8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) February 13, 2018

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

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

212-578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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

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

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

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

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

Emerging growth company  ☐

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

Item 2.02 Results of Operations and Financial Condition.

On February 13, 2018, MetLife, Inc. issued (i) a news release announcing its results for the quarter and full year ended December 31, 2017 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended December 31, 2017 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference and (iii) a supplemental slide presentation for the fourth quarter and full year 2017 (the “Supplemental Slides”) attached hereto as Exhibit 99.3 and incorporated herein by reference. The Earnings Release, the Quarterly Financial Supplement and the Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 8.01. Other Events

Overview

On December 15, 2017, MetLife, Inc. (together with its subsidiaries, the “Company”) announced that it was undertaking a review of practices and procedures used to estimate its reserves related to certain Retirement and Income Solutions (“RIS”) group annuitants who have been unresponsive or missing over time. As a result of this process, management, in consultation with the Audit Committee of MetLife, Inc.’s Board of Directors, has identified a material weakness in the Company’s internal control over financial reporting related to certain RIS group annuity reserves.

In addition, the Company has completed a review of its processes and procedures for identifying unresponsive and missing (a) international group annuity annuitants and pension beneficiaries and (b) policyholders and beneficiaries for the other insurance and annuity products the Company offers for all segments. While certain of the Company’s processes, procedures, and controls have been identified for further enhancement, no issues which would be material to the conduct of the Company’s business, results of operations or financial position were identified. The Company intends going forward to increase the scope and frequency of such reviews in connection with its material weakness remediation efforts.

Based on the Company’s internal review, MetLife, Inc.’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) determined that there were deficiencies in the design and/or execution of internal controls that aggregated to a material weakness. Management determined that a lack of adequate controls over the administrative and accounting practices relating to certain RIS group annuity reserves and the untimely communication and escalation of issues regarding those reserves throughout the Company contributed to the material weakness.

In conjunction with the material weakness, the Company increased reserves by $510 million pre-tax to reinstate reserves previously released, and to reflect accrued interest and other related liabilities. Of the increase of $510 million, $372 million was considered an error and will be recorded as a revision to prior years presented in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 10-K”) and Quarterly Financial Supplement for the quarter ended December 31, 2017.

The revisions related to prior periods were not material to any given period. As such, this material weakness did not result in a material misstatement in the Company’s previously filed consolidated financial statements and such financial statements can still be relied upon.

The Company previously informed its primary state regulator, the New York Department of Financial Services, about this matter and the department is examining the issue. In addition, the U.S. Securities and Exchange Commission staff is also investigating this matter. The Company is fully cooperating with each.

Metropolitan Life Insurance Company (“Metropolitan”) is a wholly-owned subsidiary of MetLife, Inc. Metropolitan management has determined that Metropolitan has a material weakness in internal controls over financial reporting due to the same control deficiencies described herein. Metropolitan will disclose details about the impact of its material weakness and its remediation efforts in its Annual Report on Form 10-K for the year ended December 31, 2017.

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed in the Company’s reports filed under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules, and that such information is accumulated and communicated to Company management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

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Company management, including the CEO and CFO, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rule 13a-15(e) and 15d-15(e) of the Exchange Act as of December 31, 2017, the end of the period covered by the 2017 10-K. Based on such evaluation, the CEO and CFO concluded that the disclosure controls and procedures were not effective due to the material weakness in internal control over financial reporting described below.

Management’s Annual Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Exchange Act Rule 13a-15(f). In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of internal control include providing management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management’s authorization and recorded properly to permit the preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Management evaluated the design and operating effectiveness of the Company’s internal control over financial reporting based on the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“the COSO framework”). Solely because of the material weakness in internal control over financial reporting described below, in the opinion of management, MetLife, Inc. has not maintained effective internal control over financial reporting at December 31, 2017.

A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Identification of the Material Weakness in Internal Controls over Financial Reporting

Approximately 25 years ago, companies that are or have been MetLife, Inc. subsidiaries established a practice of releasing the full insurance liability after two attempts at contacting these annuitants, based on the presumption that these annuitants would never respond and had not become entitled to benefits based on certain contractual provisions. The number of impacted annuitants for whom the Company released the full insurance liability was no more than 1,000 in any one year, and over the entire period totaled approximately 13,500 as of December 31, 2017, which is approximately 2% of the total group annuitant population.

Following a detailed review, management concluded that such administrative practices were not sufficient to allow for reserves to be released. In addition, management concluded that the reserve release process issues, to the extent identified earlier, were not timely communicated or escalated throughout the Company, hindering the Company’s ability to fully identify and address these issues in a timely manner.

Management concluded its internal control over financial reporting as of December 31, 2017 was not effective based on the criteria established in the COSO framework. The Company has identified the following deficiencies in the principles associated with both the control activities and information and communication components of the COSO framework:

• Ineffective design and operating effectiveness of the controls related to processes and procedures for identifying unresponsive and missing group annuity annuitants and pension beneficiaries (Control Activities); and

• Ineffective design and operating effectiveness of the controls intended to ensure timely communication and escalation of the issue throughout the Company. (Information & Communication).

Changes in Internal Control Over Financial Reporting

There were no changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended December 31, 2017 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Status of the Material Weakness Remediation

During the fourth quarter of 2017, management initiated a review of the Company’s internal control over financial reporting related to the matters giving rise to the material weakness. Although the Company’s remediation plan remains under development, the Company has begun remediation efforts and will continue initiatives to implement, document, and communicate policies, procedures, and internal controls. The Company’s remediation of the identified material weakness and strengthening of its internal control environment will require a substantial effort throughout 2018. The Company will test the ongoing operating effectiveness of the new and existing controls. The Company will not consider the material weakness remediated until it has operated the applicable controls for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

While the Company believes the steps taken to date and those planned for implementation will improve the effectiveness of its internal control over financial reporting, it has not completed all remediation efforts identified herein. Accordingly, the Company has and will continue to perform additional procedures and employ additional tools and resources it determines necessary to ensure that its consolidated financial statements are fairly stated in all material respects.

The following remediation activities highlight the Company’s commitment to remediating its identified material weakness:

• Control Activities—The Company is making immediate changes to its administrative and accounting procedures and search practices to identify, contact, and record responses from “unresponsive and missing” plan annuitants and to otherwise locate missing annuitants. These procedures, which management will continue to refine, include, but are not limited to:

^◇  Earlier, and more frequent, attempts to contact all annuitants prior to their normal retirement date (“NRD”), including the use of certified mail and additional external database searches;

^◇  Revisions to communications to annuitants regarding their benefits, the consequences of failing to respond to the communications, and confirmation and use of current mailing addresses, email addresses and telephone numbers;

^◇  Simplification and clarity of language in notification letters sent to annuitants;

^◇  Additional data checks using additional commercial locator services 90 days before NRD and when receiving returned mail; and

^◇  Contacting the original plan sponsor (if available), as well as any contingent annuitant or beneficiary on file.

• Information and Communication—The Company is reviewing its practices regarding timely communication, escalation, and knowledge sharing throughout the Company.

The Company will engage third party advisors to undertake, under the supervision of MetLife, Inc.’s Chief Risk Officer, a comprehensive examination and analysis of the facts and circumstances giving rise to the material weakness as it relates to both control activities and information and communication. The Company will make further changes and improve its internal control over financial reporting following management’s review and development of the complete remediation plan that is responsive to the findings of the examination and analysis described above to more fully address timely communication, escalation, and knowledge sharing throughout the Company.

The Company believes the remediation measures will strengthen the Company’s internal control over financial reporting and remediate the material weakness identified. Management will continue to monitor the effectiveness of these remediation measures and will make changes and take other actions that are appropriate given the circumstances.

Risk Factors

MetLife, Inc. hereby updates its disclosure to include the following new Risk Factor:

We Have Identified a Material Weakness in Our Internal Control over Financial Reporting, Which Could Adversely Affect Our Business, Reputation, Results of Operations and Stock Price

We have identified a material weakness in MetLife, Inc.’s internal control over financial reporting related to the administrative and accounting practices of certain Retirement and Income Solution (“RIS”) group annuity reserves and the untimely communication and escalation of issues regarding those reserves throughout the Company. Based on the material weakness, our management has determined that MetLife, Inc. has not maintained effective internal control over financial reporting as of December 31, 2017.

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The material weakness, or a failure to promptly remediate it, may adversely affect our business, our reputation, our results of operations and the market price of our common stock. If we are unable to remediate the material weakness in a timely manner, our investors, regulators, customers and other business partners may lose confidence in our business or our financial reports, and our access to capital markets may be adversely affected. In addition, our ability to record, process, and report financial information accurately, and to prepare financial statements within the time periods specified by the rules and regulations of the Securities and Exchange Commission and other regulatory authorities, could be adversely affected, which may result in violations of applicable securities laws, state insurance laws and regulations, stock exchange listing requirements and the covenants under our debt agreements. We are also exposed to lawsuits and investigations, and we could be exposed to additional legal actions. In such actions, a governmental authority may interpret a law, regulation or accounting principle differently than we have, exposing us to different or additional risks. Legal actions against us may result in payments including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974 (“ERISA”), or other laws and regulations. We could incur significant costs in connection with these actions. We have not accrued for any such liabilities.

The control deficiencies resulting in the material weakness, in the aggregate, if not effectively remediated could also result in misstatements of accounts or disclosures related to liabilities for certain RIS Group Annuity Contracts that would result in a material misstatement of the annual or interim consolidated financial statements that would not be prevented or detected.

In addition, we cannot be certain that we will not identify additional control deficiencies or material weaknesses in the future. If we identify future control deficiencies or material weaknesses, these may lead to additional adverse effects on our business, our reputation, our results of operations, and the market price of our common stock.

MetLife, Inc. hereby updates its disclosure to include the following amended Risk Factor:

Differences Between Actual Claims Experience and Underwriting and Reserving Assumptions May Adversely Affect Our Financial Results

Our earnings significantly depend upon the extent to which our actual claims experience is consistent with the assumptions we use in setting prices for our products and establishing liabilities for future policy benefits and claims. Such amounts are established based on estimates by actuaries of how much we will need to pay for future benefits and claims. To the extent that actual claims experience is less favorable than the underlying assumptions we used in establishing such liabilities, we could be required to reduce deferred policy acquisition costs (“DAC”) and/or value of business acquired (“VOBA”), increase our liabilities and/or incur higher costs.

Due to the nature of the underlying risks and the uncertainty associated with the determination of liabilities for future policy benefits and claims, we cannot determine precisely the amounts which we will ultimately pay to settle our liabilities. Such amounts may vary from the estimated amounts, particularly when those payments may not occur until well into the future. We evaluate our liabilities periodically based on accounting requirements, which change from time to time, the assumptions used to establish the liabilities, as well as our actual experience. Reserve estimates in some instances are affected by our operating practices and procedures that are used, among other things, to support our assumptions with respect to the Company’s obligations to its policyholders and contractholders. These practices and procedures include our use of technology, such as database analysis and electronic communications. To the extent that these practices and procedures do not accurately produce the data to support our assumptions or cause us to change our assumptions, or to the extent that enhanced technological tools become available to us, such assumptions and procedures, as well as our reserves, may require adjustment. If the liabilities originally established for future benefit payments prove inadequate, we must increase them and/or reduce associated DAC and/or VOBA. Such adjustments could affect earnings negatively and have a material adverse effect on our business, results of operations and financial condition.

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Forward-Looking Statements

This disclosure may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will be,” “will not,” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) adverse effects which may arise in connection with the material weakness in our internal control over financial reporting or our failure to promptly remediate it; (2) difficult conditions in the global capital markets; (3) increased volatility and disruption of the global capital and credit markets, which may affect our ability to meet liquidity needs and access capital, including through our credit facilities, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets, including assets supporting risks ceded to certain of our captive reinsurers or hedging arrangements associated with those risks; (4) exposure to global financial and capital market risks, including as a result of the United Kingdom’s notice of withdrawal from the European Union, other disruption in Europe and possible withdrawal of one or more countries from the Euro zone; (5) impact on us of comprehensive financial services regulation reform, including potential regulation of MetLife, Inc. as a non-bank systemically important financial institution, or otherwise; (6) numerous rulemaking initiatives required or permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act which may impact how we conduct our business, including those compelling the liquidation of certain financial institutions; (7) regulatory, legislative or tax changes relating to our insurance, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (8) adverse results or other consequences from litigation, arbitration or regulatory investigations; (9) unanticipated or adverse developments that could adversely affect our achieving expected operational or other benefits from the separation of Brighthouse Financial, Inc. and its subsidiaries (“Brighthouse”); (10) our equity market exposure to Brighthouse Financial, Inc. following the separation of Brighthouse; (11) liabilities, losses or indemnification obligations arising from our transitional services, investment management or tax arrangements or other agreements with Brighthouse; (12) failure of the separation of Brighthouse to qualify for intended tax-free treatment; (13) our ability to address difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from (a) business acquisitions and integrating and managing the growth of such acquired businesses, (b) dispositions of businesses via sale, initial public offering, spin-off or otherwise, including failure to achieve projected operational benefit from such transactions and any restrictions, liabilities, losses or indemnification obligations arising from any transitional services or tax arrangements related to the separation of any business, or from the failure of such a separation to qualify for any intended tax-free treatment, (c) entry into joint ventures, or (d) legal entity reorganizations; (14) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (15) investment losses and defaults, and changes to investment valuations; (16) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (17) impairments of goodwill and realized losses or market value impairments to illiquid assets; (18) defaults on our mortgage loans; (19) the defaults or deteriorating credit of other financial institutions that could adversely affect us; (20) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (21) downgrades in our claims paying ability, financial strength or credit ratings; (22) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (23) availability and effectiveness of reinsurance, hedging or indemnification arrangements, as well as any default or failure of counterparties to perform; (24) differences between actual claims experience and underwriting and reserving assumptions; (25) ineffectiveness of risk management policies and procedures; (26) catastrophe losses; (27) increasing cost and limited market capacity for statutory life insurance reserve financings; (28) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (29) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and any adjustment for nonperformance risk; (30) legal, regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (31) MetLife, Inc.’s and its subsidiary holding companies’ primary reliance, as holding

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companies, on dividends from subsidiaries to meet free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (32) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (33) changes in accounting standards, practices and/or policies; (34) increased expenses relating to pension and postretirement benefit plans, as well as health care and other employee benefits; (35) inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (36) difficulties in marketing and distributing products through our distribution channels; (37) provisions of laws and our incorporation documents that may delay, deter or prevent takeovers and corporate combinations involving MetLife; (38) the effects of business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on the value of our investment portfolio, our disaster recovery systems, cyber- or other information security systems and management continuity planning; (39) any failure to protect the confidentiality of client information; (40) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; and (41) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the U.S. Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits

99.1 News release of MetLife, Inc., dated February 13, 2018, announcing its results for the quarter and full year ended December 31, 2017

99.2 Quarterly Financial Supplement for the quarter ended December 31, 2017

99.3 Supplemental slide presentation for the fourth quarter and full year 2017

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SIGNATURES

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

METLIFE, INC.
By:	/s/ Jeannette N. Pina
	Name:	Jeannette N. Pina
	Title:	Vice President and Secretary

Date: February 13, 2018

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EX-99.1

Exhibit 99.1

For Immediate Release  |  Global Communications  |  MetLife, Inc.

Contacts:	For Media:	Ashia Razzaq
		MetLife
		(212) 578-1538
	For Investors:	John Hall
		MetLife
		(212) 578-7888

METLIFE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2017 RESULTS

NEW YORK, Feb. 13, 2018 - MetLife, Inc. (NYSE: MET) today announced its results for the fourth quarter and full year ended December 31, 2017.

Fourth Quarter Results Summary

• Net income of $2.1 billion, compared to a loss of $2.2 billion in the fourth quarter of 2016. On a per share basis, net income was $1.97, compared to a loss of $2.03 in the prior-year period.

• Adjusted Earnings* of $678 million, or $0.64 per share.

• Book value was $53.57 per share down 10 percent from $59.35 per share at December 31, 2016, primarily due to the separation of Brighthouse Financial, Inc. and its subsidiaries (Brighthouse).

• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA)*, was $42.24 per share, down 15 percent from $49.61 per share at December 31, 2016.

• Return on Equity (ROE) of 15.2 percent.

• Adjusted ROE*, excluding AOCI other than FCTA, of 6.2 percent; Adjusted tangible ROE* of 8.1 percent.

Full Year Results Summary

• Net income of $3.6 billion, compared to net income of $627 million for the full year 2016. On a per share basis, net income was $3.38, up from $0.57 for the full year 2016.

• Adjusted Earnings* of $4.2 billion, or $3.93 per share.

• ROE of 5.9 percent.

• Adjusted ROE*, excluding AOCI other than FCTA, of 8.5 percent for the full year 2017; Adjusted tangible ROE* of 10.6 percent.

“Although our underlying financial performance remained solid, the reserve charge and its impact on our fourth quarter and full year earnings — as well as the material weakness that led us to delay our earnings announcement — are unacceptable and deeply disappointing,” said Steven A. Kandarian, chairman, president and CEO of MetLife, Inc. “We can and will do better. We are rigorously addressing the situation and are committed to significantly improving our operational performance to better serve our customers and strengthen shareholders’ confidence in our organization. MetLife is an iconic franchise with strong businesses, and we are working very hard to continue to successfully execute on our strategy and deliver great value to our customers and shareholders.”

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Fourth Quarter & Full Year 2017 Summary

(In millions, except per share data)	Three months ended December 31,									Year ended December 31,
	2017			2016			Change			2017			2016			Change
Premiums, fees & other revenues	$	11,335		$	10,977			3	%	$	45,843		$	44,370			3	%
Net investment income		4,454			4,263			4	%		17,363			16,790			3	%
Net investment gains (losses)		106			(299	)					(308	)		317
Net derivative gains (losses)		(141	)		(2,312	)		94	%		(804	)		(874	)		8	%
Total revenues	$	15,754		$	12,629			25	%	$	62,094		$	60,603			2	%
Total adjusted revenues	$	15,403		$	15,272			1	%	$	62,744		$	60,916			3	%
Adjusted premiums, fees & other revenues	$	11,300		$	11,136			1	%	$	46,200		$	44,479			4	%
Net income (loss)	$	2,091		$	(2,230	)				$	3,643		$	627
Net income (loss) per share	$	1.97		$	(2.03	)				$	3.38		$	0.57
Adjusted earnings	$	678		$	1,057			(36	)%	$	4,235		$	4,033			5	%
Adjusted earnings per share	$	0.64		$	0.95			(33	)%	$	3.93		$	3.64			8	%
Book value per share	$	53.57		$	59.35			(10	)%	$	53.57		$	59.35			(10	)%
Book value per share, excluding AOCI other than FCTA	$	42.24		$	49.61			(15	)%	$	42.24		$	49.61			(15	)%
Book value per share - tangible common stockholders’ equity	$	32.95		$	40.92			(19	)%	$	32.95		$	40.92			(19	)%
ROE		15.2	%		(12.6	)%					5.9	%		0.9	%
ROE, excluding AOCI other than FCTA		19.2	%		(15.8	)%					7.3	%		1.1	%
Tangible ROE		24.8	%		(19.0	)%					9.1	%		1.4	%
Adjusted ROE, excluding AOCI other than FCTA		6.2	%		7.5	%					8.5	%		7.1	%
Adjusted tangible ROE		8.1	%		9.1	%					10.6	%		8.6	%

MetLife reported fourth quarter 2017 net income of $2.1 billion, compared to a loss of $2.2 billion in the fourth quarter of 2016.

Net income includes (1) a $70 million, after tax, charge in relation to increasing certain Retirement and Income Solutions (RIS) policy reserves, and (2) $1.2 billion, after tax, benefit related to the impact of the U.S. tax reform which includes a negative impact to adjusted earnings of $298 million. The results include revised prior period numbers to reflect a reserve strengthening and other corrections in the appropriate historical periods as previously discussed in the press release preannouncing preliminary fourth quarter 2017 earnings issued on January 29, 2018. On a per share basis, net income was $1.97, compared to a loss of $2.03 in the prior-year period.

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Net derivative losses amounted to $92 million after tax during the quarter.

Premiums, fees & other revenues were $11.3 billion, up 3 percent over the fourth quarter of 2016. Adjusted premiums, fees & other revenues* were $11.3 billion, up 1 percent, and 1 percent on a constant currency basis over the prior-year period.

MetLife reported adjusted earnings of $678 million, down 36 percent from the fourth quarter of 2016, and 36 percent on a constant currency basis*. On a per share basis, adjusted earnings were $0.64, down 33 percent from the prior-year period.

For the full year 2017, MetLife reported net income of $3.6 billion, compared to net income of $627 million for the full year 2016. Net income includes (1) a $90 million, after tax, charge related to the above mentioned increase of certain RIS policy reserves, (2) the above mentioned U.S. Tax Reform impact, and (3) $1.3 billion in Brighthouse separation charges.

Full year 2017 adjusted earnings were $4.2 billion, up 5 percent. On a per share basis, 2017 adjusted earnings were $3.93, up 8 percent over 2016.    

Supplemental slides for the fourth quarter of 2017, titled “4Q17 Supplemental Slides,” are available on the MetLife Investor Relations website at www.metlife.com in the Conferences & Presentations section, and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission (SEC) in connection with this earnings news release.

Adjusted Earnings by Segment Summary

	Three months ended December 31, 2017						Year ended December 31, 2017
Segment	Change from prior-year period			Change (from prior-year period on a constant currency basis)			Change from prior-year			Change (from prior-year on a constant currency basis)
U.S.		(3	)%		(3	)%		7	%		7	%
Asia		(12	)%		(12	)%		—	%		1	%
Latin America		2	%		0	%		8	%		8	%
Europe, the Middle East and Africa (EMEA)		10	%		5	%		9	%		14	%
MetLife Holdings		(3	)%		(3	)%		67	%		67	%

Business Discussions

All comparisons of the results for the fourth quarter of 2017 in the business discussions that follow are with the fourth quarter of 2016, unless otherwise noted. See fourth quarter 2017 notable items table that follows at the end of the business discussion section of this release for additional information on notables incurred in the fourth quarter of 2017.

Page 3 of 17

U.S.

(In millions)	Three months ended December 31, 2017			Three months ended December 31, 2016		Change
Adjusted earnings	$	498		$	511		(3	)%
Adjusted premiums, fees & other revenues	$	6,038		$	5,815		4	%
Adjusted premiums, fees & other revenues, excluding pension risk transfers	$	5,441		$	5,305		3	%
Notable item(s)	$	(55	)	$	—

• Total adjusted earnings for the U.S. were $498 million, down 3 percent, primarily reflecting the previously mentioned charge in relation to increasing certain RIS policy reserves. Notable items in the current period include the previously mentioned charge in RIS and favorable prior-year development in Property & Casualty.

• Excluding notable items in the fourth quarter of 2017, adjusted earnings were up 8 percent driven by favorable underwriting, expenses and volume growth, partially offset by lower interest margin.

• Adjusted return on allocated equity was 19.5 percent, and adjusted return on allocated tangible equity was 22.7 percent.

• Adjusted premiums, fees & other revenues were $6.0 billion, up 4 percent. Excluding pension risk transfers, adjusted premiums, fees & other revenues were up 3 percent.

Group Benefits

(In millions)	Three months ended December 31, 2017		Three months ended December 31, 2016		Change
Adjusted earnings	$	230	$	174		32	%
Adjusted premiums, fees & other revenues	$	4,105	$	4,033		2	%
Notable item(s)	$	—	$	—

• Adjusted earnings for Group Benefits were $230 million, up 32 percent, driven by strong non-medical health underwriting and favorable expenses.

• Adjusted premiums, fees & other revenues were $4.1 billion, up 2 percent.

• Sales for Group Benefits were up 19 percent for the full year 2017 driven by significant jumbo case activity.

Retirement and Income Solutions

(In millions)	Three months ended December 31, 2017			Three months ended December 31, 2016		Change
Adjusted earnings	$	173		$	294		(41	)%
Adjusted premiums, fees & other revenues	$	1,026		$	895		15	%
Notable item(s)	$	(62	)	$	—

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• Adjusted earnings for Retirement and Income Solutions were $173 million, down 41 percent, primarily reflecting the previously mentioned charge in relation to increasing certain RIS policy reserves which is a notable item in the current period.

• Excluding notable items in the fourth quarter of 2017, adjusted earnings were down 20 percent, driven by lower interest and underwriting margins, partially offset by volume growth and lower expenses.

• Adjusted premiums, fees & other revenues were $1.0 billion, up 15 percent from the prior-year period, driven by pension risk transfer and structured settlement sales.

• Excluding pension risk transfers, adjusted premiums, fees & other revenues were up 11 percent.

Property & Casualty

(In millions)	Three months ended December 31, 2017		Three months ended December 31, 2016		Change
Adjusted earnings	$	95	$	43		121	%
Adjusted premiums, fees & other revenues	$	907	$	887		2	%
Notable item(s)	$	7	$	—

• Adjusted earnings for Property & Casualty increased from $43 million to $95 million, up 121 percent. primarily due to favorable auto underwriting results. The notable item in the current period reflects favorable prior-year development.

• Adjusted premiums, fees & other revenues were $907 million, up 2 percent.

• Property & Casualty sales were $133 million, up 16 percent.

ASIA

(In millions)	Three months ended December 31, 2017		Three months ended December 31, 2016		Change
Adjusted earnings	$	310	$	354		(12	)%
Adjusted earnings (constant currency)	$	310	$	353		(12	)%
Adjusted premiums, fees & other revenues	$	2,088	$	2,130		(2	)%
Notable item(s)	$	—	$	—

• Adjusted earnings for Asia were $310 million, down 12 percent on both a reported and a constant currency basis, impacted by a change in Japan’s effective tax rate, and the reversal of a tax accrual in the prior-year period.

• Adjusted return on allocated equity was 9.9 percent, and adjusted return on allocated tangible equity was 15.8 percent.

• Adjusted premiums fees & other revenues were $2.1 billion, down 2 percent on a reported basis and unchanged on a constant currency basis.

• Total sales for the region were $611 million, up 1 percent on a constant currency basis. Emerging markets were up 26 percent on a constant currency basis, primarily due to strong agency growth in China.

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LATIN AMERICA

(In millions)	Three months ended December 31, 2017		Three months ended December 31, 2016		Change
Adjusted earnings	$	125	$	122		2	%
Adjusted earnings (constant currency)	$	125	$	125		—	%
Adjusted premiums, fees & other revenues	$	988	$	913		8	%
Notable item(s)	$	—	$	—

• Adjusted earnings for Latin America were $125 million, up 2 percent, and unchanged on a constant currency basis, with volume growth partially offset by higher expenses and taxes.

• Adjusted return on allocated equity was 17.0 percent, and adjusted return on allocated tangible equity was 29.3 percent.

• Adjusted premiums, fees & other revenues were $988 million, up 8 percent, and 5 percent on a constant currency basis.

• Total sales for the region were down 1 percent on a constant currency basis, as strong direct marketing sales in the quarter were more than offset by a large group life sale in Mexico in the prior-year period.

EMEA

(In millions)	Three months ended December 31, 2017		Three months ended December 31, 2016		Change
Adjusted earnings	$	79	$	72		10	%
Adjusted earnings (constant currency)	$	79	$	75		5	%
Adjusted premiums, fees & other revenues	$	651	$	622		5	%
Notable item(s)	$	—	$	—

• Adjusted earnings for EMEA were $79 million, up 10 percent, and 5 percent on a constant currency basis, driven by volume growth in Turkey and Western Europe, and favorable expenses.

• Adjusted return on allocated equity was 9.8 percent, and adjusted return on allocated tangible equity was 16.1 percent.

• Adjusted premiums, fees & other revenues were $651 million, up 5 percent on a reported basis and up 1 percent on a constant currency basis.

• Total sales for the region were $231 million, down 1 percent on a constant currency basis. Excluding the impact from the recently exited UK wealth management business, sales were up 8 percent.

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METLIFE HOLDINGS

(In millions)	Three months ended December 31, 2017			Three months ended December 31, 2016			Change
Adjusted earnings	$	194		$	201			(3	)%
Adjusted premiums, fees & other revenues	$	1,453		$	1,626			(11	)%
Notable item(s)	$	(48	)	$	(91	)

• Adjusted earnings for MetLife Holdings were $194 million, down 3 percent, driven mainly by lower interest margin and the impact of notable adjustments recorded in the current and prior periods. The notable item in the current period reflects an actuarial reserve adjustment.

• Excluding notable items from both periods, adjusted earnings were down 17 percent, primarily due to lower interest margin and higher expenses.

• Adjusted return on allocated equity was 6.9 percent, and adjusted return on allocated tangible equity was 7.8 percent.

• Adjusted premiums, fees & other revenues were $1.5 billion, down 11% percent, mostly due to the Brighthouse separation impacts.

CORPORATE & OTHER

(In millions)	Three months ended December 31, 2017			Three months ended December 31, 2016			Change
Adjusted earnings	$	(528	)	$	(203	)
Notable item(s)	$	(395	)	$	(51	)

• Corporate & Other had an adjusted loss of $528 million, compared to an adjusted loss of $203 million in the fourth quarter of 2016. Notable items in the current period include the impact of the tax reform, expenses associated with the company’s previously announced cost saving initiatives and litigation expenses.

INVESTMENTS

(In millions)	Three months ended December 31, 2017		Three months ended December 31, 2016		Change
Net investment income (as reported on an adjusted basis)	$	4,103	$	4,136		(1	)%

• As reported on an adjusted basis, net investment income was $4.1 billion, down 1 percent. Variable investment income was $216 million ($140 million, after tax and DAC), as compared to $244 million ($159 million, after tax and DAC) in the fourth quarter of 2016, due to weaker alternative investments performance and lower prepayments.

• Derivative net losses of $147 million, after tax, were driven by changes in foreign currencies and interest rates. Derivative net losses in the fourth quarter of 2016 were $1.7 billion, after tax.

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FOURTH QUARTER 2017 NOTABLE ITEMS

(In millions)	Adjusted Earnings
	Three months ended December 31, 2017
Notable Items	U.S.							Asia		Latin America		EMEA		MetLife Holdings			Corporate & Other			Total
	Group Benefits		Retirement and Income Solutions			Property & Casualty
Catastrophe experience and prior year development, net						$	7													$	7
Actuarial assumption review and other insurance adjustments			$	(62	)									$	(48	)				$	(110	)
Litigation reserves & settlement costs																	$	(55	)	$	(55	)
Expense initiative costs																	$	(42	)	$	(42	)
Tax adjustments																	$	(298	)	$	(298	)
Total notable items	$	—	$	(62	)	$	7	$	—	$	—	$	—	$	(48	)	$	(395	)	$	(498	)

* Information regarding the non-GAAP and other financial measures included in this news release and the reconciliation of the non-GAAP financial measures to GAAP measures is provided in the Non-GAAP and Other Financial Disclosures discussions below. Adjusted measures were formerly referred to as operating measures.

###

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Conference Call

MetLife will hold its fourth quarter 2017 earnings conference call and audio webcast on Wednesday, Feb. 14, 2018, from 8-9 a.m. (EST). The conference call will be available live via telephone and the internet. To listen via telephone, dial 877-209-9920 (U.S.) or 612-332-0530 (outside the U.S.). To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 10 a.m. (EST) on Wednesday, Feb. 14, 2018, until Wednesday, Feb. 21, 2018, at 11:59 p.m. (EST). To listen to a replay of the conference call via telephone, dial 800-475-6701 (U.S.) or 320-365-3844 (outside the U.S.). The access code for the replay is 433148. To access the replay of the conference call over the internet, visit the above-mentioned website.

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Non-GAAP and Other Financial Disclosures

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

In this news release, MetLife presents certain measures of its performance that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	adjusted revenues;	(i)	revenues;
(ii)	adjusted expenses;	(ii)	expenses;
(iii)	adjusted premiums, fees and other revenues;	(iii)	premiums, fees and other revenues;
(iv)	adjusted earnings;	(iv)	income (loss) from continuing operations, net of income tax;
(v)	adjusted earnings available to common shareholders;	(v)	net income (loss) available to MetLife, Inc.’s common shareholders;

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(vi)	adjusted earnings available to common shareholders on a constant currency basis;	(vi)	net income (loss) available to MetLife, Inc.’s common shareholders;
(vii)	adjusted earnings available to common shareholders, excluding total notable items;	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(viii)	adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;	(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 earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share;	(xi)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xii)	adjusted return on equity;	(xii)	return on equity;
(xiii)	adjusted return on equity, excluding AOCI other than FCTA;	(xiii)	return on equity;
(xiv)	adjusted tangible ROE;	(xiv)	return on equity;
(xv)	investment portfolio gains (losses);	(xv)	net investment gains (losses);
(xvi)	derivative gains (losses);	(xvi)	net derivative gains (losses);
(xvii)	MetLife, Inc.’s tangible common stockholders’ equity;	(xvii)	MetLife, Inc.’s stockholders’ equity;
(xviii)	MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;	(xviii)	MetLife, Inc.’s stockholders’ equity;
(xix)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;	(xix)	MetLife, Inc.’s stockholders’ equity;
(xx)	MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);	(xx)	MetLife, Inc.’s stockholders’ equity;
(xxi)	MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA);	(xxi)	MetLife, Inc.’s stockholders’ equity;
(xxii)	Adjusted return on allocated tangible equity - adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity; and	(xxii)	return on equity; and
(xxiii)	free cash flow of all holding companies.	(xxiii)	MetLife, Inc.’s net cash provided by (used in) adjusted activities.

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

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

Adjusted earnings and related measures

• adjusted earnings;

• adjusted earnings available to common shareholders;

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

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

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

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

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

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

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure 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 our performance relative to our business plan and facilitate comparisons to industry results.

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

Adjusted revenues and adjusted expenses

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. In addition, for the year ended December 31, 2016, adjusted revenues and adjusted expenses exclude the financial impact of converting MetLife’s Japan operations to calendar-year end reporting without retrospective application of this change to prior periods and is referred to as lag elimination. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.

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

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

• Net investment income: (i) 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, (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed unit-linked investments, and (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP; and

• Other revenues are adjusted for settlements of foreign currency earnings hedges.

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

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

• Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments;

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

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

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

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

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 the company’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.

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

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

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

• MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA).

• 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 net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA): adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding net assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA).

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

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

• 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.

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

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

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

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.

• MetLife, Inc.’s tangible common shareholders’ equity or tangible equity: MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI reduced by the impact of goodwill, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.

• MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items.

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

• Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding goodwill impairment and amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.

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

• Return on allocated tangible equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

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

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

• Adjusted expense ratio: calculated by dividing adjusted expenses (other expenses, net of capitalization of DAC) by adjusted premiums, fees and other revenues.

• Statistical sales information for U.S. MetLife Holdings: calculated (i) for life sales using the LIMRA definition of sales for core direct sales, excluding company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance, and (ii) annuity sales consist of statutory premiums, excluding company sponsored internal exchanges. Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

• 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.

• All comparisons 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 current period and are applied to each of the comparable periods.

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

• Asymmetrical and non-economic accounting refers to: (i) the portion of net derivative gains (losses) on embedded derivatives attributable to the inclusion of MetLife’s credit spreads in the liability valuations, (ii) hedging activity that generates net derivative gains (losses) and creates fluctuations in net income because hedge accounting cannot be achieved and the item being hedged does not a have an offsetting gain or loss recognized in earnings, (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, and (iv) impact of changes in foreign currency exchange rates on the re-measurement of foreign denominated unhedged funding agreements and financing transactions to the U.S. dollar and the re-measurement of certain liabilities from non-functional currencies to functional currencies. MetLife believes that excluding the impact of asymmetrical and non-economic accounting from total GAAP results enhances investor understanding of MetLife’s performance by disclosing how these accounting practices affect reported GAAP results.

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

Page 14 of 17

• Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect the company’s results, but that were unknown and that the company 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 company results and to evaluate and forecast those results.

Page 15 of 17

Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will be,” “will not,” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) adverse effects which may arise in connection with the material weakness in our internal control over financial reporting or our failure to promptly remediate it; (2) difficult conditions in the global capital markets; (3) increased volatility and disruption of the global capital and credit markets, which may affect our ability to meet liquidity needs and access capital, including through our credit facilities, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets, including assets supporting risks ceded to certain of our captive reinsurers or hedging arrangements associated with those risks; (4) exposure to global financial and capital market risks, including as a result of the United Kingdom’s notice of withdrawal from the European Union, other disruption in Europe and possible withdrawal of one or more countries from the Euro zone; (5) impact on us of comprehensive financial services regulation reform, including potential regulation of MetLife, Inc. as a non-bank systemically important financial institution, or otherwise; (6) numerous rulemaking initiatives required or permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act which may impact how we conduct our business, including those compelling the liquidation of certain financial institutions; (7) regulatory, legislative or tax changes relating to our insurance, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (8) adverse results or other consequences from litigation, arbitration or regulatory investigations; (9) unanticipated or adverse developments that could adversely affect our achieving expected operational or other benefits from the separation of Brighthouse Financial, Inc. and its subsidiaries (“Brighthouse”); (10) our equity market exposure to Brighthouse Financial, Inc. following the separation of Brighthouse; (11) liabilities, losses or indemnification obligations arising from our transitional services, investment management or tax arrangements or other agreements with Brighthouse; (12) failure of the separation of Brighthouse to qualify for intended tax-free treatment; (13) our ability to address difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from (a) business acquisitions and integrating and managing the growth of such acquired businesses, (b) dispositions of businesses via sale, initial public offering, spin-off or otherwise, including failure to achieve projected operational benefit from such transactions and any restrictions, liabilities, losses or

Page 16 of 17

indemnification obligations arising from any transitional services or tax arrangements related to the separation of any business, or from the failure of such a separation to qualify for any intended tax-free treatment, (c) entry into joint ventures, or (d) legal entity reorganizations; (14) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (15) investment losses and defaults, and changes to investment valuations; (16) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (17) impairments of goodwill and realized losses or market value impairments to illiquid assets; (18) defaults on our mortgage loans; (19) the defaults or deteriorating credit of other financial institutions that could adversely affect us; (20) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (21) downgrades in our claims paying ability, financial strength or credit ratings; (22) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (23) availability and effectiveness of reinsurance, hedging or indemnification arrangements, as well as any default or failure of counterparties to perform; (24) differences between actual claims experience and underwriting and reserving assumptions; (25) ineffectiveness of risk management policies and procedures; (26) catastrophe losses; (27) increasing cost and limited market capacity for statutory life insurance reserve financings; (28) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (29) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and any adjustment for nonperformance risk; (30) legal, regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (31) MetLife, Inc.’s and its subsidiary holding companies’ primary reliance, as holding companies, on dividends from subsidiaries to meet free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (32) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (33) changes in accounting standards, practices and/or policies; (34) increased expenses relating to pension and postretirement benefit plans, as well as health care and other employee benefits; (35) inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (36) difficulties in marketing and distributing products through our distribution channels; (37) provisions of laws and our incorporation documents that may delay, deter or prevent takeovers and corporate combinations involving MetLife; (38) the effects of business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on the value of our investment portfolio, our disaster recovery systems, cyber- or other information security systems and management continuity planning; (39) any failure to protect the confidentiality of client information; (40) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; and (41) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the U.S. Securities and Exchange Commission.

Page 17 of 17

MetLife, Inc.

GAAP Consolidated Statements of Operations

(Unaudited)

(In millions)

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2017			2016			2017			2016
Revenues
Premiums	$	9,571		$	9,246		$	38,992		$	37,202
Universal life and investment-type product policy fees		1,358			1,355			5,510			5,483
Net investment income		4,454			4,263			17,363			16,790
Other revenues		406			376			1,341			1,685
Net investment gains (losses)		106			(299	)		(308	)		317
Net derivative gains (losses)		(141	)		(2,312	)		(804	)		(874	)
Total revenues		15,754			12,629			62,094			60,603
							.
Expenses
Policyholder benefits and claims		9,295			8,928			38,313			36,358
Interest credited to policyholder account balances		1,526			1,357			5,607			5,176
Policyholder dividends		306			299			1,231			1,223
Capitalization of DAC		(784	)		(730	)		(3,002	)		(3,152	)
Amortization of DAC and VOBA		736			654			2,681			2,718
Amortization of negative VOBA		(27	)		(48	)		(140	)		(269	)
Interest expense on debt		278			282			1,129			1,157
Other expenses		3,549			3,316			12,953			13,295
Total expenses		14,879			14,058			58,772			56,506
Income (loss) from continuing operations before provision for income tax		875			(1,429	)		3,322			4,097
Provision for income tax expense (benefit)		(1,259	)		(616	)		(1,420	)		629
Income (loss) from continuing operations, net of income tax		2,134			(813	)		4,742			3,468
Income (loss) from discontinued operations, net of income tax		—			(1,370	)		(986	)		(2,734	)
Net income (loss)		2,134			(2,183	)		3,756			734
Less: Net income (loss) attributable to noncontrolling interests		(2	)		2			10			4
Net income (loss) attributable to MetLife, Inc.		2,136			(2,185	)		3,746			730
Less: Preferred stock dividends		45			45			103			103
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,091		$	(2,230	)	$	3,643		$	627

See footnotes on last page.    

MetLife, Inc.

(Unaudited)

(In millions, except per share data)

	For the Three Months Ended												For the Year Ended
	December 31,												December 31,
	2017						2016						2017						2016
Reconciliation to Adjusted Earnings Available to  Common Shareholders				Earnings Per Weighted Average Common Shares Diluted (1)						Earnings Per Weighted Average Common Shares Diluted (1), (2)						Earnings Per Weighted Average Common Shares Diluted (1)						Earnings Per Weighted Average Common Shares Diluted (1)
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,091		$	1.97		$	(2,230	)	$	(2.03	)	$	3,643		$	3.38		$	627		$	0.57
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)		106			0.10			(299	)		(0.27	)		(308	)		(0.29	)		317			0.29
Net derivative gains (losses)		(141	)		(0.13	)		(2,312	)		(2.09	)		(804	)		(0.75	)		(874	)		(0.80	)
Premiums		—			—			(205	)		(0.18	)		(347	)		(0.32	)		(303	)		(0.27	)
Universal life and investment-type product policy fees		29			0.03			15			0.01			103			0.10			152			0.14
Net investment income		351			0.33			127			0.11			819			0.75			353			0.32
Other revenues		6			0.01			31			0.03			(113	)		(0.10	)		42			0.04
Policyholder benefits and claims and policyholder dividends		2			—			239			0.22			(204	)		(0.19	)		295			0.27
Interest credited to policyholder account balances		(420	)		(0.40	)		(331	)		(0.31	)		(1,294	)		(1.20	)		(1,088	)		(0.99	)
Capitalization of DAC		—			—			(21	)		(0.02	)		(34	)		(0.03	)		1			—
Amortization of DAC and VOBA		7			0.01			22			0.02			(33	)		(0.03	)		325			0.29
Amortization of negative VOBA		1			—			4			—			9			0.01			47			0.04
Interest expense on debt		—			—			12			0.01			16			0.01			50			0.05
Other expenses		(272	)		(0.26	)		(4	)		—			(544	)		(0.50	)		(355	)		(0.32	)
Goodwill impairment		—			—			—			—			—			—			—			—
Provision for income tax (expense) benefit		1,742			1.64			807			0.73			3,138			2.91			370			0.33
Income (loss) from discontinued operations, net of income tax		—			—			(1,370	)		(1.24	)		(986	)		(0.91	)		(2,734	)		(2.46	)
Add: Net income (loss) attributable to noncontrolling interests		(2	)		—			2			—			10			0.01			4			—
Adjusted earnings available to common shareholders		678			0.64			1,057			0.95			4,235			3.93			4,033			3.64
Less: Total notable items (3)		(498	)		(0.47	)		(142	)		(0.13	)		(622	)		(0.58	)		(709	)		(0.64	)
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	1,176		$	1.11		$	1,199		$	1.08		$	4,857		$	4.50		$	4,742		$	4.28
Adjusted earnings available to common shareholders on a constant currency basis	$	678		$	0.64		$	1,062		$	0.96		$	4,235		$	3.93		$	4,011		$	3.62
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3)	$	1,176		$	1.11		$	1,204		$	1.09		$	4,857		$	4.50		$	4,720		$	4.26
Weighted average common shares outstanding - diluted					1,062.1						1,108.8						1,078.5						1,108.5

See footnotes on last page.    

MetLife, Inc.

(Unaudited)

(In millions)

	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2017			2016			2017			2016
Premiums, Fees and Other Revenues
Total premiums, fees and other revenues	$	11,335		$	10,977		$	45,843		$	44,370
Less: Unearned revenue adjustments		(2	)		2			12			30
GMIB fees		31			31			125			124
Settlement of foreign currency earnings hedges		6			(2	)		22			4
Divested businesses and Lag elimination (4)		—			(190	)		(516	)		(267	)
Total adjusted premiums, fees and other revenues	$	11,300		$	11,136		$	46,200		$	44,479
Net Investment Income
Net investment income	$	4,454		$	4,263		$	17,363		$	16,790
Less: Investment hedge adjustments		(85	)		(152	)		(435	)		(580	)
Operating joint venture adjustments		—			1			—			6
Unit-linked contract income		436			327			1,300			950
Securitization entities income		—			—			—			—
Divested businesses and Lag elimination (4)		—			(49	)		(46	)		(23	)
Net investment income, as reported on an adjusted basis	$	4,103		$	4,136		$	16,544		$	16,437
Revenues and Expenses
Total revenues	$	15,754		$	12,629		$	62,094		$	60,603
Less: Net investment (gains) losses		106			(299	)		(308	)		317
Less: Net derivative (gains) losses		(141	)		(2,312	)		(804	)		(874	)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)		(2	)		2			12			30
Less: Other adjustments to revenues:
GMIB fees		31			31			125			124
Investment hedge adjustments		(85	)		(152	)		(435	)		(580	)
Operating joint venture adjustments		—			1			—			6
Unit-linked contract income		436			327			1,300			950
Securitization entities income		—			—			—			—
Settlement of foreign currency earnings hedges		6			(2	)		22			4
Divested businesses and Lag elimination (4)		—			(239	)		(562	)		(290	)
Total adjusted revenues	$	15,403		$	15,272		$	62,744		$	60,916
Total expenses	$	14,879		$	14,058		$	58,772		$	56,506
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		(28	)		(11	)		(60	)		(226	)
Less: Goodwill impairment		—			—			—			—
Less: Other adjustments to expenses:
Inflation and pass through adjustments		(77	)		(163	)		(31	)		(85	)
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs		93			100			352			125
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments		2			6			13			16
PAB hedge adjustments		—			(1	)		(3	)		(3	)
Unit-linked contract costs		420			318			1,264			932
Securitization entities debt expense		—			—			—			—
Noncontrolling interest		5			(4	)		(12	)		(6	)
Regulatory implementation costs		—			1			—			1
Acquisition, integration and other costs		23			31			65			64
Divested businesses and Lag elimination (4)		244			(198	)		496			(93	)
Total adjusted expenses	$	14,197		$	13,979		$	56,688		$	55,781

See footnotes on last page.    

MetLife, Inc.

(Unaudited)

	December 31,
Book Value (5)	2017			2016
Book value per common share	$	53.57		$	59.35
Less: Net unrealized investment gains (losses), net of income tax		13.10			11.54
Defined benefit plans adjustment, net of income tax		(1.77	)		(1.80	)
Book value per common share, excluding AOCI other than FCTA		42.24			49.61
Less: Goodwill, net of income tax		8.93			8.32
VODA and VOCRA, net of income tax		0.36			0.37
Book value per common share - tangible common stockholders’ equity	$	32.95		$	40.92
Book value per common share	$	53.57		$	59.35
Less: Net unrealized investment gains (losses), net of income tax		13.10			11.54
Defined benefit plans adjustment, net of income tax		(1.77	)		(1.80	)
Book value per common share, excluding AOCI other than FCTA		42.24			49.61
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA		—			15.16
Book value per common share - common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	42.24		$	34.45
Common shares outstanding, end of period (In millions)		1,043.6			1,095.5

	For the Three Months Ended						For the Year Ended
	December 31, (6)						December 31,
Return on Equity	2017			2016			2017			2016
Return on MetLife, Inc.’s:
Common stockholders’ equity		15.2	%		(12.6	)%		5.9	%		0.9	%
Common stockholders’ equity, excluding AOCI other than FCTA		19.2	%		(15.8	)%		7.3	%		1.1	%
Tangible common stockholders’ equity		24.8	%		(19.0	)%		9.1	%		1.4	%
Adjusted return on MetLife, Inc.’s:
Common stockholders’ equity		4.9	%		6.0	%		6.9	%		5.6	%
Common stockholders’ equity, excluding AOCI other than FCTA		6.2	%		7.5	%		8.5	%		7.1	%
Common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA) (3), (7)		10.7	%		8.5	%		9.7	%		8.3	%
Common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)		6.2	%		10.8	%		10.5	%		10.4	%
Tangible common stockholders’ equity		8.1	%		9.1	%		10.6	%		8.6	%
Tangible common stockholders’ equity, excluding total notable items (3), (7)		13.9	%		10.3	%		12.1	%		10.1	%
Return on Allocated Equity:
U.S.		21.5	%		6.0	%
Asia		11.8	%		(21.7	)%
Latin America		8.0	%		32.7	%
EMEA		11.3	%		3.2	%
MetLife Holdings		3.0	%		(14.5	)%
Return on Allocated Tangible Equity:
U.S.		25.0	%		6.6	%
Asia		18.8	%		(37.2	)%
Latin America		13.8	%		51.9	%
EMEA		18.4	%		6.0	%
MetLife Holdings		3.4	%		(15.0	)%
Adjusted Return on Allocated Equity:
U.S.		19.5	%		18.9	%
Asia		9.9	%		12.8	%
Latin America		17.0	%		15.9	%
EMEA		9.8	%		8.9	%
MetLife Holdings		6.9	%		7.3	%
Adjusted Return on Allocated Tangible Equity:
U.S.		22.7	%		20.8	%
Asia		15.8	%		22.1	%
Latin America		29.3	%		25.2	%
EMEA		16.1	%		15.6	%
MetLife Holdings		7.8	%		7.8	%

See footnotes on last page.    

MetLife, Inc.

Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.

to Free Cash Flow of All Holding Companies

(Unaudited)

	For the Year Ended December 31,
	2017			2016
	(In billions, except ratios)
MetLife, Inc. (parent company only) net cash provided by operating activities	$	6.5		$	3.7
Adjustments from net cash provided by operating activities to free cash flow:
Add: Incremental debt to be at or below target leverage ratios		—			—
Add: Adjustments from net cash provided by operating activities to free cash flow (8)		(0.3	)		(2.3	)
MetLife, Inc. (parent company only) free cash flow		6.2			1.4
Other MetLife, Inc. holding companies free cash flow (9)		(0.5	)		1.0
Free cash flow of all holding companies	$	5.7		$	2.4
Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.’s common shareholders:
MetLife, Inc. (parent company only) net cash provided by operating activities	$	6.5		$	3.7
Consolidated net income (loss) available to MetLife, Inc.’s common shareholders (10)	$	3.6		$	0.6
Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.’s common shareholders (10) (11)		177	%		598	%
Ratio of free cash flow to adjusted earnings available to common shareholders:
Free cash flow of all holding companies (12)	$	5.7		$	2.4
Consolidated adjusted earnings available to common shareholders (12)	$	4.2		$	4.0
Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (12)		134	%		60	%

MetLife, Inc.

Adjusted Earnings Available to Common Shareholders

(Unaudited)

(In millions)

	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2017			2016			2017			2016
U.S.:
Adjusted earnings available to common shareholders	$	498		$	511		$	2,027		$	1,896
Less: Total notable items (3)		(55	)		—			(88	)		(101	)
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	553		$	511		$	2,115		$	1,997
Adjusted earnings available to common shareholders on a constant currency basis (13)	$	498		$	511		$	2,027		$	1,896
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3), (13)	$	553		$	511		$	2,115		$	1,997
Group Benefits:
Adjusted earnings available to common shareholders	$	230		$	174		$	868		$	687
Less: Total notable items (3)		—			—			3			9
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	230		$	174		$	865		$	678
Adjusted earnings available to common shareholders on a constant currency basis (13)	$	230		$	174		$	868		$	687
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3), (13)	$	230		$	174		$	865		$	678
Retirement & Income Solutions:
Adjusted earnings available to common shareholders	$	173		$	294		$	956		$	1,088
Less: Total notable items (3)		(62	)		—			(45	)		(59	)
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	235		$	294		$	1,001		$	1,147
Adjusted earnings available to common shareholders on a constant currency basis (13)	$	173		$	294		$	956		$	1,088
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3), (13)	$	235		$	294		$	1,001		$	1,147
Property & Casualty:
Adjusted earnings available to common shareholders	$	95		$	43		$	203		$	121
Less: Total notable items (3)		7			—			(46	)		(51	)
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	88		$	43		$	249		$	172
Adjusted earnings available to common shareholders on a constant currency basis (13)	$	95		$	43		$	203		$	121
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3), (13)	$	88		$	43		$	249		$	172
Asia:
Adjusted earnings available to common shareholders	$	310		$	354		$	1,229		$	1,224
Less: Total notable items (3)		—			—			5			(91	)
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	310		$	354		$	1,224		$	1,315
Adjusted earnings available to common shareholders on a constant currency basis	$	310		$	353		$	1,229		$	1,216
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3)	$	310		$	353		$	1,224		$	1,307
Latin America:
Adjusted earnings available to common shareholders	$	125		$	122		$	585		$	543
Less: Total notable items (3)		—			—			14			(8	)
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	125		$	122		$	571		$	551
Adjusted earnings available to common shareholders on a constant currency basis	$	125		$	125		$	585		$	541
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3)	$	125		$	125		$	571		$	549
EMEA:
Adjusted earnings available to common shareholders	$	79		$	72		$	297		$	273
Less: Total notable items (3)		—			—			(8	)		(16	)
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	79		$	72		$	305		$	289
Adjusted earnings available to common shareholders on a constant currency basis	$	79		$	75		$	297		$	261
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3)	$	79		$	75		$	305		$	277
MetLife Holdings:
Adjusted earnings available to common shareholders	$	194		$	201		$	1,182		$	706
Less: Total notable items (3)		(48	)		(91	)		111			(433	)
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	242		$	292		$	1,071		$	1,139
Adjusted earnings available to common shareholders on a constant currency basis (13)	$	194		$	201		$	1,182		$	706
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3), (13)	$	242		$	292		$	1,071		$	1,139
Corporate & Other:
Adjusted earnings available to common shareholders	$	(528	)	$	(203	)	$	(1,085	)	$	(609	)
Less: Total notable items (3)		(395	)		(51	)		(656	)		(60	)
Adjusted earnings available to common shareholders, excluding total notable items (3)	$	(133	)	$	(152	)	$	(429	)	$	(549	)
Adjusted earnings available to common shareholders on a constant currency basis (13)	$	(528	)	$	(203	)	$	(1,085	)	$	(609	)
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (3), (13)	$	(133	)	$	(152	)	$	(429	)	$	(549	)
See footnotes on last page.

MetLife, Inc.

(Unaudited)

(1) Adjusted earnings available to common shareholders is calculated on a standalone basis and may not equal the sum of adjusted earnings available to common shareholders, excluding total notable items and total notable items.

(2) 8.6 million shares related to the assumed exercise or issuance of stock-based awards for the three months ended December 31, 2016 have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to income (loss) from continuing operations, net of income tax, per common share - diluted. These shares were included in the calculation of adjusted earnings available to common shareholders per common share - diluted.

(3) Notable items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company 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 Company results and to evaluate and forecast those results. Notable items can affect the Company’s results either positively or negatively.

(4) For the twelve months ended December 31, 2016, Divested businesses and Lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

(5) Book values exclude $2,066 million of equity related to preferred stock at both December 30, 2017 and 2016.

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

(7) Excludes total notable items for the reported periods presented in calculating the ratios.

(8) Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net.

(9) Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions from MetLife, Inc.; (iii) capital contributions to subsidiaries; (iv) repayments on and (issuances of) loans to subsidiaries, net; (v) other expenses; (vi) dividends and returns of capital to MetLife, Inc. and (vii) investment portfolio changes and other, net.

(10) Consolidated net income (loss) available to MetLife, Inc.’s common shareholders for 2017 includes Separation-related costs of $0.3 billion, net of income tax. Excluding this amount from the denominator of the ratio, this ratio, as adjusted, would be 163%. Consolidated net income (loss) available to MetLife, Inc.’s common shareholders for 2016 includes Separation-related costs of $0.07 billion, net of income tax. Excluding this amount from the denominator of the ratio, this ratio, as adjusted, would be 535%.

(11) Including the free cash flow of other MetLife, Inc. holding companies of ($0.5) billion and $1.0 billion for the years ended December 31, 2017 and 2016, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 164% and 757%, respectively. Including the free cash flow of other MetLife, Inc. holding companies in the numerator of the ratio and excluding the Separation-related costs from the denominator of the ratio, this ratio, as adjusted, would be 151% and 679% for the years ended December 31, 2017 and 2016, respectively.

(12) i) In 2017, $2.1 billion of Separation-related items (comprised of certain Separation-related inflows primarily related to dividends from Brighthouse, net of outflows) were included, which increased our holding companies’ liquid assets, as well as our free cash flow. Excluding these Separation-related items, adjusted free cash flow would be $3.6 billion for the year ended December 31, 2017. Consolidated adjusted earnings available to common shareholders for 2017 was negatively impacted by notable items, primarily related to tax adjustments, of $0.6 billion, net of income tax. Excluding the Separation-related items, which increased free cash flow, from the numerator of the ratio and excluding such notable items and Separation-related costs negatively impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2017 would be 75%.

ii) In 2016, we incurred $2.3 billion of Separation-related items (comprised of certain Separation-related outflows, net of inflows related to dividends from Brighthouse subsidiaries) which reduced our holding companies’ liquid assets, as well as our free cash flow. Excluding these Separation-related items, adjusted free cash flow would be $4.7 billion for the year ended December 31, 2016. Consolidated adjusted earnings available to common shareholders for 2016 was negatively impacted by notable items, primarily related to the actuarial assumption review and other insurance adjustments, of $0.7 billion, net of income tax, and Separation-related costs of $0.02 billion, net of income tax. Excluding the Separation-related items, which reduced free cash flow, from the numerator of the ratio and excluding such notable items and Separation-related costs negatively impacting consolidated adjusted earnings available to common shareholders from the denominator of the ratio, the adjusted free cash flow ratio for 2016 would be 98%.

(13) Amounts on a reported basis, as constant currency impact is not significant.

EX-99.2

Exhibit 99.2

Fourth Quarter

Financial Supplement

December 31, 2017

METLIFE
TABLE OF CONTENTS
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2
CORPORATE OVERVIEW	3
CONSOLIDATED BALANCE SHEETS	7
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	8
U.S.
Statements of Adjusted Earnings Available to Common Shareholders	9
Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	10
Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	11
Property  & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	12
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	13
Group Benefits - Other Expenses by Major Category and Other Statistical Information	14
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	15
Retirement and Income Solutions - Other Expenses by Major Category and Spread	16
Property  & Casualty - Other Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data	17
ASIA
Statements of Adjusted Earnings Available to Common Shareholders	18
Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	19
LATIN AMERICA
Statements of Adjusted Earnings Available to Common Shareholders	20
Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	21
EMEA
Statements of Adjusted Earnings Available to Common Shareholders	22
Other Expenses by Major Category and Other Statistical Information	23
METLIFE HOLDINGS
Statements of Adjusted Earnings Available to Common Shareholders	24
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	25
Other Expenses by Major Category and Spread by Product	26
Other Statistical Information	27
CORPORATE & OTHER
Statements of Adjusted Earnings Available to Common Shareholders and Adjusted Earnings Available to Common Shareholders by Source	28
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	29
Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale	31
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution	32
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type	33
APPENDIX
Reconciliation Detail	A-1
Notable Items:
MetLife Total, U.S., U.S. - Group Benefits, U.S. - Retirement and Income Solutions, U.S. - Property & Casualty,	A-2
Asia, Latin America, EMEA, MetLife Holdings and Corporate & Other	A-3
Equity Details, Book Value Details and Return on Equity	A-4
Return on Allocated Equity	A-5
Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-6
Non-GAAP and Other Financial Disclosures	A-7
Acronyms	A-9

1

METLIFE
As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures. This QFS includes revised prior period results to reflect a reserve strengthening and other corrections in the appropriate historical periods as previously discussed in the press release preannouncing preliminary fourth quarter 2017 earnings issued on January 29, 2018.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Revenues
Premiums	$	9,246		$	8,965		$	9,580		$	10,876		$	9,571		$	37,202		$	38,992
Universal life and investment-type product policy fees		1,355			1,360			1,364			1,428			1,358			5,483			5,510
Net investment income		4,263			4,421			4,193			4,295			4,454			16,790			17,363
Other revenues		376			342			292			301			406			1,685			1,341
Net investment gains (losses)		(299	)		88			104			(606	)		106			317			(308	)
Net derivative gains (losses)		(2,312	)		(226	)		(247	)		(190	)		(141	)		(874	)		(804	)
Total revenues		12,629			14,950			15,286			16,104			15,754			60,603			62,094
Expenses
Policyholder benefits and claims		8,928			8,863			9,427			10,728			9,295			36,358			38,313
Interest credited to policyholder account balances		1,357			1,451			1,292			1,338			1,526			5,176			5,607
Policyholder dividends		299			310			313			302			306			1,223			1,231
Capitalization of DAC		(730	)		(713	)		(744	)		(761	)		(784	)		(3,152	)		(3,002	)
Amortization of DAC and VOBA		654			663			656			626			736			2,718			2,681
Amortization of negative VOBA		(48	)		(43	)		(38	)		(32	)		(27	)		(269	)		(140	)
Interest expense on debt		282			283			284			284			278			1,157			1,129
Other expenses		3,316			3,078			3,125			3,201			3,549			13,295			12,953
Total expenses		14,058			13,892			14,315			15,686			14,879			56,506			58,772
Income (loss) from continuing operations before provision for income tax		(1,429	)		1,058			971			418			875			4,097			3,322
Provision for income tax expense (benefit)		(616	)		115			146			(422	)		(1,259	)		629			(1,420	)
Income (loss) from continuing operations, net of income tax		(813	)		943			825			840			2,134			3,468			4,742
Income (loss) from discontinued operations, net of income tax		(1,370	)		(76	)		58			(968	)		-			(2,734	)		(986	)
Net income (loss)		(2,183	)		867			883			(128	)		2,134			734			3,756
Less: Net income (loss) attributable to noncontrolling interests		2			3			3			6			(2	)		4			10
Net income (loss) attributable to MetLife, Inc.		(2,185	)		864			880			(134	)		2,136			730			3,746
Less: Preferred stock dividends		45			6			46			6			45			103			103
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(2,230	)	$	858		$	834		$	(140	)	$	2,091		$	627		$	3,643
Total Premiums, Fees and Other Revenues	$	10,977		$	10,667		$	11,236		$	12,605		$	11,335		$	44,370		$	45,843

2

METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(2,230	)	$	858		$	834		$	(140	)	$	2,091
Adjustments from net income (loss) available to MetLife, Inc.’s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)		(299	)		88			104			(606	)		106
Less: Net derivative gains (losses)		(2,312	)		(226	)		(247	)		(190	)		(141	)
Less: Goodwill impairment		-			-			-			-			-
Less: Other adjustments to continuing operations (1)		(111	)		(491	)		(341	)		(494	)		(296	)
Less: Provision for income tax (expense) benefit		807			245			142			1,009			1,742
Less: Income (loss) from discontinued operations, net of income tax		(1,370	)		(76	)		58			(968	)		-
Add: Net income (loss) attributable to noncontrolling interests		2			3			3			6			(2	)
Adjusted earnings available to common shareholders	$	1,057		$	1,321		$	1,121		$	1,115		$	678
Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (2)	$	(2.03	)	$	0.78		$	0.77		$	(0.13	)	$	1.97
Less: Net investment gains (losses)		(0.27	)		0.08			0.10			(0.57	)		0.10
Less: Net derivative gains (losses)		(2.09	)		(0.21	)		(0.23	)		(0.18	)		(0.13	)
Less: Goodwill impairment		-			-			-			-			-
Less: Other adjustments to continuing operations		(0.11	)		(0.45	)		(0.32	)		(0.45	)		(0.28	)
Less: Provision for income tax (expense) benefit		0.73			0.23			0.13			0.94			1.64
Less: Income (loss) from discontinued operations, net of income tax		(1.24	)		(0.07	)		0.05			(0.90	)		-
Add: Net income (loss) attributable to noncontrolling interests		-			-			-			0.01			-
Adjusted earnings available to common shareholders per common share - diluted (2)	$	0.95		$	1.20		$	1.04		$	1.04		$	0.64
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Notable items impacting adjusted earnings available to common shareholders:
Variable investment income	$	-		$	15		$	-		$	-		$	-
Catastrophe experience and prior year development, net		-			(45	)		-			(10	)		7
Actuarial assumption review and other insurance adjustments		(91	)		76			(28	)		125			(110	)
Litigation reserves & settlement costs		(23	)		(21	)		-			-			(55	)
Expense initiative costs		(28	)		(21	)		(22	)		(17	)		(42	)
Other expense-related items (3)		-			-			(36	)		-			-
Tax adjustments		-			-			27			(167	)		(298	)
Total notable items (4)	$	(142	)	$	4		$	(59	)	$	(69	)	$	(498	)
Notable items impacting adjusted earnings available to common shareholders per common share - diluted:
Variable investment income	$	-		$	0.01		$	-		$	-		$	-
Catastrophe experience and prior year development, net	$	-		$	(0.04	)	$	-		$	(0.01	)	$	0.01
Actuarial assumption review and other insurance adjustments	$	(0.08	)	$	0.07		$	(0.03	)	$	0.12		$	(0.10	)
Litigation reserves & settlement costs	$	(0.02	)	$	(0.02	)	$	-		$	-		$	(0.05	)
Expense initiative costs	$	(0.03	)	$	(0.02	)	$	(0.02	)	$	(0.02	)	$	(0.04	)
Other expense-related items (3)	$	-		$	-		$	(0.03	)	$	-		$	-
Tax adjustments	$	-		$	-		$	0.02		$	(0.16	)	$	(0.28	)
Total notable items (4)	$	(0.13	)	$	-		$	(0.05	)	$	(0.06	)	$	(0.47	)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Weighted average common shares outstanding - diluted		1,108.8			1,098.7			1,082.1			1,071.5			1,062.1
(1)   See Page A-1 for further detail. (2)   8.6 million shares related to the assumed exercise or issuance of stock-based awards for the three months ended December 31, 2016 have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to income (loss) from continuing operations, net of income tax, per common share - diluted. These shares were included in the calculation of adjusted earnings available to common shareholders per common share - diluted. (3)   For the three months ended June 30, 2017, $36 million in lease impairments are included. (4)   These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per common share - diluted. 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 the Company’s results, but that were unknown and that the Company 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 Company results and to evaluate and forecast those results.

3

METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Book value per common share (1)	$	59.35	$	60.72	$	63.17	$	51.59	$	53.57
Book value per common share, excluding AOCI other than FCTA (1)	$	49.61	$	50.33	$	50.84	$	40.71	$	42.24
Book value per common share - common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA) (1)	$	34.45	$	35.13	$	37.06	$	40.71	$	42.24
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	40.92	$	41.46	$	41.81	$	31.68	$	32.95
	For the Three Months Ended
Unaudited	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Return on MetLife, Inc.’s (2):
Common stockholders’ equity		(12.6)%		5.3%		5.0%		(0.9)%		15.2%
Common stockholders’ equity, excluding AOCI other than FCTA		(15.8)%		6.3%		6.1%		(1.2)%		19.2%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		(19.0)%		7.8%		7.6%		(1.3)%		24.8%
Adjusted return on MetLife, Inc.’s (2):
Common stockholders’ equity		6.0%		8.1%		6.8%		7.3%		4.9%
Common stockholders’ equity, excluding AOCI other than FCTA		7.5%		9.7%		8.3%		9.2%		6.2%
Common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)		10.8%		14.0%		11.6%		10.8%		6.2%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		9.1%		11.9%		10.1%		11.5%		8.1%
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Common shares outstanding, beginning of period		1,099.0		1,095.5		1,081.3		1,063.5		1,054.3
Share repurchases		(5.5)		(16.0)		(18.3)		(10.4)		(11.9)
Newly issued shares		2.0		1.8		0.5		1.2		1.2
Common shares outstanding, end of period		1,095.5		1,081.3		1,063.5		1,054.3		1,043.6
Weighted average common shares outstanding - basic		1,100.2		1,090.4		1,074.0		1,062.3		1,052.5
Dilutive effect of the exercise or issuance of stock-based awards		8.6		8.3		8.1		9.2		9.6
Weighted average common shares outstanding - diluted		1,108.8		1,098.7		1,082.1		1,071.5		1,062.1
MetLife Policyholder Trust Shares		163.3		161.3		159.1		157.3		155.2
(1)         Calculated using common shares outstanding, end of period. (2)         Annualized using quarter-to-date results. See page A-4 for the return on MetLife, Inc.’s common stockholders’ equity and adjusted return on MetLife, Inc.’s common stockholders’ equity for the years ended December 31, 2016 and 2017.

4

METLIFE CORPORATE OVERVIEW (CONTINUED) KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017				December 31, 2016			December 31, 2017
Total revenues	$	12,629		$	14,950		$	15,286		$	16,104		$	15,754			$	60,603		$	62,094
Less: Net investment (gains) losses		(299	)		88			104			(606	)		106				317			(308	)
Less: Net derivative (gains) losses		(2,312	)		(226	)		(247	)		(190	)		(141	)			(874	)		(804	)
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		2			1			9			4			(2	)			30			12
Less: Other adjustments to revenues:
GMIB fees		31			31			31			32			31		`		124			125
Investment hedge adjustments		(152	)		(139	)		(114	)		(97	)		(85	)			(580	)		(435	)
Operating joint venture adjustments		1			(1	)		1			-			-				6			-
Unit-linked contract income		327			416			214			234			436				950			1,300
Securitization entities income		-			-			-			-			-				-			-
Settlement of foreign currency earnings hedges		(2	)		6			5			5			6				4			22
Divested businesses and Lag elimination		(239	)		(280	)		(228	)		(54	)		-				(290	)		(562	)
Total adjusted revenues	$	15,272		$	15,054		$	15,511		$	16,776		$	15,403			$	60,916		$	62,744
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017				December 31, 2016			December 31, 2017
Net investment income	$	4,263		$	4,421		$	4,193		$	4,295		$	4,454			$	16,790		$	17,363
Less: Adjustments to net investment income:
Investment hedge adjustments		(152	)		(139	)		(114	)		(97	)		(85	)			(580	)		(435	)
Operating joint venture adjustments		1			(1	)		1			-			-				6			-
Unit-linked contract income		327			416			214			234			436				950			1,300
Securitization entities income		-			-			-			-			-				-			-
Divested businesses and Lag elimination		(49	)		(27	)		(21	)		2			-				(23	)		(46	)
Net investment income, as reported on an adjusted basis	$	4,136		$	4,172		$	4,113		$	4,156		$	4,103			$	16,437		$	16,544
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017				December 31, 2016			December 31, 2017
Total premiums, fees and other revenues	$	10,977		$	10,667		$	11,236		$	12,605		$	11,335			$	44,370		$	45,843
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments		2			1			9			4			(2	)			30			12
GMIB fees		31			31			31			32			31				124			125
Settlement of foreign currency earnings hedges		(2	)		6			5			5			6				4			22
Divested businesses and Lag elimination		(190	)		(253	)		(207	)		(56	)		-				(267	)		(516	)
Total adjusted premiums, fees and other revenues	$	11,136		$	10,882		$	11,398		$	12,620		$	11,300			$	44,479		$	46,200
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	11,159		$	10,971		$	11,403		$	12,573		$	11,300

5

METLIFE CORPORATE OVERVIEW (CONTINUED) KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Total expenses	$	14,058		$	13,892		$	14,315		$	15,686		$	14,879		$	56,506		$	58,772
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		(11	)		(2	)		(28	)		(2	)		(28	)		(226	)		(60	)
Less: Goodwill impairment		-			-			-			-			-			-			-
Less: Other adjustments to expenses:
Inflation and pass through adjustments		(163	)		21			53			(28	)		(77	)		(85	)		(31	)
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs		100			60			61			138			93			125			352
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments		6			3			2			6			2			16			13
PAB hedge adjustments		(1	)		(1	)		(1	)		(1	)		-			(3	)		(3	)
Unit-linked contract costs		318			402			213			229			420			932			1,264
Securitization entities debt expense		-			-			-			-			-			-			-
Noncontrolling interest		(4	)		(4	)		(3	)		(10	)		5			(6	)		(12	)
Regulatory implementation costs		1			-			-			-			-			1			-
Acquisition, integration and other costs		31			8			14			20			23			64			65
Divested businesses and Lag elimination		(198	)		38			(52	)		266			244			(93	)		496
Total adjusted expenses	$	13,979		$	13,367		$	14,056		$	15,068		$	14,197		$	55,781		$	56,688
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Capitalization of DAC	$	(730	)	$	(713	)	$	(744	)	$	(761	)	$	(784	)	$	(3,152	)	$	(3,002	)
Less: Divested businesses and Lag elimination		21			16			14			4			-			(1	)		34
Capitalization of DAC, as reported on an adjusted basis	$	(751	)	$	(729	)	$	(758	)	$	(765	)	$	(784	)	$	(3,151	)	$	(3,036	)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Other expenses	$	3,316		$	3,078		$	3,125		$	3,201		$	3,549		$	13,295		$	12,953
Less: Noncontrolling interest		(4	)		(4	)		(3	)		(10	)		5			(6	)		(12	)
Less: Regulatory implementation costs		1			-			-			-			-			1			-
Less: Acquisition, integration and other costs		31			8			14			20			23			64			65
Less: Divested businesses and Lag elimination		(24	)		133			44			70			244			296			491
Other expenses, as reported on an adjusted basis	$	3,312		$	2,941		$	3,070		$	3,121		$	3,277		$	12,940		$	12,409
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,320		$	2,972		$	3,072		$	3,101		$	3,277
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Other expenses by major category, as reported on an adjusted basis
Direct and allocated expenses	$	1,604		$	1,360		$	1,477		$	1,531		$	1,705		$	5,843		$	6,073
Pension and post-retirement benefit costs		79			79			77			81			65			342			302
Premium taxes, other taxes, and licenses & fees		143			175			148			144			153			678			620
Fixed expenses, as reported on an adjusted basis	$	1,826		$	1,614		$	1,702		$	1,756		$	1,923		$	6,863		$	6,995
Commissions and other variable expenses		1,486			1,327			1,368			1,365			1,354			6,077			5,414
Other expenses, as reported on an adjusted basis	$	3,312		$	2,941		$	3,070		$	3,121		$	3,277		$	12,940		$	12,409

6

METLIFE
CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	289,563		$	294,710		$	300,616		$	308,894		$	308,931
Equity securities available-for-sale, at estimated fair value		2,894			3,088			3,137			2,776			2,513
Fair value option securities, at estimated fair value		13,923			14,399			14,762			16,538			16,745
Mortgage loans		65,167			66,633			67,309			68,057			68,731
Policy loans		9,511			9,603			9,558			9,585			9,669
Real estate and real estate joint ventures		8,891			9,293			9,256			9,486			9,637
Other limited partnership interests		5,136			5,166			5,251			5,501			5,708
Short-term investments, principally at estimated fair value		6,523			8,911			5,890			7,217			4,870
Other invested assets, principally at estimated fair value		19,303			17,003			16,559			17,652			17,263
Total investments		420,911			428,806			432,338			445,706			444,067
Cash and cash equivalents, principally at estimated fair value		12,651			11,599			12,876			13,023			12,701
Accrued investment income		3,308			3,343			3,362			3,692			3,524
Premiums, reinsurance and other receivables		15,445			16,114			16,475			18,588			18,423
Deferred policy acquisition costs and value of business acquired		17,590			18,138			18,039			18,399			18,419
Current income tax recoverable		20			25			66			3			-
Goodwill		9,220			9,350			9,385			9,556			9,590
Assets of disposed subsidiary		216,983			217,844			220,295			-			-
Other assets		7,058			7,312			7,474			8,149			8,167
Separate account assets		195,578			202,156			204,889			203,399			205,001
Total assets	$	898,764		$	914,687		$	925,199		$	720,515		$	719,892
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	166,636		$	169,486		$	171,271		$	176,005		$	177,974
Policyholder account balances		173,168			177,772			178,961			182,513			183,414
Other policy-related balances		13,402			13,774			13,804			15,428			15,515
Policyholder dividends payable		696			685			707			730			682
Policyholder dividend obligation		1,931			1,983			2,237			2,201			2,121
Payables for collateral under securities loaned and other transactions		25,873			25,722			26,604			27,132			25,723
Short-term debt		242			260			235			214			477
Long-term debt		16,441			16,455			16,492			16,688			15,686
Collateral financing arrangements		1,274			1,262			1,235			1,220			1,121
Junior subordinated debt securities		3,169			3,169			3,169			3,144			3,144
Liabilities of disposed subsidiary		202,707			204,639			206,334			-			-
Current income tax payable		-			-			-			-			311
Deferred income tax liability		6,654			6,461			7,504			8,412			6,579
Other liabilities		23,735			22,958			22,295			26,745			23,982
Separate account liabilities		195,578			202,156			204,889			203,399			205,001
Total liabilities		831,506			846,782			855,737			663,831			661,730
Equity
Preferred stock, at par value		-			-			-			-			-
Common stock, at par value		12			12			12			12			12
Additional paid-in capital		30,944			30,990			31,021			31,066			31,111
Retained earnings		34,239			34,660			35,063			24,150			25,819
Treasury stock, at cost		(3,474	)		(4,332	)		(5,284	)		(5,779	)		(6,401	)
Accumulated other comprehensive income (loss)		5,366			6,396			8,436			7,005			7,427
Total MetLife, Inc.’s stockholders’ equity		67,087			67,726			69,248			56,454			57,968
Noncontrolling interests		171			179			214			230			194
Total equity		67,258			67,905			69,462			56,684			58,162
Total liabilities and equity	$	898,764		$	914,687		$	925,199		$	720,515		$	719,892

7

METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Adjusted earnings before provision for income tax
U.S.
GROUP BENEFITS	$	277		$	298		$	312		$	370		$	352
RETIREMENT AND INCOME SOLUTIONS		449			420			402			381			266
PROPERTY & CASUALTY		49			28			26			63			133
TOTAL U.S.	$	775		$	746		$	740		$	814		$	751
ASIA		469			441			467			470			471
LATIN AMERICA		139			181			188			214			158
EMEA		82			87			86			92			91
METLIFE HOLDINGS		287			573			342			538			276
CORPORATE & OTHER		(459	)		(341	)		(368	)		(420	)		(541	)
Total adjusted earnings before provision for income tax	$	1,293		$	1,687		$	1,455		$	1,708		$	1,206
Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	103		$	104		$	109		$	129		$	122
RETIREMENT AND INCOME SOLUTIONS		155			146			140			134			93
PROPERTY & CASUALTY		6			(1	)		(2	)		12			38
TOTAL U.S.	$	264		$	249		$	247		$	275		$	253
ASIA		115			146			157			156			161
LATIN AMERICA		17			38			34			51			33
EMEA		10			12			14			21			12
METLIFE HOLDINGS		86			186			105			174			82
CORPORATE & OTHER		(301	)		(271	)		(269	)		(90	)		(58	)
Total provision for income tax expense (benefit)	$	191		$	360		$	288		$	587		$	483
Adjusted earnings available to common shareholders
U.S.
GROUP BENEFITS	$	174		$	194		$	203		$	241		$	230
RETIREMENT AND INCOME SOLUTIONS		294			274			262			247			173
PROPERTY & CASUALTY		43			29			28			51			95
TOTAL U.S.	$	511		$	497		$	493		$	539		$	498
ASIA		354			295			310			314			310
LATIN AMERICA		122			143			154			163			125
EMEA		72			75			72			71			79
METLIFE HOLDINGS		201			387			237			364			194
CORPORATE & OTHER (1)		(203	)		(76	)		(145	)		(336	)		(528	)
Total adjusted earnings available to common shareholders (1)	$	1,057		$	1,321		$	1,121		$	1,115		$	678
ADJUSTED RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
U.S.
GROUP BENEFITS		24.1%			27.6%			28.8%			34.2%			32.7%
RETIREMENT AND INCOME SOLUTIONS		17.3%			19.8%			18.9%			17.8%			12.5%
PROPERTY & CASUALTY		15.2%			6.2%			6.0%			11.0%			20.4%
TOTAL U.S.		18.9%			19.5%			19.3%			21.1%			19.5%
ASIA		12.8%			9.4%			9.9%			10.0%			9.9%
LATIN AMERICA		15.9%			19.5%			21.0%			22.2%			17.0%
EMEA		8.9%			9.3%			9.0%			8.8%			9.8%
METLIFE HOLDINGS		7.3%			13.8%			8.4%			12.9%			6.9%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
U.S.		20.8%			22.7%			22.5%			24.6%			22.7%
ASIA		22.1%			15.0%			15.8%			16.0%			15.8%
LATIN AMERICA		25.2%			33.6%			36.2%			38.3%			29.3%
EMEA		15.6%			15.3%			14.7%			14.5%			16.1%
METLIFE HOLDINGS		7.8%			15.4%			9.5%			14.5%			7.8%
(1)    Includes impact of preferred stock dividends of $45 million, $6 million, $46 million, $6 million and $45 million for the three months ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. (2)    Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and return on allocated tangible equity for each of the periods presented.

8

U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums	$	5,374		$	5,185		$	5,877		$	6,987		$	5,583		$	21,501		$	23,632
Universal life and investment-type product policy fees		246			265			251			247			249			989			1,012
Net investment income		1,591			1,612			1,575			1,602			1,607			6,206			6,396
Other revenues		195			204			199			197			206			784			806
Total adjusted revenues		7,406			7,266			7,902			9,033			7,645			29,480			31,846
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		5,357			5,244			5,887			6,916			5,580			21,591			23,627
Interest credited to policyholder account balances		335			351			359			376			388			1,302			1,474
Capitalization of DAC		(115	)		(100	)		(116	)		(126	)		(116	)		(471	)		(458	)
Amortization of DAC and VOBA		118			114			114			118			113			471			459
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			4			2			3			9			11
Other expenses		934			909			914			933			926			3,706			3,682
Total adjusted expenses		6,631			6,520			7,162			8,219			6,894			26,608			28,795
Adjusted earnings before provision for income tax		775			746			740			814			751			2,872			3,051
Provision for income tax expense (benefit)		264			249			247			275			253			976			1,024
Adjusted earnings		511			497			493			539			498			1,896			2,027
Preferred stock dividends		-			-			-			-			-			-			-
Adjusted earnings available to common shareholders	$	511		$	497		$	493		$	539		$	498		$	1,896		$	2,027
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	511		$	497		$	493		$	539		$	498		$	1,896		$	2,027
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(21	)		(18	)		-			96			102			(15	)		180
Net derivative gains (losses)		(459	)		(148	)		128			(14	)		13			53			(21	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(72	)		(66	)		(51	)		(43	)		(35	)		(264	)		(195	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		12			(1	)		(2	)		(1	)		(1	)		(2	)		(5	)
Interest credited to policyholder account balances		1			1			1			1			-			3			3
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		190			80			(27	)		(13	)		(28	)		85			12
Income (loss) from continuing operations, net of income tax		162			345			542			565			549			1,756			2,001
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		162			345			542			565			549			1,756			2,001
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		162			345			542			565			549			1,756			2,001
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	162		$	345		$	542		$	565		$	549		$	1,756		$	2,001
Total Adjusted Premiums, Fees and Other Revenues	$	5,815		$	5,654		$	6,327		$	7,431		$	6,038		$	23,274		$	25,450

9

U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums	$	3,722		$	3,971		$	3,880		$	3,756		$	3,780		$	15,059		$	15,387
Universal life and investment-type product policy fees		194			204			200			197			198			770			799
Net investment income		276			285			280			285			275			1,140			1,125
Other revenues		117			125			122			120			127			467			494
Total adjusted revenues		4,309			4,585			4,482			4,358			4,380			17,436			17,805
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		3,404			3,670			3,560			3,374			3,413			13,857			14,017
Interest credited to policyholder account balances		34			34			34			34			34			137			136
Capitalization of DAC		(11	)		(9	)		(7	)		(8	)		(7	)		(48	)		(31	)
Amortization of DAC and VOBA		9			10			10			9			7			39			36
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			-			1			1			2
Other expenses		596			582			572			579			580			2,360			2,313
Total adjusted expenses		4,032			4,287			4,170			3,988			4,028			16,346			16,473
Adjusted earnings before provision for income tax		277			298			312			370			352			1,090			1,332
Provision for income tax expense (benefit)		103			104			109			129			122			403			464
Adjusted earnings		174			194			203			241			230			687			868
Preferred stock dividends		-			-			-			-			-			-			-
Adjusted earnings available to common shareholders	$	174		$	194		$	203		$	241		$	230		$	687		$	868
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	174		$	194		$	203		$	241		$	230		$	687		$	868
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(7	)		9			(3	)		-			7			(22	)		13
Net derivative gains (losses)		(340	)		(34	)		26			(7	)		(13	)		14			(28	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(27	)		(21	)		(17	)		(16	)		(15	)		(111	)		(69	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		131			16			(2	)		8			7			47			29
Income (loss) from continuing operations, net of income tax		(69	)		164			207			226			216			615			813
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(69	)		164			207			226			216			615			813
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(69	)		164			207			226			216			615			813
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(69	)	$	164		$	207		$	226		$	216		$	615		$	813
Total Adjusted Premiums, Fees and Other Revenues	$	4,033		$	4,300		$	4,202		$	4,073		$	4,105		$	16,296		$	16,680

10

U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums	$	770		$	346		$	1,115		$	2,336		$	902		$	2,948		$	4,699
Universal life and investment-type product policy fees		52			61			51			50			51			219			213
Net investment income		1,287			1,285			1,254			1,276			1,294			4,952			5,109
Other revenues		73			72			72			73			73			288			290
Total adjusted revenues		2,182			1,764			2,492			3,735			2,320			8,407			10,311
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,311			912			1,652			2,897			1,587			5,128			7,048
Interest credited to policyholder account balances		301			317			325			342			354			1,165			1,338
Capitalization of DAC		(6	)		(2	)		(8	)		(12	)		(9	)		(12	)		(31	)
Amortization of DAC and VOBA		5			5			4			7			4			18			20
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			3			2			2			8			9
Other expenses		120			110			114			118			116			434			458
Total adjusted expenses		1,733			1,344			2,090			3,354			2,054			6,741			8,842
Adjusted earnings before provision for income tax		449			420			402			381			266			1,666			1,469
Provision for income tax expense (benefit)		155			146			140			134			93			578			513
Adjusted earnings		294			274			262			247			173			1,088			956
Preferred stock dividends		-			-			-			-			-			-			-
Adjusted earnings available to common shareholders	$	294		$	274		$	262		$	247		$	173		$	1,088		$	956
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	294		$	274		$	262		$	247		$	173		$	1,088		$	956
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(11	)		(33	)		4			96			93			(11	)		160
Net derivative gains (losses)		(124	)		(111	)		104			(8	)		24			40			9
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(45	)		(45	)		(34	)		(27	)		(20	)		(153	)		(126	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		12			(1	)		(2	)		(1	)		(1	)		(2	)		(5	)
Interest credited to policyholder account balances		1			1			1			1			-			3			3
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		60			65			(26	)		(21	)		(33	)		44			(15	)
Income (loss) from continuing operations, net of income tax		187			150			309			287			236			1,009			982
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		187			150			309			287			236			1,009			982
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		187			150			309			287			236			1,009			982
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	187		$	150		$	309		$	287		$	236		$	1,009		$	982
Total Adjusted Premiums, Fees and Other Revenues	$	895		$	479		$	1,238		$	2,459		$	1,026		$	3,455		$	5,202

11

U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums	$	882		$	868		$	882		$	895		$	901		$	3,494		$	3,546
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		28			42			41			41			38			114			162
Other revenues		5			7			5			4			6			29			22
Total adjusted revenues		915			917			928			940			945			3,637			3,730
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		642			662			675			645			580			2,606			2,562
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(98	)		(89	)		(101	)		(106	)		(100	)		(411	)		(396	)
Amortization of DAC and VOBA		104			99			100			102			102			414			403
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		218			217			228			236			230			912			911
Total adjusted expenses		866			889			902			877			812			3,521			3,480
Adjusted earnings before provision for income tax		49			28			26			63			133			116			250
Provision for income tax expense (benefit)		6			(1	)		(2	)		12			38			(5	)		47
Adjusted earnings		43			29			28			51			95			121			203
Preferred stock dividends		-			-			-			-			-			-			-
Adjusted earnings available to common shareholders	$	43		$	29		$	28		$	51		$	95		$	121		$	203
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	43		$	29		$	28		$	51		$	95		$	121		$	203
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(3	)		6			(1	)		-			2			18			7
Net derivative gains (losses)		5			(3	)		(2	)		1			2			(1	)		(2	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		(1	)		1			-			(2	)		(6	)		(2	)
Income (loss) from continuing operations, net of income tax		44			31			26			52			97			132			206
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		44			31			26			52			97			132			206
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		44			31			26			52			97			132			206
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	44		$	31		$	26		$	52		$	97		$	132		$	206
Total Adjusted Premiums, Fees and Other Revenues	$	887		$	875		$	887		$	899		$	907		$	3,523		$	3,568

12

U.S. GROUP BENEFITS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Balance, beginning of period	$	18,902		$	18,909		$	18,982		$	18,954		$	18,939
Premiums and deposits		4,480			4,819			4,698			4,549			4,553
Surrenders and withdrawals		(581	)		(605	)		(658	)		(646	)		(588	)
Benefit payments		(3,430	)		(3,719	)		(3,627	)		(3,378	)		(3,496	)
Net Flows		469			495			413			525			469
Net transfers from (to) separate account		-			(1	)		-			2			-
Interest		130			131			131			132			129
Policy charges		(147	)		(150	)		(151	)		(149	)		(148	)
Other		(445	)		(402	)		(421	)		(525	)		(462	)
Balance, end of period	$	18,909		$	18,982		$	18,954		$	18,939		$	18,927
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Balance, beginning of period	$	749		$	761		$	810		$	836		$	857
Premiums and deposits		59			63			60			62			62
Surrenders and withdrawals		(11	)		(17	)		(11	)		(19	)		(17	)
Benefit payments		(1	)		(1	)		(1	)		(1	)		(1	)
Net Flows		47			45			48			42			44
Investment performance		14			47			31			35			41
Net transfers from (to) general account		-			1			-			(2	)		-
Policy charges		(49	)		(51	)		(51	)		(52	)		(51	)
Other		-			7			(2	)		(2	)		(2	)
Balance, end of period	$	761		$	810		$	836		$	857		$	889

13

U.S. GROUP BENEFITS OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Direct and allocated expenses	$	341	$	311	$	309	$	311	$	322
Pension and post-retirement benefit costs		13		17		15		17		16
Premium taxes, other taxes, and licenses & fees		76		52		56		50		52
Fixed expenses, as reported on an adjusted basis	$	430	$	380	$	380	$	378	$	390
Commissions and other variable expenses		166		202		192		201		190
Other expenses, as reported on an adjusted basis	$	596	$	582	$	572	$	579	$	580
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Group Life (1)
Adjusted premiums, fees and other revenues	$	1,574	$	1,690	$	1,663	$	1,641	$	1,633
Mortality ratio		88.2%		86.9%		87.3%		85.0%		87.2%
Group Non-Medical Health (2)
Adjusted premiums, fees and other revenues	$	1,687	$	1,776	$	1,664	$	1,628	$	1,640
Interest adjusted benefit ratio (3)		76.2%		79.9%		76.9%		74.7%		73.7%

  (1)   (2)   (3)   Excludes certain experience-rated contracts and includes accidental death and dismemberment.   Includes dental, group and individual disability, accident & health, critical illness, vision and other health.   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.

14

U.S. RETIREMENT AND INCOME SOLUTIONS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Balance, beginning of period	$	102,036		$	101,567		$	102,599		$	103,417		$	107,296
Premiums and deposits		18,705			15,875			19,471			19,622			17,659
Surrenders and withdrawals		(16,134	)		(14,943	)		(19,539	)		(15,926	)		(16,912	)
Benefit payments		(789	)		(812	)		(812	)		(849	)		(841	)
Net Flows		1,782			120			(880	)		2,847			(94	)
Net transfers from (to) separate account		-			4			17			1			6
Interest		845			856			853			864			880
Policy charges		(4	)		(36	)		(31	)		(20	)		(6	)
Other		(3,092	)		88			859			187			65
Balance, end of period	$	101,567		$	102,599		$	103,417		$	107,296		$	108,147
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Balance, beginning of period	$	85,929		$	85,189		$	85,983		$	87,049		$	82,341
Premiums and deposits		1,683			1,115			1,065			958			1,261
Surrenders and withdrawals		(1,360	)		(1,878	)		(1,631	)		(4,550	)		(2,889	)
Benefit payments		(12	)		(17	)		(11	)		(22	)		(11	)
Net Flows		311			(780	)		(577	)		(3,614	)		(1,639	)
Investment performance		(1,731	)		1,084			1,354			1,003			812
Net transfers from (to) general account		-			(4	)		(17	)		(1	)		(6	)
Policy charges		(74	)		(80	)		(83	)		(77	)		(76	)
Other		754			574			389			(2,019	)		(1,078	)
Balance, end of period	$	85,189		$	85,983		$	87,049		$	82,341		$	80,354

15

U.S. RETIREMENT AND INCOME SOLUTIONS OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Direct and allocated expenses	$	74	$	66	$	63	$	65	$	64
Pension and post-retirement benefit costs		4		5		5		5		5
Premium taxes, other taxes, and licenses & fees		3		3		1		3		13
Fixed expenses, as reported on an adjusted basis	$	81	$	74	$	69	$	73	$	82
Commissions and other variable expenses		39		36		45		45		34
Other expenses, as reported on an adjusted basis	$	120	$	110	$	114	$	118	$	116
SPREAD
	For the Three Months Ended
Unaudited	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Investment income yield excluding variable investment income		4.56%		4.49%		4.46%		4.42%		4.43%
Variable investment income yield		0.33%		0.37%		0.27%		0.36%		0.22%
Total investment income yield		4.89%		4.86%		4.73%		4.78%		4.65%
Average crediting rate		3.36%		3.32%		3.34%		3.43%		3.38%
Annualized general account spread		1.53%		1.54%		1.39%		1.35%		1.27%
Annualized general account spread excluding variable investment income yield		1.20%		1.17%		1.12%		0.99%		1.05%

16

U.S. PROPERTY & CASUALTY OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Direct and allocated expenses	$	93	$	108	$	103	$	107	$	110
Pension and post-retirement benefit costs		8		7		8		8		8
Premium taxes, other taxes, and licenses & fees		22		21		25		23		23
Fixed expenses, as reported on an adjusted basis	$	123	$	136	$	136	$	138	$	141
Commissions and other variable expenses		95		81		92		98		89
Other expenses, as reported on an adjusted basis	$	218	$	217	$	228	$	236	$	230
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Net Written Premiums by Product
Auto	$	563	$	564	$	592	$	617	$	581
Homeowners & Other		294		283		323		329		291
Total	$	857	$	847	$	915	$	946	$	872
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	882	$	868	$	882	$	895	$	901
Loss and loss adjustment expense ratio		72.8%		76.2%		76.5%		72.1%		64.4%
Other expense ratio		25.2%		25.8%		25.6%		25.7%		25.5%
Total combined ratio		98.0%		102.0%		102.1%		97.8%		89.9%
Effect of catastrophe losses		3.2%		12.9%		14.4%		9.6%		3.0%
Combined ratio excluding catastrophes		94.8%		89.1%		87.7%		88.2%		86.9%
Prior year development		-    %		(0.7)%		(0.5)%		(0.7)%		(1.2)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		94.8%		89.8%		88.2%		88.9%		88.1%
Auto
Net earned premium	$	571	$	563	$	573	$	585	$	591
Loss and loss adjustment expense ratio		85.2%		72.4%		71.4%		74.5%		74.9%
Other expense ratio		25.0%		25.4%		25.1%		25.2%		24.9%
Total combined ratio		110.2%		97.8%		96.5%		99.7%		99.8%
Effect of catastrophe losses		1.1%		1.4%		2.8%		6.4%		0.6%
Combined ratio excluding catastrophes		109.1%		96.4%		93.7%		93.3%		99.2%
Prior year development		(0.1)%		(0.8)%		(0.5)%		(0.9)%		(1.8)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		109.2%		97.2%		94.2%		94.2%		101.0%
Homeowners & Other
Net earned premium	$	311	$	305	$	309	$	310	$	310
Loss and loss adjustment expense ratio		50.0%		83.3%		85.9%		67.5%		44.4%
Other expense ratio		25.7%		26.7%		26.5%		26.5%		26.6%
Total combined ratio		75.7%		110.0%		112.4%		94.0%		71.0%
Effect of catastrophe losses		7.1%		34.1%		36.1%		15.7%		7.6%
Combined ratio excluding catastrophes		68.6%		75.9%		76.3%		78.3%		63.4%
Prior year development		0.1%		(0.5)%		(0.6)%		(0.2)%		(0.2)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		68.5%		76.4%		76.9%		78.5%		63.6%
Catastrophe Losses Before Provision for Income Tax
Auto	$	6	$	8	$	16	$	37	$	4
Homeowners & Other		22		104		111		49		23
Total	$	28	$	112	$	127	$	86	$	27
(1)   This selective financial information and supplemental data is presented and calculated based on general industry standards.

17

ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums	$	1,741		$	1,708		$	1,659		$	1,696		$	1,692		$	6,902		$	6,755
Universal life and investment-type product policy fees		373			366			375			458			385			1,488			1,584
Net investment income		704			702			729			762			792			2,707			2,985
Other revenues		16			10			11			11			11			61			43
Total adjusted revenues		2,834			2,786			2,774			2,927			2,880			11,158			11,367
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,268			1,315			1,247			1,223			1,290			5,211			5,075
Interest credited to policyholder account balances		324			321			333			349			348			1,298			1,351
Capitalization of DAC		(417	)		(420	)		(428	)		(420	)		(442	)		(1,668	)		(1,710	)
Amortization of DAC and VOBA		303			291			290			424			295			1,236			1,300
Amortization of negative VOBA		(41	)		(37	)		(30	)		(24	)		(20	)		(208	)		(111	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		928			875			895			905			938			3,586			3,613
Total adjusted expenses		2,365			2,345			2,307			2,457			2,409			9,455			9,518
Adjusted earnings before provision for income tax		469			441			467			470			471			1,703			1,849
Provision for income tax expense (benefit)		115			146			157			156			161			479			620
Adjusted earnings		354			295			310			314			310			1,224			1,229
Preferred stock dividends		-			-			-			-			-			-			-
Adjusted earnings available to common shareholders	$	354		$	295		$	310		$	314		$	310		$	1,224		$	1,229
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	354		$	295		$	310		$	314		$	310		$	1,224		$	1,229
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(241	)		117			(19	)		(37	)		67			230			128
Net derivative gains (losses)		(996	)		177			(128	)		(58	)		40			(47	)		31
Premiums		-			-			-			-			-			426			-
Universal life and investment-type product policy fees		3			1			10			3			(1	)		98			13
Net investment income		209			16			102			80			116			100			314
Other revenues		(2	)		6			5			5			6			8			22
Policyholder benefits and claims and policyholder dividends		(10	)		(5	)		(5	)		(8	)		(2	)		(347	)		(20	)
Interest credited to policyholder account balances		(205	)		(20	)		(108	)		(90	)		(127	)		(70	)		(345	)
Capitalization of DAC		-			-			-			-			-			105			-
Amortization of DAC and VOBA		-			(1	)		(10	)		(1	)		3			(114	)		(9	)
Amortization of negative VOBA		4			3			3			2			1			47			9
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(20	)		(4	)		(9	)		(3	)		(11	)		(227	)		(27	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		305			(105	)		53			36			(31	)		(13	)		(47	)
Income (loss) from continuing operations, net of income tax		(599	)		480			204			243			371			1,420			1,298
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(599	)		480			204			243			371			1,420			1,298
Less: Net income (loss) attributable to noncontrolling interests		-			-			1			1			-			2			2
Net income (loss) attributable to MetLife, Inc.		(599	)		480			203			242			371			1,418			1,296
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(599	)	$	480		$	203		$	242		$	371		$	1,418		$	1,296
Total Adjusted Premiums, Fees and Other Revenues	$	2,130		$	2,084		$	2,045		$	2,165		$	2,088		$	8,451		$	8,382

18

ASIA ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Total adjusted premiums, fees and other revenues	$	2,130	$	2,084	$	2,045	$	2,165	$	2,088
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	2,098	$	2,105	$	2,030	$	2,142	$	2,088
Add: Operating joint ventures premiums, fees and other revenues, on a constant currency basis (1), (2)		189		194		190		198		220
Total adjusted premiums, fees and other revenues including operating joint ventures, on a constant currency basis	$	2,287	$	2,299	$	2,220	$	2,340	$	2,308
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Direct and allocated expenses	$	356	$	298	$	315	$	340	$	356
Pension and post-retirement benefit costs		19		19		20		20		20
Premium taxes, other taxes, and licenses & fees		5		31		42		33		28
Fixed expenses, as reported on an adjusted basis	$	380	$	348	$	377	$	393	$	404
Commissions and other variable expenses		548		527		518		512		534
Other expenses, as reported on an adjusted basis	$	928	$	875	$	895	$	905	$	938
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	511	$	455	$	467	$	485	$	496
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	917	$	884	$	889	$	896	$	938
Add: Operating joint ventures other expenses, as reported on an adjusted basis, on a constant currency basis (1), (2)		71		81		77		79		86
Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis	$	988	$	965	$	966	$	975	$	1,024
Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	547	$	504	$	508	$	527	$	547
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Japan:
Life	$	187	$	186	$	157	$	156	$	161
Accident & Health		89		87		78		73		87
Annuities		71		100		86		99		100
Other		2		3		3		2		2
Total Japan		349		376		324		330		350
Other Asia		257		336		217		233		261
Total sales	$	606	$	712	$	541	$	563	$	611
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Adjusted earnings available to common shareholders	$	354	$	295	$	310	$	314	$	310
Adjusted earnings available to common shareholders, on a constant currency basis	$	353	$	298	$	311	$	313	$	310
(1)   Adjusted premiums, universal life and investment-type product policy fees, other revenues and other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures. (2)   Includes MetLife, Inc.’s percentage interest in operating joint ventures as follows: (i) India, 26%; (ii) Vietnam, 60%; (iii) China, 50%; and (iv) Malaysia, 50%.

19

LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums	$	644		$	647		$	645		$	701		$	700		$	2,529		$	2,693
Universal life and investment-type product policy fees		261			260			275			229			280			1,025			1,044
Net investment income		275			303			289			299			328			1,084			1,219
Other revenues		8			9			8			7			8			34			32
Total adjusted revenues		1,188			1,219			1,217			1,236			1,316			4,672			4,988
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		629			633			596			640			666			2,443			2,535
Interest credited to policyholder account balances		79			82			94			99			94			328			369
Capitalization of DAC		(85	)		(82	)		(88	)		(94	)		(100	)		(321	)		(364	)
Amortization of DAC and VOBA		57			78			68			-			78			184			224
Amortization of negative VOBA		-			-			-			(1	)		-			(1	)		(1	)
Interest expense on debt		1			1			2			1			1			2			5
Other expenses		368			326			357			377			419			1,336			1,479
Total adjusted expenses		1,049			1,038			1,029			1,022			1,158			3,971			4,247
Adjusted earnings before provision for income tax		139			181			188			214			158			701			741
Provision for income tax expense (benefit)		17			38			34			51			33			158			156
Adjusted earnings		122			143			154			163			125			543			585
Preferred stock dividends		-			-			-			-			-			-			-
Adjusted earnings available to common shareholders	$	122		$	143		$	154		$	163		$	125		$	543		$	585
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	122		$	143		$	154		$	163		$	125		$	543		$	585
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		85			12			2			20			(81	)		93			(47	)
Net derivative gains (losses)		(44	)		136			(9	)		46			(65	)		3			108
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		11			31			-			29			9			48			69
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		150			(20	)		(51	)		29			78			86			36
Interest credited to policyholder account balances		(17	)		(43	)		(12	)		(35	)		(15	)		(85	)		(105	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		2			3			2			2			1			9			8
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(57	)		(31	)		11			(30	)		9			(68	)		(41	)
Income (loss) from continuing operations, net of income tax		252			231			97			224			61			629			613
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		252			231			97			224			61			629			613
Less: Net income (loss) attributable to noncontrolling interests		1			2			2			1			2			6			7
Net income (loss) attributable to MetLife, Inc.		251			229			95			223			59			623			606
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	251		$	229		$	95		$	223		$	59		$	623		$	606
Total Adjusted Premiums, Fees and Other Revenues	$	913		$	916		$	928		$	937		$	988		$	3,588		$	3,769

20

LATIN AMERICA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Direct and allocated expenses	$	163	$	127	$	148	$	145	$	177
Pension and post-retirement benefit costs		1		-		1		1		1
Premium taxes, other taxes, and licenses & fees		16		15		15		16		18
Fixed expenses, as reported on an adjusted basis	$	180	$	142	$	164	$	162	$	196
Commissions and other variable expenses		188		184		193		215		223
Other expenses, as reported on an adjusted basis	$	368	$	326	$	357	$	377	$	419
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	283	$	244	$	269	$	283	$	319
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	374	$	331	$	354	$	367	$	419
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	286	$	247	$	267	$	276	$	319
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Mexico	$	99	$	112	$	92	$	81	$	89
Chile		71		68		66		78		74
All other		73		53		58		64		77
Total sales	$	243	$	233	$	216	$	223	$	240
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Adjusted premiums, fees and other revenues	$	913	$	916	$	928	$	937	$	988
Adjusted earnings available to common shareholders	$	122	$	143	$	154	$	163	$	125
Adjusted premiums, fees and other revenues, on a constant currency basis	$	943	$	949	$	928	$	914	$	988
Adjusted earnings available to common shareholders, on a constant currency basis	$	125	$	152	$	153	$	156	$	125

21

EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums	$	508		$	502		$	505		$	527		$	527		$	2,027		$	2,061
Universal life and investment-type product policy fees		97			95			92			109			109			391			405
Net investment income		74			74			78			77			80			318			309
Other revenues		17			17			28			(2	)		15			73			58
Total adjusted revenues		696			688			703			711			731			2,809			2,833
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		266			269			270			282			256			1,067			1,077
Interest credited to policyholder account balances		25			24			25			26			25			112			100
Capitalization of DAC		(93	)		(92	)		(100	)		(109	)		(113	)		(403	)		(414	)
Amortization of DAC and VOBA		97			87			95			78			97			408			357
Amortization of negative VOBA		(3	)		(3	)		(5	)		(5	)		(6	)		(13	)		(19	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		322			316			332			347			381			1,323			1,376
Total adjusted expenses		614			601			617			619			640			2,494			2,477
Adjusted earnings before provision for income tax		82			87			86			92			91			315			356
Provision for income tax expense (benefit)		10			12			14			21			12			42			59
Adjusted earnings		72			75			72			71			79			273			297
Preferred stock dividends		-			-			-			-			-			-			-
Adjusted earnings available to common shareholders	$	72		$	75		$	72		$	71		$	79		$	273		$	297
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	72		$	75		$	72		$	71		$	79		$	273		$	297
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(6	)		2			2			(12	)		(2	)		42			(10	)
Net derivative gains (losses)		(3	)		13			5			3			11			24			32
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		6			7			5			8			6			24			26
Net investment income		93			349			96			109			294			911			848
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(58	)		(9	)		(17	)		(9	)		7			(11	)		(28	)
Interest credited to policyholder account balances		(96	)		(339	)		(93	)		(104	)		(278	)		(878	)		(814	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		1			-			1			(1	)		1			-			1
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(5	)		(3	)		(4	)		(3	)		(6	)		(13	)		(16	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		22			(14	)		-			-			(21	)		(61	)		(35	)
Income (loss) from continuing operations, net of income tax		26			81			67			62			91			311			301
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		26			81			67			62			91			311			301
Less: Net income (loss) attributable to noncontrolling interests		-			1			-			1			-			3			2
Net income (loss) attributable to MetLife, Inc.		26			80			67			61			91			308			299
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	26		$	80		$	67		$	61		$	91		$	308		$	299
Total Adjusted Premiums, Fees and Other Revenues	$	622		$	614		$	625		$	634		$	651		$	2,491		$	2,524

22

EMEA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Direct and allocated expenses	$	153	$	142	$	140	$	146	$	171
Pension and post-retirement benefit costs		2		1		2		2		1
Premium taxes, other taxes, and licenses & fees		6		6		7		6		9
Fixed expenses, as reported on an adjusted basis	$	161	$	149	$	149	$	154	$	181
Commissions and other variable expenses		161		167		183		193		200
Other expenses, as reported on an adjusted basis	$	322	$	316	$	332	$	347	$	381
Other expenses, as reported on an adjusted basis, net of capitalization of DAC	$	229	$	224	$	232	$	238	$	268
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	335	$	333	$	343	$	346	$	381
Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis	$	238	$	237	$	240	$	238	$	268
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Adjusted premiums, fees and other revenues	$	622	$	614	$	625	$	634	$	651
Adjusted earnings available to common shareholders	$	72	$	75	$	72	$	71	$	79
Adjusted premiums, fees and other revenues, on a constant currency basis	$	647	$	649	$	645	$	633	$	651
Adjusted earnings available to common shareholders, on a constant currency basis	$	75	$	81	$	75	$	70	$	79
Total sales on a constant currency basis	$	233	$	267	$	245	$	255	$	231

23

METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums	$	1,194		$	1,059		$	1,022		$	989		$	1,074		$	4,506		$	4,144
Universal life and investment-type product policy fees		363			362			345			349			305			1,436			1,361
Net investment income		1,455			1,441			1,401			1,390			1,375			5,944			5,607
Other revenues		69			96			37			37			74			581			244
Total adjusted revenues		3,081			2,958			2,805			2,765			2,828			12,467			11,356
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		1,928			1,733			1,717			1,732			1,818			7,523			7,000
Interest credited to policyholder account balances		262			257			255			255			251			1,042			1,018
Capitalization of DAC		(41	)		(34	)		(23	)		(14	)		(11	)		(281	)		(82	)
Amortization of DAC and VOBA		100			74			139			(70	)		159			736			302
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		14			15			5			2			2			57			24
Other expenses		531			340			370			322			333			2,392			1,365
Total adjusted expenses		2,794			2,385			2,463			2,227			2,552			11,469			9,627
Adjusted earnings before provision for income tax		287			573			342			538			276			998			1,729
Provision for income tax expense (benefit)		86			186			105			174			82			292			547
Adjusted earnings		201			387			237			364			194			706			1,182
Preferred stock dividends		-			-			-			-			-			-			-
Adjusted earnings available to common shareholders	$	201		$	387		$	237		$	364		$	194		$	706		$	1,182
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	201		$	387		$	237		$	364		$	194		$	706		$	1,182
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		57			21			3			23			24			182			71
Net derivative gains (losses)		(909	)		(18	)		(266	)		(165	)		(104	)		(941	)		(553	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		23			24			25			25			24			92			98
Net investment income		(66	)		(57	)		(48	)		(39	)		(37	)		(274	)		(181	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(50	)		(65	)		(50	)		(128	)		(79	)		(166	)		(322	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		20			15			44			6			3			312			68
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(1	)		-			-			-			-			(14	)		-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		323			29			102			98			58			283			287
Income (loss) from continuing operations, net of income tax		(402	)		336			47			184			83			180			650
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(402	)		336			47			184			83			180			650
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(402	)		336			47			184			83			180			650
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(402	)	$	336		$	47		$	184		$	83		$	180		$	650
Total Adjusted Premiums, Fees and Other Revenues	$	1,626		$	1,517		$	1,404		$	1,375		$	1,453		$	6,523		$	5,749

24

METLIFE HOLDINGS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)

	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Balance, beginning of period	$	80,906		$	80,678		$	81,009		$	81,056		$	81,338
Premiums and deposits (2), (3)		1,483			1,405			1,308			1,258			1,375
Surrenders and withdrawals		(590	)		(618	)		(611	)		(584	)		(646	)
Benefit payments		(712	)		(763	)		(659	)		(642	)		(679	)
Net Flows		181			24			38			32			50
Net transfers from (to) separate account		12			25			9			12			11
Interest		799			812			815			819			825
Policy charges		(242	)		(201	)		(200	)		(199	)		(199	)
Other		(978	)		(329	)		(615	)		(382	)		(334	)
Balance, end of period	$	80,678		$	81,009		$	81,056		$	81,338		$	81,691
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Balance, beginning of period	$	23,100		$	22,264		$	21,522		$	21,329		$	21,180
Premiums and deposits (2), (3)		239			202			135			134			109
Surrenders and withdrawals		(417	)		(358	)		(375	)		(372	)		(470	)
Benefit payments		(175	)		(199	)		(178	)		(154	)		(161	)
Net Flows		(353	)		(355	)		(418	)		(392	)		(522	)
Net transfers from (to) separate account		34			10			39			66			16
Interest		165			160			159			158			156
Policy charges		(5	)		(5	)		(5	)		(5	)		(4	)
Other		(677	)		(552	)		32			24			(35	)
Balance, end of period	$	22,264		$	21,522		$	21,329		$	21,180		$	20,791
SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Balance, beginning of period	$	5,210		$	5,200		$	5,415		$	5,537		$	5,670
Premiums and deposits (3)		73			76			73			70			69
Surrenders and withdrawals		(52	)		(61	)		(63	)		(56	)		(63	)
Benefit payments		(5	)		(7	)		(7	)		(6	)		(6	)
Net Flows		16			8			3			8			-
Investment performance		74			306			201			207			270
Net transfers from (to) general account		(12	)		(25	)		(9	)		(12	)		(11	)
Policy charges		(72	)		(72	)		(71	)		(69	)		(71	)
Other		(16	)		(2	)		(2	)		(1	)		(3	)
Balance, end of period	$	5,200		$	5,415		$	5,537		$	5,670		$	5,855
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Balance, beginning of period	$	44,560		$	43,623		$	44,667		$	44,907		$	45,278
Premiums and deposits (3)		187			175			168			133			107
Surrenders and withdrawals		(813	)		(903	)		(977	)		(964	)		(1,125	)
Benefit payments		(88	)		(90	)		(92	)		(90	)		(106	)
Net Flows		(714	)		(818	)		(901	)		(921	)		(1,124	)
Investment performance		36			2,090			1,410			1,587			1,766
Net transfers from (to) general account		(34	)		(10	)		(39	)		(66	)		(16	)
Policy charges		(224	)		(219	)		(230	)		(230	)		(228	)
Other		(1	)		1			-			1			2
Balance, end of period	$	43,623		$	44,667		$	44,907		$	45,278		$	45,678
(1)   Long-Term Care and Japan reinsurance are reported as part of “Other” within Life & Other. (2)   Includes premiums and deposits directed to the general account investment option of variable products. (3)   Includes company-sponsored internal exchanges.

25

METLIFE HOLDINGS OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Direct and allocated expenses	$	199	$	175	$	199	$	205	$	210
Pension and post-retirement benefit costs		28		25		22		25		23
Premium taxes, other taxes, and licenses & fees		25		22		14		20		18
Fixed expenses, as reported on an adjusted basis	$	252	$	222	$	235	$	250	$	251
Commissions and other variable expenses		279		118		135		72		82
Other expenses, as reported on an adjusted basis	$	531	$	340	$	370	$	322	$	333
SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Investment income yield excluding variable investment income		5.93%		5.89%		5.62%		5.45%		5.42%
Variable investment income yield		0.19%		0.24%		0.23%		0.23%		0.16%
Total investment income yield		6.12%		6.13%		5.85%		5.68%		5.58%
Average crediting rate		4.55%		4.62%		4.56%		4.50%		4.48%
Annualized general account spread		1.57%		1.51%		1.29%		1.18%		1.10%
Annualized general account spread excluding variable investment income yield		1.38%		1.27%		1.06%		0.95%		0.94%
ANNUITIES (1)
	For the Three Months Ended
Unaudited	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Investment income yield excluding variable investment income		5.05%		5.03%		4.91%		4.78%		4.79%
Variable investment income yield		0.31%		0.29%		0.26%		0.28%		0.20%
Total investment income yield		5.36%		5.32%		5.17%		5.06%		4.99%
Average crediting rate		3.17%		3.16%		3.14%		3.11%		3.12%
Annualized general account spread		2.19%		2.16%		2.03%		1.95%		1.87%
Annualized general account spread excluding variable investment income yield		1.88%		1.87%		1.77%		1.67%		1.67%
(1)        Represents the general account spread for deferred and payout annuities.

26

METLIFE HOLDINGS OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Life (1)
Adjusted premiums, fees and other revenues	$	1,150	$	1,002	$	946	$	922	$	993
Interest adjusted benefit ratio		63.5%		48.6%		51.1%		48.0%		56.5%
Lapse Ratio (2)
Traditional life		4.5%		4.5%		4.6%		4.7%		4.7%
Variable & universal life		4.5%		4.5%		4.5%		4.4%		4.4%
Fixed annuity		8.0%		7.2%		7.3%		6.8%		6.9%
Variable annuity		6.6%		7.1%		7.6%		8.0%		8.5%
(1)        Represents traditional life and variable & universal life, components of Life & Other. (2)        Lapse ratios are calculated based on the average of the most recent 12 months of experience.

27

CORPORATE  & OTHER

STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Adjusted revenues
Premiums	$	(10	)	$	38		$	8		$	13		$	(5	)	$	40		$	54
Universal life and investment-type product policy fees		-			-			-			-			1			2			1
Net investment income		37			40			41			26			(79	)		178			28
Other revenues		40			59			61			65			86			110			271
Total adjusted revenues		67			137			110			104			3			330			354
Adjusted expenses
Policyholder benefits and claims and policyholder dividends		18			25			1			7			(7	)		41			26
Interest credited to policyholder account balances		1			1			-			-			-			6			1
Capitalization of DAC		-			(1	)		(3	)		(2	)		(2	)		(7	)		(8	)
Amortization of DAC and VOBA		1			1			1			3			1			8			6
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		277			277			277			279			272			1,139			1,105
Other expenses		229			175			202			237			280			597			894
Total adjusted expenses		526			478			478			524			544			1,784			2,024
Adjusted earnings before provision for income tax		(459	)		(341	)		(368	)		(420	)		(541	)		(1,454	)		(1,670	)
Provision for income tax expense (benefit)		(301	)		(271	)		(269	)		(90	)		(58	)		(948	)		(688	)
Adjusted earnings		(158	)		(70	)		(99	)		(330	)		(483	)		(506	)		(982	)
Preferred stock dividends		45			6			46			6			45			103			103
Adjusted earnings available to common shareholders	$	(203	)	$	(76	)	$	(145	)	$	(336	)	$	(528	)	$	(609	)	$	(1,085	)
Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Adjusted earnings	$	(158	)	$	(70	)	$	(99	)	$	(330	)	$	(483	)	$	(506	)	$	(982	)
Adjustments from adjusted earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(173	)		(46	)		116			(696	)		(4	)		(215	)		(630	)
Net derivative gains (losses)		99			(386	)		23			(2	)		(36	)		34			(401	)
Premiums		(205	)		(174	)		(136	)		(37	)		-			(729	)		(347	)
Universal life and investment-type product policy fees		(17	)		(20	)		(14	)		-			-			(62	)		(34	)
Net investment income		(48	)		(24	)		(19	)		3			4			(168	)		(36	)
Other revenues		33			(59	)		(57	)		(19	)		-			34			(135	)
Policyholder benefits and claims and policyholder dividends		195			146			103			(113	)		(1	)		735			135
Interest credited to policyholder account balances		(14	)		(14	)		(14	)		(5	)		-			(58	)		(33	)
Capitalization of DAC		(21	)		(16	)		(14	)		(4	)		-			(104	)		(34	)
Amortization of DAC and VOBA		1			(32	)		16			(77	)		-			127			(93	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		12			12			4			-			-			50			16
Other expenses		20			(133	)		(44	)		(76	)		(256	)		(110	)		(509	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		24			286			3			918			1,755			144			2,962
Income (loss) from continuing operations, net of income tax		(252	)		(530	)		(132	)		(438	)		979			(828	)		(121	)
Income (loss) from discontinued operations, net of income tax		(1,370	)		(76	)		58			(968	)		-			(2,734	)		(986	)
Net income (loss)		(1,622	)		(606	)		(74	)		(1,406	)		979			(3,562	)		(1,107	)
Less: Net income (loss) attributable to noncontrolling interests		1			-			-			3			(4	)		(7	)		(1	)
Net income (loss) attributable to MetLife, Inc.		(1,623	)		(606	)		(74	)		(1,409	)		983			(3,555	)		(1,106	)
Less: Preferred stock dividends		45			6			46			6			45			103			103
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(1,668	)	$	(612	)	$	(120	)	$	(1,415	)	$	938		$	(3,658	)	$	(1,209	)
Total Adjusted Premiums, Fees and Other Revenues	$	30		$	97		$	69		$	78		$	82		$	152		$	326
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Other business activities	$	-		$	5		$	4		$	3		$	6		$	(5	)	$	18
Other net investment income		47			45			49			32			18			220			144
Interest expense on debt		(197	)		(194	)		(197	)		(195	)		(193	)		(814	)		(779	)
Preferred stock dividends		(45	)		(6	)		(46	)		(6	)		(45	)		(103	)		(103	)
Corporate initiatives and projects		(48	)		(32	)		(67	)		(29	)		(51	)		(129	)		(179	)
Incremental tax benefit (expense) and other tax-related items		142			150			143			(58	)		(174	)		438			61
Other		(102	)		(44	)		(31	)		(83	)		(89	)		(216	)		(247	)
Adjusted earnings available to common shareholders	$	(203	)	$	(76	)	$	(145	)	$	(336	)	$	(528	)	$	(609	)	$	(1,085	)

28

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Fixed Maturity Securities
Yield (1)		4.34%			4.34%			4.28%			4.25%			4.30%
Investment income (2), (3), (4)	$	2,855		$	2,825		$	2,820		$	2,843		$	2,913
Investment gains (losses) (3)		(226	)		(4	)		43			279			-
Ending carrying value (2), (3)		290,174			295,359			301,267			309,607			309,796
Mortgage Loans
Yield (1)		4.34%			4.47%			4.53%			4.78%			4.55%
Investment income (4)		694			736			758			809			778
Investment gains (losses)		(34	)		(12	)		(14	)		28			11
Ending carrying value		65,167			66,633			67,309			68,057			68,731
Real Estate and Real Estate Joint Ventures
Yield (1)		3.45%			3.20%			3.42%			2.80%			3.29%
Investment income (3)		77			73			79			66			79
Investment gains (losses) (3)		115			(3	)		270			169			167
Ending carrying value		8,891			9,293			9,256			9,486			9,637
Policy Loans
Yield (1)		5.26%			5.33%			5.38%			5.40%			5.46%
Investment income		126			127			129			130			131
Ending carrying value		9,511			9,603			9,558			9,585			9,669
Equity Securities
Yield (1)		5.02%			4.90%			4.58%			4.92%			6.37%
Investment income		30			31			31			31			36
Investment gains (losses)		(9	)		35			1			2			54
Ending carrying value		2,894			3,088			3,137			2,776			2,513
Other Limited Partnership Interests
Yield (1)		13.10%			18.58%			14.91%			15.94%			10.64%
Investment income		169			240			194			214			149
Investment gains (losses)		(21	)		(7	)		(11	)		(33	)		(8	)
Ending carrying value		5,136			5,166			5,251			5,501			5,708
Cash and Short-term Investments
Yield (1)		1.21%			1.42%			1.61%			1.13%			1.73%
Investment income		29			33			34			25			40
Investment gains (losses)		3			2			1			2			(21	)
Ending carrying value		19,173			20,509			18,766			20,240			17,571
Other Invested Assets (1)
Investment income		227			214			170			173			98
Investment gains (losses) (3)		(6	)		(28	)		(72	)		28			(25	)
Ending carrying value		19,303			17,003			16,559			17,652			17,263
Total Investments
Investment income yield (1)		4.57%			4.65%			4.54%			4.54%			4.40%
Investment fees and expenses yield		(0.13)%			(0.15)%			(0.13)%			(0.14)%			(0.13)%
Net Investment Income Yield (1), (3)		4.44%			4.50%			4.41%			4.40%			4.27%
Investment income	$	4,207		$	4,279		$	4,215		$	4,291		$	4,224
Investment fees and expenses		(120	)		(134	)		(123	)		(133	)		(121	)
Net investment income including Divested businesses and Lag elimination		4,087			4,145			4,092			4,158			4,103
Less: Net investment income from Divested businesses and Lag elimination		(49	)		(27	)		(21	)		2			-
Net Investment Income, as reported on an adjusted basis (3)	$	4,136		$	4,172		$	4,113		$	4,156		$	4,103
Ending Carrying Value (3)	$	420,249		$	426,654		$	431,103		$	442,904		$	440,888
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(178	)	$	(17	)	$	218		$	475		$	178
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			-			-			-			-
Investment Portfolio Gains (Losses) (3)	$	(178	)	$	(17	)	$	218		$	475		$	178
Gross investment gains	$	277		$	239		$	421		$	647		$	396
Gross investment losses		(380	)		(224	)		(100	)		(111	)		(195	)
Writedowns		(75	)		(32	)		(103	)		(61	)		(23	)
Investment Portfolio Gains (Losses) (3)		(178	)		(17	)		218			475			178
Investment portfolio gains (losses) income tax (expense) benefit		38			19			(69	)		(187	)		(59	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(140	)	$	2		$	149		$	288		$	119
Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(2,465	)	$	(358	)	$	(355	)	$	(281	)	$	(220	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			-			-			-			-
Derivative gains (losses) (3)		(2,465	)		(358	)		(355	)		(281	)		(220	)
Derivative gains (losses) income tax (expense) benefit		814			148			111			103			73
Derivative Gains (Losses), Net of Income Tax	$	(1,651	)	$	(210	)	$	(244	)	$	(178	)	$	(147	)
(1)     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. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and FVO Brighthouse Common Stock. 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 $611 million, $649 million, $651 million, $713 million and $865 million in ending carrying value, and ($4) million, $29 million, $16 million, $16 million and $7 million of investment income related to fair value option securities at or for the three months ended December 31, 2016, March 31, 2017, June 30,2017, September 30, 2017 and December 31, 2017, respectively. (3)     The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments and FVO Brighthouse Common Stock of $13,304 million, $13,743 million, $14,104 million, $15,818 million and $15,874 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option securities (included within fixed maturity securities above) of $8 million, $7 million, $7 million, $7 million and $6 million and cash and short-term investments of $1 million, $1 million, $0, $0 and $0; C) Net investment income adjustments as presented on Page 5; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment gains (losses) - GAAP basis	$	(299	)	$	88		$	104		$	(606	)	$	106
Less: Operating joint venture adjustments		(1	)		1			(1	)		-			-
Less: Net investment gains (losses) related to CSEs		-			-			-			-			-
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis		(120	)		104			(113	)		(1,081	)		(72	)
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(178	)	$	(17	)	$	218		$	475		$	178
	For the Three Months Ended
	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net derivative gains (losses) - GAAP basis	$	(2,312	)	$	(226	)	$	(247	)	$	(190	)	$	(141	)
Less: Investment hedge adjustments		152			139			114			97			85
Less: Settlement of foreign currency earnings hedges		2			(6	)		(5	)		(5	)		(6	)
Less: PAB hedge adjustments		(1	)		(1	)		(1	)		(1	)		-
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(2,465	)	$	(358	)	$	(355	)	$	(281	)	$	(220	)
(4)     Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

29

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Fixed Maturity Securities
Yield (1)		4.38%			4.34%			4.31%			4.29%			4.29%
Investment income (2), (3), (4)	$	11,665		$	2,825		$	5,645		$	8,488		$	11,401
Investment gains (losses) (3)		145			(4	)		39			318			318
Ending carrying value (2), (3)		290,174			295,359			301,267			309,607			309,796
Mortgage Loans
Yield (1)		4.61%			4.47%			4.50%			4.59%			4.58%
Investment income (4)		2,858			736			1,494			2,303			3,081
Investment gains (losses)		(231	)		(12	)		(26	)		2			13
Ending carrying value		65,167			66,633			67,309			68,057			68,731
Real Estate and Real Estate Joint Ventures
Yield (1)		3.73%			3.20%			3.31%			3.14%			3.18%
Investment income (3)		322			73			152			218			297
Investment gains (losses) (3)		182			(3	)		267			436			603
Ending carrying value		8,891			9,293			9,256			9,486			9,637
Policy Loans
Yield (1)		5.29%			5.33%			5.36%			5.37%			5.39%
Investment income		511			127			256			386			517
Ending carrying value		9,511			9,603			9,558			9,585			9,669
Equity Securities
Yield (1)		4.82%			4.90%			4.74%			4.80%			5.15%
Investment income		120			31			62			93			129
Investment gains (losses)		(56	)		35			36			38			92
Ending carrying value		2,894			3,088			3,137			2,776			2,513
Other Limited Partnership Interests
Yield (1)		9.23%			18.58%			16.74%			16.46%			14.93%
Investment income		478			240			434			648			797
Investment gains (losses)		(64	)		(7	)		(18	)		(51	)		(59	)
Ending carrying value		5,136			5,166			5,251			5,501			5,708
Cash and Short-term Investments
Yield (1)		1.17%			1.42%			1.52%			1.39%			1.48%
Investment income		111			33			67			92			132
Investment gains (losses)		(9	)		2			3			5			(16	)
Ending carrying value		19,173			20,509			18,766			20,240			17,571
Other Invested Assets (1)
Investment income		856			214			384			557			655
Investment gains (losses) (3)		(118	)		(28	)		(100	)		(72	)		(97	)
Ending carrying value		19,303			17,003			16,559			17,652			17,263
Total Investments
Investment income yield (1)		4.58%			4.65%			4.60%			4.58%			4.53%
Investment fees and expenses yield		(0.14)%			(0.15)%			(0.14)%			(0.14)%			(0.14)%
Net Investment Income Yield (1), (3)		4.44%			4.50%			4.46%			4.44%			4.39%
Investment income	$	16,921		$	4,279		$	8,494		$	12,785		$	17,009
Investment fees and expenses		(507	)		(134	)		(257	)		(390	)		(511	)
Net investment income including Divested businesses and Lag elimination		16,414			4,145			8,237			12,395			16,498
Less: Net investment income from Divested businesses and Lag elimination		(23	)		(27	)		(48	)		(46	)		(46	)
Net Investment Income, as reported on an adjusted basis (3)	$	16,437		$	4,172		$	8,285		$	12,441		$	16,544
Ending Carrying Value (3)	$	420,249		$	426,654		$	431,103		$	442,904		$	440,888
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(151	)	$	(17	)	$	201		$	676		$	854
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		(3	)		-			-			-			-
Investment Portfolio Gains (Losses) (3)	$	(148	)	$	(17	)	$	201		$	676		$	854
Gross investment gains	$	1,393		$	239		$	660		$	1,307		$	1,703
Gross investment losses		(1,011	)		(224	)		(324	)		(435	)		(630	)
Writedowns		(530	)		(32	)		(135	)		(196	)		(219	)
Investment Portfolio Gains (Losses) (3)		(148	)		(17	)		201			676			854
Investment portfolio gains (losses) income tax (expense) benefit		111			19			(50	)		(237	)		(296	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(37	)	$	2		$	151		$	439		$	558
Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(1,447	)	$	(358	)	$	(713	)	$	(994	)	$	(1,214	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		149			-			-			-			-
Derivative gains (losses) (3)		(1,596	)		(358	)		(713	)		(994	)		(1,214	)
Derivative gains (losses) income tax (expense) benefit		542			148			259			362			435
Derivative Gains (Losses), Net of Income Tax	$	(1,054	)	$	(210	)	$	(454	)	$	(632	)	$	(779	)
(1)   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. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and FVO Brighthouse Common Stock. 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 $611 million, $649 million, $651 million, $713 million and $865 million in ending carrying value, and $37 million, $29 million, $45 million, $61 million and $68 million of investment income related to fair value option securities at or for the year-to-date period ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. (3)   The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments and FVO Brighthouse Common Stock of $13,304 million, $13,743 million, $14,104 million, $15,818 million and $15,874 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option securities (included within fixed maturity securities above) of $8 million, $7 million, $7 million, $7 million and $6 million and cash and short-term investments of $1 million, $1 million, $0, $0 and $0; C) Net investment income adjustments as presented on Page 5; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment gains (losses) - GAAP basis	$	317		$	88		$	192		$	(414	)	$	(308	)
Less: Operating joint venture adjustments		(6	)		1			-			-			-
Less: Net investment gains (losses) related to certain CSEs		2			-			-			-			-
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis		472			104			(9	)		(1,090	)		(1,162	)
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(151	)	$	(17	)	$	201		$	676		$	854
	For the Year-to-Date Period Ended
	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net derivative gains (losses) - GAAP basis	$	(874	)	$	(226	)	$	(473	)	$	(663	)	$	(804	)
Less: Investment hedge adjustments		580			139			253			350			435
Less: Settlement of foreign currency earnings hedges		(4	)		(6	)		(11	)		(16	)		(22	)
Less: PAB hedge adjustments		(3	)		(1	)		(2	)		(3	)		(3	)
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(1,447	)	$	(358	)	$	(713	)	$	(994	)	$	(1,214	)
(4)   Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

30

INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount			% of Total
Less than 20%	$	3,236		82.2%	$	3,059		87.6%	$	2,170		91.6%	$	1,900		91.9%	$	1,737			91.3%
20% or more for less than six months		479		12.2%		281		8.0%		36		1.5%		49		2.4%		49			2.6%
20% or more for six months or greater		224		5.6%		155		4.4%		162		6.9%		117		5.7%		117			6.1%
Total Gross Unrealized Losses	$	3,939		100.0%	$	3,495		100.0%	$	2,368		100.0%	$	2,066		100.0%	$	1,903			100.0%
Total Gross Unrealized Gains	$	21,826			$	21,928			$	24,193			$	24,276			$	24,765
EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount			% of Total
Less than 20%	$	15		28.3%	$	25		86.2%	$	23		79.3%	$	15		60.0%	$	11			55.0%
20% or more for less than six months		9		17.0%		2		6.9%		6		20.7%		10		40.0%		9			45.0%
20% or more for six months or greater		29		54.7%		2		6.9%		-		-    %		-		-    %		-			-    %
Total Gross Unrealized Losses	$	53		100.0%	$	29		100.0%	$	29		100.0%	$	25		100.0%	$	20			100.0%
Total Gross Unrealized Gains	$	483			$	458			$	430			$	415			$	393
(1)   MetLife’s review of its fixed maturity and equity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below cost or amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for six months or greater.

31

INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	78,543		27.1%	$	78,675		26.7%	$	80,188		26.7%	$	81,655		26.4%	$	82,661		26.8%
Foreign government securities			55,976		19.3%		59,241		20.1%		59,899		19.9%		60,789		19.7%		61,534		19.9%
Foreign corporate securities			50,663		17.5%		51,999		17.6%		53,847		17.9%		55,140		17.9%		55,569		18.0%
U.S. government and agency securities			44,433		15.4%		43,513		14.8%		44,368		14.7%		47,664		15.4%		47,394		15.3%
Residential mortgage-backed securities			29,032		10.0%		29,763		10.1%		30,403		10.1%		31,398		10.2%		28,800		9.3%
State and political subdivision securities			12,231		4.2%		12,290		4.2%		12,211		4.1%		12,345		4.0%		12,455		4.0%
Asset-backed securities			11,225		3.9%		11,475		3.9%		11,897		4.0%		11,771		3.8%		12,291		4.0%
Commercial mortgage-backed securities			7,460		2.6%		7,754		2.6%		7,803		2.6%		8,132		2.6%		8,227		2.7%
Total Fixed Maturity Securities Available-For-Sale		$	289,563		100.0%	$	294,710		100.0%	$	300,616		100.0%	$	308,894		100.0%	$	308,931		100.0%
NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	205,945		71.1%	$	209,829		71.2%	$	213,398		71.0%	$	219,158		70.9%	$	218,830		70.8%
2	Baa		65,820		22.7%		67,214		22.8%		69,803		23.2%		72,293		23.4%		72,396		23.4%
3	Ba		12,156		4.2%		12,091		4.1%		11,672		3.9%		11,562		3.7%		11,711		3.8%
4	B		4,788		1.7%		4,663		1.6%		4,906		1.6%		4,960		1.7%		5,155		1.7%
5	Caa and lower		853		0.3%		912		0.3%		836		0.3%		917		0.3%		833		0.3%
6	In or near default		1		-    %		1		-    %		1		-    %		4		-    %		6		-    %
Total Fixed Maturity Securities Available-For-Sale (1)		$	289,563		100.0%	$	294,710		100.0%	$	300,616		100.0%	$	308,894		100.0%	$	308,931		100.0%
(1)   Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities) held by MetLife, Inc.’s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on designations from revised NAIC methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.

32

INVESTMENTS SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017
Commercial mortgage loans		$41,512				$42,346				$42,590				$43,243				$44,375
Agricultural mortgage loans		12,564				12,683				12,761				12,967				13,014
Residential mortgage loans		11,395				11,914				12,270				12,163				11,656
Total Mortgage Loans		65,471				66,943				67,621				68,373				69,045
Valuation allowances		(304)				(310)				(312)				(316)				(314)
Total Mortgage Loans, net		$65,167				$66,633				$67,309				$68,057				$68,731
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017				December 31, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Pacific	$	9,506		22.9%	$	9,850		23.3%	$	9,695		22.8%	$	9,935		23.0%	$	9,875		22.3%
International		7,772		18.7%		7,948		18.8%		8,010		18.8%		8,361		19.3%		9,101		20.5%
Middle Atlantic		7,263		17.5%		7,379		17.4%		7,650		17.9%		7,616		17.6%		7,231		16.3%
South Atlantic		5,192		12.5%		5,092		12.0%		4,953		11.6%		4,624		10.7%		5,311		12.0%
West South Central		3,585		8.6%		3,569		8.4%		3,649		8.6%		3,679		8.5%		3,819		8.6%
East North Central		2,037		4.9%		2,220		5.3%		2,218		5.2%		2,413		5.6%		2,683		6.0%
Mountain		1,202		2.9%		1,201		2.8%		1,200		2.8%		1,200		2.8%		1,188		2.7%
New England		1,199		2.9%		1,194		2.8%		1,099		2.6%		1,162		2.7%		901		2.0%
East South Central		410		1.0%		521		1.2%		714		1.7%		835		1.9%		840		1.9%
West North Central		497		1.2%		460		1.1%		456		1.1%		478		1.1%		477		1.1%
Multi-Region and Other		2,849		6.9%		2,912		6.9%		2,946		6.9%		2,940		6.8%		2,949		6.6%
Total	$	41,512		100.0%	$	42,346		100.0%	$	42,590		100.0%	$	43,243		100.0%	$	44,375		100.0%
Office	$	20,868		50.3%	$	21,608		51.0%	$	21,476		50.4%	$	22,339		51.7%	$	22,602		50.9%
Retail		8,708		21.0%		8,599		20.3%		8,727		20.5%		8,694		20.1%		8,032		18.1%
Apartment		5,240		12.6%		5,345		12.6%		5,549		13.0%		5,730		13.2%		6,113		13.8%
Hotel		3,747		9.0%		3,769		8.9%		3,782		8.9%		3,493		8.1%		3,620		8.2%
Industrial		2,659		6.4%		2,772		6.6%		2,713		6.4%		2,744		6.3%		3,125		7.0%
Other		290		0.7%		253		0.6%		343		0.8%		243		0.6%		883		2.0%
Total	$	41,512		100.0%	$	42,346		100.0%	$	42,590		100.0%	$	43,243		100.0%	$	44,375		100.0%

33

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Reconciliation to Adjusted Earnings
Income (loss) from continuing operations, net of income tax	$	(813	)	$	943		$	825		$	840		$	2,134		$	3,468		$	4,742
Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
Net investment gains (losses)		(299	)		88			104			(606	)		106			317			(308	)
Net derivative gains (losses)		(2,312	)		(226	)		(247	)		(190	)		(141	)		(874	)		(804	)
Premiums - Divested businesses and Lag elimination		(205	)		(174	)		(136	)		(37	)		-			(303	)		(347	)
Universal life and investment-type product policy fees
Unearned revenue adjustments		2			1			9			4			(2	)		30			12
GMIB fees		31			31			31			32			31			124			125
Divested businesses and Lag elimination		(18	)		(20	)		(14	)		-			-			(2	)		(34	)
Net investment income
Investment hedge adjustments		(152	)		(139	)		(114	)		(97	)		(85	)		(580	)		(435	)
Operating joint venture adjustments		1			(1	)		1			-			-			6			-
Unit-linked contract income		327			416			214			234			436			950			1,300
Securitization entities income		-			-			-			-			-			-			-
Divested businesses and Lag elimination		(49	)		(27	)		(21	)		2			-			(23	)		(46	)
Other revenues
Settlement of foreign currency earnings hedges		(2	)		6			5			5			6			4			22
Divested businesses and Lag elimination		33			(59	)		(57	)		(19	)		-			38			(135	)
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation and pass through adjustments		163			(21	)		(53	)		28			77			85			31
GMIB costs		(109	)		(73	)		(67	)		(138	)		(72	)		(169	)		(350	)
Market value adjustments		(10	)		(6	)		(5	)		(8	)		(3	)		(41	)		(22	)
Divested businesses and Lag elimination		195			146			103			(112	)		-			420			137
Interest credited to policyholder account balances
PAB hedge adjustments		1			1			1			1			-			3			3
Unit-linked contract costs		(318	)		(402	)		(213	)		(229	)		(420	)		(932	)		(1,264	)
Divested businesses and Lag elimination		(14	)		(14	)		(14	)		(5	)		-			(159	)		(33	)
Capitalization of DAC - Divested businesses and Lag elimination		(21	)		(16	)		(14	)		(4	)		-			1			(34	)
Amortization of DAC and VOBA
Related to NIGL and NDGL		11			2			28			2			28			226			60
Related to GMIB fees and GMIB costs		9			13			6			-			(21	)		44			(2	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses and Lag elimination		2			(33	)		17			(75	)		-			55			(91	)
Amortization of negative VOBA
Related to market value adjustments		4			3			3			2			1			25			9
Divested businesses and Lag elimination		-			-			-			-			-			22			-
Interest expense on debt
Securitization entities debt expense		-			-			-			-			-			-			-
Divested businesses and Lag elimination		12			12			4			-			-			50			16
Other expenses
Noncontrolling interest		4			4			3			10			(5	)		6			12
Regulatory implementation costs		(1	)		-			-			-			-			(1	)		-
Acquisition, integration and other costs		(31	)		(8	)		(14	)		(20	)		(23	)		(64	)		(65	)
Divested businesses and Lag elimination		24			(133	)		(44	)		(70	)		(244	)		(296	)		(491	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		807			245			142			1,009			1,742			370			3,138
Adjusted earnings	$	1,102		$	1,327		$	1,167		$	1,121		$	723		$	4,136		$	4,338
(1)   For the year ended December 31, 2016, Divested businesses and Lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

A-1

APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Variable investment income		$	-		$	15		$	-		$	-		$	-		$	(63	)	$	15
Catastrophe experience and prior year development, net			-			(45	)		-			(10	)		7			(44	)		(48	)
Actuarial assumption review and other insurance adjustments			(91	)		76			(28	)		125			(110	)		(561	)		63
Litigation reserves & settlement costs			(23	)		(21	)		-			-			(55	)		(23	)		(76	)
Expense initiative costs			(28	)		(21	)		(22	)		(17	)		(42	)		(28	)		(102	)
Other expense-related items (2)			-			-			(36	)		-			-			-			(36	)
Tax adjustments			-			-			27			(167	)		(298	)		10			(438	)
Total notable items		$	(142	)	$	4		$	(59	)	$	(69	)	$	(498	)	$	(709	)	$	(622	)
U.S.
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Variable investment income		$	-		$	22		$	-		$	-		$	-		$	(32	)	$	22
Catastrophe experience and prior year development, net			-			(45	)		-			(10	)		7			(44	)		(48	)
Actuarial assumption review and other insurance adjustments			-			-			-			-			(62	)		(25	)		(62	)
Total notable items		$	-		$	(23	)	$	-		$	(10	)	$	(55	)	$	(101	)	$	(88	)
	GROUP BENEFITS
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
	Variable investment income	$	-		$	3		$	-		$	-		$	-		$	9		$	3
	Total notable items	$	-		$	3		$	-		$	-		$	-		$	9		$	3
	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
	Variable investment income	$	-		$	17		$	-		$	-		$	-		$	(34	)	$	17
	Actuarial assumption review and other insurance adjustments		-			-			-			-			(62	)		(25	)		(62	)
	Total notable items	$	-		$	17		$	-		$	-		$	(62	)	$	(59	)	$	(45	)
	PROPERTY & CASUALTY
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
	Variable investment income	$	-		$	2		$	-		$	-		$	-		$	(7	)	$	2
	Catastrophe experience and prior year development, net		-			(45	)		-			(10	)		7			(44	)		(48	)
	Total notable items	$	-		$	(43	)	$	-		$	(10	)	$	7		$	(51	)	$	(46	)
(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 the Company’s results, but that were unknown and that the Company 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 Company results and to evaluate and forecast those results.
(2)   For the three months ended June 30, 2017, $36 million in lease impairments are included.

A-2

APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Variable investment income	$	-		$	(3	)	$	-		$	-		$	-		$	(41	)	$	(3	)
Actuarial assumption review and other insurance adjustments		-			-			12			(4	)		-			(70	)		8
Tax adjustments		-			-			-			-			-			20			-
Total notable items	$	-		$	(3	)	$	12		$	(4	)	$	-		$	(91	)	$	5
LATIN AMERICA
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Variable investment income	$	-		$	(1	)	$	-		$	-		$	-		$	(6	)	$	(1	)
Actuarial assumption review and other insurance adjustments		-			-			-			15			-			8			15
Tax adjustments		-			-			-			-			-			(10	)		-
Total notable items	$	-		$	(1	)	$	-		$	15		$	-		$	(8	)	$	14
EMEA
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	-		$	(8	)	$	-		$	(16	)	$	(8	)
Total notable items	$	-		$	-		$	-		$	(8	)	$	-		$	(16	)	$	(8	)
METLIFE HOLDINGS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Variable investment income	$	-		$	1		$	-		$	-		$	-		$	25		$	1
Actuarial assumption review and other insurance adjustments		(91	)		76			(40	)		122			(48	)		(458	)		110
Total notable items	$	(91	)	$	77		$	(40	)	$	122		$	(48	)	$	(433	)	$	111
CORPORATE & OTHER
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016			December 31, 2017
Variable investment income	$	-		$	(4	)	$	-		$	-		$	-		$	(9	)	$	(4	)
Litigation reserves & settlement costs		(23	)		(21	)		-			-			(55	)		(23	)		(76	)
Expense initiative costs		(28	)		(21	)		(22	)		(17	)		(42	)		(28	)		(102	)
Other expense-related items (2)		-			-			(36	)		-			-			-			(36	)
Tax adjustments		-			-			27			(167	)		(298	)		-			(438	)
Total notable items	$	(51	)	$	(46	)	$	(31	)	$	(184	)	$	(395	)	$	(60	)	$	(656	)

(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 the Company’s results, but that were unknown and that the Company 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 Company results and to evaluate and forecast those results.

(2)

For the three months ended June 30, 2017, $36 million in lease impairments are included.

A-3

APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Total MetLife, Inc.’s stockholders’ equity	$	67,087		$	67,726		$	69,248		$	56,454		$	57,968
Less: Preferred stock		2,066			2,066			2,066			2,066			2,066
MetLife, Inc.’s common stockholders’ equity		65,021			65,660			67,182			54,388			55,902
Less: Net unrealized investment gains (losses), net of income tax		12,650			13,189			15,038			13,343			13,662
Defined benefit plans adjustment, net of income tax		(1,972	)		(1,951	)		(1,923	)		(1,878	)		(1,845	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		54,343			54,422			54,067			42,923			44,085
Less: Goodwill, net of income tax		9,112			9,209			9,230			9,151			9,322
VODA and VOCRA, net of income tax		404			386			373			374			378
Total MetLife, Inc.’s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	44,827		$	44,827		$	44,464		$	33,398		$	34,385
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Book value per common share (1)	$	59.35		$	60.72		$	63.17		$	51.59		$	53.57
Less: Net unrealized investment gains (losses), net of income tax		11.54			12.20			14.14			12.66			13.10
Defined benefit plans adjustment, net of income tax		(1.80	)		(1.81	)		(1.81	)		(1.78	)		(1.77	)
Book value per common share, excluding AOCI other than FCTA (1)		49.61			50.33			50.84			40.71			42.24
Less: Goodwill, net of income tax		8.32			8.51			8.68			8.68			8.93
VODA and VOCRA, net of income tax		0.37			0.36			0.35			0.35			0.36
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	40.92		$	41.46		$	41.81		$	31.68		$	32.95
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Total MetLife, Inc.’s stockholders’ equity	$	67,087		$	67,726		$	69,248		$	56,454		$	57,968
Less: Preferred stock		2,066			2,066			2,066			2,066			2,066
MetLife, Inc.’s common stockholders’ equity		65,021			65,660			67,182			54,388			55,902
Less: Net unrealized investment gains (losses), net of income tax		12,650			13,189			15,038			13,343			13,662
Defined benefit plans adjustment, net of income tax		(1,972	)		(1,951	)		(1,923	)		(1,878	)		(1,845	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		54,343			54,422			54,067			42,923			44,085
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA		16,598			16,436			14,649			-			-
Total MetLife, Inc.’s common stockholders’ equity excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	37,745		$	37,986		$	39,418		$	42,923		$	44,085
Unaudited	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Book value per common share (1)	$	59.35		$	60.72		$	63.17		$	51.59		$	53.57
Less: Net unrealized investment gains (losses), net of income tax		11.54			12.20			14.14			12.66			13.10
Defined benefit plans adjustment, net of income tax		(1.80	)		(1.81	)		(1.81	)		(1.78	)		(1.77	)
Book value per common share, excluding AOCI other than FCTA (1)		49.61			50.33			50.84			40.71			42.24
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA		15.16			15.20			13.78			-			-
Book value per common share - common stockholders’ equity excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA) (1)	$	34.45		$	35.13		$	37.06		$	40.71		$	42.24
	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			December 31, 2016		December 31, 2017
Return on MetLife, Inc.’s:
Common stockholders’ equity		(12.6)%			5.3%			5.0%			(0.9)%			15.2%			0.9%		5.9%
Common stockholders’ equity, excluding AOCI other than FCTA		(15.8)%			6.3%			6.1%			(1.2)%			19.2%			1.1%		7.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		(19.0)%			7.8%			7.6%			(1.3)%			24.8%			1.4%		9.1%
Adjusted return on MetLife, Inc.’s:
Common stockholders’ equity		6.0%			8.1%			6.8%			7.3%			4.9%			5.6%		6.9%
Common stockholders’ equity, excluding AOCI other than FCTA		7.5%			9.7%			8.3%			9.2%			6.2%			7.1%		8.5%
Common stockholders’ equity excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)		10.8%			14.0%			11.6%			10.8%			6.2%			10.4%		10.5%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (4)		9.1%			11.9%			10.1%			11.5%			8.1%			8.6%		10.6%
Average common stockholders’ equity	$	70,556		$	65,341		$	66,421		$	60,785		$	55,145		$	71,483	$	61,631
Average common stockholders’ equity, excluding AOCI other than FCTA	$	56,442		$	54,383		$	54,245		$	48,495		$	43,504		$	57,133	$	49,968
Average common stockholders’ equity excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	38,985		$	37,866		$	38,702		$	41,171		$	43,504		$	38,729	$	40,431
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	46,739		$	44,827		$	44,646		$	38,931		$	33,892		$	47,254	$	40,380
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Net income (loss) available to MetLife, Inc.’s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017 of $11 million, $11 million, $11 million, $9 million and $8 million, respectively, and for the years ended December 31, 2016 and 2017 of $47 million and $39 million, respectively. (4) Adjusted earnings (losses) available to MetLife, Inc.’s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017 of $10 million, $8 million, $8 million, $9 million and $8 million, respectively, and for the years ended December 31, 2016 and 2017 of $36 million and $33 million, respectively.

A-4

APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2) RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
U.S.
GROUP BENEFITS			(9.6)%		23.3%		29.4%		32.1%		30.7%
RETIREMENT AND INCOME SOLUTIONS			11.0 %		10.8%		22.3%		20.7%		17.0%
PROPERTY & CASUALTY			15.6 %		6.7%		5.6%		11.2%		20.8%
TOTAL U.S.			6.0 %		13.5%		21.2%		22.1%		21.5%
ASIA			(21.7)%		15.3%		6.5%		7.7%		11.8%
LATIN AMERICA			32.7 %		31.2%		13.0%		30.4%		8.0%
EMEA			3.2 %		10.0%		8.3%		7.6%		11.3%
METLIFE HOLDINGS			(14.5)%		11.9%		1.7%		6.5%		3.0%
RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
U.S.			6.6 %		15.7%		24.7%		25.8%		25.0%
ASIA			(37.2)%		24.4%		10.3%		12.3%		18.8%
LATIN AMERICA			51.9 %		53.8%		22.3%		52.3%		13.8%
EMEA			6.0 %		16.3%		13.7%		12.5%		18.4%
METLIFE HOLDINGS			(15.0)%		13.4%		2.0%		7.4%		3.4%
ADJUSTED RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
U.S.
GROUP BENEFITS			24.1%		27.6%		28.8%		34.2%		32.7%
RETIREMENT AND INCOME SOLUTIONS			17.3%		19.8%		18.9%		17.8%		12.5%
PROPERTY & CASUALTY			15.2%		6.2%		6.0%		11.0%		20.4%
TOTAL U.S.			18.9%		19.5%		19.3%		21.1%		19.5%
ASIA			12.8%		9.4%		9.9%		10.0%		9.9%
LATIN AMERICA			15.9%		19.5%		21.0%		22.2%		17.0%
EMEA			8.9%		9.3%		9.0%		8.8%		9.8%
METLIFE HOLDINGS			7.3%		13.8%		8.4%		12.9%		6.9%
ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
U.S.			20.8%		22.7%		22.5%		24.6%		22.7%
ASIA			22.1%		15.0%		15.8%		16.0%		15.8%
LATIN AMERICA			25.2%		33.6%		36.2%		38.3%		29.3%
EMEA			15.6%		15.3%		14.7%		14.5%		16.1%
METLIFE HOLDINGS			7.8%		15.4%		9.5%		14.5%		7.8%
(1)   Annualized using quarter-to-date results. (2)   Allocated equity and allocated tangible equity are presented below:
				ALLOCATED EQUITY				ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)			2016		2017		2016		2017
	U.S.
	GROUP BENEFITS			$	2,884	$	2,816
	RETIREMENT AND INCOME SOLUTIONS				6,813		5,538
	PROPERTY & CASUALTY				1,130		1,862
	TOTAL U.S.			$	10,827	$	10,216	$	9,855	$	8,792
	ASIA			$	11,045	$	12,587	$	6,431	$	7,898
	LATIN AMERICA			$	3,070	$	2,933	$	1,935	$	1,704
	EMEA			$	3,226	$	3,210	$	1,919	$	2,017
	METLIFE HOLDINGS			$	11,082	$	11,247	$	10,586	$	10,179
(3)   Net income (loss) available to MetLife, Inc.’s common shareholders used to calculate the return on allocated tangible equity and adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity, exclude the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
	U.S.	$	1	$	1	$	1	$	1	$	1
	ASIA	$	1	$	1	$	1	$	1	$	1
	LATIN AMERICA	$	-	$	-	$	-	$	-	$	-
	EMEA	$	3	$	2	$	2	$	2	$	2
	METLIFE HOLDINGS	$	5	$	5	$	4	$	4	$	4

A-5

APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
U.S. (1)	$	5,815		$	5,654		$	6,327		$	7,431		$	6,038
ASIA		2,098			2,105			2,030			2,142			2,088
LATIN AMERICA		943			949			928			914			988
EMEA		647			649			645			633			651
METLIFE HOLDINGS (1)		1,626			1,517			1,404			1,375			1,453
CORPORATE & OTHER (1)		30			97			69			78			82
Total adjusted premiums, fees and other revenues, on a constant currency basis	$	11,159		$	10,971		$	11,403		$	12,573		$	11,300
Total adjusted premiums, fees and other revenues	$	11,136		$	10,882		$	11,398		$	12,620		$	11,300
ASIA (including operating joint ventures) (2), (3)	$	2,287		$	2,299		$	2,220		$	2,340		$	2,308
OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
U.S. (1)	$	934		$	909		$	914		$	933		$	926
ASIA		917			884			889			896			938
LATIN AMERICA		374			331			354			367			419
EMEA		335			333			343			346			381
METLIFE HOLDINGS (1)		531			340			370			322			333
CORPORATE & OTHER (1)		229			175			202			237			280
Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,320		$	2,972		$	3,072		$	3,101		$	3,277
Other expenses, as reported on an adjusted basis	$	3,312		$	2,941		$	3,070		$	3,121		$	3,277
ASIA (including operating joint ventures) (2), (3)	$	988		$	965		$	966		$	975		$	1,024
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
U.S. (1)	$	511		$	497		$	493		$	539		$	498
ASIA		353			298			311			313			310
LATIN AMERICA		125			152			153			156			125
EMEA		75			81			75			70			79
METLIFE HOLDINGS (1)		201			387			237			364			194
CORPORATE & OTHER (1)		(203	)		(76	)		(145	)		(336	)		(528	)
Total adjusted earnings available to common shareholders on a constant currency basis	$	1,062		$	1,339		$	1,124		$	1,106		$	678
Total adjusted earnings available to common shareholders	$	1,057		$	1,321		$	1,121		$	1,115		$	678
(1)   Amounts on a reported basis, as constant currency impact is not significant. (2)   Adjusted premiums, universal life and investment-type product policy fees, other revenues and other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures. (3)   Includes MetLife, Inc.’s percentage interest in operating joint ventures as follows: (i) India, 26%, (ii) Vietnam, 60%, (iii) China, 50% and (iv) Malaysia, 50%.

A-6

METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	adjusted revenues	(i)	revenues
(ii)	adjusted expenses	(ii)	expenses
(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	adjusted earnings	(iv)	income (loss) from continuing operations, net of income tax
(v)	adjusted earnings available to common shareholders	(v)	net income (loss) available to MetLife, Inc.’s common shareholders
(vi)	adjusted earnings available to common shareholders on a constant currency basis	(vi)	net income (loss) available to MetLife, Inc.’s common shareholders
(vii)	adjusted earnings available to common shareholders per diluted common share	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(viii)	adjusted return on equity	(viii)	return on equity
(ix)	investment portfolio gains (losses)	(ix)	net investment gains (losses)
(x)	derivative gains (losses)	(x)	net derivative gains (losses)
(xi)	MetLife, Inc.’s tangible common stockholders’ equity	(xi)	MetLife, Inc.’s stockholders’ equity
(xii)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xii)	MetLife, Inc.’s stockholders’ equity
(xiii)	MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xiii)	MetLife, Inc.’s stockholders’ equity

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com. Our definitions of the various 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; and
•	adjusted earnings available to common shareholders per diluted common share.
These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure 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 our performance relative to our business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, both net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. In addition, for the year ended December 31, 2016, adjusted revenues and adjusted expenses exclude the financial impact of converting MetLife’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods (“Lag elimination”). Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
•	Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
•	Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”); and
•	Other revenues are adjusted for settlements of foreign currency earnings hedges.
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
•	Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments (“Inflation and pass through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
•	Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments (“Unit-linked contract costs”);
•	Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
•	Amortization of negative VOBA excludes amounts related to Market value adjustments;
•	Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
•	Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition, integration and other costs.

A-7

METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

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 the Company’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.

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 or goodwill impairment. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).
Return on equity, allocated equity, tangible equity and related measures
•	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA - MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
•	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 net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA) - adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)
•	Adjusted return on MetLife, Inc.’s common stockholders’ equity - adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
•	Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA - net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding AOCI other than FCTA.
•	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.
•	Allocated equity - portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
•	Adjusted return on allocated equity - adjusted earnings available to common shareholders divided by allocated equity.
•	Return on allocated equity - net income (loss) available to MetLife, Inc.’s common shareholders divided by allocated equity.
	The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.
•	MetLife, Inc.’s tangible common stockholders’ equity or tangible equity - MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
•	Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity - adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
•	Return on MetLife, Inc.’s tangible common stockholders’ equity - net income (loss) available to MetLife, Inc.’s common shareholders, excluding goodwill impairment and amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
•	Adjusted return on allocated tangible equity - adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
•	Return on allocated tangible equity - net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
	The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
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.
•	All comparisons 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 current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates.

A-8

METLIFE ACRONYMS
AOCI	Accumulated other comprehensive income (loss)
CSE	Consolidated securitization entity
DAC	Deferred policy acquisition costs
EMEA	Europe, the Middle East and Africa
FCTA	Foreign currency translation adjustments
GAAP	Accounting principles generally accepted in the United States of America
GMIB	Guaranteed minimum income benefits
LTC	Long-term care
NAIC	National Association of Insurance Commissioners
NDGL	Net derivative gains (losses)
NIGL	Net investment gains (losses)
NRSRO	Nationally Recognized Statistical Rating Organizations
PDO	Policyholder dividend obligation
PAB	Policyholder account balances
QFS	Quarterly financial supplement
VIE	Variable interest entity
VOBA	Value of business acquired
VOCRA	Value of customer relationships acquired
VODA	Value of distribution agreements

A-9

EX-99.3

4Q17 Supplemental Slides John C. R. Hele Chief Financial Officer Exhibit 99.3

2 Table of Contents Page Net Income (Loss) Reconciliation…………………..……………… 3 Notable Items….….………………………………………………….. 4 Adjusted Earnings Ex. Total Notable Items by Segment………… 5 U.S. Group Annuities………………………………………………… 6 Long Term Care………………………………………………………. 10 Benefits from U.S. Tax Reform……………………………………… 11 Updated 2018 Guidance…………………………………………….. 12 Appendix………………………………………………………………. 13 Explanatory Note on Non-GAAP Financial Information………….. 15

3 Net Income (Loss) Reconciliation 4Q17 QTD Net Income (Loss)* $2,091 Less: Net Investment Gains (Losses) 69 Net Derivative Gains (Losses) (92) Investment Hedge Adjustments (55) Tax Reform 1,504 Other (13) Adjusted Earnings* $678 (In millions) – Post-tax * Available to common shareholders. See Explanatory Note on Non-GAAP Financial Information for non-GAAP financial information, definitions and/or reconciliations.

4 Notable Items (In millions) – Post-tax * Available to common shareholders. 1 Includes a portion of the group annuity reserve charge of $62 million or $0.06 per share. See Explanatory Note on Non-GAAP Financial Information for non-GAAP financial information, definitions and/or reconciliations.   4Q17 QTD   Adjusted Earnings Per Share Impact Adjusted Earnings* $678 $0.64 Less Notable Items: Tax Adjustments (298) (0.28) Actuarial Assumption Review & Other Insurance Adjustments1 (110) (0.10) Litigation Reserves & Settlement Costs (55) (0.05) Expense Initiative Costs (42) (0.04) Catastrophe Experience and Prior Year Development, Net 7 0.01 Adjusted Earnings*, excluding Total Notable Items $1,176 $1.11

5 Adjusted Earnings Ex. Total Notable Items by Segment (In millions) – Post-tax * Available to common shareholders. See Explanatory Note on Non-GAAP Financial Information for non-GAAP financial information, definitions and/or reconciliations.   4Q17 QTD 4Q16 QTD % Change % Change (Constant Rate) Group Benefits 230 174 32% Retirement and Income Solutions 235 294 (20%) Property & Casualty 88 43 105% U.S. 553 511 8% Asia 310 354 (12%) (12%) Latin America 125 122 2% 0% EMEA 79 72 10% 5% MetLife Holdings 242 292 (17%) C&O (133) (152) 13% Adjusted Earnings*, ex. Total Notable Items $1,176 $1,199 (2%) (2%) Adjusted EPS, ex. Total Notable Items $1.11 $1.08 3% 2%

MetLife has been in the group annuity business for a long time Reserve correction goes back ~25 years Total group annuitants of ~600K Reserve releases for ~13.5K “unresponsive and missing” Total group annuity reserves of roughly $40 billion U.S. RIS Group Annuities - Background

Total Group Annuity Reserve Charge 1 Taxed at a 35% U.S. tax rate. Impacts to be reflected in both net income and adjusted earnings. (In millions) – Post-tax Pre-Tax Post-Tax1 Total Charge $510 $331 4Q17 in-quarter activity -13 -8 4Q17 change in estimate -95 -62 Total Error $402 $261 1Q17-3Q17 correction $30 $20 Prior years correction $372 $241

Group Annuities – Deficiency Assessment Management has identified a Material Weakness related to the group annuity reserves Administrative practices not sufficient to allow for reserves to be released Lack of timely escalation throughout the Company

Initial Steps to Remediate Material Weakness Administrative practices not sufficient to allow for reserves to be released Correct practices of releasing reserves to ensure improvements are made Improve communication to annuitants regarding benefits Establish more frequent attempts to contact annuitants and utilize additional commercial locator services Lack of timely escalation throughout the Company Reviewing escalation practices Will hire third party advisors to conduct comprehensive examination led by Chief Risk Officer

Announced LTC exit in 2010 Generates annual premium of ~$750 million Achieved +7% average rate increase in 2017 Statutory reserves are $2.5 billion higher than GAAP reserves GAAP and Statutory reserve assumptions are tested annually No future rate increases assumed in reserve calculations Long Term Care (“LTC”)

One Time 4Q17 Tax Benefit Decrease in 2018 Effective Tax Rate Lower U.S. Cash Taxes $1.2B net tax benefit $1,376M benefit from re-measurement of deferred tax liabilities (“DTL”) at 21% tax rate $170M charge due to one-time deemed repatriation tax 23%-25% 18%-20% PRIOR GUIDANCE CURRENT GUIDANCE Benefits from U.S. Tax Reform   Adjusted Earnings* Non-Adjusted Earnings Total Re-measurement of DTL at 21% tax rate $(128) $1,504 $1,376 One-time deemed repatriation tax (170) — (170) Total $(298) $1,504 $1,206 * Available to common shareholders. See Explanatory Note on Non-GAAP Financial Information for non-GAAP financial information, definitions and/or reconciliations. (In millions) – Post-tax Modest reduction in annual U.S. cash tax liability

Corporate & Other adjusted loss of $700-$900 million after-tax in 2018 excluding expense initiative costs Change from prior guidance due to lower tax rate More than offsetting tax benefits in business segments Maintaining average 2018-2019 FCF target of 65-75% Lower end of range expected Impact of tax cash flow timing in 2018 Impact of group annuity reserve charge No change to capital management plans in 2018    Updated 2018 Guidance See Explanatory Note on Non-GAAP Financial Information for non-GAAP financial information, definitions and/or reconciliations.

Appendix

Revisions to Prior Period Net Income (In millions) – Post-tax 2017 2017 2016 2016 2015 2015 2014 and Prior1 2014 and Prior1 1Q $ (6 ) $ (7 ) 2Q (6 ) (5 ) 3Q (8 ) (4 ) 4Q — (5 ) Group Annuity Reserve Charge $ (20 ) $ (21 ) $ (20 ) $ (200 ) Other Revisions — (49 ) 31 18 Total Prior Period Revisions $ (20 ) $ (70 ) $ 11 $ (182 ) Group annuity reserve charge for 2016 and prior years of $241 million 1 The revisions to net income for 2014 and prior were recognized in the opening balances of total MetLife, Inc.'s stockholder's equity for their respective periods. Note: In addition to the revisions to prior period net income, unrealized gains (losses) recognized as a part of accumulated other comprehensive income within total MetLife, Inc.'s stockholder's equity included revisions of $0, $19 million, ($4) million, $65 million for the years 2017, 2016, 2015 and 2014 and prior, respectively.

Explanatory Note on Non-GAAP Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information) to: should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) adjusted earnings; and (ii) adjusted earnings available to common shareholders; and (iii) adjusted earnings per share. (iii) adjusted earnings available to common shareholders per diluted common share. In this presentation, MetLife presents certain measures of its performance that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: Reconciliation of these non-GAAP measure to the most directly comparable GAAP measure is included in this presentation and in this period’s quarterly financial supplement, which is available at www.metlife.com. MetLife’s definitions of the various non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies:   Non-GAAP financial measures:    Comparable GAAP financial measures: (i) adjusted earnings available to common shareholders; (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) adjusted earnings available to common shareholders on a constant currency basis; (ii) net income (loss) available to MetLife, Inc.’s common shareholders; (iii) adjusted earnings available to common shareholders, excluding total notable items; (iii) net income (loss) available to MetLife, Inc.’s common shareholders; (iv) adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; (iv) net income (loss) available to MetLife, Inc.’s common shareholders; (v) adjusted earnings available to common shareholders per diluted common share; and (v) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; and (vi) adjusted earnings available to common shareholders, excluding total notable items per diluted common share. (vi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share.

Explanatory Note on Non-GAAP Financial Information (Continued) Adjusted earnings and related measures adjusted earnings available to common shareholders; adjusted earnings available to common shareholders on a constant currency basis; adjusted earnings available to common shareholders, excluding total notable items; adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; adjusted earnings available to common shareholders per diluted common share; and adjusted earnings available to common shareholders, excluding total notable items per diluted common share. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure 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 operating earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results.   Adjusted earnings is defined as adjusted revenues less adjusted expenses, both net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.    Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. In addition, for the year ended December 31, 2017, adjusted revenues and adjusted expenses exclude the financial impact of converting MetLife’s Japan operations to calendar-year end reporting without retrospective application of this change to prior periods and is referred to as lag elimination. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.   The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:   Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees); Net investment income: (i) 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”), (ii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed unit-linked investments, and (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP; and Other revenues are adjusted for settlements of foreign currency earnings hedges.

Explanatory Note on Non-GAAP Financial Information (Continued) The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:   Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, (iii) benefits and hedging costs related to GMIBs (GMIB costs), and (iv) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments); Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments; Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments; Amortization of negative VOBA excludes amounts related to Market value adjustments; Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition, integration and other costs.   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 the Company’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. The following additional information is relevant to an understanding of MetLife’s performance results: MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from adjusted subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) adjusted activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect the company’s results, but that were unknown and that the company 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 company results and to evaluate and forecast those results.

Reconciliation of net income (loss) available to common shareholders to adjusted earnings available to common shareholders

Reconciliation to Adjusted Earnings Available to Common Shareholders Excluding Notable Items