues, excluding PRT	$	11,459		$	11,474		$	11,230		$	11,061		$	11,375		$	45,451		$	45,140
Direct expense ratio	9.9		%	10.5		%	9.7		%	7.0		%	13.1		%	10.6		%	9.6		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)	12.9		%	11.7		%	11.9		%	12.3		%	13.1		%	11.6		%	12.2		%
Adjusted expense ratio	15.5		%	17.3		%	15.8		%	11.4		%	20.8		%	17.8		%	15.6		%
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)	20.4		%	19.2		%	19.4		%	20.1		%	20.7		%	19.3		%	19.8		%
(1)Notable items are related to “litigation reserves and settlement 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, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	340,274	$	320,079	$	284,178	$	270,765	$	276,780
Equity securities, at estimated fair value	1,269		988		1,085		973		1,684
Contractholder-directed equity securities and fair value option securities, at estimated fair value	12,142		11,418		9,875		8,954		9,668
Mortgage loans	79,353		79,968		82,055		82,437		83,763
Policy loans	9,111		9,036		8,876		8,783		8,874
Real estate and real estate joint ventures	12,216		12,379		12,376		12,532		13,137
Other limited partnership interests	14,625		14,570		14,636		14,387		14,414
Short-term investments, principally at estimated fair value	7,176		3,146		3,043		5,266		4,935
Other invested assets	18,655		18,696		19,901		22,299		20,038
Total investments	494,821		470,280		436,025		426,396		433,293
Cash and cash equivalents, principally at estimated fair value	20,047		23,488		20,548		22,200		20,195
Accrued investment income	3,185		3,251		3,154		3,355		3,446
Premiums, reinsurance and other receivables	17,149		17,926		17,769		17,666		17,461
Deferred policy acquisition costs and value of business acquired	16,061		18,409		20,248		21,523		22,983
Current income tax recoverable	184		39		274		194		42
Deferred income tax asset	189		225		616		2,700		2,830
Goodwill	9,535		9,510		9,151		9,005		9,297
Assets held-for-sale	7,238		4,582		—		—		—
Other assets	11,426		11,518		11,279		11,294		11,026
Separate account assets	179,873		165,056		143,829		135,771		146,038
Total assets	$	759,708	$	724,284	$	662,893	$	650,104	$	666,611
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	199,721	$	195,789	$	193,474	$	199,671	$	204,228
Policyholder account balances	203,473		206,762		200,580		198,251		203,082
Other policy-related balances	17,751		19,553		19,284		19,491		19,651
Policyholder dividends payable	478		450		457		429		387
Policyholder dividend obligation	1,682		—		—		—		—
Payables for collateral under securities loaned and other transactions	31,920		30,481		23,819		24,890		20,937
Short-term debt	341		323		196		183		175
Long-term debt	13,933		13,848		13,677		14,520		14,647
Collateral financing arrangement	766		754		741		729		716
Junior subordinated debt securities	3,156		3,156		3,157		3,158		3,158
Deferred income tax liability	9,693		5,690		1,301		172		325
Liabilities held-for-sale	6,634		4,297		—		—		—
Other liabilities	22,538		23,888		25,011		27,509		25,980
Separate account liabilities	179,873		165,056		143,829		135,771		146,038
Total liabilities	691,959		670,047		625,526		624,774		639,324
Equity
Preferred stock, at par value	—		—		—		—		—
Common stock, at par value	12		12		12		12		12
Additional paid-in capital	33,511		33,531		33,548		33,589		33,616
Retained earnings	41,197		41,406		41,101		41,032		41,953
Treasury stock, at cost	(18,157)		(19,072)		(20,188)		(20,862)		(21,458)
Accumulated other comprehensive income (loss)	10,919		(1,912)		(17,372)		(28,695)		(27,083)
Total MetLife, Inc.'s stockholders' equity	67,482		53,965		37,101		25,076		27,040
Noncontrolling interests	267		272		266		254		247
Total equity	67,749		54,237		37,367		25,330		27,287
Total liabilities and equity	$	759,708	$	724,284	$	662,893	$	650,104	$	666,611

8

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	25	$	143	$	507	$	507	$	506
RETIREMENT AND INCOME SOLUTIONS	784		733		489		434		468
TOTAL U.S.	$	809	$	876	$	996	$	941	$	974
ASIA	819		813		545		292		304
LATIN AMERICA	149		192		352		220		228
EMEA	60		68		84		79		79
METLIFE HOLDINGS	603		472		456		69		258
CORPORATE & OTHER	(311)		(146)		(302)		(264)		(303)
Total adjusted earnings before provision for income tax	$	2,129	$	2,275	$	2,131	$	1,337	$	1,540
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	5	$	31	$	107	$	108	$	106
RETIREMENT AND INCOME SOLUTIONS	164		152		101		89		97
TOTAL U.S.	$	169	$	183	$	208	$	197	$	203
ASIA	233		233		159		95		89
LATIN AMERICA	24		50		85		49		47
EMEA	18		16		20		19		9
METLIFE HOLDINGS	121		95		92		10		50
CORPORATE & OTHER	(303)		(92)		(88)		(63)		(113)
Total provision for income tax expense (benefit)	$	262	$	485	$	476	$	307	$	285
Adjustedearnings available to common shareholders
U.S.
GROUP BENEFITS	$	20	$	112	$	400	$	399	$	400
RETIREMENT AND INCOME SOLUTIONS	620		581		388		345		371
TOTAL U.S.	$	640	$	693	$	788	$	744	$	771
ASIA	586		580		386		197		215
LATIN AMERICA	125		142		267		171		181
EMEA	42		52		64		60		70
METLIFE HOLDINGS	482		377		364		59		208
CORPORATE & OTHER (1)	(37)		(117)		(243)		(265)		(219)
Total adjusted earnings available to common shareholders (1)	$	1,838	$	1,727	$	1,626	$	966	$	1,226
(1)Includes impact of preferred stock dividends of $29 million, $63 million, $29 million, $64 million and $29 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and December 31, 2022, 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, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
U.S.
GROUP BENEFITS		2.8		%	9.4		%	33.7		%	33.6		%	33.7		%
RETIREMENT AND INCOME SOLUTIONS		38.6		%	34.8		%	23.3		%	20.7		%	22.2		%
TOTAL U.S.		27.5		%	24.3		%	27.6		%	26.1		%	27.0		%
ASIA		16.0		%	16.1		%	10.7		%	5.5		%	6.0		%
LATIN AMERICA		18.1		%	20.8		%	39.1		%	25.1		%	26.5		%
EMEA		5.9		%	9.2		%	11.4		%	10.7		%	12.4		%
METLIFE HOLDINGS		18.5		%	13.7		%	13.2		%	2.1		%	7.6		%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
U.S.		32.2		%	32.6		%	37.0		%	35.0		%	36.2		%
ASIA		23.9		%	24.1		%	16.1		%	8.2		%	9.0		%
LATIN AMERICA		28.5		%	32.5		%	61.1		%	39.1		%	41.4		%
EMEA		10.2		%	13.7		%	16.9		%	15.8		%	18.4		%
METLIFE HOLDINGS		20.3		%	15.0		%	14.5		%	2.4		%	8.3		%
(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)	2021			2022			2021			2022
	U.S.
	GROUP BENEFITS	$	2,899		$	4,745
	RETIREMENT AND INCOME SOLUTIONS	6,418			6,672
	TOTAL U.S.	$	9,317		$	11,417		$	8,116		$	8,653
	ASIA	$	14,648		$	14,437		$	9,824		$	9,639
	LATIN AMERICA	$	2,757		$	2,730		$	1,757		$	1,748
	EMEA	$	2,844		$	2,250		$	1,683		$	1,543
	METLIFE HOLDINGS	$	10,428		$	11,011		$	9,581		$	10,125
(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, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
	U.S.	$	13		$	13		$	13		$	13		$	13
	ASIA	$	1		$	1		$	1		$	1		$	1
	LATIN AMERICA	$	—		$	—		$	—		$	—		$	—
	EMEA	$	1		$	1		$	1		$	1		$	1
	METLIFE HOLDINGS	$	4		$	3		$	4		$	2		$	3

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, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Adjusted revenues
Premiums		$	9,439	$	7,164	$	8,254	$	14,164	$	5,966	$	26,358	$	35,548
Universal life and investment-type product policy fees		282		297		284		286		291		1,140		1,158
Net investment income		1,942		1,874		1,710		1,716		2,040		8,048		7,340
Other revenues		379		426		405		516		409		1,538		1,756
Total adjusted revenues		12,042		9,761		10,653		16,682		8,706		37,084		45,802
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		9,958		7,566		8,320		14,265		6,122		27,957		36,273
Interest credited to policyholder account balances		342		347		387		478		577		1,422		1,789
Capitalization of DAC		(17)		(23)		(14)		(23)		(17)		(65)		(77)
Amortization of DAC and VOBA		10		14		14		15		16		60		59
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		3		2		1		3		3		7		9
Other expenses		937		979		949		1,003		1,031		3,632		3,962
Total adjusted expenses		11,233		8,885		9,657		15,741		7,732		33,013		42,015
Adjusted earnings before provision for income tax		809		876		996		941		974		4,071		3,787
Provision for income tax expense (benefit)		169		183		208		197		203		850		791
Adjusted earnings		640		693		788		744		771		3,221		2,996
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	640	$	693	$	788	$	744	$	771	$	3,221	$	2,996
Adjusted premiums, fees and other revenues		$	10,100	$	7,887	$	8,943	$	14,966	$	6,666	$	29,036	$	38,462
Less: PRT		3,551		1,258		2,564		8,466		(69)		3,513		12,219
Adjusted premiums, fees and other revenues, excluding PRT		$	6,549	$	6,629	$	6,379	$	6,500	$	6,735	$	25,523	$	26,243

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, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Adjusted revenues
Premiums		$	5,278	$	5,433	$	5,210	$	5,161	$	5,247	$	20,475	$	21,051
Universal life and investment-type product policy fees		206		216		210		215		214		829		855
Net investment income		296		280		278		279		299		1,160		1,136
Other revenues		307		355		336		331		338		1,239		1,360
Total adjusted revenues		6,087		6,284		6,034		5,986		6,098		23,703		24,402
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,206		5,259		4,649		4,565		4,634		19,790		19,107
Interest credited to policyholder account balances		32		31		32		34		46		127		143
Capitalization of DAC		(4)		(4)		(6)		(4)		(4)		(19)		(18)
Amortization of DAC and VOBA		7		5		8		7		8		28		28
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		—		—		1		—		1		1
Other expenses		820		850		844		876		908		3,176		3,478
Total adjusted expenses		6,062		6,141		5,527		5,479		5,592		23,103		22,739
Adjusted earnings before provision for income tax		25		143		507		507		506		600		1,663
Provision for income tax expense (benefit)		5		31		107		108		106		128		352
Adjusted earnings		20		112		400		399		400		472		1,311
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	20	$	112	$	400	$	399	$	400	$	472	$	1,311
Adjusted premiums, fees and other revenues		$	5,791	$	6,004	$	5,756	$	5,707	$	5,799	$	22,543	$	23,266

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, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Adjusted revenues
Premiums		$	4,161	$	1,731	$	3,044	$	9,003	$	719	$	5,883	$	14,497
Universal life and investment-type product policy fees		76		81		74		71		77		311		303
Net investment income		1,646		1,594		1,432		1,437		1,741		6,888		6,204
Other revenues		72		71		69		185		71		299		396
Total adjusted revenues		5,955		3,477		4,619		10,696		2,608		13,381		21,400
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		4,752		2,307		3,671		9,700		1,488		8,167		17,166
Interest credited to policyholder account balances		310		316		355		444		531		1,295		1,646
Capitalization of DAC		(13)		(19)		(8)		(19)		(13)		(46)		(59)
Amortization of DAC and VOBA		3		9		6		8		8		32		31
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		2		2		1		2		3		6		8
Other expenses		117		129		105		127		123		456		484
Total adjusted expenses		5,171		2,744		4,130		10,262		2,140		9,910		19,276
Adjusted earnings before provision for income tax		784		733		489		434		468		3,471		2,124
Provision for income tax expense (benefit)		164		152		101		89		97		722		439
Adjusted earnings		620		581		388		345		371		2,749		1,685
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	620	$	581	$	388	$	345	$	371	$	2,749	$	1,685
Adjusted premiums, fees and other revenues		$	4,309	$	1,883	$	3,187	$	9,259	$	867	$	6,493	$	15,196
Less: PRT		3,551		1,258		2,564		8,466		(69)		3,513		12,219
Adjusted premiums, fees and other revenues, excluding PRT		$	758	$	625	$	623	$	793	$	936	$	2,980	$	2,977

13

U.S. GROUP BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, beginning of period	$	19,682	$	19,825	$	19,996	$	20,132	$	20,239
Premiums and deposits	6,227		6,483		6,121		6,014		6,024
Surrenders and withdrawals	(657)		(683)		(688)		(685)		(686)
Benefit payments	(5,165)		(5,213)		(4,631)		(4,511)		(4,633)
Net flows	405		587		802		818		705
Net transfers from (to) separate accounts	—		4		3		3		1
Interest	125		124		129		137		158
Policy charges	(147)		(150)		(155)		(153)		(155)
Other	(240)		(394)		(643)		(698)		(617)
Balance, end of period	$	19,825	$	19,996	$	20,132	$	20,239	$	20,331
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, beginning of period	$	1,220	$	1,292	$	1,182	$	986	$	935
Premiums and deposits	68		69		69		69		70
Surrenders and withdrawals	(19)		(21)		(17)		(11)		(16)
Benefit payments	—		(5)		(2)		(3)		(3)
Net flows	49		43		50		55		51
Investment performance	80		(88)		(183)		(43)		64
Net transfers from (to) general account	—		(4)		(3)		(3)		(1)
Policy charges	(58)		(60)		(60)		(60)		(60)
Other	1		(1)		—		—		1
Balance, end of period	$	1,292	$	1,182	$	986	$	935	$	990

14

U.S. GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Direct and allocated expenses	$	434		$	438		$	436		$	444		$	475
Pension, postretirement and postemployment benefit costs	7			1			1			2			(1)
Premium taxes, other taxes, and licenses & fees	74			77			73			88			80
Commissions and other variable expenses	305			334			334			342			354
Adjusted other expenses	$	820		$	850		$	844		$	876		$	908
OTHER STATISTICAL INFORMATION (1)
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Group Life (2)
Adjusted premiums, fees and other revenues	$	2,151		$	2,180		$	2,126		$	2,125		$	2,131
Mortality ratio	106.3		%	103.8		%	85.8		%	86.0		%	87.6		%
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues	$	2,388		$	2,519		$	2,481		$	2,475		$	2,533
Interest adjusted benefit ratio (4)	74.2		%	72.5		%	73.1		%	70.8		%	69.4		%
(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.

15

U.S. RETIREMENT AND INCOME SOLUTIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, beginning of period	$	134,283	$	136,331	$	136,782	$	137,214	$	144,564
Premiums and deposits	20,151		25,113		26,017		31,052		14,156
Surrenders and withdrawals	(17,271)		(20,104)		(23,750)		(22,157)		(14,488)
Benefit payments	(1,495)		(1,488)		(1,479)		(1,540)		(1,535)
Net flows	1,385		3,521		788		7,355		(1,867)
Net transfers from (to) separate accounts	1		(26)		—		—		—
Interest	943		954		1,005		1,132		1,307
Policy charges	(28)		(45)		(46)		(46)		(16)
Other	(253)		(3,953)		(1,315)		(1,091)		834
Balance, end of period	$	136,331	$	136,782	$	137,214	$	144,564	$	144,822
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, beginning of period	$	81,091	$	79,925	$	69,123	$	61,622	$	58,838
Premiums and deposits	838		2,617		1,309		927		1,642
Surrenders and withdrawals (1)	(2,781)		(8,953)		(1,424)		(1,053)		(1,992)
Benefit payments	(36)		(25)		(20)		(33)		(50)
Net flows	(1,979)		(6,361)		(135)		(159)		(400)
Investment performance	954		(3,138)		(3,168)		(2,286)		1,197
Net transfers from (to) general account	(1)		26		—		—		—
Policy charges	(82)		(94)		(84)		(82)		(75)
Other	(58)		(1,235)		(4,114)		(257)		480
Balance, end of period	$	79,925	$	69,123	$	61,622	$	58,838	$	60,040
SYNTHETIC GICS (2)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, beginning of period	$	39,365	$	40,121	$	43,485	$	44,841	$	45,066
Premiums and deposits (1)	1,547		3,598		1,268		157		1,567
Surrenders and withdrawals	(993)		(436)		(132)		(173)		(590)
Net flows	554		3,162		1,136		(16)		977
Interest	202		202		220		241		273
Balance, end of period	$	40,121	$	43,485	$	44,841	$	45,066	$	46,316
LONGEVITY REINSURANCE (3)
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, end of period	$	14,824	$	14,898	$	14,753	$	13,427	$	16,602
(1)Includes $750 million, $1,884 million, $0, $0 and $147 million of transfers from separate account GICs to synthetic GICs at December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, 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.
(3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market.

16

U.S. RETIREMENT AND INCOME SOLUTIONS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Direct and allocated expenses	$	60		$	65		$	61		$	64		$	70
Pension, postretirement and postemployment benefit costs	3			—			1			—			—
Premium taxes, other taxes, and licenses & fees	15			5			4			22			10
Commissions and other variable expenses	39			59			39			41			43
Adjusted other expenses	$	117		$	129		$	105		$	127		$	123
SPREAD
	For the Three Months Ended
Unaudited	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Investment income yield excluding variable investment income yield	3.72		%	3.68		%	3.94		%	4.27		%	4.78		%
Variable investment income yield	1.11		%	0.92		%	0.13		%	(0.30)		%	(0.16)		%
Total investment income yield	4.83		%	4.60		%	4.07		%	3.97		%	4.62		%
Average crediting rate	2.81		%	2.79		%	2.91		%	3.26		%	3.66		%
Annualized general account spread	2.02		%	1.81		%	1.16		%	0.71		%	0.96		%
Annualized general account spread excluding variable investment income yield	0.91		%	0.89		%	1.03		%	1.01		%	1.12		%

17

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Adjusted revenues
Premiums		$	1,560	$	1,553	$	1,395	$	1,347	$	1,273	$	6,421	$	5,568
Universal life and investment-type product policy fees		443		448		498		421		473		1,814		1,840
Net investment income		1,276		1,242		1,012		827		828		5,052		3,909
Other revenues		19		21		24		21		24		73		90
Total adjusted revenues		3,298		3,264		2,929		2,616		2,598		13,360		11,407
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,258		1,228		1,185		1,257		1,082		5,008		4,752
Interest credited to policyholder account balances		497		498		493		497		515		1,995		2,003
Capitalization of DAC		(404)		(392)		(370)		(358)		(404)		(1,607)		(1,524)
Amortization of DAC and VOBA		289		288		321		190		306		1,369		1,105
Amortization of negative VOBA		(7)		(8)		(8)		(11)		(9)		(27)		(36)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		846		837		763		749		804		3,388		3,153
Total adjusted expenses		2,479		2,451		2,384		2,324		2,294		10,126		9,453
Adjusted earnings before provision for income tax		819		813		545		292		304		3,234		1,954
Provision for income tax expense (benefit)		233		233		159		95		89		936		576
Adjusted earnings		586		580		386		197		215		2,298		1,378
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	586	$	580	$	386	$	197	$	215	$	2,298	$	1,378
Adjusted premiums, fees and other revenues		$	2,022	$	2,022	$	1,917	$	1,789	$	1,770	$	8,308	$	7,498

18

ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Adjusted premiums, fees and other revenues	$	2,022	$	2,022	$	1,917	$	1,789	$	1,770
Adjusted premiums, fees and other revenues, on a constant currency basis	$	1,712	$	1,748	$	1,783	$	1,756	$	1,770
Add: Operating joint ventures, on a constant currency basis (1), (2)	290		360		292		380		369
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis	$	2,002	$	2,108	$	2,075	$	2,136	$	2,139
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Direct and allocated expenses	$	319	$	326	$	291	$	285	$	300
Pension, postretirement and postemployment benefit costs	31		20		19		17		23
Premium taxes, other taxes, and licenses & fees	41		39		31		36		37
Commissions and other variable expenses	455		452		422		411		444
Adjusted other expenses	$	846	$	837	$	763	$	749	$	804
Adjusted other expenses, net of adjusted capitalization of DAC	$	442	$	445	$	393	$	391	$	400
Adjusted other expenses on a constant currency basis	$	708	$	718	$	709	$	735	$	804
Add: Operating joint ventures, on a constant currency basis (1), (2)	93		107		99		108		108
Adjusted other expenses, including operating joint ventures, on a constant currency basis	$	801	$	825	$	808	$	843	$	912
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis	$	446	$	465	$	447	$	470	$	488
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Japan:
Life	$	184	$	180	$	105	$	100	$	101
Accident & Health	62		73		70		65		61
Annuities	71		97		129		202		267
Other	1		2		2		3		1
Total Japan	318		352		306		370		430
Other Asia	235		188		155		206		188
Total sales	$	553	$	540	$	461	$	576	$	618
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Adjusted earnings available to common shareholders	$	586	$	580	$	386	$	197	$	215
Adjusted earnings available to common shareholders, on a constant currency basis	$	560	$	555	$	374	$	190	$	215
(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.

19

ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
GA AUM	$	140,317	$	131,989	$	117,597	$	109,930	$	116,289
GA AUM (at amortized cost)	$	130,310	$	129,935	$	122,257	$	119,302	$	126,335
GA AUM (at amortized cost), on a constant currency basis	$	121,729	$	123,899	$	123,528	$	124,952	$	126,335
Add: Operating joint ventures, on a constant currency basis (1)	6,208		6,930		7,143		7,340		7,700
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis	$	127,937	$	130,829	$	130,671	$	132,292	$	134,035
(1)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.

20

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Adjusted revenues
Premiums		$	673	$	732	$	826	$	823	$	845	$	2,609	$	3,226
Universal life and investment-type product policy fees		278		290		296		290		299		1,109		1,175
Net investment income		358		322		459		399		413		1,271		1,593
Other revenues		11		9		10		10		10		41		39
Total adjusted revenues		1,320		1,353		1,591		1,522		1,567		5,030		6,033
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		773		769		811		874		847		3,143		3,301
Interest credited to policyholder account balances		67		68		84		89		94		249		335
Capitalization of DAC		(110)		(113)		(120)		(130)		(136)		(414)		(499)
Amortization of DAC and VOBA		80		80		90		68		101		285		339
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		3		4		3		2		5		12
Other expenses		360		354		370		398		431		1,401		1,553
Total adjusted expenses		1,171		1,161		1,239		1,302		1,339		4,669		5,041
Adjusted earnings before provision for income tax		149		192		352		220		228		361		992
Provision for income tax expense (benefit)		24		50		85		49		47		70		231
Adjusted earnings		125		142		267		171		181		291		761
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	125	$	142	$	267	$	171	$	181	$	291	$	761
Adjusted premiums, fees and other revenues		$	962	$	1,031	$	1,132	$	1,123	$	1,154	$	3,759	$	4,440

21

LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Direct and allocated expenses	$	132	$	126	$	122	$	134	$	144
Pension, postretirement and postemployment benefit costs	—		1		1		1		1
Premium taxes, other taxes, and licenses & fees	8		12		11		12		13
Commissions and other variable expenses	220		215		236		251		273
Adjusted other expenses	$	360	$	354	$	370	$	398	$	431
Adjusted other expenses, net of adjusted capitalization of DAC	$	250	$	241	$	250	$	268	$	295
Adjusted other expenses on a constant currency basis	$	359	$	347	$	358	$	404	$	431
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	249	$	236	$	242	$	272	$	295
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Mexico	127		158		129		132		131
Chile	58		64		76		80		85
All other	59		54		63		79		81
Total sales	$	244	$	276	$	268	$	291	$	297
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Adjusted premiums, fees and other revenues	$	962	$	1,031	$	1,132	$	1,123	$	1,154
Adjusted earnings available to common shareholders	$	125	$	142	$	267	$	171	$	181
Adjusted premiums, fees and other revenues, on a constant currency basis	$	965	$	1,014	$	1,104	$	1,142	$	1,154
Adjusted earnings available to common shareholders, on a constant currency basis	$	120	$	135	$	260	$	176	$	181

22

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Adjusted revenues
Premiums		$	520	$	509	$	492	$	475	$	488	$	2,271	$	1,964
Universal life and investment-type product policy fees		93		88		86		62		64		395		300
Net investment income		44		41		38		40		41		215		160
Other revenues		8		9		8		8		10		47		35
Total adjusted revenues		665		647		624		585		603		2,928		2,459
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		297		282		237		239		232		1,241		990
Interest credited to policyholder account balances		20		17		20		16		18		86		71
Capitalization of DAC		(110)		(101)		(108)		(96)		(106)		(469)		(411)
Amortization of DAC and VOBA		82		86		95		79		73		356		333
Amortization of negative VOBA		(2)		(1)		(2)		(1)		(1)		(7)		(5)
Interest expense on debt		—		—		—		—		—		—		—
Other expenses		318		296		298		269		308		1,324		1,171
Total adjusted expenses		605		579		540		506		524		2,531		2,149
Adjusted earnings before provision for income tax		60		68		84		79		79		397		310
Provision for income tax expense (benefit)		18		16		20		19		9		96		64
Adjusted earnings		42		52		64		60		70		301		246
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	42	$	52	$	64	$	60	$	70	$	301	$	246
Adjusted premiums, fees and other revenues		$	621	$	606	$	586	$	545	$	562	$	2,713	$	2,299

23

EMEA
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Direct and allocated expenses	$	102	$	97	$	101	$	91	$	100
Pension, postretirement and postemployment benefit costs	2		1		2		1		1
Premium taxes, other taxes, and licenses & fees	4		6		4		3		6
Commissions and other variable expenses	210		192		191		174		201
Adjusted other expenses	$	318	$	296	$	298	$	269	$	308
Adjusted other expenses, net of adjusted capitalization of DAC	$	208	$	195	$	190	$	173	$	202
Adjusted other expenses on a constant currency basis	$	281	$	270	$	283	$	267	$	308
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis	$	186	$	179	$	181	$	171	$	202
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Adjusted premiums, fees and other revenues	$	621	$	606	$	586	$	545	$	562
Adjusted earnings available to common shareholders	$	42	$	52	$	64	$	60	$	70
Adjusted premiums, fees and other revenues, on a constant currency basis	$	550	$	549	$	555	$	540	$	562
Adjusted earnings available to common shareholders, on a constant currency basis	$	33	$	42	$	57	$	60	$	70
Total sales on a constant currency basis	$	164	$	212	$	208	$	171	$	185

24

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Adjusted revenues
Premiums		$	862	$	776	$	760	$	745	$	785	$	3,333	$	3,066
Universal life and investment-type product policy fees		275		269		339		232		217		1,101		1,057
Net investment income		1,490		1,409		1,280		1,118		1,164		6,450		4,971
Other revenues		69		44		23		39		49		257		155
Total adjusted revenues		2,696		2,498		2,402		2,134		2,215		11,141		9,249
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,585		1,518		1,433		1,659		1,446		6,268		6,056
Interest credited to policyholder account balances		208		202		203		202		206		840		813
Capitalization of DAC		(8)		(7)		(8)		(6)		(7)		(33)		(28)
Amortization of DAC and VOBA		67		76		74		(20)		62		257		192
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		1		1		2		2		3		5		8
Other expenses		240		236		242		228		247		992		953
Total adjusted expenses		2,093		2,026		1,946		2,065		1,957		8,329		7,994
Adjusted earnings before provision for income tax		603		472		456		69		258		2,812		1,255
Provision for income tax expense (benefit)		121		95		92		10		50		570		247
Adjusted earnings		482		377		364		59		208		2,242		1,008
Preferred stock dividends		—		—		—		—		—		—		—
Adjusted earnings available to common shareholders		$	482	$	377	$	364	$	59	$	208	$	2,242	$	1,008
Adjusted premiums, fees and other revenues		$	1,206	$	1,089	$	1,122	$	1,016	$	1,051	$	4,691	$	4,278

25

METLIFE HOLDINGS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, beginning of period	$	82,115	$	82,383	$	81,617	$	81,626	$	81,598
Premiums and deposits (2), (3)	1,121		1,035		966		936		955
Surrenders and withdrawals	(529)		(504)		(520)		(496)		(522)
Benefit payments	(805)		(907)		(734)		(788)		(799)
Net flows	(213)		(376)		(288)		(348)		(366)
Net transfers from (to) separate accounts	10		8		10		17		(6)
Interest	839		835		839		853		848
Policy charges	(180)		(181)		(180)		(180)		(177)
Other	(188)		(1,052)		(372)		(370)		(336)
Balance, end of period	$	82,383	$	81,617	$	81,626	$	81,598	$	81,561
ANNUITIES	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, beginning of period	$	18,341	$	18,061	$	17,676	$	17,606	$	17,642
Premiums and deposits (2), (3)	89		84		91		68		60
Surrenders and withdrawals	(410)		(323)		(327)		(348)		(495)
Benefit payments	(152)		(161)		(148)		(147)		(153)
Net flows	(473)		(400)		(384)		(427)		(588)
Net transfers from (to) separate accounts	52		66		69		32		32
Interest	125		119		119		119		119
Policy charges	(4)		(4)		(4)		(4)		(4)
Other	20		(166)		130		316		(172)
Balance, end of period	$	18,061	$	17,676	$	17,606	$	17,642	$	17,029
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, beginning of period	$	7,248	$	7,512	$	6,776	$	5,527	$	5,225
Premiums and deposits (3)	57		59		56		53		55
Surrenders and withdrawals	(64)		(61)		(38)		(39)		(41)
Benefit payments	(19)		(18)		(15)		(12)		(15)
Net flows	(26)		(20)		3		2		(1)
Investment performance	367		(646)		(1,176)		(225)		315
Net transfers from (to) general account	(10)		(8)		(10)		(17)		6
Policy charges	(65)		(66)		(66)		(65)		(65)
Other	(2)		4		—		3		(5)
Balance, end of period	$	7,512	$	6,776	$	5,527	$	5,225	$	5,475
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Balance, beginning of period	$	39,840	$	40,173	$	36,079	$	30,163	$	27,680
Premiums and deposits (3)	74		72		74		55		65
Surrenders and withdrawals	(1,177)		(866)		(728)		(648)		(669)
Benefit payments	(135)		(124)		(105)		(99)		(102)
Net flows	(1,238)		(918)		(759)		(692)		(706)
Investment performance	1,819		(2,937)		(4,919)		(1,594)		1,712
Net transfers from (to) general account	(52)		(66)		(69)		(32)		(32)
Policy charges	(195)		(174)		(170)		(166)		(155)
Other	(1)		1		1		1		—
Balance, end of period	$	40,173	$	36,079	$	30,163	$	27,680	$	28,499
(1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Includes company-sponsored internal exchanges.

26

METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Direct and allocated expenses	$	163		$	167		$	160		$	164		$	178
Pension, postretirement and postemployment benefit costs	4			1			1			—			1
Premium taxes, other taxes, and licenses & fees	16			16			17			20			15
Commissions and other variable expenses	57			52			64			44			53
Adjusted other expenses	$	240		$	236		$	242		$	228		$	247
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Life (1)
Adjusted premiums, fees and other revenues	$	791		$	704		$	758		$	657		$	703
Interest adjusted benefit ratio	54.3		%	54.1		%	33.2		%	53.9		%	49.1		%
Lapse Ratio (2)
Traditional life	4.0		%	4.2		%	4.4		%	4.5		%	4.6		%
Variable & universal life	3.3		%	3.4		%	3.3		%	3.3		%	3.4		%
Fixed annuity	6.8		%	6.3		%	6.2		%	6.6		%	7.3		%
Variable annuity	10.2		%	10.0		%	9.8		%	9.5		%	9.2		%
(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.

27

CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Adjusted revenues
Premiums		$	(19)	$	(4)	$	(6)	$	(7)	$	1	$	35	$	(16)
Universal life and investment-type product policy fees		1		—		2		(1)		1		2		2
Net investment income		91		104		5		63		44		244		216
Other revenues		117		101		98		96		101		420		396
Total adjusted revenues		190		201		99		151		147		701		598
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		(2)		(7)		(2)		(3)		6		34		(6)
Interest credited to policyholder account balances		—		—		—		—		—		—		—
Capitalization of DAC		(2)		(3)		(2)		(2)		(1)		(11)		(8)
Amortization of DAC and VOBA		2		2		2		3		2		9		9
Amortization of negative VOBA		—		—		—		—		—		—		—
Interest expense on debt		219		219		219		231		240		902		909
Other expenses		284		136		184		186		203		562		709
Total adjusted expenses		501		347		401		415		450		1,496		1,613
Adjusted earnings before provision for income tax		(311)		(146)		(302)		(264)		(303)		(795)		(1,015)
Provision for income tax expense (benefit)		(303)		(92)		(88)		(63)		(113)		(591)		(356)
Adjusted earnings		(8)		(54)		(214)		(201)		(190)		(204)		(659)
Preferred stock dividends		29		63		29		64		29		195		185
Adjusted earnings available to common shareholders		$	(37)	$	(117)	$	(243)	$	(265)	$	(219)	$	(399)	$	(844)
Adjusted premiums, fees and other revenues		$	99	$	97	$	94	$	88	$	103	$	457	$	382
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Business activities		$	45	$	36	$	34	$	36	$	32	$	143	$	138
Net investment income		89		104		6		60		49		248		219
Interest expense on debt		(228)		(227)		(226)		(240)		(250)		(944)		(943)
Corporate initiatives and projects		(54)		(12)		(21)		(15)		(16)		(128)		(64)
Other		(163)		(47)		(95)		(105)		(118)		(114)		(365)
Provision for income tax (expense) benefit and other tax-related items		303		92		88		63		113		591		356
Preferred stock dividends		(29)		(63)		(29)		(64)		(29)		(195)		(185)
Adjusted earnings available to common shareholders		$	(37)	$	(117)	$	(243)	$	(265)	$	(219)	$	(399)	$	(844)

28

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, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2021			December 31, 2022
Fixed Maturity Securities
Yield	3.77		%	3.52		%	3.66		%	3.81		%	4.04		%	3.74		%	3.76		%
Investment income (2), (3)	$	2,816		$	2,638		$	2,709		$	2,773		$	2,978		$	11,146		$	11,098
Investment gains (losses)	(2)			(599)			(671)			(286)			(356)			70			(1,912)
Ending carrying value (4)	341,876			321,656			285,573			272,079			278,215			341,876			278,215
Mortgage Loans
Yield	4.23		%	4.13		%	4.11		%	4.37		%	4.73		%	4.19		%	4.34		%
Investment income (3)	847			823			832			898			983			3,430			3,536
Investment gains (losses)	(119)			44			48			47			(118)			(18)			21
Ending carrying value	79,353			79,968			82,055			82,437			83,763			79,353			83,763
Real Estate and Real Estate Joint Ventures
Yield	6.36		%	7.82		%	8.98		%	5.75		%	3.16		%	4.81		%	6.40		%
Investment income	194			241			277			179			101			579			798
Investment gains (losses)	20			4			159			—			490			502			653
Ending carrying value	12,216			12,379			12,376			12,532			13,137			12,216			13,137
Policy Loans
Yield	5.02		%	5.13		%	5.09		%	5.18		%	5.22		%	5.11		%	5.15		%
Investment income	115			116			114			114			115			474			459
Ending carrying value	9,111			9,036			8,876			8,783			8,874			9,111			8,874
Equity Securities
Yield	3.76		%	3.48		%	2.46		%	6.40		%	3.58		%	4.45		%	3.96		%
Investment income	8			7			5			14			10			36			36
Investment gains (losses)	11			(50)			(42)			(23)			(18)			108			(133)
Ending carrying value	1,269			988			1,085			973			1,684			1,269			1,684
Other Limited Partnership Interests
Yield (5)	30.11		%	25.35		%	4.69		%	(5.35)		%	(1.18)		%	40.71		%	5.92		%
Investment income (5)	1,058			926			171			(194)			(43)			4,935			860
Investment gains (losses)	11			18			(2)			(1)			38			(6)			53
Ending carrying value (6)	14,625			14,570			14,636			14,387			14,414			14,625			14,414
Cash and Short-term Investments
Yield	0.93		%	1.08		%	1.53		%	2.54		%	3.70		%	0.80		%	2.31		%
Investment income	25			30			43			78			131			87			282
Investment gains (losses)	15			14			42			63			(37)			27			82
Ending carrying value	27,223			26,634			23,591			27,466			25,130			27,223			25,130
Other Invested Assets
Investment income	291			364			484			426			396			1,197			1,670
Investment gains (losses)	51			47			69			(14)			(15)			99			87
Ending carrying value	18,655			18,696			19,901			22,299			20,038			18,655			20,038
Total Investments
Investment income yield	4.94		%	4.72		%	4.29		%	3.98		%	4.27		%	5.05		%	4.32		%
Investment fees and expenses yield	(0.13)		%	(0.13)		%	(0.12)		%	(0.12)		%	(0.13)		%	(0.12)		%	(0.12)		%
Net Investment Income Yield	4.81		%	4.59		%	4.17		%	3.86		%	4.14		%	4.93		%	4.20		%
Investment income	$	5,354		$	5,145		$	4,635		$	4,288		$	4,671		$	21,884		$	18,739
Investment fees and expenses	(138)			(142)			(131)			(125)			(141)			(537)			(539)
Net investment income including divested businesses	5,216			5,003			4,504			4,163			4,530			21,347			18,200
Less: Net investment income from divested businesses	15			11			—			—			—			67			11
Adjusted Net Investment Income (7)	$	5,201		$	4,992		$	4,504		$	4,163		$	4,530		$	21,280		$	18,189
Ending Carrying Value	$	504,328		$	483,927		$	448,093		$	440,956		$	445,255		$	504,328		$	445,255
Investment Portfolio Gains (Losses) including divested businesses	$	(13)		$	(522)		$	(397)		$	(214)		$	(16)		$	782		$	(1,149)
Less: Divested businesses	2			—			—			—			—			30			—
Investment Portfolio Gains (Losses) (8)	$	(15)		$	(522)		$	(397)		$	(214)		$	(16)		$	752		$	(1,149)
Gross investment gains	331			310			597			259			1,117			1,711			2,283
Gross investment losses	(242)			(548)			(1,084)			(541)			(1,084)			(850)			(3,257)
Net credit loss (provision) release and (impairments)	(104)			(284)			90			68			(49)			(109)			(175)
Investment Portfolio Gains (Losses) (8)	(15)			(522)			(397)			(214)			(16)			752			(1,149)
Investment portfolio gains (losses) income tax (expense) benefit	17			116			92			51			3			(146)			262
Investment Portfolio Gains (Losses), Net of Income Tax	$	2		$	(406)		$	(305)		$	(163)		$	(13)		$	606		$	(887)
Derivative gains (losses) including Divested businesses	$	(431)		$	(1,074)		$	(1,427)		$	(732)		$	(115)		$	(3,121)		$	(3,348)
Less: Derivative gains (losses) from divested businesses	—			—			—			—			—			(1)			—
Derivative gains (losses) (8)	(431)			(1,074)			(1,427)			(732)			(115)			(3,120)			(3,348)
Derivative gains (losses) income tax (expense) benefit	96			265			396			196			(1)			759			856
Derivative Gains (Losses), Net of Income Tax	$	(335)		$	(809)		$	(1,031)		$	(536)		$	(116)		$	(2,361)		$	(2,492)
See footnotes on Page 32.

29

INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		December 31, 2021				March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate		$	93,034	27.3	%	$	87,136	27.2	%	$	80,555	28.3	%	$	78,824	29.1	%	$	80,030	28.9	%
Foreign corporate		63,640		18.7	%	61,129		19.1	%	54,177		19.1	%	49,927		18.4	%	52,572		19.0	%
Foreign government		61,609		18.1	%	57,282		17.9	%	48,016		16.9	%	44,050		16.3	%	46,747		16.9	%
U.S. government and agency		46,599		13.7	%	40,334		12.6	%	33,690		11.9	%	31,562		11.7	%	32,229		11.6	%
Residential mortgage-backed		30,404		8.9	%	30,080		9.4	%	27,303		9.6	%	27,145		10.0	%	26,165		9.5	%
Asset-backed securities and collateralized loan obligations		18,569		5.5	%	19,305		6.0	%	17,054		6.0	%	16,766		6.2	%	16,822		6.1	%
Municipals		14,212		4.2	%	12,958		4.1	%	12,513		4.4	%	12,014		4.4	%	12,152		4.4	%
Commercial mortgage-backed		12,207		3.6	%	11,855		3.7	%	10,870		3.8	%	10,477		3.9	%	10,063		3.6	%
Fixed Maturity Securities Available-For-Sale		$	340,274	100.0	%	$	320,079	100.0	%	$	284,178	100.0	%	$	270,765	100.0	%	$	276,780	100.0	%
NRSRO	NAIC
RATING	DESIGNATION
Aaa / Aa / A	1	$	239,394	70.4	%	$	222,096	69.4	%	$	195,090	68.7	%	$	185,780	68.6	%	$	190,021	68.7	%
Baa	2	85,209		25.0	%	82,616		25.8	%	74,783		26.3	%	71,276		26.3	%	73,194		26.5	%
Ba	3	11,973		3.5	%	11,788		3.7	%	11,129		3.9	%	10,652		4.0	%	10,511		3.8	%
B	4	3,150		0.9	%	2,923		0.9	%	2,653		0.9	%	2,618		1.0	%	2,571		0.9	%
Caa and lower	5	526		0.2	%	480		0.1	%	389		0.2	%	306		0.1	%	401		0.1	%
In or near default	6	22		—	%	176		0.1	%	134		—	%	133		—	%	82		—	%
Total Fixed Maturity Securities Available-For-Sale (9)		$	340,274	100.0	%	$	320,079	100.0	%	$	284,178	100.0	%	$	270,765	100.0	%	$	276,780	100.0	%
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)		December 31, 2021				March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022
Gross unrealized gains		$	31,901			$	16,145			$	8,666			$	5,488			$	5,239
Gross unrealized losses		2,420				9,583				23,759				36,982				34,301
Net Unrealized Gains (Losses)		$	29,481			$	6,562			$	(15,093)			$	(31,494)			$	(29,062)
See footnotes on Page 32.

30

INVESTMENTS
SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	December 31, 2021				March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022
Commercial mortgage loans	$	50,553			$	51,117			$	52,348			$	52,273			$	52,502
Agricultural mortgage loans	18,111				17,882				18,563				18,923				19,306
Residential mortgage loans	11,323				11,584				11,606				11,708				12,482
Mortgage loans held-for-sale	—				—				24				—				—
Mortgage Loans	79,987				80,583				82,541				82,904				84,290
Valuation allowances	(634)				(615)				(486)				(467)				(527)
Mortgage Loans, net	$	79,353			$	79,968			$	82,055			$	82,437			$	83,763
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2021				March 31, 2022				June 30, 2022				September 30, 2022				December 31, 2022
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Pacific	$	9,676	19.1	%	$	9,824	19.2	%	$	9,901	18.9	%	$	9,805	18.7	%	$	9,628	18.3	%
Non-U.S.	9,969		19.7	%	10,064		19.7	%	9,726		18.6	%	8,977		17.2	%	9,299		17.7	%
Middle Atlantic	7,537		14.9	%	7,876		15.4	%	7,918		15.1	%	7,748		14.8	%	7,574		14.4	%
South Atlantic	6,800		13.5	%	6,849		13.4	%	6,852		13.1	%	6,691		12.8	%	6,617		12.6	%
West South Central	3,492		6.9	%	3,587		7.0	%	3,943		7.5	%	4,005		7.7	%	3,721		7.1	%
New England	2,748		5.4	%	2,752		5.4	%	2,781		5.3	%	2,754		5.3	%	2,764		5.3	%
Mountain	1,993		4.0	%	2,078		4.1	%	2,268		4.3	%	2,269		4.3	%	2,284		4.4	%
East North Central	2,129		4.2	%	2,013		3.9	%	1,489		2.9	%	1,596		3.1	%	1,594		3.0	%
East South Central	759		1.5	%	725		1.4	%	636		1.2	%	635		1.2	%	620		1.2	%
West North Central	663		1.3	%	458		0.9	%	428		0.8	%	471		0.9	%	597		1.1	%
Multi-Region and Other	4,787		9.5	%	4,891		9.6	%	6,406		12.3	%	7,322		14.0	%	7,804		14.9	%
Total	$	50,553	100.0	%	$	51,117	100.0	%	$	52,348	100.0	%	$	52,273	100.0	%	$	52,502	100.0	%
Office	$	22,388	44.3	%	$	22,170	43.4	%	$	21,923	41.9	%	$	21,144	40.5	%	$	21,009	40.0	%
Apartment	9,121		18.0	%	9,578		18.7	%	10,536		20.1	%	10,793		20.6	%	10,575		20.2	%
Retail	8,548		16.9	%	8,766		17.2	%	8,524		16.3	%	8,305		15.9	%	8,046		15.3	%
Industrial	5,096		10.1	%	5,055		9.9	%	4,902		9.4	%	5,068		9.7	%	5,607		10.7	%
Hotel	3,201		6.3	%	3,137		6.1	%	3,323		6.3	%	3,261		6.2	%	3,172		6.0	%
Other	2,199		4.4	%	2,411		4.7	%	3,140		6.0	%	3,702		7.1	%	4,093		7.8	%
Total	$	50,553	100.0	%	$	51,117	100.0	%	$	52,348	100.0	%	$	52,273	100.0	%	$	52,502	100.0	%

31

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 realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly 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 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 $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, 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, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Fixed maturity securities available-for-sale	$	340,274	$	320,079	$	284,178	$	270,765	$	276,780
Contractholder-directed equity securities and fair value option securities	12,142		11,418		9,875		8,954		9,668
Total fixed maturity securities	352,416		331,497		294,053		279,719		286,448
Less: Contractholder-directed equity securities	10,540		9,841		8,480		7,640		8,233
Fixed maturity securities	$	341,876	$	321,656	$	285,573	$	272,079	$	278,215
(5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively.
(6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively.
(7)Adjusted net investment income reflects the adjustments as presented on Page 5.
(8)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, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Net investment gains (losses)	$	(126)	$	(518)	$	(685)	$	(414)	$	355	$	1,529	$	(1,262)
Less: Operating joint venture adjustments	—		6		(1)		5		(1)		1		9
Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures	22		7		(1)		(18)		(2)		45		(14)
Less: Non-investment portfolio gains (losses)	(135)		(9)		(286)		(187)		374		701		(108)
Less: Divested businesses	2		—		—		—		—		30		—
Investment portfolio gains (losses)	$	(15)	$	(522)	$	(397)	$	(214)	$	(16)	$	752	$	(1,149)
	For the Three Months Ended										For the Year Ended
	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Net derivative gains (losses)	$	(196)	$	(859)	$	(1,195)	$	(480)	$	162	$	(2,228)	$	(2,372)
Less: Investment hedge adjustments	235		215		232		252		277		895		976
Less: PAB hedge adjustments	—		—		—		—		—		(2)		—
Less: Divested businesses	—		—		—		—		—		(1)		—
Derivative gains (losses)	$	(431)	$	(1,074)	$	(1,427)	$	(732)	$	(115)	$	(3,120)	$	(3,348)
(9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.

32

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended										For the Year Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,176	$	606	$	103	$	331	$	1,314	$	6,353	$	2,354
Add: Preferred stock dividends	29		63		29		64		29		195		185
Add: Preferred stock redemption premium	—		—		—		—		—		6		—
Add: Net Income (loss) attributable to noncontrolling interests	6		5		6		5		3		21		19
Net income (loss)	1,211		674		138		400		1,346		$	6,575	$	2,558
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)	(126)		(518)		(685)		(414)		355		1,529		(1,262)
Net derivative gains (losses)	(196)		(859)		(1,195)		(480)		162		(2,228)		(2,372)
Premiums - Divested businesses	60		41		—		—		—		982		41
Universal life and investment-type product policy fees
Unearned revenue adjustments	13		(8)		(11)		(9)		(14)		71		(42)
GMIB fees	24		23		22		21		18		98		84
Divested businesses	13		11		—		—		—		26		11
Net investment income
Investment hedge adjustments	(235)		(215)		(232)		(252)		(277)		(895)		(976)
Operating joint venture adjustments	—		(6)		1		(5)		1		(1)		(9)
Unit-linked contract income	253		(498)		(688)		(321)		209		952		(1,298)
Securitization entities income	—		—		—		—		—		—		—
Certain partnership distributions	(1)		—		(2)		—		1		(8)		(1)
Divested businesses	15		11		—		—		—		67		11
Other revenues
Settlement of foreign currency earnings hedges	—		—		—		—		—		—		—
TSA fees	53		47		48		40		25		221		160
Divested businesses	5		3		—		—		—		22		3
Policyholder benefits and claims and policyholder dividends
PBC hedge adjustments	(7)		(7)		(6)		(6)		(6)		(32)		(25)
PDO adjustments	—		—		—		—		—		—		—
Inflation and pass-through adjustments	(99)		(39)		(152)		(88)		(144)		(3)		(423)
GMIB costs	(88)		45		125		171		20		(402)		361
Market value adjustments	(23)		(12)		34		66		74		(83)		162
Divested businesses	(41)		(22)		—		—		—		(659)		(22)
Interest credited to policyholder account balances
PAB hedge adjustments	—		—		—		—		—		2		—
Unit-linked contract costs	(246)		505		695		302		(180)		(938)		1,322
Divested businesses	(5)		(3)		—		—		—		(10)		(3)
Capitalization of DAC - Divested businesses	15		11		—		—		—		119		11
Amortization of DAC and VOBA
Related to NIGL and NDGL	(63)		19		(4)		98		(8)		(100)		105
Related to GMIB fees and GMIB costs	(5)		(1)		(16)		19		8		7		10
Related to market value adjustments	—		—		—		—		—		—		—
Divested businesses	(14)		(9)		—		—		—		(126)		(9)
Amortization of negative VOBA
Related to market value adjustments	—		—		—		—		—		—		—
Divested businesses	—		—		—		—		—		—		—
Interest expense on debt
Securitization entities debt expense	—		—		—		—		—		—		—
Divested businesses	—		—		—		—		—		(1)		—
Other expenses
Noncontrolling interests	9		7		4		8		5		28		24
Regulatory implementation costs	(1)		—		(2)		(1)		(1)		(4)		(4)
Acquisition, integration and other costs	1		(7)		(13)		(14)		(15)		(9)		(49)
TSA fees	(53)		(47)		(48)		(40)		(25)		(221)		(160)
Divested businesses	(81)		(32)		(8)		(13)		(21)		(358)		(74)
Goodwill impairment	—		—		—		—		—		—		—
Provision for income tax (expense) benefit	167		444		616		288		(96)		380		1,252
Adjusted earnings	1,867		1,790		1,655		1,030		1,255		8,149		5,730
Less: Preferred stock dividends	29		63		29		64		29		195		185
Adjusted earnings available to common shareholders	$	1,838	$	1,727	$	1,626	$	966	$	1,226	$	7,954	$	5,545

A-1

APPENDIX METLIFE NOTABLE ITEMS (1)
METLIFE TOTAL
		For the Three Months Ended											For the Year Ended
Unaudited (In millions)			December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Actuarial assumption review and other insurance adjustments			$	—	$	—	$	77	$	34	$	—	$	(140)	$	111
Litigation reserves and settlement costs			—		—		—		—		—		66		—
Tax adjustments			140		—		—		—		—		140		—
Total notable items			$	140	$	—	$	77	$	34	$	—	$	66	$	111
U.S.
		For the Three Months Ended											For the Year Ended
Unaudited (In millions)			December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
Actuarial assumption review and other insurance adjustments			$	—	$	—	$	—	$	91	$	—	$	—	$	91
Total notable items			$	—	$	—	$	—	$	91	$	—	$	—	$	91
	GROUP BENEFITS
		For the Three Months Ended											For the Year Ended
	Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
	Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	—	$	—	$	—	$	—
	Total notable items		$	—	$	—	$	—	$	—	$	—	$	—	$	—
	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended											For the Year Ended
	Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		December 31, 2021		December 31, 2022
	Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	91	$	—	$	—	$	91
	Total notable items		$	—	$	—	$	—	$	91	$	—	$	—	$	91
(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-2

APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2021		December 31, 2022
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	23	$	—		$	(79)	$	23
Total notable items		$	—	$	—	$	—	$	23	$	—		$	(79)	$	23
LATIN AMERICA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2021		December 31, 2022
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	7	$	—		$	(2)	$	7
Total notable items		$	—	$	—	$	—	$	7	$	—		$	(2)	$	7
EMEA
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2021		December 31, 2022
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	—	$	4	$	—		$	(6)	$	4
Total notable items		$	—	$	—	$	—	$	4	$	—		$	(6)	$	4
METLIFE HOLDINGS
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2021		December 31, 2022
Actuarial assumption review and other insurance adjustments		$	—	$	—	$	77	$	(91)	$	—		$	(53)	$	(14)
Total notable items		$	—	$	—	$	77	$	(91)	$	—		$	(53)	$	(14)
CORPORATE & OTHER
	For the Three Months Ended											For the Year Ended
Unaudited (In millions)		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022			December 31, 2021		December 31, 2022
Litigation reserves and settlement costs		$	—	$	—	$	—	$	—	$	—		$	66	$	—
Tax adjustments		140		—		—		—		—			140		—
Total notable items		$	140	$	—	$	—	$	—	$	—		$	206	$	—
(1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

A-3

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Total MetLife, Inc.'s stockholders' equity	$	67,482		$	53,965		$	37,101		$	25,076		$	27,040
Less: Preferred stock	3,818			3,818			3,818			3,818			3,818
MetLife, Inc.'s common stockholders' equity	63,664			50,147			33,283			21,258			23,222
Less: Net unrealized investment gains (losses), net of income tax	17,671			5,182			(9,457)			(20,008)			(19,294)
Defined benefit plans adjustment, net of income tax	(1,598)			(1,577)			(1,555)			(1,536)			(1,377)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	47,591		$	46,542		$	44,295		$	42,802		$	43,893
Less: Goodwill, net of income tax	9,221			9,163			8,828			8,683			8,964
VODA and VOCRA, net of income tax	718			699			679			663			649
Total MetLife, Inc.'s tangible common stockholders' equity	$	37,652		$	36,680		$	34,788		$	33,456		$	34,280
Unaudited (In millions)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	47,591		$	46,542		$	44,295		$	42,802		$	43,893
Less: Accumulated year-to-date total notable items (2)	66			—			77			111			111
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	47,525		$	46,542		$	44,218		$	42,691		$	43,782
Unaudited (In millions, except per share data)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Book value per common share	$	77.12		$	61.55		$	41.73		$	27.00		$	29.81
Less: Net unrealized investment gains (losses), net of income tax	21.41			6.36			(11.86)			(25.42)			(24.76)
Defined benefit plans adjustment, net of income tax	(1.94)			(1.93)			(1.95)			(1.95)			(1.77)
Book value per common share, excluding AOCI other than FCTA	$	57.65		$	57.12		$	55.54		$	54.37		$	56.34
Less: Goodwill, net of income tax	11.17			11.24			11.07			11.04			11.51
VODA and VOCRA, net of income tax	0.87			0.86			0.85			0.84			0.83
Book value per common share - tangible common stockholders' equity	$	45.61		$	45.02		$	43.62		$	42.49		$	44.00
Common shares outstanding, end of period	825.5			814.8			797.6			787.3			779.1
	For the Three Months Ended (1)															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2021			March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022			December 31, 2021			December 31, 2022
Return on MetLife, Inc.'s:
Common stockholders' equity	7.3		%	4.3		%	1.0		%	4.9		%	23.6		%	9.7		%	6.1		%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity	11.4		%	12.1		%	15.6		%	14.2		%	22.1		%	12.2		%	14.5		%
Common stockholders' equity, excluding AOCI other than FCTA	15.3		%	14.7		%	14.3		%	8.9		%	11.3		%	16.6		%	12.3		%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	14.2		%	14.7		%	13.7		%	8.6		%	11.3		%	16.5		%	12.1		%
Tangible common stockholders' equity (3)	19.6		%	18.8		%	18.4		%	11.5		%	14.7		%	21.4		%	15.9		%
Average common stockholders' equity	$	64,448		$	56,906		$	41,715		$	27,271		$	22,240		$	65,203		$	38,315
Average common stockholders' equity, excluding AOCI other than FCTA	$	47,985		$	47,067		$	45,419		$	43,549		$	43,348		$	47,917		$	45,025
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)	$	47,989		$	47,067		$	45,380		$	43,455		$	43,237		$	47,905		$	44,965
Average tangible common stockholders' equity	$	37,976		$	37,166		$	35,734		$	34,122		$	33,868		$	37,615		$	35,371
(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 adjusted 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, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.

A-4

APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
U.S. (1)	$	10,100	$	7,887	$	8,943	$	14,966	$	6,666
ASIA	1,712		1,748		1,783		1,756		1,770
LATIN AMERICA	965		1,014		1,104		1,142		1,154
EMEA	550		549		555		540		562
METLIFE HOLDINGS (1)	1,206		1,089		1,122		1,016		1,051
CORPORATE & OTHER (1)	99		97		94		88		103
Adjusted premiums, fees and other revenues, on a constant currency basis	$	14,632	$	12,384	$	13,601	$	19,508	$	11,306
Adjusted premiums, fees and other revenues	$	15,010	$	12,732	$	13,794	$	19,527	$	11,306
ASIA (including operating joint ventures) (2), (3)	$	2,002	$	2,108	$	2,075	$	2,136	$	2,139
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
U.S. (1)	$	937	$	979	$	949	$	1,003	$	1,031
ASIA	708		718		709		735		804
LATIN AMERICA	359		347		358		404		431
EMEA	281		270		283		267		308
METLIFE HOLDINGS (1)	240		236		242		228		247
CORPORATE & OTHER (1)	284		136		184		186		203
Adjusted other expenses on a constant currency basis	$	2,809	$	2,686	$	2,725	$	2,823	$	3,024
Adjusted other expenses	$	2,985	$	2,838	$	2,806	$	2,833	$	3,024
ASIA (including operating joint ventures) (2), (3)	$	801	$	825	$	808	$	843	$	912
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
U.S. (1)	$	640	$	693	$	788	$	744	$	771
ASIA	560		555		374		190		215
LATIN AMERICA	120		135		260		176		181
EMEA	33		42		57		60		70
METLIFE HOLDINGS (1)	482		377		364		59		208
CORPORATE & OTHER (1)	(37)		(117)		(243)		(265)		(219)
Adjusted earnings available to common shareholders on a constant currency basis	$	1,798	$	1,685	$	1,600	$	964	$	1,226
Adjusted earnings available to common shareholders	$	1,838	$	1,727	$	1,626	$	966	$	1,226
(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 18 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-5

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's 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 adjusted other 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-6

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, 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-7

METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
Return on equity, allocated equity, tangible equity and related measures
•	Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•	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.
•	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.
Asia general account assets under management and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, 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 Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate equity (including real estate and real estate joint ventures) included in Asia 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 Asia GA AUM.
Asia 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. Asia 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-8

METLIFE ACRONYMS
AOCI	Accumulated other comprehensive income (loss)
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 Organization
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-9

EX-99.3

4Q22 Supplemental Slides and Outlook1 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 14

3 Net income (loss) to adjusted earnings 4Q22 FY22 (post-tax) $ in millions $ per share1 $ in millions $ per share1 Net Income (Loss) $1,314 $1.66 $2,354 $2.91 Less: Net Investment Gains (Losses) 280 0.35 (997) (1.23) Net Derivative Gains (Losses)2 128 0.16 (1,601) (1.98) Investment Hedge Adjustments (219) (0.28) (771) (0.95) Actuarial Assumption Review2,3 — — 20 0.02 Other2 (101) (0.13) 158 0.20 Adjusted Earnings $1,226 $1.55 $5,545 $6.85 Less Notable Items: Actuarial Assumption Review3 — — 111 0.14 Adjusted Earnings ex. Total Notable Items $1,226 $1.55 $5,434 $6.72 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. 2 The full year 2022 Actuarial Assumption Review line item reflecting $20 million of after-tax gains includes $273 million after-tax derivative losses and $293 million of other after-tax gains. These amounts are therefore not included in the Net Derivative Gains (Losses) or Other line items. 3 Includes other insurance adjustments.

4 ($ in millions - post-tax) 4Q22 4Q21 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $400 $20 NM2 Underwriting Margins; Volume Growth Expense Margins Retirement and Income Solutions 371 620 (40%) Investment Margins U.S. 771 640 20% Asia 215 586 (63%) (62%) Investment Margins; Taxes Latin America 181 125 45% 51% Underwriting Margins; Volume Growth EMEA 70 42 67% 112% Underwriting Margins Expense Margins MetLife Holdings 208 482 (57%) Investment Margins Corporate & Other (219) (177) Expenses Taxes; Investment Margins Adjusted Earnings ex. Total Notable Items $1,226 $1,698 (28%) (26%) Adjusted EPS ex. Total Notable Items $1.55 $2.01 (23%) (21%) Adjusted earnings, ex. total notable items, by segment 1 To be discussed on MetLife, Inc.'s fourth quarter and full year 2022 earnings conference call and audio webcast. 2 Not Meaningful.

5 $24 $1,185 $389 ($53) $1,545 1Q22 2Q22 3Q22 4Q22 FY22 2022 VII below guidance1 driven by lower private equity returns ($ in millions - pre-tax) Private Equity Other 1 Quarterly VII range of $450 million - $500 million, based on full year 2022 guidance range of $1.8 - $2.0 billion. ( ) $0

6 ($ in millions - post-tax1) 1Q22 2Q22 3Q22 4Q22 FY22 Group Benefits $12 $7 $(1) $3 $21 Retirement and Income Solutions 277 75 (35) 5 322 U.S. 289 82 (36) 8 343 Asia 288 101 (18) 4 375 Latin America 16 16 — (3) 29 EMEA — — — — — MetLife Holdings 208 85 (21) 12 284 Corporate & Other 135 23 33 (1) 190 Total Variable Investment Income $936 $307 $(42) $20 $1,221 1 Assumes a 21% U.S. statutory tax rate. VII by segment

7 11.0% 11.7% 11.4% 11.9% 11.1% 12.3% 12.9% 13.1% 11.6% 12.2% 1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 FY21 FY22 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.3% Target FY22 direct expense ratio1 of 12.2% achieving target

8 Holding Company Cash1 $5.4 $4.2 $4.5 $5.2 $5.4 4Q21 1Q22 2Q22 3Q22 4Q22 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 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. $3.0B to $4.0B Cash Buffer Capital • Share repurchases of $0.6 billion in 4Q22 and $3.3 billion in FY22 • ~ $250 million shares repurchased in January 2023 • Average 2021-2022 free cash flow ratio2 of 68% • 2022 Combined NAIC Risk-Based Capital ratio3,4 above 360% target • Expected total U.S. Statutory Adjusted Capital5 of $18.3 billion at 12/31/22, down 3% from 9/30/22 • Expected Japan Solvency Margin ratio of ~700% at 12/31/22 ($ in billions)

Outlook 2023-2025 outlook is reflected on an LDTI1 basis while 2022 actuals shown on a pre-LDTI basis 1Long-duration targeted improvements.

10 Overview • COVID-19 assumed endemic • Continued uncertainty around inflation / recession • Interest rates expected to remain elevated relative to 12/31/22 • S&P 500 annual return of 5%; private equity annual return of 12% Near-term1 targets: • Adjusted return on equity2 of 13-15% • Free cash flow ratio of 65-75% of adjusted earnings3 • Direct expense ratio target of 12.6%4 Corporate guidance for 2023: • Variable investment income of ~ $2.0 billion5 • Corporate & Other adjusted loss of $650 – $750 million • Effective tax rate to be between 22-24% Macro Assumptions Near-Term1 Targets and Corporate Guidance Key Sensitivities Adjusted Earnings Impact from Rates $ in millions 2023 2024 2025 50 bps declining interest rate scenario6 ($52) ($98) ($169) 50 bps rising interest rate scenario6 $88 $119 $181 10 bps increase in LIBOR7 $16 $9 $10 10 bps decrease in LIBOR7 ($7) ($5) ($6) 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 Pre- tax. 6 See pages 16 and 17 in the Appendix for more information. 7 Increase/decrease of 10 basis points from base for interest rates shorter than 1 year; no change in longer-term interest rates.

11 2021 2022 2023 Expected VII average asset balances and key drivers ($ in billions) Private Equity Real Estate and Other Funds Average Asset Balance • Long-term annual return assumptions: – Private equity: 12% – Real estate and other funds: 7% • VII includes prepayment fees on fixed maturity securities and mortgage loans $14.7 $19.0$18.5 $13.6 $5.4 $14.0 $4.5 $11.5 $3.2 Key Drivers

12 Near-Term Guidance1 • Adjusted premiums, fees and other revenues (PFOs) expected to grow 4-6%2 annually • Group Life mortality ratio of 90.8% in 2022; target of 85-90% • Group Non-Medical Health interest adjusted benefit ratio of 71.5% in 2022; target of 70-75% • Liability exposures3 expected to grow 2-4% annually • Investment spread4 of 116 bps in 2022; expected to be 135-160 bps in 2023 • Adjusted PFOs expected to decline by ~12-14% in 2023, then 6-8% annually thereafter • Adjusted earnings of $1.0 - $1.2 billion in 2023 • Life interest adjusted benefit ratio of 47.6% in 2022; target of 40-45% in 2023 Group Benefits Retirement and Income Solutions MetLife Holdings 1 2023-2025 outlook is reflected on an LDTI basis while 2022 actuals on a pre-LDTI basis as reported in the Quarterly Financial Supplement. 2 Excludes 2022 excess premiums from participating group life contracts of $750 million. 3 Includes future policy benefits, policyholder account liabilities, and separate account liabilities, as well as notional amounts not recorded on MetLife's balance sheet. 4 Average annualized general account spread.

13 Near-Term Guidance1,2 • Mid-to-high single-digit sales growth • General account assets under management3 to grow at mid single-digits • Mid-single-digit adjusted earnings growth in 2023 - 2025, excluding COVID-19 claims4 • Low double-digit growth in adjusted PFOs • 2022 adjusted earnings benefited from favorable market impacts • Adjusted earnings growth of high single-digits5 in 2023 - 2025 • Sales and adjusted PFOs6 growth of mid-to-high single-digits • Adjusted earnings run-rate of ~ $55 million per quarter in 2023 • Adjusted earnings expected to grow high single-digits in 2024-2025 Asia Latin America EMEA 1 2023-2025 outlook is reflected on an LDTI basis while 2022 actuals on a pre-LDTI basis as reported in the Quarterly Financial Supplement. 2 Sales and AUM growth rates on a constant currency basis; adjusted earnings and PFOs growth rates on a reported basis, unless otherwise noted. 3 Excludes fair value adjustments and includes operating joint ventures. 4Excludes COVID-19 claims of ~$270 million post-tax in 2022. 5 Excludes 2022 favorable market impacts of ~ $80 million. 6 EMEA adjusted PFOs growth rates on a constant currency basis.

Appendix

15 Value of new business1 $3.1 $3.8 $3.8 $3.2 $2.8 $1.3 $2.1 $1.8 $1.9 $1.9 Capital Deployed Value of New Business 2017 2018 2019 2020 2021 ($ in billions) Internal Rate of Return Payback Period 15% 7 Years 15% 7 Years 17% 6 Years 14% 7 Years 1 Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales. 17% 6 Years

16 12/31/22 12/31/23 12/31/24 12/31/25 Base Declining Rate Base Declining Rate Base Declining Rate Base Declining Rate 3-Month LIBOR1 4.77% 4.77% 4.74% 4.24% 3.52% 3.02% 3.41% 2.91% 10-Year U.S. Treasury1 3.88% 3.88% 3.84% 3.34% 3.86% 3.36% 3.93% 3.43% 30-Year U.S. Treasury1 3.97% 3.97% 3.91% 3.41% 3.89% 3.39% 3.88% 3.38% Interest Rates: Base vs. Declining Rate Scenario 1 Base rates based on forward curve as of December 31, 2022.

17 12/31/22 12/31/23 12/31/24 12/31/25 Base Rising Rate Base Rising Rate Base Rising Rate Base Rising Rate 3-Month LIBOR1 4.77% 4.77% 4.74% 5.24% 3.52% 4.02% 3.41% 3.91% 10-Year U.S. Treasury1 3.88% 3.88% 3.84% 4.34% 3.86% 4.36% 3.93% 4.43% 30-Year U.S. Treasury1 3.97% 3.97% 3.91% 4.41% 3.89% 4.39% 3.88% 4.38% Interest Rates: Base vs. Rising Rate Scenario 1 Base rates based on forward curve as of December 31, 2022.

18 Key Sensitivities • 1% change in Group Life mortality ratio translates to ~$70 million of adjusted earnings1 • 1% change in Group Non-Medical Health interest adjusted benefit ratio translates to ~$80 million of adjusted earnings1 • Roughly 70% of the separate account (SA) assets are in equities • +/- 10% change in SA returns translates to ~$30 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 +$7 -10 bps -$7 U.S. Treasury4 +10 bps +$4 -10 bps -$4 • $1 billion of PRT sales translates to $8-9 million of adjusted earnings1 1 Annual impact. 2 LIBOR is used as a proxy for all short-term funding rates 3 months or less; change from base rates, no change in other interest rates. 3 This sensitivity holds for a rate change of +/- 50 basis points. 4 Parallel shift in base scenario U.S. Treasury rates from 1 to 30 years. No change in other interest rates.

19 Key Sensitivities Asia Latin America EMEA 1 Higher yields increase adjusted earnings and lower regulatory ratios. 2 Higher yields increase adjusted earnings and improve regulatory ratios. 3 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 - UST1 +/-10 bps $1-2 15-20% Japan - JPY1 +/-10 bps $1-2 5-10% Korea2 +/-10 bps $0-1 0-5% Annual Impact on $ in millions Change Adjusted Earnings Mexican peso to U.S. dollar +1% $5 Chilean peso to U.S. dollar +1% $3 Annual return on the ProVida encaje3 +1% $3 Annual Impact on $ in millions Change Adjusted Earnings Euro to U.S. Dollar +1% $1 British Pound to U.S. Dollar +1% $0.5 Romania Leu to U.S. Dollar +1% $0.2 Egyptian Pound to U.S. Dollar +1% $0.1 Turkish Lira to U.S. Dollar +1% $0.1

20 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “grow,” “guidance,” “if,” “intend,” “likely,” “long-term,” “may,” “near-term,” “ongoing,” “outlook,” “plan,” “potential,” “project,” “remain,” “should,” “target,” “to be,” “will,” and “would” 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 does not undertake any obligation to publicly correct or update any of these statements.

21 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; (iv) adjusted earnings available to common shareholders per diluted common share; (v) book value per share; and (v) book value per common share; and (vi) book value per share, excluding AOCI other than FCTA. (vi) book value per common share, 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.

22 Explanatory Note on Non-GAAP and Other Financial Information (Continued) 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) total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA; (viii) total MetLife, Inc.’s stockholders’ equity; (ix) book value per common share, excluding AOCI other than FCTA; (ix) book value per common share; (x) free cash flows of all holding companies; (x) MetLife, Inc. (parent company only) net cash provided by (used in) operating activiites; (xi) adjusted other expenses; (xi) other expenses; (xii) adjusted other expenses, net of adjusted capitalization of DAC; (xii) other expenses, net of capitalization of DAC; (xiii) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; (xiii) other expenses, net of capitalization of DAC; (xiv) adjusted expense ratio; (xiv) expense ratio; (xv) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; (xv) expense ratio; (xvi) direct expenses; (xvi) other expenses; (xvii) direct expenses, excluding total notable items related to direct expenses; (xvii) other expenses; (xviii) direct expense ratio; and (xviii) expense ratio; and (xix) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xix) expense ratio. (xx) free cash flows of all holding companies. (xx) MeLife, Inc. (parent company) net cash provided by (used in) operating activities.

23 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. 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)

24 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. 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.

25 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asia General account (GA) assets under management (GA AUM) and related measures Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, 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 Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate equity (including real estate and real estate joint ventures) included in Asia 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 Asia GA AUM. Asia 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. Asia 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. • 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 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 represent a positive (negative) impact to adjusted earnings available to common shareholders. • Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.

26 Explanatory Note on Non-GAAP and Other Financial Information (Continued) The following additional information is relevant to an understanding of MetLife’s performance results and outlook (continued): • 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. • Not Meaningful (NM) indicates a percentage change in a financial metric over a specified period of time and reflects changes in factors that are subject to volatility, and should not, accordingly be viewed as representative of a reasonable trend currently or in the future. For example, ($ in millions) Three months ended December 31, 2022 Three months ended December 31, 2021 Change Adjusted earnings - Group Benefits $400 $20 1,900%

27 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2022 4Q22 4Q21 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 $ 2,354 $ 2.91 $ 1,314 $ 1.66 $ 1,176 $ 1.39 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (1,262) (1.56) 355 0.45 (126) (0.15) Less: Net derivative gains (losses) (2,372) (2.93) 162 0.21 (196) (0.23) Less: Other adjustments to net income (loss) (790) (0.98) (330) (0.43) (501) (0.59) Less: Provision for income tax (expense) benefit 1,252 1.55 (96) (0.12) 167 0.20 Add: Net income (loss) attributable to noncontrolling interests 19 0.02 3 — 6 0.01 Add: Preferred stock redemption premium — — — — — — Adjusted earnings available to common shareholders 5,545 6.85 1,226 1.55 1,838 2.17 Less: Total notable items 111 0.14 — — 140 0.17 Adjusted earnings available to common shareholders, excluding total notable items $ 5,434 6.72 $ 1,226 $ 1.55 $ 1,698 $ 2.01 Adjusted earnings available to common shareholders on a constant currency basis $ 5,545 $ 6.85 $ 1,226 $ 1.55 $ 1,798 $ 2.13 Adjusted earnings available to common shareholders, excluding total notable items, on a $ 5,434 $ 6.72 $ 1,226 $ 1.55 $ 1,658 $ 1.96 constant currency basis Weighted average common shares outstanding - diluted 808.9 790.2 845.2 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.

28 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q22 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 771 $ 400 $ 371 $ 215 $ 181 $ 70 $ 208 $ (219) Less: Total notable items — — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $ 771 $ 400 $ 371 $ 215 $ 181 $ 70 $ 208 $ (219) Adjusted earnings available to common shareholders on a constant currency basis $ 215 $ 181 $ 70 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 215 $ 181 $ 70 4Q21 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $ 640 $ 20 $ 620 $ 586 $ 125 $ 42 $ 482 $ (37) Less: Total notable items — — — — — — — 140 Adjusted earnings available to common shareholders, excluding total notable items $ 640 $ 20 $ 620 $ 586 $ 125 $ 42 $ 482 $ (177) Adjusted earnings available to common shareholders on a constant currency basis $ 560 $ 120 $ 33 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 560 $ 120 $ 33 1Results on a constant currency basis are not included as constant currency impact is not significant.

29 Expense Detail and Ratios (In millions, except ratio data) 1Q21 2Q21 3Q21 4Q21 2021 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (775) $ (642) $ (635) $ (666) $ (2,718) Less: Divested businesses (89) — (15) (15) (119) Adjusted capitalization of DAC $ (686) $ (642) $ (620) $ (651) $ (2,599) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 3,116 $ 2,768 $ 2,869 $ 3,110 $ 11,863 Less: Noncontrolling interests (6) (6) (7) (9) (28) Less: Regulatory implementation costs (3) 6 — 1 4 Less: Acquisition, integration and other costs 4 4 2 (1) 9 Less: TSA fees 35 60 73 53 221 Less: Divested businesses 232 4 41 81 358 Adjusted other expenses $ 2,854 $ 2,700 $ 2,760 $ 2,985 $ 11,299 Other Detail and Ratios Other expenses $ 3,116 $ 2,768 $ 2,869 $ 3,110 $ 11,863 Capitalization of DAC (775) (642) (635) (666) (2,718) Other expenses, net of capitalization of DAC $ 2,341 $ 2,126 $ 2,234 $ 2,444 $ 9,145 Premiums, fees and other revenues $ 12,349 $ 11,218 $ 11,639 $ 15,178 $ 50,384 Expense ratio 19.0 % 19.0 % 19.2 % 16.1 % 18.2 % Direct expenses $ 1,259 $ 1,188 $ 1,266 $ 1,483 $ 5,196 Less: Total notable items related to direct expenses — (84) — — (84) Direct expenses, excluding total notable items related to direct expenses $ 1,259 $ 1,272 $ 1,266 $ 1,483 $ 5,280 Adjusted other expenses $ 2,854 $ 2,700 $ 2,760 $ 2,985 $ 11,299 Adjusted capitalization of DAC (686) (642) (620) (651) (2,599) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,168 $ 2,058 $ 2,140 $ 2,334 $ 8,700 Less: Total notable items related to adjusted other expenses — (84) — — (84) Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $ 2,168 $ 2,142 $ 2,140 $ 2,334 $ 8,784 Adjusted premiums, fees and other revenues $ 11,413 $ 11,122 $ 11,419 $ 15,010 $ 48,964 Less: PRT — (14) (24) 3,551 3,513 Adjusted premiums, fees and other revenues, excluding PRT $ 11,413 $ 11,136 $ 11,443 $ 11,459 $ 45,451 Direct expense ratio 11.0 % 10.7 % 11.1 % 9.9 % 10.6 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.0 % 11.4 % 11.1 % 12.9 % 11.6 % Adjusted expense ratio 19.0 % 18.5 % 18.7 % 15.5 % 17.8 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.0 % 19.2 % 18.7 % 20.4 % 19.3 %

30 Expense Detail and Ratios (In millions, except ratio data) 1Q22 2Q22 3Q22 4Q22 2022 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $ (650) $ (622) $ (615) $ (671) $ (2,558) Less: Divested businesses (11) — — — (11) Adjusted capitalization of DAC $ (639) $ (622) $ (615) $ (671) $ (2,547) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $ 2,917 $ 2,873 $ 2,893 $ 3,081 $ 11,764 Less: Noncontrolling interests (7) (4) (8) (5) (24) Less: Regulatory implementation costs — 2 1 1 4 Less: Acquisition, integration and other costs 7 13 14 15 49 Less: TSA fees 47 48 40 25 160 Less: Divested businesses 32 8 13 21 74 Adjusted other expenses $ 2,838 $ 2,806 $ 2,833 $ 3,024 $ 11,501 Other Detail and Ratios Other expenses $ 2,917 $ 2,873 $ 2,893 $ 3,081 $ 11,764 Capitalization of DAC (650) (622) (615) (671) (2,558) Other expenses, net of capitalization of DAC $ 2,267 $ 2,251 $ 2,278 $ 2,410 $ 9,206 Premiums, fees and other revenues $ 12,849 $ 13,853 $ 19,579 $ 11,335 $ 57,616 Expense ratio 17.6 % 16.2 % 11.6 % 21.3 % 16.0 % Direct expenses $ 1,337 $ 1,341 $ 1,360 $ 1,485 $ 5,523 Less: Total notable items related to direct expenses — — — — — Direct expenses, excluding total notable items related to direct expenses $ 1,337 $ 1,341 $ 1,360 $ 1,485 $ 5,523 Adjusted other expenses $ 2,838 $ 2,806 $ 2,833 $ 3,024 $ 11,501 Adjusted capitalization of DAC (639) (622) (615) (671) (2,547) Adjusted other expenses, net of adjusted capitalization of DAC $ 2,199 $ 2,184 $ 2,218 $ 2,353 $ 8,954 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 $ 2,199 $ 2,184 $ 2,218 $ 2,353 $ 8,954 Adjusted premiums, fees and other revenues $ 12,732 $ 13,794 $ 19,527 $ 11,306 $ 57,359 Less: PRT 1,258 2,564 8,466 (69) 12,219 Adjusted premiums, fees and other revenues, excluding PRT $ 11,474 $ 11,230 $ 11,061 $ 11,375 $ 45,140 Direct expense ratio 10.5 % 9.7 % 7.0 % 13.1 % 9.6 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.7 % 11.9 % 12.3 % 13.1 % 12.2 % Adjusted expense ratio 17.3 % 15.8 % 11.4 % 20.8 % 15.6 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.2 % 19.4 % 20.1 % 20.7 % 19.8 %

31 Premiums, Fees and Other Revenues 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 Total Company - Premiums, Fees and Other Revenues (In millions) Premiums, fees and other revenues $ 12,349 $ 11,218 $ 11,639 $ 15,178 $ 50,384 $ 12,849 $ 13,853 $ 19,579 $ 11,335 $ 57,616 Less: Unearned revenue adjustments — 12 46 13 71 (8) (11) (9) (14) (42) Less: GMIB fees 25 24 25 24 98 23 22 21 18 84 Less: TSA fees 35 60 73 53 221 47 48 40 25 160 Less: Divested businesses 876 — 76 78 1,030 55 — — — 55 Adjusted premiums, fees and other revenues $ 11,413 $ 11,122 $ 11,419 $ 15,010 $ 48,964 $ 12,732 $ 13,794 $ 19,527 $ 11,306 $ 57,359

32 Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies 2022 2021 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $ 4.4 $ 3.8 Adjustments from net cash provided by operating activities to free cash flow: Add: Incremental debt to be at or below target leverage ratios 1 — 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 5.2 3.5 Other MetLife, Inc. holding companies free cash flow2 (0.5) 0.3 Free cash flow of all holding companies $ 4.7 $ 3.8 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 $ 4.4 $ 3.8 Consolidated net income (loss) available to MetLife, Inc.'s common shareholders $ 2.4 $ 6.4 Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders3 188 % 59 % Ratio of free cash flow to adjusted earnings available to common shareholders: Free cash flow of all holding companies4 $ 4.7 $ 3.8 Consolidated adjusted earnings available to common shareholders4 $ 5.5 $ 8.0 Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders4 84 % 48 % 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 to subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net. 3Including the free cash flow of other MetLife, Inc. holding companies of $(0.5) billion and $0.3 billion for the years ended December 31, 2022 and 2021, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 167% and 64%, respectively. 4i)Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2022, was positively impacted by notable items, related to actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2022, would be 86%. ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2021, was positively impacted by notable items, related to tax adjustments of $0.1 billion, net of income tax, and litigation reserves and settlement costs of $0.1 billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2021, would be 49%.

33

XML

Document and Entity Information Document	Feb. 01, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 01, 2023
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 Preferred Stock
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 1/1,000thinterest in a share of 4.75% Non-CumulativePreferred Stock, Series F
Trading Symbol	MET PRF
Security Exchange Name	NYSE