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.

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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.

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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).

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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

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