EX-99.2 3 ex992qfsq124.htm EX-99.2 Document
Exhibit 99.2




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First Quarter
Financial Supplement
March 31, 2024
1

METLIFE
TABLE OF CONTENTS
 
 
 
 
 
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 its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Revenues
Premiums$9,589 $11,678 $11,230 $11,786 $10,053 $9,589 $10,053 
Universal life and investment-type product policy fees1,289 1,288 1,334 1,241 1,248 1,289 1,248 
Net investment income4,645 5,072 4,825 5,366 5,436 4,645 5,436 
Other revenues639 621 606 660 674 639 674 
Net investment gains (losses)(684)(1,039)(927)(174)(375)(684)(375)
Net derivative gains (losses)(90)(997)(1,202)149 (979)(90)(979)
Total revenues15,388 16,623 15,866 19,028 16,057 15,388 16,057 
Expenses
Policyholder benefits and claims9,872 11,809 11,130 11,779 10,074 9,872 10,074 
Policyholder liability remeasurement (gains) losses(9)(16)(17)(3)(22)(9)(22)
Market risk benefit remeasurement (gains) losses188 (817)(796)431 (694)188 (694)
Interest credited to policyholder account balances1,864 1,933 1,658 2,405 2,290 1,864 2,290 
Policyholder dividends159 151 153 159 147 159 147 
Amortization of DAC and VOBA470 479 499 504 508 470 508 
Amortization of negative VOBA(7)(6)(7)(6)(6)(7)(6)
Interest expense on debt255 256 265 269 264 255 264 
Other expenses, net of capitalization of DAC2,339 2,404 2,447 2,549 2,451 2,339 2,451 
Total expenses15,131 16,193 15,332 18,087 15,012 15,131 15,012 
Income (loss) before provision for income tax257 430 534 941 1,045 257 1,045 
Provision for income tax expense (benefit)172 22 39 327 170 172 170 
Net income (loss) 85 408 495 614 875 85 875 
Less: Net income (loss) attributable to noncontrolling interests5 6 6 7 8 5 8 
Net income (loss) attributable to MetLife, Inc.80 402 489 607 867 80 867 
Less: Preferred stock dividends66 32 67 33 67 66 67 
Net income (loss) available to MetLife, Inc.'s common shareholders$14 $370 $422 $574 $800 $14 $800 
Premiums, fees and other revenues$11,517 $13,587 $13,170 $13,687 $11,975 $11,517 $11,975 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Net income (loss) available to MetLife, Inc.'s common shareholders$14 $370 $422 $574 $800 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (684)(1,039)(927)(174)(375)
Less: Net derivative gains (losses)(90)(997)(1,202)149 (979)
Less: Market risk benefit remeasurement gains (losses)(188)817 796 (431)694 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(383)(316)(156)(330)(126)
Less: Provision for income tax (expense) benefit 180 419 429 6 260 
Add: Net income (loss) attributable to noncontrolling interests5 6 6 7 8 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,184 1,492 1,488 1,361 1,334 
Less: Total notable items (2)— — 14 (76)— 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,184 $1,492 $1,474 $1,437 $1,334 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$0.02 $0.48 $0.56 $0.77 $1.10 
Less: Net investment gains (losses)(0.88)(1.35)(1.23)(0.23)(0.51)
Less: Net derivative gains (losses)(0.12)(1.30)(1.59)0.20 (1.34)
Less: Market risk benefit remeasurement gains (losses)(0.24)1.06 1.05 (0.58)0.95 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.48)(0.40)(0.20)(0.45)(0.18)
Less: Provision for income tax (expense) benefit0.23 0.54 0.57 0.01 0.36 
Add: Net income (loss) attributable to noncontrolling interests0.01 0.01 0.01 0.01 0.01 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders per diluted common share 1.52 1.94 1.97 1.83 1.83 
Less: Total notable items per diluted common share (2)— — 0.02 (0.10)— 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$1.52 $1.94 $1.95 $1.93 $1.83 
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $14 $— $— 
Litigation reserves and settlement costs— — — (76)— 
Total notable items $— $— $14 $(76)$— 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $— $0.02 $— $— 
Litigation reserves and settlement costs— — — (0.10)— 
Total notable items $— $— $0.02 $(0.10)$— 
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Weighted average common shares outstanding - diluted781.2 769.6 755.5 743.4 728.4 
(1)See Appendix 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)
UnauditedMarch 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Book value per common share (1) $36.89 $34.92 $29.34 $35.85 $34.54 
Book value per common share, excluding AOCI other than FCTA (1) $53.83 $53.55 $53.00 $53.75 $53.13 
For the Three Months Ended
UnauditedMarch 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Return on MetLife, Inc.'s (2):
Common stockholders' equity 0.2 %5.4 %7.0 %9.6 %12.6 %
Adjusted return on MetLife, Inc.'s (2):
Common stockholders' equity 17.4 %21.8 %24.7 %22.7 %21.0 %
Common stockholders' equity, excluding AOCI other than FCTA 11.3 %14.6 %14.9 %13.8 %13.8 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)11.3 %14.6 %14.7 %14.6 %13.8 %
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Common shares outstanding, beginning of period779.1 769.2 757.2 744.4 730.8 
Share repurchases (11.6)(12.1)(12.9)(13.7)(16.9)
Newly issued shares1.7 0.1 0.1 0.1 1.8 
Common shares outstanding, end of period 769.2 757.2 744.4 730.8 715.7 
Weighted average common shares outstanding - basic775.4 765.9 751.4 738.6 723.2 
Dilutive effect of the exercise or issuance of stock-based awards 5.8 3.7 4.1 4.8 5.2 
Weighted average common shares outstanding - diluted781.2 769.6 755.5 743.4 728.4 
MetLife Policyholder Trust Shares122.1 120.5 119.1 117.6 116.0 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Total revenues$15,388 $16,623 $15,866 $19,028 $16,057 $15,388 $16,057 
Less: Adjustments to total revenues:
Net investment gains (losses)(684)(1,039)(927)(174)(375)(684)(375)
Net derivative gains (losses)(90)(997)(1,202)149 (979)(90)(979)
Investment hedge adjustments(264)(263)(232)(253)(176)(264)(176)
Asymmetrical and non-economic accounting— — — 29 39 — 39 
Unit-linked contract income303 296 4 580 542 303 542 
Other adjustments(3)(8)(14)(21)(10)(3)(10)
Divested businesses
— — — — — — — 
Total adjusted revenues$16,126 $18,634 $18,237 $18,718 $17,016 $16,126 $17,016 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Net investment income$4,645 $5,072 $4,825 $5,366 $5,436 $4,645 $5,436 
Less: Adjustments to net investment income:
Investment hedge adjustments(264)(263)(232)(253)(176)(264)(176)
Unit-linked contract income303 296 4 580 542 303 542 
Other adjustments— (1)(3)(8)2 — 2 
Divested businesses — — — — — — — 
Adjusted net investment income$4,606 $5,040 $5,056 $5,047 $5,068 $4,606 $5,068 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Variable investment income (Included in net investment income above)$(44)$221 $179 $63 $260 $(44)$260 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Premiums, fees and other revenues$11,517 $13,587 $13,170 $13,687 $11,975 $11,517 $11,975 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting— — — 29 39 — 39 
Other adjustments(3)(7)(11)(13)(12)(3)(12)
Divested businesses
— — — — — — — 
Adjusted premiums, fees and other revenues$11,520 $13,594 $13,181 $13,671 $11,948 $11,520 $11,948 
Adjusted premiums, fees and other revenues, on a constant currency basis$11,380 $13,463 $13,097 $13,664 $11,948 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Total expenses$15,131 $16,193 $15,332 $18,087 $15,012 $15,131 $15,012 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses188 (817)(796)431 (694)188 (694)
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting103 64 (49)129 38 103 38 
Market volatility(14)(44)(64)(62)(67)(14)(67)
Unit-linked contract costs303 301 (3)582 539 303 539 
Other adjustments16 11 21 7 7 16 7 
Divested businesses
11 9 9 9 4 11 4 
Total adjusted expenses$14,524 $16,669 $16,214 $16,991 $15,185 $14,524 $15,185 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Capitalization of DAC $(718)$(729)$(742)$(728)$(740)$(718)$(740)
Less: Divested businesses— — — — — — — 
Adjusted capitalization of DAC$(718)$(729)$(742)$(728)$(740)$(718)$(740)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Other expenses $3,057 $3,133 $3,189 $3,277 $3,191 $3,057 $3,191 
Less: Adjustments to other expenses:
Other adjustments16 11 21 7 7 16 7 
Divested businesses11 9 9 9 4 11 4 
Adjusted other expenses$3,030 $3,113 $3,159 $3,261 $3,180 $3,030 $3,180 
Adjusted other expenses on a constant currency basis$2,967 $3,052 $3,128 $3,256 $3,180 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Other expenses, net of capitalization of DAC$2,339 $2,404 $2,447 $2,549 $2,451 $2,339 $2,451 
Premiums, fees and other revenues$11,517 $13,587 $13,170 $13,687 $11,975 $11,517 $11,975 
Expense ratio20.3 %17.7 %18.6 %18.6 %20.5 %20.3 %20.5 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Adjusted other expenses by major category
Direct expenses$1,387 $1,415 $1,447 $1,559 $1,426 $1,387 $1,426 
Pension, postretirement and postemployment benefit costs59 59 59 69 65 59 65 
Premium taxes, other taxes, and licenses & fees161 184 162 153 176 161 176 
Commissions and other variable expenses1,423 1,455 1,491 1,480 1,513 1,423 1,513 
Adjusted other expenses
3,030 3,113 3,159 3,261 3,180 3,030 3,180 
Adjusted capitalization of DAC(718)(729)(742)(728)(740)(718)(740)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,312 $2,384 $2,417 $2,533 $2,440 $2,312 $2,440 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Employee-related costs$929 $895 $913 $882 $950 $929 $950 
Third-party staffing costs331 346 350 399 342 331 342 
General and administrative expenses127 174 184 278 134 127 134 
Direct expenses1,387 1,415 1,447 1,559 1,426 1,387 1,426 
Less: Total notable items related to direct expenses (1)— — — 96 — — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,387 $1,415 $1,447 $1,463 $1,426 $1,387 $1,426 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,312 $2,384 $2,417 $2,533 $2,440 $2,312 $2,440 
Less: Total notable items related to adjusted other expenses (1)— — — 96 — — — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,312 $2,384 $2,417 $2,437 $2,440 $2,312 $2,440 
Adjusted premiums, fees and other revenues$11,520 $13,594 $13,181 $13,671 $11,948 $11,520 $11,948 
Less: PRT(21)2,024 1,461 1,860 (25)(21)(25)
Adjusted premiums, fees and other revenues, excluding PRT$11,541 $11,570 $11,720 $11,811 $11,973 $11,541 $11,973 
Direct expense ratio 12.0 %10.4 %11.0 %11.4 %11.9 %12.0 %11.9 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)12.0 %12.2 %12.3 %12.4 %11.9 %12.0 %11.9 %
Adjusted expense ratio20.1 %17.5 %18.3 %18.5 %20.4 %20.1 %20.4 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.0 %20.6 %20.6 %20.6 %20.4 %20.0 %20.4 %
(1)Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively. See Page A-2 for further detail.

7
METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$283,854 $283,857 $270,982 $281,412 $278,409 
Equity securities, at estimated fair value1,695 769 742 757 750 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,063 10,204 9,680 10,331 10,313 
Mortgage loans85,572 92,986 92,230 92,506 91,458 
Policy loans8,863 8,788 8,725 8,788 8,800 
Real estate and real estate joint ventures13,155 13,045 13,133 13,332 12,992 
Other limited partnership interests14,437 14,722 14,918 14,764 14,301 
Short-term investments, principally at estimated fair value4,184 6,921 6,497 6,045 4,884 
Other invested assets19,479 19,656 18,755 18,202 18,097 
Total investments441,302 450,948 435,662 446,137 440,004 
Cash and cash equivalents, principally at estimated fair value18,456 15,417 14,912 20,639 19,840 
Accrued investment income3,554 3,505 3,704 3,589 3,636 
Premiums, reinsurance and other receivables18,692 18,530 19,002 28,971 29,986 
Market risk benefits, at estimated fair value227 279 334 286 351 
Deferred policy acquisition costs and value of business acquired19,976 19,850 19,737 20,151 19,842 
Current income tax recoverable— 189 — 190 — 
Deferred income tax assets2,257 2,377 3,174 2,612 2,751 
Goodwill9,379 9,261 9,109 9,236 9,037 
Other assets12,006 10,977 10,862 11,139 11,126 
Separate account assets148,417 145,946 135,624 144,634 141,003 
Total assets$674,266 $677,279 $652,120 $687,584 $677,576 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$191,741 $190,474 $181,755 $196,406 $191,013 
Policyholder account balances212,569 214,413 213,933 219,269 219,168 
Market risk benefits, at estimated fair value3,869 3,259 2,738 3,179 2,696 
Other policy-related balances19,598 19,642 19,665 19,736 20,219 
Policyholder dividends payable356 366 381 386 357 
Payables for collateral under securities loaned and other transactions19,863 18,806 17,797 17,524 17,470 
Short-term debt168 200 161 119 127 
Long-term debt 14,622 14,539 15,475 15,548 15,972 
Collateral financing arrangement704 675 651 637 590 
Junior subordinated debt securities3,159 3,160 3,160 3,161 3,162 
Current income tax payable554 — 59 — 10 
Deferred income tax liability1,111 752 128 927 835 
Other liabilities 25,112 34,555 34,698 35,805 36,158 
Separate account liabilities148,417 145,946 135,624 144,634 141,003 
Total liabilities641,843 646,787 626,225 657,331 648,780 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,617 33,630 33,666 33,690 33,718 
Retained earnings39,957 39,928 39,958 40,146 40,350 
Treasury stock, at cost(22,245)(22,923)(23,724)(24,591)(25,774)
Accumulated other comprehensive income (loss)(19,147)(20,386)(24,254)(19,242)(19,771)
Total MetLife, Inc.'s stockholders' equity32,194 30,261 25,658 30,015 28,535 
Noncontrolling interests229 231 237 238 261 
Total equity32,423 30,492 25,895 30,253 28,796 
Total liabilities and equity$674,266 $677,279 $652,120 $687,584 $677,576 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
  For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Adjusted earnings before provision for income tax
GROUP BENEFITS$391 $471 $645 $590 $359 
RIS505 527 594 532 504 
ASIA405 611 405 419 582 
LATIN AMERICA303 281 282 271 331 
EMEA76 92 112 63 103 
METLIFE HOLDINGS195 262 259 193 196 
CORPORATE & OTHER(273)(279)(274)(341)(244)
Total adjusted earnings before provision for income tax
$1,602 $1,965 $2,023 $1,727 $1,831 
Provision for income tax expense (benefit)
GROUP BENEFITS$84 $99 $135 $124 $75 
RIS105 110 124 111 105 
ASIA125 180 130 123 159 
LATIN AMERICA88 62 83 64 98 
EMEA16 22 24 16 26 
METLIFE HOLDINGS37 51 51 37 37 
CORPORATE & OTHER(103)(83)(79)(142)(70)
Total provision for income tax expense (benefit)
$352 $441 $468 $333 $430 
Adjusted earnings available to common shareholders
GROUP BENEFITS$307 $372 $510 $466 $284 
RIS400 417 470 421 399 
ASIA280 431 275 296 423 
LATIN AMERICA215 219 199 207 233 
EMEA60 70 88 47 77 
METLIFE HOLDINGS158 211 208 156 159 
CORPORATE & OTHER (2)(236)(228)(262)(232)(241)
Total adjusted earnings available to common shareholders (2)$1,184 $1,492 $1,488 $1,361 $1,334 
(1)Includes impact of preferred stock dividends of $66 million, $32 million, $67 million, $33 million and $67 million for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, and March 31, 2024, respectively.
9
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Adjusted revenues
Premiums$5,451 $5,427 $5,276 $5,404 $5,711 $5,451 $5,711 
Universal life and investment-type product policy fees218 223 219 218 222 218 222 
Net investment income310 327 330 334 315 310 315 
Other revenues380 363 371 379 397 380 397 
Total adjusted revenues6,359 6,340 6,196 6,335 6,645 6,359 6,645 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,994 4,866 4,592 4,712 5,236 4,994 5,236 
Policyholder liability remeasurement (gains) losses(4)2 (29)3 (3)(4)(3)
Interest credited to policyholder account balances46 48 50 49 48 46 48 
Capitalization of DAC(6)(5)(5)(4)(4)(6)(4)
Amortization of DAC and VOBA6 7 6 7 6 6 6 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt— 1 — 1 — — — 
Other expenses932 950 937 977 1,003 932 1,003 
Total adjusted expenses5,968 5,869 5,551 5,745 6,286 5,968 6,286 
Adjusted earnings before provision for income tax391 471 645 590 359 391 359 
Provision for income tax expense (benefit)84 99 135 124 75 84 75 
Adjusted earnings307 372 510 466 284 307 284 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$307 $372 $510 $466 $284 $307 $284 
Adjusted premiums, fees and other revenues$6,049 $6,013 $5,866 $6,001 $6,330 $6,049 $6,330 
10
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Direct and allocated expenses$474 $468 $464 $490 $505 
Pension, postretirement and postemployment benefit costs13 13 12 12 14 
Premium taxes, other taxes, and licenses & fees80 101 83 79 89 
Commissions and other variable expenses365 368 378 396 395 
Adjusted other expenses$932 $950 $937 $977 $1,003 
OTHER STATISTICAL INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Group Life (2)
Adjusted premiums, fees and other revenues$2,232 $2,254 $2,215 $2,199 $2,340 
Mortality ratio90.5 %85.3 %83.6 %83.5 %90.2 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,601 $2,617 $2,620 $2,689 $2,773 
Interest adjusted benefit ratio (4)72.9 %73.7 %69.0 %70.7 %73.9 %
(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) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(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.
11
RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Adjusted revenues
Premiums$501 $2,681 $2,330 $2,736 $675 $501 $675 
Universal life and investment-type product policy fees79 71 82 81 75 79 75 
Net investment income1,814 1,948 2,009 2,032 2,089 1,814 2,089 
Other revenues68 71 66 66 63 68 63 
Total adjusted revenues2,462 4,771 4,487 4,915 2,902 2,462 2,902 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,225 3,441 3,100 3,503 1,471 1,225 1,471 
Policyholder liability remeasurement (gains) losses(29)(11)(76)(15)1 (29)1 
Interest credited to policyholder account balances646 702 756 783 796 646 796 
Capitalization of DAC(45)(50)(41)(40)(61)(45)(61)
Amortization of DAC and VOBA11 12 13 13 15 11 15 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt3 4 3 4 4 3 4 
Other expenses146 146 138 135 172 146 172 
Total adjusted expenses1,957 4,244 3,893 4,383 2,398 1,957 2,398 
Adjusted earnings before provision for income tax505 527 594 532 504 505 504 
Provision for income tax expense (benefit)105 110 124 111 105 105 105 
Adjusted earnings400 417 470 421 399 400 399 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$400 $417 $470 $421 $399 $400 $399 
Adjusted premiums, fees and other revenues$648 $2,823 $2,478 $2,883 $813 $648 $813 
Less: PRT
(21)2,024 1,461 1,860 (25)(21)(25)
Adjusted premiums, fees and other revenues, excluding PRT$669 $799 $1,017 $1,023 $838 $669 $838 
12
RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Balance, end of period (at balance sheet discount rate) (2)$63,671 $64,446 $61,947 $69,407 $67,402 
Less: Accumulated other comprehensive (income) loss(1,302)(2,135)(5,598)(278)(1,735)
Balance, end of period (at original discount rate)$64,973 $66,581 $67,545 $69,685 $69,137 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Balance, end of period$79,973 $81,249 $80,929 $82,405 $83,049 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Balance, end of period$57,990 $54,501 $51,740 $53,093 $51,012 
SYNTHETIC GICS (3), (4)
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Balance, end of period$47,850 $50,453 $49,003 $49,066 $48,100 
LONGEVITY REINSURANCE (5)
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Balance, end of period$17,085 $19,401 $19,175 $21,945 $21,333 
(1)Includes $3,449 million, $3,481 million, $3,731 million, $3,782 and $3,791 million of DPL at March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)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.
(4)Includes $2,262 million, $3,112 million, $0, $1,282 million and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
(5)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom pension risk transfer market.
13
RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Direct and allocated expenses$71 $67 $66 $71 $80 
Pension, postretirement and postemployment benefit costs3 3 4 3 4 
Premium taxes, other taxes, and licenses & fees9 12 9 1 17 
Commissions and other variable expenses63 64 59 60 71 
Adjusted other expenses$146 $146 $138 $135 $172 
SPREAD
For the Three Months Ended
UnauditedMarch 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Investment income yield excluding variable investment income yield4.98 %5.18 %5.28 %5.32 %5.24 %
Variable investment income yield(0.27)%2.57 %3.08 %1.96 %6.30 %
Total investment income yield4.78 %5.08 %5.20 %5.19 %5.28 %
Average crediting rate3.82 %3.97 %4.12 %4.20 %4.23 %
Amortization of DPL and losses at inception (1)(0.21)%(0.21)%(0.22)%(0.22)%(0.22)%
Total average crediting rate3.61 %3.76 %3.90 %3.98 %4.01 %
Annualized general account spread1.17 %1.32 %1.30 %1.21 %1.27 %
Annualized general account spread excluding variable investment income yield1.37 %1.42 %1.38 %1.34 %1.23 %
(1)Includes the amortization of DPL of (0.22)%, (0.21)%, (0.23)%, (0.23)% and (0.23)% for the three months ended March 31, 2023, June 30, 2023. September 30, 2023, December 31, 2023 and March 31, 2024, respectively.
14
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Adjusted revenues
Premiums$1,377 $1,310 $1,312 $1,252 $1,297 $1,377 $1,297 
Universal life and investment-type product policy fees397 396 411 428 426 397 426 
Net investment income881 1,050 1,023 1,003 1,108 881 1,108 
Other revenues20 21 20 25 21 20 21 
Total adjusted revenues2,675 2,777 2,766 2,708 2,852 2,675 2,852 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,130 1,057 1,095 1,051 1,067 1,130 1,067 
Policyholder liability remeasurement (gains) losses11 (27)108 13 (32)11 (32)
Interest credited to policyholder account balances536 570 576 619 647 536 647 
Capitalization of DAC(401)(397)(404)(381)(361)(401)(361)
Amortization of DAC and VOBA193 190 204 207 210 193 210 
Amortization of negative VOBA(6)(5)(6)(5)(5)(6)(5)
Interest expense on debt— — — — — — — 
Other expenses807 778 788 785 744 807 744 
Total adjusted expenses2,270 2,166 2,361 2,289 2,270 2,270 2,270 
Adjusted earnings before provision for income tax405 611 405 419 582 405 582 
Provision for income tax expense (benefit)125 180 130 123 159 125 159 
Adjusted earnings280 431 275 296 423 280 423 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$280 $431 $275 $296 $423 $280 $423 
Adjusted premiums, fees and other revenues$1,794 $1,727 $1,743 $1,705 $1,744 $1,794 $1,744 
15
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Adjusted premiums, fees and other revenues$1,794 $1,727 $1,743 $1,705 $1,744 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,659 $1,645 $1,712 $1,697 $1,744 
Add: Operating joint ventures, on a constant currency basis (1)481 411 427 367 528 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,140 $2,056 $2,139 $2,064 $2,272 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Direct and allocated expenses$303 $285 $284 $300 $282 
Pension, postretirement and postemployment benefit costs17 15 16 20 15 
Premium taxes, other taxes, and licenses & fees33 32 33 34 33 
Commissions and other variable expenses454 446 455 431 414 
Adjusted other expenses$807 $778 $788 $785 $744 
Adjusted other expenses, net of adjusted capitalization of DAC$406 $381 $384 $404 $383 
Adjusted other expenses on a constant currency basis$740 $735 $772 $779 $744 
Add: Operating joint ventures, on a constant currency basis (2)124 116 114 98 116 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$864 $851 $886 $877 $860 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$467 $443 $465 $483 $451 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Japan:
Life$82 $198 $177 $194 $135 
Accident & Health61 59 52 59 71 
Annuities263 173 146 178 148 
Other2 2 2 1 2 
Total Japan408 432 377 432 356 
Other Asia226 181 222 180 228 
   Total sales$634 $613 $599 $612 $584 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Adjusted earnings available to common shareholders$280 $431 $275 $296 $423 
Adjusted earnings available to common shareholders, on a constant currency basis$269 $422 $273 $296 $423 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

16
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
GA AUM $121,072 $118,188 $113,105 $123,434 $120,743 
GA AUM (at amortized cost)$127,120 $125,266 $124,684 $130,093 $128,618 
GA AUM (at amortized cost), on a constant currency basis$121,057 $123,165 $124,216 $126,558 $128,618 
  Add: Operating joint ventures, on a constant currency basis (1)7,842 8,139 8,325 7,985 8,265 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$128,899 $131,304 $132,541 $134,543 $136,883 
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
17
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Adjusted revenues
Premiums$1,025 $1,023 $1,116 $1,123 $1,115 $1,025 $1,115 
Universal life and investment-type product policy fees335 352 359 352 370 335 370 
Net investment income379 418 365 482 386 379 386 
Other revenues12 10 9 11 11 12 11 
Total adjusted revenues1,751 1,803 1,849 1,968 1,882 1,751 1,882 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends966 976 1,020 1,132 983 966 983 
Policyholder liability remeasurement (gains) losses(4)3 (4)(20)(8)(4)(8)
Interest credited to policyholder account balances99 105 106 116 114 99 114 
Capitalization of DAC(151)(148)(171)(181)(178)(151)(178)
Amortization of DAC and VOBA106 117 121 124 125 106 125 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt2 4 2 3 3 2 3 
Other expenses430 465 493 523 512 430 512 
Total adjusted expenses1,448 1,522 1,567 1,697 1,551 1,448 1,551 
Adjusted earnings before provision for income tax303 281 282 271 331 303 331 
Provision for income tax expense (benefit)88 62 83 64 98 88 98 
Adjusted earnings215 219 199 207 233 215 233 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$215 $219 $199 $207 $233 $215 $233 
Adjusted premiums, fees and other revenues$1,372 $1,385 $1,484 $1,486 $1,496 $1,372 $1,496 
18
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Direct and allocated expenses$133 $143 $148 $154 $140 
Pension, postretirement and postemployment benefit costs1 1 1 1 2 
Premium taxes, other taxes, and licenses & fees21 20 19 29 20 
Commissions and other variable expenses275 301 325 339 350 
Adjusted other expenses$430 $465 $493 $523 $512 
Adjusted other expenses, net of adjusted capitalization of DAC$279 $317 $322 $342 $334 
Adjusted other expenses on a constant currency basis$443 $459 $483 $526 $512 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$285 $312 $315 $343 $334 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Mexico$224 $160 $199 $167 238 
Chile87 85 89 93 94 
All other100 84 80 85 79 
Total sales$411 $329 $368 $345 $411 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Adjusted premiums, fees and other revenues$1,372 $1,385 $1,484 $1,486 $1,496 
Adjusted earnings available to common shareholders$215 $219 $199 $207 $233 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,380 $1,353 $1,440 $1,489 $1,496 
Adjusted earnings available to common shareholders, on a constant currency basis$221 $213 $194 $206 $233 

19
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Adjusted revenues
Premiums$496 $499 $502 $519 $536 $496 $536 
Universal life and investment-type product policy fees77 75 79 67 77 77 77 
Net investment income45 47 51 54 54 45 54 
Other revenues8 8 7 9 7 8 7 
Total adjusted revenues626 629 639 649 674 626 674 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends261 237 230 256 258 261 258 
Policyholder liability remeasurement (gains) losses(3)2 (9)7 — (3)— 
Interest credited to policyholder account balances16 19 19 18 19 16 19 
Capitalization of DAC(108)(119)(114)(116)(128)(108)(128)
Amortization of DAC and VOBA85 85 87 91 91 85 91 
Amortization of negative VOBA(1)(1)(1)(1)(1)(1)(1)
Interest expense on debt— — — — — — — 
Other expenses300 314 315 331 332 300 332 
Total adjusted expenses550 537 527 586 571 550 571 
Adjusted earnings before provision for income tax76 92 112 63 103 76 103 
Provision for income tax expense (benefit)16 22 24 16 26 16 26 
Adjusted earnings60 70 88 47 77 60 77 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$60 $70 $88 $47 $77 $60 $77 
Adjusted premiums, fees and other revenues$581 $582 $588 $595 $620 $581 $620 
20
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Direct and allocated expenses$94 $97 $104 $109 $101 
Pension, postretirement and postemployment benefit costs1 1 2 6 1 
Premium taxes, other taxes, and licenses & fees5 6 6 6 6 
Commissions and other variable expenses200 210 203 210 224 
Adjusted other expenses$300 $314 $315 $331 $332 
Adjusted other expenses, net of adjusted capitalization of DAC$192 $195 $201 $215 $204 
Adjusted other expenses on a constant currency basis $291 $302 $310 $329 $332 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$188 $190 $199 $214 $204 
OTHER STATISTICAL INFORMATION
  For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Adjusted premiums, fees and other revenues$581 $582 $588 $595 $620 
Adjusted earnings available to common shareholders$60 $70 $88 $47 $77 
Adjusted premiums, fees and other revenues, on a constant currency basis$568 $565 $579 $593 $620 
Adjusted earnings available to common shareholders, on a constant currency basis$57 $66 $87 $48 $77 
Total sales on a constant currency basis$252 $219 $195 $205 $292 
21
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Adjusted revenues
Premiums$723 $719 $685 $754 $713 $723 $713 
Universal life and investment-type product policy fees183 170 184 95 78 183 78 
Net investment income1,127 1,170 1,153 1,044 1,010 1,127 1,010 
Other revenues53 49 41 52 50 53 50 
Total adjusted revenues2,086 2,108 2,063 1,945 1,851 2,086 1,851 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,369 1,341 1,311 1,329 1,251 1,369 1,251 
Policyholder liability remeasurement (gains) losses20 15 (7)9 20 20 20 
Interest credited to policyholder account balances199 198 198 135 103 199 103 
Capitalization of DAC(6)(6)(5)(5)(5)(6)(5)
Amortization of DAC and VOBA68 64 65 61 59 68 59 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt3 3 4 3 4 3 4 
Other expenses238 231 238 220 223 238 223 
Total adjusted expenses1,891 1,846 1,804 1,752 1,655 1,891 1,655 
Adjusted earnings before provision for income tax195 262 259 193 196 195 196 
Provision for income tax expense (benefit)37 51 51 37 37 37 37 
Adjusted earnings158 211 208 156 159 158 159 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$158 $211 $208 $156 $159 $158 $159 
Adjusted premiums, fees and other revenues$959 $938 $910 $901 $841 $959 $841 
22
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Annuities$1,606 $1,581 $1,508 $1,610 $1,577 
Life and Other54,365 54,187 53,930 53,930 53,604 
Long Term Care14,617 14,498 13,025 15,240 14,845 
Balance, end of period (at balance sheet discount rate) (2)$70,588 $70,266 $68,463 $70,780 $70,026 
Less:
Annuities$(29)$(50)$(110)$(18)$(46)
Life and Other(16)18 (120)27 (2)
Long Term Care111 (172)(1,754)313 (215)
Accumulated other comprehensive (income) loss$66 $(204)$(1,984)$322 $(263)
Annuities$1,635 $1,631 $1,618 $1,628 $1,623 
Life and Other54,381 54,169 54,050 53,903 53,606 
Long Term Care14,506 14,670 14,779 14,927 15,060 
Balance, end of period (at original discount rate)$70,522 $70,470 $70,447 $70,458 $70,289 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (3)
Annuities$— $— $— $1,519 $1,526 
Life and Other$1,038 $1,030 $1,044 $2,341 $2,345 
Long Term Care$— $— $— $— $— 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Annuities$12,818 $12,410 $12,006 $11,537 $11,129 
Life and Other12,234 12,044 11,844 11,641 11,486 
Balance, end of period$25,052 $24,454 $23,850 $23,178 $22,615 
Policyholder account balances subject to reinsurance (3)
Annuities$— $— $— $3,485 $3,345 
Life and Other$1,555 $1,548 $1,542 $6,352 $6,532 
MARKET RISK BENEFITS (4)
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Annuities$3,361 $2,793 $2,268 $2,722 $2,231 
Balance, end of period$3,361 $2,793 $2,268 $2,722 $2,231 
Market risk benefits subject to reinsurance$— $— $— $— $— 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Annuities$29,320 $29,616 $27,455 $29,224 $29,866 
Life and Other5,794 6,071 5,736 6,324 6,757 
Balance, end of period$35,114 $35,687 $33,191 $35,548 $36,623 
Separate accounts liabilities subject to modified coinsurance (5)
Annuities$— $— $— $83 $85 
Life and Other$— $— $— $5,597 $5,980 
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Represents the current discount rate at the respective balance sheet date.
(3) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(4) Market risk benefits include Japan reinsurance.
(5) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
23
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Direct and allocated expenses$171 $165 $166 $164 $165 
Pension, postretirement and postemployment benefit costs6 6 5 6 6 
Premium taxes, other taxes, and licenses & fees18 17 19 16 16 
Commissions and other variable expenses43 43 48 34 36 
Adjusted other expenses$238 $231 $238 $220 $223 
OTHER STATISTICAL INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Lapse Ratio (1)
Traditional life4.7 %4.8 %5.1 %5.4 %5.7 %
Variable annuity9.5 %9.9 %10.5 %11.1 %11.6 %
(1) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

24
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Adjusted revenues
Premiums$16 $19 $9 $(2)$6 $16 $6 
Universal life and investment-type product policy fees— 1 — — — — — 
Net investment income50 80 125 98 106 50 106 
Other revenues101 106 103 102 98 101 98 
Total adjusted revenues167 206 237 198 210 167 210 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends16 12 4 (9)8 16 8 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(1)(4)(2)(1)(3)(1)(3)
Amortization of DAC and VOBA1 4 3 1 2 1 2 
Amortization of negative VOBA— — — — — — — 
Interest expense on debt247 244 256 258 253 247 253 
Other expenses177 229 250 290 194 177 194 
Total adjusted expenses440 485 511 539 454 440 454 
Adjusted earnings before provision for income tax(273)(279)(274)(341)(244)(273)(244)
Provision for income tax expense (benefit)(103)(83)(79)(142)(70)(103)(70)
Adjusted earnings(170)(196)(195)(199)(174)(170)(174)
Preferred stock dividends66 32 67 33 67 66 67 
Adjusted earnings available to common shareholders$(236)$(228)$(262)$(232)$(241)$(236)$(241)
Adjusted premiums, fees and other revenues$117 $126 $112 $100 $104 $117 $104 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Business activities$19 $20 $13 $35 $6 $19 $6 
Net investment income51 81 126 95 102 51 102 
Interest expense on debt(258)(254)(266)(269)(265)(258)(265)
Corporate initiatives and projects(14)(32)(12)(9)(6)(14)(6)
Other(71)(94)(135)(193)(81)(71)(81)
Provision for income tax (expense) benefit and other tax-related items103 83 79 142 70 103 70 
Preferred stock dividends(66)(32)(67)(33)(67)(66)(67)
Adjusted earnings available to common shareholders$(236)$(228)$(262)$(232)$(241)$(236)$(241)
25
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 EndedAt or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Fixed Maturity Securities
Yield (1)4.07 %4.17 %4.19 %4.39 %4.38 %4.07 %4.38 %
Investment income (2), (3)$3,028 $3,107 $3,123 $3,241 $3,200 $3,028 $3,200 
Investment gains (losses)(580)(996)(699)(197)(85)(580)(85)
Ending carrying value (4)285,397 285,444 272,456 282,861 279,855 285,397 279,855 
Net Mortgage Loans
Yield (1)4.92 %5.12 %5.18 %5.36 %5.25 %4.92 %5.25 %
Investment income (3)1,041 1,091 1,094 1,127 1,100 1,041 1,100 
Investment gains (losses)(164)32 3 (69)(82)(164)(82)
Ending carrying value (5)85,572 84,794 84,058 84,118 83,452 85,572 83,452 
Real Estate and Real Estate Joint Ventures
Yield (1)(2.10)%0.82 %(0.31)%2.08 %(2.74)%(2.10)%(2.74)%
Investment income(69)27 (11)69 (90)(69)(90)
Investment gains (losses)18 13 1 37 35 18 35 
Ending carrying value13,155 13,045 13,133 13,332 12,992 13,155 12,992 
Policy Loans
Yield (1)5.35 %5.39 %5.52 %5.36 %5.56 %5.35 %5.56 %
Investment income119 119 120 113 113 119 113 
Ending carrying value8,863 8,788 8,725 8,788 8,800 8,863 8,800 
Equity Securities
Yield (1)3.17 %4.11 %4.14 %3.37 %5.48 %3.17 %5.48 %
Investment income12 10 5 4 7 12 7 
Investment gains (losses)48 32 (14)15 28 48 28 
Ending carrying value1,695 769 742 757 750 1,695 750 
Other Limited Partnership Interests
Yield (1), (6)0.73 %6.17 %5.56 %(0.06)%8.27 %0.73 %8.27 %
Investment income (6)26 225 206 (2)301 26 301 
Investment gains (losses)9 3 — — (50)9 (50)
Ending carrying value (7)14,437 14,722 14,918 14,764 14,301 14,437 14,301 
Cash and Short-term Investments
Yield (1)5.01 %5.94 %6.38 %5.61 %5.32 %5.01 %5.32 %
Investment income167 195 220 229 246 167 246 
Investment gains (losses)(11)29 5 (33)25 (11)25 
Ending carrying value22,640 22,338 21,409 26,684 24,724 22,640 24,724 
Other Invested Assets
Investment income 439 397 420 410 348 439 348 
Investment gains (losses)(11)13 (167)7 (17)(11)(17)
Ending carrying value19,479 19,656 18,755 18,202 18,097 19,479 18,097 
Total Investments
Investment income yield (1)4.31 %4.66 %4.68 %4.69 %4.75 %4.31 %4.75 %
Investment fees and expenses yield (1)(0.14)%(0.12)%(0.11)%(0.13)%(0.14)%(0.14)%(0.14)%
Net Investment Income Yield (1)4.17 %4.54 %4.57 %4.56 %4.61 %4.17 %4.61 %
Investment income$4,763 $5,171 $5,177 $5,191 $5,225 $4,763 $5,225 
Investment fees and expenses(157)(131)(121)(144)(157)(157)(157)
Net investment income including divested businesses4,606 5,040 5,056 5,047 5,068 4,606 5,068 
Less: Net investment income from divested businesses— — — — — — — 
Adjusted Net Investment Income (8)$4,606 $5,040 $5,056 $5,047 $5,068 $4,606 $5,068 
Ending Carrying Value$451,238 $449,556 $434,196 $449,506 $442,971 $451,238 $442,971 
Investment Portfolio Gains (Losses) (9)$(691)$(874)$(871)$(240)$(146)$(691)$(146)
Gross investment gains433 271 119 292 331 433 331 
Gross investment losses(936)(276)(418)(465)(435)(936)(435)
Net credit loss (provision) release and (impairments)(188)(869)(572)(67)(42)(188)(42)
Investment Portfolio Gains (Losses) (9)(691)(874)(871)(240)(146)(691)(146)
Investment portfolio gains (losses) income tax (expense) benefit181 188 155 80 41 181 41 
Investment Portfolio Gains (Losses), Net of Income Tax$(510)$(686)$(716)$(160)$(105)$(510)$(105)
Derivative gains (losses) (9)(372)(1,278)(1,454)(123)(1,175)(372)(1,175)
Derivative gains (losses) income tax (expense) benefit47 320 397 (45)304 47 304 
Derivative Gains (Losses), Net of Income Tax$(325)$(958)$(1,057)$(168)$(871)$(325)$(871)
See footnotes on Page 29.

26
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$82,482 29.1 %$82,523 29.1 %$78,552 28.9 %$80,717 28.7 %$80,553 28.9 %
Foreign corporate54,285 19.1 %53,690 18.9 %51,377 19.0 %55,444 19.7 %54,029 19.4 %
Foreign government48,111 16.9 %45,994 16.2 %42,685 15.8 %45,489 16.2 %42,793 15.4 %
U.S. government and agency32,878 11.6 %33,129 11.7 %31,729 11.7 %32,252 11.5 %31,848 11.4 %
Residential mortgage-backed26,543 9.4 %28,458 10.0 %27,785 10.3 %29,096 10.3 %31,142 11.2 %
Asset-backed securities and collateralized loan obligations16,970 6.0 %17,480 6.2 %17,412 6.4 %17,294 6.1 %17,468 6.3 %
Municipals12,597 4.4 %12,324 4.3 %11,347 4.2 %11,171 4.0 %10,938 3.9 %
Commercial mortgage-backed9,988 3.5 %10,259 3.6 %10,095 3.7 %9,949 3.5 %9,638 3.5 %
Fixed Maturity Securities Available-For-Sale$283,854 100.0 %$283,857 100.0 %$270,982 100.0 %$281,412 100.0 %$278,409 100.0 %
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$195,535 69.0 %$196,361 69.3 %$186,834 69.0 %$194,722 69.2 %$192,127 69.0 %
Baa274,661 26.3 %73,827 26.0 %71,043 26.2 %73,680 26.2 %73,367 26.4 %
Ba310,856 3.8 %10,885 3.8 %10,325 3.8 %10,299 3.7 %10,323 3.7 %
B42,296 0.8 %2,311 0.8 %2,343 0.9 %2,371 0.8 %2,259 0.8 %
Caa and lower5395 0.1 %346 0.1 %338 0.1 %258 0.1 %267 0.1 %
In or near default6111 — %127 — %99 — %82 — %66 — %
Total Fixed Maturity Securities Available-For-Sale (10)$283,854 100.0 %$283,857 100.0 %$270,982 100.0 %$281,412 100.0 %$278,409 100.0 %
GROSS UNREALIZED GAINS AND LOSSES
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Gross unrealized gains$6,554 $5,991 $3,685 $6,876 $6,021 
Gross unrealized losses27,469 28,982 38,702 25,835 28,122 
Net Unrealized Gains (Losses)$(20,915)$(22,991)$(35,017)$(18,959)$(22,101)
See footnotes on Page 29.

27
INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
          
Commercial mortgage loans$53,697 $52,737 $52,053 $52,111 $51,527 
Agricultural mortgage loans 19,361 19,579 19,658 19,559 19,461 
Residential mortgage loans13,206 13,129 12,986 13,096 13,201 
Total86,264 85,445 84,697 84,766 84,189 
Allowance for credit loss(692)(651)(639)(648)(737)
Net Mortgage Loans$85,572 $84,794 $84,058 $84,118 $83,452 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$9,736 18.1 %$9,171 17.4 %$9,206 17.7 %$9,016 17.3 %$9,036 17.5 %
Non-U.S.9,383 17.5 %9,243 17.5 %8,682 16.7 %8,933 17.1 %8,453 16.4 %
Middle Atlantic7,647 14.2 %7,572 14.4 %7,581 14.6 %7,477 14.3 %7,430 14.4 %
South Atlantic6,671 12.4 %6,514 12.4 %6,581 12.6 %6,637 12.7 %6,802 13.2 %
West South Central3,765 7.0 %3,496 6.6 %3,417 6.6 %3,472 6.7 %3,502 6.8 %
New England2,876 5.4 %2,878 5.5 %2,875 5.5 %2,859 5.5 %2,821 5.5 %
Mountain2,284 4.3 %2,227 4.2 %2,191 4.2 %2,193 4.2 %2,192 4.3 %
East North Central1,768 3.3 %1,809 3.4 %1,855 3.6 %1,822 3.5 %1,701 3.3 %
East South Central624 1.2 %623 1.2 %622 1.2 %654 1.3 %653 1.3 %
West North Central596 1.1 %602 1.1 %643 1.2 %613 1.2 %644 1.2 %
Multi-Region and Other8,347 15.5 %8,602 16.3 %8,400 16.1 %8,435 16.2 %8,293 16.1 %
Total$53,697 100.0 %$52,737 100.0 %$52,053 100.0 %$52,111 100.0 %$51,527 100.0 %
Office$21,134 39.4 %$20,215 38.3 %$19,619 37.7 %$19,651 37.7 %$19,369 37.6 %
Apartment11,357 21.2 %11,928 22.6 %11,807 22.7 %11,974 23.0 %11,353 22.0 %
Retail8,289 15.4 %7,433 14.1 %7,441 14.3 %7,218 13.9 %7,371 14.3 %
Industrial5,219 9.7 %5,158 9.8 %5,248 10.1 %5,275 10.1 %5,315 10.3 %
Single Family Rental4,457 8.3 %4,711 8.9 %4,735 9.1 %4,728 9.1 %4,823 9.4 %
Hotel3,117 5.8 %3,170 6.0 %3,088 5.9 %3,140 6.0 %3,199 6.2 %
Other124 0.2 %122 0.3 %115 0.2 %125 0.2 %97 0.2 %
Total$53,697 100.0 %$52,737 100.0 %$52,053 100.0 %$52,111 100.0 %$51,527 100.0 %
See footnotes on Page 29.
28
INVESTMENTS
FOOTNOTES
(1)We calculate annualized 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. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, 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. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. 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 $48 million, $50 million, ($17) million, $107 million, and $85 million for the three months ended March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively, and $48 million and $85 million for the year-to-date period ended March 31, 2023 and March 31, 2024, respectively.
(3)Investment income from fixed maturity securities and net 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.
March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Fixed maturity securities available-for-sale$283,854 $283,857 $270,982 $281,412 $278,409 
Contractholder-directed equity securities and fair value option securities10,063 10,204 9,680 10,331 10,313 
Total fixed maturity securities293,917 294,061 280,662 291,743 288,722 
Less: Contractholder-directed equity securities8,520 8,617 8,206 8,882 8,867 
Fixed maturity securities$285,397 $285,444 $272,456 $282,861 $279,855 
(5)Net mortgage loans exclude mortgage loans originated for third parties of $8,265 million, $8,238 million, $8,461 million and $8,083 million at amortized cost, which is primarily comprised of commercial mortgage loans of $8,022 million, $7,998 million, $8,215 million and $7,832 million at amortized cost, and does not include the related allowance for credit loss of $73 million, $66 million, $73 million and $77 million at June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively. Prior to the second quarter of 2023, these mortgage loans originated for third parties were accounted for by MetLife as sales of portions of the related mortgage loans.
(6)Other limited partnership interests includes investment income related to private equity investments of $17 million, $223 million, $203 million, ($2) million and $301 million for the three months ended March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively, and $17 million and $301 million for the year-to-date period ended March 31, 2023 and March 31, 2024, respectively. The annualized yields for these periods were 0.48%, 6.19%, 5.50%, (0.06%), 8.29%, 0.48% and 8.29%, respectively.
(7)Other limited partnership interests includes ending carrying value related to private equity investments of $14,225 million, $14,608 million, $14,862 million, $14,738 million and $14,276 million, at March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, respectively.
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year-to-Date Period Ended
March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Net investment gains (losses) $(684)$(1,039)$(927)$(174)$(375)$(684)$(375)
Less: Non-investment portfolio gains (losses)13 (95)(63)64 (226)13 (226)
Less: Provision for credit loss on certain mortgage loans originated for third parties— (73)7 (7)(4)— (4)
Less: Other adjustments(6)3 — 9 1 (6)1 
Investment portfolio gains (losses) $(691)$(874)$(871)$(240)$(146)$(691)$(146)
For the Three Months EndedFor the Year-to-Date Period Ended
March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Net derivative gains (losses) $(90)$(997)$(1,202)$149 $(979)$(90)$(979)
Less: Investment hedge adjustments264 263 232 253 176 264 176 
Less: Other adjustments18 18 20 19 20 18 20 
Derivative gains (losses) $(372)$(1,278)$(1,454)$(123)$(1,175)$(372)$(1,175)
(10)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. 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 that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
29
imagk05a.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$14 $370 $422 $574 $800 $14 $800 
Add: Preferred stock dividends66 32 67 33 67 66 67 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net income (loss) attributable to noncontrolling interests5 6 6 7 8 5 8 
Net income (loss) 85 408 495 614 875 $85 $875 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(684)(1,039)(927)(174)(375)(684)(375)
Net derivative gains (losses)(90)(997)(1,202)149 (979)(90)(979)
Market risk benefit remeasurement gains (losses)(188)817 796 (431)694 (188)694 
Premiums - Divested businesses
— — — — — — — 
Universal life and investment-type product policy fees - Divested businesses
— — — — — — — 
Net investment income
Investment hedge adjustments(264)(263)(232)(253)(176)(264)(176)
Unit-linked contract income303 296 4 580 542 303 542 
Other adjustments— (1)(3)(8)2 — 2 
Divested businesses— — — — — — — 
Other revenues
Asymmetrical and non-economic accounting— — — 29 39 — 39 
Other adjustments(3)(7)(11)(13)(12)(3)(12)
Divested businesses— — — — — — — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(84)(74)5 (26)(14)(84)(14)
Market volatility14 44 64 62 67 14 67 
Divested businesses— — — — — — — 
Policyholder liability remeasurement (gains) losses - Divested businesses
— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting(19)10 44 (103)(24)(19)(24)
Unit-linked contract costs(303)(301)3 (582)(539)(303)(539)
Divested businesses— — — — — — — 
Capitalization of DAC - Divested businesses
— — — — — — — 
Amortization of DAC and VOBA - Divested businesses
— — — — — — — 
Amortization of negative VOBA - Divested business
— — — — — — — 
Interest expense on debt - Divested business
— — — — — — — 
Other expenses
Other adjustments(16)(11)(21)(7)(7)(16)(7)
Divested businesses(11)(9)(9)(9)(4)(11)(4)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit180 419 429 6 260 180 260 
Adjusted earnings1,250 1,524 1,555 1,394 1,401 1,250 1,401 
Less: Preferred stock dividends66 32 67 33 67 66 67 
Adjusted earnings available to common shareholders$1,184 $1,492 $1,488 $1,361 $1,334 $1,184 $1,334 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Actuarial assumption review and other insurance adjustments$— $— $14 $— $— $— $— 
Litigation reserves and settlement costs— — — (76)— — — 
Total notable items$— $— $14 $(76)$— $— $— 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Actuarial assumption review and other insurance adjustments $— $— $27 $— $— $— $— 
Total notable items $— $— $27 $— $— $— $— 
RIS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Actuarial assumption review and other insurance adjustments $— $— $61 $— $— $— $— 
Total notable items $— $— $61 $— $— $— $— 
(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 (1) CONTINUED
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $(94)$— $— $— $— 
Total notable items
$— $— $(94)$— $— $— $— 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $— $— $— $— 
Total notable items
$— $— $— $— $— $— $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $18 $— $— $— $— 
Total notable items
$— $— $18 $— $— $— $— 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $2 $— $— $— $— 
Total notable items
$— $— $2 $— $— $— $— 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024March 31, 2023March 31, 2024
Litigation reserves and settlement costs— — — (76)— — — 
Total notable items$— $— $— $(76)$— $— $— 
(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)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Total MetLife, Inc.'s stockholders' equity$32,194 $30,261 $25,658 $30,015 $28,535 
Less: Preferred stock3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 28,376 26,443 21,840 26,197 24,717 
Less: Net unrealized investment gains (losses), net of income tax(14,606)(16,800)(26,548)(14,323)(16,611)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax2,748 3,919 10,245 2,658 4,773 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax186 108 (4)27 (47)
  Defined benefit plans adjustment, net of income tax(1,356)(1,331)(1,308)(1,446)(1,421)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA41,404 40,547 39,455 39,281 38,023 
Less: Accumulated year-to-date total notable items (2)— — 14 (62)— 
Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$41,404 $40,547 $39,441 $39,343 $38,023 
Unaudited (In millions, except per share data)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Book value per common share $36.89 $34.92 $29.34 $35.85 $34.54 
Less: Net unrealized investment gains (losses), net of income tax(18.99)(22.19)(35.66)(19.60)(23.21)
  Future policy benefits discount rate remeasurement gains (losses), net of income tax3.57 5.18 13.77 3.64 6.68 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax0.24 0.14 (0.01)0.04 (0.07)
  Defined benefit plans adjustment, net of income tax(1.76)(1.76)(1.76)(1.98)(1.99)
Book value per common share, excluding AOCI other than FCTA$53.83 $53.55 $53.00 $53.75 $53.13 
Common shares outstanding, end of period 769.2 757.2 744.4 730.8 715.7 
For the Three Months Ended (1)
Unaudited (In millions, except ratios)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Return on MetLife, Inc.'s:
Common stockholders' equity 0.2 %5.4 %7.0 %9.6 %12.6 %
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity 17.4 %21.8 %24.7 %22.7 %21.0 %
Common stockholders' equity, excluding AOCI other than FCTA 11.3 %14.6 %14.9 %13.8 %13.8 %
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)11.3 %14.6 %14.7 %14.6 %13.8 %
Average common stockholders' equity $27,220 $27,410 $24,142 $24,019 $25,457 
Average common stockholders' equity, excluding AOCI other than FCTA $41,856 $40,976 $40,001 $39,368 $38,652 
Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)$41,856 $40,976 $39,994 $39,392 $38,652 
(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.
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)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
GROUP BENEFITS (1)$6,049 $6,013 $5,866 $6,001 $6,330 
RIS (1)648 2,823 2,478 2,883 813 
ASIA 1,659 1,645 1,712 1,697 1,744 
LATIN AMERICA1,380 1,353 1,440 1,489 1,496 
EMEA 568 565 579 593 620 
METLIFE HOLDINGS (1)959 938 910 901 841 
CORPORATE & OTHER (1)117 126 112 100 104 
Adjusted premiums, fees and other revenues, on a constant currency basis$11,380 $13,463 $13,097 $13,664 $11,948 
Adjusted premiums, fees and other revenues$11,520 $13,594 $13,181 $13,671 $11,948 
ASIA (including operating joint ventures) (2), (3)$2,140 $2,056 $2,139 $2,064 $2,272 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
GROUP BENEFITS (1)$932 $950 $937 $977 $1,003 
RIS (1)146 146 138 135 172 
ASIA 740 735 772 779 744 
LATIN AMERICA443 459 483 526 512 
EMEA291 302 310 329 332 
METLIFE HOLDINGS (1)238 231 238 220 223 
CORPORATE & OTHER (1)177 229 250 290 194 
Adjusted other expenses on a constant currency basis$2,967 $3,052 $3,128 $3,256 $3,180 
Adjusted other expenses$3,030 $3,113 $3,159 $3,261 $3,180 
ASIA (including operating joint ventures) (2), (4)$864 $851 $886 $877 $860 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
GROUP BENEFITS (1)$307 $372 $510 $466 $284 
RIS (1)400 417 470 421 399 
ASIA 269 422 273 296 423 
LATIN AMERICA221 213 194 206 233 
EMEA 57 66 87 48 77 
METLIFE HOLDINGS (1)158 211 208 156 159 
CORPORATE & OTHER (1)(236)(228)(262)(232)(241)
Adjusted earnings available to common shareholders on a constant currency basis$1,176 $1,473 $1,480 $1,361 $1,334 
Adjusted earnings available to common shareholders$1,184 $1,492 $1,488 $1,361 $1,334 
(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 15 for operating joint ventures.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
A-5
APPENDIX
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 and 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)investment portfolio gains (losses)(xiv)net investment gains (losses)
(xv)derivative gains (losses)(xv)net derivative gains (losses)
(xvi)adjusted capitalization of DAC(xvi)capitalization of DAC
(xvii)total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA(xvii)total MetLife, Inc.’s stockholders’ equity
(xviii)total MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA)(xviii)total MetLife, Inc.’s stockholders’ equity
(xix)book value per common share, excluding AOCI other than FCTA(xix)book value per common share
(xx)adjusted other expenses(xx)other expenses
(xxi)adjusted other expenses, net of adjusted capitalization of DAC(xxi)other expenses, net of capitalization of DAC
(xxii)adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses(xxii)other expenses, net of capitalization of DAC
(xxiii)adjusted expense ratio(xxiii)expense ratio
(xxiv)adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT(xxiv)expense ratio
(xxv)direct expenses(xxv)other expenses
(xxvi)direct expenses, excluding total notable items related to direct expenses(xxvi)other expenses
(xxvii)direct expense ratio(xxvii)expense ratio
(xxviii)direct expense ratio, excluding total notable items related to direct expenses and PRT(xxviii)expense ratio
(xxix)future policy benefits at original discount rate(xxix)future policy benefits at balance sheet discount rate
Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at www.metlife.com.

A-6
APPENDIX
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 (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:
•Net investment income includes 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").
•
Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•
Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•
Interest credited to policyholder account balances excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. 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.
Other adjustments are made to the line items indicated in calculating adjusted earnings:
•
Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs").
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
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.
A-7

APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
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).
Return on equity and related measures
•Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: Total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement 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), future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement 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).
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.
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 expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
•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. Asia GA AUM is stated at estimated fair value and 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, mortgage loans originated for third parties and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) 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 net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) 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
APPENDIX
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
NAICNational Association of Insurance Commissioners
NRSRONationally Recognized Statistical Rating Organization
PRTPension risk transfers
QFSQuarterly financial supplement
RISRetirement and Income Solutions
VOBAValue of business acquired
A-9

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