REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Policy Owners of
Metropolitan Life Separate Account UL
and Board of Directors of
Metropolitan Life Insurance Company

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Metropolitan Life Separate Account UL (the "Separate Account") of Metropolitan Life Insurance Company (the "Company") comprising each of the individual Divisions listed in Notes 2A and 3A as of December 31, 2020, the related statements of operations and changes in net assets for each of the three years in the period then ended, and the financial highlights in Note 8 for each of the five years in the period then ended for the Divisions, except for the Divisions included in the table below; the related statements of operations, changes in net assets, and the financial highlights for the Divisions and periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Divisions constituting the Separate Account of the Company as of December 31, 2020, and the results of their operations for the three years then ended (or for the periods listed in the table below), the changes in their net assets for each of the three years in the period then ended (or for the periods listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Individual Divisions Comprising the Separate Account	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
BNY Mellon VI International Value Division	For the period from January 1, 2020 to April 30, 2020 and the years ended December 31, 2019, and 2018		For the period from January 1, 2020 to April 30, 2020 (the closure of operations) and the years ended December 31, 2019, 2018, 2017, and 2016
Fidelity® VIP Government Money Market Division	For the years ended December 31, 2020, 2019, and 2018		For the years ended December 31, 2020, 2019, 2018, 2017, and the period from April 29, 2016 (commencement of operations) through December 31, 2016
Janus Henderson Enterprise Division	For the years ended December 31, 2020, 2019, and 2018		For the years ended December 31, 2020, 2019, 2018, 2017, and 2016 (commenced May 3, 2010 and began transactions in 2016)

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on the Separate Account's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2020, by correspondence with the custodian or mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Tampa, Florida
March 26, 2021

We have served as the Separate Account's auditor since 1990.

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2020

	AB VPS Global Thematic Growth Division		AB VPS Intermediate Bond Division		American Funds® Bond Division		American Funds® Global Small Capitalization Division
Assets:
Investments at fair value	$	45,437	$	162,971	$	7,903,513	$	92,801,054
Due from Metropolitan Life Insurance Company		—		—		—		—
Total Assets		45,437		162,971		7,903,513		92,801,054
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		1
Total Liabilities		—		—		—		1
Net Assets	$	45,437	$	162,971	$	7,903,513	$	92,801,053

The accompanying notes are an integral part of these financial statements.
UL-1

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	American Funds® Growth Division		American Funds® Growth-Income Division		American Funds® High-Income Bond Division		American Funds® International Division		American Funds® U.S. Government/AAA- Rated Securities Division
Assets:
Investments at fair value	$	311,444,359	$	138,973,514	$	48,516	$	2,320,506	$	64,431
Due from Metropolitan Life Insurance Company		—		5		—		—		—
Total Assets		311,444,359		138,973,519		48,516		2,320,506		64,431
Liabilities:
Due to Metropolitan Life Insurance Company		2		—		—		—		—
Total Liabilities		2		—		—		—		—
Net Assets	$	311,444,357	$	138,973,519	$	48,516	$	2,320,506	$	64,431

The accompanying notes are an integral part of these financial statements.
UL-2

	BHFTI AB Global Dynamic Allocation Division		BHFTI American Funds® Balanced Allocation Division		BHFTI American Funds® Growth Allocation Division		BHFTI American Funds® Moderate Allocation Division		BHFTI AQR Global Risk Balanced Division
Assets:
Investments at fair value	$	104,790	$	1,487,934	$	2,623,990	$	1,802,190	$	198,710
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		104,790		1,487,934		2,623,990		1,802,190		198,710
Liabilities:
Due to Metropolitan Life Insurance Company		—		1		—		—		—
Total Liabilities		—		1		—		—		—
Net Assets	$	104,790	$	1,487,933	$	2,623,990	$	1,802,190	$	198,710

The accompanying notes are an integral part of these financial statements.
UL-3

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	BHFTI BlackRock Global Tactical Strategies Division		BHFTI Brighthouse Asset Allocation 100 Division		BHFTI Brighthouse Balanced Plus Division		BHFTI Brighthouse Small Cap Value Division		BHFTI Brighthouse/ Aberdeen Emerging Markets Equity Division
Assets:
Investments at fair value	$	654,705	$	29,845,174	$	469,831	$	1,043,005	$	2,019,002
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		654,705		29,845,174		469,831		1,043,005		2,019,002
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	654,705	$	29,845,174	$	469,831	$	1,043,005	$	2,019,002

The accompanying notes are an integral part of these financial statements.
UL-4

	BHFTI Brighthouse/ Templeton International Bond Division		BHFTI Brighthouse/ Wellington Large Cap Research Division		BHFTI Clarion Global Real Estate Division		BHFTI Harris Oakmark International Division		BHFTI Invesco Balanced-Risk Allocation Division
Assets:
Investments at fair value	$	305,204	$	577,620,171	$	26,416,839	$	42,373,147	$	83,967
Due from Metropolitan Life Insurance Company		—		4		1		—		—
Total Assets		305,204		577,620,175		26,416,840		42,373,147		83,967
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		19		—
Total Liabilities		—		—		—		19		—
Net Assets	$	305,204	$	577,620,175	$	26,416,840	$	42,373,128	$	83,967

The accompanying notes are an integral part of these financial statements.
UL-5

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	BHFTI Invesco Global Equity Division		BHFTI Invesco Small Cap Growth Division		BHFTI JPMorgan Global Active Allocation Division		BHFTI JPMorgan Small Cap Value Division		BHFTI Loomis Sayles Global Allocation Division
Assets:
Investments at fair value	$	73,613,884	$	11,990,970	$	206,006	$	637,763	$	561,208
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		73,613,884		11,990,970		206,006		637,763		561,208
Liabilities:
Due to Metropolitan Life Insurance Company		1		23		—		—		—
Total Liabilities		1		23		—		—		—
Net Assets	$	73,613,883	$	11,990,947	$	206,006	$	637,763	$	561,208

The accompanying notes are an integral part of these financial statements.
UL-6

	BHFTI Loomis Sayles Growth Division		BHFTI MetLife Multi-Index Targeted Risk Division		BHFTI MFS® Research International Division		BHFTI Morgan Stanley Discovery Division		BHFTI PanAgora Global Diversified Risk Division
Assets:
Investments at fair value	$	53,589,937	$	207,140	$	23,548,117	$	795,347,447	$	855
Due from Metropolitan Life Insurance Company		4		—		—		3		—
Total Assets		53,589,941		207,140		23,548,117		795,347,450		855
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		2		—		—
Total Liabilities		—		—		2		—		—
Net Assets	$	53,589,941	$	207,140	$	23,548,115	$	795,347,450	$	855

The accompanying notes are an integral part of these financial statements.
UL-7

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	BHFTI PIMCO Inflation Protected Bond Division		BHFTI PIMCO Total Return Division		BHFTI Schroders Global Multi-Asset Division		BHFTI SSGA Growth and Income ETF Division		BHFTI SSGA Growth ETF Division
Assets:
Investments at fair value	$	10,790,167	$	53,377,736	$	126,497	$	8,953,964	$	8,591,675
Due from Metropolitan Life Insurance Company		—		—		—		—		6
Total Assets		10,790,167		53,377,736		126,497		8,953,964		8,591,681
Liabilities:
Due to Metropolitan Life Insurance Company		—		1		—		—		—
Total Liabilities		—		1		—		—		—
Net Assets	$	10,790,167	$	53,377,735	$	126,497	$	8,953,964	$	8,591,681

The accompanying notes are an integral part of these financial statements.
UL-8

	BHFTI T. Rowe Price Large Cap Value Division		BHFTI T. Rowe Price Mid Cap Growth Division		BHFTI Victory Sycamore Mid Cap Value Division		BHFTII Baillie Gifford International Stock Division		BHFTII BlackRock Bond Income Division
Assets:
Investments at fair value	$	3,210,189	$	52,915,937	$	98,316,931	$	60,383,397	$	85,545,859
Due from Metropolitan Life Insurance Company		—		—		3		1		3
Total Assets		3,210,189		52,915,937		98,316,934		60,383,398		85,545,862
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	3,210,189	$	52,915,937	$	98,316,934	$	60,383,398	$	85,545,862

The accompanying notes are an integral part of these financial statements.
UL-9

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	BHFTII BlackRock Capital Appreciation Division		BHFTII BlackRock Ultra-Short Term Bond Division		BHFTII Brighthouse Asset Allocation 20 Division		BHFTII Brighthouse Asset Allocation 40 Division		BHFTII Brighthouse Asset Allocation 60 Division
Assets:
Investments at fair value	$	22,244,625	$	25,545,918	$	4,732,795	$	11,660,215	$	61,629,691
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		22,244,625		25,545,918		4,732,795		11,660,215		61,629,691
Liabilities:
Due to Metropolitan Life Insurance Company		11		—		—		—		—
Total Liabilities		11		—		—		—		—
Net Assets	$	22,244,614	$	25,545,918	$	4,732,795	$	11,660,215	$	61,629,691

The accompanying notes are an integral part of these financial statements.
UL-10

	BHFTII Brighthouse Asset Allocation 80 Division		BHFTII Brighthouse/Artisan Mid Cap Value Division		BHFTII Brighthouse/ Wellington Balanced Division		BHFTII Brighthouse/ Wellington Core Equity Opportunities Division		BHFTII Frontier Mid Cap Growth Division
Assets:
Investments at fair value	$	123,881,151	$	65,211,218	$	376,504,610	$	95,952,372	$	352,347,334
Due from Metropolitan Life Insurance Company		—		7		—		—		—
Total Assets		123,881,151		65,211,225		376,504,610		95,952,372		352,347,334
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		6		2
Total Liabilities		—		—		—		6		2
Net Assets	$	123,881,151	$	65,211,225	$	376,504,610	$	95,952,366	$	352,347,332

The accompanying notes are an integral part of these financial statements.
UL-11

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	BHFTII Jennison Growth Division		BHFTII Loomis Sayles Small Cap Core Division		BHFTII Loomis Sayles Small Cap Growth Division		BHFTII MetLife Aggregate Bond Index Division		BHFTII MetLife Mid Cap Stock Index Division
Assets:
Investments at fair value	$	63,757,970	$	28,568,738	$	17,857,777	$	155,753,140	$	116,199,050
Due from Metropolitan Life Insurance Company		—		1		—		—		—
Total Assets		63,757,970		28,568,739		17,857,777		155,753,140		116,199,050
Liabilities:
Due to Metropolitan Life Insurance Company		11		—		—		2		3
Total Liabilities		11		—		—		2		3
Net Assets	$	63,757,959	$	28,568,739	$	17,857,777	$	155,753,138	$	116,199,047

The accompanying notes are an integral part of these financial statements.
UL-12

	BHFTII MetLife MSCI EAFE® Index Division		BHFTII MetLife Russell 2000® Index Division		BHFTII MetLife Stock Index Division		BHFTII MFS® Total Return Division		BHFTII MFS® Value Division
Assets:
Investments at fair value	$	105,987,571	$	95,347,866	$	1,409,776,138	$	11,450,718	$	126,437,902
Due from Metropolitan Life Insurance Company		—		3		—		—		—
Total Assets		105,987,571		95,347,869		1,409,776,138		11,450,718		126,437,902
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		11		3		2
Total Liabilities		—		—		11		3		2
Net Assets	$	105,987,571	$	95,347,869	$	1,409,776,127	$	11,450,715	$	126,437,900

The accompanying notes are an integral part of these financial statements.
UL-13

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	BHFTII Neuberger Berman Genesis Division		BHFTII T. Rowe Price Large Cap Growth Division		BHFTII T. Rowe Price Small Cap Growth Division		BHFTII Van Eck Global Natural Resources Division		BHFTII Western Asset Management Strategic Bond Opportunities Division
Assets:
Investments at fair value	$	152,961,391	$	154,221,628	$	165,942,866	$	348,927	$	56,289,151
Due from Metropolitan Life Insurance Company		9		—		—		—		—
Total Assets		152,961,400		154,221,628		165,942,866		348,927		56,289,151
Liabilities:
Due to Metropolitan Life Insurance Company		—		1		3		—		2
Total Liabilities		—		1		3		—		2
Net Assets	$	152,961,400	$	154,221,627	$	165,942,863	$	348,927	$	56,289,149

The accompanying notes are an integral part of these financial statements.
UL-14

	BHFTII Western Asset Management U.S. Government Division		Fidelity® VIP Asset Manager: Growth Division		Fidelity® VIP Contrafund Division		Fidelity® VIP Equity-Income Division		Fidelity® VIP Freedom 2010 Division
Assets:
Investments at fair value	$	19,983,793	$	2,450,438	$	4,246,508	$	2,008	$	170,874
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		19,983,793		2,450,438		4,246,508		2,008		170,874
Liabilities:
Due to Metropolitan Life Insurance Company		7		—		—		—		—
Total Liabilities		7		—		—		—		—
Net Assets	$	19,983,786	$	2,450,438	$	4,246,508	$	2,008	$	170,874

The accompanying notes are an integral part of these financial statements.
UL-15

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	Fidelity® VIP Freedom 2020 Division		Fidelity® VIP Freedom 2025 Division		Fidelity® VIP Freedom 2030 Division		Fidelity® VIP Freedom 2040 Division		Fidelity® VIP Freedom 2050 Division
Assets:
Investments at fair value	$	738,094	$	638,749	$	429,449	$	492,365	$	238,970
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		738,094		638,749		429,449		492,365		238,970
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		17
Total Liabilities		—		—		—		—		17
Net Assets	$	738,094	$	638,749	$	429,449	$	492,365	$	238,953

The accompanying notes are an integral part of these financial statements.
UL-16

	Fidelity® VIP Government Money Market Division		Fidelity® VIP High Income Division		Fidelity® VIP Investment Grade Bond Division		Fidelity® VIP Mid Cap Division		FTVIPT Franklin Income VIP Division
Assets:
Investments at fair value	$	5,426,872	$	482,344	$	43,647	$	305,209	$	11,247
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		5,426,872		482,344		43,647		305,209		11,247
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	5,426,872	$	482,344	$	43,647	$	305,209	$	11,247

The accompanying notes are an integral part of these financial statements.
UL-17

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	FTVIPT Franklin Mutual Global Discovery VIP Division		FTVIPT Franklin Mutual Shares VIP Division		FTVIPT Templeton Foreign VIP Division		FTVIPT Templeton Global Bond VIP Division		Goldman Sachs Small Cap Equity Insights Division
Assets:
Investments at fair value	$	702,191	$	90,404	$	5,541,522	$	1,116,752	$	23,927
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		702,191		90,404		5,541,522		1,116,752		23,927
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	702,191	$	90,404	$	5,541,522	$	1,116,752	$	23,927

The accompanying notes are an integral part of these financial statements.
UL-18

	Invesco V.I. Comstock Division		Invesco V.I. International Growth Division		Janus Henderson Balanced Division		Janus Henderson Enterprise Division		Janus Henderson Forty Division
Assets:
Investments at fair value	$	771,760	$	455,988	$	1,634,516	$	343,695	$	665,970
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		771,760		455,988		1,634,516		343,695		665,970
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	771,760	$	455,988	$	1,634,516	$	343,695	$	665,970

The accompanying notes are an integral part of these financial statements.
UL-19

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2020

	Janus Henderson Research Division		MFS® VIT Global Equity Division		MFS® VIT New Discovery Division		MFS® VIT II High Yield Division		Morgan Stanley VIF Emerging Markets Debt Division
Assets:
Investments at fair value	$	571,287	$	138,775	$	34,362	$	174,064	$	673,108
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		571,287		138,775		34,362		174,064		673,108
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	571,287	$	138,775	$	34,362	$	174,064	$	673,108

The accompanying notes are an integral part of these financial statements.
UL-20

	Morgan Stanley VIF Emerging Markets Equity Division		PIMCO VIT All Asset Division		PIMCO VIT CommodityRealReturn® Strategy Division		PIMCO VIT Low Duration Division		Pioneer Mid Cap Value VCT Division
Assets:
Investments at fair value	$	4,501,048	$	24,946	$	33,556	$	864,723	$	14,788
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		4,501,048		24,946		33,556		864,723		14,788
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		1		—
Total Liabilities		—		—		—		1		—
Net Assets	$	4,501,048	$	24,946	$	33,556	$	864,722	$	14,788

The accompanying notes are an integral part of these financial statements.
UL-21

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES — (Concluded)

December 31, 2020

	Royce Micro-Cap Division		Royce Small-Cap Division
Assets:
Investments at fair value	$	14,566	$	14,133
Due from Metropolitan Life Insurance Company		—		—
Total Assets		14,566		14,133
Liabilities:
Due to Metropolitan Life Insurance Company		—		—
Total Liabilities		—		—
Net Assets	$	14,566	$	14,133

The accompanying notes are an integral part of these financial statements.
UL-22

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METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

For the years ended December 31, 2020, 2019 and 2018

	AB VPS Global Thematic Growth Division							AB VPS Intermediate Bond Division
	2020		2019		2018			2020			2019			2018
Investment Income:
Dividends	$	166	$	62	$	—		$	5,039		$	4,181		$	1,502
Expenses:
Mortality and expense risk charges		—		—		—			—			—			—
Net investment income (loss)		166		62		—			5,039			4,181			1,502
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,490		2,180		—			—			—			2,128
Realized gains (losses) on sale of investments		230		5,451		255			(26	)		(547	)		(128	)
Net realized gains (losses)		3,720		7,631		255			(26	)		(547	)		2,000
Change in unrealized gains (losses) on investments		9,146		1,729		(3,771	)		3,697			8,336			(3,792	)
Net realized and changes in unrealized gains (losses) on investments		12,866		9,360		(3,516	)		3,671			7,789			(1,792	)
Net increase (decrease) in net assets resulting from operations	$	13,032	$	9,422	$	(3,516	)	$	8,710		$	11,970		$	(290	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-24

	American Funds® Bond Division
	2020		2019		2018
Investment Income:
Dividends	$	156,930	$	171,098	$	143,554
Expenses:
Mortality and expense risk charges		9,027		8,236		9,184
Net investment income (loss)		147,903		162,862		134,370
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		69,724		—		8,476
Realized gains (losses) on sale of investments		84,702		15,843		(58,891	)
Net realized gains (losses)		154,426		15,843		(50,415	)
Change in unrealized gains (losses) on investments		363,271		366,899		(150,359	)
Net realized and changes in unrealized gains (losses) on investments		517,697		382,742		(200,774	)
Net increase (decrease) in net assets resulting from operations	$	665,600	$	545,604	$	(66,404	)

The accompanying notes are an integral part of these financial statements.
UL-25

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	American Funds® Global Small Capitalization Division							American Funds® Growth Division
	2020		2019		2018			2020		2019		2018
Investment Income:
Dividends	$	124,690	$	113,773	$	60,502		$	784,286	$	1,547,525	$	886,745
Expenses:
Mortality and expense risk charges		87,079		84,254		87,722			218,088		184,266		188,253
Net investment income (loss)		37,611		29,519		(27,220	)		566,198		1,363,259		698,492
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		4,655,581		4,582,021		3,364,592			5,840,948		21,693,591		20,636,517
Realized gains (losses) on sale of investments		1,296,996		850,815		1,028,140			9,802,349		3,503,831		4,289,446
Net realized gains (losses)		5,952,577		5,432,836		4,392,732			15,643,297		25,197,422		24,925,963
Change in unrealized gains (losses) on investments		15,651,566		13,829,624		(11,769,834	)		93,055,316		28,236,428		(24,996,188	)
Net realized and changes in unrealized gains (losses) on investments		21,604,143		19,262,460		(7,377,102	)		108,698,613		53,433,850		(70,225	)
Net increase (decrease) in net assets resulting from operations	$	21,641,754	$	19,291,979	$	(7,404,322	)	$	109,264,811	$	54,797,109	$	628,267

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-26

	American Funds® Growth-Income Division
	2020		2019		2018
Investment Income:
Dividends	$	1,694,121	$	2,035,465	$	1,702,454
Expenses:
Mortality and expense risk charges		116,771		115,931		118,217
Net investment income (loss)		1,577,350		1,919,534		1,584,237
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,261,038		12,277,110		8,360,753
Realized gains (losses) on sale of investments		1,375,486		1,527,730		2,193,496
Net realized gains (losses)		4,636,524		13,804,840		10,554,249
Change in unrealized gains (losses) on investments		10,074,027		12,081,513		(13,751,075	)
Net realized and changes in unrealized gains (losses) on investments		14,710,551		25,886,353		(3,196,826	)
Net increase (decrease) in net assets resulting from operations	$	16,287,901	$	27,805,887	$	(1,612,589	)

The accompanying notes are an integral part of these financial statements.
UL-27

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	American Funds® High-Income Bond Division									American Funds® International Division
	2020			2019			2018			2020			2019			2018
Investment Income:
Dividends	$	3,735		$	2,102		$	530		$	13,039		$	28,874		$	33,657
Expenses:
Mortality and expense risk charges		—			—			—			—			—			—
Net investment income (loss)		3,735			2,102			530			13,039			28,874			33,657
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—			—			49,902			90,607
Realized gains (losses) on sale of investments		(20	)		(4	)		(7	)		(3,558	)		(13,713	)		(1,756	)
Net realized gains (losses)		(20	)		(4	)		(7	)		(3,558	)		36,189			88,851
Change in unrealized gains (losses) on investments		195			343			(720	)		280,912			343,260			(417,075	)
Net realized and changes in unrealized gains (losses) on investments		175			339			(727	)		277,354			379,449			(328,224	)
Net increase (decrease) in net assets resulting from operations	$	3,910		$	2,441		$	(197	)	$	290,393		$	408,323		$	(294,567	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-28

	American Funds® U.S. Government/AAA-Rated Securities Division
	2020		2019			2018
Investment Income:
Dividends	$	1,157	$	1,186		$	975
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		1,157		1,186			975
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		1,313		—			—
Realized gains (losses) on sale of investments		95		(20	)		(138	)
Net realized gains (losses)		1,408		(20	)		(138	)
Change in unrealized gains (losses) on investments		3,212		1,822			(457	)
Net realized and changes in unrealized gains (losses) on investments		4,620		1,802			(595	)
Net increase (decrease) in net assets resulting from operations	$	5,777	$	2,988		$	380

The accompanying notes are an integral part of these financial statements.
UL-29

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI AB Global Dynamic Allocation Division								BHFTI American Funds® Balanced Allocation Division
	2020			2019		2018			2020		2019		2018
Investment Income:
Dividends	$	1,547		$	2,929	$	1,338		$	25,148	$	27,411	$	21,884
Expenses:
Mortality and expense risk charges		—			—		—			—		—		—
Net investment income (loss)		1,547			2,929		1,338			25,148		27,411		21,884
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		5,371			1,656		325			69,963		91,658		64,740
Realized gains (losses) on sale of investments		61			423		276			20,686		1,187		3,011
Net realized gains (losses)		5,432			2,079		601			90,649		92,845		67,751
Change in unrealized gains (losses) on investments		(1,285	)		8,823		(7,744	)		83,599		117,054		(138,831	)
Net realized and changes in unrealized gains (losses) on investments		4,147			10,902		(7,143	)		174,248		209,899		(71,080	)
Net increase (decrease) in net assets resulting from operations	$	5,694		$	13,831	$	(5,805	)	$	199,396	$	237,310	$	(49,196	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-30

	BHFTI American Funds® Growth Allocation Division
	2020		2019		2018
Investment Income:
Dividends	$	41,435	$	41,457	$	33,504
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		41,435		41,457		33,504
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		166,635		172,533		127,865
Realized gains (losses) on sale of investments		1,154		17,886		16,892
Net realized gains (losses)		167,789		190,419		144,757
Change in unrealized gains (losses) on investments		182,488		243,425		(302,410	)
Net realized and changes in unrealized gains (losses) on investments		350,277		433,844		(157,653	)
Net increase (decrease) in net assets resulting from operations	$	391,712	$	475,301	$	(124,149	)

The accompanying notes are an integral part of these financial statements.
UL-31

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI American Funds® Moderate Allocation Division									BHFTI AQR Global Risk Balanced Division
	2020			2019			2018			2020			2019			2018
Investment Income:
Dividends	$	36,375		$	34,529		$	30,889		$	4,229		$	4,902		$	581
Expenses:
Mortality and expense risk charges		—			—			—			—			—			—
Net investment income (loss)		36,375			34,529			30,889			4,229			4,902			581
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		75,686			83,518			71,305			18,550			—			14,063
Realized gains (losses) on sale of investments		(1,212	)		(3,223	)		(2,660	)		(2,187	)		(1,016	)		(2,977	)
Net realized gains (losses)		74,474			80,295			68,645			16,363			(1,016	)		11,086
Change in unrealized gains (losses) on investments		104,275			117,199			(144,806	)		(14,639	)		25,631			(21,378	)
Net realized and changes in unrealized gains (losses) on investments		178,749			197,494			(76,161	)		1,724			24,615			(10,292	)
Net increase (decrease) in net assets resulting from operations	$	215,124		$	232,023		$	(45,272	)	$	5,953		$	29,517		$	(9,711	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-32

	BHFTI BlackRock Global Tactical Strategies Division
	2020			2019		2018
Investment Income:
Dividends	$	8,842		$	1,019	$	6,588
Expenses:
Mortality and expense risk charges		—			—		—
Net investment income (loss)		8,842			1,019		6,588
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		48,420			—		32,982
Realized gains (losses) on sale of investments		23			166		(2,141	)
Net realized gains (losses)		48,443			166		30,841
Change in unrealized gains (losses) on investments		(26,273	)		92,537		(70,520	)
Net realized and changes in unrealized gains (losses) on investments		22,170			92,703		(39,679	)
Net increase (decrease) in net assets resulting from operations	$	31,012		$	93,722	$	(33,091	)

The accompanying notes are an integral part of these financial statements.
UL-33

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Brighthouse Asset Allocation 100 Division								BHFTI Brighthouse Balanced Plus Division
	2020			2019		2018			2020			2019			2018
Investment Income:
Dividends	$	349,214		$	437,490	$	323,815		$	10,930		$	8,336		$	6,389
Expenses:
Mortality and expense risk charges		13,501			14,505		16,824			—			—			—
Net investment income (loss)		335,713			422,985		306,991			10,930			8,336			6,389
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,647,811			2,591,967		924,071			45,363			—			32,825
Realized gains (losses) on sale of investments		(32,285	)		107,616		295,201			(1,021	)		(708	)		1,438
Net realized gains (losses)		2,615,526			2,699,583		1,219,272			44,342			(708	)		34,263
Change in unrealized gains (losses) on investments		1,910,725			2,812,582		(3,976,492	)		(3,455	)		78,503			(69,687	)
Net realized and changes in unrealized gains (losses) on investments		4,526,251			5,512,165		(2,757,220	)		40,887			77,795			(35,424	)
Net increase (decrease) in net assets resulting from operations	$	4,861,964		$	5,935,150	$	(2,450,229	)	$	51,817		$	86,131		$	(29,035	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-34

	BHFTI Brighthouse Small Cap Value Division
	2020			2019		2018
Investment Income:
Dividends	$	10,871		$	8,105	$	7,790
Expenses:
Mortality and expense risk charges		—			—		—
Net investment income (loss)		10,871			8,105		7,790
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		36,065			78,352		40,963
Realized gains (losses) on sale of investments		(2,884	)		4,336		4,882
Net realized gains (losses)		33,181			82,688		45,845
Change in unrealized gains (losses) on investments		(40,130	)		159,172		(239,971	)
Net realized and changes in unrealized gains (losses) on investments		(6,949	)		241,860		(194,126	)
Net increase (decrease) in net assets resulting from operations	$	3,922		$	249,965	$	(186,336	)

The accompanying notes are an integral part of these financial statements.
UL-35

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Brighthouse/Aberdeen Emerging Markets Equity Division								BHFTI Brighthouse/Templeton International Bond Division
	2020			2019		2018			2020			2019			2018
Investment Income:
Dividends	$	30,345		$	25,684	$	25,457		$	18,837		$	23,805		$	—
Expenses:
Mortality and expense risk charges		—			—		—			—			—			—
Net investment income (loss)		30,345			25,684		25,457			18,837			23,805			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—		—			—			547			—
Realized gains (losses) on sale of investments		(2,163	)		8,040		5,756			(8,714	)		(330	)		(2,152	)
Net realized gains (losses)		(2,163	)		8,040		5,756			(8,714	)		217			(2,152	)
Change in unrealized gains (losses) on investments		393,658			228,830		(176,226	)		(27,667	)		(20,553	)		5,338
Net realized and changes in unrealized gains (losses) on investments		391,495			236,870		(170,470	)		(36,381	)		(20,336	)		3,186
Net increase (decrease) in net assets resulting from operations	$	421,840		$	262,554	$	(145,013	)	$	(17,544	)	$	3,469		$	3,186

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-36

	BHFTI Brighthouse/Wellington Large Cap Research Division
	2020		2019		2018
Investment Income:
Dividends	$	5,567,970	$	5,323,552	$	4,769,893
Expenses:
Mortality and expense risk charges		2,510,925		2,366,473		2,376,878
Net investment income (loss)		3,057,045		2,957,079		2,393,015
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		31,647,831		53,086,818		52,915,129
Realized gains (losses) on sale of investments		5,508,470		5,968,496		7,449,838
Net realized gains (losses)		37,156,301		59,055,314		60,364,967
Change in unrealized gains (losses) on investments		63,257,826		61,834,004		(90,699,272	)
Net realized and changes in unrealized gains (losses) on investments		100,414,127		120,889,318		(30,334,305	)
Net increase (decrease) in net assets resulting from operations	$	103,471,172	$	123,846,397	$	(27,941,290	)

The accompanying notes are an integral part of these financial statements.
UL-37

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Clarion Global Real Estate Division								BHFTI Harris Oakmark International Division
	2020			2019		2018			2020			2019			2018
Investment Income:
Dividends	$	1,171,201		$	923,160	$	1,695,231		$	1,169,777		$	958,784		$	864,792
Expenses:
Mortality and expense risk charges		23,692			26,443		26,861			42,131			47,758			56,149
Net investment income (loss)		1,147,509			896,717		1,668,370			1,127,646			911,026			808,643
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		512,541			—		—			909,120			3,015,811			1,816,908
Realized gains (losses) on sale of investments		(435,353	)		102,738		(37,998	)		(1,086,327	)		(382,142	)		174,708
Net realized gains (losses)		77,188			102,738		(37,998	)		(177,207	)		2,633,669			1,991,616
Change in unrealized gains (losses) on investments		(2,720,655	)		5,116,259		(4,019,685	)		1,704,944			5,117,038			(14,097,059	)
Net realized and changes in unrealized gains (losses) on investments		(2,643,467	)		5,218,997		(4,057,683	)		1,527,737			7,750,707			(12,105,443	)
Net increase (decrease) in net assets resulting from operations	$	(1,495,958	)	$	6,115,714	$	(2,389,313	)	$	2,655,383		$	8,661,733		$	(11,296,800	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-38

	BHFTI Invesco Balanced-Risk Allocation Division
	2020			2019			2018
Investment Income:
Dividends	$	3,869		$	—		$	716
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		3,869			—			716
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,739			—			4,805
Realized gains (losses) on sale of investments		(175	)		(81	)		(1,079	)
Net realized gains (losses)		3,564			(81	)		3,726
Change in unrealized gains (losses) on investments		609			8,923			(8,568	)
Net realized and changes in unrealized gains (losses) on investments		4,173			8,842			(4,842	)
Net increase (decrease) in net assets resulting from operations	$	8,042		$	8,842		$	(4,126	)

The accompanying notes are an integral part of these financial statements.
UL-39

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Invesco Global Equity Division							BHFTI Invesco Small Cap Growth Division
	2020		2019		2018			2020			2019			2018
Investment Income:
Dividends	$	550,039	$	607,931	$	741,251		$	7,217		$	—		$	—
Expenses:
Mortality and expense risk charges		160,181		150,718		158,814			10,459			9,658			9,936
Net investment income (loss)		389,858		457,213		582,437			(3,242	)		(9,658	)		(9,936	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		150,482		7,183,124		5,598,037			478,335			1,237,304			995,359
Realized gains (losses) on sale of investments		1,945,029		1,423,101		2,033,817			50,822			(130,839	)		35,226
Net realized gains (losses)		2,095,511		8,606,225		7,631,854			529,157			1,106,465			1,030,585
Change in unrealized gains (losses) on investments		14,028,107		6,426,053		(15,951,838	)		3,751,662			530,138			(1,648,375	)
Net realized and changes in unrealized gains (losses) on investments		16,123,618		15,032,278		(8,319,984	)		4,280,819			1,636,603			(617,790	)
Net increase (decrease) in net assets resulting from operations	$	16,513,476	$	15,489,491	$	(7,737,547	)	$	4,277,577		$	1,626,945		$	(627,726	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-40

	BHFTI JPMorgan Global Active Allocation Division
	2020		2019		2018
Investment Income:
Dividends	$	3,958	$	6,307	$	4,106
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		3,958		6,307		4,106
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		4,538		—		13,795
Realized gains (losses) on sale of investments		728		1,202		353
Net realized gains (losses)		5,266		1,202		14,148
Change in unrealized gains (losses) on investments		12,671		24,387		(35,582	)
Net realized and changes in unrealized gains (losses) on investments		17,937		25,589		(21,434	)
Net increase (decrease) in net assets resulting from operations	$	21,895	$	31,896	$	(17,328	)

The accompanying notes are an integral part of these financial statements.
UL-41

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI JPMorgan Small Cap Value Division									BHFTI Loomis Sayles Global Allocation Division
	2020			2019			2018			2020		2019		2018
Investment Income:
Dividends	$	7,026		$	6,510		$	6,199		$	4,593	$	7,435	$	7,771
Expenses:
Mortality and expense risk charges		—			—			—			—		—		—
Net investment income (loss)		7,026			6,510			6,199			4,593		7,435		7,771
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			48,689			27,152			31,960		36,635		23,454
Realized gains (losses) on sale of investments		(4,871	)		(6,186	)		189			2,909		4,431		28,212
Net realized gains (losses)		(4,871	)		42,503			27,341			34,869		41,066		51,666
Change in unrealized gains (losses) on investments		72,298			23,626			(83,319	)		37,680		51,557		(79,434	)
Net realized and changes in unrealized gains (losses) on investments		67,427			66,129			(55,978	)		72,549		92,623		(27,768	)
Net increase (decrease) in net assets resulting from operations	$	74,453		$	72,639		$	(49,779	)	$	77,142	$	100,058	$	(19,997	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-42

	BHFTI Loomis Sayles Growth Division
	2020			2019		2018
Investment Income:
Dividends	$	386,097		$	438,816	$	362,296
Expenses:
Mortality and expense risk charges		40,255			35,948		38,636
Net investment income (loss)		345,842			402,868		323,660
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		16,084,106			5,572,046		2,042,880
Realized gains (losses) on sale of investments		647,421			889,628		1,792,006
Net realized gains (losses)		16,731,527			6,461,674		3,834,886
Change in unrealized gains (losses) on investments		(3,812,485	)		1,909,460		(6,744,510	)
Net realized and changes in unrealized gains (losses) on investments		12,919,042			8,371,134		(2,909,624	)
Net increase (decrease) in net assets resulting from operations	$	13,264,884		$	8,774,002	$	(2,585,964	)

The accompanying notes are an integral part of these financial statements.
UL-43

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI MetLife Multi-Index Targeted Risk Division								BHFTI MFS® Research International Division
	2020			2019		2018			2020		2019		2018
Investment Income:
Dividends	$	4,135		$	3,660	$	2,857		$	440,621	$	275,831	$	402,618
Expenses:
Mortality and expense risk charges		—			—		—			17,155		16,692		17,303
Net investment income (loss)		4,135			3,660		2,857			423,466		259,139		385,315
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		16,341			—		10,572			626,674		828,454		—
Realized gains (losses) on sale of investments		409			195		1,259			446,294		128,654		430,859
Net realized gains (losses)		16,750			195		11,831			1,072,968		957,108		430,859
Change in unrealized gains (losses) on investments		(8,247	)		29,440		(26,654	)		1,198,690		3,282,254		(3,418,696	)
Net realized and changes in unrealized gains (losses) on investments		8,503			29,635		(14,823	)		2,271,658		4,239,362		(2,987,837	)
Net increase (decrease) in net assets resulting from operations	$	12,638		$	33,295	$	(11,966	)	$	2,695,124	$	4,498,501	$	(2,602,522	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-44

	BHFTI Morgan Stanley Discovery Division
	2020			2019			2018
Investment Income:
Dividends	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		1,574,613			994,679			850,555
Net investment income (loss)		(1,574,613	)		(994,679	)		(850,555	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		73,424,459			59,365,038			50,863,381
Realized gains (losses) on sale of investments		23,012,154			10,398,472			8,538,350
Net realized gains (losses)		96,436,613			69,763,510			59,401,731
Change in unrealized gains (losses) on investments		401,073,569			33,805,835			(32,615,883	)
Net realized and changes in unrealized gains (losses) on investments		497,510,182			103,569,345			26,785,848
Net increase (decrease) in net assets resulting from operations	$	495,935,569		$	102,574,666		$	25,935,293

The accompanying notes are an integral part of these financial statements.
UL-45

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI PanAgora Global Diversified Risk Division							BHFTI PIMCO Inflation Protected Bond Division
	2020		2019		2018			2020			2019			2018
Investment Income:
Dividends	$	25	$	18	$	—		$	300,725		$	353,831		$	187,843
Expenses:
Mortality and expense risk charges		—		—		—			15,801			15,434			15,966
Net investment income (loss)		25		18		—			284,924			338,397			171,877
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		51		—		24			—			—			—
Realized gains (losses) on sale of investments		4		6		(1	)		(23,411	)		(70,827	)		(178,843	)
Net realized gains (losses)		55		6		23			(23,411	)		(70,827	)		(178,843	)
Change in unrealized gains (losses) on investments		18		81		(46	)		837,367			505,478			(228,280	)
Net realized and changes in unrealized gains (losses) on investments		73		87		(23	)		813,956			434,651			(407,123	)
Net increase (decrease) in net assets resulting from operations	$	98	$	105	$	(23	)	$	1,098,880		$	773,048		$	(235,246	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-46

	BHFTI PIMCO Total Return Division
	2020		2019		2018
Investment Income:
Dividends	$	2,014,254	$	1,496,759	$	751,586
Expenses:
Mortality and expense risk charges		51,350		50,367		50,991
Net investment income (loss)		1,962,904		1,446,392		700,595
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		—		—
Realized gains (losses) on sale of investments		611,760		34,984		(156,469	)
Net realized gains (losses)		611,760		34,984		(156,469	)
Change in unrealized gains (losses) on investments		1,614,317		2,500,341		(573,439	)
Net realized and changes in unrealized gains (losses) on investments		2,226,077		2,535,325		(729,908	)
Net increase (decrease) in net assets resulting from operations	$	4,188,981	$	3,981,717	$	(29,313	)

The accompanying notes are an integral part of these financial statements.
UL-47

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Schroders Global Multi-Asset Division								BHFTI SSGA Growth and Income ETF Division
	2020			2019		2018			2020			2019			2018
Investment Income:
Dividends	$	1,986		$	1,541	$	1,307		$	240,559		$	216,512		$	218,265
Expenses:
Mortality and expense risk charges		—			—		—			8,321			8,078			8,299
Net investment income (loss)		1,986			1,541		1,307			232,238			208,434			209,966
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		5,922			—		4,392			284,169			412,900			373,779
Realized gains (losses) on sale of investments		324			466		174			(47	)		(7,380	)		44,773
Net realized gains (losses)		6,246			466		4,566			284,122			405,520			418,552
Change in unrealized gains (losses) on investments		(5,523	)		17,790		(14,319	)		300,438			865,423			(1,161,353	)
Net realized and changes in unrealized gains (losses) on investments		723			18,256		(9,753	)		584,560			1,270,943			(742,801	)
Net increase (decrease) in net assets resulting from operations	$	2,709		$	19,797	$	(8,446	)	$	816,798		$	1,479,377		$	(532,835	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-48

	BHFTI SSGA Growth ETF Division
	2020			2019		2018
Investment Income:
Dividends	$	191,969		$	165,401	$	177,323
Expenses:
Mortality and expense risk charges		7,237			7,352		7,744
Net investment income (loss)		184,732			158,049		169,579
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		282,935			475,376		444,221
Realized gains (losses) on sale of investments		(8,842	)		13,517		79,167
Net realized gains (losses)		274,093			488,893		523,388
Change in unrealized gains (losses) on investments		391,732			831,026		(1,317,908	)
Net realized and changes in unrealized gains (losses) on investments		665,825			1,319,919		(794,520	)
Net increase (decrease) in net assets resulting from operations	$	850,557		$	1,477,968	$	(624,941	)

The accompanying notes are an integral part of these financial statements.
UL-49

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI T. Rowe Price Large Cap Value Division								BHFTI T. Rowe Price Mid Cap Growth Division
	2020			2019		2018			2020		2019		2018
Investment Income:
Dividends	$	70,047		$	63,674	$	55,375		$	111,429	$	117,144	$	—
Expenses:
Mortality and expense risk charges		—			—		—			60,182		58,484		57,557
Net investment income (loss)		70,047			63,674		55,375			51,247		58,660		(57,557	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		206,107			318,371		258,158			4,531,002		7,183,577		5,657,019
Realized gains (losses) on sale of investments		(5,702	)		42,589		14,760			137,592		462,768		586,722
Net realized gains (losses)		200,405			360,960		272,918			4,668,594		7,646,345		6,243,741
Change in unrealized gains (losses) on investments		(170,812	)		266,789		(630,098	)		5,630,192		4,165,082		(6,867,777	)
Net realized and changes in unrealized gains (losses) on investments		29,593			627,749		(357,180	)		10,298,786		11,811,427		(624,036	)
Net increase (decrease) in net assets resulting from operations	$	99,640		$	691,423	$	(301,805	)	$	10,350,033	$	11,870,087	$	(681,593	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-50

	BHFTI Victory Sycamore Mid Cap Value Division
	2020			2019		2018
Investment Income:
Dividends	$	1,370,565		$	1,163,012	$	715,890
Expenses:
Mortality and expense risk charges		75,652			80,884		83,689
Net investment income (loss)		1,294,913			1,082,128		632,201
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		4,848,558			2,848,890		15,510,953
Realized gains (losses) on sale of investments		(253,636	)		63,300		489,826
Net realized gains (losses)		4,594,922			2,912,190		16,000,779
Change in unrealized gains (losses) on investments		1,357,715			18,174,933		(25,172,760	)
Net realized and changes in unrealized gains (losses) on investments		5,952,637			21,087,123		(9,171,981	)
Net increase (decrease) in net assets resulting from operations	$	7,247,550		$	22,169,251	$	(8,539,780	)

The accompanying notes are an integral part of these financial statements.
UL-51

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Baillie Gifford International Stock Division							BHFTII BlackRock Bond Income Division
	2020		2019		2018			2020		2019			2018
Investment Income:
Dividends	$	978,441	$	609,814	$	555,119		$	3,004,355	$	2,861,606		$	2,524,969
Expenses:
Mortality and expense risk charges		225,837		207,189		218,023			266,661		258,824			262,304
Net investment income (loss)		752,604		402,625		337,096			2,737,694		2,602,782			2,262,665
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,877,554		2,687,434		—			—		—			—
Realized gains (losses) on sale of investments		606,079		421,664		545,059			246,032		(16,881	)		(360,052	)
Net realized gains (losses)		3,483,633		3,109,098		545,059			246,032		(16,881	)		(360,052	)
Change in unrealized gains (losses) on investments		8,417,551		9,101,083		(9,369,507	)		3,486,389		4,310,845			(2,511,644	)
Net realized and changes in unrealized gains (losses) on investments		11,901,184		12,210,181		(8,824,448	)		3,732,421		4,293,964			(2,871,696	)
Net increase (decrease) in net assets resulting from operations	$	12,653,788	$	12,612,806	$	(8,487,352	)	$	6,470,115	$	6,896,746		$	(609,031	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-52

	BHFTII BlackRock Capital Appreciation Division
	2020			2019		2018
Investment Income:
Dividends	$	—		$	32,055	$	16,615
Expenses:
Mortality and expense risk charges		23,495			18,807		16,344
Net investment income (loss)		(23,495	)		13,248		271
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,061,554			2,437,479		1,760,862
Realized gains (losses) on sale of investments		576,074			293,868		426,638
Net realized gains (losses)		2,637,628			2,731,347		2,187,500
Change in unrealized gains (losses) on investments		3,629,451			1,309,526		(1,958,446	)
Net realized and changes in unrealized gains (losses) on investments		6,267,079			4,040,873		229,054
Net increase (decrease) in net assets resulting from operations	$	6,243,584		$	4,054,121	$	229,325

The accompanying notes are an integral part of these financial statements.
UL-53

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII BlackRock Ultra-Short Term Bond Division							BHFTII Brighthouse Asset Allocation 20 Division
	2020			2019		2018		2020		2019			2018
Investment Income:
Dividends	$	648,729		$	531,767	$	295,427	$	122,721	$	102,407		$	102,219
Expenses:
Mortality and expense risk charges		27,587			28,042		27,731		8,331		8,207			8,431
Net investment income (loss)		621,142			503,725		267,696		114,390		94,200			93,788
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—		1,698		87,951		80,812			53,466
Realized gains (losses) on sale of investments		(37,448	)		77,768		45,399		14,639		(9,210	)		(38,606	)
Net realized gains (losses)		(37,448	)		77,768		47,097		102,590		71,602			14,860
Change in unrealized gains (losses) on investments		(501,117	)		14,618		157,511		175,734		319,183			(220,034	)
Net realized and changes in unrealized gains (losses) on investments		(538,565	)		92,386		204,608		278,324		390,785			(205,174	)
Net increase (decrease) in net assets resulting from operations	$	82,577		$	596,111	$	472,304	$	392,714	$	484,985		$	(111,386	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-54

	BHFTII Brighthouse Asset Allocation 40 Division
	2020			2019			2018
Investment Income:
Dividends	$	302,933		$	264,198		$	246,761
Expenses:
Mortality and expense risk charges		15,584			15,756			16,035
Net investment income (loss)		287,349			248,442			230,726
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		489,176			544,621			332,035
Realized gains (losses) on sale of investments		(17,809	)		(23,488	)		(38,307	)
Net realized gains (losses)		471,367			521,133			293,728
Change in unrealized gains (losses) on investments		387,704			805,166			(1,013,336	)
Net realized and changes in unrealized gains (losses) on investments		859,071			1,326,299			(719,608	)
Net increase (decrease) in net assets resulting from operations	$	1,146,420		$	1,574,741		$	(488,882	)

The accompanying notes are an integral part of these financial statements.
UL-55

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Brighthouse Asset Allocation 60 Division							BHFTII Brighthouse Asset Allocation 80 Division
	2020		2019		2018			2020		2019		2018
Investment Income:
Dividends	$	1,336,155	$	1,202,259	$	1,053,491		$	2,191,924	$	2,096,807	$	1,641,433
Expenses:
Mortality and expense risk charges		79,183		78,171		80,173			91,131		91,513		94,356
Net investment income (loss)		1,256,972		1,124,088		973,318			2,100,793		2,005,294		1,547,077
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,767,796		4,325,793		2,115,913			9,871,718		10,484,034		4,666,674
Realized gains (losses) on sale of investments		23,406		152,202		392,182			226,887		794,324		1,357,981
Net realized gains (losses)		3,791,202		4,477,995		2,508,095			10,098,605		11,278,358		6,024,655
Change in unrealized gains (losses) on investments		2,402,880		4,107,625		(6,730,312	)		5,611,353		8,872,398		(15,781,080	)
Net realized and changes in unrealized gains (losses) on investments		6,194,082		8,585,620		(4,222,217	)		15,709,958		20,150,756		(9,756,425	)
Net increase (decrease) in net assets resulting from operations	$	7,451,054	$	9,709,708	$	(3,248,899	)	$	17,810,751	$	22,156,050	$	(8,209,348	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-56

	BHFTII Brighthouse/Artisan Mid Cap Value Division
	2020			2019		2018
Investment Income:
Dividends	$	523,858		$	459,916	$	397,910
Expenses:
Mortality and expense risk charges		46,844			52,118		55,047
Net investment income (loss)		477,014			407,798		342,863
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		1,151,424			7,064,734		3,368,314
Realized gains (losses) on sale of investments		(290,282	)		233,732		746,054
Net realized gains (losses)		861,142			7,298,466		4,114,368
Change in unrealized gains (losses) on investments		2,730,620			4,852,816		(12,674,858	)
Net realized and changes in unrealized gains (losses) on investments		3,591,762			12,151,282		(8,560,490	)
Net increase (decrease) in net assets resulting from operations	$	4,068,776		$	12,559,080	$	(8,217,627	)

The accompanying notes are an integral part of these financial statements.
UL-57

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Brighthouse/Wellington Balanced Division							BHFTII Brighthouse/Wellington Core Equity Opportunities Division
	2020		2019		2018			2020			2019		2018
Investment Income:
Dividends	$	7,475,864	$	7,100,724	$	5,606,001		$	1,381,203		$	1,373,185	$	1,411,380
Expenses:
Mortality and expense risk charges		1,753,307		1,677,435		1,687,659			63,132			63,496		61,310
Net investment income (loss)		5,722,557		5,423,289		3,918,342			1,318,071			1,309,689		1,350,070
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		14,674,239		19,282,553		23,957,136			9,229,396			6,923,541		4,282,724
Realized gains (losses) on sale of investments		2,844,874		2,392,122		2,733,442			585,433			1,034,821		639,830
Net realized gains (losses)		17,519,113		21,674,675		26,690,578			9,814,829			7,958,362		4,922,554
Change in unrealized gains (losses) on investments		32,022,888		36,982,209		(43,500,876	)		(1,629,188	)		13,108,141		(6,175,203	)
Net realized and changes in unrealized gains (losses) on investments		49,542,001		58,656,884		(16,810,298	)		8,185,641			21,066,503		(1,252,649	)
Net increase (decrease) in net assets resulting from operations	$	55,264,558	$	64,080,173	$	(12,891,956	)	$	9,503,712		$	22,376,192	$	97,421

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-58

	BHFTII Frontier Mid Cap Growth Division
	2020			2019			2018
Investment Income:
Dividends	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		1,928,363			1,808,302			1,754,856
Net investment income (loss)		(1,928,363	)		(1,808,302	)		(1,754,856	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		30,901,337			34,434,199			28,331,222
Realized gains (losses) on sale of investments		4,124,089			4,203,173			4,778,324
Net realized gains (losses)		35,025,426			38,637,372			33,109,546
Change in unrealized gains (losses) on investments		50,718,940			35,345,162			(46,139,301	)
Net realized and changes in unrealized gains (losses) on investments		85,744,366			73,982,534			(13,029,755	)
Net increase (decrease) in net assets resulting from operations	$	83,816,003		$	72,174,232		$	(14,784,611	)

The accompanying notes are an integral part of these financial statements.
UL-59

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Jennison Growth Division							BHFTII Loomis Sayles Small Cap Core Division
	2020		2019		2018			2020			2019			2018
Investment Income:
Dividends	$	108,161	$	195,127	$	135,573		$	32,087		$	7,499		$	5,587
Expenses:
Mortality and expense risk charges		33,103		25,076		24,797			23,993			25,945			27,358
Net investment income (loss)		75,058		170,051		110,776			8,094			(18,446	)		(21,771	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		5,355,244		6,383,428		5,749,143			2,004,708			2,683,546			2,792,999
Realized gains (losses) on sale of investments		1,385,331		420,812		670,411			(27,486	)		151,478			352,664
Net realized gains (losses)		6,740,575		6,804,240		6,419,554			1,977,222			2,835,024			3,145,663
Change in unrealized gains (losses) on investments		16,290,613		5,030,053		(6,671,580	)		1,180,189			2,924,448			(5,945,164	)
Net realized and changes in unrealized gains (losses) on investments		23,031,188		11,834,293		(252,026	)		3,157,411			5,759,472			(2,799,501	)
Net increase (decrease) in net assets resulting from operations	$	23,106,246	$	12,004,344	$	(141,250	)	$	3,165,505		$	5,741,026		$	(2,821,272	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-60

	BHFTII Loomis Sayles Small Cap Growth Division
	2020			2019			2018
Investment Income:
Dividends	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		11,815			11,876			12,018
Net investment income (loss)		(11,815	)		(11,876	)		(12,018	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		1,860,329			2,354,174			1,921,803
Realized gains (losses) on sale of investments		256,425			226,813			280,750
Net realized gains (losses)		2,116,754			2,580,987			2,202,553
Change in unrealized gains (losses) on investments		2,643,546			820,229			(2,123,091	)
Net realized and changes in unrealized gains (losses) on investments		4,760,300			3,401,216			79,462
Net increase (decrease) in net assets resulting from operations	$	4,748,485		$	3,389,340		$	67,444

The accompanying notes are an integral part of these financial statements.
UL-61

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII MetLife Aggregate Bond Index Division							BHFTII MetLife Mid Cap Stock Index Division
	2020		2019		2018			2020		2019		2018
Investment Income:
Dividends	$	4,053,851	$	4,093,397	$	3,810,820		$	1,405,574	$	1,397,554	$	1,356,581
Expenses:
Mortality and expense risk charges		41,396		38,274		40,049			66,645		70,708		75,164
Net investment income (loss)		4,012,455		4,055,123		3,770,771			1,338,929		1,326,846		1,281,417
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		—		—			6,348,706		9,734,869		8,878,478
Realized gains (losses) on sale of investments		1,271,832		4,630		(845,236	)		1,168,621		944,006		2,094,579
Net realized gains (losses)		1,271,832		4,630		(845,236	)		7,517,327		10,678,875		10,973,057
Change in unrealized gains (losses) on investments		4,614,207		6,573,697		(3,257,308	)		6,770,352		10,598,269		(23,434,639	)
Net realized and changes in unrealized gains (losses) on investments		5,886,039		6,578,327		(4,102,544	)		14,287,679		21,277,144		(12,461,582	)
Net increase (decrease) in net assets resulting from operations	$	9,898,494	$	10,633,450	$	(331,773	)	$	15,626,608	$	22,603,990	$	(11,180,165	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-62

	BHFTII MetLife MSCI EAFE® Index Division
	2020		2019		2018
Investment Income:
Dividends	$	2,938,802	$	2,387,869	$	2,694,273
Expenses:
Mortality and expense risk charges		37,349		38,450		41,726
Net investment income (loss)		2,901,453		2,349,419		2,652,547
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		480,243		645,899		—
Realized gains (losses) on sale of investments		911,478		739,520		1,021,937
Net realized gains (losses)		1,391,721		1,385,419		1,021,937
Change in unrealized gains (losses) on investments		4,650,376		14,100,152		(16,649,850	)
Net realized and changes in unrealized gains (losses) on investments		6,042,097		15,485,571		(15,627,913	)
Net increase (decrease) in net assets resulting from operations	$	8,943,550	$	17,834,990	$	(12,975,366	)

The accompanying notes are an integral part of these financial statements.
UL-63

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII MetLife Russell 2000® Index Division							BHFTII MetLife Stock Index Division
	2020		2019		2018			2020		2019		2018
Investment Income:
Dividends	$	1,040,470	$	944,809	$	945,477		$	22,860,166	$	24,301,379	$	20,232,875
Expenses:
Mortality and expense risk charges		49,314		52,038		57,241			2,634,751		2,501,274		2,506,370
Net investment income (loss)		991,156		892,771		888,236			20,225,415		21,800,105		17,726,505
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		4,370,810		7,573,708		5,684,074			76,149,215		84,711,821		63,212,282
Realized gains (losses) on sale of investments		1,650,014		1,796,600		3,015,270			27,456,609		27,102,836		30,717,054
Net realized gains (losses)		6,020,824		9,370,308		8,699,344			103,605,824		111,814,657		93,929,336
Change in unrealized gains (losses) on investments		9,837,222		7,594,549		(17,938,965	)		91,900,637		171,992,283		(159,803,991	)
Net realized and changes in unrealized gains (losses) on investments		15,858,046		16,964,857		(9,239,621	)		195,506,461		283,806,940		(65,874,655	)
Net increase (decrease) in net assets resulting from operations	$	16,849,202	$	17,857,628	$	(8,351,385	)	$	215,731,876	$	305,607,045	$	(48,148,150	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-64

	BHFTII MFS® Total Return Division
	2020		2019			2018
Investment Income:
Dividends	$	253,107	$	707,106		$	682,160
Expenses:
Mortality and expense risk charges		9,453		9,502			9,715
Net investment income (loss)		243,654		697,604			672,445
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		443,468		1,278,480			1,954,294
Realized gains (losses) on sale of investments		53,723		(773,756	)		77,778
Net realized gains (losses)		497,191		504,724			2,032,072
Change in unrealized gains (losses) on investments		219,396		3,070,709			(4,570,024	)
Net realized and changes in unrealized gains (losses) on investments		716,587		3,575,433			(2,537,952	)
Net increase (decrease) in net assets resulting from operations	$	960,241	$	4,273,037		$	(1,865,507	)

The accompanying notes are an integral part of these financial statements.
UL-65

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII MFS® Value Division								BHFTII Neuberger Berman Genesis Division
	2020			2019		2018			2020		2019		2018
Investment Income:
Dividends	$	2,292,654		$	2,313,890	$	1,817,803		$	225,190	$	289,917	$	427,961
Expenses:
Mortality and expense risk charges		92,817			96,478		91,293			104,312		102,653		103,468
Net investment income (loss)		2,199,837			2,217,412		1,726,510			120,878		187,264		324,493
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		7,225,332			7,945,106		7,633,263			8,922,376		16,720,383		14,931,674
Realized gains (losses) on sale of investments		(101,975	)		488,474		717,887			1,626,345		1,848,685		2,455,941
Net realized gains (losses)		7,123,357			8,433,580		8,351,150			10,548,721		18,569,068		17,387,615
Change in unrealized gains (losses) on investments		(4,694,024	)		20,526,971		(21,548,270	)		20,135,702		12,124,576		(25,138,689	)
Net realized and changes in unrealized gains (losses) on investments		2,429,333			28,960,551		(13,197,120	)		30,684,423		30,693,644		(7,751,074	)
Net increase (decrease) in net assets resulting from operations	$	4,629,170		$	31,177,963	$	(11,470,610	)	$	30,805,301	$	30,880,908	$	(7,426,581	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-66

	BHFTII T. Rowe Price Large Cap Growth Division
	2020		2019		2018
Investment Income:
Dividends	$	299,592	$	473,244	$	463,194
Expenses:
Mortality and expense risk charges		96,288		82,157		80,800
Net investment income (loss)		203,304		391,087		382,394
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		9,977,938		16,761,108		19,742,610
Realized gains (losses) on sale of investments		2,416,888		1,511,661		2,588,381
Net realized gains (losses)		12,394,826		18,272,769		22,330,991
Change in unrealized gains (losses) on investments		29,605,524		10,875,848		(23,124,361	)
Net realized and changes in unrealized gains (losses) on investments		42,000,350		29,148,617		(793,370	)
Net increase (decrease) in net assets resulting from operations	$	42,203,654	$	29,539,704	$	(410,976	)

The accompanying notes are an integral part of these financial statements.
UL-67

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII T. Rowe Price Small Cap Growth Division									BHFTII Van Eck Global Natural Resources Division
	2020			2019			2018			2020			2019			2018
Investment Income:
Dividends	$	277,409		$	64,058		$	159,008		$	4,151		$	1,794		$	567
Expenses:
Mortality and expense risk charges		469,588			455,772			462,454			—			—			—
Net investment income (loss)		(192,179	)		(391,714	)		(303,446	)		4,151			1,794			567
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		13,904,442			18,395,410			10,935,636			—			—			—
Realized gains (losses) on sale of investments		3,433,904			2,742,690			3,925,105			(40,470	)		(9,662	)		(2,432	)
Net realized gains (losses)		17,338,346			21,138,100			14,860,741			(40,470	)		(9,662	)		(2,432	)
Change in unrealized gains (losses) on investments		14,714,214			16,651,176			(22,939,008	)		105,310			45,337			(96,127	)
Net realized and changes in unrealized gains (losses) on investments		32,052,560			37,789,276			(8,078,267	)		64,840			35,675			(98,559	)
Net increase (decrease) in net assets resulting from operations	$	31,860,381		$	37,397,562		$	(8,381,713	)	$	68,991		$	37,469		$	(97,992	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-68

	BHFTII Western Asset Management Strategic Bond Opportunities Division
	2020			2019		2018
Investment Income:
Dividends	$	3,081,744		$	2,611,420	$	2,776,967
Expenses:
Mortality and expense risk charges		74,336			76,795		80,667
Net investment income (loss)		3,007,408			2,534,625		2,696,300
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—		—
Realized gains (losses) on sale of investments		(32,033	)		153,935		89,897
Net realized gains (losses)		(32,033	)		153,935		89,897
Change in unrealized gains (losses) on investments		210,701			4,329,971		(4,895,547	)
Net realized and changes in unrealized gains (losses) on investments		178,668			4,483,906		(4,805,650	)
Net increase (decrease) in net assets resulting from operations	$	3,186,076		$	7,018,531	$	(2,109,350	)

The accompanying notes are an integral part of these financial statements.
UL-69

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Western Asset Management U.S. Government Division								BNY Mellon VI International Value Division
	2020		2019			2018			2020 (a)			2019			2018
Investment Income:
Dividends	$	587,880	$	432,382		$	360,455		$	4,314		$	1,914		$	3,466
Expenses:
Mortality and expense risk charges		19,104		17,471			16,625			—			—			—
Net investment income (loss)		568,776		414,911			343,830			4,314			1,914			3,466
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		—			—			—			—			—
Realized gains (losses) on sale of investments		25,440		(53,391	)		(86,126	)		(35,558	)		(17,157	)		(123	)
Net realized gains (losses)		25,440		(53,391	)		(86,126	)		(35,558	)		(17,157	)		(123	)
Change in unrealized gains (losses) on investments		291,578		547,272			(115,445	)		1,749			46,979			(44,641	)
Net realized and changes in unrealized gains (losses) on investments		317,018		493,881			(201,571	)		(33,809	)		29,822			(44,764	)
Net increase (decrease) in net assets resulting from operations	$	885,794	$	908,792		$	142,259		$	(29,495	)	$	31,736		$	(41,298	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-70

	Fidelity® VIP Asset Manager: Growth Division
	2020		2019		2018
Investment Income:
Dividends	$	22,480	$	30,328	$	28,546
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		22,480		30,328		28,546
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		30,525		108,882		82,828
Realized gains (losses) on sale of investments		18,896		21,653		24,180
Net realized gains (losses)		49,421		130,535		107,008
Change in unrealized gains (losses) on investments		280,077		255,311		(293,123	)
Net realized and changes in unrealized gains (losses) on investments		329,498		385,846		(186,115	)
Net increase (decrease) in net assets resulting from operations	$	351,978	$	416,174	$	(157,569	)

The accompanying notes are an integral part of these financial statements.
UL-71

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Fidelity® VIP Contrafund Division							Fidelity® VIP Equity-Income Division
	2020		2019		2018			2020			2019		2018
Investment Income:
Dividends	$	5,218	$	10,856	$	18,473		$	550		$	2,569	$	36
Expenses:
Mortality and expense risk charges		—		—		—			—			—		—
Net investment income (loss)		5,218		10,856		18,473			550			2,569		36
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		17,781		345,025		260,686			7,443			415		75
Realized gains (losses) on sale of investments		41,914		123,721		55,502			(24,199	)		27		1
Net realized gains (losses)		59,695		468,746		316,188			(16,756	)		442		76
Change in unrealized gains (losses) on investments		895,831		377,490		(515,972	)		(14,582	)		14,839		(250	)
Net realized and changes in unrealized gains (losses) on investments		955,526		846,236		(199,784	)		(31,338	)		15,281		(174	)
Net increase (decrease) in net assets resulting from operations	$	960,744	$	857,092	$	(181,311	)	$	(30,788	)	$	17,850	$	(138	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-72

	Fidelity® VIP Freedom 2010 Division
	2020			2019			2018
Investment Income:
Dividends	$	2,082		$	3,334		$	2,455
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		2,082			3,334			2,455
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		10,217			6,365			3,961
Realized gains (losses) on sale of investments		(1,376	)		(1,009	)		(395	)
Net realized gains (losses)		8,841			5,356			3,566
Change in unrealized gains (losses) on investments		8,692			14,163			(11,906	)
Net realized and changes in unrealized gains (losses) on investments		17,533			19,519			(8,340	)
Net increase (decrease) in net assets resulting from operations	$	19,615		$	22,853		$	(5,885	)

The accompanying notes are an integral part of these financial statements.
UL-73

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Fidelity® VIP Freedom 2020 Division							Fidelity® VIP Freedom 2025 Division
	2020		2019		2018			2020		2019		2018
Investment Income:
Dividends	$	8,670	$	12,592	$	8,406		$	7,093	$	10,696	$	7,186
Expenses:
Mortality and expense risk charges		—		—		—			—		—		—
Net investment income (loss)		8,670		12,592		8,406			7,093		10,696		7,186
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		35,768		30,193		17,605			24,466		14,406		9,975
Realized gains (losses) on sale of investments		2,817		2,981		6,369			1,286		972		1,100
Net realized gains (losses)		38,585		33,174		23,974			25,752		15,378		11,075
Change in unrealized gains (losses) on investments		46,942		59,075		(64,092	)		55,062		75,905		(51,118	)
Net realized and changes in unrealized gains (losses) on investments		85,527		92,249		(40,118	)		80,814		91,283		(40,043	)
Net increase (decrease) in net assets resulting from operations	$	94,197	$	104,841	$	(31,712	)	$	87,907	$	101,979	$	(32,857	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-74

	Fidelity® VIP Freedom 2030 Division
	2020		2019		2018
Investment Income:
Dividends	$	4,530	$	6,478	$	3,464
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		4,530		6,478		3,464
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		17,533		9,464		6,179
Realized gains (losses) on sale of investments		8,934		2,735		13,421
Net realized gains (losses)		26,467		12,199		19,600
Change in unrealized gains (losses) on investments		30,990		43,948		(40,198	)
Net realized and changes in unrealized gains (losses) on investments		57,457		56,147		(20,598	)
Net increase (decrease) in net assets resulting from operations	$	61,987	$	62,625	$	(17,134	)

The accompanying notes are an integral part of these financial statements.
UL-75

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Fidelity® VIP Freedom 2040 Division							Fidelity® VIP Freedom 2050 Division
	2020		2019		2018			2020		2019		2018
Investment Income:
Dividends	$	4,074	$	5,643	$	3,024		$	1,922	$	3,915	$	2,456
Expenses:
Mortality and expense risk charges		—		—		—			—		—		—
Net investment income (loss)		4,074		5,643		3,024			1,922		3,915		2,456
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		17,833		9,735		5,014			10,235		7,066		5,193
Realized gains (losses) on sale of investments		9,859		5,694		8,456			15,226		6,247		5,282
Net realized gains (losses)		27,692		15,429		13,470			25,461		13,313		10,475
Change in unrealized gains (losses) on investments		46,275		51,562		(41,836	)		12,909		38,724		(34,149	)
Net realized and changes in unrealized gains (losses) on investments		73,967		66,991		(28,366	)		38,370		52,037		(23,674	)
Net increase (decrease) in net assets resulting from operations	$	78,041	$	72,634	$	(25,342	)	$	40,292	$	55,952	$	(21,218	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-76

	Fidelity® VIP Government Money Market Division
	2020		2019		2018
Investment Income:
Dividends	$	14,310	$	78,815	$	56,758
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		14,310		78,815		56,758
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		—		—
Realized gains (losses) on sale of investments		—		—		—
Net realized gains (losses)		—		—		—
Change in unrealized gains (losses) on investments		—		—		—
Net realized and changes in unrealized gains (losses) on investments		—		—		—
Net increase (decrease) in net assets resulting from operations	$	14,310	$	78,815	$	56,758

The accompanying notes are an integral part of these financial statements.
UL-77

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Fidelity® VIP High Income Division									Fidelity® VIP Investment Grade Bond Division
	2020			2019			2018			2020			2019			2018
Investment Income:
Dividends	$	22,778		$	22,492		$	28,272		$	1,339		$	17,697		$	28,459
Expenses:
Mortality and expense risk charges		—			—			—			—			—			—
Net investment income (loss)		22,778			22,492			28,272			1,339			17,697			28,459
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—			47			—			7,286
Realized gains (losses) on sale of investments		(329	)		(8,256	)		(649	)		17,576			(9,542	)		(1,484	)
Net realized gains (losses)		(329	)		(8,256	)		(649	)		17,623			(9,542	)		5,802
Change in unrealized gains (losses) on investments		(7,991	)		48,742			(43,948	)		(4,476	)		64,066			(41,933	)
Net realized and changes in unrealized gains (losses) on investments		(8,320	)		40,486			(44,597	)		13,147			54,524			(36,131	)
Net increase (decrease) in net assets resulting from operations	$	14,458		$	62,978		$	(16,325	)	$	14,486		$	72,221		$	(7,672	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-78

	Fidelity® VIP Mid Cap Division
	2020			2019			2018
Investment Income:
Dividends	$	985		$	1,650		$	1,054
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		985			1,650			1,054
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			26,301			23,976
Realized gains (losses) on sale of investments		(1,177	)		(46	)		5,031
Net realized gains (losses)		(1,177	)		26,255			29,007
Change in unrealized gains (losses) on investments		44,127			20,941			(65,288	)
Net realized and changes in unrealized gains (losses) on investments		42,950			47,196			(36,281	)
Net increase (decrease) in net assets resulting from operations	$	43,935		$	48,846		$	(35,227	)

The accompanying notes are an integral part of these financial statements.
UL-79

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	FTVIPT Franklin Income VIP Division								FTVIPT Franklin Mutual Global Discovery VIP Division
	2020			2019		2018			2020			2019			2018
Investment Income:
Dividends	$	615		$	2,119	$	2,119		$	14,742		$	11,418		$	16,822
Expenses:
Mortality and expense risk charges		—			—		—			—			—			—
Net investment income (loss)		615			2,119		2,119			14,742			11,418			16,822
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		9			640		—			11,808			71,726			8,912
Realized gains (losses) on sale of investments		(530	)		1,952		5,563			(3,099	)		(13,785	)		(775	)
Net realized gains (losses)		(521	)		2,592		5,563			8,709			57,941			8,137
Change in unrealized gains (losses) on investments		(738	)		3,455		(10,139	)		(44,312	)		77,099			(108,582	)
Net realized and changes in unrealized gains (losses) on investments		(1,259	)		6,047		(4,576	)		(35,603	)		135,040			(100,445	)
Net increase (decrease) in net assets resulting from operations	$	(644	)	$	8,166	$	(2,457	)	$	(20,861	)	$	146,458		$	(83,623	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-80

	FTVIPT Franklin Mutual Shares VIP Division
	2020			2019			2018
Investment Income:
Dividends	$	2,376		$	1,632		$	2,853
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		2,376			1,632			2,853
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,303			8,727			4,442
Realized gains (losses) on sale of investments		(2,596	)		(2,853	)		(352	)
Net realized gains (losses)		707			5,874			4,090
Change in unrealized gains (losses) on investments		(5,735	)		12,534			(17,095	)
Net realized and changes in unrealized gains (losses) on investments		(5,028	)		18,408			(13,005	)
Net increase (decrease) in net assets resulting from operations	$	(2,652	)	$	20,040		$	(10,152	)

The accompanying notes are an integral part of these financial statements.
UL-81

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	FTVIPT Templeton Foreign VIP Division									FTVIPT Templeton Global Bond VIP Division
	2020			2019			2018			2020			2019			2018
Investment Income:
Dividends	$	208,928		$	135,594		$	219,516		$	82,669		$	67,748		$	—
Expenses:
Mortality and expense risk charges		—			—			—			—			—			—
Net investment income (loss)		208,928			135,594			219,516			82,669			67,748			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			69,198			—			—			—			—
Realized gains (losses) on sale of investments		(186,933	)		(44,427	)		137,505			(7,039	)		322			(1,042	)
Net realized gains (losses)		(186,933	)		24,771			137,505			(7,039	)		322			(1,042	)
Change in unrealized gains (losses) on investments		2,570			684,100			(1,579,348	)		(127,688	)		(49,912	)		19,604
Net realized and changes in unrealized gains (losses) on investments		(184,363	)		708,871			(1,441,843	)		(134,727	)		(49,590	)		18,562
Net increase (decrease) in net assets resulting from operations	$	24,565		$	844,465		$	(1,222,327	)	$	(52,058	)	$	18,158		$	18,562

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-82

	Goldman Sachs Small Cap Equity Insights Division
	2020		2019			2018
Investment Income:
Dividends	$	46	$	35		$	37
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		46		35			37
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		283		156			1,104
Realized gains (losses) on sale of investments		39		(138	)		144
Net realized gains (losses)		322		18			1,248
Change in unrealized gains (losses) on investments		5,290		1,566			(1,847	)
Net realized and changes in unrealized gains (losses) on investments		5,612		1,584			(599	)
Net increase (decrease) in net assets resulting from operations	$	5,658	$	1,619		$	(562	)

The accompanying notes are an integral part of these financial statements.
UL-83

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Invesco V.I. Comstock Division								Invesco V.I. International Growth Division
	2020			2019		2018			2020		2019		2018
Investment Income:
Dividends	$	14,525		$	10,095	$	10,995		$	9,489	$	5,657	$	7,440
Expenses:
Mortality and expense risk charges		—			—		—			—		—		—
Net investment income (loss)		14,525			10,095		10,995			9,489		5,657		7,440
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		18,060			77,087		75,626			9,142		22,850		2,520
Realized gains (losses) on sale of investments		(1,416	)		417		45,604			2,354		4,744		2,195
Net realized gains (losses)		16,644			77,504		121,230			11,496		27,594		4,715
Change in unrealized gains (losses) on investments		(25,474	)		32,442		(184,052	)		38,391		56,665		(67,377	)
Net realized and changes in unrealized gains (losses) on investments		(8,830	)		109,946		(62,822	)		49,887		84,259		(62,662	)
Net increase (decrease) in net assets resulting from operations	$	5,695		$	120,041	$	(51,827	)	$	59,376	$	89,916	$	(55,222	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-84

	Janus Henderson Balanced Division
	2020		2019		2018
Investment Income:
Dividends	$	22,288	$	22,745	$	23,404
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		22,288		22,745		23,404
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		22,237		35,536		33,075
Realized gains (losses) on sale of investments		14,739		29,699		6,353
Net realized gains (losses)		36,976		65,235		39,428
Change in unrealized gains (losses) on investments		141,774		195,105		(64,594	)
Net realized and changes in unrealized gains (losses) on investments		178,750		260,340		(25,166	)
Net increase (decrease) in net assets resulting from operations	$	201,038	$	283,085	$	(1,762	)

The accompanying notes are an integral part of these financial statements.
UL-85

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Janus Henderson Enterprise Division							Janus Henderson Forty Division
	2020		2019		2018			2020		2019		2018
Investment Income:
Dividends	$	—	$	204	$	446		$	893	$	97	$	—
Expenses:
Mortality and expense risk charges		—		—		—			—		—		—
Net investment income (loss)		—		204		446			893		97		—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		26,706		23,873		20,616			40,925		34,059		51,565
Realized gains (losses) on sale of investments		34,665		11,008		16,295			89,284		786		812
Net realized gains (losses)		61,371		34,881		36,911			130,209		34,845		52,377
Change in unrealized gains (losses) on investments		1,322		82,268		(40,219	)		49,782		88,897		(46,227	)
Net realized and changes in unrealized gains (losses) on investments		62,693		117,149		(3,308	)		179,991		123,742		6,150
Net increase (decrease) in net assets resulting from operations	$	62,693	$	117,353	$	(2,862	)	$	180,884	$	123,839	$	6,150

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-86

	Janus Henderson Research Division
	2020		2019		2018
Investment Income:
Dividends	$	1,968	$	1,819	$	1,975
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		1,968		1,819		1,975
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		38,072		40,577		17,143
Realized gains (losses) on sale of investments		4,850		8,576		4,135
Net realized gains (losses)		42,922		49,153		21,278
Change in unrealized gains (losses) on investments		96,036		65,232		(31,506	)
Net realized and changes in unrealized gains (losses) on investments		138,958		114,385		(10,228	)
Net increase (decrease) in net assets resulting from operations	$	140,926	$	116,204	$	(8,253	)

The accompanying notes are an integral part of these financial statements.
UL-87

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	MFS® VIT Global Equity Division							MFS® VIT New Discovery Division
	2020		2019		2018			2020		2019		2018
Investment Income:
Dividends	$	1,162	$	412	$	2,659		$	—	$	—	$	—
Expenses:
Mortality and expense risk charges		—		—		—			—		—		—
Net investment income (loss)		1,162		412		2,659			—		—		—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		4,613		2,895		16,597			2,796		4,660		3,132
Realized gains (losses) on sale of investments		242		139		57,295			180		942		277
Net realized gains (losses)		4,855		3,034		73,892			2,976		5,602		3,409
Change in unrealized gains (losses) on investments		9,767		11,154		(71,225	)		7,845		2,141		(3,646	)
Net realized and changes in unrealized gains (losses) on investments		14,622		14,188		2,667			10,821		7,743		(237	)
Net increase (decrease) in net assets resulting from operations	$	15,784	$	14,600	$	5,326		$	10,821	$	7,743	$	(237	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-88

	MFS® VIT II High Yield Division
	2020			2019			2018
Investment Income:
Dividends	$	8,931		$	8,930		$	8,422
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		8,931			8,930			8,422
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—
Realized gains (losses) on sale of investments		(285	)		(222	)		(212	)
Net realized gains (losses)		(285	)		(222	)		(212	)
Change in unrealized gains (losses) on investments		(661	)		12,834			(13,260	)
Net realized and changes in unrealized gains (losses) on investments		(946	)		12,612			(13,472	)
Net increase (decrease) in net assets resulting from operations	$	7,985		$	21,542		$	(5,050	)

The accompanying notes are an integral part of these financial statements.
UL-89

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Morgan Stanley VIF Emerging Markets Debt Division									Morgan Stanley VIF Emerging Markets Equity Division
	2020			2019			2018			2020		2019			2018
Investment Income:
Dividends	$	30,772		$	52,530		$	86,325		$	49,411	$	50,609		$	15,121
Expenses:
Mortality and expense risk charges		—			—			—			—		—			—
Net investment income (loss)		30,772			52,530			86,325			49,411		50,609			15,121
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—			59,959		326,042			—
Realized gains (losses) on sale of investments		(63,119	)		(25,748	)		(84,029	)		11,454		(12,040	)		37,607
Net realized gains (losses)		(63,119	)		(25,748	)		(84,029	)		71,413		314,002			37,607
Change in unrealized gains (losses) on investments		42,820			107,048			(126,520	)		512,919		424,306			(717,637	)
Net realized and changes in unrealized gains (losses) on investments		(20,299	)		81,300			(210,549	)		584,332		738,308			(680,030	)
Net increase (decrease) in net assets resulting from operations	$	10,473		$	133,830		$	(124,224	)	$	633,743	$	788,917		$	(664,909	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-90

	PIMCO VIT All Asset Division
	2020			2019			2018
Investment Income:
Dividends	$	2,645		$	2,217		$	4,773
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		2,645			2,217			4,773
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—
Realized gains (losses) on sale of investments		(4,167	)		(3,753	)		(152	)
Net realized gains (losses)		(4,167	)		(3,753	)		(152	)
Change in unrealized gains (losses) on investments		21			12,666			(12,773	)
Net realized and changes in unrealized gains (losses) on investments		(4,146	)		8,913			(12,925	)
Net increase (decrease) in net assets resulting from operations	$	(1,501	)	$	11,130		$	(8,152	)

The accompanying notes are an integral part of these financial statements.
UL-91

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	PIMCO VIT CommodityRealReturn® Strategy Division									PIMCO VIT Low Duration Division
	2020			2019			2018			2020			2019			2018
Investment Income:
Dividends	$	1,576		$	1,113		$	503		$	10,732		$	25,038		$	18,308
Expenses:
Mortality and expense risk charges		—			—			—			—			—			—
Net investment income (loss)		1,576			1,113			503			10,732			25,038			18,308
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—			—			—			—
Realized gains (losses) on sale of investments		(3,179	)		(679	)		(347	)		(334	)		(3,978	)		(478	)
Net realized gains (losses)		(3,179	)		(679	)		(347	)		(334	)		(3,978	)		(478	)
Change in unrealized gains (losses) on investments		2,517			2,187			(3,284	)		16,064			14,745			(14,452	)
Net realized and changes in unrealized gains (losses) on investments		(662	)		1,508			(3,631	)		15,730			10,767			(14,930	)
Net increase (decrease) in net assets resulting from operations	$	914		$	2,621		$	(3,128	)	$	26,462		$	35,805		$	3,378

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-92

	Pioneer Mid Cap Value VCT Division
	2020			2019		2018
Investment Income:
Dividends	$	153		$	—	$	—
Expenses:
Mortality and expense risk charges		—			—		—
Net investment income (loss)		153			—		—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		407			—		—
Realized gains (losses) on sale of investments		(8	)		—		—
Net realized gains (losses)		399			—		—
Change in unrealized gains (losses) on investments		42			241		—
Net realized and changes in unrealized gains (losses) on investments		441			241		—
Net increase (decrease) in net assets resulting from operations	$	594		$	241	$	—

The accompanying notes are an integral part of these financial statements.
UL-93

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS — (Concluded)

For the years ended December 31, 2020, 2019 and 2018

	Putnam VT International Value Division									Royce Micro-Cap Division
	2020 (b)			2019			2018			2020			2019			2018
Investment Income:
Dividends	$	134		$	154		$	124		$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		—			—			—			—			—			—
Net investment income (loss)		134			154			124			—			—			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		79			323			—			186			1,056			519
Realized gains (losses) on sale of investments		(1,598	)		(110	)		71			(15	)		(5	)		(33	)
Net realized gains (losses)		(1,519	)		213			71			171			1,051			486
Change in unrealized gains (losses) on investments		(27	)		568			(1,236	)		2,620			898			(1,513	)
Net realized and changes in unrealized gains (losses) on investments		(1,546	)		781			(1,165	)		2,791			1,949			(1,027	)
Net increase (decrease) in net assets resulting from operations	$	(1,412	)	$	935		$	(1,041	)	$	2,791		$	1,949		$	(1,027	)

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-94

	Royce Small-Cap Division
	2020			2019			2018
Investment Income:
Dividends	$	126		$	100		$	116
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		126			100			116
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		229			1,787			190
Realized gains (losses) on sale of investments		(571	)		(98	)		(35	)
Net realized gains (losses)		(342	)		1,689			155
Change in unrealized gains (losses) on investments		(864	)		695			(1,492	)
Net realized and changes in unrealized gains (losses) on investments		(1,206	)		2,384			(1,337	)
Net increase (decrease) in net assets resulting from operations	$	(1,080	)	$	2,484		$	(1,221	)

The accompanying notes are an integral part of these financial statements.
UL-95

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended December 31, 2020, 2019 and 2018

	AB VPS Global Thematic Growth Division									AB VPS Intermediate Bond Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	166		$	62		$	—		$	5,039		$	4,181		$	1,502
Net realized gains (losses)		3,720			7,631			255			(26	)		(547	)		2,000
Change in unrealized gains (losses) on investments		9,146			1,729			(3,771	)		3,697			8,336			(3,792	)
Net increase (decrease) in net assets resulting from operations		13,032			9,422			(3,516	)		8,710			11,970			(290	)
Policy Transactions:
Premium payments received from Policy owners		1,269			1,269			1,269			644			644			644
Net transfers (including fixed account)		217			—			29			(2,981	)		1,390			79,043
Policy charges		(741	)		(835	)		(790	)		(2,312	)		(2,554	)		(2,284	)
Transfers for Policy benefits and terminations		—			(9,863	)		—			(1	)		(5,959	)		(1	)
Net increase (decrease) in net assets resulting from Policy transactions		745			(9,429	)		508			(4,650	)		(6,479	)		77,402
Net increase (decrease) in net assets		13,777			(7	)		(3,008	)		4,060			5,491			77,112
Net Assets:
Beginning of year		31,660			31,667			34,675			158,911			153,420			76,308
End of year	$	45,437		$	31,660		$	31,667		$	162,971		$	158,911		$	153,420

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-96

	American Funds® Bond Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	147,903		$	162,862		$	134,370
Net realized gains (losses)		154,426			15,843			(50,415	)
Change in unrealized gains (losses) on investments		363,271			366,899			(150,359	)
Net increase (decrease) in net assets resulting from operations		665,600			545,604			(66,404	)
Policy Transactions:
Premium payments received from Policy owners		459,701			504,610			555,280
Net transfers (including fixed account)		863,960			902,936			(631,291	)
Policy charges		(343,305	)		(329,505	)		(322,021	)
Transfers for Policy benefits and terminations		(598,459	)		(463,660	)		(527,467	)
Net increase (decrease) in net assets resulting from Policy transactions		381,897			614,381			(925,499	)
Net increase (decrease) in net assets		1,047,497			1,159,985			(991,903	)
Net Assets:
Beginning of year		6,856,016			5,696,031			6,687,934
End of year	$	7,903,513		$	6,856,016		$	5,696,031

The accompanying notes are an integral part of these financial statements.
UL-97

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	American Funds® Global Small Capitalization Division									American Funds® Growth Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	37,611		$	29,519		$	(27,220	)	$	566,198		$	1,363,259		$	698,492
Net realized gains (losses)		5,952,577			5,432,836			4,392,732			15,643,297			25,197,422			24,925,963
Change in unrealized gains (losses) on investments		15,651,566			13,829,624			(11,769,834	)		93,055,316			28,236,428			(24,996,188	)
Net increase (decrease) in net assets resulting from operations		21,641,754			19,291,979			(7,404,322	)		109,264,811			54,797,109			628,267
Policy Transactions:
Premium payments received from Policy owners		3,669,838			3,933,321			4,258,017			8,352,874			8,690,152			9,272,427
Net transfers (including fixed account)		(3,410,636	)		(1,689,820	)		(343,468	)		(7,920,909	)		(3,398,833	)		(3,230,540	)
Policy charges		(3,172,577	)		(3,262,145	)		(3,387,233	)		(9,681,621	)		(8,977,904	)		(9,188,345	)
Transfers for Policy benefits and terminations		(2,957,495	)		(4,751,126	)		(4,953,677	)		(11,796,541	)		(12,956,709	)		(12,764,495	)
Net increase (decrease) in net assets resulting from Policy transactions		(5,870,870	)		(5,769,770	)		(4,426,361	)		(21,046,197	)		(16,643,294	)		(15,910,953	)
Net increase (decrease) in net assets		15,770,884			13,522,209			(11,830,683	)		88,218,614			38,153,815			(15,282,686	)
Net Assets:
Beginning of year		77,030,169			63,507,960			75,338,643			223,225,743			185,071,928			200,354,614
End of year	$	92,801,053		$	77,030,169		$	63,507,960		$	311,444,357		$	223,225,743		$	185,071,928

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-98

	American Funds® Growth-Income Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,577,350		$	1,919,534		$	1,584,237
Net realized gains (losses)		4,636,524			13,804,840			10,554,249
Change in unrealized gains (losses) on investments		10,074,027			12,081,513			(13,751,075	)
Net increase (decrease) in net assets resulting from operations		16,287,901			27,805,887			(1,612,589	)
Policy Transactions:
Premium payments received from Policy owners		5,296,613			5,568,468			5,941,744
Net transfers (including fixed account)		(1,420,840	)		(948,002	)		(1,373,890	)
Policy charges		(5,438,173	)		(5,669,052	)		(5,836,042	)
Transfers for Policy benefits and terminations		(5,475,932	)		(6,854,289	)		(7,740,945	)
Net increase (decrease) in net assets resulting from Policy transactions		(7,038,332	)		(7,902,875	)		(9,009,133	)
Net increase (decrease) in net assets		9,249,569			19,903,012			(10,621,722	)
Net Assets:
Beginning of year		129,723,950			109,820,938			120,442,660
End of year	$	138,973,519		$	129,723,950		$	109,820,938

The accompanying notes are an integral part of these financial statements.
UL-99

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	American Funds® High-Income Bond Division									American Funds® International Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,735		$	2,102		$	530		$	13,039		$	28,874		$	33,657
Net realized gains (losses)		(20	)		(4	)		(7	)		(3,558	)		36,189			88,851
Change in unrealized gains (losses) on investments		195			343			(720	)		280,912			343,260			(417,075	)
Net increase (decrease) in net assets resulting from operations		3,910			2,441			(197	)		290,393			408,323			(294,567	)
Policy Transactions:
Premium payments received from Policy owners		—			—			—			71,809			59,659			48,327
Net transfers (including fixed account)		11,087			23,633			—			(19,738	)		(74,875	)		1,521,821
Policy charges		(492	)		(325	)		(169	)		(57,365	)		(61,778	)		(40,694	)
Transfers for Policy benefits and terminations		(24	)		—			—			(70,869	)		(62,117	)		(51,108	)
Net increase (decrease) in net assets resulting from Policy transactions		10,571			23,308			(169	)		(76,163	)		(139,111	)		1,478,346
Net increase (decrease) in net assets		14,481			25,749			(366	)		214,230			269,212			1,183,779
Net Assets:
Beginning of year		34,035			8,286			8,652			2,106,276			1,837,064			653,285
End of year	$	48,516		$	34,035		$	8,286		$	2,320,506		$	2,106,276		$	1,837,064

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-100

	American Funds® U.S. Government/AAA-Rated Securities Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,157		$	1,186		$	975
Net realized gains (losses)		1,408			(20	)		(138	)
Change in unrealized gains (losses) on investments		3,212			1,822			(457	)
Net increase (decrease) in net assets resulting from operations		5,777			2,988			380
Policy Transactions:
Premium payments received from Policy owners		1,295			3,423			1,331
Net transfers (including fixed account)		1			1			13
Policy charges		(2,043	)		(1,823	)		(1,609	)
Transfers for Policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from Policy transactions		(747	)		1,601			(265	)
Net increase (decrease) in net assets		5,030			4,589			115
Net Assets:
Beginning of year		59,401			54,812			54,697
End of year	$	64,431		$	59,401		$	54,812

The accompanying notes are an integral part of these financial statements.
UL-101

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI AB Global Dynamic Allocation Division									BHFTI American Funds® Balanced Allocation Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,547		$	2,929		$	1,338		$	25,148		$	27,411		$	21,884
Net realized gains (losses)		5,432			2,079			601			90,649			92,845			67,751
Change in unrealized gains (losses) on investments		(1,285	)		8,823			(7,744	)		83,599			117,054			(138,831	)
Net increase (decrease) in net assets resulting from operations		5,694			13,831			(5,805	)		199,396			237,310			(49,196	)
Policy Transactions:
Premium payments received from Policy owners		10,385			11,573			14,086			119,093			130,668			127,551
Net transfers (including fixed account)		5,802			2,118			2,399			2,561			(8,786	)		(14,157	)
Policy charges		(8,752	)		(8,744	)		(8,963	)		(60,853	)		(80,178	)		(85,731	)
Transfers for Policy benefits and terminations		(19	)		(4,847	)		(3,669	)		(217,869	)		(12,849	)		(15,339	)
Net increase (decrease) in net assets resulting from Policy transactions		7,416			100			3,853			(157,068	)		28,855			12,324
Net increase (decrease) in net assets		13,110			13,931			(1,952	)		42,328			266,165			(36,872	)
Net Assets:
Beginning of year		91,680			77,749			79,701			1,445,605			1,179,440			1,216,312
End of year	$	104,790		$	91,680		$	77,749		$	1,487,933		$	1,445,605		$	1,179,440

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-102

	BHFTI American Funds® Growth Allocation Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	41,435		$	41,457		$	33,504
Net realized gains (losses)		167,789			190,419			144,757
Change in unrealized gains (losses) on investments		182,488			243,425			(302,410	)
Net increase (decrease) in net assets resulting from operations		391,712			475,301			(124,149	)
Policy Transactions:
Premium payments received from Policy owners		178,040			219,011			277,431
Net transfers (including fixed account)		(22,973	)		(24,102	)		(5,838	)
Policy charges		(127,932	)		(137,893	)		(153,134	)
Transfers for Policy benefits and terminations		(41,409	)		(427,510	)		(137,497	)
Net increase (decrease) in net assets resulting from Policy transactions		(14,274	)		(370,494	)		(19,038	)
Net increase (decrease) in net assets		377,438			104,807			(143,187	)
Net Assets:
Beginning of year		2,246,552			2,141,745			2,284,932
End of year	$	2,623,990		$	2,246,552		$	2,141,745

The accompanying notes are an integral part of these financial statements.
UL-103

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI American Funds® Moderate Allocation Division									BHFTI AQR Global Risk Balanced Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	36,375		$	34,529		$	30,889		$	4,229		$	4,902		$	581
Net realized gains (losses)		74,474			80,295			68,645			16,363			(1,016	)		11,086
Change in unrealized gains (losses) on investments		104,275			117,199			(144,806	)		(14,639	)		25,631			(21,378	)
Net increase (decrease) in net assets resulting from operations		215,124			232,023			(45,272	)		5,953			29,517			(9,711	)
Policy Transactions:
Premium payments received from Policy owners		229,783			247,288			259,339			24,202			27,800			29,791
Net transfers (including fixed account)		(9,955	)		398			(68,869	)		1,233			(1,011	)		(13,114	)
Policy charges		(116,131	)		(122,964	)		(130,196	)		(13,414	)		(13,910	)		(14,754	)
Transfers for Policy benefits and terminations		(144,261	)		(142,966	)		(46,457	)		(3,439	)		(3,088	)		(8,516	)
Net increase (decrease) in net assets resulting from Policy transactions		(40,564	)		(18,244	)		13,817			8,582			9,791			(6,593	)
Net increase (decrease) in net assets		174,560			213,779			(31,455	)		14,535			39,308			(16,304	)
Net Assets:
Beginning of year		1,627,630			1,413,851			1,445,306			184,175			144,867			161,171
End of year	$	1,802,190		$	1,627,630		$	1,413,851		$	198,710		$	184,175		$	144,867

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-104

	BHFTI BlackRock Global Tactical Strategies Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	8,842		$	1,019		$	6,588
Net realized gains (losses)		48,443			166			30,841
Change in unrealized gains (losses) on investments		(26,273	)		92,537			(70,520	)
Net increase (decrease) in net assets resulting from operations		31,012			93,722			(33,091	)
Policy Transactions:
Premium payments received from Policy owners		79,537			80,376			83,111
Net transfers (including fixed account)		12,569			12,738			(10,010	)
Policy charges		(27,442	)		(28,052	)		(28,152	)
Transfers for Policy benefits and terminations		(8,904	)		(12,344	)		(14,037	)
Net increase (decrease) in net assets resulting from Policy transactions		55,760			52,718			30,912
Net increase (decrease) in net assets		86,772			146,440			(2,179	)
Net Assets:
Beginning of year		567,933			421,493			423,672
End of year	$	654,705		$	567,933		$	421,493

The accompanying notes are an integral part of these financial statements.
UL-105

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Brighthouse Asset Allocation 100 Division									BHFTI Brighthouse Balanced Plus Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	335,713		$	422,985		$	306,991		$	10,930		$	8,336		$	6,389
Net realized gains (losses)		2,615,526			2,699,583			1,219,272			44,342			(708	)		34,263
Change in unrealized gains (losses) on investments		1,910,725			2,812,582			(3,976,492	)		(3,455	)		78,503			(69,687	)
Net increase (decrease) in net assets resulting from operations		4,861,964			5,935,150			(2,450,229	)		51,817			86,131			(29,035	)
Policy Transactions:
Premium payments received from Policy owners		1,701,383			1,818,543			2,088,452			54,689			61,680			64,922
Net transfers (including fixed account)		(442,388	)		(1,226,029	)		(212,878	)		(17,443	)		360			(830	)
Policy charges		(1,015,799	)		(1,071,709	)		(1,139,508	)		(41,157	)		(42,544	)		(42,490	)
Transfers for Policy benefits and terminations		(1,499,376	)		(1,894,123	)		(983,737	)		(41,254	)		(7,853	)		(24,908	)
Net increase (decrease) in net assets resulting from Policy transactions		(1,256,180	)		(2,373,318	)		(247,671	)		(45,165	)		11,643			(3,306	)
Net increase (decrease) in net assets		3,605,784			3,561,832			(2,697,900	)		6,652			97,774			(32,341	)
Net Assets:
Beginning of year		26,239,390			22,677,558			25,375,458			463,179			365,405			397,746
End of year	$	29,845,174		$	26,239,390		$	22,677,558		$	469,831		$	463,179		$	365,405

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-106

	BHFTI Brighthouse Small Cap Value Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	10,871		$	8,105		$	7,790
Net realized gains (losses)		33,181			82,688			45,845
Change in unrealized gains (losses) on investments		(40,130	)		159,172			(239,971	)
Net increase (decrease) in net assets resulting from operations		3,922			249,965			(186,336	)
Policy Transactions:
Premium payments received from Policy owners		45,996			47,485			13,680
Net transfers (including fixed account)		318			(178,028	)		343,067
Policy charges		(13,500	)		(15,289	)		(13,611	)
Transfers for Policy benefits and terminations		—			(25,577	)		(15,355	)
Net increase (decrease) in net assets resulting from Policy transactions		32,814			(171,409	)		327,781
Net increase (decrease) in net assets		36,736			78,556			141,445
Net Assets:
Beginning of year		1,006,269			927,713			786,268
End of year	$	1,043,005		$	1,006,269		$	927,713

The accompanying notes are an integral part of these financial statements.
UL-107

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Brighthouse/Aberdeen Emerging Markets Equity Division									BHFTI Brighthouse/Templeton International Bond Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	30,345		$	25,684		$	25,457		$	18,837		$	23,805		$	—
Net realized gains (losses)		(2,163	)		8,040			5,756			(8,714	)		217			(2,152	)
Change in unrealized gains (losses) on investments		393,658			228,830			(176,226	)		(27,667	)		(20,553	)		5,338
Net increase (decrease) in net assets resulting from operations		421,840			262,554			(145,013	)		(17,544	)		3,469			3,186
Policy Transactions:
Premium payments received from Policy owners		98,163			126,985			87,159			35,097			37,502			41,073
Net transfers (including fixed account)		(75,497	)		105,430			423,997			13,024			35,146			(2,258	)
Policy charges		(38,674	)		(42,996	)		(37,856	)		(20,753	)		(21,925	)		(21,574	)
Transfers for Policy benefits and terminations		—			(27,681	)		(17,592	)		(8,518	)		(7,897	)		(14,529	)
Net increase (decrease) in net assets resulting from Policy transactions		(16,008	)		161,738			455,708			18,850			42,826			2,712
Net increase (decrease) in net assets		405,832			424,292			310,695			1,306			46,295			5,898
Net Assets:
Beginning of year		1,613,170			1,188,878			878,183			303,898			257,603			251,705
End of year	$	2,019,002		$	1,613,170		$	1,188,878		$	305,204		$	303,898		$	257,603

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-108

	BHFTI Brighthouse/Wellington Large Cap Research Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,057,045		$	2,957,079		$	2,393,015
Net realized gains (losses)		37,156,301			59,055,314			60,364,967
Change in unrealized gains (losses) on investments		63,257,826			61,834,004			(90,699,272	)
Net increase (decrease) in net assets resulting from operations		103,471,172			123,846,397			(27,941,290	)
Policy Transactions:
Premium payments received from Policy owners		20,918,935			21,717,650			22,836,479
Net transfers (including fixed account)		(1,143,172	)		(3,260,747	)		(860,112	)
Policy charges		(24,441,731	)		(25,057,714	)		(25,513,033	)
Transfers for Policy benefits and terminations		(20,185,365	)		(23,655,593	)		(22,647,762	)
Net increase (decrease) in net assets resulting from Policy transactions		(24,851,333	)		(30,256,404	)		(26,184,428	)
Net increase (decrease) in net assets		78,619,839			93,589,993			(54,125,718	)
Net Assets:
Beginning of year		499,000,336			405,410,343			459,536,061
End of year	$	577,620,175		$	499,000,336		$	405,410,343

The accompanying notes are an integral part of these financial statements.
UL-109

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Clarion Global Real Estate Division									BHFTI Harris Oakmark International Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,147,509		$	896,717		$	1,668,370		$	1,127,646		$	911,026		$	808,643
Net realized gains (losses)		77,188			102,738			(37,998	)		(177,207	)		2,633,669			1,991,616
Change in unrealized gains (losses) on investments		(2,720,655	)		5,116,259			(4,019,685	)		1,704,944			5,117,038			(14,097,059	)
Net increase (decrease) in net assets resulting from operations		(1,495,958	)		6,115,714			(2,389,313	)		2,655,383			8,661,733			(11,296,800	)
Policy Transactions:
Premium payments received from Policy owners		1,581,826			1,684,287			1,824,839			2,151,163			2,324,216			2,642,563
Net transfers (including fixed account)		(1,036,383	)		(136,008	)		(1,472,469	)		(1,731,567	)		(715,948	)		1,028,435
Policy charges		(1,088,918	)		(1,320,872	)		(1,287,017	)		(1,513,660	)		(1,728,259	)		(1,931,322	)
Transfers for Policy benefits and terminations		(1,172,357	)		(1,793,340	)		(1,628,214	)		(1,351,175	)		(2,481,689	)		(2,618,337	)
Net increase (decrease) in net assets resulting from Policy transactions		(1,715,832	)		(1,565,933	)		(2,562,861	)		(2,445,239	)		(2,601,680	)		(878,661	)
Net increase (decrease) in net assets		(3,211,790	)		4,549,781			(4,952,174	)		210,144			6,060,053			(12,175,461	)
Net Assets:
Beginning of year		29,628,630			25,078,849			30,031,023			42,162,984			36,102,931			48,278,392
End of year	$	26,416,840		$	29,628,630		$	25,078,849		$	42,373,128		$	42,162,984		$	36,102,931

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-110

	BHFTI Invesco Balanced-Risk Allocation Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,869		$	—		$	716
Net realized gains (losses)		3,564			(81	)		3,726
Change in unrealized gains (losses) on investments		609			8,923			(8,568	)
Net increase (decrease) in net assets resulting from operations		8,042			8,842			(4,126	)
Policy Transactions:
Premium payments received from Policy owners		10,742			10,796			13,267
Net transfers (including fixed account)		423			1,041			(1,713	)
Policy charges		(5,869	)		(5,742	)		(6,431	)
Transfers for Policy benefits and terminations		—			(1	)		(9,543	)
Net increase (decrease) in net assets resulting from Policy transactions		5,296			6,094			(4,420	)
Net increase (decrease) in net assets		13,338			14,936			(8,546	)
Net Assets:
Beginning of year		70,629			55,693			64,239
End of year	$	83,967		$	70,629		$	55,693

The accompanying notes are an integral part of these financial statements.
UL-111

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Invesco Global Equity Division									BHFTI Invesco Small Cap Growth Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	389,858		$	457,213		$	582,437		$	(3,242	)	$	(9,658	)	$	(9,936	)
Net realized gains (losses)		2,095,511			8,606,225			7,631,854			529,157			1,106,465			1,030,585
Change in unrealized gains (losses) on investments		14,028,107			6,426,053			(15,951,838	)		3,751,662			530,138			(1,648,375	)
Net increase (decrease) in net assets resulting from operations		16,513,476			15,489,491			(7,737,547	)		4,277,577			1,626,945			(627,726	)
Policy Transactions:
Premium payments received from Policy owners		2,904,758			3,026,150			3,151,957			331,678			338,922			368,523
Net transfers (including fixed account)		(2,525,004	)		(1,762,778	)		274,573			412,268			(183,134	)		29,855
Policy charges		(2,196,743	)		(2,260,272	)		(2,359,816	)		(289,758	)		(292,600	)		(314,670	)
Transfers for Policy benefits and terminations		(2,789,005	)		(3,403,128	)		(3,741,907	)		(484,382	)		(558,343	)		(482,626	)
Net increase (decrease) in net assets resulting from Policy transactions		(4,605,994	)		(4,400,028	)		(2,675,193	)		(30,194	)		(695,155	)		(398,918	)
Net increase (decrease) in net assets		11,907,482			11,089,463			(10,412,740	)		4,247,383			931,790			(1,026,644	)
Net Assets:
Beginning of year		61,706,401			50,616,938			61,029,678			7,743,564			6,811,774			7,838,418
End of year	$	73,613,883		$	61,706,401		$	50,616,938		$	11,990,947		$	7,743,564		$	6,811,774

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-112

	BHFTI JPMorgan Global Active Allocation Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,958		$	6,307		$	4,106
Net realized gains (losses)		5,266			1,202			14,148
Change in unrealized gains (losses) on investments		12,671			24,387			(35,582	)
Net increase (decrease) in net assets resulting from operations		21,895			31,896			(17,328	)
Policy Transactions:
Premium payments received from Policy owners		18,739			34,300			35,221
Net transfers (including fixed account)		4,307			(73,534	)		(16,476	)
Policy charges		(17,668	)		(21,233	)		(26,846	)
Transfers for Policy benefits and terminations		(1,760	)		(4,201	)		(12,266	)
Net increase (decrease) in net assets resulting from Policy transactions		3,618			(64,668	)		(20,367	)
Net increase (decrease) in net assets		25,513			(32,772	)		(37,695	)
Net Assets:
Beginning of year		180,493			213,265			250,960
End of year	$	206,006		$	180,493		$	213,265

The accompanying notes are an integral part of these financial statements.
UL-113

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI JPMorgan Small Cap Value Division									BHFTI Loomis Sayles Global Allocation Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	7,026		$	6,510		$	6,199		$	4,593		$	7,435		$	7,771
Net realized gains (losses)		(4,871	)		42,503			27,341			34,869			41,066			51,666
Change in unrealized gains (losses) on investments		72,298			23,626			(83,319	)		37,680			51,557			(79,434	)
Net increase (decrease) in net assets resulting from operations		74,453			72,639			(49,779	)		77,142			100,058			(19,997	)
Policy Transactions:
Premium payments received from Policy owners		33,963			36,140			46,398			47,705			59,669			72,986
Net transfers (including fixed account)		46,034			96,207			(55,674	)		5,872			1,995			(91,243	)
Policy charges		(26,930	)		(26,937	)		(28,010	)		(24,840	)		(25,588	)		(31,286	)
Transfers for Policy benefits and terminations		(7,325	)		(14,860	)		(2,161	)		(3,334	)		(27,812	)		(29,422	)
Net increase (decrease) in net assets resulting from Policy transactions		45,742			90,550			(39,447	)		25,403			8,264			(78,965	)
Net increase (decrease) in net assets		120,195			163,189			(89,226	)		102,545			108,322			(98,962	)
Net Assets:
Beginning of year		517,568			354,379			443,605			458,663			350,341			449,303
End of year	$	637,763		$	517,568		$	354,379		$	561,208		$	458,663		$	350,341

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-114

	BHFTI Loomis Sayles Growth Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	345,842		$	402,868		$	323,660
Net realized gains (losses)		16,731,527			6,461,674			3,834,886
Change in unrealized gains (losses) on investments		(3,812,485	)		1,909,460			(6,744,510	)
Net increase (decrease) in net assets resulting from operations		13,264,884			8,774,002			(2,585,964	)
Policy Transactions:
Premium payments received from Policy owners		2,198,856			2,405,776			2,669,117
Net transfers (including fixed account)		(1,624,763	)		(910,276	)		(1,098,421	)
Policy charges		(2,015,269	)		(2,006,189	)		(2,141,566	)
Transfers for Policy benefits and terminations		(2,248,730	)		(2,330,394	)		(3,262,306	)
Net increase (decrease) in net assets resulting from Policy transactions		(3,689,906	)		(2,841,083	)		(3,833,176	)
Net increase (decrease) in net assets		9,574,978			5,932,919			(6,419,140	)
Net Assets:
Beginning of year		44,014,963			38,082,044			44,501,184
End of year	$	53,589,941		$	44,014,963		$	38,082,044

The accompanying notes are an integral part of these financial statements.
UL-115

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI MetLife Multi-Index Targeted Risk Division									BHFTI MFS® Research International Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,135		$	3,660		$	2,857		$	423,466		$	259,139		$	385,315
Net realized gains (losses)		16,750			195			11,831			1,072,968			957,108			430,859
Change in unrealized gains (losses) on investments		(8,247	)		29,440			(26,654	)		1,198,690			3,282,254			(3,418,696	)
Net increase (decrease) in net assets resulting from operations		12,638			33,295			(11,966	)		2,695,124			4,498,501			(2,602,522	)
Policy Transactions:
Premium payments received from Policy owners		20,267			19,935			21,109			800,069			845,109			914,864
Net transfers (including fixed account)		1,101			182			(5,605	)		1,564,323			(61,003	)		(1,053,903	)
Policy charges		(15,693	)		(15,592	)		(15,736	)		(627,613	)		(765,516	)		(778,814	)
Transfers for Policy benefits and terminations		(1,558	)		(168	)		(11,817	)		(553,495	)		(1,095,738	)		(960,627	)
Net increase (decrease) in net assets resulting from Policy transactions		4,117			4,357			(12,049	)		1,183,284			(1,077,148	)		(1,878,480	)
Net increase (decrease) in net assets		16,755			37,652			(24,015	)		3,878,408			3,421,353			(4,481,002	)
Net Assets:
Beginning of year		190,385			152,733			176,748			19,669,707			16,248,354			20,729,356
End of year	$	207,140		$	190,385		$	152,733		$	23,548,115		$	19,669,707		$	16,248,354

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-116

	BHFTI Morgan Stanley Discovery Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(1,574,613	)	$	(994,679	)	$	(850,555	)
Net realized gains (losses)		96,436,613			69,763,510			59,401,731
Change in unrealized gains (losses) on investments		401,073,569			33,805,835			(32,615,883	)
Net increase (decrease) in net assets resulting from operations		495,935,569			102,574,666			25,935,293
Policy Transactions:
Premium payments received from Policy owners		15,001,183			15,481,836			15,903,068
Net transfers (including fixed account)		(11,322,932	)		(1,772,966	)		(1,500,555	)
Policy charges		(18,629,819	)		(15,584,046	)		(14,469,164	)
Transfers for Policy benefits and terminations		(24,953,869	)		(19,888,869	)		(15,081,357	)
Net increase (decrease) in net assets resulting from Policy transactions		(39,905,437	)		(21,764,045	)		(15,148,008	)
Net increase (decrease) in net assets		456,030,132			80,810,621			10,787,285
Net Assets:
Beginning of year		339,317,318			258,506,697			247,719,412
End of year	$	795,347,450		$	339,317,318		$	258,506,697

The accompanying notes are an integral part of these financial statements.
UL-117

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI PanAgora Global Diversified Risk Division									BHFTI PIMCO Inflation Protected Bond Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	25		$	18		$	—		$	284,924		$	338,397		$	171,877
Net realized gains (losses)		55			6			23			(23,411	)		(70,827	)		(178,843	)
Change in unrealized gains (losses) on investments		18			81			(46	)		837,367			505,478			(228,280	)
Net increase (decrease) in net assets resulting from operations		98			105			(23	)		1,098,880			773,048			(235,246	)
Policy Transactions:
Premium payments received from Policy owners		230			306			230			611,152			680,856			744,228
Net transfers (including fixed account)		—			—			—			231,386			405,170			(147,599	)
Policy charges		(147	)		(142	)		(128	)		(536,700	)		(542,607	)		(571,093	)
Transfers for Policy benefits and terminations		—			(1	)		(1	)		(539,085	)		(795,658	)		(681,485	)
Net increase (decrease) in net assets resulting from Policy transactions		83			163			101			(233,247	)		(252,239	)		(655,949	)
Net increase (decrease) in net assets		181			268			78			865,633			520,809			(891,195	)
Net Assets:
Beginning of year		674			406			328			9,924,534			9,403,725			10,294,920
End of year	$	855		$	674		$	406		$	10,790,167		$	9,924,534		$	9,403,725

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-118

	BHFTI PIMCO Total Return Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,962,904		$	1,446,392		$	700,595
Net realized gains (losses)		611,760			34,984			(156,469	)
Change in unrealized gains (losses) on investments		1,614,317			2,500,341			(573,439	)
Net increase (decrease) in net assets resulting from operations		4,188,981			3,981,717			(29,313	)
Policy Transactions:
Premium payments received from Policy owners		2,748,340			2,939,140			3,176,594
Net transfers (including fixed account)		1,520,865			1,027,214			5,993,462
Policy charges		(2,442,154	)		(2,570,036	)		(2,550,725	)
Transfers for Policy benefits and terminations		(2,274,887	)		(2,622,298	)		(3,046,065	)
Net increase (decrease) in net assets resulting from Policy transactions		(447,836	)		(1,225,980	)		3,573,266
Net increase (decrease) in net assets		3,741,145			2,755,737			3,543,953
Net Assets:
Beginning of year		49,636,590			46,880,853			43,336,900
End of year	$	53,377,735		$	49,636,590		$	46,880,853

The accompanying notes are an integral part of these financial statements.
UL-119

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI Schroders Global Multi-Asset Division									BHFTI SSGA Growth and Income ETF Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,986		$	1,541		$	1,307		$	232,238		$	208,434		$	209,966
Net realized gains (losses)		6,246			466			4,566			284,122			405,520			418,552
Change in unrealized gains (losses) on investments		(5,523	)		17,790			(14,319	)		300,438			865,423			(1,161,353	)
Net increase (decrease) in net assets resulting from operations		2,709			19,797			(8,446	)		816,798			1,479,377			(532,835	)
Policy Transactions:
Premium payments received from Policy owners		19,422			22,305			20,931			500,422			549,083			615,712
Net transfers (including fixed account)		4,541			(520	)		16,374			(166,554	)		93,528			(200,085	)
Policy charges		(9,583	)		(9,655	)		(8,927	)		(428,709	)		(443,444	)		(474,309	)
Transfers for Policy benefits and terminations		(3,255	)		(7,942	)		(3,467	)		(542,573	)		(640,419	)		(539,120	)
Net increase (decrease) in net assets resulting from Policy transactions		11,125			4,188			24,911			(637,414	)		(441,252	)		(597,802	)
Net increase (decrease) in net assets		13,834			23,985			16,465			179,384			1,038,125			(1,130,637	)
Net Assets:
Beginning of year		112,663			88,678			72,213			8,774,580			7,736,455			8,867,092
End of year	$	126,497		$	112,663		$	88,678		$	8,953,964		$	8,774,580		$	7,736,455

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-120

	BHFTI SSGA Growth ETF Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	184,732		$	158,049		$	169,579
Net realized gains (losses)		274,093			488,893			523,388
Change in unrealized gains (losses) on investments		391,732			831,026			(1,317,908	)
Net increase (decrease) in net assets resulting from operations		850,557			1,477,968			(624,941	)
Policy Transactions:
Premium payments received from Policy owners		585,182			640,336			669,676
Net transfers (including fixed account)		(101,684	)		(214,766	)		(187,264	)
Policy charges		(338,591	)		(344,647	)		(355,802	)
Transfers for Policy benefits and terminations		(176,512	)		(513,353	)		(788,709	)
Net increase (decrease) in net assets resulting from Policy transactions		(31,605	)		(432,430	)		(662,099	)
Net increase (decrease) in net assets		818,952			1,045,538			(1,287,040	)
Net Assets:
Beginning of year		7,772,729			6,727,191			8,014,231
End of year	$	8,591,681		$	7,772,729		$	6,727,191

The accompanying notes are an integral part of these financial statements.
UL-121

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTI T. Rowe Price Large Cap Value Division									BHFTI T. Rowe Price Mid Cap Growth Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	70,047		$	63,674		$	55,375		$	51,247		$	58,660		$	(57,557	)
Net realized gains (losses)		200,405			360,960			272,918			4,668,594			7,646,345			6,243,741
Change in unrealized gains (losses) on investments		(170,812	)		266,789			(630,098	)		5,630,192			4,165,082			(6,867,777	)
Net increase (decrease) in net assets resulting from operations		99,640			691,423			(301,805	)		10,350,033			11,870,087			(681,593	)
Policy Transactions:
Premium payments received from Policy owners		62,937			62,541			17,277			1,684,651			1,849,961			1,980,276
Net transfers (including fixed account)		(16,613	)		(306,820	)		451,644			(1,957,635	)		(1,204,020	)		120,879
Policy charges		(38,273	)		(38,673	)		(39,478	)		(1,768,781	)		(1,864,791	)		(1,821,566	)
Transfers for Policy benefits and terminations		—			(179,581	)		—			(2,250,395	)		(2,736,079	)		(2,541,552	)
Net increase (decrease) in net assets resulting from Policy transactions		8,051			(462,533	)		429,443			(4,292,160	)		(3,954,929	)		(2,261,963	)
Net increase (decrease) in net assets		107,691			228,890			127,638			6,057,873			7,915,158			(2,943,556	)
Net Assets:
Beginning of year		3,102,498			2,873,608			2,745,970			46,858,064			38,942,906			41,886,462
End of year	$	3,210,189		$	3,102,498		$	2,873,608		$	52,915,937		$	46,858,064		$	38,942,906

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-122

	BHFTI Victory Sycamore Mid Cap Value Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,294,913		$	1,082,128		$	632,201
Net realized gains (losses)		4,594,922			2,912,190			16,000,779
Change in unrealized gains (losses) on investments		1,357,715			18,174,933			(25,172,760	)
Net increase (decrease) in net assets resulting from operations		7,247,550			22,169,251			(8,539,780	)
Policy Transactions:
Premium payments received from Policy owners		4,336,043			4,579,280			4,854,883
Net transfers (including fixed account)		(688,298	)		(915,540	)		(722,192	)
Policy charges		(3,839,909	)		(4,200,888	)		(4,340,445	)
Transfers for Policy benefits and terminations		(3,240,941	)		(4,840,383	)		(5,244,279	)
Net increase (decrease) in net assets resulting from Policy transactions		(3,433,105	)		(5,377,531	)		(5,452,033	)
Net increase (decrease) in net assets		3,814,445			16,791,720			(13,991,813	)
Net Assets:
Beginning of year		94,502,489			77,710,769			91,702,582
End of year	$	98,316,934		$	94,502,489		$	77,710,769

The accompanying notes are an integral part of these financial statements.
UL-123

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Baillie Gifford International Stock Division									BHFTII BlackRock Bond Income Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	752,604		$	402,625		$	337,096		$	2,737,694		$	2,602,782		$	2,262,665
Net realized gains (losses)		3,483,633			3,109,098			545,059			246,032			(16,881	)		(360,052	)
Change in unrealized gains (losses) on investments		8,417,551			9,101,083			(9,369,507	)		3,486,389			4,310,845			(2,511,644	)
Net increase (decrease) in net assets resulting from operations		12,653,788			12,612,806			(8,487,352	)		6,470,115			6,896,746			(609,031	)
Policy Transactions:
Premium payments received from Policy owners		2,789,905			2,870,156			3,051,653			5,091,306			5,375,147			5,611,513
Net transfers (including fixed account)		(534,638	)		(627,880	)		801,427			(282,495	)		6,796,774			(2,277,326	)
Policy charges		(2,576,664	)		(2,540,729	)		(2,621,652	)		(4,917,994	)		(4,908,653	)		(4,938,671	)
Transfers for Policy benefits and terminations		(1,882,917	)		(2,643,964	)		(2,464,139	)		(3,074,591	)		(3,726,083	)		(3,903,197	)
Net increase (decrease) in net assets resulting from Policy transactions		(2,204,314	)		(2,942,417	)		(1,232,711	)		(3,183,774	)		3,537,185			(5,507,681	)
Net increase (decrease) in net assets		10,449,474			9,670,389			(9,720,063	)		3,286,341			10,433,931			(6,116,712	)
Net Assets:
Beginning of year		49,933,924			40,263,535			49,983,598			82,259,521			71,825,590			77,942,302
End of year	$	60,383,398		$	49,933,924		$	40,263,535		$	85,545,862		$	82,259,521		$	71,825,590

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-124

	BHFTII BlackRock Capital Appreciation Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(23,495	)	$	13,248		$	271
Net realized gains (losses)		2,637,628			2,731,347			2,187,500
Change in unrealized gains (losses) on investments		3,629,451			1,309,526			(1,958,446	)
Net increase (decrease) in net assets resulting from operations		6,243,584			4,054,121			229,325
Policy Transactions:
Premium payments received from Policy owners		698,795			713,852			706,424
Net transfers (including fixed account)		955,631			99,899			988,018
Policy charges		(741,830	)		(685,277	)		(646,565	)
Transfers for Policy benefits and terminations		(843,390	)		(757,748	)		(812,900	)
Net increase (decrease) in net assets resulting from Policy transactions		69,206			(629,274	)		234,977
Net increase (decrease) in net assets		6,312,790			3,424,847			464,302
Net Assets:
Beginning of year		15,931,824			12,506,977			12,042,675
End of year	$	22,244,614		$	15,931,824		$	12,506,977

The accompanying notes are an integral part of these financial statements.
UL-125

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII BlackRock Ultra-Short Term Bond Division									BHFTII Brighthouse Asset Allocation 20 Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	621,142		$	503,725		$	267,696		$	114,390		$	94,200		$	93,788
Net realized gains (losses)		(37,448	)		77,768			47,097			102,590			71,602			14,860
Change in unrealized gains (losses) on investments		(501,117	)		14,618			157,511			175,734			319,183			(220,034	)
Net increase (decrease) in net assets resulting from operations		82,577			596,111			472,304			392,714			484,985			(111,386	)
Policy Transactions:
Premium payments received from Policy owners		413,373			447,880			498,055			403,756			437,434			425,649
Net transfers (including fixed account)		(1,966,518	)		(216,413	)		1,187,838			45,535			49,639			356,680
Policy charges		(903,511	)		(908,118	)		(876,535	)		(435,276	)		(452,143	)		(468,973	)
Transfers for Policy benefits and terminations		(167,770	)		(147,916	)		(510,967	)		(190,374	)		(83,549	)		(561,657	)
Net increase (decrease) in net assets resulting from Policy transactions		(2,624,426	)		(824,567	)		298,391			(176,359	)		(48,619	)		(248,301	)
Net increase (decrease) in net assets		(2,541,849	)		(228,456	)		770,695			216,355			436,366			(359,687	)
Net Assets:
Beginning of year		28,087,767			28,316,223			27,545,528			4,516,440			4,080,074			4,439,761
End of year	$	25,545,918		$	28,087,767		$	28,316,223		$	4,732,795		$	4,516,440		$	4,080,074

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-126

	BHFTII Brighthouse Asset Allocation 40 Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	287,349		$	248,442		$	230,726
Net realized gains (losses)		471,367			521,133			293,728
Change in unrealized gains (losses) on investments		387,704			805,166			(1,013,336	)
Net increase (decrease) in net assets resulting from operations		1,146,420			1,574,741			(488,882	)
Policy Transactions:
Premium payments received from Policy owners		722,614			749,735			937,521
Net transfers (including fixed account)		126,964			500,636			72,828
Policy charges		(694,369	)		(769,314	)		(792,600	)
Transfers for Policy benefits and terminations		(803,021	)		(886,721	)		(1,069,923	)
Net increase (decrease) in net assets resulting from Policy transactions		(647,812	)		(405,664	)		(852,174	)
Net increase (decrease) in net assets		498,608			1,169,077			(1,341,056	)
Net Assets:
Beginning of year		11,161,607			9,992,530			11,333,586
End of year	$	11,660,215		$	11,161,607		$	9,992,530

The accompanying notes are an integral part of these financial statements.
UL-127

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Brighthouse Asset Allocation 60 Division									BHFTII Brighthouse Asset Allocation 80 Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,256,972		$	1,124,088		$	973,318		$	2,100,793		$	2,005,294		$	1,547,077
Net realized gains (losses)		3,791,202			4,477,995			2,508,095			10,098,605			11,278,358			6,024,655
Change in unrealized gains (losses) on investments		2,402,880			4,107,625			(6,730,312	)		5,611,353			8,872,398			(15,781,080	)
Net increase (decrease) in net assets resulting from operations		7,451,054			9,709,708			(3,248,899	)		17,810,751			22,156,050			(8,209,348	)
Policy Transactions:
Premium payments received from Policy owners		3,440,357			3,550,542			3,862,259			6,564,241			6,859,607			7,345,519
Net transfers (including fixed account)		(158,552	)		207,150			1,046,723			(1,173,717	)		(923,386	)		(1,429,318	)
Policy charges		(3,326,630	)		(3,366,738	)		(3,387,947	)		(4,944,483	)		(5,085,873	)		(5,194,677	)
Transfers for Policy benefits and terminations		(3,211,841	)		(3,136,606	)		(3,844,794	)		(4,972,580	)		(7,354,049	)		(6,076,393	)
Net increase (decrease) in net assets resulting from Policy transactions		(3,256,666	)		(2,745,652	)		(2,323,759	)		(4,526,539	)		(6,503,701	)		(5,354,869	)
Net increase (decrease) in net assets		4,194,388			6,964,056			(5,572,658	)		13,284,212			15,652,349			(13,564,217	)
Net Assets:
Beginning of year		57,435,303			50,471,247			56,043,905			110,596,939			94,944,590			108,508,807
End of year	$	61,629,691		$	57,435,303		$	50,471,247		$	123,881,151		$	110,596,939		$	94,944,590

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-128

	BHFTII Brighthouse/Artisan Mid Cap Value Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	477,014		$	407,798		$	342,863
Net realized gains (losses)		861,142			7,298,466			4,114,368
Change in unrealized gains (losses) on investments		2,730,620			4,852,816			(12,674,858	)
Net increase (decrease) in net assets resulting from operations		4,068,776			12,559,080			(8,217,627	)
Policy Transactions:
Premium payments received from Policy owners		3,202,415			3,395,707			3,574,453
Net transfers (including fixed account)		(434,964	)		(467,707	)		364,615
Policy charges		(2,591,864	)		(2,936,521	)		(3,065,372	)
Transfers for Policy benefits and terminations		(2,340,663	)		(3,414,345	)		(4,173,374	)
Net increase (decrease) in net assets resulting from Policy transactions		(2,165,076	)		(3,422,866	)		(3,299,678	)
Net increase (decrease) in net assets		1,903,700			9,136,214			(11,517,305	)
Net Assets:
Beginning of year		63,307,525			54,171,311			65,688,616
End of year	$	65,211,225		$	63,307,525		$	54,171,311

The accompanying notes are an integral part of these financial statements.
UL-129

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Brighthouse/Wellington Balanced Division									BHFTII Brighthouse/Wellington Core Equity Opportunities Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	5,722,557		$	5,423,289		$	3,918,342		$	1,318,071		$	1,309,689		$	1,350,070
Net realized gains (losses)		17,519,113			21,674,675			26,690,578			9,814,829			7,958,362			4,922,554
Change in unrealized gains (losses) on investments		32,022,888			36,982,209			(43,500,876	)		(1,629,188	)		13,108,141			(6,175,203	)
Net increase (decrease) in net assets resulting from operations		55,264,558			64,080,173			(12,891,956	)		9,503,712			22,376,192			97,421
Policy Transactions:
Premium payments received from Policy owners		17,962,870			18,822,812			19,534,182			3,641,774			3,809,398			4,106,915
Net transfers (including fixed account)		(1,160,188	)		580,343			(919,937	)		(556,085	)		(1,443,195	)		(1,498,129	)
Policy charges		(20,436,577	)		(20,841,596	)		(21,224,054	)		(3,601,370	)		(3,774,981	)		(3,670,556	)
Transfers for Policy benefits and terminations		(14,391,414	)		(16,712,521	)		(15,518,149	)		(3,553,634	)		(5,587,660	)		(4,632,250	)
Net increase (decrease) in net assets resulting from Policy transactions		(18,025,309	)		(18,150,962	)		(18,127,958	)		(4,069,315	)		(6,996,438	)		(5,694,020	)
Net increase (decrease) in net assets		37,239,249			45,929,211			(31,019,914	)		5,434,397			15,379,754			(5,596,599	)
Net Assets:
Beginning of year		339,265,361			293,336,150			324,356,064			90,517,969			75,138,215			80,734,814
End of year	$	376,504,610		$	339,265,361		$	293,336,150		$	95,952,366		$	90,517,969		$	75,138,215

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-130

	BHFTII Frontier Mid Cap Growth Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(1,928,363	)	$	(1,808,302	)	$	(1,754,856	)
Net realized gains (losses)		35,025,426			38,637,372			33,109,546
Change in unrealized gains (losses) on investments		50,718,940			35,345,162			(46,139,301	)
Net increase (decrease) in net assets resulting from operations		83,816,003			72,174,232			(14,784,611	)
Policy Transactions:
Premium payments received from Policy owners		10,625,315			11,136,418			11,707,321
Net transfers (including fixed account)		(3,164,638	)		(1,667,175	)		(812,008	)
Policy charges		(12,628,767	)		(12,904,923	)		(12,952,988	)
Transfers for Policy benefits and terminations		(10,953,359	)		(12,611,672	)		(12,326,397	)
Net increase (decrease) in net assets resulting from Policy transactions		(16,121,449	)		(16,047,352	)		(14,384,072	)
Net increase (decrease) in net assets		67,694,554			56,126,880			(29,168,683	)
Net Assets:
Beginning of year		284,652,778			228,525,898			257,694,581
End of year	$	352,347,332		$	284,652,778		$	228,525,898

The accompanying notes are an integral part of these financial statements.
UL-131

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Jennison Growth Division									BHFTII Loomis Sayles Small Cap Core Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	75,058		$	170,051		$	110,776		$	8,094		$	(18,446	)	$	(21,771	)
Net realized gains (losses)		6,740,575			6,804,240			6,419,554			1,977,222			2,835,024			3,145,663
Change in unrealized gains (losses) on investments		16,290,613			5,030,053			(6,671,580	)		1,180,189			2,924,448			(5,945,164	)
Net increase (decrease) in net assets resulting from operations		23,106,246			12,004,344			(141,250	)		3,165,505			5,741,026			(2,821,272	)
Policy Transactions:
Premium payments received from Policy owners		1,327,072			1,321,635			1,277,438			1,038,201			1,064,480			1,177,226
Net transfers (including fixed account)		(3,785,157	)		(1,180,497	)		4,465,218			(576,291	)		(260,798	)		82,493
Policy charges		(1,651,450	)		(1,488,430	)		(1,461,886	)		(995,140	)		(1,114,351	)		(1,166,364	)
Transfers for Policy benefits and terminations		(1,824,867	)		(2,505,284	)		(1,767,865	)		(1,008,385	)		(1,631,872	)		(1,449,611	)
Net increase (decrease) in net assets resulting from Policy transactions		(5,934,402	)		(3,852,576	)		2,512,905			(1,541,615	)		(1,942,541	)		(1,356,256	)
Net increase (decrease) in net assets		17,171,844			8,151,768			2,371,655			1,623,890			3,798,485			(4,177,528	)
Net Assets:
Beginning of year		46,586,115			38,434,347			36,062,692			26,944,849			23,146,364			27,323,892
End of year	$	63,757,959		$	46,586,115		$	38,434,347		$	28,568,739		$	26,944,849		$	23,146,364

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-132

	BHFTII Loomis Sayles Small Cap Growth Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(11,815	)	$	(11,876	)	$	(12,018	)
Net realized gains (losses)		2,116,754			2,580,987			2,202,553
Change in unrealized gains (losses) on investments		2,643,546			820,229			(2,123,091	)
Net increase (decrease) in net assets resulting from operations		4,748,485			3,389,340			67,444
Policy Transactions:
Premium payments received from Policy owners		609,271			644,227			675,806
Net transfers (including fixed account)		(1,225,385	)		(151,037	)		751,196
Policy charges		(595,520	)		(625,777	)		(627,101	)
Transfers for Policy benefits and terminations		(780,000	)		(1,183,986	)		(929,909	)
Net increase (decrease) in net assets resulting from Policy transactions		(1,991,634	)		(1,316,573	)		(130,008	)
Net increase (decrease) in net assets		2,756,851			2,072,767			(62,564	)
Net Assets:
Beginning of year		15,100,926			13,028,159			13,090,723
End of year	$	17,857,777		$	15,100,926		$	13,028,159

The accompanying notes are an integral part of these financial statements.
UL-133

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII MetLife Aggregate Bond Index Division									BHFTII MetLife Mid Cap Stock Index Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,012,455		$	4,055,123		$	3,770,771		$	1,338,929		$	1,326,846		$	1,281,417
Net realized gains (losses)		1,271,832			4,630			(845,236	)		7,517,327			10,678,875			10,973,057
Change in unrealized gains (losses) on investments		4,614,207			6,573,697			(3,257,308	)		6,770,352			10,598,269			(23,434,639	)
Net increase (decrease) in net assets resulting from operations		9,898,494			10,633,450			(331,773	)		15,626,608			22,603,990			(11,180,165	)
Policy Transactions:
Premium payments received from Policy owners		8,456,002			8,731,031			9,446,645			4,516,467			4,754,824			4,919,805
Net transfers (including fixed account)		6,265,194			19,756,870			(7,593,708	)		(1,018,388	)		(1,357,811	)		(2,079,632	)
Policy charges		(7,672,535	)		(7,861,853	)		(7,792,999	)		(4,200,454	)		(4,549,682	)		(4,728,080	)
Transfers for Policy benefits and terminations		(6,507,361	)		(7,227,092	)		(7,512,341	)		(3,855,391	)		(5,943,152	)		(6,151,681	)
Net increase (decrease) in net assets resulting from Policy transactions		541,300			13,398,956			(13,452,403	)		(4,557,766	)		(7,095,821	)		(8,039,588	)
Net increase (decrease) in net assets		10,439,794			24,032,406			(13,784,176	)		11,068,842			15,508,169			(19,219,753	)
Net Assets:
Beginning of year		145,313,344			121,280,938			135,065,114			105,130,205			89,622,036			108,841,789
End of year	$	155,753,138		$	145,313,344		$	121,280,938		$	116,199,047		$	105,130,205		$	89,622,036

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-134

	BHFTII MetLife MSCI EAFE® Index Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,901,453		$	2,349,419		$	2,652,547
Net realized gains (losses)		1,391,721			1,385,419			1,021,937
Change in unrealized gains (losses) on investments		4,650,376			14,100,152			(16,649,850	)
Net increase (decrease) in net assets resulting from operations		8,943,550			17,834,990			(12,975,366	)
Policy Transactions:
Premium payments received from Policy owners		4,784,351			5,124,787			5,659,461
Net transfers (including fixed account)		378,512			5,554,096			6,739,174
Policy charges		(4,001,707	)		(4,133,071	)		(4,269,734	)
Transfers for Policy benefits and terminations		(4,459,845	)		(5,659,322	)		(5,835,065	)
Net increase (decrease) in net assets resulting from Policy transactions		(3,298,689	)		886,490			2,293,836
Net increase (decrease) in net assets		5,644,861			18,721,480			(10,681,530	)
Net Assets:
Beginning of year		100,342,710			81,621,230			92,302,760
End of year	$	105,987,571		$	100,342,710		$	81,621,230

The accompanying notes are an integral part of these financial statements.
UL-135

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII MetLife Russell 2000® Index Division									BHFTII MetLife Stock Index Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	991,156		$	892,771		$	888,236		$	20,225,415		$	21,800,105		$	17,726,505
Net realized gains (losses)		6,020,824			9,370,308			8,699,344			103,605,824			111,814,657			93,929,336
Change in unrealized gains (losses) on investments		9,837,222			7,594,549			(17,938,965	)		91,900,637			171,992,283			(159,803,991	)
Net increase (decrease) in net assets resulting from operations		16,849,202			17,857,628			(8,351,385	)		215,731,876			305,607,045			(48,148,150	)
Policy Transactions:
Premium payments received from Policy owners		4,120,686			4,309,662			4,670,286			54,195,235			56,520,063			59,473,244
Net transfers (including fixed account)		(2,247,454	)		(1,813,837	)		755,288			(6,386,596	)		(5,614,287	)		(6,993,616	)
Policy charges		(3,179,548	)		(3,425,307	)		(3,662,583	)		(44,613,578	)		(46,139,850	)		(46,860,566	)
Transfers for Policy benefits and terminations		(3,465,370	)		(5,588,916	)		(5,730,826	)		(62,191,713	)		(72,813,081	)		(75,710,209	)
Net increase (decrease) in net assets resulting from Policy transactions		(4,771,686	)		(6,518,398	)		(3,967,835	)		(58,996,652	)		(68,047,155	)		(70,091,147	)
Net increase (decrease) in net assets		12,077,516			11,339,230			(12,319,220	)		156,735,224			237,559,890			(118,239,297	)
Net Assets:
Beginning of year		83,270,353			71,931,123			84,250,343			1,253,040,903			1,015,481,013			1,133,720,310
End of year	$	95,347,869		$	83,270,353		$	71,931,123		$	1,409,776,127		$	1,253,040,903		$	1,015,481,013

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-136

	BHFTII MFS® Total Return Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	243,654		$	697,604		$	672,445
Net realized gains (losses)		497,191			504,724			2,032,072
Change in unrealized gains (losses) on investments		219,396			3,070,709			(4,570,024	)
Net increase (decrease) in net assets resulting from operations		960,241			4,273,037			(1,865,507	)
Policy Transactions:
Premium payments received from Policy owners		461,570			697,416			682,520
Net transfers (including fixed account)		(37,251	)		(22,749,232	)		297,395
Policy charges		(587,907	)		(753,209	)		(846,307	)
Transfers for Policy benefits and terminations		(668,364	)		(486,002	)		(795,962	)
Net increase (decrease) in net assets resulting from Policy transactions		(831,952	)		(23,291,027	)		(662,354	)
Net increase (decrease) in net assets		128,289			(19,017,990	)		(2,527,861	)
Net Assets:
Beginning of year		11,322,426			30,340,416			32,868,277
End of year	$	11,450,715		$	11,322,426		$	30,340,416

The accompanying notes are an integral part of these financial statements.
UL-137

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII MFS® Value Division									BHFTII Neuberger Berman Genesis Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,199,837		$	2,217,412		$	1,726,510		$	120,878		$	187,264		$	324,493
Net realized gains (losses)		7,123,357			8,433,580			8,351,150			10,548,721			18,569,068			17,387,615
Change in unrealized gains (losses) on investments		(4,694,024	)		20,526,971			(21,548,270	)		20,135,702			12,124,576			(25,138,689	)
Net increase (decrease) in net assets resulting from operations		4,629,170			31,177,963			(11,470,610	)		30,805,301			30,880,908			(7,426,581	)
Policy Transactions:
Premium payments received from Policy owners		5,658,098			5,982,626			5,917,233			5,505,689			5,781,647			6,114,884
Net transfers (including fixed account)		(3,622,664	)		(1,749,514	)		18,679,409			(1,904,917	)		(1,062,638	)		(511,261	)
Policy charges		(5,107,055	)		(5,504,691	)		(5,233,649	)		(5,645,681	)		(5,798,803	)		(5,837,143	)
Transfers for Policy benefits and terminations		(4,828,367	)		(7,159,399	)		(7,169,022	)		(5,414,146	)		(6,983,627	)		(7,102,740	)
Net increase (decrease) in net assets resulting from Policy transactions		(7,899,988	)		(8,430,978	)		12,193,971			(7,459,055	)		(8,063,421	)		(7,336,260	)
Net increase (decrease) in net assets		(3,270,818	)		22,746,985			723,361			23,346,246			22,817,487			(14,762,841	)
Net Assets:
Beginning of year		129,708,718			106,961,733			106,238,372			129,615,154			106,797,667			121,560,508
End of year	$	126,437,900		$	129,708,718		$	106,961,733		$	152,961,400		$	129,615,154		$	106,797,667

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-138

	BHFTII T. Rowe Price Large Cap Growth Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	203,304		$	391,087		$	382,394
Net realized gains (losses)		12,394,826			18,272,769			22,330,991
Change in unrealized gains (losses) on investments		29,605,524			10,875,848			(23,124,361	)
Net increase (decrease) in net assets resulting from operations		42,203,654			29,539,704			(410,976	)
Policy Transactions:
Premium payments received from Policy owners		4,139,579			4,384,160			4,594,744
Net transfers (including fixed account)		(834,658	)		(1,140,169	)		(478,448	)
Policy charges		(4,902,349	)		(4,832,213	)		(4,907,176	)
Transfers for Policy benefits and terminations		(6,442,633	)		(6,169,322	)		(6,450,964	)
Net increase (decrease) in net assets resulting from Policy transactions		(8,040,061	)		(7,757,544	)		(7,241,844	)
Net increase (decrease) in net assets		34,163,593			21,782,160			(7,652,820	)
Net Assets:
Beginning of year		120,058,034			98,275,874			105,928,694
End of year	$	154,221,627		$	120,058,034		$	98,275,874

The accompanying notes are an integral part of these financial statements.
UL-139

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII T. Rowe Price Small Cap Growth Division									BHFTII Van Eck Global Natural Resources Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(192,179	)	$	(391,714	)	$	(303,446	)	$	4,151		$	1,794		$	567
Net realized gains (losses)		17,338,346			21,138,100			14,860,741			(40,470	)		(9,662	)		(2,432	)
Change in unrealized gains (losses) on investments		14,714,214			16,651,176			(22,939,008	)		105,310			45,337			(96,127	)
Net increase (decrease) in net assets resulting from operations		31,860,381			37,397,562			(8,381,713	)		68,991			37,469			(97,992	)
Policy Transactions:
Premium payments received from Policy owners		6,357,587			6,549,545			6,649,841			41,596			48,905			55,840
Net transfers (including fixed account)		(5,269,403	)		(2,713,703	)		1,345,645			(89,592	)		43,492			26,538
Policy charges		(4,561,232	)		(5,048,309	)		(5,217,405	)		(15,429	)		(19,894	)		(21,551	)
Transfers for Policy benefits and terminations		(7,666,396	)		(8,423,473	)		(8,623,095	)		(7,127	)		(25,396	)		(7,755	)
Net increase (decrease) in net assets resulting from Policy transactions		(11,139,444	)		(9,635,940	)		(5,845,014	)		(70,552	)		47,107			53,072
Net increase (decrease) in net assets		20,720,937			27,761,622			(14,226,727	)		(1,561	)		84,576			(44,920	)
Net Assets:
Beginning of year		145,221,926			117,460,304			131,687,031			350,488			265,912			310,832
End of year	$	165,942,863		$	145,221,926		$	117,460,304		$	348,927		$	350,488		$	265,912

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-140

	BHFTII Western Asset Management Strategic Bond Opportunities Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,007,408		$	2,534,625		$	2,696,300
Net realized gains (losses)		(32,033	)		153,935			89,897
Change in unrealized gains (losses) on investments		210,701			4,329,971			(4,895,547	)
Net increase (decrease) in net assets resulting from operations		3,186,076			7,018,531			(2,109,350	)
Policy Transactions:
Premium payments received from Policy owners		3,082,054			3,288,082			3,409,248
Net transfers (including fixed account)		(1,247,953	)		3,404,504			(1,226,322	)
Policy charges		(2,448,276	)		(2,578,857	)		(2,643,832	)
Transfers for Policy benefits and terminations		(2,792,980	)		(3,257,665	)		(3,206,148	)
Net increase (decrease) in net assets resulting from Policy transactions		(3,407,155	)		856,064			(3,667,054	)
Net increase (decrease) in net assets		(221,079	)		7,874,595			(5,776,404	)
Net Assets:
Beginning of year		56,510,228			48,635,633			54,412,037
End of year	$	56,289,149		$	56,510,228		$	48,635,633

The accompanying notes are an integral part of these financial statements.
UL-141

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	BHFTII Western Asset Management U.S. Government Division									BNY Mellon VI International Value Division
	2020			2019			2018			2020 (a)			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	568,776		$	414,911		$	343,830		$	4,314		$	1,914		$	3,466
Net realized gains (losses)		25,440			(53,391	)		(86,126	)		(35,558	)		(17,157	)		(123	)
Change in unrealized gains (losses) on investments		291,578			547,272			(115,445	)		1,749			46,979			(44,641	)
Net increase (decrease) in net assets resulting from operations		885,794			908,792			142,259			(29,495	)		31,736			(41,298	)
Policy Transactions:
Premium payments received from Policy owners		1,477,731			1,516,917			1,591,853			—			—			—
Net transfers (including fixed account)		3,592,926			(23,131	)		857,254			(109,412	)		(90,719	)		1
Policy charges		(1,310,113	)		(1,244,092	)		(1,234,027	)		(552	)		(1,731	)		(2,353	)
Transfers for Policy benefits and terminations		(779,856	)		(1,080,281	)		(1,159,111	)		(1	)		(1,409	)		—
Net increase (decrease) in net assets resulting from Policy transactions		2,980,688			(830,587	)		55,969			(109,965	)		(93,859	)		(2,352	)
Net increase (decrease) in net assets		3,866,482			78,205			198,228			(139,460	)		(62,123	)		(43,650	)
Net Assets:
Beginning of year		16,117,304			16,039,099			15,840,871			139,460			201,583			245,233
End of year	$	19,983,786		$	16,117,304		$	16,039,099		$	—		$	139,460		$	201,583

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-142

	Fidelity® VIP Asset Manager: Growth Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	22,480		$	30,328		$	28,546
Net realized gains (losses)		49,421			130,535			107,008
Change in unrealized gains (losses) on investments		280,077			255,311			(293,123	)
Net increase (decrease) in net assets resulting from operations		351,978			416,174			(157,569	)
Policy Transactions:
Premium payments received from Policy owners		22,471			24,700			31,907
Net transfers (including fixed account)		(19,343	)		(4,570	)		3,736
Policy charges		(70,022	)		(67,988	)		(66,673	)
Transfers for Policy benefits and terminations		(1,822	)		(95,526	)		(83,043	)
Net increase (decrease) in net assets resulting from Policy transactions		(68,716	)		(143,384	)		(114,073	)
Net increase (decrease) in net assets		283,262			272,790			(271,642	)
Net Assets:
Beginning of year		2,167,176			1,894,386			2,166,028
End of year	$	2,450,438		$	2,167,176		$	1,894,386

The accompanying notes are an integral part of these financial statements.
UL-143

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Fidelity® VIP Contrafund Division									Fidelity® VIP Equity-Income Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	5,218		$	10,856		$	18,473		$	550		$	2,569		$	36
Net realized gains (losses)		59,695			468,746			316,188			(16,756	)		442			76
Change in unrealized gains (losses) on investments		895,831			377,490			(515,972	)		(14,582	)		14,839			(250	)
Net increase (decrease) in net assets resulting from operations		960,744			857,092			(181,311	)		(30,788	)		17,850			(138	)
Policy Transactions:
Premium payments received from Policy owners		39,074			49,525			64,336			216			37			—
Net transfers (including fixed account)		141,868			226,131			36,511			(144,071	)		159,368			—
Policy charges		(103,138	)		(94,640	)		(92,690	)		(860	)		(1,220	)		(14	)
Transfers for Policy benefits and terminations		—			(533,843	)		(157,452	)		—			(32	)		—
Net increase (decrease) in net assets resulting from Policy transactions		77,804			(352,827	)		(149,295	)		(144,715	)		158,153			(14	)
Net increase (decrease) in net assets		1,038,548			504,265			(330,606	)		(175,503	)		176,003			(152	)
Net Assets:
Beginning of year		3,207,960			2,703,695			3,034,301			177,511			1,508			1,660
End of year	$	4,246,508		$	3,207,960		$	2,703,695		$	2,008		$	177,511		$	1,508

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-144

	Fidelity® VIP Freedom 2010 Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,082		$	3,334		$	2,455
Net realized gains (losses)		8,841			5,356			3,566
Change in unrealized gains (losses) on investments		8,692			14,163			(11,906	)
Net increase (decrease) in net assets resulting from operations		19,615			22,853			(5,885	)
Policy Transactions:
Premium payments received from Policy owners		61,674			63,532			59,813
Net transfers (including fixed account)		(18,780	)		—			—
Policy charges		—			—			—
Transfers for Policy benefits and terminations		(58,329	)		(64,653	)		(54,827	)
Net increase (decrease) in net assets resulting from Policy transactions		(15,435	)		(1,121	)		4,986
Net increase (decrease) in net assets		4,180			21,732			(899	)
Net Assets:
Beginning of year		166,694			144,962			145,861
End of year	$	170,874		$	166,694		$	144,962

The accompanying notes are an integral part of these financial statements.
UL-145

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Fidelity® VIP Freedom 2020 Division									Fidelity® VIP Freedom 2025 Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	8,670		$	12,592		$	8,406		$	7,093		$	10,696		$	7,186
Net realized gains (losses)		38,585			33,174			23,974			25,752			15,378			11,075
Change in unrealized gains (losses) on investments		46,942			59,075			(64,092	)		55,062			75,905			(51,118	)
Net increase (decrease) in net assets resulting from operations		94,197			104,841			(31,712	)		87,907			101,979			(32,857	)
Policy Transactions:
Premium payments received from Policy owners		172,902			196,104			186,562			—			—			—
Net transfers (including fixed account)		4,449			11,264			(220	)		—			—			—
Policy charges		(7,708	)		(7,361	)		(6,873	)		(11,472	)		(11,189	)		(11,854	)
Transfers for Policy benefits and terminations		(168,394	)		(181,886	)		(196,785	)		(1	)		—			—
Net increase (decrease) in net assets resulting from Policy transactions		1,249			18,121			(17,316	)		(11,473	)		(11,189	)		(11,854	)
Net increase (decrease) in net assets		95,446			122,962			(49,028	)		76,434			90,790			(44,711	)
Net Assets:
Beginning of year		642,648			519,686			568,714			562,315			471,525			516,236
End of year	$	738,094		$	642,648		$	519,686		$	638,749		$	562,315		$	471,525

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-146

	Fidelity® VIP Freedom 2030 Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,530		$	6,478		$	3,464
Net realized gains (losses)		26,467			12,199			19,600
Change in unrealized gains (losses) on investments		30,990			43,948			(40,198	)
Net increase (decrease) in net assets resulting from operations		61,987			62,625			(17,134	)
Policy Transactions:
Premium payments received from Policy owners		571,024			526,248			476,107
Net transfers (including fixed account)		(8,610	)		(1,305	)		2,409
Policy charges		—			—			—
Transfers for Policy benefits and terminations		(566,199	)		(463,890	)		(493,082	)
Net increase (decrease) in net assets resulting from Policy transactions		(3,785	)		61,053			(14,566	)
Net increase (decrease) in net assets		58,202			123,678			(31,700	)
Net Assets:
Beginning of year		371,247			247,569			279,269
End of year	$	429,449		$	371,247		$	247,569

The accompanying notes are an integral part of these financial statements.
UL-147

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Fidelity® VIP Freedom 2040 Division									Fidelity® VIP Freedom 2050 Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,074		$	5,643		$	3,024		$	1,922		$	3,915		$	2,456
Net realized gains (losses)		27,692			15,429			13,470			25,461			13,313			10,475
Change in unrealized gains (losses) on investments		46,275			51,562			(41,836	)		12,909			38,724			(34,149	)
Net increase (decrease) in net assets resulting from operations		78,041			72,634			(25,342	)		40,292			55,952			(21,218	)
Policy Transactions:
Premium payments received from Policy owners		502,721			445,678			379,309			295,952			256,012			226,938
Net transfers (including fixed account)		17,301			(17	)		(183	)		(39,013	)		(919	)		—
Policy charges		—			—			—			—			—			—
Transfers for Policy benefits and terminations		(463,871	)		(409,650	)		(341,320	)		(313,260	)		(262,224	)		(190,628	)
Net increase (decrease) in net assets resulting from Policy transactions		56,151			36,011			37,806			(56,321	)		(7,131	)		36,310
Net increase (decrease) in net assets		134,192			108,645			12,464			(16,029	)		48,821			15,092
Net Assets:
Beginning of year		358,173			249,528			237,064			254,982			206,161			191,069
End of year	$	492,365		$	358,173		$	249,528		$	238,953		$	254,982		$	206,161

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-148

	Fidelity® VIP Government Money Market Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	14,310		$	78,815		$	56,758
Net realized gains (losses)		—			—			—
Change in unrealized gains (losses) on investments		—			—			—
Net increase (decrease) in net assets resulting from operations		14,310			78,815			56,758
Policy Transactions:
Premium payments received from Policy owners		2,046,682			1,624,900			157,732
Net transfers (including fixed account)		(277,248	)		(384,823	)		(1,425,593	)
Policy charges		(94,387	)		(98,124	)		(76,478	)
Transfers for Policy benefits and terminations		(403,573	)		(70,583	)		(78,235	)
Net increase (decrease) in net assets resulting from Policy transactions		1,271,474			1,071,370			(1,422,574	)
Net increase (decrease) in net assets		1,285,784			1,150,185			(1,365,816	)
Net Assets:
Beginning of year		4,141,088			2,990,903			4,356,719
End of year	$	5,426,872		$	4,141,088		$	2,990,903

The accompanying notes are an integral part of these financial statements.
UL-149

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Fidelity® VIP High Income Division									Fidelity® VIP Investment Grade Bond Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	22,778		$	22,492		$	28,272		$	1,339		$	17,697		$	28,459
Net realized gains (losses)		(329	)		(8,256	)		(649	)		17,623			(9,542	)		5,802
Change in unrealized gains (losses) on investments		(7,991	)		48,742			(43,948	)		(4,476	)		64,066			(41,933	)
Net increase (decrease) in net assets resulting from operations		14,458			62,978			(16,325	)		14,486			72,221			(7,672	)
Policy Transactions:
Premium payments received from Policy owners		42,437			45,376			69,180			925			694			929
Net transfers (including fixed account)		530			(159,622	)		(32,673	)		(507,284	)		(500,326	)		151,380
Policy charges		(5,563	)		(6,232	)		(7,851	)		(2,359	)		(8,726	)		(14,315	)
Transfers for Policy benefits and terminations		—			(22	)		—			(36,271	)		(167,050	)		(155,671	)
Net increase (decrease) in net assets resulting from Policy transactions		37,404			(120,500	)		28,656			(544,989	)		(675,408	)		(17,677	)
Net increase (decrease) in net assets		51,862			(57,522	)		12,331			(530,503	)		(603,187	)		(25,349	)
Net Assets:
Beginning of year		430,482			488,004			475,673			574,150			1,177,337			1,202,686
End of year	$	482,344		$	430,482		$	488,004		$	43,647		$	574,150		$	1,177,337

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-150

	Fidelity® VIP Mid Cap Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	985		$	1,650		$	1,054
Net realized gains (losses)		(1,177	)		26,255			29,007
Change in unrealized gains (losses) on investments		44,127			20,941			(65,288	)
Net increase (decrease) in net assets resulting from operations		43,935			48,846			(35,227	)
Policy Transactions:
Premium payments received from Policy owners		1,110			925			1,110
Net transfers (including fixed account)		8,489			(891	)		(26,019	)
Policy charges		(4,791	)		(4,690	)		(4,806	)
Transfers for Policy benefits and terminations		—			(8	)		(127	)
Net increase (decrease) in net assets resulting from Policy transactions		4,808			(4,664	)		(29,842	)
Net increase (decrease) in net assets		48,743			44,182			(65,069	)
Net Assets:
Beginning of year		256,466			212,284			277,353
End of year	$	305,209		$	256,466		$	212,284

The accompanying notes are an integral part of these financial statements.
UL-151

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	FTVIPT Franklin Income VIP Division									FTVIPT Franklin Mutual Global Discovery VIP Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	615		$	2,119		$	2,119		$	14,742		$	11,418		$	16,822
Net realized gains (losses)		(521	)		2,592			5,563			8,709			57,941			8,137
Change in unrealized gains (losses) on investments		(738	)		3,455			(10,139	)		(44,312	)		77,099			(108,582	)
Net increase (decrease) in net assets resulting from operations		(644	)		8,166			(2,457	)		(20,861	)		146,458			(83,623	)
Policy Transactions:
Premium payments received from Policy owners		—			1,695			4,334			59,672			63,421			74,204
Net transfers (including fixed account)		(4,517	)		(55,336	)		24,490			(4,918	)		(166,891	)		68,002
Policy charges		(1,040	)		(2,500	)		(2,843	)		(7,314	)		(8,220	)		(7,952	)
Transfers for Policy benefits and terminations		(300	)		(1,738	)		(12,108	)		—			(372	)		(13,744	)
Net increase (decrease) in net assets resulting from Policy transactions		(5,857	)		(57,879	)		13,873			47,440			(112,062	)		120,510
Net increase (decrease) in net assets		(6,501	)		(49,713	)		11,416			26,579			34,396			36,887
Net Assets:
Beginning of year		17,748			67,461			56,045			675,612			641,216			604,329
End of year	$	11,247		$	17,748		$	67,461		$	702,191		$	675,612		$	641,216

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-152

	FTVIPT Franklin Mutual Shares VIP Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,376		$	1,632		$	2,853
Net realized gains (losses)		707			5,874			4,090
Change in unrealized gains (losses) on investments		(5,735	)		12,534			(17,095	)
Net increase (decrease) in net assets resulting from operations		(2,652	)		20,040			(10,152	)
Policy Transactions:
Premium payments received from Policy owners		—			5,550			14,591
Net transfers (including fixed account)		10,902			(22,823	)		(183	)
Policy charges		(5,509	)		(7,030	)		(9,419	)
Transfers for Policy benefits and terminations		(5,696	)		(6,389	)		(2,210	)
Net increase (decrease) in net assets resulting from Policy transactions		(303	)		(30,692	)		2,779
Net increase (decrease) in net assets		(2,955	)		(10,652	)		(7,373	)
Net Assets:
Beginning of year		93,359			104,011			111,384
End of year	$	90,404		$	93,359		$	104,011

The accompanying notes are an integral part of these financial statements.
UL-153

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	FTVIPT Templeton Foreign VIP Division									FTVIPT Templeton Global Bond VIP Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	208,928		$	135,594		$	219,516		$	82,669		$	67,748		$	—
Net realized gains (losses)		(186,933	)		24,771			137,505			(7,039	)		322			(1,042	)
Change in unrealized gains (losses) on investments		2,570			684,100			(1,579,348	)		(127,688	)		(49,912	)		19,604
Net increase (decrease) in net assets resulting from operations		24,565			844,465			(1,222,327	)		(52,058	)		18,158			18,562
Policy Transactions:
Premium payments received from Policy owners		116,692			188,939			308,292			76,873			72,622			111,613
Net transfers (including fixed account)		(1,270,200	)		(355,250	)		(2,214,759	)		93,957			104,993			3,030
Policy charges		(135,975	)		(147,587	)		(199,782	)		(29,536	)		(29,394	)		(27,066	)
Transfers for Policy benefits and terminations		—			(205,431	)		(201,932	)		(6	)		(199	)		—
Net increase (decrease) in net assets resulting from Policy transactions		(1,289,483	)		(519,329	)		(2,308,181	)		141,288			148,022			87,577
Net increase (decrease) in net assets		(1,264,918	)		325,136			(3,530,508	)		89,230			166,180			106,139
Net Assets:
Beginning of year		6,806,440			6,481,304			10,011,812			1,027,522			861,342			755,203
End of year	$	5,541,522		$	6,806,440		$	6,481,304		$	1,116,752		$	1,027,522		$	861,342

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-154

	Goldman Sachs Small Cap Equity Insights Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	46		$	35		$	37
Net realized gains (losses)		322			18			1,248
Change in unrealized gains (losses) on investments		5,290			1,566			(1,847	)
Net increase (decrease) in net assets resulting from operations		5,658			1,619			(562	)
Policy Transactions:
Premium payments received from Policy owners		1,112			1,112			1,112
Net transfers (including fixed account)		14,022			—			—
Policy charges		(4,479	)		(1,740	)		(1,690	)
Transfers for Policy benefits and terminations		—			(1	)		—
Net increase (decrease) in net assets resulting from Policy transactions		10,655			(629	)		(578	)
Net increase (decrease) in net assets		16,313			990			(1,140	)
Net Assets:
Beginning of year		7,614			6,624			7,764
End of year	$	23,927		$	7,614		$	6,624

The accompanying notes are an integral part of these financial statements.
UL-155

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Invesco V.I. Comstock Division									Invesco V.I. International Growth Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	14,525		$	10,095		$	10,995		$	9,489		$	5,657		$	7,440
Net realized gains (losses)		16,644			77,504			121,230			11,496			27,594			4,715
Change in unrealized gains (losses) on investments		(25,474	)		32,442			(184,052	)		38,391			56,665			(67,377	)
Net increase (decrease) in net assets resulting from operations		5,695			120,041			(51,827	)		59,376			89,916			(55,222	)
Policy Transactions:
Premium payments received from Policy owners		67,207			67,207			118,466			866			74			—
Net transfers (including fixed account)		67,419			62			(277,333	)		11,943			6,603			29,917
Policy charges		(8,622	)		(7,665	)		(9,765	)		(18,638	)		(17,315	)		(15,876	)
Transfers for Policy benefits and terminations		(297	)		—			—			—			(110	)		—
Net increase (decrease) in net assets resulting from Policy transactions		125,707			59,604			(168,632	)		(5,829	)		(10,748	)		14,041
Net increase (decrease) in net assets		131,402			179,645			(220,459	)		53,547			79,168			(41,181	)
Net Assets:
Beginning of year		640,358			460,713			681,172			402,441			323,273			364,454
End of year	$	771,760		$	640,358		$	460,713		$	455,988		$	402,441		$	323,273

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-156

	Janus Henderson Balanced Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	22,288		$	22,745		$	23,404
Net realized gains (losses)		36,976			65,235			39,428
Change in unrealized gains (losses) on investments		141,774			195,105			(64,594	)
Net increase (decrease) in net assets resulting from operations		201,038			283,085			(1,762	)
Policy Transactions:
Premium payments received from Policy owners		3,102			8,633			32,777
Net transfers (including fixed account)		(21,205	)		(99,321	)		109,516
Policy charges		(35,900	)		(33,924	)		(30,911	)
Transfers for Policy benefits and terminations		(21	)		(1	)		—
Net increase (decrease) in net assets resulting from Policy transactions		(54,024	)		(124,613	)		111,382
Net increase (decrease) in net assets		147,014			158,472			109,620
Net Assets:
Beginning of year		1,487,502			1,329,030			1,219,410
End of year	$	1,634,516		$	1,487,502		$	1,329,030

The accompanying notes are an integral part of these financial statements.
UL-157

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Janus Henderson Enterprise Division									Janus Henderson Forty Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	204		$	446		$	893		$	97		$	—
Net realized gains (losses)		61,371			34,881			36,911			130,209			34,845			52,377
Change in unrealized gains (losses) on investments		1,322			82,268			(40,219	)		49,782			88,897			(46,227	)
Net increase (decrease) in net assets resulting from operations		62,693			117,353			(2,862	)		180,884			123,839			6,150
Policy Transactions:
Premium payments received from Policy owners		—			—			—			3,548			4,488			2,207
Net transfers (including fixed account)		(64,082	)		61,902			78,556			1,163			36,386			—
Policy charges		(3,736	)		(4,251	)		(4,750	)		(8,771	)		(7,861	)		(6,801	)
Transfers for Policy benefits and terminations		(90,124	)		(99,444	)		(57,714	)		—			(119	)		—
Net increase (decrease) in net assets resulting from Policy transactions		(157,942	)		(41,793	)		16,092			(4,060	)		32,894			(4,594	)
Net increase (decrease) in net assets		(95,249	)		75,560			13,230			176,824			156,733			1,556
Net Assets:
Beginning of year		438,944			363,384			350,154			489,146			332,413			330,857
End of year	$	343,695		$	438,944		$	363,384		$	665,970		$	489,146		$	332,413

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-158

	Janus Henderson Research Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,968		$	1,819		$	1,975
Net realized gains (losses)		42,922			49,153			21,278
Change in unrealized gains (losses) on investments		96,036			65,232			(31,506	)
Net increase (decrease) in net assets resulting from operations		140,926			116,204			(8,253	)
Policy Transactions:
Premium payments received from Policy owners		4,956			7,520			7,651
Net transfers (including fixed account)		—			—			—
Policy charges		(11,757	)		(11,575	)		(12,327	)
Transfers for Policy benefits and terminations		(5,404	)		(53	)		(91	)
Net increase (decrease) in net assets resulting from Policy transactions		(12,205	)		(4,108	)		(4,767	)
Net increase (decrease) in net assets		128,721			112,096			(13,020	)
Net Assets:
Beginning of year		442,566			330,470			343,490
End of year	$	571,287		$	442,566		$	330,470

The accompanying notes are an integral part of these financial statements.
UL-159

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	MFS® VIT Global Equity Division									MFS® VIT New Discovery Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,162		$	412		$	2,659		$	—		$	—		$	—
Net realized gains (losses)		4,855			3,034			73,892			2,976			5,602			3,409
Change in unrealized gains (losses) on investments		9,767			11,154			(71,225	)		7,845			2,141			(3,646	)
Net increase (decrease) in net assets resulting from operations		15,784			14,600			5,326			10,821			7,743			(237	)
Policy Transactions:
Premium payments received from Policy owners		2,598			222			46,832			—			—			—
Net transfers (including fixed account)		(4,129	)		72,771			(346,823	)		217			—			—
Policy charges		(1,436	)		(991	)		(4,065	)		(1,528	)		(1,339	)		(1,137	)
Transfers for Policy benefits and terminations		—			(464	)		—			—			(918	)		(56	)
Net increase (decrease) in net assets resulting from Policy transactions		(2,967	)		71,538			(304,056	)		(1,311	)		(2,257	)		(1,193	)
Net increase (decrease) in net assets		12,817			86,138			(298,730	)		9,510			5,486			(1,430	)
Net Assets:
Beginning of year		125,958			39,820			338,550			24,852			19,366			20,796
End of year	$	138,775		$	125,958		$	39,820		$	34,362		$	24,852		$	19,366

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-160

	MFS® VIT II High Yield Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	8,931		$	8,930		$	8,422
Net realized gains (losses)		(285	)		(222	)		(212	)
Change in unrealized gains (losses) on investments		(661	)		12,834			(13,260	)
Net increase (decrease) in net assets resulting from operations		7,985			21,542			(5,050	)
Policy Transactions:
Premium payments received from Policy owners		—			—			—
Net transfers (including fixed account)		—			—			1
Policy charges		(2,954	)		(2,859	)		(2,599	)
Transfers for Policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from Policy transactions		(2,954	)		(2,859	)		(2,598	)
Net increase (decrease) in net assets		5,031			18,683			(7,648	)
Net Assets:
Beginning of year		169,033			150,350			157,998
End of year	$	174,064		$	169,033		$	150,350

The accompanying notes are an integral part of these financial statements.
UL-161

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	Morgan Stanley VIF Emerging Markets Debt Division									Morgan Stanley VIF Emerging Markets Equity Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	30,772		$	52,530		$	86,325		$	49,411		$	50,609		$	15,121
Net realized gains (losses)		(63,119	)		(25,748	)		(84,029	)		71,413			314,002			37,607
Change in unrealized gains (losses) on investments		42,820			107,048			(126,520	)		512,919			424,306			(717,637	)
Net increase (decrease) in net assets resulting from operations		10,473			133,830			(124,224	)		633,743			788,917			(664,909	)
Policy Transactions:
Premium payments received from Policy owners		2,126			2,126			2,171			17,957			15,857			13,359
Net transfers (including fixed account)		(301,364	)		(226,515	)		(498,022	)		(347,419	)		(822,568	)		1,946,865
Policy charges		(14,930	)		(18,589	)		(27,590	)		(69,509	)		(83,076	)		(65,532	)
Transfers for Policy benefits and terminations		—			—			—			(23,493	)		(11,075	)		(7,677	)
Net increase (decrease) in net assets resulting from Policy transactions		(314,168	)		(242,978	)		(523,441	)		(422,464	)		(900,862	)		1,887,015
Net increase (decrease) in net assets		(303,695	)		(109,148	)		(647,665	)		211,279			(111,945	)		1,222,106
Net Assets:
Beginning of year		976,803			1,085,951			1,733,616			4,289,769			4,401,714			3,179,608
End of year	$	673,108		$	976,803		$	1,085,951		$	4,501,048		$	4,289,769		$	4,401,714

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-162

	PIMCO VIT All Asset Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,645		$	2,217		$	4,773
Net realized gains (losses)		(4,167	)		(3,753	)		(152	)
Change in unrealized gains (losses) on investments		21			12,666			(12,773	)
Net increase (decrease) in net assets resulting from operations		(1,501	)		11,130			(8,152	)
Policy Transactions:
Premium payments received from Policy owners		2,801			9,847			9,625
Net transfers (including fixed account)		(65,384	)		(67,071	)		1
Policy charges		(1,266	)		(4,047	)		(7,430	)
Transfers for Policy benefits and terminations		—			(1	)		(2	)
Net increase (decrease) in net assets resulting from Policy transactions		(63,849	)		(61,272	)		2,194
Net increase (decrease) in net assets		(65,350	)		(50,142	)		(5,958	)
Net Assets:
Beginning of year		90,296			140,438			146,396
End of year	$	24,946		$	90,296		$	140,438

The accompanying notes are an integral part of these financial statements.
UL-163

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2020, 2019 and 2018

	PIMCO VIT CommodityRealReturn® Strategy Division									PIMCO VIT Low Duration Division
	2020			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,576		$	1,113		$	503		$	10,732		$	25,038		$	18,308
Net realized gains (losses)		(3,179	)		(679	)		(347	)		(334	)		(3,978	)		(478	)
Change in unrealized gains (losses) on investments		2,517			2,187			(3,284	)		16,064			14,745			(14,452	)
Net increase (decrease) in net assets resulting from operations		914			2,621			(3,128	)		26,462			35,805			3,378
Policy Transactions:
Premium payments received from Policy owners		1,974			1,288			1,968			—			3,335			3,335
Net transfers (including fixed account)		10,256			—			23,629			(43,993	)		(75,623	)		47,033
Policy charges		(3,545	)		(4,077	)		(3,023	)		(15,954	)		(16,147	)		(16,600	)
Transfers for Policy benefits and terminations		—			—			(349	)		(1	)		(8,284	)		—
Net increase (decrease) in net assets resulting from Policy transactions		8,685			(2,789	)		22,225			(59,948	)		(96,719	)		33,768
Net increase (decrease) in net assets		9,599			(168	)		19,097			(33,486	)		(60,914	)		37,146
Net Assets:
Beginning of year		23,957			24,125			5,028			898,208			959,122			921,976
End of year	$	33,556		$	23,957		$	24,125		$	864,722		$	898,208		$	959,122

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-164

	Pioneer Mid Cap Value VCT Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	153		$	—		$	—
Net realized gains (losses)		399			—			—
Change in unrealized gains (losses) on investments		42			241			—
Net increase (decrease) in net assets resulting from operations		594			241			—
Policy Transactions:
Premium payments received from Policy owners		433			37			—
Net transfers (including fixed account)		1,501			12,129			—
Policy charges		(82	)		(7	)		—
Transfers for Policy benefits and terminations		(38	)		(20	)		—
Net increase (decrease) in net assets resulting from Policy transactions		1,814			12,139			—
Net increase (decrease) in net assets		2,408			12,380			—
Net Assets:
Beginning of year		12,380			—			—
End of year	$	14,788		$	12,380		$	—

The accompanying notes are an integral part of these financial statements.
UL-165

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Concluded)

For the years ended December 31, 2020, 2019 and 2018

	Putnam VT International Value Division									Royce Micro-Cap Division
	2020 (b)			2019			2018			2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	134		$	154		$	124		$	—		$	—		$	—
Net realized gains (losses)		(1,519	)		213			71			171			1,051			486
Change in unrealized gains (losses) on investments		(27	)		568			(1,236	)		2,620			898			(1,513	)
Net increase (decrease) in net assets resulting from operations		(1,412	)		935			(1,041	)		2,791			1,949			(1,027	)
Policy Transactions:
Premium payments received from Policy owners		1,288			1,288			1,288			—			—			58
Net transfers (including fixed account)		(4,683	)		—			—			—			—			42
Policy charges		(492	)		(1,364	)		(1,333	)		(92	)		(90	)		(91	)
Transfers for Policy benefits and terminations		(1	)		—			—			—			—			—
Net increase (decrease) in net assets resulting from Policy transactions		(3,888	)		(76	)		(45	)		(92	)		(90	)		9
Net increase (decrease) in net assets		(5,300	)		859			(1,086	)		2,699			1,859			(1,018	)
Net Assets:
Beginning of year		5,300			4,441			5,527			11,867			10,008			11,026
End of year	$	—		$	5,300		$	4,441		$	14,566		$	11,867		$	10,008

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

The accompanying notes are an integral part of these financial statements.
UL-166

	Royce Small-Cap Division
	2020			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	126		$	100		$	116
Net realized gains (losses)		(342	)		1,689			155
Change in unrealized gains (losses) on investments		(864	)		695			(1,492	)
Net increase (decrease) in net assets resulting from operations		(1,080	)		2,484			(1,221	)
Policy Transactions:
Premium payments received from Policy owners		1,110			925			1,110
Net transfers (including fixed account)		3			1			—
Policy charges		(1,344	)		(1,486	)		(1,358	)
Transfers for Policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from Policy transactions		(231	)		(560	)		(248	)
Net increase (decrease) in net assets		(1,311	)		1,924			(1,469	)
Net Assets:
Beginning of year		15,444			13,520			14,989
End of year	$	14,133		$	15,444		$	13,520

The accompanying notes are an integral part of these financial statements.
UL-167

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS

1.  ORGANIZATION

Metropolitan Life Separate Account UL (the "Separate Account"), a separate account of Metropolitan Life Insurance Company (the "Company"), was established by the Company's Board of Directors on December 13, 1988 to support operations of the Company with respect to certain variable life insurance policies (the "Policies"). The Company is a direct wholly-owned subsidiary of MetLife, Inc., a Delaware corporation. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and is subject to the rules and regulations of the United States Securities and Exchange Commission, as well as the New York State Department of Financial Services.

The Separate Account is divided into Divisions, each of which is treated as an individual accounting entity for financial reporting purposes. Each Division invests in shares of the corresponding portfolio, series or fund (with the same name) of registered investment management companies (the "Trusts"), which are presented below:

AB Variable Products Series Fund, Inc. ("AB VPS")

AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco V.I.")

American Funds Insurance Series^® ("American Funds")

Brighthouse Funds Trust I ("BHFTI")

Brighthouse Funds Trust II ("BHFTII")

Fidelity^® Variable Insurance Products ("Fidelity VIP")

Franklin Templeton Variable Insurance Products Trust ("FTVIPT")

Goldman Sachs Variable Insurance Trust ("Goldman Sachs")

Janus Aspen Series ("Janus Aspen")

MFS^® Variable Insurance Trust ("MFS VIT")

MFS^® Variable Insurance Trust II ("MFS VIT II")

Morgan Stanley Variable Insurance Fund, Inc. ("Morgan Stanley VIF")

PIMCO Variable Insurance Trust ("PIMCO VIT")

Pioneer Variable Contracts Trust ("Pioneer VCT")

Putnam Variable Trust ("Putnam VT")

Royce Capital Fund ("Royce")

The assets of each of the Divisions of the Separate Account are registered in the name of the Company. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the Policies cannot be used for liabilities arising out of any other business conducted by the Company.

2.  LIST OF DIVISIONS

A. Premium payments, less any applicable charges, applied to the Separate Account are invested in one or more Divisions in accordance with the selection made by the Policy owner. The following Divisions had net assets as of or during the year ended December 31, 2020:

AB VPS Global Thematic Growth Division

AB VPS Intermediate Bond Division

American Funds^® Bond Division

American Funds^® Global Small Capitalization Division

American Funds^® Growth Division

American Funds^® Growth-Income Division

American Funds^® High-Income Bond Division

American Funds^® International Division

American Funds^® U.S. Government/AAA-Rated Securities Division

BHFTI AB Global Dynamic Allocation Division

BHFTI American Funds^® Balanced Allocation Division

BHFTI American Funds^® Growth Allocation Division

BHFTI American Funds^® Moderate Allocation Division

BHFTI AQR Global Risk Balanced Division

BHFTI BlackRock Global Tactical Strategies Division

BHFTI Brighthouse Asset Allocation 100 Division (a)

BHFTI Brighthouse Balanced Plus Division

BHFTI Brighthouse Small Cap Value Division

BHFTI Brighthouse/Aberdeen Emerging Markets Equity Division (a)

BHFTI Brighthouse/Templeton International Bond Division

BHFTI Brighthouse/Wellington Large Cap Research Division

BHFTI Clarion Global Real Estate Division

BHFTI Harris Oakmark International Division

BHFTI Invesco Balanced-Risk Allocation Division

BHFTI Invesco Global Equity Division

UL-168

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

2.  LIST OF DIVISIONS — (Continued)

BHFTI Invesco Small Cap Growth Division (a)

BHFTI JPMorgan Global Active Allocation Division

BHFTI JPMorgan Small Cap Value Division

BHFTI Loomis Sayles Global Allocation Division

BHFTI Loomis Sayles Growth Division

BHFTI MetLife Multi-Index Targeted Risk Division

BHFTI MFS^® Research International Division (a)

BHFTI Morgan Stanley Discovery Division

BHFTI PanAgora Global Diversified Risk Division

BHFTI PIMCO Inflation Protected Bond Division

BHFTI PIMCO Total Return Division

BHFTI Schroders Global Multi-Asset Division

BHFTI SSGA Growth and Income ETF Division

BHFTI SSGA Growth ETF Division

BHFTI T. Rowe Price Large Cap Value Division

BHFTI T. Rowe Price Mid Cap Growth Division (a)

BHFTI Victory Sycamore Mid Cap Value Division

BHFTII Baillie Gifford International Stock Division

BHFTII BlackRock Bond Income Division

BHFTII BlackRock Capital Appreciation Division

BHFTII BlackRock Ultra-Short Term Bond Division

BHFTII Brighthouse Asset Allocation 20 Division (a)

BHFTII Brighthouse Asset Allocation 40 Division (a)

BHFTII Brighthouse Asset Allocation 60 Division (a)

BHFTII Brighthouse Asset Allocation 80 Division

BHFTII Brighthouse/Artisan Mid Cap Value Division (a)

BHFTII Brighthouse/Wellington Balanced Division

BHFTII Brighthouse/Wellington Core Equity Opportunities Division

BHFTII Frontier Mid Cap Growth Division

BHFTII Jennison Growth Division

BHFTII Loomis Sayles Small Cap Core Division

BHFTII Loomis Sayles Small Cap Growth Division

BHFTII MetLife Aggregate Bond Index Division

BHFTII MetLife Mid Cap Stock Index Division

BHFTII MetLife MSCI EAFE^® Index Division

BHFTII MetLife Russell 2000^® Index Division

BHFTII MetLife Stock Index Division

BHFTII MFS^® Total Return Division (a)

BHFTII MFS^® Value Division

BHFTII Neuberger Berman Genesis Division

BHFTII T. Rowe Price Large Cap Growth Division

BHFTII T. Rowe Price Small Cap Growth Division

BHFTII Van Eck Global Natural Resources Division

BHFTII Western Asset Management Strategic Bond Opportunities Division

BHFTII Western Asset Management U.S. Government Division

Fidelity^® VIP Asset Manager: Growth Division

Fidelity^® VIP Contrafund Division

Fidelity^® VIP Equity-Income Division

Fidelity^® VIP Freedom 2010 Division

Fidelity^® VIP Freedom 2020 Division

Fidelity^® VIP Freedom 2025 Division

Fidelity^® VIP Freedom 2030 Division

Fidelity^® VIP Freedom 2040 Division

Fidelity^® VIP Freedom 2050 Division

Fidelity^® VIP Government Money Market Division

Fidelity^® VIP High Income Division

Fidelity^® VIP Investment Grade Bond Division

Fidelity^® VIP Mid Cap Division

FTVIPT Franklin Income VIP Division

FTVIPT Franklin Mutual Global Discovery VIP Division

FTVIPT Franklin Mutual Shares VIP Division

FTVIPT Templeton Foreign VIP Division

FTVIPT Templeton Global Bond VIP Division

Goldman Sachs Small Cap Equity Insights Division

Invesco V.I. Comstock Division

Invesco V.I. International Growth Division

Janus Henderson Balanced Division

Janus Henderson Enterprise Division

Janus Henderson Forty Division

Janus Henderson Research Division

MFS^® VIT Global Equity Division

MFS^® VIT New Discovery Division

MFS^® VIT II High Yield Division

Morgan Stanley VIF Emerging Markets Debt Division

Morgan Stanley VIF Emerging Markets Equity Division

PIMCO VIT All Asset Division

PIMCO VIT CommodityRealReturn^® Strategy Division

PIMCO VIT Low Duration Division

Pioneer Mid Cap Value VCT

Putnam VT International Value Division (b)

Royce Micro-Cap Division

Royce Small-Cap Division

(a) This Division invests in two or more share classes within the underlying portfolio, series or fund of the Trusts.

(b) This Division's net assets went to zero during the year ended December 31, 2020 and is not included in the statements of assets and liabilities.

UL-169

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

2.  LIST OF DIVISIONS — (Concluded)

B. The following Divisions had no net assets as of December 31, 2020:

Janus Henderson Overseas Division

PIMCO VIT Long-Term U.S. Government Division

3.  PORTFOLIO CHANGES

The operations of the Divisions were affected by the following change that occurred during the year ended December 31, 2020:

Liquidation:

BNY Mellon VI International Value Portfolio

A. The following Division ceased operations during the year ended December 31, 2020 and is not included in the statements of assets and liabilities:

BNY Mellon VI International Value Portfolio

B. The following Divisions had no assets at December 31, 2020 and have been removed from the fund offerings going forward:

Goldman Sachs Mid-Cap Value Fund

MFS^® VIT Value Series

4.  SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable for variable life separate accounts registered as unit investment trusts, which follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Investment Companies.

Security Transactions

Security transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are computed on the basis of the average cost of the investment sold. Income from dividends and realized gain distributions are recorded on the ex-distribution date.

Security Valuation

A Division's investment in shares of a portfolio, series or fund of the Trusts is valued at fair value based on the closing net asset value ("NAV"). All changes in fair value are recorded as changes in unrealized gains (losses) on investments in the statements of operations of the applicable Divisions. The Separate Account defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Each Division invests in shares of open-end mutual funds which calculate a daily NAV based on the fair value of the underlying securities in their portfolios. As a result, and as required by law, shares of open-end mutual funds are purchased and redeemed at their daily NAV as reported by the Trusts at the close of each business day.

ASC Topic 820, Fair Value Measurement ("ASC 820") provides that the Separate Account is not required to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. Additionally, ASC 820 does not require certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. The Separate Account's investments in shares of a portfolio, series or fund of the Trusts are using NAV as a practical expedient, therefore investments are not categorized within the ASC 820 fair value hierarchy.

UL-170

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

4.  SIGNIFICANT ACCOUNTING POLICIES — (Concluded)

Federal Income Taxes

The operations of the Separate Account form a part of the total operations of the Company and are not taxed separately. The Company is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under the Policies. Accordingly, no charge is currently being made to the Separate Account for federal income taxes. The Company will periodically review the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the Policies.

Premium Payments

The Company deducts a sales charge for certain Policies and a state premium tax charge from premiums before amounts are allocated to the Separate Account. In the case of certain Policies, the Company also deducts a federal income tax charge before amounts are allocated to the Separate Account. This federal income tax charge is imposed in connection with certain Policies to recover a portion of the federal income tax adjustment attributable to Policy acquisition expenses. Net premiums are reported as premium payments received from Policy owners on the statements of changes in net assets of the applicable Divisions and are credited as units.

Net Transfers

Assets transferred by the Policy owner into or out of Divisions within the Separate Account or into or out of the fixed account, which is part of the Company's general account, are recorded on a net basis as net transfers in the statements of changes in net assets of the applicable Divisions.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

COVID

The global outbreak of the coronavirus (COVID-19) has caused significant volatility within the economic markets. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future. These events may negatively affect the Separate Account's operations, business, financial results, or financial condition.

5.  EXPENSES & POLICY CHARGES

The following annual Separate Account charge paid to the Company is an asset-based charge and assessed through a daily reduction in unit values, which is recorded as an expense in the accompanying statements of operations of the applicable Divisions:

Mortality and Expense Risk — The mortality risk assumed by the Company is the risk that those insured may die sooner than anticipated and therefore, the Company will pay an aggregate amount of death benefits greater than anticipated. The expense risk assumed is the risk that expenses incurred in issuing and administering the Policies will exceed the amounts realized from the administrative charges assessed against the Policies.

The table below represents the range of effective annual rates for the charge for the year ended December 31, 2020:

Mortality and Expense Risk 0.00 % - 0.90%

The above referenced charge may not necessarily correspond to the costs associated with providing the services or benefits indicated by the designation of the charge or associated with a particular Policy.

UL-171

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

5.  EXPENSES & POLICY CHARGES — (Concluded)

For some Policies, a mortality and expense risk charge ranging from 0.05% to 0.90% is assessed through the redemption of units on a monthly basis and recorded as Policy charges in the statements of changes in net assets of the applicable Divisions. Other Policy charges that are assessed through the redemption of units generally include: Cost of Insurance ("COI") charges, administrative charges, a Policy fee, transfer charges and charges for benefits provided by rider, if any. The COI charge is the primary charge under the Policy for the death benefit provided by the Company which may vary by Policy based on underwriting criteria. A transfer fee ranging from $0 to $25 may be deducted after twelve transfers made in a Policy year. Policy administrative charges range from $0 to $15 based on face amounts of Policies and are assessed monthly.

For some Policies, a surrender charge is imposed if the Policy is partially or fully surrendered within the specified surrender charge period that ranges from $3.75 to $38.25 for every $1,000 of the Policy face amount. Surrender charges for other Policies are equal to the lesser of the maximum surrender charge premium or the premiums actually paid in the first two Policy years. These charges are paid to the Company and are recorded as Transfers for Policy benefits and terminations in the accompanying statements of changes in net assets of the applicable Divisions for the years ended December 31, 2020, 2019 and 2018.

Most Policies offer optional benefits that can be added to the Policy by rider. The charge for riders that provide life insurance benefits can range from $0.01 to $83.33 per $1,000 of coverage and the charge for riders providing benefits in the event of disability can range from $0.00 to $61.44 per $100 of the benefit provided. These charges are paid to the Company and are recorded as Policy charges in the accompanying statements of changes in net assets of the applicable Divisions for the years ended December 31, 2020, 2019 and 2018.

UL-172

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  STATEMENTS OF INVESTMENTS

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)						Proceeds from Sales ($)
	2020		2020		2020		2019		2018		2020		2019		2018
AB VPS Global Thematic Growth Division		1,121		26,632		5,137		8,516		1,283		736		15,703		775
AB VPS Intermediate Bond Division		14,993		159,814		5,683		13,348		83,317		5,293		15,645		2,284
American Funds® Bond Division		673,786		7,420,044		2,332,672		1,816,918		802,239		1,733,148		1,039,676		1,584,892
American Funds® Global Small Capitalization Division		2,940,464		62,510,500		6,694,687		5,423,055		5,289,952		7,872,365		6,581,286		6,378,917
American Funds® Growth Division		2,613,446		166,766,195		21,407,104		24,640,273		23,261,232		36,046,153		18,226,695		17,837,181
American Funds® Growth-Income Division		2,542,508		104,476,921		6,887,513		15,503,283		10,877,999		9,087,463		9,209,449		9,942,205
American Funds® High-Income Bond Division		5,049		49,074		14,798		25,735		530		492		325		169
American Funds® International Division		98,577		2,013,000		145,828		140,925		1,700,047		208,952		201,259		97,437
American Funds® U.S. Government/AAA-Rated Securities Division		4,998		61,738		3,765		4,609		3,558		2,043		1,823		2,849
BHFTI AB Global Dynamic Allocation Division		8,403		97,997		21,014		13,822		12,863		6,680		9,136		7,348
BHFTI American Funds® Balanced Allocation Division		134,169		1,337,760		319,365		201,961		164,204		381,321		54,037		65,257
BHFTI American Funds® Growth Allocation Division		244,547		2,311,680		302,305		418,635		334,214		108,510		575,140		191,882
BHFTI American Funds® Moderate Allocation Division		170,500		1,689,212		243,397		265,804		255,305		171,899		166,002		139,294
BHFTI AQR Global Risk Balanced Division		24,028		219,243		44,543		25,618		34,236		13,182		10,925		26,185
BHFTI BlackRock Global Tactical Strategies Division		63,195		642,540		150,812		78,541		107,458		37,789		24,804		36,977
BHFTI Brighthouse Asset Allocation 100 Division		2,233,937		25,434,319		6,151,229		4,182,599		3,152,212		4,423,886		3,540,964		2,168,820
BHFTI Brighthouse Balanced Plus Division		39,682		437,222		89,436		43,872		87,140		78,308		23,894		51,232
BHFTI Brighthouse Small Cap Value Division		71,684		1,045,511		93,062		138,155		418,863		13,312		223,108		42,330
BHFTI Brighthouse/ Aberdeen Emerging Markets Equity Division		143,798		1,424,033		178,415		288,734		562,900		164,079		101,311		81,736
BHFTI Brighthouse/ Templeton International Bond Division		36,727		362,640		83,803		75,982		49,850		46,116		8,805		47,138
BHFTI Brighthouse/ Wellington Large Cap Research Division		33,739,496		409,007,356		40,932,335		59,684,061		59,443,083		31,078,785		33,896,577		30,319,357

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-173

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  STATEMENTS OF INVESTMENTS — (Continued)

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)						Proceeds from Sales ($)
	2020		2020		2020		2019		2018		2020		2019		2018
BHFTI Clarion Global Real Estate Division		2,297,116		26,622,345		4,808,218		2,237,717		2,923,209		4,864,001		2,906,934		3,817,699
BHFTI Harris Oakmark International Division		3,150,420		42,221,736		5,231,700		5,126,372		5,844,976		5,640,154		3,801,215		4,098,087
BHFTI Invesco Balanced- Risk Allocation Division		8,473		81,846		15,991		8,552		16,069		3,088		2,458		14,968
BHFTI Invesco Global Equity Division		2,502,171		43,532,078		3,766,145		9,782,972		9,749,912		7,831,798		6,542,629		6,244,638
BHFTI Invesco Small Cap Growth Division		622,783		8,954,252		2,201,735		1,665,231		1,727,316		1,756,812		1,132,741		1,140,809
BHFTI JPMorgan Global Active Allocation Division		15,762		181,099		45,532		45,987		60,525		33,417		104,349		62,991
BHFTI JPMorgan Small Cap Value Division		40,882		609,464		113,264		193,731		106,661		60,497		47,982		112,757
BHFTI Loomis Sayles Global Allocation Division		29,078		451,229		94,684		88,592		86,733		32,728		36,258		134,473
BHFTI Loomis Sayles Growth Division		3,708,646		46,342,808		17,607,875		6,947,060		3,551,397		4,867,838		3,813,230		5,018,033
BHFTI MetLife Multi-Index Targeted Risk Division		16,234		195,577		39,737		17,607		28,392		15,143		9,590		27,012
BHFTI MFS® Research International Division		1,704,752		19,284,239		5,870,281		1,570,671		1,171,163		3,636,856		1,560,226		2,664,328
BHFTI Morgan Stanley Discovery Division		16,843,444		273,925,249		78,581,395		62,754,640		54,287,551		46,636,989		26,148,335		19,422,641
BHFTI PanAgora Global Diversified Risk Division		72		787		293		324		231		135		142		106
BHFTI PIMCO Inflation Protected Bond Division		994,485		10,442,901		2,018,598		1,049,053		1,328,279		1,966,920		962,894		1,812,352
BHFTI PIMCO Total Return Division		4,259,995		50,531,014		14,077,027		3,985,112		8,825,992		12,561,957		3,764,701		4,552,129
BHFTI Schroders Global Multi-Asset Division		10,177		121,001		28,685		19,343		38,242		9,652		13,614		7,633
BHFTI SSGA Growth and Income ETF Division		717,465		8,241,759		1,100,249		1,087,988		1,243,192		1,221,256		907,905		1,257,248
BHFTI SSGA Growth ETF Division		681,338		7,764,871		1,070,627		1,270,542		1,225,143		634,570		1,069,547		1,273,441
BHFTI T. Rowe Price Large Cap Value Division		111,581		3,117,966		338,749		456,755		838,764		54,544		537,243		95,787
BHFTI T. Rowe Price Mid Cap Growth Division		4,245,048		43,007,076		6,955,959		8,599,988		7,502,270		6,665,870		5,312,678		4,164,773
BHFTI Victory Sycamore Mid Cap Value Division		5,174,575		89,236,485		8,535,900		4,760,437		17,059,195		5,825,537		6,206,952		6,368,029
BHFTII Baillie Gifford International Stock Division		3,826,578		43,323,819		5,502,277		4,243,165		2,923,198		4,076,434		4,095,527		3,818,806
BHFTII BlackRock Bond Income Division		750,995		80,589,753		8,980,235		11,357,328		5,452,935		9,426,318		5,217,370		8,697,940
BHFTII BlackRock Capital Appreciation Division		416,644		15,379,595		5,487,010		3,489,462		3,502,140		3,379,735		1,668,009		1,506,030

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-174

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  STATEMENTS OF INVESTMENTS — (Continued)

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)						Proceeds from Sales ($)
	2020		2020		2020		2019		2018		2020		2019		2018
BHFTII BlackRock Ultra-Short Term Bond Division		254,568		25,694,668		19,092,049		6,553,360		6,283,718		21,095,332		6,874,202		5,715,933
BHFTII Brighthouse Asset Allocation 20 Division		409,782		4,513,545		1,274,817		739,432		1,121,422		1,248,834		613,038		1,222,469
BHFTII Brighthouse Asset Allocation 40 Division		975,023		11,139,892		1,468,646		1,763,446		1,115,030		1,339,932		1,376,047		1,404,444
BHFTII Brighthouse Asset Allocation 60 Division		4,910,748		55,780,027		6,478,700		7,209,544		5,931,301		4,710,599		4,505,315		5,165,830
BHFTII Brighthouse Asset Allocation 80 Division		8,905,906		105,373,229		14,465,558		14,458,288		9,060,411		7,019,585		8,472,662		8,201,530
BHFTII Brighthouse/Artisan Mid Cap Value Division		276,303		58,175,662		3,965,888		8,065,497		5,087,357		4,502,533		4,015,788		4,675,910
BHFTII Brighthouse/ Wellington Balanced Division		17,044,120		296,116,747		25,608,624		30,060,296		31,658,714		23,237,136		23,505,436		21,911,173
BHFTII Brighthouse/ Wellington Core Equity Opportunities Division		2,792,560		82,009,610		13,054,670		9,322,564		6,419,507		6,576,512		8,085,758		6,480,748
BHFTII Frontier Mid Cap Growth Division		8,004,256		233,111,806		33,139,878		35,214,753		29,557,481		20,288,351		18,636,268		17,365,127
BHFTII Jennison Growth Division		2,817,409		41,271,959		9,658,535		7,751,881		11,970,920		10,162,624		5,050,978		3,598,097
BHFTII Loomis Sayles Small Cap Core Division		106,703		24,943,111		2,973,140		3,014,928		3,509,412		2,501,957		2,292,228		2,094,540
BHFTII Loomis Sayles Small Cap Growth Division		1,094,897		13,523,840		2,523,891		2,831,850		3,111,464		2,667,010		1,806,127		1,331,685
BHFTII MetLife Aggregate Bond Index Division		13,485,120		148,612,998		31,916,931		28,316,449		16,068,111		27,363,175		10,862,366		25,749,748
BHFTII MetLife Mid Cap Stock Index Division		6,112,522		92,190,570		20,996,786		16,329,218		15,426,424		17,866,915		12,363,323		13,306,107
BHFTII MetLife MSCI EAFE® Index Division		7,132,407		85,288,565		13,081,751		12,009,660		12,159,295		12,998,744		8,127,844		7,212,925
BHFTII MetLife Russell 2000® Index Division		4,243,341		66,907,233		12,497,868		11,535,794		12,704,298		11,907,590		9,587,694		10,099,819
BHFTII MetLife Stock Index Division		23,255,957		890,022,534		136,710,082		126,537,714		99,675,290		99,332,093		88,072,965		88,827,635
BHFTII MFS® Total Return Division		65,074		10,009,687		1,092,240		2,736,787		4,153,084		1,237,068		24,051,730		2,188,698
BHFTII MFS® Value Division		8,089,437		116,523,679		15,430,830		11,629,824		33,163,609		13,905,647		9,898,264		11,609,864
BHFTII Neuberger Berman Genesis Division		6,370,737		105,418,162		10,743,267		17,674,000		16,424,472		9,159,079		8,829,745		8,504,561
BHFTII T. Rowe Price Large Cap Growth Division		5,356,778		102,663,449		13,721,898		18,601,560		22,531,272		11,580,716		9,206,900		9,648,121
BHFTII T. Rowe Price Small Cap Growth Division		6,136,940		113,317,413		31,589,411		21,091,527		17,374,095		29,016,588		12,723,797		12,586,896
BHFTII Van Eck Global Natural Resources Division		33,909		299,534		103,284		85,714		89,278		169,685		36,814		35,639

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-175

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  STATEMENTS OF INVESTMENTS — (Continued)

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)							Proceeds from Sales ($)
	2020		2020		2020			2019		2018		2020			2019		2018
BHFTII Western Asset Management Strategic Bond Opportunities Division		4,058,338		52,432,951		7,799,220			8,197,998		5,797,198		8,198,965			4,807,303		6,767,951
BHFTII Western Asset Management U.S. Government Division		1,654,287		19,791,049		6,182,507			1,846,747		2,187,896		2,633,036			2,262,423		1,788,098
BNY Mellon VI International Value Division		—		—		4,314	(a)		29,939		3,466		109,964	(a)		121,884		2,353
Fidelity® VIP Asset Manager: Growth Division		112,405		1,802,219		108,905			163,944		142,070		124,616			168,119		144,769
Fidelity® VIP Contrafund Division		88,672		2,688,159		265,699			764,751		383,026		164,896			761,697		253,162
Fidelity® VIP Equity-Income Division		85		1,837		8,165			162,357		111		144,887			1,220		14
Fidelity® VIP Freedom 2010 Division		11,966		159,503		138,299			50,023		33,404		141,436			41,445		22,002
Fidelity® VIP Freedom 2020 Division		49,108		496,219		143,931			154,689		153,830		98,244			93,783		145,134
Fidelity® VIP Freedom 2025 Division		37,930		503,841		31,559			25,102		17,161		11,473			11,189		11,854
Fidelity® VIP Freedom 2030 Division		25,517		372,012		280,248			232,170		244,284		261,969			155,175		249,208
Fidelity® VIP Freedom 2040 Division		18,966		409,830		244,672			191,884		150,221		166,615			140,495		104,378
Fidelity® VIP Freedom 2050 Division		10,191		200,902		184,959			153,698		113,839		229,119			149,846		69,881
Fidelity® VIP Government Money Market Division		5,426,872		5,426,872		6,281,176			3,767,089		1,527,734		4,995,392			2,616,903		2,893,551
Fidelity® VIP High Income Division		90,837		496,362		65,577			79,975		99,890		5,396			177,982		42,963
Fidelity® VIP Investment Grade Bond Division		3,136		41,206		222,151			191,421		60,600		765,753			849,132		42,532
Fidelity® VIP Mid Cap Division		8,185		248,648		14,895			28,876		26,048		9,101			5,589		30,860
FTVIPT Franklin Income VIP Division		748		11,358		926			4,099		30,115		6,161			59,218		302,924
FTVIPT Franklin Mutual Global Discovery VIP Division		41,525		782,033		85,957			146,620		178,613		11,968			175,537		32,368
FTVIPT Franklin Mutual Shares VIP Division		5,449		101,409		17,824			35,387		20,970		12,448			55,720		10,897
FTVIPT Templeton Foreign VIP Division		408,366		5,739,207		1,078,600			552,990		1,307,300		2,159,156			867,527		3,395,965
FTVIPT Templeton Global Bond VIP Division		77,071		1,304,321		278,685			289,733		146,098		54,727			73,962		58,522
Goldman Sachs Small Cap Equity Insights Division		1,771		18,677		15,467			1,303		2,252		4,483			1,740		1,690
Invesco V.I. Comstock Division		48,025		776,049		166,914			154,453		205,088		8,622			7,665		287,099
Invesco V.I. International Growth Division		10,724		361,670		37,717			56,397		39,876		24,915			38,638		15,876

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-176

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  STATEMENTS OF INVESTMENTS — (Concluded)

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)							Proceeds from Sales ($)
	2020		2020		2020			2019		2018		2020			2019		2018
Janus Henderson Balanced Division		35,456		1,100,246		47,636			66,915		198,771		57,135			133,246		30,911
Janus Henderson Enterprise Division		3,930		251,027		191,673			61,835		149,001		322,908			79,552		111,845
Janus Henderson Forty Division		12,575		537,009		581,268			74,912		53,772		543,510			7,861		6,801
Janus Henderson Research Division		11,576		322,940		44,277			63,792		25,865		16,442			25,503		11,513
MFS® VIT Global Equity Division		5,695		116,183		8,248			75,837		66,088		5,439			992		350,889
MFS® VIT New Discovery Division		1,455		23,644		3,008			9,663		3,132		1,523			7,260		1,194
MFS® VIT II High Yield Division		31,027		184,159		8,931			8,931		8,422		2,954			2,859		2,599
Morgan Stanley VIF Emerging Markets Debt Division		86,965		676,169		322,745			99,623		292,503		606,140			290,071		729,619
Morgan Stanley VIF Emerging Markets Equity Division		253,866		3,693,524		1,743,886			938,639		2,519,180		2,056,980			1,462,851		617,044
PIMCO VIT All Asset Division		2,253		23,946		5,228			84,836		14,398		66,432			143,890		7,430
PIMCO VIT Commodity RealReturn® Strategy Division		5,546		34,344		18,823			2,401		25,752		8,564			4,077		3,023
PIMCO VIT Low Duration Division		83,307		866,328		10,733			71,111		68,852		59,947			142,792		16,776
Pioneer Mid Cap Value VCT Division		823		14,505		2,450			12,146		—		76			7		—
Putnam VT International Value Division		—		—		1,500	(b)		1,764		1,412		5,175	(b)		1,364		1,333
Royce Micro-Cap Division		1,223		12,671		186			1,056		1,517		92			90		989
Royce Small-Cap Division		1,907		16,603		1,558			2,904		1,323		1,434			1,577		1,265

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-177

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS
For the years ended December 31, 2020, 2019 and 2018:

	AB VPS Global Thematic Growth Division									AB VPS Intermediate Bond Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		2,852			3,702			3,649			8,607			8,974			4,418
Units issued and transferred from other funding options		154			605			155			34			538			4,690
Units redeemed and transferred to other funding options		(63	)		(1,455	)		(102	)		(286	)		(905	)		(134	)
Units end of year		2,943			2,852			3,702			8,355			8,607			8,974
	American Funds® Growth Division									American Funds® Growth-Income Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		771,615			836,344			903,104			883,644			944,058			1,016,793
Units issued and transferred from other funding options		278,019	*		48,368			58,687			64,550			62,135			70,100
Units redeemed and transferred to other funding options		(241,887	)		(113,097	)		(125,447	)		(113,048	)		(122,549	)		(142,835	)
Units end of year		807,747			771,615			836,344			835,146			883,644			944,058
	American Funds® U.S. Government/AAA-Rated Securities Division									BHFTI AB Global Dynamic Allocation Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		2,299			2,234			2,245			5,461			5,469			5,215
Units issued and transferred from other funding options		46			137			108			845			585			750
Units redeemed and transferred to other funding options		(74	)		(72	)		(119	)		(422	)		(593	)		(496	)
Units end of year		2,271			2,299			2,234			5,884			5,461			5,469

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

*  Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2020. There was no impact to the net assets of the Division.

UL-178

	American Funds® Bond Division									American Funds® Global Small Capitalization Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		414,967			376,098			441,078			1,280,303			1,386,320			1,470,404
Units issued and transferred from other funding options		178,829			133,544			77,694			115,958			98,762			138,427
Units redeemed and transferred to other funding options		(158,371	)		(94,675	)		(142,674	)		(205,646	)		(204,779	)		(222,511	)
Units end of year		435,425			414,967			376,098			1,190,615			1,280,303			1,386,320
	American Funds® High-Income Bond Division									American Funds® International Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		1,992			546			557			43,385			46,499			14,364
Units issued and transferred from other funding options		668			1,466			—			3,418			1,907			34,383
Units redeemed and transferred to other funding options		(30	)		(20	)		(11	)		(4,865	)		(5,021	)		(2,248	)
Units end of year		2,630			1,992			546			41,938			43,385			46,499
	BHFTI American Funds® Balanced Allocation Division									BHFTI American Funds® Growth Allocation Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		67,995			66,505			65,872			98,420			116,394			117,316
Units issued and transferred from other funding options		9,639			4,212			4,126			4,201			9,785			8,685
Units redeemed and transferred to other funding options		(17,216	)		(2,722	)		(3,493	)		(4,650	)		(27,759	)		(9,607	)
Units end of year		60,418			67,995			66,505			97,971			98,420			116,394

UL-179

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2020, 2019 and 2018:

	BHFTI American Funds® Moderate Allocation Division									BHFTI AQR Global Risk Balanced Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		82,898			83,960			83,131			14,354			13,539			14,107
Units issued and transferred from other funding options		6,586			8,035			8,746			1,752			1,724			1,756
Units redeemed and transferred to other funding options		(8,469	)		(9,097	)		(7,917	)		(1,074	)		(909	)		(2,324	)
Units end of year		81,015			82,898			83,960			15,032			14,354			13,539
	BHFTI Brighthouse Balanced Plus Division									BHFTI Brighthouse Small Cap Value Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		24,489			23,872			24,072			28,267			33,559			24,110
Units issued and transferred from other funding options		1,742			2,047			2,916			1,672			1,636			10,790
Units redeemed and transferred to other funding options		(4,155	)		(1,430	)		(3,116	)		(472	)		(6,928	)		(1,341	)
Units end of year		22,076			24,489			23,872			29,467			28,267			33,559
	BHFTI Brighthouse/Wellington Large Cap Research Division									BHFTI Clarion Global Real Estate Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		7,682,381			8,203,510			8,680,557			1,058,412			1,119,415			1,228,028
Units issued and transferred from other funding options		541,345			491,293			572,563			542,417			118,771			133,041
Units redeemed and transferred to other funding options		(894,298	)		(1,012,422	)		(1,049,610	)		(609,869	)		(179,774	)		(241,654	)
Units end of year		7,329,428			7,682,381			8,203,510			990,960			1,058,412			1,119,415

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-180

	BHFTI BlackRock Global Tactical Strategies Division									BHFTI Brighthouse Asset Allocation 100 Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		34,843			31,192			29,101			923,654			1,019,388			1,029,774
Units issued and transferred from other funding options		6,092			5,274			4,688			148,064			87,615			128,134
Units redeemed and transferred to other funding options		(2,428	)		(1,623	)		(2,597	)		(190,926	)		(183,349	)		(138,520	)
Units end of year		38,507			34,843			31,192			880,792			923,654			1,019,388
	BHFTI Brighthouse/Aberdeen Emerging Markets Equity Division									BHFTI Brighthouse/Templeton International Bond Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		86,472			77,696			54,830			20,570			17,688			17,506
Units issued and transferred from other funding options		9,239			15,340			28,705			4,668			3,473			3,443
Units redeemed and transferred to other funding options		(12,254	)		(6,564	)		(5,839	)		(3,319	)		(591	)		(3,261	)
Units end of year		83,457			86,472			77,696			21,919			20,570			17,688
	BHFTI Harris Oakmark International Division									BHFTI Invesco Balanced-Risk Allocation Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		1,149,294			1,222,892			1,251,121			48,880			44,433			47,953
Units issued and transferred from other funding options		198,339			111,388			171,108			6,102			6,242			8,054
Units redeemed and transferred to other funding options		(249,464	)		(184,986	)		(199,337	)		(2,219	)		(1,795	)		(11,574	)
Units end of year		1,098,169			1,149,294			1,222,892			52,763			48,880			44,433

UL-181

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2020, 2019 and 2018:

	BHFTI Invesco Global Equity Division									BHFTI Invesco Small Cap Growth Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		1,230,393			1,327,490			1,391,388			172,676			189,081			198,393
Units issued and transferred from other funding options		171,312			201,727			377,746			41,501			20,954			29,266
Units redeemed and transferred to other funding options		(249,184	)		(298,824	)		(441,644	)		(44,132	)		(37,359	)		(38,578	)
Units end of year		1,152,521			1,230,393			1,327,490			170,045			172,676			189,081
	BHFTI Loomis Sayles Global Allocation Division									BHFTI Loomis Sayles Growth Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		14,485			14,146			17,200			1,729,858			1,851,832			2,017,737
Units issued and transferred from other funding options		1,941			1,559			2,074			131,564			143,376			172,112
Units redeemed and transferred to other funding options		(1,029	)		(1,220	)		(5,128	)		(270,063	)		(265,350	)		(338,017	)
Units end of year		15,397			14,485			14,146			1,591,359			1,729,858			1,851,832
	BHFTI Morgan Stanley Discovery Division									BHFTI PanAgora Global Diversified Risk Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		8,205,516			8,757,498			9,244,431			484			355			265
Units issued and transferred from other funding options		578,850			607,006			785,595			160			238			178
Units redeemed and transferred to other funding options		(1,180,761	)		(1,158,988	)		(1,272,528	)		(96	)		(109	)		(88	)
Units end of year		7,603,605			8,205,516			8,757,498			548			484			355

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-182

	BHFTI JPMorgan Global Active Allocation Division									BHFTI JPMorgan Small Cap Value Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		109,106			150,720			164,613			17,082			13,980			15,092
Units issued and transferred from other funding options		22,853			25,625			28,411			5,033			4,823			2,587
Units redeemed and transferred to other funding options		(20,996	)		(67,239	)		(42,304	)		(2,322	)		(1,721	)		(3,699	)
Units end of year		110,963			109,106			150,720			19,793			17,082			13,980
	BHFTI MetLife Multi-Index Targeted Risk Division									BHFTI MFS® Research International Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		1,128			1,102			1,183			757,602			802,391			887,068
Units issued and transferred from other funding options		116			90			103			411,321			55,779			73,740
Units redeemed and transferred to other funding options		(92	)		(64	)		(184	)		(358,684	)		(100,568	)		(158,417	)
Units end of year		1,152			1,128			1,102			810,239			757,602			802,391
	BHFTI PIMCO Inflation Protected Bond Division									BHFTI PIMCO Total Return Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		584,141			599,323			641,205			2,140,981			2,196,080			1,849,597
Units issued and transferred from other funding options		132,974			86,749			119,225			884,650			227,323			697,164
Units redeemed and transferred to other funding options		(152,324	)		(101,931	)		(161,107	)		(898,533	)		(282,422	)		(350,681	)
Units end of year		564,791			584,141			599,323			2,127,098			2,140,981			2,196,080

UL-183

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2020, 2019 and 2018:

	BHFTI Schroders Global Multi-Asset Division									BHFTI SSGA Growth and Income ETF Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		66,855			63,931			47,155			389,915			411,604			441,765
Units issued and transferred from other funding options		12,605			11,663			21,880			37,404			33,816			63,302
Units redeemed and transferred to other funding options		(5,946	)		(8,739	)		(5,104	)		(65,678	)		(55,505	)		(93,463	)
Units end of year		73,514			66,855			63,931			361,641			389,915			411,604
	BHFTI T. Rowe Price Mid Cap Growth Division									BHFTI Victory Sycamore Mid Cap Value Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		1,217,875			1,327,338			1,398,449			1,873,760			1,995,325			2,117,145
Units issued and transferred from other funding options		141,781			105,769			149,893			180,250			145,998			162,749
Units redeemed and transferred to other funding options		(252,122	)		(215,232	)		(221,004	)		(245,371	)		(267,563	)		(284,569	)
Units end of year		1,107,534			1,217,875			1,327,338			1,808,639			1,873,760			1,995,325
	BHFTII BlackRock Capital Appreciation Division									BHFTII BlackRock Ultra-Short Term Bond Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		346,393			361,309			354,455			1,501,263			1,542,974			1,528,238
Units issued and transferred from other funding options		102,537			47,005			71,267			1,932,378			355,734			349,026
Units redeemed and transferred to other funding options		(103,678	)		(61,921	)		(64,413	)		(2,071,545	)		(397,445	)		(334,290	)
Units end of year		345,252			346,393			361,309			1,362,096			1,501,263			1,542,974

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-184

	BHFTI SSGA Growth ETF Division									BHFTI T. Rowe Price Large Cap Value Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		334,933			356,198			388,361			113,705			133,556			116,199
Units issued and transferred from other funding options		36,919			38,660			71,472			2,774			4,307			21,317
Units redeemed and transferred to other funding options		(38,828	)		(59,925	)		(103,635	)		(2,418	)		(24,158	)		(3,960	)
Units end of year		333,024			334,933			356,198			114,061			113,705			133,556
	BHFTII Baillie Gifford International Stock Division									BHFTII BlackRock Bond Income Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		2,066,442			2,204,495			2,260,585			2,580,447			2,438,867			2,640,356
Units issued and transferred from other funding options		302,563			202,103			279,576			698,610			537,636			355,078
Units redeemed and transferred to other funding options		(385,996	)		(340,156	)		(335,666	)		(781,823	)		(396,056	)		(556,567	)
Units end of year		1,983,009			2,066,442			2,204,495			2,497,234			2,580,447			2,438,867
	BHFTII Brighthouse Asset Allocation 20 Division									BHFTII Brighthouse Asset Allocation 40 Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		225,662			228,095			240,312			437,228			455,924			503,263
Units issued and transferred from other funding options		75,397			49,026			77,028			48,163			69,946			50,875
Units redeemed and transferred to other funding options		(85,213	)		(51,459	)		(89,245	)		(79,742	)		(88,642	)		(98,214	)
Units end of year		215,846			225,662			228,095			405,649			437,228			455,924

UL-185

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2020, 2019 and 2018:

	BHFTII Brighthouse Asset Allocation 60 Division									BHFTII Brighthouse Asset Allocation 80 Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		2,321,571			2,440,917			2,546,180			4,095,013			4,357,846			4,581,913
Units issued and transferred from other funding options		177,968			212,672			297,977			297,963			320,207			380,165
Units redeemed and transferred to other funding options		(313,927	)		(332,018	)		(403,240	)		(468,513	)		(583,040	)		(604,232	)
Units end of year		2,185,612			2,321,571			2,440,917			3,924,463			4,095,013			4,357,846
	BHFTII Brighthouse/Wellington Core Equity Opportunities Division									BHFTII Frontier Mid Cap Growth Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		909,178			1,000,401			1,071,707			5,034,751			5,346,436			5,651,424
Units issued and transferred from other funding options		72,150			63,586			77,445			312,533			288,492			334,483
Units redeemed and transferred to other funding options		(113,600	)		(154,809	)		(148,751	)		(583,971	)		(600,177	)		(639,471	)
Units end of year		867,728			909,178			1,000,401			4,763,313			5,034,751			5,346,436
	BHFTII Loomis Sayles Small Cap Growth Division									BHFTII MetLife Aggregate Bond Index Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		405,373			443,647			447,539			5,812,785			5,275,887			5,861,102
Units issued and transferred from other funding options		39,048			35,033			67,676			2,864,213			1,345,846			943,936
Units redeemed and transferred to other funding options		(86,892	)		(73,307	)		(71,568	)		(2,863,696	)		(808,948	)		(1,529,151	)
Units end of year		357,529			405,373			443,647			5,813,302			5,812,785			5,275,887

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

*  Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2020. There was no impact to the net assets of the Division.

UL-186

	BHFTII Brighthouse/Artisan Mid Cap Value Division									BHFTII Brighthouse/Wellington Balanced Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		132,110			139,029			143,529			6,391,352			6,756,248			7,141,516
Units issued and transferred from other funding options		18,309			9,865			13,563			520,612			530,532			569,347
Units redeemed and transferred to other funding options		(21,217	)		(16,784	)		(18,063	)		(843,162	)		(895,428	)		(954,615	)
Units end of year		129,202			132,110			139,029			6,068,802			6,391,352			6,756,248
	BHFTII Jennison Growth Division									BHFTII Loomis Sayles Small Cap Core Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		1,219,293			1,343,448			1,163,887			56,229			58,707			61,380
Units issued and transferred from other funding options		625,873			989,355			1,055,315			284,795	*		3,429			3,941
Units redeemed and transferred to other funding options		(871,461	)		(1,113,510	)		(875,754	)		(46,198	)		(5,907	)		(6,614	)
Units end of year		973,705			1,219,293			1,343,448			294,826			56,229			58,707
	BHFTII MetLife Mid Cap Stock Index Division									BHFTII MetLife MSCI EAFE® Index Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		2,028,102			2,176,295			2,347,441			4,565,504			4,552,151			4,450,219
Units issued and transferred from other funding options		622,162			353,710			493,985			1,390,489			963,856			1,236,164
Units redeemed and transferred to other funding options		(670,264	)		(501,903	)		(665,131	)		(1,479,217	)		(950,503	)		(1,134,232	)
Units end of year		1,980,000			2,028,102			2,176,295			4,476,776			4,565,504			4,552,151

UL-187

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2020, 2019 and 2018:

	BHFTII MetLife Russell 2000® Index Division									BHFTII MetLife Stock Index Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		1,720,023			1,863,483			1,943,253			24,254,257			25,803,037			27,422,366
Units issued and transferred from other funding options		346,012			174,729			256,317			2,144,182			1,624,476			1,960,490
Units redeemed and transferred to other funding options		(420,676	)		(318,189	)		(336,087	)		(3,244,664	)		(3,173,256	)		(3,579,819	)
Units end of year		1,645,359			1,720,023			1,863,483			23,153,775			24,254,257			25,803,037
	BHFTII Neuberger Berman Genesis Division									BHFTII T. Rowe Price Large Cap Growth Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		2,525,813			2,696,612			2,861,185			2,411,422			2,584,754			2,755,067
Units issued and transferred from other funding options		183,570			172,138			200,453			217,243			167,674			236,790
Units redeemed and transferred to other funding options		(325,363	)		(342,937	)		(365,026	)		(361,990	)		(341,006	)		(407,103	)
Units end of year		2,384,020			2,525,813			2,696,612			2,266,675			2,411,422			2,584,754
	BHFTII Western Asset Management Strategic Bond Opportunities Division									BHFTII Western Asset Management U.S. Government Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		1,645,761			1,639,816			1,766,489			803,446			845,377			843,094
Units issued and transferred from other funding options		328,833			284,741			245,984			311,773			143,181			178,163
Units redeemed and transferred to other funding options		(427,332	)		(278,796	)		(372,657	)		(201,634	)		(185,112	)		(175,880	)
Units end of year		1,547,262			1,645,761			1,639,816			913,585			803,446			845,377

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-188

	BHFTII MFS® Total Return Division									BHFTII MFS® Value Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		402,049			1,343,444			1,371,577			3,412,658			3,661,165			3,244,182
Units issued and transferred from other funding options		30,667			1,140,538			1,904,539			597,982			501,248			1,264,761
Units redeemed and transferred to other funding options		(61,868	)		(2,081,933	)		(1,932,672	)		(787,106	)		(749,755	)		(847,778	)
Units end of year		370,848			402,049			1,343,444			3,223,534			3,412,658			3,661,165
	BHFTII T. Rowe Price Small Cap Growth Division									BHFTII Van Eck Global Natural Resources Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		2,156,978			2,312,969			2,419,219			2,985			2,550			2,127
Units issued and transferred from other funding options		467,077			287,625			461,739			1,122			763			680
Units redeemed and transferred to other funding options		(629,801	)		(443,616	)		(567,989	)		(1,663	)		(328	)		(257	)
Units end of year		1,994,254			2,156,978			2,312,969			2,444			2,985			2,550
	BNY Mellon VI International Value Division									Fidelity® VIP Asset Manager: Growth Division
	2020 (a)			2019			2018			2020			2019			2018
Units beginning of year		7,923			13,963			14,102			102,055			109,421			115,410
Units issued and transferred from other funding options		—			1,713			—			2,932			1,452			2,167
Units redeemed and transferred to other funding options		(7,923	)		(7,753	)		(139	)		(6,489	)		(8,818	)		(8,156	)
Units end of year		—			7,923			13,963			98,498			102,055			109,421

UL-189

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2020, 2019 and 2018:

	Fidelity® VIP Contrafund Division									Fidelity® VIP Equity-Income Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		77,171			85,494			89,725			5,962			64			65
Units issued and transferred from other funding options		5,354			11,649			3,504			8			5,943			—
Units redeemed and transferred to other funding options		(4,204	)		(19,972	)		(7,735	)		(5,907	)		(45	)		(1	)
Units end of year		78,321			77,171			85,494			63			5,962			64
	Fidelity® VIP Freedom 2025 Division									Fidelity® VIP Freedom 2030 Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		20,110			20,549			21,032			18,205			15,105			15,714
Units issued and transferred from other funding options		—			—			—			32,591			33,924			38,013
Units redeemed and transferred to other funding options		(409	)		(439	)		(483	)		(32,780	)		(30,824	)		(38,622	)
Units end of year		19,701			20,110			20,549			18,016			18,205			15,105
	Fidelity® VIP Government Money Market Division									Fidelity® VIP High Income Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		226,282			166,726			246,875			16,565			21,615			20,377
Units issued and transferred from other funding options		342,727			206,921			86,474			1,722			2,309			3,054
Units redeemed and transferred to other funding options		(273,414	)		(147,365	)		(166,623	)		(222	)		(7,359	)		(1,816	)
Units end of year		295,595			226,282			166,726			18,065			16,565			21,615

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-190

	Fidelity® VIP Freedom 2010 Division									Fidelity® VIP Freedom 2020 Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		9,084			9,170			8,858			26,304			25,229			26,108
Units issued and transferred from other funding options		8,809			5,829			4,941			11,533			15,400			16,734
Units redeemed and transferred to other funding options		(9,616	)		(5,915	)		(4,629	)		(11,486	)		(14,325	)		(17,613	)
Units end of year		8,277			9,084			9,170			26,351			26,304			25,229
	Fidelity® VIP Freedom 2040 Division									Fidelity® VIP Freedom 2050 Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		14,810			13,260			11,353			10,458			10,867			9,075
Units issued and transferred from other funding options		26,991			26,213			24,153			14,929			15,935			13,562
Units redeemed and transferred to other funding options		(24,733	)		(24,663	)		(22,246	)		(17,170	)		(16,344	)		(11,770	)
Units end of year		17,068			14,810			13,260			8,217			10,458			10,867
	Fidelity® VIP Investment Grade Bond Division									Fidelity® VIP Mid Cap Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		29,736			66,819			67,826			4,531			4,620			5,144
Units issued and transferred from other funding options		11,139			9,647			10,478			270			49			48
Units redeemed and transferred to other funding options		(38,806	)		(46,730	)		(11,485	)		(226	)		(138	)		(572	)
Units end of year		2,069			29,736			66,819			4,575			4,531			4,620

UL-191

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2020, 2019 and 2018:

	FTVIPT Franklin Income VIP Division									FTVIPT Franklin Mutual Global Discovery VIP Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		154			681			541			19,409			22,909			19,169
Units issued and transferred from other funding options		3			12			284			2,255			1,986			4,789
Units redeemed and transferred to other funding options		(60	)		(539	)		(144	)		(550	)		(5,486	)		(1,049	)
Units end of year		97			154			681			21,114			19,409			22,909
	FTVIPT Templeton Global Bond VIP Division									Goldman Sachs Small Cap Equity Insights Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		39,222			33,621			30,130			236			257			275
Units issued and transferred from other funding options		7,883			8,397			5,786			722			39			38
Units redeemed and transferred to other funding options		(2,199	)		(2,796	)		(2,295	)		(274	)		(60	)		(56	)
Units end of year		44,906			39,222			33,621			684			236			257
	Janus Henderson Balanced Division									Janus Henderson Enterprise Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		40,513			44,259			40,784			11,228			12,563			12,025
Units issued and transferred from other funding options		80			277			4,474			5,239			3,909			5,663
Units redeemed and transferred to other funding options		(1,553	)		(4,023	)		(999	)		(9,090	)		(5,244	)		(5,125	)
Units end of year		39,040			40,513			44,259			7,377			11,228			12,563

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-192

	FTVIPT Franklin Mutual Shares VIP Division									FTVIPT Templeton Foreign VIP Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		181			247			240			312,678			335,963			439,731
Units issued and transferred from other funding options		32			52			30			49,535			307,542			666,833
Units redeemed and transferred to other funding options		(29	)		(118	)		(23	)		(105,292	)		(330,827	)		(770,601	)
Units end of year		184			181			247			256,921			312,678			335,963
	Invesco V.I. Comstock Division									Invesco V.I. International Growth Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		24,325			21,865			28,331			12,475			12,884			12,350
Units issued and transferred from other funding options		5,708			2,780			4,805			738			903			1,093
Units redeemed and transferred to other funding options		(394	)		(320	)		(11,271	)		(814	)		(1,312	)		(559	)
Units end of year		29,639			24,325			21,865			12,399			12,475			12,884
	Janus Henderson Forty Division									Janus Henderson Research Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		8,740			8,128			8,229			14,173			14,343			14,524
Units issued and transferred from other funding options		11,411			772			53			173			770			342
Units redeemed and transferred to other funding options		(11,593	)		(160	)		(154	)		(585	)		(940	)		(523	)
Units end of year		8,558			8,740			8,128			13,761			14,173			14,343

UL-193

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

7.  SCHEDULES OF UNITS — (Concluded)
For the years ended December 31, 2020, 2019 and 2018:

	MFS® VIT Global Equity Division									MFS® VIT New Discovery Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		3,332			1,371			10,503			545			600			633
Units issued and transferred from other funding options		172			1,990			1,432			5			118			7
Units redeemed and transferred to other funding options		(256	)		(29	)		(10,564	)		(32	)		(173	)		(40	)
Units end of year		3,248			3,332			1,371			518			545			600
	Morgan Stanley VIF Emerging Markets Equity Division									PIMCO VIT All Asset Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		239,727			294,163			175,378			5,679			9,883			9,745
Units issued and transferred from other funding options		283,687			36,215			156,621			183			5,343			642
Units redeemed and transferred to other funding options		(303,617	)		(90,651	)		(37,836	)		(4,409	)		(9,547	)		(504	)
Units end of year		219,797			239,727			294,163			1,453			5,679			9,883
	Pioneer Mid Cap Value VCT Division									Putnam VT International Value Division
	2020			2019			2018			2020 (b)			2019			2018
Units beginning of year		139			—			—			178			179			184
Units issued and transferred from other funding options		25			139			—			43			50			41
Units redeemed and transferred to other funding options		(1	)		—			—			(221	)		(51	)		(46	)
Units end of year		163			139			—			—			178			179

(a) For the period January 1, 2020 to April 30, 2020.

(b) Had no net assets at December 31, 2020.

UL-194

	MFS® VIT II High Yield Division									Morgan Stanley VIF Emerging Markets Debt Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		6,970			7,095			7,214			22,801			28,961			43,022
Units issued and transferred from other funding options		—			—			—			28,463			1,143			5,236
Units redeemed and transferred to other funding options		(124	)		(125	)		(119	)		(36,378	)		(7,303	)		(19,297	)
Units end of year		6,846			6,970			7,095			14,886			22,801			28,961
	PIMCO VIT CommodityRealReturn® Strategy Division									PIMCO VIT Low Duration Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		2,908			3,263			584			66,507			73,877			71,259
Units issued and transferred from other funding options		2,405			164			3,038			—			3,972			3,904
Units redeemed and transferred to other funding options		(1,294	)		(519	)		(359	)		(4,338	)		(11,342	)		(1,286	)
Units end of year		4,019			2,908			3,263			62,169			66,507			73,877
	Royce Micro-Cap Division									Royce Small-Cap Division
	2020			2019			2018			2020			2019			2018
Units beginning of year		495			499			500			557			578			588
Units issued and transferred from other funding options		—			—			45			64			40			42
Units redeemed and transferred to other funding options		(4	)		(4	)		(46	)		(72	)		(61	)		(52	)
Units end of year		491			495			499			549			557			578

UL-195

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS

The Company sells a number of variable life products which have unique combinations of features and fees, some of which directly affect the unit values of the Divisions. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns.

The following table is a summary of unit values and units outstanding for the Policies, net assets, net investment income ratios, expense ratios, excluding expenses for the underlying fund, portfolio or series, and total return ratios for the respective stated periods in the five years ended December 31, 2020:

			As of December 31							For the year ended December 31
			Units		Unit Value Lowest to Highest ($)			Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
AB VPS Global Thematic Growth		2020		2,943		15.44			45,437		0.46		0.00	39.08
Division		2019		2,852		11.10			31,660		0.17		0.00	29.78
		2018		3,702		8.55			31,667		—		0.00	(9.98)
		2017		3,649		9.50			34,675		0.24		0.00	36.30
		2016		4,645		6.97			32,386		—		0.00	(0.88)
AB VPS Intermediate Bond		2020		8,355		19.50			162,971		3.16		0.00	5.64
Division		2019		8,607		18.46			158,911		2.67		0.00	7.99
		2018		8,974		17.10			153,420		1.07		0.00	(1.01)
		2017		4,418		17.27			76,308		3.74		0.00	3.27
		2016		5,684		16.72			95,051		2.98		0.00	4.36
American Funds® Bond		2020		435,425		15.31 - 29.37			7,903,513		2.12		0.00 - 0.90	8.75 - 9.73
Division		2019		414,967		14.07 - 26.77			6,856,016		2.68		0.00 - 0.90	8.38 - 9.36
		2018		376,098		12.99 - 24.48			5,696,031		2.36		0.00 - 0.90	(1.61) - (0.71)
		2017		441,078		13.20 - 24.65			6,687,934		1.95		0.00 - 0.90	2.74 - 3.66
		2016		434,380		12.85 - 23.78			6,362,160		1.69		0.00 - 0.90	2.02 - 2.94
American Funds® Global Small		2020		1,190,615		66.65 - 91.43			92,801,053		0.17		0.00 - 0.90	28.56 - 29.72
Capitalization Division		2019		1,280,303		51.84 - 70.48			77,030,169		0.16		0.00 - 0.90	30.34 - 31.52
		2018		1,386,320		39.77 - 53.59			63,507,960		0.08		0.00 - 0.90	(11.35) - (10.55)
		2017		1,470,404		44.87 - 59.91			75,338,643		0.43		0.00 - 0.90	24.77 - 25.89
		2016		1,565,814		35.96 - 47.59			63,768,756		0.25		0.00 - 0.90	1.18 - 2.10
American Funds® Growth		2020		807,747		99.23 - 441.30	*		311,444,357		0.32		0.00 - 0.90	50.71 - 52.08
Division		2019		771,615		65.25 - 713.73			223,225,743		0.75		0.00 - 0.90	29.60 - 30.77
	* Due to system limitations, the	2018		836,344		49.89 - 545.78			185,071,928		0.43		0.00 - 0.90	(1.15) - (0.25)
Units Outstanding for this fund		2017		903,104		50.02 - 547.13			200,354,614		0.50		0.00 - 0.90	27.15 - 28.29
were increased and accordingly		2016		978,206		38.99 - 426.47			168,913,307		0.78		0.00 - 0.90	8.51 - 9.49
the Unit Values decreased during
the year ended December 31,
2020. There was no impact to
the net assets of the Division.
American Funds® Growth-Income		2020		835,146		139.15 - 505.83			138,973,519		1.37		0.00 - 0.90	12.53 - 13.55
Division		2019		883,644		123.66 - 445.48			129,723,950		1.67		0.00 - 0.90	25.01 - 26.14
		2018		944,058		98.93 - 353.18			109,820,938		1.39		0.00 - 0.90	(2.67) - (1.79)
		2017		1,016,793		101.64 - 359.60			120,442,660		1.39		0.00 - 0.90	21.29 - 22.38
		2016		1,093,901		83.80 - 293.83			105,740,546		1.48		0.00 - 0.90	10.52 - 11.52
American Funds® High-Income		2020		2,630		18.44			48,516		9.42		0.00	7.94
Bond Division (Had no net		2019		1,992		17.09			34,035		7.35		0.00	12.55
assets at December 31, 2016)		2018		546		15.18			8,286		6.15		0.00	(2.34)
		2017		557		15.55			8,652		5.42		0.00	6.89
		2016		—		14.54			—		—		0.00	17.69

UL-196

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
American Funds® International	2020		41,938		55.33		2,320,506		0.67		0.00	13.97
Division	2019		43,385		48.55		2,106,276		1.46		0.00	22.88
	2018		46,499		39.51		1,837,064		2.43		0.00	(13.13)
	2017		14,364		45.48		653,285		1.29		0.00	32.14
	2016		10,123		34.42		348,390		1.41		0.00	3.53
American Funds® U.S.	2020		2,271		28.37		64,431		1.84		0.00	9.80
Government/AAA-Rated	2019		2,299		25.84		59,401		2.05		0.00	5.32
Securities Division	2018		2,234		24.54		54,812		1.83		0.00	0.73
	2017		2,245		24.36		54,697		1.33		0.00	1.59
	2016		2,265		23.98		54,307		1.41		0.00	1.19
BHFTI AB Global Dynamic	2020		5,884		17.81		104,790		1.69		0.00	6.09
Allocation Division	2019		5,461		16.79		91,680		3.45		0.00	18.07
	2018		5,469		14.22		77,749		1.64		0.00	(6.97)
	2017		5,215		15.28		79,701		1.47		0.00	13.62
	2016		4,603		13.45		61,910		1.58		0.00	3.60
BHFTI American Funds® Balanced	2020		60,418		24.63		1,487,933		1.96		0.00	15.84
Allocation Division	2019		67,995		21.26		1,445,605		2.08		0.00	19.88
	2018		66,505		17.73		1,179,440		1.77		0.00	(3.95)
	2017		65,872		18.46		1,216,312		1.74		0.00	17.19
	2016		62,881		15.76		990,764		1.95		0.00	8.04
BHFTI American Funds® Growth	2020		97,971		26.78		2,623,990		1.85		0.00	17.34
Allocation Division	2019		98,420		22.83		2,246,552		1.93		0.00	24.05
	2018		116,394		18.40		2,141,745		1.46		0.00	(5.52)
	2017		117,316		19.48		2,284,932		1.47		0.00	21.71
	2016		110,079		16.00		1,761,546		1.65		0.00	9.28
BHFTI American Funds® Moderate	2020		81,015		22.25		1,802,190		2.20		0.00	13.30
Allocation Division	2019		82,898		19.63		1,627,630		2.25		0.00	16.59
	2018		83,960		16.84		1,413,851		2.08		0.00	(3.14)
	2017		83,131		17.39		1,445,306		2.06		0.00	13.37
	2016		75,553		15.34		1,158,636		2.23		0.00	7.25
BHFTI AQR Global Risk Balanced	2020		15,032		13.22		198,710		2.33		0.00	3.02
Division	2019		14,354		12.83		184,175		2.91		0.00	19.92
	2018		13,539		10.70		144,867		0.38		0.00	(6.35)
	2017		14,107		11.43		161,171		1.66		0.00	9.80
	2016		13,059		10.41		135,878		—		0.00	8.96
BHFTI BlackRock Global Tactical	2020		38,507		17.00		654,705		1.54		0.00	4.31
Strategies Division	2019		34,843		16.30		567,933		0.20		0.00	20.63
	2018		31,192		13.51		421,493		1.45		0.00	(7.18)
	2017		29,101		14.56		423,672		0.69		0.00	13.31
	2016		24,706		12.85		317,436		1.46		0.00	4.43
BHFTI Brighthouse Asset	2020		880,792		29.39 - 325.17		29,845,174		1.37		0.00 - 0.90	18.16 - 19.23
Allocation 100 Division	2019		923,654		24.87 - 273.45		26,239,390		1.78		0.00 - 0.90	26.65 - 27.79
	2018		1,019,388		19.64 - 214.51		22,677,558		1.26		0.00 - 0.90	(10.61) - (9.80)
	2017		1,029,774		21.97 - 238.51		25,375,458		1.47		0.00 - 0.90	22.11 - 23.21
	2016		1,060,800		17.99 - 194.02		21,704,625		2.51		0.00 - 0.90	8.21 - 9.19

UL-197

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
BHFTI Brighthouse Balanced Plus	2020		22,076		21.28		469,831		2.45		0.00	12.52
Division	2019		24,489		18.91		463,179		2.00		0.00	23.57
	2018		23,872		15.31		365,405		1.65		0.00	(7.36)
	2017		24,072		16.52		397,746		1.55		0.00	18.33
	2016		22,699		13.96		316,959		2.75		0.00	8.36
BHFTI Brighthouse Small Cap	2020		29,467		35.40		1,043,005		1.30		0.00	(0.57)
Value Division	2019		28,267		35.60		1,006,269		0.84		0.00	28.78
	2018		33,559		27.64		927,713		0.92		0.00	(15.23)
	2017		24,110		32.61		786,268		0.90		0.00	11.70
	2016		26,524		29.20		774,395		1.16		0.00	31.25
BHFTI Brighthouse/Aberdeen	2020		83,457		19.46 - 30.77		2,019,002		1.96		0.00	27.30 - 27.68
Emerging Markets Equity	2019		86,472		15.24 - 24.17		1,613,170		1.80		0.00	20.75 - 20.98
Division	2018		77,696		12.60 - 20.02		1,188,878		2.58		0.00	(14.18) - (13.92)
	2017		54,830		14.64 - 23.33		878,183		1.25		0.00	28.33 - 28.59
	2016		51,328		11.38 - 18.18		652,237		1.10		0.00	11.50 - 11.83
BHFTI Brighthouse/Templeton	2020		21,919		13.92		305,204		6.58		0.00	(5.75)
International Bond Division	2019		20,570		14.77		303,898		8.43		0.00	1.44
	2018		17,688		14.56		257,603		—		0.00	1.29
	2017		17,506		14.38		251,705		—		0.00	0.44
	2016		15,275		14.32		218,676		—		0.00	1.07
BHFTI Brighthouse/Wellington	2020		7,329,428		30.52 - 124.30		577,620,175		1.13		0.00 - 0.90	21.27 - 22.37
Large Cap Research Division	2019		7,682,381		24.96 - 102.50		499,000,336		1.15		0.00 - 0.90	30.99 - 32.17
	2018		8,203,510		18.90 - 78.25		405,410,343		1.03		0.00 - 0.90	(6.92) - (6.08)
	2017		8,680,557		20.14 - 84.06		459,536,061		1.09		0.00 - 0.90	21.09 - 22.18
	2016		9,352,449		16.49 - 69.42		409,625,033		2.42		0.00 - 0.90	7.62 - 8.59
BHFTI Clarion Global Real Estate	2020		990,960		23.38 - 27.16		26,416,840		4.69		0.00 - 0.90	(5.63) - (4.78)
Division	2019		1,058,412		24.78 - 28.53		29,628,630		3.28		0.00 - 0.90	23.98 - 25.10
	2018		1,119,415		19.98 - 22.80		25,078,849		6.16		0.00 - 0.90	(9.18) - (8.36)
	2017		1,228,028		22.00 - 24.88		30,031,023		3.67		0.00 - 0.90	9.98 - 10.97
	2016		1,253,786		20.01 - 22.42		27,646,710		2.35		0.00 - 0.90	0.25 - 1.15
BHFTI Harris Oakmark	2020		1,098,169		20.75 - 40.68		42,373,128		3.34		0.00 - 0.90	4.42 - 5.37
International Division	2019		1,149,294		19.69 - 38.61		42,162,984		2.42		0.00 - 0.90	23.72 - 24.83
	2018		1,222,892		15.78 - 30.93		36,102,931		1.93		0.00 - 0.90	(24.42) - (23.73)
	2017		1,251,121		20.69 - 40.56		48,278,392		1.81		0.00 - 0.90	29.61 - 30.78
	2016		1,332,216		15.82 - 31.01		39,465,106		2.35		0.00 - 0.90	7.46 - 8.43
BHFTI Invesco Balanced-Risk	2020		52,763		1.59		83,967		5.35		0.00	10.14
Allocation Division	2019		48,880		1.44		70,629		—		0.00	15.28
	2018		44,433		1.25		55,693		1.17		0.00	(6.43)
	2017		47,953		1.34		64,239		3.54		0.00	10.00
	2016		37,656		1.22		45,859		0.15		0.00	11.72
BHFTI Invesco Global Equity	2020		1,152,521		58.22 - 72.13		73,613,883		0.89		0.00 - 0.90	26.77 - 27.92
Division	2019		1,230,393		45.93 - 56.39		61,706,401		1.06		0.00 - 0.90	30.73 - 31.91
	2018		1,327,490		35.13 - 42.75		50,616,938		1.23		0.00 - 0.90	(13.75) - (12.96)
	2017		1,391,388		40.73 - 49.12		61,029,678		1.15		0.00 - 0.90	35.90 - 37.12
	2016		1,446,533		29.97 - 35.82		46,257,719		1.18		0.00 - 0.90	(0.41) - 0.49

UL-198

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
BHFTI Invesco Small Cap	2020		170,045		60.80 - 81.48		11,990,947		0.09		0.00 - 0.90	55.83 - 57.24
Growth Division	2019		172,676		39.02 - 51.82		7,743,564		—		0.00 - 0.90	23.52 - 24.64
	2018		189,081		31.59 - 41.57		6,811,774		—		0.00 - 0.90	(9.59) - (8.77)
	2017		198,393		34.94 - 45.57		7,838,418		—		0.00 - 0.90	24.49 - 25.61
	2016		213,792		28.07 - 36.28		6,722,591		—		0.00 - 0.90	10.72 - 11.72
BHFTI JPMorgan Global	2020		110,963		1.86		206,006		2.17		0.00	12.23
Active Allocation Division	2019		109,106		1.65		180,493		3.22		0.00	16.91
	2018		150,720		1.41		213,265		1.71		0.00	(7.19)
	2017		164,613		1.52		250,960		2.44		0.00	16.66
	2016		155,632		1.31		203,391		1.98		0.00	2.90
BHFTI JPMorgan Small Cap	2020		19,793		32.22		637,763		1.41		0.00	6.34
Value Division	2019		17,082		30.30		517,568		1.41		0.00	19.53
	2018		13,980		25.35		354,379		1.39		0.00	(13.76)
	2017		15,092		29.39		443,605		1.41		0.00	3.62
	2016		14,430		28.37		409,299		1.75		0.00	30.86
BHFTI Loomis Sayles Global	2020		15,397		36.45		561,208		0.94		0.00	15.11
Allocation Division	2019		14,485		31.67		458,663		1.76		0.00	27.86
	2018		14,146		24.77		350,341		2.02		0.00	(5.20)
	2017		17,200		26.12		449,303		1.59		0.00	23.33
	2016		17,543		21.18		371,582		1.93		0.00	5.03
BHFTI Loomis Sayles Growth	2020		1,591,359		28.74 - 34.82		53,589,941		0.83		0.00 - 0.90	31.35 - 32.54
Division	2019		1,729,858		21.88 - 26.27		44,014,963		1.05		0.00 - 0.90	22.72 - 23.83
	2018		1,851,832		17.83 - 21.22		38,082,044		0.81		0.00 - 0.90	(7.65) - (6.81)
	2017		2,017,737		19.30 - 22.77		44,501,184		0.93		0.00 - 0.90	17.64 - 18.70
	2016		2,204,665		16.32 - 19.18		40,986,942		0.67		0.00 - 0.90	2.06 - 2.98
BHFTI MetLife Multi-Index	2020		1,152		179.78		207,140		2.20		0.00	6.56
Targeted Risk Division	2019		1,128		168.72		190,385		2.12		0.00	21.71
	2018		1,102		138.62		152,733		1.72		0.00	(7.18)
	2017		1,183		149.35		176,748		1.45		0.00	15.54
	2016		1,302		129.26		168,352		1.28		0.00	4.36
BHFTI MFS® Research	2020		810,239		26.35 - 31.45		23,548,115		2.30		0.00 - 0.90	12.26 - 13.27
International Division	2019		757,602		23.31 - 27.76		19,669,707		1.52		0.00 - 0.90	27.54 - 28.69
	2018		802,391		18.17 - 21.57		16,248,354		2.14		0.00 - 0.90	(14.58) - (13.81)
	2017		887,068		21.13 - 25.03		20,729,356		1.89		0.00 - 0.90	27.36 - 28.51
	2016		945,225		16.48 - 19.48		17,206,100		2.18		0.00 - 0.90	(1.56) - (0.67)
BHFTI Morgan Stanley	2020		7,603,605		46.41 - 130.27		795,347,450		—		0.00 - 0.90	151.49 - 153.77
Discovery Division	2019		8,205,516		18.29 - 51.34		339,317,318		—		0.00 - 0.90	39.21 - 40.47
	2018		8,757,498		13.02 - 36.55		258,506,697		—		0.00 - 0.90	9.42 - 10.41
	2017		9,244,431		11.79 - 33.10		247,719,412		0.35		0.00 - 0.90	39.10 - 40.36
	2016		9,711,269		8.40 - 23.58		186,034,522		—		0.00 - 0.90	(9.09) - (8.27)
BHFTI PanAgora Global	2020		548		1.56		855		3.27		0.00	11.85
Diversified Risk Division	2019		484		1.39		674		3.07		0.00	21.99
	2018		355		1.14		406		—		0.00	(7.59)
	2017		265		1.24		328		—		0.00	12.60
	2016		14		1.10		15		2.47		0.00	11.12

UL-199

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
BHFTI PIMCO Inflation	2020		564,791		14.94 - 22.52		10,790,167		2.99		0.00 - 0.90	10.85 - 11.85
Protected Bond Division	2019		584,141		13.36 - 20.13		9,924,534		3.63		0.00 - 0.90	7.52 - 8.49
	2018		599,323		12.32 - 18.56		9,403,725		1.83		0.00 - 0.90	(3.01) - (2.13)
	2017		641,205		12.58 - 18.96		10,294,920		1.78		0.00 - 0.90	2.88 - 3.81
	2016		671,639		12.12 - 18.27		10,359,389		—		0.00 - 0.90	4.22 - 5.17
BHFTI PIMCO Total Return	2020		2,127,098		15.52 - 28.70		53,377,735		3.96		0.00 - 0.90	7.84 - 8.82
Division	2019		2,140,981		14.27 - 26.37		49,636,590		3.07		0.00 - 0.90	7.71 - 8.69
	2018		2,196,080		13.12 - 24.27		46,880,853		1.57		0.00 - 0.90	(0.87) - 0.03
	2017		1,849,597		13.12 - 24.26		43,336,900		1.96		0.00 - 0.90	3.84 - 4.77
	2016		1,910,080		12.52 - 23.15		42,840,892		2.79		0.00 - 0.90	1.93 - 2.85
BHFTI Schroders Global	2020		73,514		1.72		126,497		1.74		0.00	2.11
Multi-Asset Division	2019		66,855		1.69		112,663		1.48		0.00	21.49
	2018		63,931		1.39		88,678		1.50		0.00	(9.42)
	2017		47,155		1.53		72,213		0.79		0.00	14.29
	2016		39,046		1.34		52,316		1.41		0.00	5.65
BHFTI SSGA Growth and	2020		361,641		21.68 - 26.26		8,953,964		2.89		0.00 - 0.90	9.15 - 10.14
Income ETF Division	2019		389,915		19.86 - 23.84		8,774,580		2.60		0.00 - 0.90	18.80 - 19.88
	2018		411,604		16.72 - 19.89		7,736,455		2.52		0.00 - 0.90	(7.13) - (6.29)
	2017		441,765		18.00 - 21.22		8,867,092		2.61		0.00 - 0.90	15.17 - 16.21
	2016		470,829		15.63 - 18.26		8,122,289		2.57		0.00 - 0.90	5.08 - 6.03
BHFTI SSGA Growth ETF	2020		333,024		22.09 - 27.27		8,591,681		2.60		0.00 - 0.90	10.06 - 11.06
Division	2019		334,933		20.07 - 24.55		7,772,729		2.23		0.00 - 0.90	21.50 - 22.60
	2018		356,198		16.52 - 20.02		6,727,191		2.30		0.00 - 0.90	(9.27) - (8.44)
	2017		388,361		18.21 - 21.87		8,014,231		2.39		0.00 - 0.90	18.91 - 19.98
	2016		416,398		15.31 - 18.23		7,142,017		2.39		0.00 - 0.90	6.09 - 7.04
BHFTI T. Rowe Price Large Cap	2020		114,061		28.14		3,210,189		2.58		0.00	3.15
Value Division	2019		113,705		27.29		3,102,498		2.23		0.00	26.81
	2018		133,556		21.52		2,873,608		1.93		0.00	(8.95)
	2017		116,199		23.63		2,745,970		2.22		0.00	17.27
	2016		115,474		20.15		2,327,000		2.99		0.00	16.20
BHFTI T. Rowe Price Mid Cap	2020		1,107,534		41.06 - 70.87		52,915,937		0.25		0.00 - 0.90	23.19 - 24.30
Growth Division	2019		1,217,875		33.33 - 57.19		46,858,064		0.26		0.00 - 0.90	30.24 - 31.42
	2018		1,327,338		25.59 - 43.63		38,942,906		—		0.00 - 0.90	(2.89) - (2.01)
	2017		1,398,449		26.36 - 44.61		41,886,462		—		0.00 - 0.90	24.02 - 25.13
	2016		1,449,651		21.25 - 35.76		34,743,933		—		0.00 - 0.90	5.56 - 6.52
BHFTI Victory Sycamore Mid	2020		1,808,639		32.29 - 68.80		98,316,934		1.63		0.00 - 0.90	6.90 - 7.87
Cap Value Division	2019		1,873,760		29.94 - 63.78		94,502,489		1.31		0.00 - 0.90	28.19 - 29.35
	2018		1,995,325		23.14 - 49.30		77,710,769		0.80		0.00 - 0.90	(10.77) - (9.95)
	2017		2,117,145		25.70 - 54.75		91,702,582		1.14		0.00 - 0.90	8.79 - 9.77
	2016		2,255,824		23.41 - 49.88		88,992,742		0.89		0.00 - 0.90	14.74 - 15.78
BHFTII Baillie Gifford	2020		1,983,009		25.86 - 39.13		60,383,398		1.95		0.00 - 0.90	25.44 - 26.58
International Stock Division	2019		2,066,442		20.43 - 30.92		49,933,924		1.33		0.00 - 0.90	31.63 - 32.82
	2018		2,204,495		15.38 - 23.28		40,263,535		1.17		0.00 - 0.90	(17.76) - (17.01)
	2017		2,260,585		18.54 - 28.05		49,983,598		1.22		0.00 - 0.90	33.94 - 35.15
	2016		2,371,047		13.72 - 20.75		38,958,130		1.62		0.00 - 0.90	4.43 - 5.38

UL-200

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
BHFTII BlackRock Bond	2020		2,497,234		27.38 - 129.68		85,545,862		3.61		0.00 - 0.90	7.62 - 8.60
Income Division	2019		2,580,447		25.22 - 119.41		82,259,521		3.68		0.00 - 0.90	8.84 - 9.83
	2018		2,438,867		22.96 - 108.73		71,825,590		3.39		0.00 - 0.90	(1.25) - (0.36)
	2017		2,640,356		23.04 - 109.12		77,942,302		3.10		0.00 - 0.90	3.17 - 4.10
	2016		2,728,539		22.13 - 104.82		77,277,403		3.19		0.00 - 0.90	2.20 - 3.12
BHFTII BlackRock Capital	2020		345,252		42.53 - 171.19		22,244,614		—		0.00 - 0.90	39.40 - 40.66
Appreciation Division	2019		346,393		30.23 - 121.70		15,931,824		0.22		0.00 - 0.90	31.66 - 32.85
	2018		361,309		22.76 - 91.61		12,506,977		0.12		0.00 - 0.90	1.50 - 2.43
	2017		354,455		22.22 - 89.44		12,042,675		0.10		0.00 - 0.90	32.73 - 33.93
	2016		375,761		16.59 - 66.78		9,502,695		—		0.00 - 0.90	(0.81) - 0.09
BHFTII BlackRock Ultra-Short	2020		1,362,096		17.07 - 19.01		25,545,918		2.13		0.00 - 0.90	(0.47) - 0.43
Term Bond Division	2019		1,501,263		17.15 - 18.93		28,087,767		1.80		0.00 - 0.90	1.21 - 2.13
	2018		1,542,974		16.94 - 18.53		28,316,223		1.06		0.00 - 0.90	0.89 - 1.81
	2017		1,528,238		16.79 - 18.20		27,545,528		0.34		0.00 - 0.90	(0.01) - 0.89
	2016		1,271,211		16.79 - 18.04		22,657,240		0.07		0.00 - 0.90	(0.55) - 0.35
BHFTII Brighthouse Asset	2020		215,846		19.57 - 216.69		4,732,795		2.92		0.00 - 0.90	8.72 - 9.70
Allocation 20 Division	2019		225,662		18.00 - 197.86		4,516,440		2.35		0.00 - 0.90	11.14 - 12.14
	2018		228,095		16.19 - 177.08		4,080,074		2.36		0.00 - 0.90	(3.29) - (2.41)
	2017		240,312		16.75 - 181.83		4,439,761		2.43		0.00 - 0.90	6.20 - 7.16
	2016		271,913		15.77 - 170.04		5,067,129		3.50		0.00 - 0.90	3.83 - 4.76
BHFTII Brighthouse Asset	2020		405,649		22.23 - 245.90		11,660,215		2.87		0.00 - 0.90	10.31 - 11.31
Allocation 40 Division	2019		437,228		20.16 - 221.46		11,161,607		2.40		0.00 - 0.90	14.91 - 15.94
	2018		455,924		17.54 - 191.58		9,992,530		2.21		0.00 - 0.90	(5.12) - (4.25)
	2017		503,263		18.49 - 200.40		11,333,586		2.20		0.00 - 0.90	10.02 - 11.01
	2016		514,580		16.80 - 181.12		10,372,997		3.77		0.00 - 0.90	5.38 - 6.33
BHFTII Brighthouse Asset	2020		2,185,612		25.06 - 277.36		61,629,691		2.44		0.00 - 0.90	13.06 - 14.09
Allocation 60 Division	2019		2,321,571		22.16 - 243.62		57,435,303		2.19		0.00 - 0.90	18.77 - 19.85
	2018		2,440,917		18.66 - 204.00		50,471,247		1.90		0.00 - 0.90	(6.78) - (5.93)
	2017		2,546,180		20.02 - 217.31		56,043,905		1.96		0.00 - 0.90	13.91 - 14.93
	2016		2,715,538		17.57 - 189.41		52,559,818		3.39		0.00 - 0.90	6.50 - 7.47
BHFTII Brighthouse Asset	2020		3,924,463		27.81 - 32.02		123,881,151		2.06		0.00 - 0.90	15.96 - 17.01
Allocation 80 Division	2019		4,095,013		23.99 - 27.37		110,596,939		2.00		0.00 - 0.90	22.92 - 24.04
	2018		4,357,846		19.51 - 22.07		94,944,590		1.54		0.00 - 0.90	(8.74) - (7.91)
	2017		4,581,913		21.38 - 23.96		108,508,807		1.77		0.00 - 0.90	18.37 - 19.44
	2016		4,846,527		18.06 - 194.92		96,200,969		3.23		0.00 - 0.90	7.46 - 8.43
BHFTII Brighthouse/Artisan	2020		129,202		41.00 - 598.68		65,211,225		0.96		0.00 - 0.90	5.29 - 6.25
Mid Cap Value Division	2019		132,110		38.68 - 563.49		63,307,525		0.76		0.00 - 0.90	22.64 - 23.75
	2018		139,029		31.34 - 455.34		54,171,311		0.63		0.00 - 0.90	(13.98) - (13.20)
	2017		143,529		36.19 - 524.59		65,688,616		0.70		0.00 - 0.90	11.81 - 12.82
	2016		150,076		32.16 - 464.99		62,142,398		1.09		0.00 - 0.90	21.86 - 22.96
BHFTII Brighthouse/Wellington	2020		6,068,802		40.88 - 165.41		376,504,610		2.21		0.00 - 0.90	16.67 - 17.72
Balanced Division	2019		6,391,352		34.72 - 140.51		339,265,361		2.20		0.00 - 0.90	21.89 - 22.99
	2018		6,756,248		28.23 - 114.24		293,336,150		1.75		0.00 - 0.90	(4.63) - (3.76)
	2017		7,141,516		29.34 - 118.71		324,356,064		1.91		0.00 - 0.90	14.11 - 15.14
	2016		7,546,541		25.48 - 103.10		299,463,081		2.75		0.00 - 0.90	6.04 - 6.99

UL-201

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31							For the year ended December 31
		Units		Unit Value Lowest to Highest ($)			Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
BHFTII Brighthouse/Wellington	2020		867,728		39.77 - 131.37			95,952,366		1.61		0.00 - 0.90	10.27 - 11.27
Core Equity Opportunities	2019		909,178		35.74 - 118.06			90,517,969		1.61		0.00 - 0.90	29.76 - 30.94
Division	2018		1,000,401		27.29 - 90.17			75,138,215		1.75		0.00 - 0.90	(0.99) - (0.09)
	2017		1,071,707		27.32 - 90.25			80,734,814		1.55		0.00 - 0.90	18.00 - 19.07
	2016		1,167,450		22.94 - 75.79			73,520,028		1.62		0.00 - 0.90	6.38 - 7.34
BHFTII Frontier Mid Cap	2020		4,763,313		61.21 - 233.26			352,347,332		—		0.00 - 0.90	30.51 - 31.70
Growth Division	2019		5,034,751		46.48 - 177.12			284,652,778		—		0.00 - 0.90	31.94 - 33.13
	2018		5,346,436		34.91 - 133.05			228,525,898		—		0.00 - 0.90	(6.49) - (5.64)
	2017		5,651,424		37.00 - 141.00			257,694,581		—		0.00 - 0.90	24.14 - 25.26
	2016		6,128,888		29.54 - 112.57			225,309,908		—		0.00 - 0.90	4.46 - 5.40
BHFTII Jennison Growth	2020		973,705		35.67 - 78.74			63,757,959		0.21		0.00 - 0.90	55.39 - 56.80
Division	2019		1,219,293		22.75 - 50.22			46,586,115		0.45		0.00 - 0.90	31.64 - 32.83
	2018		1,343,448		17.13 - 37.81			38,434,347		0.33		0.00 - 0.90	(0.55) - 0.35
	2017		1,163,887		17.07 - 37.67			36,062,692		0.29		0.00 - 0.90	36.10 - 37.32
	2016		876,445		12.43 - 27.43			22,968,240		0.29		0.00 - 0.90	(0.73) - 0.17
BHFTII Loomis Sayles	2020		294,826		45.83 - 133.77	*		28,568,739		0.13		0.00 - 0.90	11.06 - 12.07
Small Cap Core Division	2019		56,229		40.90 - 905.79			26,944,849		0.03		0.00 - 0.90	24.41 - 25.54
* Due to system limitations, the	2018		58,707		32.58 - 721.52			23,146,364		0.02		0.00 - 0.90	(11.87) - (11.07)
Units Outstanding for this fund	2017		61,308		36.63 - 811.35			27,323,892		0.29		0.00 - 0.90	14.21 - 15.24
were increased and accordingly	2016		72,870		31.79 - 704.03			25,855,024		0.33		0.00 - 0.90	18.20 - 19.27
the Unit Values decreased during
the year ended December 31,
2020. There was no impact to
the net assets of the Division.
BHFTII Loomis Sayles	2020		357,529		42.61 - 50.85			17,857,777		—		0.00 - 0.90	33.14 - 34.34
Small Cap Growth Division	2019		405,373		32.00 - 37.85			15,100,926		—		0.00 - 0.90	25.74 - 26.88
	2018		443,647		25.45 - 29.83			13,028,159		—		0.00 - 0.90	(0.36) - 0.55
	2017		447,539		25.54 - 29.67			13,090,723		—		0.00 - 0.90	25.90 - 27.04
	2016		482,679		20.29 - 23.36			11,122,720		—		0.00 - 0.90	5.26 - 6.21
BHFTII MetLife Aggregate	2020		5,813,302		21.77 - 27.17			155,753,138		2.80		0.00 - 0.90	6.25 - 7.21
Bond Index Division	2019		5,812,785		20.49 - 25.35			145,313,344		3.09		0.00 - 0.90	7.66 - 8.64
	2018		5,275,887		19.03 - 23.33			121,280,938		2.97		0.00 - 0.90	(1.07) - (0.18)
	2017		5,861,102		19.24 - 23.37			135,065,114		2.89		0.00 - 0.90	2.34 - 3.26
	2016		5,707,855		18.80 - 22.63			127,387,339		2.75		0.00 - 0.90	1.43 - 2.35
BHFTII MetLife Mid Cap	2020		1,980,000		50.02 - 60.14			116,199,047		1.43		0.00 - 0.90	12.38 - 13.39
Stock Index Division	2019		2,028,102		44.51 - 53.03			105,130,205		1.38		0.00 - 0.90	24.82 - 25.95
	2018		2,176,295		35.66 - 42.11			89,622,036		1.27		0.00 - 0.90	(12.10) - (11.30)
	2017		2,347,441		40.57 - 47.47			108,841,789		1.38		0.00 - 0.90	14.91 - 15.95
	2016		2,368,844		35.31 - 40.94			95,179,145		1.28		0.00 - 0.90	19.36 - 20.43
BHFTII MetLife MSCI EAFE®	2020		4,476,776		17.25 - 26.53			105,987,571		3.13		0.00 - 0.90	6.88 - 7.85
Index Division	2019		4,565,504		16.14 - 24.60			100,342,710		2.63		0.00 - 0.90	20.84 - 21.93
	2018		4,552,151		13.35 - 20.18			81,621,230		2.99		0.00 - 0.90	(14.69) - (13.91)
	2017		4,450,219		15.65 - 23.44			92,302,760		2.71		0.00 - 0.90	23.79 - 24.90
	2016		4,616,576		12.64 - 18.76			76,450,323		2.63		0.00 - 0.90	0.43 - 1.34

UL-202

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
BHFTII MetLife Russell 2000®	2020		1,645,359		40.59 - 64.19		95,347,869		1.36		0.00 - 0.90	18.55 - 19.62
Index Division	2019		1,720,023		34.24 - 53.66		83,270,353		1.19		0.00 - 0.90	24.50 - 25.62
	2018		1,863,483		27.50 - 42.72		71,931,123		1.12		0.00 - 0.90	(11.77) - (10.97)
	2017		1,943,253		31.17 - 47.98		84,250,343		1.21		0.00 - 0.90	13.64 - 14.67
	2016		2,084,347		27.43 - 41.84		78,678,964		1.38		0.00 - 0.90	20.20 - 21.28
BHFTII MetLife Stock Index	2020		23,153,775		43.95 - 196.87		1,409,776,127		1.86		0.00 - 0.90	17.04 - 18.10
Division	2019		24,254,257		37.22 - 166.69		1,253,040,903		2.11		0.00 - 0.90	29.97 - 31.15
	2018		25,803,037		28.38 - 127.10		1,015,481,013		1.79		0.00 - 0.90	(5.46) - (4.60)
	2017		27,422,366		29.75 - 133.23		1,133,720,310		1.77		0.00 - 0.90	20.45 - 21.54
	2016		29,438,840		24.47 - 109.62		1,023,023,669		1.99		0.00 - 0.90	10.67 - 11.67
BHFTII MFS® Total Return	2020		370,848		26.35 - 149.74		11,450,715		2.39		0.00 - 0.90	8.78 - 9.76
Division	2019		402,049		24.23 - 136.42		11,322,426		2.99		0.00 - 0.90	19.29 - 20.37
	2018		1,343,444		20.31 - 113.34		30,340,416		2.11		0.00 - 0.90	(6.42) - (5.57)
	2017		1,371,577		21.70 - 120.03		32,868,277		1.55		0.00 - 0.90	11.44 - 12.44
	2016		474,868		19.48 - 106.74		10,408,921		2.88		0.00 - 0.90	8.22 - 9.20
BHFTII MFS® Value Division	2020		3,223,534		35.61 - 52.36		126,437,900		1.97		0.00 - 0.90	3.03 - 3.96
	2019		3,412,658		34.25 - 50.37		129,708,718		1.91		0.00 - 0.90	28.97 - 30.13
	2018		3,661,165		26.32 - 38.70		106,961,733		1.57		0.00 - 0.90	(10.86) - (10.05)
	2017		3,244,182		29.26 - 43.03		106,238,372		1.97		0.00 - 0.90	16.95 - 18.00
	2016		3,245,942		24.80 - 36.46		88,412,117		2.26		0.00 - 0.90	13.37 - 14.39
BHFTII Neuberger Berman	2020		2,384,020		54.35 - 65.34		152,961,400		0.18		0.00 - 0.90	23.98 - 25.11
Genesis Division	2019		2,525,813		43.83 - 52.23		129,615,154		0.24		0.00 - 0.90	28.52 - 29.68
	2018		2,696,612		34.11 - 40.27		106,797,667		0.35		0.00 - 0.90	(7.54) - (6.70)
	2017		2,861,185		36.89 - 43.17		121,560,508		0.41		0.00 - 0.90	14.72 - 15.75
	2016		3,062,903		32.16 - 37.29		112,504,182		0.47		0.00 - 0.90	17.62 - 18.68
BHFTII T. Rowe Price	2020		2,266,675		47.91 - 82.28		154,221,627		0.23		0.00 - 0.90	35.72 - 36.95
Large Cap Growth Division	2019		2,411,422		35.30 - 60.08		120,058,034		0.42		0.00 - 0.90	29.81 - 30.99
	2018		2,584,754		27.19 - 45.87		98,275,874		0.42		0.00 - 0.90	(1.83) - (0.94)
	2017		2,755,067		27.70 - 46.30		105,928,694		0.30		0.00 - 0.90	32.66 - 33.86
	2016		2,929,700		20.88 - 34.59		84,300,674		0.06		0.00 - 0.90	0.85 - 1.76
BHFTII T. Rowe Price	2020		1,994,254		72.80 - 91.65		165,942,863		0.20		0.00 - 0.90	23.22 - 24.34
Small Cap Growth Division	2019		2,156,978		59.08 - 73.71		145,221,926		0.05		0.00 - 0.90	31.97 - 33.16
	2018		2,312,969		44.77 - 55.36		117,460,304		0.12		0.00 - 0.90	(7.39) - (6.55)
	2017		2,419,219		48.34 - 59.24		131,687,031		0.31		0.00 - 0.90	21.79 - 22.88
	2016		2,533,741		39.69 - 48.20		112,461,733		0.26		0.00 - 0.90	10.74 - 11.74
BHFTII Van Eck Global	2020		2,444		142.77		348,927		1.38		0.00	21.58
Natural Resources Division	2019		2,985		117.43		350,488		0.61		0.00	12.59
	2018		2,550		104.30		265,912		0.18		0.00	(28.64)
	2017		2,127		146.16		310,832		0.11		0.00	(0.62)
	2016		1,763		147.06		259,264		0.86		0.00	44.26
BHFTII Western Asset	2020		1,547,262		13.34 - 56.98		56,289,149		5.86		0.00 - 0.90	5.95 - 6.92
Management Strategic Bond	2019		1,645,761		12.48 - 53.29		56,510,228		4.91		0.00 - 0.90	13.46 - 14.49
Opportunities Division	2018		1,639,816		10.90 - 46.55		48,635,633		5.32		0.00 - 0.90	(4.66) - (3.80)
	2017		1,766,489		11.33 - 48.39		54,412,037		3.87		0.00 - 0.90	7.26 - 8.23
	2016		1,852,684		10.47 - 44.71		52,921,776		1.88		0.00 - 0.90	4.71 - 8.55

UL-203

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
BHFTII Western Asset	2020		913,585		17.94 - 29.50		19,983,786		3.13		0.00 - 0.90	4.30 - 5.24
Management U.S. Government	2019		803,446		17.20 - 28.03		16,117,304		2.72		0.00 - 0.90	5.08 - 6.03
Division	2018		845,377		16.37 - 26.44		16,039,099		2.30		0.00 - 0.90	0.06 - 0.97
	2017		843,094		16.36 - 26.18		15,840,871		2.65		0.00 - 0.90	1.02 - 1.93
	2016		848,868		16.20 - 25.69		15,656,147		2.60		0.00 - 0.90	0.38 - 1.28
BNY Mellon VI International	2020		—		13.79		—		3.65		0.00	(21.66)
Value Division (closed 4/30/2020)	2019		7,923		17.60		139,460		1.34		0.00	21.92
	2018		13,963		14.44		201,583		1.47		0.00	(16.98)
	2017		14,102		17.39		245,233		1.31		0.00	28.14
	2016		14,243		13.57		193,298		1.68		0.00	(1.58)
Fidelity® VIP Asset Manager:	2020		98,498		24.88		2,450,438		1.06		0.00	17.15
Growth Division	2019		102,055		21.24		2,167,176		1.47		0.00	22.66
	2018		109,421		17.31		1,894,386		1.37		0.00	(7.75)
	2017		115,410		18.77		2,166,028		1.28		0.00	18.70
	2016		113,781		15.81		1,799,093		1.35		0.00	2.34
Fidelity® VIP Contrafund	2020		78,321		54.22		4,246,508		0.15		0.00	30.43
Division	2019		77,171		41.57		3,207,960		0.33		0.00	31.45
	2018		85,494		31.62		2,703,695		0.61		0.00	(6.49)
	2017		89,725		33.82		3,034,301		0.89		0.00	21.76
	2016		96,321		27.77		2,675,209		0.73		0.00	7.91
Fidelity® VIP Equity-Income	2020		63		31.72		2,008		0.92		0.00	6.55
Division	2019		5,962		29.77		177,511		2.33		0.00	27.32
	2018		64		23.39		1,508		2.20		0.00	(8.40)
	2017		65		25.53		1,660		0.94		0.00	12.80
	2016		746		22.63		16,883		2.43		0.00	17.90
Fidelity® VIP Freedom 2010	2020		8,277		20.64		170,874		1.18		0.00	12.49
Division	2019		9,084		18.35		166,694		2.16		0.00	16.09
	2018		9,170		15.81		144,962		1.68		0.00	(4.00)
	2017		8,858		16.47		145,861		5.59		0.00	13.08
	2016		2,018		14.56		29,390		1.87		0.00	5.45
Fidelity® VIP Freedom 2020	2020		26,351		21.94 - 29.96		738,094		1.36		0.00	15.06
Division	2019		26,304		19.07 - 26.04		642,648		2.16		0.00	20.13
	2018		25,229		15.88 - 21.68		519,686		1.51		0.00	(5.86)
	2017		26,108		16.86 - 23.03		568,714		1.37		0.00	16.62
	2016		31,518		14.46 - 19.75		567,520		1.59		0.00	6.12
Fidelity® VIP Freedom 2025	2020		19,701		32.42		638,749		1.26		0.00	15.95
Division	2019		20,110		27.96		562,315		2.04		0.00	21.86
	2018		20,549		22.95		471,525		1.41		0.00	(6.52)
	2017		21,032		24.55		516,236		1.50		0.00	17.89
	2016		21,531		20.82		448,266		1.54		0.00	6.18
Fidelity® VIP Freedom 2030	2020		18,016		23.84		429,449		1.19		0.00	16.89
Division	2019		18,205		20.39		371,247		2.18		0.00	24.43
	2018		15,105		16.39		247,569		1.38		0.00	(7.78)
	2017		15,714		17.77		279,269		1.69		0.00	20.96
	2016		12,376		14.69		181,828		1.75		0.00	6.61

UL-204

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
Fidelity® VIP Freedom 2040	2020		17,068		28.85		492,365		1.08		0.00	19.28
Division	2019		14,810		24.18		358,173		1.90		0.00	28.52
	2018		13,260		18.82		249,528		1.22		0.00	(9.88)
	2017		11,353		20.88		237,064		1.36		0.00	23.60
	2016		9,411		16.90		159,009		1.68		0.00	6.83
Fidelity® VIP Freedom 2050	2020		8,217		29.08		238,953		0.88		0.00	19.28
Division	2019		10,458		24.38		254,982		1.79		0.00	28.51
	2018		10,867		18.97		206,161		1.20		0.00	(9.89)
	2017		9,075		21.05		191,069		1.54		0.00	23.52
	2016		6,281		17.04		107,049		2.03		0.00	6.84
Fidelity® VIP Government	2020		295,595		18.36		5,426,872		0.33		0.00	0.32
Money Market Division	2019		226,282		18.30		4,141,088		1.94		0.00	2.02
(Commenced 4/29/2016)	2018		166,726		17.94		2,990,903		1.62		0.00	1.65
	2017		246,875		17.65		4,356,719		0.66		0.00	0.67
	2016		218,243		17.53		3,825,639		0.16		0.00	0.13
Fidelity® VIP High Income	2020		18,065		26.70		482,344		5.29		0.00	2.75
Division	2019		16,565		25.99		430,482		5.33		0.00	15.11
	2018		21,615		22.58		488,004		5.70		0.00	(3.29)
	2017		20,377		23.34		475,673		5.99		0.00	6.93
	2016		16,884		21.83		368,584		6.80		0.00	14.61
Fidelity® VIP Investment	2020		2,069		21.09		43,647		1.19		0.00	9.25
Grade Bond Division	2019		29,736		19.31		574,150		2.44		0.00	9.58
	2018		66,819		17.62		1,177,337		2.42		0.00	(0.63)
	2017		67,826		17.73		1,202,686		2.29		0.00	4.16
	2016		72,929		17.02		1,241,561		2.33		0.00	4.63
Fidelity® VIP Mid Cap	2020		4,575		66.71		305,209		0.42		0.00	17.87
Division	2019		4,531		56.60		256,466		0.68		0.00	23.17
	2018		4,620		45.95		212,284		0.39		0.00	(14.77)
	2017		5,144		53.92		277,353		0.49		0.00	20.54
	2016		5,732		44.73		256,383		0.32		0.00	11.92
FTVIPT Franklin Income VIP	2020		97		115.78		11,247		4.88		0.00	0.69
Division	2019		154		114.98		17,748		5.42		0.00	16.06
	2018		681		99.07		67,461		4.31		0.00	(4.30)
	2017		541		103.53		56,045		4.12		0.00	9.67
	2016		59		943.96		56,031		4.69		0.00	14.02
FTVIPT Franklin Mutual	2020		21,114		33.26		702,191		2.51		0.00	(4.46)
Global Discovery VIP Division	2019		19,409		34.81		675,612		1.69		0.00	24.37
	2018		22,909		27.99		641,216		2.69		0.00	(11.22)
	2017		19,169		31.53		604,329		1.72		0.00	8.60
	2016		19,262		29.03		559,179		1.70		0.00	12.18
FTVIPT Franklin Mutual	2020		184		490.26		90,404		2.96		0.00	(5.04)
Shares VIP Division	2019		181		516.30		93,359		1.72		0.00	22.57
	2018		247		421.22		104,011		2.49		0.00	(9.07)
	2017		240		463.22		111,384		2.28		0.00	8.35
	2016		225		427.53		96,301		2.09		0.00	16.06

UL-205

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
FTVIPT Templeton Foreign	2020		256,921		21.57		5,541,522		3.44		0.00	(0.92)
VIP Division	2019		312,678		21.77		6,806,440		1.95		0.00	12.84
	2018		335,963		19.29		6,481,304		2.54		0.00	(15.27)
	2017		439,731		22.77		10,011,812		2.76		0.00	17.02
	2016		296,169		19.46		5,762,444		2.14		0.00	7.49
FTVIPT Templeton Global	2020		44,906		24.87		1,116,752		8.11		0.00	(5.07)
Bond VIP Division	2019		39,222		26.20		1,027,522		7.07		0.00	2.26
	2018		33,621		25.62		861,342		—		0.00	2.21
	2017		30,130		25.06		755,203		—		0.00	2.15
	2016		25,460		24.54		624,673		—		0.00	3.21
Goldman Sachs Small Cap	2020		684		34.97		23,927		0.28		0.00	8.58
Equity Insights Division	2019		236		32.21		7,614		0.47		0.00	24.84
	2018		257		25.80		6,624		0.45		0.00	(8.62)
	2017		275		28.23		7,764		0.41		0.00	11.57
	2016		1,563		25.30		39,553		1.25		0.00	23.20
Invesco V.I. Comstock	2020		29,639		26.04		771,760		2.33		0.00	(1.09)
Division	2019		24,325		26.33		640,358		1.81		0.00	24.94
	2018		21,865		21.07		460,713		1.66		0.00	(12.37)
	2017		28,331		24.04		681,172		2.13		0.00	17.57
	2016		22,000		20.45		449,886		1.37		0.00	16.99
Invesco V.I. International	2020		12,399		36.78		455,988		2.43		0.00	14.00
Growth Division	2019		12,475		32.26		402,441		1.57		0.00	28.57
	2018		12,884		25.09		323,273		2.11		0.00	(14.98)
	2017		12,350		29.51		364,454		1.42		0.00	23.00
	2016		14,955		23.99		358,802		1.46		0.00	(0.45)
Janus Henderson Balanced	2020		39,040		41.87		1,634,516		1.50		0.00	14.03
Division	2019		40,513		36.72		1,487,502		1.61		0.00	22.27
	2018		44,259		30.03		1,329,030		1.79		0.00	0.43
	2017		40,784		29.90		1,219,410		1.39		0.00	18.13
	2016		42,410		25.31		1,073,389		1.94		0.00	4.32
Janus Henderson Enterprise	2020		7,377		46.59		343,695		—		0.00	19.18
Division	2019		11,228		39.09		438,944		0.05		0.00	35.16
(Commenced 5/3/2010	2018		12,563		28.92		363,384		0.11		0.00	(0.66)
and began transactions in 2016)	2017		12,025		29.12		350,154		0.16		0.00	27.09
	2016		19,755		22.91		452,619		0.02		0.00	12.10
Janus Henderson Forty	2020		8,558		77.81		665,970		0.16		0.00	39.03
Division	2019		8,740		55.97		489,146		0.02		0.00	36.85
	2018		8,128		40.90		332,413		—		0.00	1.72
	2017		8,229		40.21		330,857		—		0.00	29.99
	2016		16,329		30.93		505,032		—		0.00	1.94
Janus Henderson Research	2020		13,761		41.52		571,287		0.41		0.00	32.95
Division	2019		14,173		31.23		442,566		0.46		0.00	35.52
	2018		14,343		23.04		330,470		0.55		0.00	(2.58)
	2017		14,524		23.65		343,490		0.40		0.00	27.88
	2016		14,664		18.49		271,199		0.46		0.00	0.50

UL-206

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

8.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
MFS® VIT Global Equity	2020		3,248		42.73		138,775		0.98		0.00	13.04
Division	2019		3,332		37.80		125,958		0.75		0.00	30.20
	2018		1,371		29.04		39,820		0.99		0.00	(9.92)
	2017		10,503		32.23		338,550		0.65		0.00	23.75
	2016		8,391		26.05		218,575		0.68		0.00	7.06
MFS® VIT New Discovery	2020		518		66.36		34,362		—		0.00	45.58
Division	2019		545		45.58		24,852		—		0.00	41.27
	2018		600		32.27		19,366		—		0.00	(1.72)
	2017		633		32.83		20,796		—		0.00	26.33
	2016		7,943		25.99		206,405		—		0.00	8.80
MFS® VIT II High Yield	2020		6,846		25.43		174,064		5.42		0.00	4.85
Division	2019		6,970		24.25		169,033		5.50		0.00	14.44
	2018		7,095		21.19		150,350		5.42		0.00	(3.24)
	2017		7,214		21.90		157,998		6.30		0.00	6.31
	2016		7,335		20.60		151,111		6.53		0.00	13.64
Morgan Stanley VIF Emerging	2020		14,886		45.22		673,108		4.03		0.00	5.55
Markets Debt Division	2019		22,801		42.84		976,803		5.34		0.00	14.25
	2018		28,961		37.50		1,085,951		5.79		0.00	(6.94)
	2017		43,022		40.30		1,733,616		5.09		0.00	9.71
	2016		34,218		36.73		1,256,825		5.31		0.00	10.55
Morgan Stanley VIF Emerging	2020		219,797		20.48		4,501,048		1.28		0.00	14.44
Markets Equity Division	2019		239,727		17.89		4,289,769		1.11		0.00	19.59
	2018		294,163		14.96		4,401,714		0.41		0.00	(17.47)
	2017		175,378		18.13		3,179,608		0.84		0.00	35.06
	2016		235,477		13.42		3,160,892		0.47		0.00	6.74
PIMCO VIT All Asset Division	2020		1,453		17.17		24,946		5.37		0.00	8.01
	2019		5,679		15.90		90,296		3.42		0.00	11.90
	2018		9,883		14.21		140,438		3.22		0.00	(5.41)
	2017		9,745		15.02		146,396		4.72		0.00	13.54
	2016		9,539		13.23		126,203		2.67		0.00	12.93
PIMCO VIT	2020		4,019		8.35		33,556		6.78		0.00	1.35
CommodityRealReturn®	2019		2,908		8.24		23,957		4.48		0.00	11.43
Strategy Division	2018		3,263		7.39		24,125		2.28		0.00	(14.13)
	2017		584		8.61		5,028		12.69		0.00	2.15
	2016		1,178		8.43		9,928		1.10		0.00	15.16
PIMCO VIT Low Duration	2020		62,169		13.91		864,722		1.20		0.00	2.99
Division	2019		66,507		13.51		898,208		2.77		0.00	4.03
	2018		73,877		12.98		959,122		1.92		0.00	0.34
	2017		71,259		12.94		921,976		1.33		0.00	1.35
	2016		68,350		12.77		872,582		1.50		0.00	1.41
Pioneer Mid Cap Value VCT	2020		163		90.92		14,788		1.28		0.00	2.14
Division	2019		139		89.01		12,380		—		0.00	28.44
(Had no net assets at	2018		—		69.30		—		—		0.00	(20.25)
December 31, 2017 and 2018)	2017		—		86.90		—		—		0.00	14.46
	2016		737		75.92		55,933		0.74		0.00	16.56

UL-207

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Concluded)

8.  FINANCIAL HIGHLIGHTS — (Concluded)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1 Income Ratio (%)		Expense2 Ratio Lowest to Highest (%)		Total3 Return Lowest to Highest (%)
Putnam VT International	2020		—		30.98		—		2.64		0.00	3.94
Value Division (Had no net	2019		178		29.80		5,300		2.86		0.00	20.22
assets at December 31, 2020)	2018		179		24.79		4,441		2.18		0.00	(17.61)
	2017		184		30.09		5,527		1.61		0.00	24.69
	2016		177		24.13		4,261		2.57		0.00	1.11
Royce Micro-Cap Division	2020		491		29.70		14,566		—		0.00	23.79
	2019		495		23.99		11,867		—		0.00	19.55
	2018		499		20.07		10,008		—		0.00	(9.04)
	2017		500		22.06		11,026		0.68		0.00	5.18
	2016		505		20.97		10,583		0.73		0.00	19.71
Royce Small-Cap Division	2020		549		25.75		14,133		1.06		0.00	(7.15)
	2019		557		27.74		15,444		0.68		0.00	18.67
	2018		578		23.37		13,520		0.75		0.00	(8.34)
	2017		588		25.50		14,989		0.75		0.00	5.38
	2016		2,833		24.20		68,550		1.99		0.00	20.96

1  These amounts represent the dividends, excluding distributions of capital gains, received by the Division from the underlying fund, portfolio, or series, net of management fees assessed by the fund manager, divided by the average net assets, regardless of share class, if any. These ratios exclude those expenses, such as mortality and expense risk charges, that are assessed against Policy owner accounts either through reductions in the unit values or the redemption of units. The investment income ratio is calculated for each period indicated or from the effective date through the end of the reporting period. The recognition of investment income by the Division is affected by the timing of the declaration of dividends by the underlying fund, portfolio, or series, in which the Division invests. The investment income ratio is calculated as a weighted average ratio since the Division may invest in two or more share classes, if any, within the underlying fund, portfolio, or series of the Trusts which may have unique investment income ratios.

2  These amounts represent annualized Policy expenses of each of the applicable Divisions, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Policy owner accounts through the redemption of units and expenses of the underlying fund, portfolio, or series have been excluded.

3  These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, portfolio, or series, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. The total return is presented as a range of minimum to maximum returns, based on the minimum and maximum returns within each product grouping of the applicable Division.

UL-208

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

              Item 8. Financial Statements and Supplementary Data

        Index to Consolidated Financial Statements, Notes and Schedules

                                                                           Page
                                                                          ------
Report of Independent Registered Public Accounting Firm..................      2
Financial Statements at December 31, 2020 and 2019 and for the Years
  Ended December 31, 2020, 2019 and 2018:
  Consolidated Balance Sheets............................................      5
  Consolidated Statements of Operations..................................      6
  Consolidated Statements of Comprehensive Income (Loss).................      7
  Consolidated Statements of Equity......................................      8
  Consolidated Statements of Cash Flows..................................      9
  Notes to the Consolidated Financial Statements.........................     11
     Note 1 -- Business, Basis of Presentation and Summary of
       Significant Accounting Policies...................................     11
     Note 2 -- Segment Information.......................................     29
     Note 3 -- Insurance.................................................     34
     Note 4 -- Deferred Policy Acquisition Costs, Value of Business
       Acquired and Other Intangibles....................................     44
     Note 5 -- Reinsurance...............................................     47
     Note 6 -- Closed Block..............................................     52
     Note 7 -- Investments...............................................     55
     Note 8 -- Derivatives...............................................     76
     Note 9 -- Fair Value................................................     87
     Note 10 -- Leases...................................................    100
     Note 11 -- Long-term and Short-term Debt............................    102
     Note 12 -- Equity...................................................    103
     Note 13 -- Other Revenues and Other Expenses........................    108
     Note 14 -- Employee Benefit Plans...................................    109
     Note 15 -- Income Tax...............................................    113
     Note 16 -- Contingencies, Commitments and Guarantees................    118
     Note 17 -- Quarterly Results of Operations (Unaudited)..............    122
     Note 18 -- Related Party Transactions...............................    123
Financial Statement Schedules at December 31, 2020 and 2019 and for
  the Years Ended December 31, 2020, 2019 and 2018:
  Schedule I -- Consolidated Summary of Investments -- Other Than
   Investments in Related Parties........................................    124
  Schedule III -- Consolidated Supplementary Insurance Information.......    125
  Schedule IV -- Consolidated Reinsurance................................    127

                                    MLIC-1

            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholder and the Board of Directors of Metropolitan Life Insurance
Company

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Metropolitan
Life Insurance Company and subsidiaries (the "Company") as of December 31, 2020
and 2019, the related consolidated statements of operations, comprehensive
income (loss), equity, and cash flows for each of the three years in the period
ended December 31, 2020, and the related notes and the schedules listed in the
Index to Consolidated Financial Statements, Notes and Schedules (collectively
referred to as the "financial statements"). In our opinion, the financial
statements present fairly, in all material respects, the financial position of
the Company as of December 31, 2020 and 2019, and the results of its operations
and its cash flows for each of the three years in the period ended December 31,
2020, in conformity with accounting principles generally accepted in the United
States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on the Company's financial
statements based on our audits. We are a public accounting firm registered with
the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Company's internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe
that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the
current-period audit of the financial statements that were communicated or
required to be communicated to the audit committee and that (1) relate to
accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion
on the financial statements, taken as a whole, and we are not, by communicating
the critical audit matters below, providing separate opinions on the critical
audit matters or on the accounts or disclosures to which they relate.

Fixed Maturity Securities Available-for-Sale -- Fair Value of Level 3 Fixed
Maturity Securities -- Refer to Notes 1, 7, and 9 to the financial statements

Critical Audit Matter Description

The Company has investments in certain fixed maturity securities classified as
available-for-sale whose fair values are based on unobservable inputs that are
supported by little or no market activity. When a price is not available in the
active market, from an independent pricing service, or from independent broker
quotations, management values the security using internal matrix pricing or
discounted cash flow techniques. These investments are categorized as Level 3
and had an estimated fair value of $4.0 billion as of December 31, 2020.

                                    MLIC-2

Given management uses considerable judgment when estimating the fair value of
Level 3 fixed maturity securities determined using internal matrix pricing or
discounted cash flow techniques, performing audit procedures to evaluate the
estimate of fair value required a high degree of auditor judgment and an
increased extent of effort. This audit effort included the use of professionals
with specialized skills and knowledge, including our fair value specialists, to
assist in performing procedures and evaluating the audit evidence obtained.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the valuation of Level 3 fixed maturity
securities determined using internal matrix pricing or discounted cash flow
techniques included the following, among others:

    .  We tested the effectiveness of controls over the determination of fair
       value.

    .  We tested the accuracy and completeness of relevant security attributes,
       including credit ratings, maturity dates and coupon rates, used in the
       determination of Level 3 fair values.

    .  With the involvement of our fair value specialists, we developed
       independent fair value estimates for a sample of securities and compared
       our estimates to the Company's estimates and evaluated differences. We
       developed our estimate by evaluating the observable and unobservable
       inputs used by management or developing independent inputs.

    .  We evaluated management's ability to accurately estimate fair value by
       comparing management's historical estimates to subsequent transactions,
       taking into account changes in market conditions subsequent to
       December 31, 2020.

Insurance Liabilities -- Valuation of Future Policy Benefits for Long-Term Care
Insurance -- Refer to Notes 1 and 3 to the financial statements

Critical Audit Matter Description

The Company's products include long-term care insurance. Liabilities for
amounts payable under long-term care insurance are recorded in future policy
benefits in the Company's consolidated balance sheets. Such liabilities are
established based on actuarial assumptions at the time policies are issued,
which are intended to estimate the experience for the period the policy
benefits are payable. Significant adverse changes in experience on such
contracts may require the establishment of premium deficiency reserves, which
are based on current assumptions. Management's estimate of future policy
benefits for long-term care insurance was $14.3 billion as of December 31, 2020.

Management applies considerable judgment in evaluating actual experience to
determine whether a change in assumptions for long-term care insurance is
warranted. Principal assumptions used in the valuation of future policy
benefits for long-term care insurance include morbidity, policy lapse,
investment returns and mortality.

Given the inherent uncertainty in selecting assumptions, we have determined
that management's evaluation of actual experience when estimating future policy
benefits for long-term care insurance policies is a critical audit matter,
which required a high degree of auditor judgment and an increased extent of
effort when performing audit procedures to evaluate the judgments made and the
reasonableness of the assumptions used in the valuation. The audit effort
included the use of professionals with specialized skill and knowledge,
including our actuarial specialists, to assist in performing these procedures
and evaluating the audit evidence obtained from these procedures.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the assumptions used to determine the estimate
of future policy benefits for long-term care insurance, included, among others,
the following:

    .  We tested the effectiveness of the control over the assumptions used in
       the valuation of future policy benefits and the effectiveness of the
       controls over the underlying data.

    .  With the involvement of our actuarial specialists, we:

       .  evaluated judgments applied by management in setting principal
          assumptions, including evaluating the results of experience studies
          used as the basis for setting those assumptions.

                                    MLIC-3

       .  evaluated management's estimate of, or developed an independent
          estimate of future policy benefits, on a sample basis, and evaluated
          differences. This included confirming that assumptions were applied
          as intended.

       .  evaluated the results of the Company's annual premium deficiency
          tests.

Derivatives -- Valuation of Embedded Derivative Liabilities -- Refer to Notes
1, 3, 8, and 9 to the financial statements

Critical Audit Matter Description

The Company's products include variable annuity contracts with guaranteed
minimum benefits that provide the policyholder a minimum return based on their
initial deposit adjusted for withdrawals. The guarantees on variable annuity
contracts are accounted for as insurance liabilities or as embedded derivatives
depending on how and when the benefit is paid. Guarantees accounted for as
embedded derivatives include the non-life contingent portion of guaranteed
minimum withdrawal benefits and certain non-life contingent portions of
guaranteed minimum income benefits, and are recorded in policyholder account
balances on the Company's consolidated balance sheet. Embedded derivatives are
measured at estimated fair value separately from the host variable annuity
contract using actuarial and capital market assumptions that are updated
annually. Management's estimate of embedded derivative liabilities was $2.1
billion as of December 31, 2020.

Management applies considerable judgment in selecting assumptions used to
estimate embedded derivative liabilities and changes in market conditions or
variations in certain assumptions could result in significant fluctuations in
the estimate. Principal assumptions include mortality, lapse, dynamic lapse,
withdrawal, utilization, and risk-free rates and implied volatilities. The
valuation of the embedded derivative liabilities is also based on complex
calculations which are data intensive.

Given the inherent uncertainty in selecting assumptions and the complexity of
the calculations, we have determined that management's valuation of the
embedded derivative liabilities is a critical audit matter which required a
high degree of auditor judgment and an increased extent of effort when
performing audit procedures to evaluate the judgments made and the
reasonableness of the models and assumptions used in the valuation. The audit
effort included the use of professionals with specialized skill and knowledge,
including our valuation, modeling and actuarial specialists, to assist in
performing these procedures and evaluating the audit evidence obtained from
these procedures.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the valuation of embedded derivative
liabilities included, among others, the following:

    .  We tested the effectiveness of controls over the assumptions, including
       controls over the underlying data used in the valuation of embedded
       derivative liabilities.

    .  We tested the effectiveness of controls over the methodologies and
       models used for determining the embedded derivative liabilities.

    .  With the involvement of our valuation, modeling and actuarial
       specialists, we:

       .  evaluated the methods, models, and judgments applied by management in
          the determination of principal assumptions and the calculation of the
          embedded derivative liabilities

       .  evaluated the results of underlying experience studies, capital
          market projections, and judgments applied by management in setting
          the assumptions

       .  developed an independent estimate of the embedded derivative
          liabilities, on a sample basis, and evaluated differences.

/s/ DELOITTE & TOUCHE LLP
New York, New York
March 8, 2021

We have served as the Company's auditor since at least 1968; however, an
earlier year could not be reliably determined.

                                    MLIC-4

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

                          Consolidated Balance Sheets
                          December 31, 2020 and 2019

                (In millions, except share and per share data)

                                                        2020          2019
                                                    ------------- -------------
 Assets
 Investments:
 Fixed maturity securities available-for-sale, at
  estimated fair value (amortized cost: $156,423
  and $154,397, respectively; allowance for credit
  loss of $51 and $0, respectively)................  $    181,340  $    169,564
 Mortgage loans (net of allowance for credit loss
  of $517 and $289, respectively; includes $199
  and $210, respectively, relating to variable
  interest entities; includes $165 and $188,
  respectively, under the fair value option and $0
  and $59, respectively, of mortgage loans
  held-for-sale)...................................        66,405        65,549
 Policy loans......................................         5,973         6,100
 Real estate and real estate joint ventures
  (includes $1,435 and $1,378, respectively,
  relating to variable interest entities, $169 and
  $127, respectively, under the fair value option
  and $128 and $0, respectively, of real estate
  held-for-sale)...................................         7,478         6,659
 Other limited partnership interests...............         5,775         4,954
 Short-term investments, at estimated fair value...         2,623         1,883
 Other invested assets (includes $992 and $1,085,
  respectively, of leveraged and direct financing
  leases and $79 and $94, respectively, relating
  to variable interest entities)...................        17,723        16,979
                                                    ------------- -------------
   Total investments...............................       287,317       271,688
 Cash and cash equivalents, principally at
  estimated fair value (includes $9 and $5,
  respectively, relating to variable interest
  entities)........................................        11,337         8,927
 Accrued investment income (includes $1 and $1,
  respectively, relating to variable interest
  entities)........................................         1,904         1,987
 Premiums, reinsurance and other receivables
  (includes $3 and $3, respectively, relating to
  variable interest entities)......................        21,478        22,435
 Deferred policy acquisition costs and value of
  business acquired................................         2,649         3,453
 Other assets (includes $1 and $2, respectively,
  relating to variable interest entities)..........         4,276         4,460
 Separate account assets...........................       128,646       117,867
                                                    ------------- -------------
   Total assets....................................  $    457,607  $    430,817
                                                    ============= =============
 Liabilities and Equity
 Liabilities
 Future policy benefits............................  $    133,921  $    128,304
 Policyholder account balances.....................        96,635        91,708
 Other policy-related balances.....................         7,430         7,732
 Policyholder dividends payable....................           397           495
 Policyholder dividend obligation..................         2,969         2,020
 Payables for collateral under securities loaned
  and other transactions...........................        23,122        20,365
 Short-term debt...................................           120           128
 Long-term debt (includes $5 and $5, respectively,
  relating to variable interest entities)..........         1,619         1,548
 Current income tax payable........................           486           388
 Deferred income tax liability.....................         1,980         1,568
 Other liabilities.................................        25,424        26,082
 Separate account liabilities......................       128,646       117,867
                                                    ------------- -------------
   Total liabilities...............................       422,749       398,205
                                                    ------------- -------------
 Contingencies, Commitments and Guarantees (Note
  16)
 Equity
 Metropolitan Life Insurance Company stockholder's
  equity:
 Common stock, par value $0.01 per share;
  1,000,000,000 shares authorized; 494,466,664
  shares issued and outstanding....................             5             5
 Additional paid-in capital........................        12,460        12,455
 Retained earnings.................................        10,548         9,943
 Accumulated other comprehensive income (loss).....        11,662        10,025
                                                    ------------- -------------
   Total Metropolitan Life Insurance Company
    stockholder's equity...........................        34,675        32,428
 Noncontrolling interests..........................           183           184
                                                    ------------- -------------
   Total equity....................................        34,858        32,612
                                                    ------------- -------------
   Total liabilities and equity....................  $    457,607  $    430,817
                                                    ============= =============

       See accompanying notes to the consolidated financial statements.

                                    MLIC-5

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

                     Consolidated Statements of Operations
             For the Years Ended December 31, 2020, 2019 and 2018

                                 (In millions)

                                                       2020          2019          2018
                                                   ------------  ------------  ------------
Revenues
Premiums..........................................  $    20,741   $    21,608   $    26,613
Universal life and investment-type product policy
 fees.............................................        1,996         2,037         2,124
Net investment income.............................       10,250        10,973        10,919
Other revenues....................................        1,661         1,573         1,586
Net investment gains (losses)                               (73)          346           153
Net derivative gains (losses).....................          738          (288)          766
                                                   ------------  ------------  ------------
 Total revenues...................................       35,313        36,249        42,161
                                                   ------------  ------------  ------------
Expenses
Policyholder benefits and claims..................       23,074        24,051        29,097
Interest credited to policyholder account balances        2,247         2,624         2,479
Policyholder dividends............................          901         1,038         1,085
Other expenses....................................        5,013         4,976         5,191
                                                   ------------  ------------  ------------
 Total expenses...................................       31,235        32,689        37,852
                                                   ------------  ------------  ------------
 Income (loss) before provision for income tax....        4,078         3,560         4,309
Provision for income tax expense (benefit)........          534           148           173
                                                   ------------  ------------  ------------
 Net income (loss)................................        3,544         3,412         4,136
Less: Net income (loss) attributable to
 noncontrolling interests.........................           (6)           (6)            6
                                                   ------------  ------------  ------------
 Net income (loss) attributable to Metropolitan
   Life Insurance Company.........................  $     3,550   $     3,418   $     4,130
                                                   ============  ============  ============

       See accompanying notes to the consolidated financial statements.

                                    MLIC-6

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

            Consolidated Statements of Comprehensive Income (Loss)
             For the Years Ended December 31, 2020, 2019 and 2018

                                 (In millions)

                                                       2020         2019         2018
                                                   -----------  -----------  -----------
Net income (loss).................................  $    3,544   $    3,412   $    4,136
Other comprehensive income (loss):
Unrealized investment gains (losses), net of
 related offsets..................................       1,911        8,053       (6,318)
Unrealized gains (losses) on derivatives..........         216          279          346
Foreign currency translation adjustments..........          54          (32)         (20)
Defined benefit plans adjustment..................        (108)        (143)       2,409
                                                   -----------  -----------  -----------
 Other comprehensive income (loss), before income
   tax............................................       2,073        8,157       (3,583)
Income tax (expense) benefit related to items of
 other comprehensive income (loss)................        (436)      (1,711)         793
                                                   -----------  -----------  -----------
 Other comprehensive income (loss), net of income
   tax............................................       1,637        6,446       (2,790)
                                                   -----------  -----------  -----------
Comprehensive income (loss).......................       5,181        9,858        1,346
Less: Comprehensive income (loss) attributable to
 noncontrolling interest, net of income tax.......          (6)          (6)           6
                                                   -----------  -----------  -----------
 Comprehensive income (loss) attributable to
   Metropolitan Life Insurance Company............  $    5,187   $    9,864   $    1,340
                                                   ===========  ===========  ===========

       See accompanying notes to the consolidated financial statements.

                                    MLIC-7

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

                       Consolidated Statements of Equity
             For the Years Ended December 31, 2020, 2019 and 2018

                                 (In millions)

                                                                  Accumulated           Total
                                         Additional                  Other        Metropolitan Life
                                Common    Paid-in     Retained    Comprehensive   Insurance Company    Noncontrolling   Total
                                Stock     Capital     Earnings   Income (Loss)   Stockholder's Equity    Interests      Equity
                               -------- -----------  ----------  -------------- --------------------- --------------- ---------
Balance at December 31, 2017.. $      5 $    14,150  $   10,035   $     5,428      $       29,618        $     143    $  29,761
Cumulative effects of changes
 in accounting principles,
 net of income tax............                             (917)          924                   7                             7
Capital contributions from
 MetLife, Inc.................                   74                                            74                            74
Returns of capital............                   (2)                                           (2)                           (2)
Transfer of employee benefit
 plans to an affiliate
 (Note 14)....................               (1,772)                                       (1,772)                       (1,772)
Dividends to MetLife, Inc.....                           (3,736)                           (3,736)                       (3,736)
Change in equity of
 noncontrolling interests.....                                                                 --               49           49
Net income (loss).............                            4,130                             4,130                6        4,136
Other comprehensive income
 (loss), net of income tax....                                         (2,790)             (2,790)                       (2,790)
                               -------- -----------  ----------   -----------      --------------        ---------    ---------
Balance at December 31, 2018..        5      12,450       9,512         3,562              25,529              198       25,727
Cumulative effects of changes
 in accounting principles,
 net of income tax............                               78            17                  95                            95
Capital contributions from
 MetLife, Inc.................                    5                                             5                             5
Dividends to MetLife, Inc.....                           (3,065)                           (3,065)                       (3,065)
Change in equity of
 noncontrolling interests.....                                                                 --               (8)          (8)
Net income (loss).............                            3,418                             3,418               (6)       3,412
Other comprehensive income
 (loss), net of income tax....                                          6,446               6,446                         6,446
                               -------- -----------  ----------   -----------      --------------        ---------    ---------
Balance at December 31, 2019..        5      12,455       9,943        10,025              32,428              184       32,612
Cumulative effects of changes
 in accounting principles,
 net of income tax (Note 1)...                             (113)                             (113)                         (113)
Capital contributions from
 MetLife, Inc.................                    5                                             5                             5
Dividends to MetLife, Inc.....                           (2,832)                           (2,832)                       (2,832)
Change in equity of
 noncontrolling interests.....                                                                 --                5            5
Net income (loss).............                            3,550                             3,550               (6)       3,544
Other comprehensive income
 (loss), net of income tax....                                          1,637               1,637                         1,637
                               -------- -----------  ----------   -----------      --------------        ---------    ---------
Balance at December 31, 2020.. $      5 $    12,460  $   10,548   $    11,662      $       34,675        $     183    $  34,858
                               ======== ===========  ==========   ===========      ==============        =========    =========

       See accompanying notes to the consolidated financial statements.

                                    MLIC-8

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

                     Consolidated Statements of Cash Flows
             For the Years Ended December 31, 2020, 2019 and 2018

                                 (In millions)

                                                       2020           2019           2018
                                                  -------------  -------------  -------------
Cash flows from operating activities
Net income (loss)................................ $       3,544  $       3,412  $       4,136
Adjustments to reconcile net income (loss) to
 net cash provided by (used in) operating
 activities:
 Depreciation and amortization expenses..........           125             99            264
 Amortization of premiums and accretion of
  discounts associated with investments, net.....          (651)          (823)          (907)
 (Gains) losses on investments and from sales of
  businesses, net................................            73           (346)          (153)
 (Gains) losses on derivatives, net..............          (299)           499           (346)
 (Income) loss from equity method investments,
  net of dividends or distributions..............           238            366            375
 Interest credited to policyholder account
  balances.......................................         2,213          2,624          2,479
 Universal life and investment-type product
  policy fees....................................        (1,130)        (2,037)        (2,124)
 Change in fair value option and trading
  securities.....................................          (171)          (151)             3
 Change in accrued investment income.............            72             45             11
 Change in premiums, reinsurance and other
  receivables....................................           826           (200)          (309)
 Change in deferred policy acquisition costs and
  value of business acquired, net................           355            197            436
 Change in income tax............................           104           (351)           911
 Change in other assets..........................            90            961            947
 Change in insurance-related liabilities and
  policy-related balances........................        (1,256)         1,571          3,997
 Change in other liabilities.....................        (1,372)           277         (1,675)
 Other, net......................................           176             (1)           (19)
                                                  -------------  -------------  -------------
  Net cash provided by (used in) operating
    activities...................................         2,937          6,142          8,026
                                                  -------------  -------------  -------------
Cash flows from investing activities
Sales, maturities and repayments of:
 Fixed maturity securities available-for-sale....        46,700         49,464         67,609
 Equity securities...............................           310            183            135
 Mortgage loans..................................         9,963         11,482          8,908
 Real estate and real estate joint ventures......            81          1,101          1,131
 Other limited partnership interests.............           464            494            479
Purchases and originations of:
 Fixed maturity securities available-for-sale....       (48,561)       (48,421)       (61,109)
 Equity securities...............................          (106)           (49)          (161)
 Mortgage loans..................................       (10,931)       (13,458)       (13,968)
 Real estate and real estate joint ventures......          (768)        (1,443)          (463)
 Other limited partnership interests.............        (1,071)          (971)          (871)
Cash received in connection with freestanding
 derivatives.....................................         3,823          1,759          1,798
Cash paid in connection with freestanding
 derivatives.....................................        (2,886)        (1,957)        (2,258)
Receipts on loans to affiliates..................           251             --             --
Net change in policy loans.......................           127            (39)           (55)
Net change in short-term investments.............          (714)          (377)         1,671
Net change in other invested assets..............            44             (8)           351
Net change in property, equipment and leasehold
 improvements....................................            18             60            209
Other, net.......................................            21             (4)             4
                                                  -------------  -------------  -------------
 Net cash provided by (used in) investing
  activities..................................... $      (3,235) $      (2,184) $       3,410
                                                  -------------  -------------  -------------

       See accompanying notes to the consolidated financial statements.

                                    MLIC-9

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

             Consolidated Statements of Cash Flows -- (continued)
             For the Years Ended December 31, 2020, 2019 and 2018

                                 (In millions)

                                                       2020           2019          2018
                                                  -------------  -------------  ------------
Cash flows from financing activities
Policyholder account balances:
  Deposits....................................... $      77,446  $      74,049  $     74,550
  Withdrawals....................................       (74,655)       (74,571)      (78,746)
Net change in payables for collateral under
 securities loaned and other transactions........         2,757          1,893        (1,399)
Long-term debt issued............................           128             --            24
Long-term debt repaid............................           (97)           (28)         (109)
Financing element on certain derivative
 instruments and other derivative related
 transactions, net...............................           (40)          (175)         (149)
Dividends paid to MetLife, Inc...................        (2,832)        (3,065)       (3,736)
Other, net.......................................            (3)           (19)          (54)
  Net cash provided by (used in) financing
   activities....................................         2,704         (1,916)       (9,619)
Effect of change in foreign currency exchange
 rates on cash and cash equivalents balances.....             4              3            (4)
  Change in cash and cash equivalents............         2,410          2,045         1,813
Cash and cash equivalents, beginning of year.....         8,927          6,882         5,069
                                                  -------------  -------------  ------------
  Cash and cash equivalents, end of year......... $      11,337  $       8,927  $      6,882
                                                  =============  =============  ============
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest......................................... $          99  $         104  $        107
                                                  =============  =============  ============
Income tax....................................... $          45  $         552  $        483
                                                  =============  =============  ============
Non-cash transactions:
Capital contributions from MetLife, Inc.......... $           5  $           5  $         74
                                                  =============  =============  ============
Transfer of fixed maturity securities
 available-for-sale to an affiliate.............. $         296  $          --  $         --
                                                  =============  =============  ============
Transfer of mortgage loans to an affiliate....... $          84  $          --  $         --
                                                  =============  =============  ============
Transfer of real estate from an affiliate........ $         380  $          --  $         --
                                                  =============  =============  ============
Operating lease liability associated with the
 recognition of right-of-use assets.............. $          --  $         152  $         --
                                                  =============  =============  ============
Transfer of employee benefit plans to an
 affiliate....................................... $          --  $          --  $      1,772
                                                  =============  =============  ============
Fixed maturity securities available-for-sale
 received in connection with pension risk
 transfer transactions........................... $          --  $          --  $      3,016
                                                  =============  =============  ============
Reclassification of certain equity securities to
 other invested assets........................... $          --  $          --  $        733
                                                  =============  =============  ============

       See accompanying notes to the consolidated financial statements.

                                    MLIC-10

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

                Notes to the Consolidated Financial Statements

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies

Business

  Metropolitan Life Insurance Company and its subsidiaries (collectively,
"MLIC" or the "Company") is a provider of insurance, annuities, employee
benefits and asset management and is organized into two segments: U.S. and
MetLife Holdings. Metropolitan Life Insurance Company is a wholly-owned
subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and
affiliates, "MetLife").

Basis of Presentation

  The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America ("GAAP") requires
management to adopt accounting policies and make estimates and assumptions that
affect amounts reported on the consolidated financial statements. In applying
these policies and estimates, management makes subjective and complex judgments
that frequently require assumptions about matters that are inherently
uncertain, including uncertainties associated with the novel coronavirus
COVID-19 pandemic (the "COVID-19 Pandemic"). Many of these policies, estimates
and related judgments are common in the insurance and financial services
industries; others are specific to the Company's business and operations.
Actual results could differ from these estimates.

  Consolidation

    The accompanying consolidated financial statements include the accounts of
  Metropolitan Life Insurance Company and its subsidiaries, as well as
  partnerships and joint ventures in which the Company has control, and
  variable interest entities ("VIEs") for which the Company is the primary
  beneficiary. Intercompany accounts and transactions have been eliminated.

    Since the Company is a member of a controlled group of affiliated
  companies, its results may not be indicative of those of a stand-alone entity.

  Separate Accounts

    Separate accounts are established in conformity with insurance laws.
  Generally, the assets of the separate accounts cannot be used to settle the
  liabilities that arise from any other business of the Company. Separate
  account assets are subject to general account claims only to the extent the
  value of such assets exceeds the separate account liabilities. The Company
  reports separately, as assets and liabilities, investments held in separate
  accounts and liabilities of the separate accounts if:

  .   such separate accounts are legally recognized;

  .   assets supporting the contract liabilities are legally insulated from the
      Company's general account liabilities;

  .   investment objectives are directed by the contractholder; and

  .   all investment performance, net of contract fees and assessments, is
      passed through to the contractholder.

    The Company reports separate account assets at their fair value, which is
  based on the estimated fair values of the underlying assets comprising the
  individual separate account portfolios. Investment performance (including
  investment income, net investment gains (losses) and changes in unrealized
  gains (losses)) and the corresponding amounts credited to contractholders of
  such separate accounts are offset within the same line on the statements of
  operations. Separate accounts credited with a contractual investment return
  are combined on a line-by-line basis with the Company's general account
  assets, liabilities, revenues and expenses and the accounting for these
  investments is consistent with the methodologies described herein for similar
  financial instruments held within the general account.

    The Company's revenues reflect fees charged to the separate accounts,
  including mortality charges, risk charges, policy administration fees,
  investment management fees and surrender charges. Such fees are included in
  universal life and investment-type product policy fees on the statements of
  operations.

                                    MLIC-11

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)


Summary of Significant Accounting Policies

  The following are the Company's significant accounting policies with
references to notes providing additional information on such policies and
critical accounting estimates relating to such policies.

---------------------------------------------------------------------------------------------
Accounting Policy                                                                        Note
---------------------------------------------------------------------------------------------
Insurance                                                                               3
---------------------------------------------------------------------------------------------
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles     4
---------------------------------------------------------------------------------------------
Reinsurance                                                                             5
---------------------------------------------------------------------------------------------
Investments                                                                             7
---------------------------------------------------------------------------------------------
Derivatives                                                                             8
---------------------------------------------------------------------------------------------
Fair Value                                                                              9
---------------------------------------------------------------------------------------------
Employee Benefit Plans                                                                  14
---------------------------------------------------------------------------------------------
Income Tax                                                                              15
---------------------------------------------------------------------------------------------
Litigation Contingencies                                                                16
---------------------------------------------------------------------------------------------

  Insurance

   Future Policy Benefit Liabilities and Policyholder Account Balances

     The Company establishes liabilities for amounts payable under insurance
   policies. Generally, amounts are payable over an extended period of time and
   related liabilities are calculated as the present value of future expected
   benefits to be paid, reduced by the present value of future expected
   premiums. Such liabilities are established based on methods and underlying
   assumptions in accordance with GAAP and applicable actuarial standards.
   Principal assumptions used in the establishment of liabilities for future
   policy benefits are mortality, morbidity, policy lapse, renewal, retirement,
   disability incidence, disability terminations, investment returns,
   inflation, expenses and other contingent events as appropriate to the
   respective product type. These assumptions are established at the time the
   policy is issued and are intended to estimate the experience for the period
   the policy benefits are payable. Utilizing these assumptions, liabilities
   are established on a block of business basis. For long-duration insurance
   contracts, assumptions such as mortality, morbidity and interest rates are
   "locked in" upon the issuance of new business. However, significant adverse
   changes in experience on such contracts may require the establishment of
   premium deficiency reserves. Such reserves are determined based on the then
   current assumptions and do not include a provision for adverse deviation.

     Premium deficiency reserves may also be established for short-duration
   contracts to provide for expected future losses. These reserves are based on
   actuarial estimates of the amount of loss inherent in that period, including
   losses incurred for which claims have not been reported. The provisions for
   unreported claims are calculated using studies that measure the historical
   length of time between the incurred date of a claim and its eventual
   reporting to the Company. Anticipated investment income is considered in the
   calculation of premium deficiency losses for short-duration contracts.

     Liabilities for universal and variable life policies with secondary
   guarantees and paid-up guarantees are determined by estimating the expected
   value of death benefits payable when the account balance is projected to be
   zero and recognizing those benefits ratably over the life of the contract
   based on total expected assessments. The assumptions used in estimating the
   secondary and paid-up guarantee liabilities are consistent with those used
   for amortizing deferred policy acquisition costs ("DAC"), and are thus
   subject to the same variability and risk as further discussed herein. The
   assumptions of investment performance and volatility for variable products
   are consistent with historical experience of appropriate underlying equity
   indices, such as the S&P Global Ratings ("S&P") 500 Index. The benefits used
   in calculating the liabilities are based on the average benefits payable
   over a range of scenarios.

     The Company regularly reviews its estimates of liabilities for future
   policy benefits and compares them with its actual experience. Differences
   result in changes to the liability balances with related charges or credits
   to benefit expenses in the period in which the changes occur.

                                    MLIC-12

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)


     Policyholder account balances relate to contracts or contract features
   where the Company has no significant insurance risk.

     The Company issues directly and assumes through reinsurance variable
   annuity products with guaranteed minimum benefits that provide the
   policyholder a minimum return based on their initial deposit adjusted for
   withdrawals. These guarantees are accounted for as insurance liabilities or
   as embedded derivatives depending on how and when the benefit is paid.
   Specifically, a guarantee is accounted for as an embedded derivative if a
   guarantee is paid without requiring (i) the occurrence of a specific
   insurable event, or (ii) the policyholder to annuitize. Alternatively, a
   guarantee is accounted for as an insurance liability if the guarantee is
   paid only upon either (i) the occurrence of a specific insurable event, or
   (ii) annuitization. In certain cases, a guarantee may have elements of both
   an insurance liability and an embedded derivative and in such cases the
   guarantee is split and accounted for under both models.

     Guarantees accounted for as insurance liabilities in future policy
   benefits include guaranteed minimum death benefits ("GMDBs"), the
   life-contingent portion of guaranteed minimum withdrawal benefits ("GMWBs"),
   elective annuitizations of guaranteed minimum income benefits ("GMIBs"), and
   the life contingent portion of GMIBs that require annuitization when the
   account balance goes to zero.

     Guarantees accounted for as embedded derivatives in policyholder account
   balances include guaranteed minimum accumulation benefits ("GMABs"), the
   non-life contingent portion of GMWBs and certain non-life contingent
   portions of GMIBs. At inception, the Company attributes to the embedded
   derivative a portion of the projected future guarantee fees to be collected
   from the policyholder equal to the present value of projected future
   guaranteed benefits. Any additional fees represent "excess" fees and are
   reported in universal life and investment-type product policy fees.

   Other Policy-Related Balances

     Other policy-related balances include policy and contract claims, premiums
   received in advance, unearned revenue liabilities, obligations assumed under
   structured settlement assignments, policyholder dividends due and unpaid,
   and policyholder dividends left on deposit.

     The liability for policy and contract claims generally relates to incurred
   but not reported ("IBNR") death, disability, and dental claims. In addition,
   included in other policy-related balances are claims which have been
   reported but not yet settled for death, disability and dental. The liability
   for these claims is based on the Company's estimated ultimate cost of
   settling all claims. The Company derives estimates for the development of
   IBNR claims principally from analyses of historical patterns of claims by
   business line. The methods used to determine these estimates are continually
   reviewed. Adjustments resulting from this continuous review process and
   differences between estimates and payments for claims are recognized in
   policyholder benefits and claims expense in the period in which the
   estimates are changed or payments are made.

     The Company accounts for the prepayment of premiums on its individual
   life, group life and health contracts as premiums received in advance. These
   amounts are then recognized in premiums when due.

     The unearned revenue liability relates to universal life and
   investment-type products and represents policy charges for services to be
   provided in future periods. The charges are deferred as unearned revenue and
   amortized using the product's estimated gross profits and margins, similar
   to DAC as discussed further herein. Such amortization is recorded in
   universal life and investment-type product policy fees.

   Recognition of Insurance Revenues and Deposits

     Premiums related to traditional life and annuity contracts with life
   contingencies are recognized as revenues when due from policyholders.
   Policyholder benefits and expenses are provided to recognize profits over
   the estimated lives of the insurance policies. When premiums are due over a
   significantly shorter period than the period over which benefits are
   provided, any excess profit is deferred and recognized into earnings in a
   constant relationship to insurance in-force or, for annuities, the amount of
   expected future policy benefit payments.

     Premiums related to short-duration non-medical health, disability and
   accident & health contracts are recognized on a pro rata basis over the
   applicable contract term.

                                    MLIC-13

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)


     Deposits related to universal life and investment-type products are
   credited to policyholder account balances. Revenues from such contracts
   consist of fees for mortality, policy administration and surrender charges
   and are recorded in universal life and investment-type product policy fees
   in the period in which services are provided. Amounts that are charged to
   earnings include interest credited and benefit claims incurred in excess of
   related policyholder account balances.

     All revenues and expenses are presented net of reinsurance, as applicable.

  Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles

    The Company incurs significant costs in connection with acquiring new and
  renewal insurance business. Costs that are related directly to the successful
  acquisition or renewal of insurance contracts are capitalized as DAC. Such
  costs include:

  .   incremental direct costs of contract acquisition, such as commissions;

  .   the portion of an employee's total compensation and benefits related to
      time spent selling, underwriting or processing the issuance of new and
      renewal insurance business only with respect to actual policies acquired
      or renewed; and

  .   other essential direct costs that would not have been incurred had a
      policy not been acquired or renewed.

    All other acquisition-related costs, including those related to general
  advertising and solicitation, market research, agent training, product
  development, unsuccessful sales and underwriting efforts, as well as all
  indirect costs, are expensed as incurred.

    Value of business acquired ("VOBA") is an intangible asset resulting from a
  business combination that represents the excess of book value over the
  estimated fair value of acquired insurance, annuity, and investment-type
  contracts in-force at the acquisition date. The estimated fair value of the
  acquired liabilities is based on projections, by each block of business, of
  future policy and contract charges, premiums, mortality and morbidity,
  separate account performance, surrenders, operating expenses, investment
  returns, nonperformance risk adjustment and other factors. Actual experience
  with the purchased business may vary from these projections.

    DAC and VOBA are amortized as follows:

 Products:                              In proportion to the following over
                                        estimated lives of the contracts:
 ------------------------------------------------------------------------------
 . Nonparticipating and                   Actual and expected future gross
   non-dividend-paying traditional        premiums
   contracts:
  .  Term insurance
  .  Nonparticipating whole life
     insurance
  .  Traditional group life insurance
  .  Non-medical health insurance
 ------------------------------------------------------------------------------
 . Participating, dividend-paying         Actual and expected future gross
   traditional contracts                  margins
 ------------------------------------------------------------------------------
 . Fixed and variable universal life      Actual and expected future gross
   contracts                              profits
 . Fixed and variable deferred annuity
   contracts
 ------------------------------------------------------------------------------

    See Note 4 for additional information on DAC and VOBA amortization.
  Amortization of DAC and VOBA is included in other expenses.

    The recovery of DAC and VOBA is dependent upon the future profitability of
  the related business. DAC and VOBA are aggregated on the financial statements
  for reporting purposes.

    The Company generally has two different types of sales inducements which
  are included in other assets: (i) the policyholder receives a bonus whereby
  the policyholder's initial account balance is increased by an amount equal to
  a specified percentage of the customer's deposit; and (ii) the policyholder
  receives a higher interest rate using a dollar cost averaging method than
  would have been received based on the normal general account interest rate
  credited. The Company defers sales inducements and amortizes them over the
  life of the policy using the same methodology and assumptions used to
  amortize DAC. The amortization of sales inducements is included in
  policyholder benefits and claims. Each year, or more

                                    MLIC-14

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

  frequently if circumstances indicate a potential recoverability issue exists,
  the Company reviews deferred sales inducements ("DSI") to determine the
  recoverability of the asset.

    Value of distribution agreements acquired ("VODA") is reported in other
  assets and represents the present value of expected future profits associated
  with the expected future business derived from the distribution agreements
  acquired as part of a business combination. Value of customer relationships
  acquired ("VOCRA") is also reported in other assets and represents the
  present value of the expected future profits associated with the expected
  future business acquired through existing customers of the acquired company
  or business. The VODA and VOCRA associated with past business combinations
  are amortized over the assets' useful lives ranging from 10 to 30 years and
  such amortization is included in other expenses. Each year, or more
  frequently if circumstances indicate a possible impairment exists, the
  Company reviews VODA and VOCRA to determine whether the asset is impaired.

  Reinsurance

    For each of its reinsurance agreements, the Company determines whether the
  agreement provides indemnification against loss or liability relating to
  insurance risk in accordance with applicable accounting standards. Cessions
  under reinsurance agreements do not discharge the Company's obligations as
  the primary insurer. The Company reviews all contractual features, including
  those that may limit the amount of insurance risk to which the reinsurer is
  subject or features that delay the timely reimbursement of claims.

    For reinsurance of existing in-force blocks of long-duration contracts that
  transfer significant insurance risk, the difference, if any, between the
  amounts paid (received), and the liabilities ceded (assumed) related to the
  underlying contracts is considered the net cost of reinsurance at the
  inception of the reinsurance agreement. The net cost of reinsurance is
  amortized on a basis consistent with the methodologies and assumptions used
  for amortizing DAC related to the underlying reinsured contracts. Subsequent
  amounts paid (received) on the reinsurance of in-force blocks, as well as
  amounts paid (received) related to new business, are recorded as
  ceded (assumed) premiums; and ceded (assumed) premiums, reinsurance and other
  receivables (future policy benefits) are established.

    For prospective reinsurance of short-duration contracts that meet the
  criteria for reinsurance accounting, amounts paid (received) are recorded as
  ceded (assumed) premiums and ceded (assumed) unearned premiums. Unearned
  premiums are reflected as a component of premiums, reinsurance and other
  receivables (future policy benefits). Such amounts are amortized through
  earned premiums over the remaining contract period in proportion to the
  amount of insurance protection provided. For retroactive reinsurance of
  short-duration contracts that meet the criteria for reinsurance accounting,
  amounts paid (received) in excess of the related insurance liabilities
  ceded (assumed) are recognized immediately as a loss and are reported in the
  appropriate line item within the statement of operations. Any gain on such
  retroactive agreement is deferred and is amortized as part of DAC, primarily
  using the recovery method.

    Amounts currently recoverable under reinsurance agreements are included in
  premiums, reinsurance and other receivables and amounts currently payable are
  included in other liabilities. Assets and liabilities relating to reinsurance
  agreements with the same reinsurer may be recorded net on the balance sheet,
  if a right of offset exists within the reinsurance agreement. In the event
  that reinsurers do not meet their obligations to the Company under the terms
  of the reinsurance agreements, reinsurance recoverable balances could become
  uncollectible. In such instances, reinsurance recoverable balances are stated
  net of allowances for uncollectible reinsurance.

    The funds withheld liability represents amounts withheld by the Company in
  accordance with the terms of the reinsurance agreements. The Company
  withholds the funds rather than transferring the underlying investments and,
  as a result, records funds withheld liability within other liabilities. The
  Company recognizes interest on funds withheld, included in other expenses, at
  rates defined by the terms of the agreement which may be contractually
  specified or directly related to the investment portfolio.

    Premiums, fees and policyholder benefits and claims include amounts assumed
  under reinsurance agreements and are net of reinsurance ceded. Amounts
  received from reinsurers for policy administration are reported in other
  revenues. With respect to GMIBs, a portion of the directly written GMIBs are
  accounted for as insurance liabilities, but the associated reinsurance
  agreements contain embedded derivatives. These embedded derivatives are
  included in premiums, reinsurance

                                    MLIC-15

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

  and other receivables with changes in estimated fair value reported in net
  derivative gains (losses). Certain assumed GMWBs, GMABs and GMIBs are also
  accounted for as embedded derivatives with changes in estimated fair value
  reported in net derivative gains (losses).

    If the Company determines that a reinsurance agreement does not expose the
  reinsurer to a reasonable possibility of a significant loss from insurance
  risk, the Company records the agreement using the deposit method of
  accounting. Deposits received are included in other liabilities and deposits
  made are included within premiums, reinsurance and other receivables. As
  amounts are paid or received, consistent with the underlying contracts, the
  deposit assets or liabilities are adjusted. Interest on such deposits is
  recorded as other revenues or other expenses, as appropriate. Periodically,
  the Company evaluates the adequacy of the expected payments or recoveries and
  adjusts the deposit asset or liability through other revenues or other
  expenses, as appropriate.

  Investments

   Net Investment Income and Net Investment Gains (Losses)

     Income from investments is reported within net investment income, unless
   otherwise stated herein. Gains and losses on sales of investments,
   intent-to-sell impairments, as well as provisions for credit loss in the
   allowance for credit loss ("ACL") on fixed maturity securities
   available-for-sale ("AFS"), mortgage loans and investments in leases and
   subsequent changes in the ACL or for impairment losses on real estate
   investments and other asset classes, are reported within net investment
   gains (losses), unless otherwise stated herein. Accrued investment income is
   presented separately on the consolidated balance sheet and excluded from the
   carrying value of the related investments, primarily fixed maturity
   securities AFS and mortgage loans.

   Fixed Maturity Securities

     The majority of the Company's fixed maturity securities are classified
   as AFS and are reported at their estimated fair value. Unrealized investment
   gains and losses on these securities are recorded as a separate component of
   other comprehensive income (loss) ("OCI"), net of policy-related amounts and
   deferred income taxes. All security transactions are recorded on a trade
   date basis. Sales of securities are determined on a specific identification
   basis.

     Interest income and prepayment fees are recognized when earned. Interest
   income is recognized using an effective yield method giving effect to
   amortization of premium and accretion of discount, and is based on the
   estimated economic life of the securities, which for mortgage-backed and
   asset-backed securities considers the estimated timing and amount of
   prepayments of the underlying loans. See Note 7 "-- Fixed Maturity
   Securities AFS -- Methodology for Amortization of Premium and Accretion of
   Discount on Structured Products." The amortization of premium and accretion
   of discount also take into consideration call and maturity dates.

     The Company periodically evaluates these securities for impairment. The
   assessment of whether impairments have occurred is based on management's
   case-by-case evaluation of the underlying reasons for the decline in
   estimated fair value as described in Note 7 "-- Fixed Maturity Securities
   AFS -- Evaluation of Fixed Maturity Securities AFS for Credit Loss."

     Prior to January 1, 2020, the Company applied other-than-temporary
   impairment ("OTTI") guidance for securities in an unrealized loss position.
   An OTTI was recognized in earnings within net investment gains (losses) when
   it was anticipated that the amortized cost would not be recovered. When
   either: (i) the Company had the intent to sell the security, or (ii) it was
   more likely than not that the Company would be required to sell the security
   before recovery, the reduction of amortized cost and the OTTI recognized in
   earnings was the entire difference between the security's amortized cost and
   estimated fair value. If neither of these conditions existed, the difference
   between the amortized cost of the security and the present value of
   projected future cash flows expected to be collected was recognized as a
   reduction of amortized cost and an OTTI in earnings. If the estimated fair
   value was less than the present value of projected future cash flows
   expected to be collected, this portion of OTTI related to other-than-credit
   factors was recorded in OCI.

     On January 1, 2020, the Company adopted accounting standards update
   ("ASU") 2016-13, Financial Instruments-Credit Losses (Topic 326) Measurement
   of Credit Losses on Financial Instruments ("ASU 2016-13"), using a modified

                                    MLIC-16

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

   retrospective approach. Under ASU 2016-13, for securities in an unrealized
   loss position, a credit loss is recognized in earnings within net investment
   gains (losses) when it is anticipated that the amortized cost will not be
   recovered. When either: (i) the Company has the intent to sell the security;
   or (ii) it is more likely than not that the Company will be required to sell
   the security before recovery, the reduction of amortized cost and the loss
   recognized in earnings is the entire difference between the security's
   amortized cost and estimated fair value. If neither of these conditions
   exists, the difference between the amortized cost of the security and the
   present value of projected future cash flows expected to be collected is
   recognized as a credit loss by establishing an ACL with a corresponding
   charge to earnings in net investment gains (losses). However, the ACL is
   limited by the amount that the fair value is less than the amortized cost.
   This limitation is known as the "fair value floor." If the estimated fair
   value is less than the present value of projected future cash flows expected
   to be collected, this portion of the decline in value related to
   other-than-credit factors ("noncredit loss") is recorded in OCI.

     The new credit loss guidance also replaces the model for purchased credit
   impaired ("PCI") fixed maturity securities AFS and financing receivables and
   requires the establishment of an ACL at acquisition, which is added to the
   purchase price to establish the initial amortized cost of the investment.
   Upon adoption, the replacement of the PCI model did not have a material
   impact on the Company's consolidated financial statements.

   Mortgage Loans

     ASU 2016-13 requires an ACL based on expected lifetime credit loss on
   financing receivables carried at amortized cost, including, but not limited
   to, mortgage loans and leveraged and direct financing leases, as described
   in Note 7.

     The Company disaggregates its mortgage loan investments into three
   portfolio segments: commercial, agricultural and residential. Also included
   in commercial mortgage loans are revolving line of credit loans
   collateralized by commercial properties. The accounting policies that are
   applicable to all portfolio segments are presented below and the accounting
   policies related to each of the portfolio segments are included in Note 7.

     Mortgage loans are stated at unpaid principal balance, adjusted for any
   unamortized premium or discount, deferred fees or expenses, and are net of
   ACL. Interest income and prepayment fees are recognized when earned.
   Interest income is recognized using an effective yield method giving effect
   to amortization of premium and accretion of discount.

     The Company ceases to accrue interest when the collection of interest is
   not considered probable, which is based on a current evaluation of the
   status of the borrower, including the number of days past due. When a loan
   is placed on nonaccrual status, uncollected past due accrued interest income
   that is considered uncollectible is charged-off against net investment
   income. Generally, the accrual of interest income resumes after all
   delinquent amounts are paid and management believes all future principal and
   interest payments will be collected. The Company records cash receipts on
   non-accruing loans in accordance with the loan agreement. The Company
   records charge-offs upon the realization of a credit loss, typically through
   foreclosure or after a decision is made to sell a loan, or for residential
   loans when, after considering the individual consumer's financial status,
   management believes amounts are not collectible. Gain or loss upon
   charge-off is recorded, net of previously established ACL, in net investment
   gains (losses). Cash recoveries on principal amounts previously charged-off
   are generally recorded in net investment gains.

     Also included in mortgage loans are residential mortgage loans for which
   the fair value option ("FVO") was elected, and which are stated at estimated
   fair value. Changes in estimated fair value are recognized in net investment
   income.

     Mortgage loans that were previously designated as held-for-investment, but
   now are designated as held-for-sale, are stated at the lower of amortized
   cost or estimated fair value.

   Policy Loans

     Policy loans are stated at unpaid principal balances. Interest income is
   recorded as earned using the contractual interest rate. Generally, accrued
   interest is capitalized on the policy's anniversary date. Valuation
   allowances are not established for policy loans, as they are fully
   collateralized by the cash surrender value of the underlying insurance
   policies. Any unpaid principal and accrued interest are deducted from the
   cash surrender value or the death benefit prior to settlement of the
   insurance policy.

                                    MLIC-17

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)


   Real Estate

     Real estate held-for-investment is stated at cost less accumulated
   depreciation. Depreciation is recorded on a straight-line basis over the
   estimated useful life of the asset (typically 20 to 55 years). Rental income
   is recognized on a straight-line basis over the term of the respective
   leases. The Company periodically reviews its real estate held-for-investment
   for impairment and tests for recoverability whenever events or changes in
   circumstances indicate the carrying value may not be recoverable. Properties
   whose carrying values are greater than their undiscounted cash flows are
   written down to their estimated fair value, which is generally computed
   using the present value of expected future cash flows discounted at a rate
   commensurate with the underlying risks.

     Real estate for which the Company commits to a plan to sell within one
   year and actively markets in its current condition for a reasonable price in
   comparison to its estimated fair value is classified as held-for-sale. Real
   estate held-for-sale is stated at the lower of depreciated cost or estimated
   fair value less expected disposition costs and is not depreciated.

   Real Estate Joint Ventures and Other Limited Partnership Interests

     The Company uses the equity method of accounting or the FVO for real
   estate joint ventures and other limited partnership interests ("investee")
   when it has more than a minor ownership interest or more than a minor
   influence over the investee's operations. The Company generally recognizes
   its share of the investee's earnings in net investment income on a
   three-month lag in instances where the investee's financial information is
   not sufficiently timely or when the investee's reporting period differs from
   the Company's reporting period.

     The Company accounts for its interest in real estate joint ventures and
   other limited partnership interests in which it has virtually no influence
   over the investee's operations at estimated fair value. Changes in estimated
   fair value of these investments are included in net investment gains
   (losses). Because of the nature and structure of these investments, they do
   not meet the characteristics of an equity security in accordance with
   applicable accounting standards.

     The Company routinely evaluates its equity method investments for
   impairment. For equity method investees, the Company considers financial and
   other information provided by the investee, other known information and
   inherent risks in the underlying investments, as well as future capital
   commitments, in determining whether an impairment has occurred.

   Short-term Investments

     Short-term investments include highly liquid securities and other
   investments with remaining maturities of one year or less, but greater than
   three months, at the time of purchase. Securities included within short-term
   investments are stated at estimated fair value, while other investments
   included within short-term investments are stated at amortized cost less
   ACL, which approximates estimated fair value. Short-term investments also
   include investments in affiliated money market pools.

   Other Invested Assets

      Other invested assets consist principally of the following:

   .  Freestanding derivatives with positive estimated fair values which are
      described in "-- Derivatives" below.

   .  Affiliated investments include affiliated loans and affiliated preferred
      stock. Affiliated loans are stated at unpaid principal balance, adjusted
      for any unamortized premium or discount. Interest income is recognized
      using an effective yield method giving effect to amortization of premium
      and accretion of discount. Affiliated preferred stock is stated at cost.
      Dividends are recognized in net investment income when declared.

   .  Tax credit and renewable energy partnerships which derive a significant
      source of investment return in the form of income tax credits or other
      tax incentives. Where tax credits are guaranteed by a creditworthy third
      party, the investment is accounted for under the effective yield method.
      Otherwise, the investment is accounted for under the equity method. See
      Note 15.

                                    MLIC-18

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)


   .  Annuities funding structured settlement claims represent annuities
      funding claims assumed by the Company in its capacity as a structured
      settlements assignment company. The annuities are stated at their
      contract value, which represents the present value of the future periodic
      claim payments to be provided. The net investment income recognized
      reflects the amortization of discount of the annuity at its implied
      effective interest rate. See Note 3.

   .  Leveraged leases net investment is equal to the minimum lease payment
      receivables plus the unguaranteed residual value, less the unearned
      income, less ACL and is recorded net of non-recourse debt. Income is
      determined by applying the leveraged lease's estimated rate of return to
      the net investment in the lease in those periods in which the net
      investment at the beginning of the period is positive. Leveraged leases
      derive investment returns in part from their income tax treatment. The
      Company regularly reviews its minimum lease payment receivables for
      credit loss and residual value for impairments.

   .  Investments in Federal Home Loan Bank ("FHLB") common stock are carried
      at redemption value and are considered restricted investments until
      redeemed by the respective regional FHLBs.

   .  Fair value option securities ("FVO Securities") are primarily investments
      in fixed maturity securities held-for-investment that are managed on a
      total return basis where the FVO has been elected, with changes in
      estimated fair value included in net investment income.

   .  Equity securities are reported at their estimated fair value, with
      changes in estimated fair value included in net investment gains
      (losses). Sales of securities are determined on a specific identification
      basis. Dividends are recognized in net investment income when declared.

   .  Investment in an operating joint venture that engages in insurance
      underwriting activities is accounted for under the equity method.

   .  Funds withheld represent a receivable for amounts contractually withheld
      by ceding companies in accordance with reinsurance agreements. The
      Company recognizes interest on funds withheld at rates defined by the
      terms of the agreement which may be contractually specified or directly
      related to the underlying investments.

   .  Direct financing leases net investment is equal to the minimum lease
      payment receivables plus the unguaranteed residual value, less the
      unearned income, less ACL. Income is determined by applying the pre-tax
      internal rate of return to the investment balance. The Company regularly
      reviews its minimum lease payment receivables for credit loss and
      residual value for impairments.

   Securities Lending and Repurchase Agreements

     The Company accounts for securities lending transactions and repurchase
   agreements as financing arrangements and the associated liability is
   recorded at the amount of cash received. Income and expenses associated with
   securities lending transactions and repurchase agreements are reported as
   investment income and investment expense, respectively, within net
   investment income.

   Securities Lending

     The Company enters into securities lending transactions, whereby blocks of
   securities are loaned to third parties, primarily brokerage firms and
   commercial banks. The Company obtains collateral at the inception of the
   loan, usually cash, in an amount generally equal to 102% of the estimated
   fair value of the securities loaned, and maintains it at a level greater
   than or equal to 100% for the duration of the loan. Securities loaned under
   such transactions may be sold or re-pledged by the transferee. The Company
   is liable to return to the counterparties the cash collateral received.
   Security collateral on deposit from counterparties in connection with
   securities lending transactions may not be sold or re-pledged, unless the
   counterparty is in default, and is not reflected on the Company's
   consolidated financial statements. The Company monitors the ratio of the
   collateral held to the estimated fair value of the securities loaned on a
   daily basis and additional collateral is obtained as necessary throughout
   the duration of the loan.

                                    MLIC-19

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)


   Repurchase Agreements

     The Company participates in short-term repurchase agreements with
   unaffiliated financial institutions. Under these agreements, the Company
   lends fixed maturity securities and receives cash as collateral in an amount
   generally equal to 95% to 100% of the estimated fair value of the securities
   loaned at the inception of the transaction. The Company monitors the ratio
   of the collateral held to the estimated fair value of the securities loaned
   throughout the duration of the transaction and additional collateral is
   obtained as necessary. Securities loaned under such transactions may be sold
   or re-pledged by the transferee.

  Derivatives

   Freestanding Derivatives

     Freestanding derivatives are carried on the Company's balance sheet either
   as assets within other invested assets or as liabilities within other
   liabilities at estimated fair value. The Company does not offset the
   estimated fair value amounts recognized for derivatives executed with the
   same counterparty under the same master netting agreement.

     Accruals on derivatives are generally recorded in accrued investment
   income or within other liabilities. However, accruals that are not scheduled
   to settle within one year are included with the derivative's carrying value
   in other invested assets or other liabilities.

      If a derivative is not designated as an accounting hedge or its use in
   managing risk does not qualify for hedge accounting, changes in the
   estimated fair value of the derivative are reported in net derivative
   gains (losses) except as follows:

Statement of Operations Presentation:  Derivative:
-----------------------------------------------------------------------------------------------------------
Policyholder benefits and claims       Economic hedges of variable annuity guarantees included in future
                                           policy benefits
-----------------------------------------------------------------------------------------------------------
Net investment income                  Economic hedges of equity method investments in joint ventures
                                       Economic hedges of FVO Securities which are linked to equity
                                        indices
-----------------------------------------------------------------------------------------------------------

   Hedge Accounting

      To qualify for hedge accounting, at the inception of the hedging
   relationship, the Company formally documents its risk management objective
   and strategy for undertaking the hedging transaction, as well as its
   designation of the hedge. Hedge designation and financial statement
   presentation of changes in estimated fair value of the hedging derivatives
   are as follows:

  .   Fair value hedge - a hedge of the estimated fair value of a recognized
      asset or liability - in the same line item as the earnings effect of the
      hedged item. The carrying value of the hedged recognized asset or
      liability is adjusted for changes in its estimated fair value due to the
      hedged risk.

  .   Cash flow hedge - a hedge of a forecasted transaction or of the
      variability of cash flows to be received or paid related to a recognized
      asset or liability - in OCI and reclassified into the statement of
      operations when the Company's earnings are affected by the variability in
      cash flows of the hedged item.

     The changes in estimated fair values of the hedging derivatives are
   exclusive of any accruals that are separately reported on the statement of
   operations within interest income or interest expense to match the location
   of the hedged item.

     In its hedge documentation, the Company sets forth how the hedging
   instrument is expected to hedge the designated risks related to the hedged
   item and sets forth the method that will be used to retrospectively and
   prospectively assess the hedging instrument's effectiveness. A derivative
   designated as a hedging instrument must be assessed as being highly
   effective in offsetting the designated risk of the hedged item. Hedge
   effectiveness is formally assessed at inception and at least quarterly
   throughout the life of the designated hedging relationship. Assessments of
   hedge effectiveness are also

                                    MLIC-20

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

   subject to interpretation and estimation and different interpretations or
   estimates may have a material effect on the amount reported in net income.

     The Company discontinues hedge accounting prospectively when: (i) it is
   determined that the derivative is no longer highly effective in offsetting
   changes in the estimated fair value or cash flows of a hedged item; (ii) the
   derivative expires, is sold, terminated, or exercised; (iii) it is no longer
   probable that the hedged forecasted transaction will occur; or (iv) the
   derivative is de-designated as a hedging instrument.

     When hedge accounting is discontinued because it is determined that the
   derivative is not highly effective in offsetting changes in the estimated
   fair value or cash flows of a hedged item, the derivative continues to be
   carried on the balance sheet at its estimated fair value, with changes in
   estimated fair value recognized in net derivative gains (losses). The
   carrying value of the hedged recognized asset or liability under a fair
   value hedge is no longer adjusted for changes in its estimated fair value
   due to the hedged risk, and the cumulative adjustment to its carrying value
   is amortized into income over the remaining life of the hedged item.
   Provided the hedged forecasted transaction is still probable of occurring,
   the changes in estimated fair value of derivatives recorded in OCI related
   to discontinued cash flow hedges are released into the statement of
   operations when the Company's earnings are affected by the variability in
   cash flows of the hedged item.

     When hedge accounting is discontinued because it is no longer probable
   that the forecasted transactions will occur on the anticipated date or
   within two months of that date, the derivative continues to be carried on
   the balance sheet at its estimated fair value, with changes in estimated
   fair value recognized currently in net derivative gains (losses). Deferred
   gains and losses of a derivative recorded in OCI pursuant to the
   discontinued cash flow hedge of a forecasted transaction that is no longer
   probable of occurring are recognized immediately in net investment gains
   (losses).

     In all other situations in which hedge accounting is discontinued, the
   derivative is carried at its estimated fair value on the balance sheet, with
   changes in its estimated fair value recognized in the current period as net
   derivative gains (losses).

   Embedded Derivatives

      The Company issues certain products, which include variable annuities,
   and investment contracts and is a party to certain reinsurance agreements
   that have embedded derivatives. The Company assesses each identified
   embedded derivative to determine whether it is required to be bifurcated.
   The embedded derivative is bifurcated from the host contract and accounted
   for as a freestanding derivative if:

   .  the combined instrument is not accounted for in its entirety at estimated
      fair value with changes in estimated fair value recorded in earnings;

   .  the terms of the embedded derivative are not clearly and closely related
      to the economic characteristics of the host contract; and

   .  a separate instrument with the same terms as the embedded derivative
      would qualify as a derivative instrument.

      Such embedded derivatives are carried on the balance sheet at estimated
   fair value with the host contract and changes in their estimated fair value
   are generally reported in net derivative gains (losses). If the Company is
   unable to properly identify and measure an embedded derivative for
   separation from its host contract, the entire contract is carried on the
   balance sheet at estimated fair value, with changes in estimated fair value
   recognized in the current period in net investment gains (losses) or net
   investment income. Additionally, the Company may elect to carry an entire
   contract on the balance sheet at estimated fair value, with changes in
   estimated fair value recognized in the current period in net investment
   gains (losses) or net investment income if that contract contains an
   embedded derivative that requires bifurcation. At inception, the Company
   attributes to the embedded derivative a portion of the projected future
   guarantee fees to be collected from the policyholder equal to the present
   value of projected future guaranteed benefits. Any additional fees represent
   "excess" fees and are reported in universal life and investment-type product
   policy fees.

                                    MLIC-21

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)


  Fair Value

    Fair value is defined as the price that would be received to sell an asset
  or paid to transfer a liability (an exit price) in the principal or most
  advantageous market for the asset or liability in an orderly transaction
  between market participants on the measurement date. In most cases, the exit
  price and the transaction (or entry) price will be the same at initial
  recognition.

    Subsequent to initial recognition, fair values are based on unadjusted
  quoted prices for identical assets or liabilities in active markets that are
  readily and regularly obtainable. When such unadjusted quoted prices are not
  available, estimated fair values are based on quoted prices in markets that
  are not active, quoted prices for similar but not identical assets or
  liabilities, or other observable inputs. If these inputs are not available,
  or observable inputs are not determinable, unobservable inputs and/or
  adjustments to observable inputs requiring management's judgment are used to
  determine the estimated fair value of assets and liabilities.

  Employee Benefit Plans

    The Company sponsors a U.S. nonqualified defined benefit pension plan
  covering MetLife employees who meet specified eligibility requirements of the
  sponsor and its participating affiliates. In addition, the Company also
  provides pension benefits for certain U.S. retired employees and
  postretirement medical and life insurance benefits for certain non-U.S.
  retired employees. A December 31 measurement date is used for all of the
  Company's defined benefit pension and other postretirement benefit plans.

    The Company recognizes the funded status of each of its defined benefit
  pension and other postretirement benefit plans, measured as the difference
  between the fair value of plan assets and the benefit obligation, which is
  the projected benefit obligation ("PBO") for pension benefits and the
  accumulated postretirement benefit obligation ("APBO") for other
  postretirement benefits in other assets or other liabilities.

    Actuarial gains and losses result from differences between each plan's
  actual experience and the assumed experience on plan assets or PBO during a
  particular period and are recorded in accumulated OCI ("AOCI"). To the extent
  such gains and losses exceed 10% of the greater of the PBO or the estimated
  fair value of plan assets, the excess is amortized into net periodic benefit
  costs, generally over the average projected future service years of the
  active employees. In addition, prior service costs (credit) are recognized in
  AOCI at the time of the amendment and then amortized to net periodic benefit
  costs over the average projected future service years of the active employees.

    Net periodic benefit costs are determined using management's estimates and
  actuarial assumptions and are comprised of service cost, interest cost,
  settlement and curtailment costs, expected return on plan assets,
  amortization of net actuarial (gains) losses, and amortization of prior
  service costs (credit). Fair value is used to determine the expected return
  on plan assets.

    The Company sponsors a nonqualified defined contribution plan for all
  MetLife employees who qualify. This nonqualified defined contribution plan
  provides supplemental benefits in excess of limits applicable to a qualified
  plan which is sponsored by an affiliate. Through September 30, 2018, the
  Company sponsored qualified defined contribution plans for substantially all
  MetLife employees under which a portion of employee contributions were
  matched. As of October 1, 2018, except for the nonqualified defined
  contribution plan, the plan sponsor of the qualified defined contribution
  plans was changed from the Company to an affiliate.

    See Note 14 for information on the plan sponsor change.

  Income Tax

    Metropolitan Life Insurance Company and its includable subsidiaries join
  with MetLife, Inc. and its includable subsidiaries in filing a consolidated
  U.S. life insurance and non-life insurance federal income tax return in
  accordance with the provisions of the Internal Revenue Code of 1986, as
  amended. Current taxes (and the benefits of tax attributes such as losses)
  are allocated to Metropolitan Life Insurance Company and its includable
  subsidiaries under the consolidated tax return regulations and a tax sharing
  agreement. Under the consolidated tax return regulations, MetLife, Inc. has
  elected the "percentage method" (and 100% under such method) of reimbursing
  companies for tax attributes, e.g., net operating losses. As a result, 100%
  of tax attributes are reimbursed by MetLife, Inc. to the extent that
  consolidated federal income tax

                                    MLIC-22

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

  of the consolidated federal tax return group is reduced in a year by tax
  attributes. On an annual basis, each of the profitable subsidiaries pays to
  MetLife, Inc. the federal income tax which it would have paid based upon that
  year's taxable income. If Metropolitan Life Insurance Company or its
  includable subsidiaries have current or prior deductions and credits
  (including but not limited to losses) which reduce the consolidated tax
  liability of the consolidated federal tax return group, the deductions and
  credits are characterized as realized (or realizable) by Metropolitan Life
  Insurance Company and its includable subsidiaries when those tax attributes
  are realized (or realizable) by the consolidated federal tax return group,
  even if Metropolitan Life Insurance Company or its includable subsidiaries
  would not have realized the attributes on a stand-alone basis under a "wait
  and see" method.

    The Company's accounting for income taxes represents management's best
  estimate of various events and transactions.

    Deferred tax assets and liabilities resulting from temporary differences
  between the financial reporting and tax bases of assets and liabilities are
  measured at the balance sheet date using enacted tax rates expected to apply
  to taxable income in the years the temporary differences are expected to
  reverse.

    The realization of deferred tax assets depends upon the existence of
  sufficient taxable income within the carryback or carryforward periods under
  the tax law in the applicable tax jurisdiction. Valuation allowances are
  established against deferred tax assets when management determines, based on
  available information, that it is more likely than not that deferred income
  tax assets will not be realized. Significant judgment is required in
  determining whether valuation allowances should be established, as well as
  the amount of such allowances. When making such determination, the Company
  considers many factors, including:

  .   the nature, frequency, and amount of cumulative financial reporting
      income and losses in recent years;

  .   the jurisdiction in which the deferred tax asset was generated;

  .   the length of time that carryforward can be utilized in the various
      taxing jurisdictions;

  .   future taxable income exclusive of reversing temporary differences and
      carryforwards;

  .   future reversals of existing taxable temporary differences;

  .   taxable income in prior carryback years; and

  .   tax planning strategies.

    The Company may be required to change its provision for income taxes when
  estimates used in determining valuation allowances on deferred tax assets
  significantly change or when receipt of new information indicates the need
  for adjustment in valuation allowances. Additionally, the effect of changes
  in tax laws, tax regulations, or interpretations of such laws or regulations,
  is recognized in net income tax expense (benefit) in the period of change.

    The Company determines whether it is more likely than not that a tax
  position will be sustained upon examination by the appropriate taxing
  authorities before any part of the benefit can be recorded on the financial
  statements. A tax position is measured at the largest amount of benefit that
  is greater than 50% likely of being realized upon settlement. Unrecognized
  tax benefits due to tax uncertainties that do not meet the threshold are
  included within other liabilities and are charged to earnings in the period
  that such determination is made.

    The Company classifies interest recognized as interest expense and
  penalties recognized as a component of income tax expense.

    In December 2017, H.R. 1, commonly referred to as the Tax Cuts and Jobs Act
  of 2017 ("U.S. Tax Reform") was signed into law. See Note 15 for additional
  information on U.S. Tax Reform and related Staff Accounting Bulletin 118
  ("SAB 118") provisional amounts.

  Litigation Contingencies

    The Company is a defendant in a large number of litigation matters and is
  involved in a number of regulatory investigations. Given the large and/or
  indeterminate amounts sought in certain of these matters and the inherent

                                    MLIC-23

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

  unpredictability of litigation, it is possible that an adverse outcome in
  certain matters could, from time to time, have a material effect on the
  Company's consolidated net income or cash flows in particular quarterly or
  annual periods. Liabilities are established when it is probable that a loss
  has been incurred and the amount of the loss can be reasonably estimated.
  Except as otherwise disclosed in Note 16, legal costs are recognized as
  incurred. On a quarterly and annual basis, the Company reviews relevant
  information with respect to liabilities for litigation, regulatory
  investigations and litigation-related contingencies to be reflected on the
  Company's consolidated financial statements.

  Other Accounting Policies

   Stock-Based Compensation

     The Company recognizes stock-based compensation on its consolidated
   results of operations based on MetLife, Inc.'s allocation. MetLife, Inc.
   applies the accounting policies described below to determine those expenses.

     MetLife, Inc. grants certain employees stock-based compensation awards
   under various plans subject to vesting conditions. MetLife, Inc. recognizes
   compensation expense in an amount fixed at grant date or remeasured
   quarterly, depending on characteristics of the award. MetLife, Inc.
   generally recognizes this expense over the vesting period. However, MetLife,
   Inc. truncates the expense period to the date the employee attained
   age-and-service criteria to exercise or receive payment for the award
   regardless of continued employment. In such a case, MetLife, Inc. does not
   accelerate award exercise or payment timing. MetLife, Inc. also takes an
   estimation of forfeitures into account.

   Cash and Cash Equivalents

     The Company considers highly liquid securities and other investments
   purchased with an original or remaining maturity of three months or less at
   the date of purchase to be cash equivalents. Securities included within cash
   equivalents are stated at estimated fair value, while other investments
   included within cash equivalents are stated at amortized cost, which
   approximates estimated fair value.

   Property, Equipment, Leasehold Improvements and Computer Software

     Property, equipment and leasehold improvements, which are included in
   other assets, are stated at cost, less accumulated depreciation and
   amortization. Depreciation is determined using the straight-line method over
   the estimated useful lives of the assets, as appropriate. The estimated life
   is generally 40 years for company occupied real estate property, from one to
   25 years for leasehold improvements, and from three to seven years for all
   other property and equipment. The cost basis of the property, equipment and
   leasehold improvements was $856 million and $890 million at December 31,
   2020 and 2019, respectively. Accumulated depreciation and amortization of
   property, equipment and leasehold improvements was $657 million and
   $635 million at December 31, 2020 and 2019, respectively. Related
   depreciation and amortization expense was $26 million, $24 million and
   $81 million for the years ended December 31, 2020, 2019 and 2018,
   respectively.

     Computer software, which is included in other assets, is stated at cost,
   less accumulated amortization. Purchased software costs, as well as certain
   internal and external costs incurred to develop internal-use computer
   software during the application development stage, are capitalized. Such
   costs are amortized over a four-year period using the straight-line method.
   The cost basis of computer software was $1.3 billion at both December 31,
   2020 and 2019. Accumulated amortization of capitalized software was
   $1.3 billion at both December 31, 2020 and 2019. Related amortization
   expense was $2 million, $0 and $90 million for the years ended December 31,
   2020, 2019 and 2018, respectively.

   Leases

     The Company, as lessee, has entered into various lease and sublease
   agreements for office space and equipment. At contract inception, the
   Company determines that an arrangement contains a lease if the contract
   conveys the right to control the use of an identified asset for a period of
   time in exchange for consideration. For contracts that contain a lease, the
   Company recognizes the right-of-use ("ROU") asset in Other assets and the
   lease liability in Other liabilities. Leases with an initial term of 12
   months or less are not recorded on the balance sheet.

                                    MLIC-24

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)


     ROU assets represent the Company's right to use an underlying asset for
   the lease term and lease liabilities represent the Company's obligation to
   make lease payments arising from the lease. ROU assets and lease liabilities
   are determined using the Company's incremental borrowing rate based upon
   information available at commencement date to recognize the present value of
   lease payments over the lease term. ROU assets also include lease payments
   and excludes lease incentives. Lease terms may include options to extend or
   terminate the lease and are included in the lease measurement when it is
   reasonably certain that the Company will exercise that option.

     The Company has lease agreements with lease and non-lease components. The
   Company does not separate lease and non-lease components and accounts for
   these items as a single lease component for all asset classes.

     The majority of the Company's leases and subleases are operating leases
   related to office space. The Company recognizes lease expense for operating
   leases on a straight-line basis over the lease term.

   Other Revenues

     Other revenues primarily include fees related to service contracts from
   customers for prepaid legal plans, administrative services-only contracts,
   and recordkeeping and related services. Substantially all of the revenue
   from the services is recognized over time as the applicable services are
   provided or are made available to the customers. The revenue recognized
   includes variable consideration to the extent it is probable that a
   significant reversal will not occur. In addition to the service fees, other
   revenues also include certain stable value fees and reinsurance ceded. These
   fees are recognized as earned.

   Policyholder Dividends

     Policyholder dividends are approved annually by Metropolitan Life
   Insurance Company's Board of Directors. The aggregate amount of policyholder
   dividends is related to actual interest, mortality, morbidity and expense
   experience for the year, as well as management's judgment as to the
   appropriate level of statutory surplus to be retained by Metropolitan Life
   Insurance Company.

   Foreign Currency

     Assets, liabilities and operations of foreign affiliates and subsidiaries
   are recorded based on the functional currency of each entity. The
   determination of the functional currency is made based on the appropriate
   economic and management indicators. The local currencies of foreign
   operations are the functional currencies. Assets and liabilities of foreign
   affiliates and subsidiaries are translated from the functional currency to
   U.S. dollars at the exchange rates in effect at each year-end and revenues
   and expenses are translated at the average exchange rates during the year.
   The resulting translation adjustments are charged or credited directly to
   OCI, net of applicable taxes. Gains and losses from foreign currency
   transactions, including the effect of re-measurement of monetary assets and
   liabilities to the appropriate functional currency, are reported as part of
   net investment gains (losses) in the period in which they occur.

   Goodwill

     On January 1,2020, the Company adopted ASU 2017-04, Intangibles-Goodwill
   and Other (Topic 350): Simplifying the Test for Goodwill Impairment, using a
   prospective transition approach for goodwill impairment testing. Goodwill
   represents the future economic benefits arising from net assets acquired in
   a business combination that are not individually identified and recognized.
   Goodwill is calculated as the excess of cost over the estimated fair value
   of such net assets acquired, is not amortized, and is tested for impairment
   based on a fair value approach at least annually, or more frequently if
   events or circumstances indicate that there may be justification for
   conducting an interim test. The Company performs its annual goodwill
   impairment testing during the third quarter based upon data as of the close
   of the second quarter. Goodwill associated with a business acquisition is
   not tested for impairment during the year the business is acquired unless
   there is a significant identified impairment event.

     The impairment test is performed at the reporting unit level, which is the
   operating segment or a business one level below the operating segment, if
   discrete financial information is prepared and regularly reviewed by
   management at that level. For purposes of goodwill impairment testing, if
   the carrying value of a reporting unit exceeds its estimated fair value, an
   impairment charge would be recognized for the amount by which the carrying
   value exceeds the reporting unit's fair value; however, the loss recognized
   would not exceed the total amount of goodwill allocated to that reporting
   unit.

                                    MLIC-25

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

   Additionally, the Company will consider income tax effects from any tax
   deductible goodwill on the carrying value of the reporting unit when
   measuring the goodwill impairment loss, if applicable.

     On an ongoing basis, the Company evaluates potential triggering events
   that may affect the estimated fair value of the Company's reporting units to
   assess whether any goodwill impairment exists. Deteriorating or adverse
   market conditions for certain reporting units may have a significant impact
   on the estimated fair value of these reporting units and could result in
   future impairments of goodwill.

     For the 2020 annual goodwill impairment tests, the Company concluded that
   goodwill was not impaired. The goodwill balance was $86 million in the U.S.
   segment at both December 31, 2020 and 2019. The goodwill balance was
   $31 million in the MetLife Holdings segment at both December 31, 2020 and
   2019.

Recent Accounting Pronouncements

  Changes to GAAP are established by the Financial Accounting Standards Board
("FASB") in the form of ASUs to the FASB Accounting Standards Codification. The
Company considers the applicability and impact of all ASUs. The following
tables provide a description of new ASUs issued by the FASB and the impact of
the adoption on the Company's consolidated financial statements.

  Adoption of New Accounting Pronouncements

    The table below describes the impacts of the ASUs adopted by the Company,
  effective during 2020 and 2019.

      Standard                       Description                  Effective Date and        Impact on Financial Statements
                                                                  Method of Adoption
-------------------------------------------------------------------------------------------------------------------------------
ASU 2020-04,           The new guidance provides optional       Effective for contract  The new guidance reduces the
Reference Rate         expedients and exceptions for applying   modifications made      operational and financial impacts of
Reform (Topic 848):    GAAP to contracts, hedging               between March 12,       contract modifications that replace a
Facilitation of the    relationships and other transactions     2020 and                reference rate, such as London
Effects of Reference   affected by reference rate reform if     December 31, 2022       Interbank Offered Rate (LIBOR),
Rate Reform on         certain criteria are met. The                                    affected by reference rate reform.
Financial Reporting;   expedients and exceptions provided by                            The adoption of the new guidance
as clarified and       the amendments do not apply to contract                          provides relief from current GAAP
amended by ASU         modifications made and hedging                                   and is not expected to have a material
2021-01, Reference     relationships entered into or evaluated                          impact on the Company's
Rate Reform (Topic     after December 31, 2022, with certain                            consolidated financial statements.
848): Scope            exceptions. ASU 2021-01 amends the                               The Company will continue to
                       scope of the recent reference rate                               evaluate the impacts of reference rate
                       reform guidance. New optional                                    reform on contract modifications and
                       expedients allow derivative instruments                          hedging relationships through
                       impacted by changes in the interest                              December 31, 2022.
                       rate used for margining, discounting,
                       or contract price alignment (i.e.,
                       discount transition) to qualify for
                       certain optional relief.
-------------------------------------------------------------------------------------------------------------------------------
ASU 2017-04,           The new guidance simplifies the former   January 1, 2020, the    The adoption of the new guidance
Intangibles-Goodwill   two-step goodwill impairment test by     Company adopted,        reduced the complexity involved
and Other (Topic       eliminating Step 2 of the test. The new  using a prospective     with the evaluation of goodwill for
350): Simplifying the  guidance requires a one-step impairment  approach.               impairment and did not have an
Test for Goodwill      test in which an entity compares the                             impact on the Company's
Impairment             fair value of a reporting unit with its                          consolidated financial statements.
                       carrying amount and recognizes an
                       impairment charge for the amount by
                       which the carrying amount exceeds the
                       reporting unit's fair value, if any.
-------------------------------------------------------------------------------------------------------------------------------

                                    MLIC-26

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

         Standard                       Description                Effective Date and        Impact on Financial Statements
                                                                   Method of Adoption
---------------------------------------------------------------------------------------------------------------------------------
ASU 2016-13, Financial       The new guidance requires an ACL    January 1, 2020 for     The adoption of this guidance
Instruments-Credit Losses    based on the expected lifetime      substantially all       resulted in a $113 million, net of
(Topic 326): Measurement     credit loss on financing            financial assets, the   income tax, decrease to retained
of Credit Losses on          receivables carried at amortized    Company adopted         earnings primarily related to the
Financial Instruments, as    cost, including, but not limited    using a modified        Company's mortgage loan
clarified and amended by     to, mortgage loans, premium         retrospective           investments. The Company has
ASU 2018-19, Codification    receivables, reinsurance            approach. For           included the required disclosures
Improvements to Topic 326,   receivables and leveraged and       previously impaired     within Note 7.
Financial Instruments-       direct financing leases.            fixed maturity
Credit Losses; ASU           The former model for OTTI on fixed  securities AFS and
2019-04, Codification        maturity securities AFS has been    certain fixed maturity
Improvements to Topic 326,   modified and requires the           securities
Financial Instruments-       recording of an ACL instead of a    AFS acquired with
Credit Losses, Topic 815,    reduction of the amortized cost.    evidence of credit
Derivatives and Hedging,     Any improvements in expected        quality deterioration
and Topic 825, Financial     future cash flows will no longer    since origination, the
Instruments; ASU 2019-05,    be reflected as a prospective       Company adopted
Financial Instruments-       yield adjustment, but instead will  prospectively on
Credit Losses (Topic 326):   be reflected as a reduction in the  January 1,2020.
Targeted Transition Relief;  ACL. The new guidance also
and ASU 2019-11,             replaces the model for PCI fixed
Codification Improvements    maturity securities AFS and
to Topic 326, Financial      financing receivables and requires
Instruments-Credit Losses    the establishment of an ACL at
                             acquisition, which is added to the
                             purchase price to establish the
                             initial amortized cost of the
                             investment.
                             The new guidance also requires
                             enhanced disclosures.
---------------------------------------------------------------------------------------------------------------------------------
ASU 2016-02, Leases          The guidance requires a lessee to   January 1, 2019. The    The Company elected the package of
(Topic 842), as clarified    recognize assets and liabilities    Company adopted         practical expedients allowed under
and amended by ASU           for leases with lease terms of      using a modified        the transition guidance. This allowed
2018-10, Codification        more than 12 months. Leases are     retrospective           the Company to carry forward its
Improvements to Topic 842,   classified as finance or operating  approach.               historical lease classification. In
Leases, ASU 2018-11,         leases and both types of leases                             addition, the Company elected all
Leases (Topic 842):          are recognized on the balance                               other practical expedients that were
Targeted Improvements,       sheet. Lessor accounting remains                            allowed under the new guidance and
and ASU 2018-20, Leases      largely unchanged from previous                             were applicable, including the
(Topic 842): Narrow-Scope    guidance except for certain                                 practical expedient to combine lease
Improvements for Lessors     targeted changes. The new guidance                          and non-lease components into one
                             also requires new qualitative and                           lease component for certain real
                             quantitative disclosures. In July                           estate leases.
                             2018, two amendments to the                                 The adoption of this guidance
                             guidance were issued. The                                   resulted in the recording of additional
                             amendments provided the option to                           net ROU assets and lease liabilities
                             adopt the new guidance                                      of approximately $866 million and
                             prospectively without adjusting                             $950 million, respectively, as of
                             comparative periods. Also, the                              January 1, 2019. The reduction of
                             amendments provided lessors with a                          ROU assets was a result of
                             practical expedient not to                                  adjustments for prepaid/deferred rent,
                             separate lease and non-lease                                unamortized initial direct costs and
                             components for certain operating                            impairment of certain ROU assets
                             leases. In December 2018, an                                based on the net present value of the
                             amendment was issued to clarify                             remaining minimum lease payments
                             lessor accounting relating to                               and sublease revenues. In addition, as
                             taxes, certain lessor's costs and                           of January 1, 2019, retained earnings
                             variable payments related to both                           increased by $95 million, net of
                             lease and non-lease components.                             income tax, as a result of the
                                                                                         recognition of deferred gains on
                                                                                         previous sale leaseback transactions.
                                                                                         The guidance did not have a material
                                                                                         impact on the Company's
                                                                                         consolidated net income and cash
                                                                                         flows. The Company has included
                                                                                         expanded disclosures on the
                                                                                         consolidated balance sheets and in
                                                                                         Notes 7 and 10.

                                    MLIC-27

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)


Future Adoption of New Accounting Pronouncements

  ASUs not listed below were assessed and either determined to be not
applicable or are not expected to have a material impact on the Company's
consolidated financial statements or disclosures. ASUs issued but not yet
adopted as of December 31, 2020 that are currently being assessed and may or
may not have a material impact on the Company's consolidated financial
statements or disclosures are summarized in the table below.

                                                                  Effective Date and
      Standard                       Description                  Method of Adoption         Impact on Financial Statements
---------------------------------------------------------------------------------------------------------------------------------
ASU 2019-12,           The new guidance simplifies the          January 1, 2021. The    The new guidance will not have a
Income Taxes (Topic    accounting for income taxes by removing  new guidance should     material impact on the Company's
740): Simplifying the  certain exceptions to the tax            be applied either on a  consolidated financial statements and
Accounting for         accounting guidance and providing        retrospective,          will be adopted on a prospective basis.
Income Taxes           clarification to other specific tax      modified
                       accounting guidance to eliminate         retrospective or
                       variations in practice. Specifically,    prospective basis
                       it removes the exceptions related to     based on the items to
                       the a) incremental approach for          which the
                       intraperiod tax allocation when there    amendments relate.
                       is a loss from continuing operations     Early adoption is
                       and income or a gain from other items,   permitted.
                       b) recognition of a deferred tax
                       liability when foreign investment
                       ownership changes from equity method
                       investment to consolidated subsidiary
                       and vice versa and c) use of interim
                       period tax accounting for
                       year-to-date-losses that exceed
                       anticipated losses. The guidance also
                       simplifies the application of the
                       income tax guidance for franchise taxes
                       that are partially based on income and
                       the accounting for tax law changes
                       during interim periods, clarifies the
                       accounting for transactions that result
                       in a step-up in tax basis of goodwill,
                       provides for the option to elect
                       allocation of consolidated income taxes
                       to entities disregarded by taxing
                       authorities for their stand-alone
                       reporting, and requires that an entity
                       reflect the effect of an enacted change
                       in tax laws or rates in the annual
                       effective tax rate computation in the
                       interim period that includes the
                       enactment date.
---------------------------------------------------------------------------------------------------------------------------------
ASU 2018-12,           The new guidance (i) prescribes the      January 1, 2023, to be  The implementation efforts of the
Financial Services--   discount rate to be used in measuring    applied                 Company and the evaluation of the
Insurance (Topic       the liability for future policy          retrospectively to      impact of the new guidance are in
944): Targeted         benefits for traditional and limited     January 1, 2021 (with   progress. Given the nature and extent of
Improvements to the    payment long-duration contracts, and     early adoption          the required changes to a significant
Accounting for Long-   requires assumptions for those           permitted).             portion of the Company's operations,
Duration Contracts,    liability valuations to be updated                               the adoption of this guidance is
as amended by ASU      after contract inception, (ii) requires                          expected to have a material impact on
2019-09, Financial     more market-based product guarantees on                          its consolidated financial statements.
Services--Insurance    certain separate account and other
(Topic 944):           account balance long-duration contracts
Effective Date, as     to be accounted for at fair value,
amended by ASU         (iii) simplifies the amortization of
2020-11, Financial     DAC for virtually all long-duration
Services--Insurance    contracts, and (iv) introduces certain
(Topic 944):           financial statement presentation
Effective Date and     requirements, as well as significant
Early Application      additional quantitative and qualitative
                       disclosures. The amendments in ASU
                       2019-09 defer the effective date of ASU
                       2018-12 to January 1, 2022 for all
                       entities, and the amendments in ASU
                       2020-11 further defer the effective
                       date of ASU 2018-12 for an additional
                       one year to January 1, 2023 for all
                       entities.
---------------------------------------------------------------------------------------------------------------------------------

                                    MLIC-28

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)


2. Segment Information

  The Company is organized into two segments: U.S. and MetLife Holdings. In
addition, the Company reports certain of its results of operations in
Corporate & Other.

U.S.

  The U.S. segment offers a broad range of protection products and services
aimed at serving the financial needs of customers throughout their lives. These
products are sold to corporations and their respective employees, other
institutions and their respective members, as well as individuals. The U.S.
segment is organized into two businesses: Group Benefits and Retirement and
Income Solutions ("RIS").

 .   The Group Benefits business offers products such as term, variable and
     universal life insurance, dental, group and individual disability, vision
     and accident & health insurance.

 .   The RIS business offers a broad range of life and annuity-based insurance
     and investment products, including stable value and pension risk transfer
     products, institutional income annuities, structured settlements, and
     capital markets investment products, as well as solutions for funding
     postretirement benefits and company-, bank- and trust-owned life insurance.

MetLife Holdings

  The MetLife Holdings segment consists of operations relating to products and
businesses that the Company no longer actively markets. These include variable,
universal, term and whole life insurance, variable, fixed and index-linked
annuities, and long-term care insurance.

Corporate & Other

  Corporate & Other contains various start-up, developing and run-off
businesses. Also included in Corporate & Other are: the excess capital, as well
as certain charges and activities, not allocated to the segments (including
enterprise-wide strategic initiative restructuring charges), the Company's
ancillary non-U.S. operations, interest expense related to the majority of the
Company's outstanding debt, expenses associated with certain legal proceedings
and income tax audit issues, and the elimination of intersegment amounts (which
generally relate to affiliated reinsurance and intersegment loans, bearing
interest rates commensurate with related borrowings).

Financial Measures and Segment Accounting Policies

  Adjusted earnings is used by management to evaluate performance and allocate
resources. Consistent with GAAP guidance for segment reporting, adjusted
earnings is also the Company's GAAP measure of segment performance and is
reported below. Adjusted earnings should not be viewed as a substitute for net
income (loss). The Company believes the presentation of adjusted earnings, as
the Company measures it for management purposes, enhances the understanding of
its performance by highlighting the results of operations and the underlying
profitability drivers of the business.

  Adjusted earnings is defined as adjusted revenues less adjusted expenses, net
of income tax.

  The financial measures of adjusted revenues and adjusted expenses focus on
the Company's 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 MLIC but do not
meet the discontinued operations criteria under GAAP and are referred to as
divested businesses. Divested businesses also include the net impact of
transactions with exited businesses that have been eliminated in consolidation
under GAAP and costs relating to businesses that have been or will be sold or
exited by MLIC that do not meet the criteria to be included in results of
discontinued operations under GAAP. Adjusted revenues also excludes net
investment gains (losses) and net derivative gains (losses).

                                    MLIC-29

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

2. Segment Information (continued)


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

 .   Universal life and investment-type product policy fees excludes the
     amortization of unearned revenue related to net investment gains (losses)
     and net derivative gains (losses) and certain variable annuity GMIB fees
     ("GMIB fees"); and

 .   Net investment income: (i) includes adjustments for earned income on
     derivatives and amortization of premium on derivatives that are hedges of
     investments or that are used to replicate certain investments, but do not
     qualify for hedge accounting treatment, (ii) excludes post-tax adjusted
     earnings adjustments relating to insurance joint ventures accounted for
     under the equity method, (iii) excludes certain amounts related to
     securitization entities that are VIEs consolidated under GAAP and
     (iv) includes distributions of profits from certain other limited
     partnership interests that were previously accounted for under the cost
     method, but are now accounted for at estimated fair value, where the
     change in estimated fair value is recognized in net investment gains
     (losses) under GAAP.

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

 .   Policyholder benefits and claims and policyholder dividends excludes:
     (i) amortization of basis adjustments associated with de-designated fair
     value hedges of future policy benefits, (ii) changes in the policyholder
     dividend obligation related to net investment gains (losses) and net
     derivative gains (losses), (iii) amounts associated with periodic
     crediting rate adjustments based on the total return of a contractually
     referenced pool of assets and other pass-through adjustments,
     (iv) benefits and hedging costs related to GMIBs ("GMIB costs") and
     (v) market value adjustments associated with surrenders or terminations of
     contracts ("Market value adjustments");

 .   Interest credited to policyholder account balances includes adjustments
     for earned income on derivatives and amortization of premium on
     derivatives that are hedges of policyholder account balances but do not
     qualify for hedge accounting treatment;

 .   Amortization of DAC and VOBA excludes amounts related to: (i) net
     investment gains (losses) and net derivative gains (losses), (ii) GMIB
     fees and GMIB costs and (iii) Market value adjustments;

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

 .   Other expenses excludes: (i) noncontrolling interests, (ii) acquisition,
     integration and other costs, and (iii) goodwill impairments.

  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.

  Set forth in the tables below is certain financial information with respect
to the Company's segments, as well as Corporate & Other, for the years ended
December 31, 2020, 2019 and 2018 and at December 31, 2020 and 2019. The segment
accounting policies are the same as those used to prepare the Company's
consolidated financial statements, except for adjusted earnings adjustments as
defined above. In addition, segment accounting policies include the method of
capital allocation described below.

  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. The economic capital model accounts for the unique
and specific nature of the risks inherent in MetLife's and the Company's
businesses.

  MetLife's economic capital model, coupled with considerations of local
capital requirements, aligns segment allocated equity with emerging standards
and consistent risk principles. The model applies statistics-based risk
evaluation principles to the material risks to which the Company is exposed.
These consistent risk principles include calibrating required economic capital
shock factors to a specific confidence level and time horizon while applying an
industry standard method for the inclusion of diversification benefits among
risk types. MetLife's management is responsible for the ongoing production and
enhancement of the economic capital model and reviews its approach periodically
to ensure that it remains consistent with emerging industry practice standards.

                                    MLIC-30

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

2. Segment Information (continued)


  Segment net investment income is credited or charged based on the level of
allocated equity; however, changes in allocated equity do not impact the
Company's consolidated net investment income, net income (loss) or adjusted
earnings.

  Net investment income is based upon the actual results of each segment's
specifically identifiable investment portfolios adjusted for allocated equity.
Other costs are allocated to each of the segments based upon: (i) a review of
the nature of such costs; (ii) time studies analyzing the amount of employee
compensation costs incurred by each segment; and (iii) cost estimates included
in the Company's product pricing.

                                                                   MetLife    Corporate                               Total
Year Ended December 31, 2020                            U.S.       Holdings    & Other      Total     Adjustments  Consolidated
--------------------------------------------------- -----------  -----------  --------- ------------  -----------  ------------
                                                                                   (In millions)
Revenues
Premiums...........................................  $   17,778   $    2,962   $     1   $    20,741   $       --   $    20,741
Universal life and investment-type product policy
 fees..............................................       1,044          868        --         1,912           84         1,996
Net investment income..............................       6,348        4,616      (136)       10,828         (578)       10,250
Other revenues.....................................         857          224       580         1,661           --         1,661
Net investment gains (losses)......................          --           --        --            --          (73)          (73)
Net derivative gains (losses)......................          --           --        --            --          738           738
                                                    -----------  -----------  --------- ------------  -----------  ------------
  Total revenues...................................      26,027        8,670       445        35,142          171        35,313
                                                    -----------  -----------  --------- ------------  -----------  ------------
Expenses
Policyholder benefits and claims and policyholder
 dividends.........................................      17,821        5,669        --        23,490          485        23,975
Interest credited to policyholder account balances.       1,569          687        --         2,256           (9)        2,247
Capitalization of DAC..............................         (49)          (2)       --           (51)          --           (51)
Amortization of DAC and VOBA.......................          56          290        --           346           60           406
Interest expense on debt...........................           7            6        86            99           --            99
Other expenses.....................................       3,085          801       666         4,552            7         4,559
                                                    -----------  -----------  --------- ------------  -----------  ------------
  Total expenses...................................      22,489        7,451       752        30,692          543        31,235
                                                    -----------  -----------  --------- ------------  -----------  ------------
Provision for income tax expense (benefit).........         752          236      (376)          612          (78)          534
                                                    -----------  -----------  --------- ------------               ------------
  Adjusted earnings................................  $    2,786   $      983   $    69         3,838
                                                    ===========  ===========  =========
Adjustments to:
Total revenues.....................................                                              171
Total expenses.....................................                                             (543)
Provision for income tax (expense) benefit.........                                               78
                                                                                        ------------
  Net income (loss)...........................................                           $     3,544                $     3,544
                                                                                        ============               ============

                                             MetLife    Corporate
  At December 31, 2020             U.S.      Holdings    & Other      Total
  ----------------------------- ----------- ----------- ---------- -----------
                                                (In millions)
  Total assets.................  $  262,478  $  164,956  $  30,173  $  457,607
  Separate account assets......  $   81,866  $   46,780  $      --  $  128,646
  Separate account liabilities.  $   81,866  $   46,780  $      --  $  128,646

                                    MLIC-31

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

2. Segment Information (continued)


                                                            MetLife      Corporate                                 Total
Year Ended December 31, 2019                    U.S.        Holdings      & Other        Total     Adjustments  Consolidated
------------------------------------------- ------------  ------------ ------------  ------------  -----------  ------------
                                                                              (In millions)
Revenues
Premiums...................................  $    18,510   $     3,098  $        --   $    21,608   $       --   $    21,608
Universal life and investment-type product
 policy fees...............................        1,037           912           --         1,949           88         2,037
Net investment income......................        6,647         4,688          (73)       11,262         (289)       10,973
Other revenues.............................          815           220          538         1,573           --         1,573
Net investment gains (losses)..............           --            --           --            --          346           346
Net derivative gains (losses)..............           --            --           --            --         (288)         (288)
                                            ------------  ------------ ------------  ------------  -----------  ------------
  Total revenues...........................       27,009         8,918          465        36,392         (143)       36,249
                                            ------------  ------------ ------------  ------------  -----------  ------------
Expenses
Policyholder benefits and claims and
 policyholder dividends....................       18,963         5,920           --        24,883          206        25,089
Interest credited to policyholder account
 balances..................................        1,925           718           --         2,643          (19)        2,624
Capitalization of DAC......................          (53)           10           --           (43)          --           (43)
Amortization of DAC and VOBA...............           55           220           --           275          (36)          239
Interest expense on debt...................           10             8           87           105           --           105
Other expenses.............................        2,947           844          877         4,668            7         4,675
                                            ------------  ------------ ------------  ------------  -----------  ------------
  Total expenses...........................       23,847         7,720          964        32,531          158        32,689
                                            ------------  ------------ ------------  ------------  -----------  ------------
Provision for income tax expense (benefit).          656           232         (677)          211          (63)          148
                                            ------------  ------------ ------------  ------------               ------------
  Adjusted earnings........................  $     2,506   $       966  $       178         3,650
                                            ============  ============ ============
Adjustments to:
Total revenues.............................                                                  (143)
Total expenses.............................                                                  (158)
Provision for income tax (expense) benefit.                                                    63
                                                                                     ------------
  Net income (loss)........................                                           $     3,412                $     3,412
                                                                                     ============               ============

                                              MetLife      Corporate
At December 31, 2019              U.S.        Holdings      & Other        Total
----------------------------- ------------- ------------- ------------ -------------
                                                  (In millions)
Total assets.................  $    246,319  $    156,327  $    28,171  $    430,817
Separate account assets......  $     73,056  $     44,811  $        --  $    117,867
Separate account liabilities.  $     73,056  $     44,811  $        --  $    117,867

                                    MLIC-32

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

2. Segment Information (continued)


                                                                      MetLife   Corporate                             Total
Year Ended December 31, 2018                                U.S.      Holdings   & Other     Total     Adjustments Consolidated
------------------------------------------------------- -----------  ---------- --------- -----------  ----------- ------------
                                                                                     (In millions)
Revenues
Premiums............................................... $    23,388  $    3,205 $     20  $    26,613  $       --  $    26,613
Universal life and investment-type product policy fees.       1,023       1,008       --        2,031          93        2,124
Net investment income..................................       6,678       4,780     (154)      11,304        (385)      10,919
Other revenues.........................................         775         240      571        1,586          --        1,586
Net investment gains (losses)..........................          --          --       --           --         153          153
Net derivative gains (losses)..........................          --          --       --           --         766          766
                                                        -----------  ---------- --------- -----------  ----------- ------------
  Total revenues.......................................      31,864       9,233      437       41,534         627       42,161
                                                        -----------  ---------- --------- -----------  ----------- ------------
Expenses
Policyholder benefits and claims and policyholder
 dividends.............................................      24,202       5,870        5       30,077         105       30,182
Interest credited to policyholder account balances.....       1,735         748       --        2,483          (4)       2,479
Capitalization of DAC..................................         (40)          6       --          (34)         --          (34)
Amortization of DAC and VOBA...........................          75         245       --          320         150          470
Interest expense on debt...............................          12           8       88          108          --          108
Other expenses.........................................       2,838         980      834        4,652          (5)       4,647
                                                        -----------  ---------- --------- -----------  ----------- ------------
  Total expenses.......................................      28,822       7,857      927       37,606         246       37,852
                                                        -----------  ---------- --------  -----------  ----------  -----------
Provision for income tax expense (benefit).............         648         269     (823)          94          79          173
                                                        -----------  ---------- --------- -----------              ------------
  Adjusted earnings.................................... $     2,394  $    1,107 $    333        3,834
                                                        ===========  ========== =========
Adjustments to:
Total revenues.........................................                                           627
Total expenses.........................................                                          (246)
Provision for income tax (expense) benefit.............                                           (79)
                                                                                          -----------
  Net income (loss)....................................                                   $     4,136              $     4,136
                                                                                          ===========              ============

   The following table presents total premiums, universal life and
investment-type product policy fees and other revenues by major product groups
of the Company's segments, as well as Corporate & Other:

                                                  Years Ended December 31,
                                                -----------------------------
                                                  2020      2019      2018
                                                --------- --------- ---------
                                                        (In millions)
  Life insurance............................... $  14,018 $  13,413 $  13,251
  Accident & health insurance..................     8,650     8,556     8,071
  Annuities....................................     1,352     2,917     8,685
  Other........................................       378       332       316
                                                --------- --------- ---------
   Total....................................... $  24,398 $  25,218 $  30,323
                                                ========= ========= =========

  Substantially all of the Company's consolidated premiums, universal life and
investment-type product policy fees and other revenues originated in the U.S.

  Revenues derived from one U.S. segment customer were $3.3 billion,
$3.0 billion and $3.1 billion for the years ended December 31, 2020, 2019 and
2018, respectively, which represented 14%, 12% and 10% of the consolidated
premiums, universal life and investment-type product policy fees and other
revenues, respectively. Revenues derived from the second U.S. segment customer
were $6.0 billion for the year ended December 31, 2018, which represented 20%
of consolidated premiums, universal life and investment-type product policy
fees and other revenues. The revenue was from a single premium received for a
pension risk transfer. Revenues derived from any other customer did not exceed
10% of consolidated premiums, universal life and investment-type product policy
fees and other revenues for the years ended December 31, 2020, 2019 and 2018.

                                    MLIC-33

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)


3. Insurance

Insurance Liabilities

   Insurance liabilities, including affiliated insurance liabilities on
reinsurance assumed and ceded, are comprised of future policy benefits,
policyholder account balances and other policy-related balances. Information
regarding insurance liabilities by segment, as well as Corporate & Other, was
as follows at:

                                           December 31,
                                         -----------------
                                           2020     2019
                                         -------- --------
                                           (In millions)
                      U.S............... $147,557 $139,081
                      MetLife Holdings..   90,259   88,451
                      Corporate & Other.      170      212
                                         -------- --------
                        Total........... $237,986 $227,744
                                         ======== ========

  See Note 5 for discussion of affiliated reinsurance liabilities included in
the table above.

  Future policy benefits are measured as follows:

      --------------------------------------------------------------------
      Product Type:                 Measurement Assumptions:
      --------------------------------------------------------------------
      Participating life            Aggregate of (i) net level premium
                                      reserves for death and endowment
                                      policy benefits (calculated based
                                      upon the non-forfeiture interest
                                      rate, ranging from 3% to 7%, and
                                      mortality rates guaranteed in
                                      calculating the cash surrender
                                      values described in such
                                      contracts); and (ii) the liability
                                      for terminal dividends.
      --------------------------------------------------------------------
      Nonparticipating life         Aggregate of the present value of
                                      future expected benefit payments
                                      and related expenses less the
                                      present value of future expected
                                      net premiums. Assumptions as to
                                      mortality and persistency are based
                                      upon the Company's experience when
                                      the basis of the liability is
                                      established. Interest rate
                                      assumptions for the aggregate
                                      future policy benefit liabilities
                                      range from 2% to 11%.
      --------------------------------------------------------------------
      Individual and group          Present value of future expected
      traditional fixed annuities     payments. Interest rate assumptions
      after annuitization             used in establishing such
                                      liabilities range from 1% to 11%.
      --------------------------------------------------------------------
      Non-medical health insurance  The net level premium method and
                                      assumptions as to future morbidity,
                                      withdrawals and interest, which
                                      provide a margin for adverse
                                      deviation. Interest rate
                                      assumptions used in establishing
                                      such liabilities range from 1% to
                                      7%.
      --------------------------------------------------------------------
      Disabled lives                Present value of benefits method and
                                      experience assumptions as to claim
                                      terminations, expenses and
                                      interest. Interest rate assumptions
                                      used in establishing such
                                      liabilities range from 2% to 8%.
      --------------------------------------------------------------------

  Participating business represented 3% of the Company's life insurance
in-force at both December 31, 2020 and 2019. Participating policies represented
17%, 19% and 20% of gross traditional life insurance premiums for the years
ended December 31, 2020, 2019 and 2018, respectively.

  Policyholder account balances are equal to: (i) policy account values, which
consist of an accumulation of gross premium payments; and (ii) credited
interest, ranging from less than 1% to 8%, less expenses, mortality charges and
withdrawals.

                                    MLIC-34

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


Guarantees

   The Company issues directly and assumes through reinsurance variable annuity
products with guaranteed minimum benefits. GMABs, the non-life contingent
portion of GMWBs and certain non-life contingent portions of GMIBs are
accounted for as embedded derivatives in policyholder account balances and are
further discussed in Note 8. Guarantees accounted for as insurance liabilities
include:

----------------------------------------------------------------------------------------------------
Guarantee:                                      Measurement Assumptions:
----------------------------------------------------------------------------------------------------
GMDBs  . A return of purchase payment upon    . Present value of expected death benefits in excess
          death even if the account value is     of the projected account balance recognizing the
          reduced to zero.                       excess ratably over the accumulation period
                                                 based on the present value of total expected
                                                 assessments.

       . An enhanced death benefit may be     . Assumptions are consistent with those used for
          available for an additional fee.       amortizing DAC, and are thus subject to the
                                                 same variability and risk.

                                              .  Investment performance and volatility assumptions
                                                 are consistent with the historical experience of
                                                 the appropriate underlying equity index, such as
                                                 the S&P 500 Index.

                                              . Benefit assumptions are based on the average
                                                 benefits payable over a range of scenarios.
----------------------------------------------------------------------------------------------------
GMIBs  . After a specified period of time     . Present value of expected income benefits in excess
          determined at the time of issuance     of the projected account balance at any future
          of the variable annuity contract,      date of annuitization and recognizing the excess
          a minimum accumulation of purchase     ratably over the accumulation period based on
          payments, even if the account          present value of total expected assessments.
          value is reduced to zero, that can
          be annuitized to receive a monthly
          income stream that is not less
          than a specified amount.

       .  Certain contracts also provide for  . Assumptions are consistent with those used for
          a guaranteed lump sum return of        estimating GMDB liabilities.
          purchase premium in lieu of the
          annuitization benefit.

                                              . Calculation incorporates an assumption for the
                                                 percentage of the potential annuitizations that
                                                 may be elected by the contractholder.
----------------------------------------------------------------------------------------------------
GMWBs. . A return of purchase payment via     . Expected value of the life contingent payments and
          partial withdrawals, even if the       expected assessments using assumptions
          account value is reduced to zero,      consistent with those used for estimating the
          provided that cumulative               GMDB liabilities.
          withdrawals in a contract year do
          not exceed a certain limit.

       . Certain contracts include
          guaranteed withdrawals that are
          life contingent.
----------------------------------------------------------------------------------------------------

  The Company also issues other annuity contracts that apply a lower rate on
funds deposited if the contractholder elects to surrender the contract for cash
and a higher rate if the contractholder elects to annuitize. These guarantees
include benefits that are payable in the event of death, maturity or at
annuitization. Certain other annuity contracts contain guaranteed annuitization
benefits that may be above what would be provided by the current account value
of the contract. Additionally, the Company issues universal and variable life
contracts where the Company contractually guarantees to the contractholder a
secondary guarantee or a guaranteed paid-up benefit.

                                    MLIC-35

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


   Information regarding the liabilities for guarantees (excluding base policy
liabilities and embedded derivatives) relating to annuity and universal and
variable life contracts was as follows:

                                                      Universal and Variable
                                 Annuity Contracts        Life Contracts
                              ----------------------  ----------------------
                               GMDBs and              Secondary    Paid-Up
                                 GMWBs       GMIBs    Guarantees  Guarantees      Total
                              ----------  ----------  ----------  ----------  ------------
                                                      (In millions)
Direct:
Balance at January 1, 2018... $      326  $      579  $      725  $      109  $      1,739
Incurred guaranteed benefits.          3         162          95           5           265
Paid guaranteed benefits.....        (12)         (3)         --          --           (15)
                              ----------  ----------  ----------  ----------  ------------
Balance at December 31, 2018.        317         738         820         114         1,989
Incurred guaranteed benefits.         57          19         255          52           383
Paid guaranteed benefits.....        (13)         --          --          --           (13)
                              ----------  ----------  ----------  ----------  ------------
Balance at December 31, 2019.        361         757       1,075         166         2,359
Incurred guaranteed benefits.        144         206         320         (12)          658
Paid guaranteed benefits.....        (12)         (4)        (44)        (14)          (74)
                              ----------  ----------  ----------  ----------  ------------
Balance at December 31, 2020. $      493  $      959  $    1,351  $      140  $      2,943
                              ==========  ==========  ==========  ==========  ============
Ceded:
Balance at January 1, 2018... $       --  $       --  $      272  $       76  $        348
Incurred guaranteed benefits.         --          --          29           4            33
Paid guaranteed benefits.....         --          --          --          --            --
                              ----------  ----------  ----------  ----------  ------------
Balance at December 31, 2018.         --          --         301          80           381
Incurred guaranteed benefits.         --          --          95          15           110
Paid guaranteed benefits.....         --          --          --          --            --
                              ----------  ----------  ----------  ----------  ------------
Balance at December 31, 2019.         --          --         396          95           491
Incurred guaranteed benefits.         --          --          93          13           106
Paid guaranteed benefits.....         --          --         (20)         (9)          (29)
                              ----------  ----------  ----------  ----------  ------------
Balance at December 31, 2020. $       --  $       --  $      469  $       99  $        568
                              ==========  ==========  ==========  ==========  ============
Net:
Balance at January 1, 2018... $      326  $      579  $      453  $       33  $      1,391
Incurred guaranteed benefits.          3         162          66           1           232
Paid guaranteed benefits.....        (12)         (3)         --          --           (15)
                              ----------  ----------  ----------  ----------  ------------
Balance at December 31, 2018.        317         738         519          34         1,608
Incurred guaranteed benefits.         57          19         160          37           273
Paid guaranteed benefits.....        (13)         --          --          --           (13)
                              ----------  ----------  ----------  ----------  ------------
Balance at December 31, 2019.        361         757         679          71         1,868
Incurred guaranteed benefits.        144         206         227         (25)          552
Paid guaranteed benefits.....        (12)         (4)        (24)         (5)          (45)
                              ----------  ----------  ----------  ----------  ------------
Balance at December 31, 2020. $      493  $      959  $      882  $       41  $      2,375
                              ==========  ==========  ==========  ==========  ============

                                    MLIC-36

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


    Information regarding the Company's guarantee exposure, which includes
  direct business, but excludes offsets from hedging or reinsurance, if any,
  was as follows at:

                                                                        December 31,
                                         -----------------------------------------------------------------------
                                                         2020                                  2019
                                         ---------------------------------     ---------------------------------
                                              In the               At               In the               At
                                           Event of Death      Annuitization     Event of Death      Annuitization
                                         ----------------   ---------------    ----------------   ---------------
                                                                    (Dollars in millions)
Annuity Contracts:
Variable Annuity Guarantees:
  Total account value (1), (2)..........  $      50,047      $      21,229      $      49,207      $      21,472
  Separate account value (1)............  $      40,583      $      20,368      $      39,679      $      20,666
  Net amount at risk....................  $       1,178 (3)  $         552 (4)  $       1,195 (3)  $         524 (4)
Average attained age of contractholders.       68 years           67 years           68 years           66 years
Other Annuity Guarantees:
  Total account value (1), (2)..........            N/A      $         142                N/A      $         143
  Net amount at risk....................            N/A      $          74 (5)            N/A      $          80 (5)
Average attained age of contractholders.            N/A           55 years                N/A           54 years

                                                                        December 31,
                                         -----------------------------------------------------------------------
                                                         2020                                  2019
                                         ---------------------------------     ---------------------------------
                                            Secondary            Paid-Up          Secondary            Paid-Up
                                             Guarantees         Guarantees         Guarantees        Guarantees
                                         ----------------   ---------------    ----------------   ---------------
                                                                    (Dollars in millions)
Universal and Variable Life Contracts:
  Total account value (1), (2)..........  $       5,607      $         861      $       4,909      $         899
  Net amount at risk (6)................  $      39,134      $       5,525      $      41,385      $       5,884
Average attained age of policyholders...       58 years           65 years           57 years           64 years

--------
(1) The Company's annuity and life contracts with guarantees may offer more
    than one type of guarantee in each contract. Therefore, the amounts listed
    above may not be mutually exclusive.

(2) Includes the contractholder's investments in the general account and
    separate account, if applicable.

(3) Defined as the death benefit less the total account value, as of the
    balance sheet date. It represents the amount of the claim that the Company
    would incur if death claims were filed on all contracts on the balance
    sheet date and includes any additional contractual claims associated with
    riders purchased to assist with covering income taxes payable upon death.

(4) Defined as the amount (if any) that would be required to be added to the
    total account value to purchase a lifetime income stream, based on current
    annuity rates, equal to the minimum amount provided under the guaranteed
    benefit. This amount represents the Company's potential economic exposure
    to such guarantees in the event all contractholders were to annuitize on
    the balance sheet date, even though the contracts contain terms that allow
    annuitization of the guaranteed amount only after the 10th anniversary of
    the contract, which not all contractholders have achieved.

(5) Defined as either the excess of the upper tier, adjusted for a profit
    margin, less the lower tier, as of the balance sheet date or the amount (if
    any) that would be required to be added to the total account value to
    purchase a lifetime income stream, based on current annuity rates, equal to
    the minimum amount provided under the guaranteed benefit. These amounts
    represent the Company's potential economic exposure to such guarantees in
    the event all contractholders were to annuitize on the balance sheet date.

(6) Defined as the guarantee amount less the account value, as of the balance
    sheet date. It represents the amount of the claim that the Company would
    incur if death claims were filed on all contracts on the balance sheet date.

                                    MLIC-37

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


Guarantees -- Separate Accounts

   Account balances of contracts with guarantees were invested in separate
account asset classes as follows at:

                                          December 31,
                                   ---------------------------
                                       2020          2019
                                   ------------- -------------
                                          (In millions)
                  Fund Groupings:
                  Equity.......... $      23,891 $      21,960
                  Balanced........        16,992        17,396
                  Bond............         3,052         3,024
                  Money Market....            52            48
                                   ------------- -------------
                    Total......... $      43,987 $      42,428
                                   ============= =============

Obligations Assumed Under Structured Settlement Assignments

  The Company assumed structured settlement claim obligations as an assignment
company. These liabilities are measured at the present value of the future
periodic claims to be provided and reported as other policy-related balances.
The Company received a fee for assuming these claim obligations and, as the
assignee of the claim, is legally obligated to ensure periodic payments are
made to the claimant. The Company purchased annuities to fund these future
periodic payment claim obligations and designates payments to be made directly
to the claimant by the annuity writer. These annuities funding structured
settlement claims are recorded as an investment. The Company has recorded
unpaid claim obligations and annuity contracts of equal amounts of $1.3 billion
at both December 31, 2020 and 2019. See Note 1.

Obligations Under Funding Agreements

  The Company issues fixed and floating rate funding agreements, which are
denominated in either U.S. dollars or foreign currencies, to certain
unconsolidated special purpose entities that have issued either debt securities
or commercial paper for which payment of interest and principal is secured by
such funding agreements. For the years ended December 31, 2020, 2019 and 2018,
the Company issued $39.3 billion, $37.3 billion and $41.8 billion,
respectively, and repaid $36.7 billion, $36.4 billion and $43.7 billion,
respectively, of such funding agreements. At December 31, 2020 and 2019,
liabilities for funding agreements outstanding, which are included in
policyholder account balances, were $38.8 billion and $34.6 billion,
respectively.

  Metropolitan Life Insurance Company is a member of the FHLB of New York.
Holdings of common stock of the FHLB of New York, included in other invested
assets, were $765 million and $737 million at December 31, 2020 and 2019,
respectively.

                                    MLIC-38

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


   The Company has also entered into funding agreements with the FHLB of New
York and a subsidiary of the Federal Agricultural Mortgage Corporation, a
federally chartered instrumentality of the U.S. ("Farmer Mac"). The liability
for such funding agreements is included in policyholder account balances.
Information related to such funding agreements was as follows at:

                              Liability                    Collateral
                      ------------------------- -----------------------------
                                             December 31,
                      -------------------------------------------------------
                          2020         2019           2020             2019
                      ------------ ------------ ------------     ------------
                                             (In millions)
FHLB of New York (1). $     15,245 $     14,445 $     17,258 (2) $     16,570 (2)
Farmer Mac (3)....... $      2,375 $      2,550 $      2,450     $      2,670
--------

(1) Represents funding agreements issued to the FHLB of New York in exchange
    for cash and for which the FHLB of New York has been granted a lien on
    certain assets, some of which are in the custody of the FHLB of New York,
    including residential mortgage-backed securities ("RMBS"), to collateralize
    obligations under such funding agreements. The Company is permitted to
    withdraw any portion of the collateral in the custody of the FHLB of
    New York as long as there is no event of default and the remaining
    qualified collateral is sufficient to satisfy the collateral maintenance
    level. Upon any event of default by the Company, the FHLB of New York's
    recovery on the collateral is limited to the amount of the Company's
    liability to the FHLB of New York.

(2) Advances are collateralized by mortgage-backed securities. The amount of
    collateral presented is at estimated fair value.

(3) Represents funding agreements issued to a subsidiary of Farmer Mac. The
    obligations under these funding agreements are secured by a pledge of
    certain eligible agricultural mortgage loans and may, under certain
    circumstances, be secured by other qualified collateral. The amount of
    collateral presented is at carrying value.

Liabilities for Unpaid Claims and Claim Expenses

  The following is information about incurred and paid claims development by
segment at December 31, 2020. Such amounts are presented net of reinsurance,
and are not discounted. The tables present claims development and cumulative
claim payments by incurral year. The development tables are only presented for
significant short-duration product liabilities within each segment. The
information about incurred and paid claims development prior to 2020 is
presented as supplementary information.

                                    MLIC-39

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


  U.S.

   Group Life - Term

                 Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance            At December 31, 2020
         -----------------------------------------------------------------------------------------  ---------------------------
                                      For the Years Ended December 31,
         -----------------------------------------------------------------------------------------     Total IBNR
                                           (Unaudited)                                              Liabilities Plus
         --------------------------------------------------------------------------------               Expected     Cumulative
                                                                                                     Development on  Number of
Incurral                                                                                                Reported      Reported
  Year     2011     2012     2013     2014     2015     2016     2017     2018     2019     2020         Claims        Claims
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------  ---------------- ----------
                                                         (Dollars in millions)
  2011.. $  6,318 $  6,290 $  6,293 $  6,269 $  6,287 $  6,295 $  6,294 $  6,295 $  6,297 $  6,299        $  1        208,202
  2012..             6,503    6,579    6,569    6,546    6,568    6,569    6,569    6,572    6,574           1        209,960
  2013..                      6,637    6,713    6,719    6,720    6,730    6,720    6,723    6,724           1        212,572
  2014..                               6,986    6,919    6,913    6,910    6,914    6,919    6,920           3        215,388
  2015..                                        7,040    7,015    7,014    7,021    7,024    7,025           3        217,729
  2016..                                                 7,125    7,085    7,095    7,104    7,105           6        218,487
  2017..                                                          7,432    7,418    7,425    7,427           9        257,925
  2018..                                                                   7,757    7,655    7,646          14        242,815
  2019..                                                                            7,935    7,900          23        239,317
  2020..                                                                                     8,913         757        206,427
                                                                                          --------
 Total.........................................................................             72,533
Cumulative paid claims and paid allocated claim adjustment expenses, net of
 reinsurance....................................................................           (70,179)
All outstanding liabilities for incurral years prior to 2011, net of
 reinsurance....................................................................                18
                                                                                          --------
 Total unpaid claims and claim adjustment expenses, net of reinsurance.........           $  2,372
                                                                                          ========

                 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
               -------------------------------------------------------------------------------------------
                                            For the Years Ended December 31,
               -------------------------------------------------------------------------------------------
                                                 (Unaudited)
               -------------------------------------------------------------------------------- ----------
Incurral Year    2011     2012     2013     2014     2015     2016     2017     2018     2019      2020
-------------  -------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
                                                      (In millions)
    2011...... $  4,982 $  6,194 $  6,239 $  6,256 $  6,281 $  6,290 $  6,292 $  6,295 $  6,296  $   6,297
    2012......             5,132    6,472    6,518    6,532    6,558    6,565    6,566    6,569      6,572
    2013......                      5,216    6,614    6,664    6,678    6,711    6,715    6,720      6,721
    2014......                               5,428    6,809    6,858    6,869    6,902    6,912      6,915
    2015......                                        5,524    6,913    6,958    6,974    7,008      7,018
    2016......                                                 5,582    6,980    7,034    7,053      7,086
    2017......                                                          5,761    7,292    7,355      7,374
    2018......                                                                   6,008    7,521      7,578
    2019......                                                                            6,178      7,756
    2020......                                                                                       6,862
                                                                                                ----------
 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance   $  70,179
                                                                                                ==========

   Average Annual Percentage Payout

     The following is supplementary information about average historical claims
   duration at December 31, 2020:

                          Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
                          -----------------------------------------------------------------------------
       Years.............   1         2       3       4       5       6       7      8      9     10
       Group Life - Term. 78.2%     20.0%    0.7%    0.2%    0.5%    0.1%    --%    --%    --%    --%

                                    MLIC-40

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


   Group Long-Term Disability

                   Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance        At December 31, 2020
                --------------------------------------------------------------------------------  ---------------------------
                                        For the Years Ended December 31,                             Total IBNR
                --------------------------------------------------------------------------------  Liabilities Plus
                                              (Unaudited)                                             Expected     Cumulative
                -----------------------------------------------------------------------            Development on  Number of
Incurral                                                                                              Reported      Reported
 Year            2011    2012    2013    2014    2015    2016    2017    2018    2019     2020         Claims        Claims
--------        ------- ------- ------- ------- ------- ------- ------- ------- ------- --------  ---------------- ----------
                                                            (Dollars in millions)
  2011......... $   955 $   916 $   894 $   914 $   924 $   923 $   918 $   917 $   914 $    910        $ --         21,644
  2012.........             966     979     980   1,014   1,034   1,037   1,021   1,015    1,011          --         20,086
  2013.........                   1,008   1,027   1,032   1,049   1,070   1,069   1,044    1,032          --         21,138
  2014.........                           1,076   1,077   1,079   1,101   1,109   1,098    1,097          --         22,852
  2015.........                                   1,082   1,105   1,093   1,100   1,087    1,081          --         21,209
  2016.........                                           1,131   1,139   1,159   1,162    1,139          --         17,967
  2017.........                                                   1,244   1,202   1,203    1,195          --         16,313
  2018.........                                                           1,240   1,175    1,163           7         15,135
  2019.........                                                                   1,277    1,212          33         15,044
  2020.........                                                                            1,253         630          8,387
                                                                                        --------
 Total................................................................................    11,093
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance   (5,657)
All outstanding liabilities for incurral years prior to 2011, net of reinsurance.......    1,543
                                                                                        --------
 Total unpaid claims and claim adjustment expenses, net of reinsurance................  $  6,979
                                                                                        ========

                   Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
                 ---------------------------------------------------------------------------------------------------
                                              For the Years Ended December 31,
                 ---------------------------------------------------------------------------------------------------
                                                   (Unaudited)
                 ---------------------------------------------------------------------------------------
Incurral Year     2011      2012      2013      2014      2015      2016      2017      2018      2019      2020
-------------    -------  --------  --------  --------  --------  --------  --------  --------  -------- -----------
                                                        (In millions)
    2011........ $    44  $    217  $    337  $    411  $    478  $    537  $    588  $    635  $    670  $      703
    2012........                43       229       365       453       524       591       648       694         730
    2013........                          43       234       382       475       551       622       676         722
    2014........                                    51       266       428       526       609       677         732
    2015........                                              50       264       427       524       601         665
    2016........                                                        49       267       433       548         628
    2017........                                                                  56       290       476         579
    2018........                                                                            54       314         497
    2019........                                                                                      57         342
    2020........                                                                                                  59
                                                                                                         -----------
 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance            $    5,657
                                                                                                         ===========

   Average Annual Percentage Payout

     The following is supplementary information about average historical claims
   duration at December 31, 2020:

                            Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
                            -----------------------------------------------------------------------------
Years......................  1        2        3       4       5       6       7       8      9      10
Group Long-Term Disability. 4.6%    20.0%    14.6%    8.9%    7.2%    6.4%    5.4%    4.7%   3.7%   3.6%

                                    MLIC-41

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


  Significant Methodologies and Assumptions

     Group Life - Term and Group Long-Term Disability incurred but not paid
   ("IBNP") liabilities are developed using a combination of loss ratio and
   development methods. Claims in the course of settlement are then subtracted
   from the IBNP liabilities, resulting in the IBNR liabilities. The loss ratio
   method is used in the period in which the claims are neither sufficient nor
   credible. In developing the loss ratios, any material rate increases that
   could change the underlying premium without affecting the estimated incurred
   losses are taken into account. For periods where sufficient and credible
   claim data exists, the development method is used based on the claim
   triangles which categorize claims according to both the period in which they
   were incurred and the period in which they were paid, adjudicated or
   reported. The end result is a triangle of known data that is used to develop
   known completion ratios and factors. Claims paid are then subtracted from
   the estimated ultimate incurred claims to calculate the IBNP liability.

     An expense liability is held for the future expenses associated with the
   payment of incurred but not yet paid claims (IBNR and pending). This is
   expressed as a percentage of the underlying claims liability and is based on
   past experience and the anticipated future expense structure.

     For Group Life - Term and Group Long-Term Disability, first year incurred
   claims and allocated loss adjustment expenses increased in 2020 compared to
   the 2019 incurral year due to the growth in the size of the business.

     There were no significant changes in methodologies for the year ended
   December 31, 2020. The assumptions used in calculating the unpaid claims and
   claim adjustment expenses for Group Life - Term and Group Long-Term
   Disability are updated annually to reflect emerging trends in claim
   experience.

     No additional premiums or return premiums have been accrued as a result of
   the prior year development.

     Liabilities for Group Life - Term unpaid claims and claim adjustment
   expenses are not discounted.

     The liabilities for Group Long-Term Disability unpaid claims and claim
   adjustment expenses were $6.0 billion at both December 31, 2020 and 2019.
   Using interest rates ranging from 3% to 8%, based on the incurral year, the
   total discount applied to these liabilities was $1.2 billion at both
   December 31, 2020 and 2019. The amount of interest accretion recognized was
   $452 million, $470 million and $509 million for the years ended December 31,
   2020, 2019 and 2018, respectively. These amounts were reflected in
   policyholder benefits and claims.

     For Group Life - Term, claims were based upon individual death claims. For
   Group Long-Term Disability, claim frequency was determined by the number of
   reported claims as identified by a unique claim number assigned to
   individual claimants. Claim counts initially include claims that do not
   ultimately result in a liability. These claims are omitted from the claim
   counts once it is determined that there is no liability.

     The incurred and paid claims disclosed for the Group Life - Term product
   includes activity related to the product's continued protection feature;
   however, the associated actuarial reserve for future benefit obligations
   under this feature is excluded from the liability for unpaid claims.

     The Group Long-Term Disability IBNR, included in the development tables
   above, was developed using discounted cash flows, and is presented on a
   discounted basis.

                                    MLIC-42

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


  Reconciliation of the Disclosure of Incurred and Paid Claims Development to
  the Liability for Unpaid Claims and Claim Adjustment Expenses

    The reconciliation of the net incurred and paid claims development tables
  to the liability for unpaid claims and claims adjustment expenses on the
  consolidated balance sheet was as follows at:

                                                                                                    December 31, 2020
                                                                                              -----------------------------
                                                                                                      (In millions)
Short-Duration:
Unpaid claims and allocated claims adjustment expenses, net of reinsurance:
U.S.:
Group Life - Term............................................................................ $        2,372
Group Long-Term Disability...................................................................          6,979
                                                                                              --------------
  Total......................................................................................                $        9,351
Other insurance lines - all segments combined................................................                           607
                                                                                                             --------------
  Total unpaid claims and allocated claims adjustment expenses, net of reinsurance...........                         9,958
                                                                                                             --------------
Reinsurance recoverables on unpaid claims:
U.S.:
Group Life - Term............................................................................             12
Group Long-Term Disability...................................................................            128
                                                                                              --------------
  Total......................................................................................                           140
Other insurance lines - all segments combined................................................                           180
                                                                                                             --------------
  Total reinsurance recoverable on unpaid claims.............................................                           320
                                                                                                             --------------
  Total unpaid claims and allocated claims adjustment expense................................                        10,278
Discounting..................................................................................                        (1,186)
                                                                                                             --------------
Liability for unpaid claims and claim adjustment liabilities - short-duration................                         9,092
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines.......                         4,431
                                                                                                             --------------
  Total liability for unpaid claims and claim adjustment expense (included in future policy
   benefits and other policy-related balances)...............................................                $       13,523
                                                                                                             ==============

                                    MLIC-43

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


  Rollforward of Claims and Claim Adjustment Expenses

      Information regarding the liabilities for unpaid claims and claim
   adjustment expenses was as follows:

                                               Years Ended December 31,
                                  -------------------------------------------------
                                        2020             2019             2018
                                  ---------------  ---------------  ---------------
                                                    (In millions)
Balance at January 1,............ $        13,140  $        12,590  $        12,090
  Less: Reinsurance recoverables.           1,525            1,497            1,401
                                  ---------------  ---------------  ---------------
Net balance at January 1,........          11,615           11,093           10,689
Incurred related to:
  Current year...................          18,620           17,711           16,714
  Prior years (1)................             (19)              44              241
                                  ---------------  ---------------  ---------------
    Total incurred...............          18,601           17,755           16,955
Paid related to:
  Current year...................         (13,854)         (12,934)         (12,359)
  Prior years....................          (4,478)          (4,299)          (4,192)
                                  ---------------  ---------------  ---------------
    Total paid...................         (18,332)         (17,233)         (16,551)
                                  ---------------  ---------------  ---------------
Net balance at December 31,......          11,884           11,615           11,093
  Add: Reinsurance recoverables..           1,639            1,525            1,497
                                  ---------------  ---------------  ---------------
Balance at December 31,.......... $        13,523  $        13,140  $        12,590
                                  ===============  ===============  ===============
--------

(1) For the year ended December 31, 2020, claims and claim adjustment expenses
    associated with prior years decreased due to favorable claims experience in
    the current year. For the years ended December 31, 2019 and 2018, claims
    and claim adjustment expenses associated with prior years increased due to
    events incurred in prior years but reported in the current year.

Separate Accounts

  Separate account assets and liabilities include two categories of account
types: pass-through separate accounts totaling $78.0 billion and $72.2 billion
at December 31, 2020 and 2019, respectively, for which the policyholder assumes
all investment risk, and separate accounts for which the Company contractually
guarantees either a minimum return or account value to the policyholder which
totaled $50.6 billion and $45.6 billion at December 31, 2020 and 2019,
respectively. The latter category consisted primarily of guaranteed interest
contracts ("GICs"). The average interest rate credited on these contracts was
2.54% and 2.91% at December 31, 2020 and 2019, respectively.

  For the years ended December 31, 2020, 2019 and 2018, there were no
investment gains (losses) on transfers of assets from the general account to
the separate accounts.

4. Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles

  See Note 1 for a description of capitalized acquisition costs.

Nonparticipating and Non-Dividend-Paying Traditional Contracts

  The Company amortizes DAC and VOBA related to these contracts (term
insurance, nonparticipating whole life insurance, traditional group life
insurance, and non-medical health insurance) over the appropriate premium
paying period in proportion to the actual and expected future gross premiums
that were set at contract issue. The expected premiums are based upon the
premium requirement of each policy and assumptions for mortality, morbidity,
persistency and investment returns at policy issuance, or policy acquisition
(as it relates to VOBA), include provisions for adverse deviation, and are
consistent with the assumptions used to calculate future policyholder benefit
liabilities. These assumptions are not revised after policy issuance or
acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from
future expected profits. Absent a premium deficiency, variability in
amortization after policy issuance or acquisition is caused only by variability
in premium volumes.

                                    MLIC-44

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

4. Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles (continued)


Participating, Dividend-Paying Traditional Contracts

  The Company amortizes DAC and VOBA related to these contracts over the
estimated lives of the contracts in proportion to actual and expected future
gross margins. The amortization includes interest based on rates in effect at
inception or acquisition of the contracts. The future gross margins are
dependent principally on investment returns, policyholder dividend scales,
mortality, persistency, expenses to administer the business, creditworthiness
of reinsurance counterparties and certain economic variables, such as
inflation. For participating contracts within the closed block (dividend-paying
traditional contracts) future gross margins are also dependent upon changes in
the policyholder dividend obligation. See Note 6. Of these factors, the Company
anticipates that investment returns, expenses, persistency and other factor
changes, as well as policyholder dividend scales, are reasonably likely to
impact significantly the rate of DAC and VOBA amortization. Each reporting
period, the Company updates the estimated gross margins with the actual gross
margins for that period. When the actual gross margins change from previously
estimated gross margins, the cumulative DAC and VOBA amortization is
re-estimated and adjusted by a cumulative charge or credit to current
operations. When actual gross margins exceed those previously estimated, the
DAC and VOBA amortization will increase, resulting in a current period charge
to earnings. The opposite result occurs when the actual gross margins are below
the previously estimated gross margins. Each reporting period, the Company also
updates the actual amount of business in-force, which impacts expected future
gross margins. When expected future gross margins are below those previously
estimated, the DAC and VOBA amortization will increase, resulting in a current
period charge to earnings. The opposite result occurs when the expected future
gross margins are above the previously estimated expected future gross margins.
Each period, the Company also reviews the estimated gross margins for each
block of business to determine the recoverability of DAC and VOBA balances.

Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred
Annuity Contracts

  The Company amortizes DAC and VOBA related to these contracts over the
estimated lives of the contracts in proportion to actual and expected future
gross profits. The amortization includes interest based on rates in effect at
inception or acquisition of the contracts. The amount of future gross profits
is dependent principally upon returns in excess of the amounts credited to
policyholders, mortality, persistency, interest crediting rates, expenses to
administer the business, creditworthiness of reinsurance counterparties, the
effect of any hedges used and certain economic variables, such as inflation. Of
these factors, the Company anticipates that investment returns, expenses and
persistency are reasonably likely to significantly impact the rate of DAC and
VOBA amortization. Each reporting period, the Company updates the estimated
gross profits with the actual gross profits for that period. When the actual
gross profits change from previously estimated gross profits, the cumulative
DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge
or credit to current operations. When actual gross profits exceed those
previously estimated, the DAC and VOBA amortization will increase, resulting in
a current period charge to earnings. The opposite result occurs when the actual
gross profits are below the previously estimated gross profits. Each reporting
period, the Company also updates the actual amount of business remaining
in-force, which impacts expected future gross profits. When expected future
gross profits are below those previously estimated, the DAC and VOBA
amortization will increase, resulting in a current period charge to earnings.
The opposite result occurs when the expected future gross profits are above the
previously estimated expected future gross profits. Each period, the Company
also reviews the estimated gross profits for each block of business to
determine the recoverability of DAC and VOBA balances.

Factors Impacting Amortization

  Separate account rates of return on variable universal life contracts and
variable deferred annuity contracts affect in-force account balances on such
contracts each reporting period, which can result in significant fluctuations
in amortization of DAC and VOBA. Returns that are higher than the Company's
long-term expectation produce higher account balances, which increases the
Company's future fee expectations and decreases future benefit payment
expectations on minimum death and living benefit guarantees, resulting in
higher expected future gross profits. The opposite result occurs when returns
are lower than the Company's long-term expectation. The Company's practice to
determine the impact of gross profits resulting from returns on separate
accounts assumes that long-term appreciation in equity markets is not changed
by short-term market fluctuations, but is only changed when sustained interim
deviations are expected. The Company monitors these events and only changes the
assumption when its long-term expectation changes.

                                    MLIC-45

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

4. Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles (continued)


  The Company also periodically reviews other long-term assumptions underlying
the projections of estimated gross margins and profits. These assumptions
primarily relate to investment returns, policyholder dividend scales, interest
crediting rates, mortality, persistency, policyholder behavior and expenses to
administer business. Management annually updates assumptions used in the
calculation of estimated gross margins and profits which may have significantly
changed. If the update of assumptions causes expected future gross margins and
profits to increase, DAC and VOBA amortization will decrease, resulting in a
current period increase to earnings. The opposite result occurs when the
assumption update causes expected future gross margins and profits to decrease.

  Periodically, the Company modifies product benefits, features, rights or
coverages that occur by the exchange of a contract for a new contract, or by
amendment, endorsement, or rider to a contract, or by election or coverage
within a contract. If such modification, referred to as an internal
replacement, substantially changes the contract, the associated DAC or VOBA is
written off immediately through income and any new deferrable costs associated
with the replacement contract are deferred. If the modification does not
substantially change the contract, the DAC or VOBA amortization on the original
contract will continue and any acquisition costs associated with the related
modification are expensed.

  Amortization of DAC and VOBA is attributed to net investment gains (losses)
and net derivative gains (losses), and to other expenses for the amount of
gross margins or profits originating from transactions other than investment
gains and losses. Unrealized investment gains and losses represent the amount
of DAC and VOBA that would have been amortized if such gains and losses had
been recognized.

   Information regarding DAC and VOBA was as follows:

                                                                              Years Ended December 31,
                                                                 -------------------------------------------------
                                                                       2020             2019             2018
                                                                 ---------------  ---------------  ---------------
                                                                                   (In millions)
DAC:
Balance at January 1,...........................................  $        3,427   $        4,089   $        4,320
Capitalizations.................................................              51               43               34
Amortization related to:
Net investment gains (losses) and net derivative gains (losses).             (56)              25             (114)
Other expenses..................................................            (348)            (263)            (355)
                                                                 ---------------  ---------------  ---------------
  Total amortization............................................            (404)            (238)            (469)
                                                                 ---------------  ---------------  ---------------
Unrealized investment gains (losses)............................            (448)            (467)             204
                                                                 ---------------  ---------------  ---------------
Balance at December 31,.........................................           2,626            3,427            4,089
                                                                 ---------------  ---------------  ---------------
VOBA:
Balance at January 1,...........................................              26               28               28
Amortization related to other expenses..........................              (2)              (1)              (1)
Unrealized investment gains (losses)............................              (1)              (1)               1
                                                                 ---------------  ---------------  ---------------
Balance at December 31,.........................................              23               26               28
                                                                 ---------------  ---------------  ---------------
Total DAC and VOBA:
Balance at December 31,.........................................  $        2,649   $        3,453   $        4,117
                                                                 ===============  ===============  ===============

   Information regarding total DAC and VOBA by segment was as follows:

                                          December 31,
                                   ---------------------------
                                       2020          2019
                                   ------------- -------------
                                          (In millions)
                 U.S..............  $        398  $        405
                 MetLife Holdings.         2,251         3,048
                                   ------------- -------------
                   Total..........  $      2,649  $      3,453
                                   ============= =============

                                    MLIC-46

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

4. Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles (continued)


   Information regarding other intangibles was as follows:

                                              Years Ended December 31,
                                         ----------------------------------
                                            2020        2019        2018
                                         ----------  ----------  ----------
                                                    (In millions)
   DSI:
   Balance at January 1,................ $       62  $       93  $       93
   Capitalization.......................         --           1           1
   Amortization.........................        (21)        (20)        (15)
   Unrealized investment gains (losses).        (11)        (12)         14
                                         ----------  ----------  ----------
   Balance at December 31,.............. $       30  $       62  $       93
                                         ==========  ==========  ==========
   VODA and VOCRA:
   Balance at January 1,................ $      157  $      181  $      207
   Amortization.........................        (22)        (24)        (26)
                                         ----------  ----------  ----------
   Balance at December 31,.............. $      135  $      157  $      181
                                         ==========  ==========  ==========
   Accumulated amortization............. $      322  $      300  $      276
                                         ==========  ==========  ==========

   The estimated future amortization expense to be reported in other expenses
for the next five years is as follows:

                                                                   VODA and
                                                        VOBA        VOCRA
                                                    ------------ -------------
                                                          (In millions)
 2021.............................................. $          2 $          19
 2022.............................................. $          2 $          17
 2023.............................................. $          2 $          15
 2024.............................................. $          2 $          13
 2025.............................................. $          2 $          12

5. Reinsurance

  The Company enters into reinsurance agreements that transfer risk from its
various insurance products to affiliated and unaffiliated companies. These
cessions limit losses, minimize exposure to significant risks and provide
additional capacity for future growth. The Company also provides reinsurance by
accepting risk from affiliates and nonaffiliates.

  Under the terms of the reinsurance agreements, the reinsurer agrees to
reimburse the Company for the ceded amount in the event a claim is paid.
Cessions under reinsurance agreements do not discharge the Company's obligation
as the primary insurer. In the event that reinsurers do not meet their
obligations under the terms of the reinsurance agreements, reinsurance
recoverable balances could become uncollectible.

  Accounting for reinsurance requires extensive use of assumptions and
estimates, particularly related to the future performance of the underlying
business and the potential impact of counterparty credit risks. The Company
periodically reviews actual and anticipated experience compared to the
aforementioned assumptions used to establish assets and liabilities relating to
ceded and assumed reinsurance and evaluates the financial strength of
counterparties to its reinsurance agreements using criteria similar to that
evaluated in the security impairment process discussed in Note 7.

U.S.

  For its Group Benefits business, the Company generally retains most of the
risk and only cedes particular risk on certain client arrangements.

  The majority of the Company's reinsurance activity within this business
relates to client agreements for employer sponsored captive programs,
risk-sharing agreements and multinational pooling. The risks ceded under these
agreements are generally quota shares of group life and disability policies.
The cessions vary from 50% to 100% of all the risks of the policies.

                                    MLIC-47

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

5. Reinsurance (continued)


  The Company's RIS business has engaged in reinsurance activities on an
opportunistic basis. There were no new transactions during the periods
presented.

MetLife Holdings

  For its life products, the Company has historically reinsured the mortality
risk primarily on an excess of retention basis or on a quota share basis. In
addition to reinsuring mortality risk as described above, the Company reinsures
other risks, as well as specific coverages. Placement of reinsurance is done
primarily on an automatic basis and also on a facultative basis for risks with
specified characteristics.

Catastrophe Coverage

  The Company has exposure to catastrophes which could contribute to
significant fluctuations in its results of operations. For its U.S. segment,
the Company purchases catastrophe coverage to reinsure risks issued within
territories that it believes are subject to the greatest catastrophic risks.
For its MetLife Holdings segment, the Company uses excess of retention and
quota share reinsurance agreements to provide greater diversification of risk
and minimize exposure to larger risks. Excess of retention reinsurance
agreements provide for a portion of a risk to remain with the direct writing
company and quota share reinsurance agreements provide for the direct writing
company to transfer a fixed percentage of all risks of a class of policies.

Reinsurance Recoverables

  The Company reinsures its business through a diversified group of
well-capitalized reinsurers. The Company analyzes recent trends in arbitration
and litigation outcomes in disputes, if any, with its reinsurers. The Company
monitors ratings and evaluates the financial strength of its reinsurers by
analyzing their financial statements. In addition, the reinsurance recoverable
balance due from each reinsurer is evaluated as part of the overall monitoring
process. Recoverability of reinsurance recoverable balances is evaluated based
on these analyses. The Company generally secures large reinsurance recoverable
balances with various forms of collateral, including secured trusts, funds
withheld accounts, and irrevocable letters of credit. These reinsurance
recoverable balances are stated net of allowances for uncollectible
reinsurance, which at December 31, 2020 and 2019 were not significant.

  The Company has secured certain reinsurance recoverable balances with various
forms of collateral, including secured trusts, funds withheld accounts and
irrevocable letters of credit. The Company had $1.7 billion and $1.8 billion of
unsecured unaffiliated reinsurance recoverable balances at December 31, 2020
and 2019, respectively.

  At December 31, 2020, the Company had $2.5 billion of net unaffiliated ceded
reinsurance recoverables. Of this total, $1.8 billion, or 72%, were with the
Company's five largest unaffiliated ceded reinsurers, including $1.2 billion of
net unaffiliated ceded reinsurance recoverables which were unsecured. At
December 31, 2019, the Company had $2.6 billion of net unaffiliated ceded
reinsurance recoverables. Of this total, $1.9 billion, or 73%, were with the
Company's five largest unaffiliated ceded reinsurers, including $1.3 billion of
net unaffiliated ceded reinsurance recoverables which were unsecured.

  The Company has reinsured with an unaffiliated third-party reinsurer, 59% of
the closed block through a modified coinsurance agreement. The Company accounts
for this agreement under the deposit method of accounting. The Company, having
the right of offset, has offset the modified coinsurance deposit with the
deposit recoverable.

                                    MLIC-48

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

5. Reinsurance (continued)


   The amounts on the consolidated statements of operations include the impact
of reinsurance. Information regarding the significant effects of reinsurance
was as follows:

                                                                          Years Ended December 31,
                                                               ----------------------------------------------
                                                                    2020            2019            2018
                                                               --------------  --------------  --------------
                                                                                (In millions)
Premiums
Direct premiums...............................................  $      20,821   $      21,804   $      26,883
Reinsurance assumed...........................................            909             811             752
Reinsurance ceded.............................................           (989)         (1,007)         (1,022)
                                                               --------------  --------------  --------------
  Net premiums................................................  $      20,741   $      21,608   $      26,613
                                                               ==============  ==============  ==============
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees.  $       2,290   $       2,331   $       2,382
Reinsurance assumed...........................................            (16)            (15)              9
Reinsurance ceded.............................................           (278)           (279)           (267)
                                                               --------------  --------------  --------------
  Net universal life and investment-type product policy fees..  $       1,996   $       2,037   $       2,124
                                                               ==============  ==============  ==============
Other revenues
Direct other revenues.........................................  $       1,043   $       1,007   $       1,017
Reinsurance assumed...........................................             10              (5)            (11)
Reinsurance ceded.............................................            608             571             580
                                                               --------------  --------------  --------------
  Net other revenues..........................................  $       1,661   $       1,573   $       1,586
                                                               ==============  ==============  ==============
Policyholder benefits and claims
Direct policyholder benefits and claims.......................  $      23,488   $      24,469   $      29,589
Reinsurance assumed...........................................            811             728             691
Reinsurance ceded.............................................         (1,225)         (1,146)         (1,183)
                                                               --------------  --------------  --------------
  Net policyholder benefits and claims........................  $      23,074   $      24,051   $      29,097
                                                               ==============  ==============  ==============
Interest credited to policyholder account balances
Direct interest credited to policyholder account balances.....  $       2,218   $       2,592   $       2,446
Reinsurance assumed...........................................             42              44              46
Reinsurance ceded.............................................            (13)            (12)            (13)
                                                               --------------  --------------  --------------
  Net interest credited to policyholder account balances......  $       2,247   $       2,624   $       2,479
                                                               ==============  ==============  ==============
Other expenses
Direct other expenses.........................................  $       4,469   $       4,464   $       4,650
Reinsurance assumed...........................................             71              50              71
Reinsurance ceded.............................................            473             462             470
                                                               --------------  --------------  --------------
  Net other expenses..........................................  $       5,013   $       4,976   $       5,191
                                                               ==============  ==============  ==============

                                    MLIC-49

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

5. Reinsurance (continued)


   The amounts on the consolidated balance sheets include the impact of
reinsurance. Information regarding the significant effects of reinsurance was
as follows at:

                                                                            December 31,
                                             ---------------------------------------------------------------------------
                                                             2020                                  2019
                                             ------------------------------------- -------------------------------------
                                                                           Total                                 Total
                                                                          Balance                               Balance
                                              Direct   Assumed   Ceded     Sheet    Direct   Assumed   Ceded     Sheet
                                             --------- ------- --------  --------- --------- ------- --------  ---------
                                                                            (In millions)
Assets
Premiums, reinsurance and other
 receivables................................  $  2,509  $  831  $18,138   $ 21,478  $  2,767  $  700  $18,968   $ 22,435
Deferred policy acquisition costs and value
 of business acquired.......................     2,864      13     (228)     2,649     3,657      14     (218)     3,453
                                             --------- ------- --------  --------- --------- ------- --------  ---------
  Total assets..............................  $  5,373  $  844  $17,910   $ 24,127  $  6,424  $  714  $18,750   $ 25,888
                                             ========= ======= ========  ========= ========= ======= ========  =========
Liabilities
Future policy benefits......................  $132,776  $1,159  $   (14)  $133,921  $127,058  $1,252  $    (6)  $128,304
Policyholder account balances...............    96,479     156       --     96,635    91,550     158       --     91,708
Other policy-related balances...............     7,103     322        5      7,430     7,466     257        9      7,732
Other liabilities...........................     7,027   2,406   15,991     25,424     7,211   2,318   16,553     26,082
                                             --------- ------- --------  --------- --------- ------- --------  ---------
  Total liabilities.........................  $243,385  $4,043  $15,982   $263,410  $233,285  $3,985  $16,556   $253,826
                                             ========= ======= ========  ========= ========= ======= ========  =========

  Reinsurance agreements that do not expose the Company to a reasonable
possibility of a significant loss from insurance risk are recorded using the
deposit method of accounting. The deposit assets on reinsurance were
$12.8 billion and $13.7 billion at December 31, 2020 and 2019, respectively.
The deposit liabilities on reinsurance were $1.8 billion and $1.7 billion at
December 31, 2020 and 2019, respectively.

Related Party Reinsurance Transactions

  The Company has reinsurance agreements with certain of MetLife, Inc.'s
subsidiaries, including MetLife Reinsurance Company of Charleston ("MRC"),
MetLife Reinsurance Company of Vermont, and Metropolitan Tower Life Insurance
Company, all of which are related parties. Additionally, the Company has
reinsurance agreements with Brighthouse Financial, Inc. and its subsidiaries
("Brighthouse"), a former subsidiary of MetLife, Inc. In August 2017, MetLife,
Inc. completed the separation of Brighthouse and retained 19.2% of Brighthouse
Financial, Inc. common stock outstanding. In June 2018, MetLife, Inc. sold its
Brighthouse Financial, Inc. common stock and Brighthouse was no longer
considered a related party.

                                    MLIC-50

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

5. Reinsurance (continued)


   Information regarding the significant effects of affiliated reinsurance
included on the consolidated statements of operations was as follows:

                                                                     Years Ended December 31,
                                                              -------------------------------------
                                                                  2020         2019         2018
                                                              -----------  -----------  -----------
                                                                          (In millions)
Premiums
Reinsurance assumed..........................................  $        8   $        9   $        9
Reinsurance ceded............................................        (113)        (115)        (117)
                                                              -----------  -----------  -----------
  Net premiums...............................................  $     (105)  $     (106)  $     (108)
                                                              ===========  ===========  ===========
Universal life and investment-type product policy fees
Reinsurance assumed..........................................  $        1   $        1   $       (1)
Reinsurance ceded............................................          (7)         (17)         (18)
                                                              -----------  -----------  -----------
  Net universal life and investment-type product policy fees.  $       (6)  $      (16)  $      (19)
                                                              ===========  ===========  ===========
Other revenues
Reinsurance assumed..........................................  $      (12)  $      (19)  $       --
Reinsurance ceded............................................         572          533          541
                                                              -----------  -----------  -----------
  Net other revenues.........................................  $      560   $      514   $      541
                                                              ===========  ===========  ===========
Policyholder benefits and claims
Reinsurance assumed..........................................  $        1   $        4   $       11
Reinsurance ceded............................................        (145)        (153)        (120)
                                                              -----------  -----------  -----------
  Net policyholder benefits and claims.......................  $     (144)  $     (149)  $     (109)
                                                              ===========  ===========  ===========
Interest credited to policyholder account balances
Reinsurance assumed..........................................  $       29   $       30   $       38
Reinsurance ceded............................................         (13)         (12)         (13)
                                                              -----------  -----------  -----------
  Net interest credited to policyholder account balances.....  $       16   $       18   $       25
                                                              ===========  ===========  ===========
Other expenses
Reinsurance assumed..........................................  $       --   $       --   $       10
Reinsurance ceded............................................         516          533          543
                                                              -----------  -----------  -----------
  Net other expenses.........................................  $      516   $      533   $      553
                                                              ===========  ===========  ===========

   Information regarding the significant effects of affiliated reinsurance
included on the consolidated balance sheets was as follows at:

                                                                            December 31,
                                                         --------------------------------------------------
                                                                   2020                      2019
                                                         ------------------------  ------------------------
                                                           Assumed       Ceded       Assumed       Ceded
                                                         ----------- ------------  ----------- ------------
                                                                            (In millions)
Assets
Premiums, reinsurance and other receivables.............  $        1  $    12,453   $       --  $    12,584
Deferred policy acquisition costs and value of business
 acquired...............................................          --         (145)          --         (160)
                                                         ----------- ------------  ----------- ------------
  Total assets..........................................  $        1  $    12,308   $       --  $    12,424
                                                         =========== ============  =========== ============
Liabilities
Future policy benefits..................................  $       48  $       (14)  $       55  $        (6)
Policyholder account balances...........................         123           --          131           --
Other policy-related balances...........................           1            5            1            9
Other liabilities.......................................         864       12,816          824       12,695
                                                         ----------- ------------  ----------- ------------
  Total liabilities.....................................  $    1,036  $    12,807   $    1,011  $    12,698
                                                         =========== ============  =========== ============

                                    MLIC-51

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

5. Reinsurance (continued)


  The Company ceded two blocks of business to an affiliate on a 75% coinsurance
with funds withheld basis. Certain contractual features of these agreements
qualify as embedded derivatives, which are separately accounted for at
estimated fair value on the Company's consolidated balance sheets. The embedded
derivatives related to the funds withheld associated with these reinsurance
agreements are included within other liabilities and were $45 million and
$21 million at December 31, 2020 and 2019, respectively. Net derivative gains
(losses) associated with these embedded derivatives were ($24) million,
($17) million and $12 million for the years ended December 31, 2020, 2019 and
2018, respectively.

  Certain contractual features of the closed block agreement with MRC create an
embedded derivative, which is separately accounted for at estimated fair value
on the Company's consolidated balance sheets. The embedded derivative related
to the funds withheld associated with this reinsurance agreement is included
within other liabilities and was $1.4 billion and $996 million at December 31,
2020 and 2019, respectively. Net derivative gains (losses) associated with the
embedded derivative were ($387) million, ($535) million and $421 million for
the years ended December 31, 2020, 2019 and 2018, respectively.

  The Company has secured certain reinsurance recoverable balances with various
forms of collateral, including secured trusts, funds withheld accounts and
irrevocable letters of credit. The Company had $606 million and $528 million of
unsecured affiliated reinsurance recoverable balances at December 31, 2020 and
2019, respectively.

  Affiliated reinsurance agreements that do not expose the Company to a
reasonable possibility of a significant loss from insurance risk are recorded
using the deposit method of accounting. The deposit assets on affiliated
reinsurance were $11.0 billion and $11.2 billion at December 31, 2020 and 2019,
respectively. The deposit liabilities on affiliated reinsurance were
$863 million and $821 million at December 31, 2020 and 2019, respectively.

6. Closed Block

  On April 7, 2000 (the "Demutualization Date"), Metropolitan Life Insurance
Company converted from a mutual life insurance company to a stock life
insurance company and became a wholly-owned subsidiary of MetLife, Inc. The
conversion was pursuant to an order by the New York Superintendent of Insurance
approving Metropolitan Life Insurance Company's plan of reorganization, as
amended (the "Plan of Reorganization"). On the Demutualization Date,
Metropolitan Life Insurance Company established a closed block for the benefit
of holders of certain individual life insurance policies of Metropolitan Life
Insurance Company. Assets have been allocated to the closed block in an amount
that has been determined to produce cash flows which, together with anticipated
revenues from the policies included in the closed block, are reasonably
expected to be sufficient to support obligations and liabilities relating to
these policies, including, but not limited to, provisions for the payment of
claims and certain expenses and taxes, and to provide for the continuation of
policyholder dividend scales in effect for 1999, if the experience underlying
such dividend scales continues, and for appropriate adjustments in such scales
if the experience changes. At least annually, the Company compares actual and
projected experience against the experience assumed in the then-current
dividend scales. Dividend scales are adjusted periodically to give effect to
changes in experience.

  The closed block assets, the cash flows generated by the closed block assets
and the anticipated revenues from the policies in the closed block will benefit
only the holders of the policies in the closed block. To the extent that, over
time, cash flows from the assets allocated to the closed block and claims and
other experience related to the closed block are, in the aggregate, more or
less favorable than what was assumed when the closed block was established,
total dividends paid to closed block policyholders in the future may be greater
than or less than the total dividends that would have been paid to these
policyholders if the policyholder dividend scales in effect for 1999 had been
continued. Any cash flows in excess of amounts assumed will be available for
distribution over time to closed block policyholders and will not be available
to stockholders. If the closed block has insufficient funds to make guaranteed
policy benefit payments, such payments will be made from assets outside of the
closed block. The closed block will continue in effect as long as any policy in
the closed block remains in-force. The expected life of the closed block is
over 100 years from the Demutualization Date.

  The Company uses the same accounting principles to account for the
participating policies included in the closed block as it used prior to the
Demutualization Date. However, the Company establishes a policyholder dividend
obligation for earnings that will be paid to policyholders as additional
dividends as described below. The excess of closed block liabilities over
closed block assets at the Demutualization Date (adjusted to eliminate the
impact of related amounts in AOCI) represents the estimated maximum future
earnings from the closed block expected to result from operations, attributed
net of income tax, to

                                    MLIC-52

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

6. Closed Block (continued)

the closed block. Earnings of the closed block are recognized in income over
the period the policies and contracts in the closed block remain in-force.
Management believes that over time the actual cumulative earnings of the closed
block will approximately equal the expected cumulative earnings due to the
effect of dividend changes. If, over the period the closed block remains in
existence, the actual cumulative earnings of the closed block are greater than
the expected cumulative earnings of the closed block, the Company will pay the
excess to closed block policyholders as additional policyholder dividends
unless offset by future unfavorable experience of the closed block and,
accordingly, will recognize only the expected cumulative earnings in income
with the excess recorded as a policyholder dividend obligation. If over such
period, the actual cumulative earnings of the closed block are less than the
expected cumulative earnings of the closed block, the Company will recognize
only the actual earnings in income. However, the Company may change
policyholder dividend scales in the future, which would be intended to increase
future actual earnings until the actual cumulative earnings equal the expected
cumulative earnings.

  Experience within the closed block, in particular mortality and investment
yields, as well as realized and unrealized gains and losses, directly impact
the policyholder dividend obligation. Amortization of the closed block DAC,
which resides outside of the closed block, is based upon cumulative actual and
expected earnings within the closed block. Accordingly, the Company's net
income continues to be sensitive to the actual performance of the closed block.

  Closed block assets, liabilities, revenues and expenses are combined on a
line-by-line basis with the assets, liabilities, revenues and expenses outside
the closed block based on the nature of the particular item.

                                    MLIC-53

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

6. Closed Block (continued)


   Information regarding the closed block liabilities and assets designated to
the closed block was as follows at:

                                                                                             December 31,
                                                                                     ----------------------------
                                                                                          2020           2019
                                                                                     -------------  -------------
                                                                                             (In millions)
Closed Block Liabilities
Future policy benefits.............................................................. $      38,758  $      39,379
Other policy-related balances.......................................................           321            423
Policyholder dividends payable......................................................           337            432
Policyholder dividend obligation....................................................         2,969          2,020
Deferred income tax liability.......................................................           130             79
Other liabilities...................................................................           172             81
                                                                                     -------------  -------------
  Total closed block liabilities....................................................        42,687         42,414
                                                                                     -------------  -------------
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value...............        27,186         25,977
Mortgage loans......................................................................         6,807          7,052
Policy loans........................................................................         4,355          4,489
Real estate and real estate joint ventures..........................................           559            544
Other invested assets...............................................................           492            416
                                                                                     -------------  -------------
  Total investments.................................................................        39,399         38,478
Cash and cash equivalents...........................................................            --            448
Accrued investment income...........................................................           402            419
Premiums, reinsurance and other receivables.........................................            50             75
Current income tax recoverable......................................................            28             91
                                                                                     -------------  -------------
  Total assets designated to the closed block.......................................        39,879         39,511
                                                                                     -------------  -------------
  Excess of closed block liabilities over assets designated to the closed block.....         2,808          2,903
                                                                                     -------------  -------------
AOCI:
Unrealized investment gains (losses), net of income tax.............................         3,524          2,453
Unrealized gains (losses) on derivatives, net of income tax.........................            23             97
Allocated to policyholder dividend obligation, net of income tax....................        (2,346)        (1,596)
                                                                                     -------------  -------------
  Total amounts included in AOCI....................................................         1,201            954
                                                                                     -------------  -------------
  Maximum future earnings to be recognized from closed block assets and liabilities. $       4,009  $       3,857
                                                                                     =============  =============

   Information regarding the closed block policyholder dividend obligation was
as follows:

                                                     Years Ended December 31,
                                              --------------------------------------
                                                  2020          2019         2018
                                              ------------- ------------- ----------
                                                           (In millions)
Balance at January 1,........................  $      2,020  $        428  $   2,121
Change in unrealized investment and
 derivative gains (losses)...................           949         1,592     (1,693)
                                              ------------- ------------- ----------
Balance at December 31,......................  $      2,969  $      2,020  $     428
                                              ============= ============= ==========

                                    MLIC-54

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

6. Closed Block (continued)


   Information regarding the closed block revenues and expenses was as follows:

                                                      Years Ended December 31,
                                              ----------------------------------------
                                                  2020          2019          2018
                                              ------------  ------------  ------------
                                                            (In millions)
Revenues
Premiums..................................... $      1,498  $      1,580  $      1,672
Net investment income........................        1,596         1,740         1,758
Net investment gains (losses)................          (25)           (7)          (71)
Net derivative gains (losses)................          (17)           12            22
                                              ------------  ------------  ------------
 Total revenues..............................        3,052         3,325         3,381
                                              ------------  ------------  ------------
Expenses
Policyholder benefits and claims.............        2,330         2,291         2,475
Policyholder dividends.......................          791           924           968
Other expenses...............................          104           111           117
                                              ------------  ------------  ------------
 Total expenses..............................        3,225         3,326         3,560
                                              ------------  ------------  ------------
 Revenues, net of expenses before provision
   for income tax expense (benefit)..........         (173)           (1)         (179)
Provision for income tax expense (benefit)...          (36)           (2)          (39)
                                              ------------  ------------  ------------
 Revenues, net of expenses and provision for
   income tax expense (benefit).............. $       (137) $          1  $       (140)
                                              ============  ============  ============

  Metropolitan Life Insurance Company charges the closed block with federal
income taxes, state and local premium taxes and other state or local taxes, as
well as investment management expenses relating to the closed block as provided
in the Plan of Reorganization. Metropolitan Life Insurance Company also charges
the closed block for expenses of maintaining the policies included in the
closed block.

7. Investments

  See Note 9 for information about the fair value hierarchy for investments and
the related valuation methodologies.

Investment Risks and Uncertainties

  Investments are exposed to the following primary sources of risk: credit,
interest rate, liquidity, market valuation, currency and real estate risk. The
financial statement risks, stemming from such investment risks, are those
associated with the determination of estimated fair values, the diminished
ability to sell certain investments in times of strained market conditions, the
recognition of ACL and impairments, the recognition of income on certain
investments and the potential consolidation of VIEs. The use of different
methodologies, assumptions and inputs relating to these financial statement
risks may have a material effect on the amounts presented within the
consolidated financial statements.

  The determination of ACL and impairments is highly subjective and is based
upon quarterly evaluations and assessments of known and inherent risks
associated with the respective asset class. Such evaluations and assessments
are revised as conditions change and new information becomes available.

  The recognition of income on certain investments (e.g. structured securities,
including mortgage-backed securities, asset-backed securities ("ABS"), certain
structured investment transactions and FVO Securities) is dependent upon
certain factors such as prepayments and defaults, and changes in such factors
could result in changes in amounts to be earned.

Fixed Maturity Securities AFS

  Fixed Maturity Securities AFS by Sector

    The following table presents the fixed maturity securities AFS by sector.
  U.S. corporate and foreign corporate sectors include redeemable preferred
  stock. RMBS includes agency, prime, alternative and sub-prime mortgage-backed
  securities. ABS includes securities collateralized by corporate loans and
  consumer loans. Municipals includes taxable and tax-exempt

                                    MLIC-55

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)

  revenue bonds and, to a much lesser extent, general obligations of states,
  municipalities and political subdivisions. Commercial mortgage-backed
  securities ("CMBS") primarily includes securities collateralized by multiple
  commercial mortgage loans. RMBS, ABS and CMBS are, collectively, "Structured
  Products." In accordance with new credit loss guidance adopted January 1,
  2020, securities that incurred a credit loss after December 31, 2019 and were
  still held as of December 31, 2020, are presented net of ACL. In accordance
  with previous guidance, both the temporary loss and OTTI loss are presented
  for securities that were in an unrealized loss position as of December 31,
  2019.

                                     December 31, 2020                                 December 31, 2019
                      ------------------------------------------------ -------------------------------------------------
                                      Gross Unrealized                                 Gross Unrealized
                                ---------------------------- Estimated           ----------------------------  Estimated
                      Amortized                                Fair    Amortized          Temporary    OTTI      Fair
                        Cost      ACL      Gains     Losses    Value     Cost     Gains    Losses   Losses (1)   Value
                      --------- -------  ---------- -------- --------- --------- -------- --------- ---------- ---------
                                                                (In millions)
U.S. corporate....... $  50,989 $   (43) $    9,618 $    155 $  60,409 $  52,446 $  6,236  $   223   $    --   $  58,459
Foreign corporate....    28,093      (8)      4,478      284    32,279    28,421    2,397      517        --      30,301
U.S. government and
 agency..............    24,620      --       6,178       27    30,771    25,568    3,706       26        --      29,248
RMBS.................    22,552      --       1,706       32    24,226    21,476    1,324       59       (32)     22,773
ABS..................    12,456      --         169       50    12,575    10,215       47       61        --      10,201
Municipals...........     6,888      --       2,096        1     8,983     6,419    1,450       13        --       7,856
CMBS.................     6,503      --         381       55     6,829     5,523      214       17        --       5,720
Foreign government...     4,322      --         978       32     5,268     4,329      724       47        --       5,006
                      --------- -------  ---------- -------- --------- --------- --------  -------   -------   ---------
 Total fixed
   maturity
   securities AFS.... $ 156,423 $  (51)  $   25,604 $    636 $ 181,340 $ 154,397 $ 16,098  $   963   $  (32)   $ 169,564
                      ========= =======  ========== ======== ========= ========= ========  =======   =======   =========
-------------

(1) Noncredit OTTI losses included in AOCI in an unrealized gain position are
    due to increases in estimated fair value subsequent to initial recognition
    of noncredit losses on such securities. See also "-- Net Unrealized
    Investment Gains (Losses)."

  Methodology for Amortization of Premium and Accretion of Discount on
Structured Products

    Amortization of premium and accretion of discount on Structured Products
  considers the estimated timing and amount of prepayments of the underlying
  loans. Actual prepayment experience is periodically reviewed and effective
  yields are recalculated when differences arise between the originally
  anticipated and the actual prepayments received and currently anticipated.
  Prepayment assumptions for Structured Products are estimated using inputs
  obtained from third-party specialists and based on management's knowledge of
  the current market. For credit-sensitive and certain prepayment-sensitive
  Structured Products, the effective yield is recalculated on a prospective
  basis. For all other Structured Products, the effective yield is recalculated
  on a retrospective basis.

  Maturities of Fixed Maturity Securities AFS

    The amortized cost, net of ACL, and estimated fair value of fixed maturity
  securities AFS, by contractual maturity date, were as follows at December 31,
  2020:

                                                       Due After Five
                                         Due After One     Years                                 Total Fixed
                             Due in One  Year Through   Through Ten   Due After Ten Structured     Maturity
                            Year or Less  Five Years       Years          Years      Products   Securities AFS
                            ------------ ------------- -------------- ------------- ----------- --------------
                                                              (In millions)
Amortized cost, net of ACL.  $    7,763   $    22,891   $    26,776    $    57,431  $    41,511  $    156,372
Estimated fair value.......  $    7,762   $    24,207   $    30,874    $    74,867  $    43,630  $    181,340

    Actual maturities may differ from contractual maturities due to the
  exercise of call or prepayment options. Fixed maturity securities AFS not due
  at a single maturity date have been presented in the year of final
  contractual maturity. Structured Products are shown separately, as they are
  not due at a single maturity.

  Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

    The following table presents the estimated fair value and gross unrealized
  losses of fixed maturity securities AFS in an unrealized loss position by
  sector and aggregated by length of time that the securities have been in a
  continuous unrealized

                                    MLIC-56

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)

  loss position. Included in the table below are securities without an ACL as
  of December 31, 2020, in accordance with new credit loss guidance adopted
  January 1, 2020. Also included in the table below are all securities in an
  unrealized loss position as of December 31, 2019, in accordance with previous
  guidance.

                                                December 31, 2020                          December 31, 2019
                                    ------------------------------------------ ------------------------------------------
                                                          Equal to or Greater                        Equal to or Greater
                                     Less than 12 Months     than 12 Months     Less than 12 Months     than 12 Months
                                    --------------------- -------------------- --------------------- --------------------
                                    Estimated    Gross    Estimated   Gross    Estimated    Gross    Estimated   Gross
                                      Fair     Unrealized   Fair    Unrealized   Fair     Unrealized   Fair    Unrealized
                                      Value      Losses     Value     Losses     Value      Losses     Value     Losses
                                    ---------- ---------- --------- ---------- ---------- ---------- --------- ----------
                                                                    (Dollars in millions)
U.S. corporate..................... $    2,351  $   112   $     230  $    36   $    2,036  $    77   $   1,304  $   146
Foreign corporate..................      2,431      225          34       59        1,368       93       3,499      424
U.S. government and agency.........      1,686       27          --       --        1,552       26          29       --
RMBS...............................      1,119       20         128       12        1,479       15         524       12
ABS................................      2,561       18       2,233       32        2,428       13       3,778       48
Municipals.........................         51        1          --       --          508       13           1       --
CMBS...............................      1,110       41         306       14          857        5         212       12
Foreign government.................        110        6         115       27          149        6         215       41
                                    ----------  -------   ---------  -------   ----------  -------   ---------  -------
  Total fixed maturity securities
   AFS............................. $   11,419  $   450   $   3,046  $   180   $   10,377  $   248   $   9,562  $   683
                                    ==========  =======   =========  =======   ==========  =======   =========  =======
Investment grade................... $    9,012  $   297   $   2,841  $   158   $    9,288  $   190   $   8,233  $   530
Below investment grade.............      2,407      153         205       22        1,089       58       1,329      153
                                    ----------  -------   ---------  -------   ----------  -------   ---------  -------
  Total fixed maturity securities
   AFS............................. $   11,419  $   450   $   3,046  $   180   $   10,377  $   248   $   9,562  $   683
                                    ==========  =======   =========  =======   ==========  =======   =========  =======
Total number of securities in an
 unrealized loss position..........        984                  385                 1,059                  802
                                    ==========            =========            ==========            =========

  Evaluation of Fixed Maturity Securities AFS for Credit Loss

   Evaluation and Measurement Methodologies

     Management considers a wide range of factors about the security issuer and
   uses its best judgment in evaluating the cause of the decline in the
   estimated fair value of the security and in assessing the prospects for
   near-term recovery. Inherent in management's evaluation of the security are
   assumptions and estimates about the operations of the issuer and its future
   earnings potential. Considerations used in the credit loss evaluation
   process include, but are not limited to:(i) the extent to which the
   estimated fair value has been below amortized cost, (ii) adverse conditions
   specifically related to a security, an industry sector or sub-sector, or an
   economically depressed geographic area, adverse change in the financial
   condition of the issuer of the security, changes in technology,
   discontinuance of a segment of the business that may affect future earnings,
   and changes in the quality of credit enhancement, (iii) payment structure of
   the security and likelihood of the issuer being able to make payments,
   (iv) failure of the issuer to make scheduled interest and principal
   payments, (v) whether the issuer, or series of issuers or an industry has
   suffered a catastrophic loss or has exhausted natural resources,
   (vi) whether the Company has the intent to sell or will more likely than not
   be required to sell a particular security before the decline in estimated
   fair value below amortized cost recovers, (vii) with respect to Structured
   Products, changes in forecasted cash flows after considering the changes in
   the financial condition of the underlying loan obligors and quality of
   underlying collateral, expected prepayment speeds, current and forecasted
   loss severity, consideration of the payment terms of the underlying assets
   backing a particular security, and the payment priority within the tranche
   structure of the security, (viii) changes in the rating of the security by a
   rating agency, and (ix) other subjective factors, including concentrations
   and information obtained from regulators.

     The methodology and significant inputs used to determine the amount of
   credit loss are as follows:

  .   The Company calculates the recovery value by performing a discounted cash
      flow analysis based on the present value of future cash flows. The
      discount rate is generally the effective interest rate of the security at
      the time of purchase for fixed-rate securities and the spot rate at the
      date of evaluation of credit loss for floating-rate securities.

  .   When determining collectability and the period over which value is
      expected to recover, the Company applies considerations utilized in its
      overall credit loss evaluation process which incorporates information
      regarding the

                                    MLIC-57

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)

      specific security, fundamentals of the industry and geographic area in
      which the security issuer operates, and overall macroeconomic conditions.
      Projected future cash flows are estimated using assumptions derived from
      management's single best estimate, the most likely outcome in a range of
      possible outcomes, after giving consideration to a variety of variables
      that include, but are not limited to: payment terms of the security; the
      likelihood that the issuer can service the interest and principal
      payments; the quality and amount of any credit enhancements; the
      security's position within the capital structure of the issuer; possible
      corporate restructurings or asset sales by the issuer; any private and
      public sector programs to restructure foreign government securities and
      municipals; and changes to the rating of the security or the issuer by
      rating agencies.

  .   Additional considerations are made when assessing the unique features
      that apply to certain Structured Products including, but not limited to:
      the quality of underlying collateral, historical performance of the
      underlying loan obligors, historical rent and vacancy levels, changes in
      the financial condition of the underlying loan obligors, expected
      prepayment speeds, current and forecasted loss severity, consideration of
      the payment terms of the underlying loans or assets backing a particular
      security, changes in the quality of credit enhancement and the payment
      priority within the tranche structure of the security.

     With respect to securities that have attributes of debt and equity
   ("perpetual hybrid securities"), consideration is given in the credit loss
   analysis as to whether there has been any deterioration in the credit of the
   issuer and the likelihood of recovery in value of the securities that are in
   a severe unrealized loss position. Consideration is also given as to whether
   any perpetual hybrid securities with an unrealized loss, regardless of
   credit rating, have deferred any dividend payments.

     After the adoption of new credit loss guidance on January 1, 2020, in
   periods subsequent to the recognition of an initial ACL on a security, the
   Company reassesses credit loss quarterly. Subsequent increases or decreases
   in the expected cash flow from the security result in corresponding
   decreases or increases in the ACL which are recorded within net investment
   gains (losses); however, the previously recorded ACL is not reduced to an
   amount below zero. Full or partial write-offs are deducted from the ACL in
   the period the security, or a portion thereof, is considered uncollectible.
   Recoveries of amounts previously written off are recorded to the ACL in the
   period received. When the Company has the intent to sell the security or it
   is more likely than not that the Company will be required to sell the
   security before recovery of its amortized cost, any ACL is written off and
   the amortized cost is written down to estimated fair value through a charge
   within net investment gains (losses), which becomes the new amortized cost
   of the security.

     In accordance with the previous guidance, methodologies to evaluate the
   recoverability of a security in an unrealized loss position were similar,
   except: (i) the length of time estimated fair value had been below amortized
   cost was considered for securities, and (ii) for non-functional currency
   denominated securities, the impact from weakening non-functional currencies
   on securities that were near maturity was considered in the evaluation. In
   addition, measurement methodologies were similar, except: (i) a fair value
   floor was not utilized to limit the credit loss recognized, (ii) the
   amortized cost of securities was adjusted for the OTTI to the expected
   recoverable amount and an ACL was not utilized, (iii) subsequent to a credit
   loss being recognized, increases in expected cash flows from the security
   did not result in an immediate increase in valuation recognized in earnings
   through net investment gains (losses) from reduction of the ACL instead such
   increases in value were recorded as unrealized gains in OCI, and (iv) in
   periods subsequent to the recognition of OTTI on a security, the Company
   accounted for the impaired security as if it had been purchased on the
   measurement date of the impairment; accordingly, the discount (or reduced
   premium) based on the new cost basis was accreted over the remaining term of
   the security in a prospective manner based on the amount and timing of
   estimated future cash flows.

  Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

     Gross unrealized losses on securities without an ACL decreased
   $301 million for the year ended December 31, 2020 to $630 million primarily
   due to decreases in interest rates and movement in foreign currency exchange
   rates, partially offset by widening credit spreads.

     Gross unrealized losses on securities without an ACL that have been in a
   continuous gross unrealized loss position for 12 months or greater were
   $180 million at December 31, 2020, or 29% of the total gross unrealized
   losses on securities without an ACL.

                                    MLIC-58

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


   Investment Grade Fixed Maturity Securities AFS

     Of the $180 million of gross unrealized losses on securities without an
   ACL that have been in a continuous gross unrealized loss position for 12
   months or greater, $158 million, or 88%, were related to 337 investment
   grade securities. Unrealized losses on investment grade securities are
   principally related to widening credit spreads since purchase and, with
   respect to fixed-rate securities, rising interest rates since purchase.

   Below Investment Grade Fixed Maturity Securities AFS

     Of the $180 million of gross unrealized losses on securities without an
   ACL that have been in a continuous gross unrealized loss position for 12
   months or greater, $22 million, or 12%, were related to 48 below investment
   grade securities. Unrealized losses on below investment grade securities are
   principally related to U.S. and foreign corporate securities (primarily
   industrial and consumer), ABS and CMBS and are the result of significantly
   wider credit spreads resulting from higher risk premiums since purchase,
   largely due to economic and market uncertainty, as well as with respect to
   fixed-rate securities, rising interest rates since purchase. Management
   evaluates U.S. corporate and foreign corporate securities based on factors
   such as expected cash flows, financial condition and near-term and long-term
   prospects of the issuers. Management evaluates ABS and CMBS based on actual
   and projected cash flows after considering the quality of underlying
   collateral, credit enhancements, expected prepayment speeds, current and
   forecasted loss severity, the payment terms of the underlying assets backing
   a particular security and the payment priority within the tranche structure
   of the security.

   Current Period Evaluation

     At December 31, 2020, with respect to securities in an unrealized loss
   position without an ACL, the Company did not intend to sell these
   securities, and it was not more likely than not that the Company would be
   required to sell these securities before the anticipated recovery of the
   remaining amortized cost. Based on the Company's current evaluation of its
   securities in an unrealized loss position without an ACL, the Company
   concluded that these securities had not incurred a credit loss and should
   not have an ACL at December 31, 2020.

     Future provisions for credit loss will depend primarily on economic
   fundamentals, issuer performance (including changes in the present value of
   future cash flows expected to be collected), changes in credit ratings and
   collateral valuation.

   Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS
   By Sector

     The rollforward of ACL for fixed maturity securities AFS by sector for the
   year ended December 31, 2020 is as follows:

                                                              U.S.      Foreign     Foreign
                                                            Corporate  Government  Corporate     RMBS        Total
                                                           ----------  ----------  ---------  ----------  ----------
                                                                                 (In millions)
Balance at January 1,.....................................  $      --   $      --   $     --   $      --   $      --
Additions:
ACL not previously recorded...............................         74           6          9           2          91
Changes for securities with previously recorded
 ACL......................................................         (2)         --         (1)         (2)         (5)
Reductions:
Securities sold or exchanged..............................        (28)         (6)        --          --         (34)
Securities intended/required to be sold prior to recovery
 of amortized cost basis..................................         (1)         --         --          --          (1)
                                                           ----------  ----------  ---------  ----------  ----------
Balance at December 31,...................................  $      43   $      --   $      8   $      --   $      51
                                                           ==========  ==========  =========  ==========  ==========

                                    MLIC-59

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


Mortgage Loans

  Mortgage Loans by Portfolio Segment

    Mortgage loans are summarized as follows at:

                                                                December 31,
                                                 -------------------------------------------
                                                         2020                  2019
                                                 -------------------- ----------------------
                                                 Carrying    % of      Carrying     % of
Portfolio Segment                                 Value      Total      Value       Total
-----------------                                --------- ---------- ----------- ----------
                                                            (Dollars in millions)
Mortgage loans:
Commercial...................................... $  38,528      58.0% $    37,311      56.9%
Agricultural....................................    16,426       24.7      15,705       23.9
Residential.....................................    11,803       17.8      12,575       19.2
                                                 --------- ---------- ----------- ----------
  Total amortized cost..........................    66,757      100.5      65,591      100.0
Allowance for credit loss.......................     (517)      (0.8)       (289)      (0.4)
                                                 --------- ---------- ----------- ----------
Subtotal mortgage loans, net....................    66,240       99.7      65,302       99.6
Residential -- FVO..............................       165        0.3         188        0.3
                                                 --------- ---------- ----------- ----------
  Total mortgage loans held-for-investment, net.    66,405      100.0      65,490       99.9
Mortgage loans held-for-sale....................        --         --          59        0.1
                                                 --------- ---------- ----------- ----------
  Total mortgage loans, net..................... $  66,405     100.0% $    65,549     100.0%
                                                 ========= ========== =========== ==========

    The Company elects the FVO for certain residential mortgage loans that are
  managed on a total return basis. See Note 9 for further information.

    The amount of net discounts, included within total amortized cost,
  primarily attributable to residential mortgage loans was $924 million and
  $852 million at December 31, 2020 and 2019, respectively. The accrued
  interest income excluded from total amortized cost for commercial,
  agricultural and residential mortgage loans at December 31, 2020 and 2019 was
  $164 million and $155 million; $158 million and $176 million; and
  $101 million and $89 million, respectively.

    Purchases of mortgage loans, primarily residential, were $2.8 billion,
  $4.0 billion and $3.4 billion for the years ended December 31, 2020, 2019 and
  2018, respectively.

    The Company originates and acquires unaffiliated mortgage loans and
  simultaneously sells a portion to affiliates under master participation
  agreements. The aggregate amount of mortgage loan participation interests in
  unaffiliated mortgage loans sold by the Company to affiliates for the years
  ended December 31, 2020, 2019 and 2018 was $59 million, $100 million and
  $1.5 billion, respectively. In connection with the mortgage loan
  participations, the Company collected mortgage loan principal and interest
  payments from unaffiliated borrowers on behalf of affiliates and remitted
  such receipts to the affiliates in the amount of $540 million, $951 million
  and $1.5 billion for the years ended December 31, 2020, 2019 and 2018,
  respectively.

    The Company purchases mortgage loan participation interests under a master
  participation agreement from an affiliate, simultaneously with the
  affiliate's origination or acquisition of mortgage loans. The aggregate
  amount of mortgage loan participation interests purchased by the Company from
  such affiliate for the years ended December 31, 2020, 2019 and 2018 was
  $3.8 billion and $4.1 billion and $3.7 billion, respectively. In connection
  with the mortgage loan participations, the affiliate collected mortgage loan
  principal and interest payments on the Company's behalf and the affiliate
  remitted such payments to the Company in the amount of $696 million,
  $403 million and $119 million for the years ended December 31, 2020, 2019 and
  2018, respectively.

                                    MLIC-60

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


  Allowance for Credit Loss Rollforward by Portfolio Segment

    The changes in the ACL, by portfolio segment, were as follows:

                                                                                     For the Years Ended December 31,
                                    ---------------------------------------------------------------------------------------
                                                       2020                                        2019
                                    ------------------------------------------  ------------------------------------------
                                    Commercial Agricultural Residential  Total  Commercial Agricultural Residential  Total
                                    ---------- ------------ ----------- ------  ---------- ------------ ----------- ------
                                                                                               (In millions)
Balance at January 1,                 $  186      $  49       $   54    $  289    $  190      $  44        $  57    $  291
Provision (release)................      100         18           27       145        (4)        10            7        13
Adoption of new credit loss
 guidance..........................      (87)        32          154        99        --         --           --        --
Initial credit losses on PCD
 loans (1).........................       --         --           18        18        --         --           --        --
Charge-offs, net of recoveries.....       --         (2)         (32)      (34)       --         (5)         (10)      (15)
                                      ------      -----       ------    ------    ------      -----        -----    ------
Balance at December 31,............   $  199      $  97       $  221    $  517    $  186      $  49        $  54    $  289
                                      ======      =====       ======    ======    ======      =====        =====    ======

                                    -------------------------------------------
                                                       2018
                                    ------------------------------------------
                                    Commercial Agricultural Residential  Total
                                    ---------- ------------ ----------- ------

Balance at January 1,                 $  173      $  40        $  58    $  271
Provision (release)................       17          4            7        28
Adoption of new credit loss
 guidance..........................       --         --           --        --
Initial credit losses on PCD
 loans (1).........................       --         --           --        --
Charge-offs, net of recoveries.....       --         --           (8)       (8)
                                      ------      -----        -----    ------
Balance at December 31,............   $  190      $  44        $  57    $  291
                                      ======      =====        =====    ======
-------------

(1) Represents the initial credit losses on purchased mortgage loans accounted
    for as purchased financial assets with credit deterioration ("PCD").

   Allowance for Credit Loss Methodology

     After the adoption of new credit loss guidance on January 1, 2020, the
   Company records an allowance for expected lifetime credit loss in an amount
   that represents the portion of the amortized cost basis of mortgage loans
   that the Company does not expect to collect, resulting in mortgage loans
   being presented at the net amount expected to be collected. In determining
   the Company's ACL, management: (i) pools mortgage loans that share similar
   risk characteristics, (ii) considers expected lifetime credit loss over the
   contractual term of its mortgage loans adjusted for expected prepayments and
   any extensions, and (iii) considers past events and current and forecasted
   economic conditions. Each of the Company's commercial, agricultural and
   residential mortgage loan portfolio segments are evaluated separately. The
   ACL is calculated for each mortgage loan portfolio segment based on inputs
   unique to each loan portfolio segment. On a quarterly basis, mortgage loans
   within a portfolio segment that share similar risk characteristics, such as
   internal risk ratings or consumer credit scores, are pooled for calculation
   of ACL. On an ongoing basis, mortgage loans with dissimilar risk
   characteristics (i.e., loans with significant declines in credit quality),
   collateral dependent mortgage loans (i.e., when the borrower is experiencing
   financial difficulty, including when foreclosure is reasonably possible or
   probable) and reasonably expected troubled debt restructurings ("TDRs")
   (i.e., the Company grants concessions to borrower that is experiencing
   financial difficulties) are evaluated individually for credit loss. The ACL
   for loans evaluated individually are established using the same
   methodologies for all three portfolio segments. For example, the ACL for a
   collateral dependent loan is established as the excess of amortized cost
   over the estimated fair value of the loan's underlying collateral, less
   selling cost when foreclosure is probable. Accordingly, the change in the
   estimated fair value of collateral dependent loans, which are evaluated
   individually for credit loss, is recorded as a change in the ACL which is
   recorded on a quarterly basis as a charge or credit to earnings in net
   investment gains (losses).

     In accordance with the previous guidance, evaluation and measurement
   methodologies in determining the ACL were similar, except: (i) credit loss
   was recognized when incurred (when it was probable, based on current
   information and events, that all amounts due under the loan agreement would
   not be collected), (ii) pooling of loans with similar risk characteristics
   was permitted, but not required, (iii) forecasts of economic conditions were
   not considered in the evaluation, (iv) measurement of the expected lifetime
   credit loss over the contractual term, or expected term, was not considered
   in the measurement, and (v) the credit loss for loans evaluated individually
   could also be determined using either discounted cash flows using the loans'
   original effective interest rate or observable market prices.

                                    MLIC-61

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


   Commercial and Agricultural Mortgage Loan Portfolio Segments

     Commercial and agricultural mortgage loan ACL are calculated in a similar
   manner. Within each loan portfolio segment, commercial and agricultural,
   loans are pooled by internal risk rating. Estimated lifetime loss rates,
   which vary by internal risk rating, are applied to the amortized cost of
   each loan, excluding accrued investment income, on a quarterly basis to
   develop the ACL. Internal risk ratings are based on an assessment of the
   loan's credit quality, which can change over time. The estimated lifetime
   loss rates are based on several loan portfolio segment-specific factors,
   including (i) the Company's experience with defaults and loss severity,
   (ii) expected default and loss severity over the forecast period,
   (iii) current and forecasted economic conditions including growth,
   inflation, interest rates and unemployment levels, (iv) loan specific
   characteristics including loan-to-value ("LTV") ratios, and (v) internal
   risk ratings. These evaluations are revised as conditions change and new
   information becomes available. The Company uses its several decades of
   historical default and loss severity experience which capture multiple
   economic cycles. The Company uses a forecast of economic assumptions for a
   two-year period for most of its commercial and agricultural mortgage loans,
   while a one-year period is used for loans originated in certain markets.
   After the applicable forecast period, the Company reverts to its historical
   loss experience using a straight-line basis over two years. For evaluations
   of commercial mortgage loans, in addition to historical experience,
   management considers factors that include the impact of a rapid change to
   the economy, which may not be reflected in the loan portfolio, recent loss
   and recovery trend experience as compared to historical loss and recovery
   experience, and loan specific characteristics including debt service
   coverage ratios ("DSCR"). In estimating expected lifetime credit loss over
   the term of its commercial mortgage loans, the Company adjusts for expected
   prepayment and extension experience during the forecast period using
   historical prepayment and extension experience considering the expected
   position in the economic cycle and the loan profile (i.e., floating rate,
   shorter-term fixed rate and longer-term fixed rate) and after the forecast
   period using long-term historical prepayment experience. For evaluations of
   agricultural mortgage loans, in addition to historical experience,
   management considers factors that include increased stress in certain
   sectors, which may be evidenced by higher delinquency rates, or a change in
   the number of higher risk loans. In estimating expected lifetime credit loss
   over the term of its agricultural mortgage loans, the Company's experience
   is much less sensitive to the position in the economic cycle and by loan
   profile; accordingly, historical prepayment experience is used, while
   extension terms are not prevalent with the Company's agricultural mortgage
   loans.

     Commercial mortgage loans are reviewed on an ongoing basis, which review
   includes, but is not limited to, an analysis of the property financial
   statements and rent roll, lease rollover analysis, property inspections,
   market analysis, estimated valuations of the underlying collateral, LTV
   ratios, DSCR and tenant creditworthiness. The monitoring process focuses on
   higher risk loans, which include those that are classified as restructured,
   delinquent or in foreclosure, as well as loans with higher LTV ratios and
   lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis,
   which review includes, but is not limited to, property inspections, market
   analysis, estimated valuations of the underlying collateral, LTV ratios and
   borrower creditworthiness, as well as reviews on a geographic and
   property-type basis. The monitoring process for agricultural mortgage loans
   also focuses on higher risk loans.

     For commercial mortgage loans, the primary credit quality indicator is the
   DSCR, which compares a property's net operating income to amounts needed to
   service the principal and interest due under the loan. Generally, the lower
   the DSCR, the higher the risk of experiencing a credit loss. The Company
   also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV
   ratios compare the unpaid principal balance of the loan to the estimated
   fair value of the underlying collateral. Generally, the higher the LTV
   ratio, the higher the risk of experiencing a credit loss. The DSCR and the
   values utilized in calculating the ratio are updated routinely. In addition,
   the LTV ratio is routinely updated for all but the lowest risk loans as part
   of the Company's ongoing review of its commercial mortgage loan portfolio.

     For agricultural mortgage loans, the Company's primary credit quality
   indicator is the LTV ratio. The values utilized in calculating this ratio
   are developed in connection with the ongoing review of the agricultural
   mortgage loan portfolio and are routinely updated.

     Commitments to lend: After loans are approved, the Company makes
   commitments to lend and, typically, borrowers draw down on some or all of
   the commitments. The timing of mortgage loan funding is based on the
   commitment expiration dates. A liability for credit loss for unfunded
   commercial and agricultural mortgage loan commitments is recorded within net
   investment gains (losses). The liability is based on estimated lifetime loss
   rates as described above and the amount of the outstanding commitments,
   which for lines of credit, considers estimated utilization rates. When the
   commitment is funded or expires, the liability is adjusted accordingly.

                                    MLIC-62

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


   Residential Mortgage Loan Portfolio Segment

     The Company's residential mortgage loan portfolio is comprised primarily
   of purchased closed end, amortizing residential mortgage loans, including
   both performing loans purchased within 12 months of origination and
   reperforming loans purchased after they have been performing for at least 12
   months post-modification. Residential mortgage loans are pooled by loan type
   (i.e., new origination and reperforming) and pooled by similar risk profiles
   (including consumer credit score and LTV ratios). Estimated lifetime loss
   rates, which vary by loan type and risk profile, are applied to the
   amortized cost of each loan excluding accrued investment income on a
   quarterly basis to develop the ACL. The estimated lifetime loss rates are
   based on several factors, including (i) industry historical experience and
   expected results over the forecast period for defaults, (ii) loss severity,
   (iii) prepayment rates, (iv) current and forecasted economic conditions
   including growth, inflation, interest rates and unemployment levels, and
   (v) loan pool specific characteristics including consumer credit scores, LTV
   ratios, payment history and home prices. These evaluations are revised as
   conditions change and new information becomes available. The Company uses
   industry historical experience which captures multiple economic cycles as
   the Company has purchased most of its residential mortgage loans in the last
   five years. The Company uses a forecast of economic assumptions for a
   two-year period for most of its residential mortgage loans. After the
   applicable forecast period, the Company immediately reverts to industry
   historical loss experience.

     For residential mortgage loans, the Company's primary credit quality
   indicator is whether the loan is performing or nonperforming. The Company
   generally defines nonperforming residential mortgage loans as those that are
   60 or more days past due and/or in nonaccrual status which is assessed
   monthly. Generally, nonperforming residential mortgage loans have a higher
   risk of experiencing a credit loss.

  Mortgage Loan Concessions

     In response to the adverse economic impact of the COVID-19 Pandemic,
   during 2020 the Company granted concessions to certain of its commercial,
   agricultural and residential mortgage loan borrowers, including payment
   deferrals and other loan modifications. The Company has elected the option
   under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"),
   the Consolidated Appropriations Act, 2021 and the Interagency Statement on
   Loan Modifications and Reporting for Financial Institutions Working with
   Customers Affected by the Coronavirus (Revised) ("Interagency Statement")
   issued by bank regulatory agencies, not to account for or report qualifying
   concessions as TDRs and not to classify such loans as either past due or
   nonaccrual during the payment deferral period. Additionally, in accordance
   with the FASB's published response to a COVID-19 Pandemic technical inquiry,
   the Company continues to accrue interest income on such loans that have
   deferred payment. The Company records an ACL on this accrued interest income.

   Commercial

     For some commercial mortgage loan borrowers (principally in the retail and
   hotel sectors), the Company granted concessions which were primarily
   interest and principal payment deferrals generally ranging from three to
   four months and, to a much lesser extent, maturity date extensions. Deferred
   commercial mortgage loan interest and principal payments were $48 million at
   December 31, 2020.

   Agricultural

     For some agricultural mortgage loan borrowers (principally in the annual
   crops and agribusiness sectors), the Company granted concessions which were
   primarily principal payment deferrals generally ranging from three to
   12 months, and covenant changes and, to a much lesser extent, maturity date
   extensions. Deferred agricultural mortgage loan interest and principal
   payments were $6 million at December 31, 2020.

   Residential

     For some residential mortgage loan borrowers, the Company granted
   concessions which were primarily three-month interest and principal payment
   deferrals. Deferred residential mortgage loan interest and principal
   payments were $33 million at December 31, 2020.

   Troubled Debt Restructurings

     The Company assesses loan concessions prior to the issuance of, or outside
   the scope of, the CARES Act, the Consolidated Appropriations Act, 2021 and
   the Interagency Statement on a case-by-case basis to evaluate whether a TDR

                                    MLIC-63

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)

   has occurred. The Company may grant concessions to borrowers experiencing
   financial difficulties, which, if not significant, are not classified as
   TDRs, while more significant concessions are classified as TDRs. Generally,
   the types of concessions include: reduction of the contractual interest
   rate, extension of the maturity date at an interest rate lower than current
   market interest rates, and/or a reduction of accrued interest. The amount,
   timing and extent of the concessions granted are considered in determining
   any ACL recorded.

     For both years ended December 31, 2020 and 2019, the Company did not have
   commercial mortgage loans modified in a troubled debt restructuring.

     For the year ended December 31, 2020, the Company did not have a
   significant amount of agricultural mortgage loans modified in a troubled
   debt restructuring. For the year ended December 31, 2019, the Company had
   three agricultural mortgage loans modified in a troubled debt restructuring
   with carrying value of $111 million for both pre-modification and
   post-modification.

     For the year ended December 31, 2020, the Company did not have a
   significant amount of residential mortgage loans modified in a troubled debt
   restructuring. For the year ended December 31, 2019, the Company had 396
   residential mortgage loans modified in a troubled debt restructuring with
   carrying value of $97 million and $87 million pre-modification and
   post-modification, respectively.

     For both years ended December 31, 2020 and 2019, the Company did not have
   a significant amount of mortgage loans modified in a troubled debt
   restructuring with subsequent payment default.

  Credit Quality of Mortgage Loans by Portfolio Segment

    The amortized cost of commercial mortgage loans by credit quality indicator
  and vintage year was as follows at December 31, 2020:

                                                                                                Revolving              % of
Credit Quality Indicator     2020          2019       2018       2017       2016       Prior      Loans       Total    Total
------------------------  ----------    ---------- ---------- ---------- ---------- ----------- ---------- ----------- ------
                                                               (Dollars in millions)
   LTV ratios:
   Less than 65%.........  $   3,111     $   2,473  $   3,852  $   2,814  $   3,795  $    8,314  $   2,318  $   26,677  69.2%
   65% to 75%............      1,113         2,892      1,687      1,176        738       1,549         --       9,155   23.8
   76% to 80%............         --           130         60        388        265         236         --       1,079    2.8
   Greater than 80%......         --            --        204        421        102         890         --       1,617    4.2
                          ----------    ---------- ---------- ---------- ---------- ----------- ---------- ----------- ------
     Total...............  $   4,224     $   5,495  $   5,803  $   4,799  $   4,900  $   10,989  $   2,318  $   38,528 100.0%
                          ==========    ========== ========== ========== ========== =========== ========== =========== ======
   DSCR:
    1.20x...............  $   3,879     $   5,137  $   5,629  $   4,272  $   4,704  $   10,434  $   2,318  $   36,373  94.4%
   1.00x - 1.20x.........        213            --         18        199        196         476         --       1,102    2.9
   <1.00x................        132           358        156        328         --          79         --       1,053    2.7
                          ----------    ---------- ---------- ---------- ---------- ----------- ---------- ----------- ------
     Total...............  $   4,224     $   5,495  $   5,803  $   4,799  $   4,900  $   10,989  $   2,318  $   38,528 100.0%
                          ==========    ========== ========== ========== ========== =========== ========== =========== ======

    The amortized cost of agricultural mortgage loans by credit quality
  indicator and vintage year was as follows at December 31, 2020:

                                                                                            Revolving               % of
Credit Quality Indicator     2020       2019       2018       2017       2016      Prior      Loans       Total     Total
------------------------  ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- -------
                                                               (Dollars in millions)
   LTV ratios:
   Less than 65%.........  $   2,303  $   2,027  $   2,689  $   1,003  $   2,387  $   3,646  $   1,049  $   15,104   91.9%
   65% to 75%............        344        144         36         38        179        458         30       1,229     7.5
   76% to 80%............         --         --         --         --         --         51         --          51     0.3
   Greater than 80%......         --         --         --         --         --         42         --          42     0.3
                          ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- -------
     Total...............  $   2,647  $   2,171  $   2,725  $   1,041  $   2,566  $   4,197  $   1,079  $   16,426    100%
                          ========== ========== ========== ========== ========== ========== ========== =========== =======

                                    MLIC-64

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


    The amortized cost of residential mortgage loans by credit quality
  indicator and vintage year was as follows at December 31, 2020:

                                                                                    Revolving              % of
Credit Quality Indicator    2020      2019      2018     2017     2016     Prior      Loans      Total     Total
------------------------  -------- ---------- -------- -------- -------- ---------- --------- ----------- --------
                                                           (Dollars in millions)
Performance indicators:
Performing...............  $   302  $   1,490  $   850  $   357  $   228  $   8,060   $   --   $   11,287    95.6%
Nonperforming (1)........        5         85       20        5        1        400       --          516      4.4
                          -------- ---------- -------- -------- -------- ----------  -------  ----------- --------
  Total..................  $   307  $   1,575  $   870  $   362  $   229  $   8,460   $   --   $   11,803   100.0%
                          ======== ========== ======== ======== ======== ==========  =======  =========== ========
-------------

(1)Includes residential mortgage loans in process of foreclosure of
   $102 million and $117 million at December 31, 2020 and 2019, respectively.

    LTV ratios compare the unpaid principal balance of the loan to the
  estimated fair value of the underlying collateral. At December 31, 2020, the
  amortized cost of commercial and agricultural mortgage loans with an LTV
  ratio in excess of 100% was $531 million, or less than 1% of total commercial
  and agricultural mortgage loans, however after considering the reduction in
  carrying value from the related ACL, no loans have a ratio greater than 100%.

  Past Due and Nonaccrual Mortgage Loans

    The Company has a high quality, well performing mortgage loan portfolio,
  with 99% of all mortgage loans classified as performing at both December 31,
  2020 and 2019. The Company defines delinquency consistent with industry
  practice, when mortgage loans are past due more than two or more months, as
  applicable, by portfolio segment. The past due and nonaccrual mortgage loans
  at amortized cost, prior to ACL, by portfolio segment, were as follows:

                                                        Greater than 90 Days Past Due and
                                Past Due                     Still Accruing Interest                   Nonaccrual
                   ----------------------------------- ----------------------------------- -----------------------------------
Portfolio Segment  December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
-----------------  ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
                                                                  (In millions)
  Commercial......              $ --              $ --               $--               $--            $  293              $167
  Agricultural....               251               124                20                 2               261               137
  Residential.....               516               377                54                --               503               377
                   ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
    Total.........              $767              $501               $74               $ 2            $1,057              $681
                   ================= ================= ================= ================= ================= =================

     The amortized cost for nonaccrual commercial, agricultural and residential
   mortgage loans at beginning of year 2019 was $167 million, $105 million and
   $402 million, respectively. The amortized cost for nonaccrual commercial
   mortgage loans with no ACL was $156 million and $0 at December 31, 2020 and
   December 31, 2019, respectively. The amortized cost for nonaccrual
   agricultural mortgage loans with no ACL was $173 million and $93 million at
   December 31, 2020 and December 31, 2019, respectively. There were no
   nonaccrual residential mortgage loans without an ACL at either December 31,
   2020 or December 31, 2019.

  Purchased Investments with Credit Deterioration

     Investments that, as of the date of acquisition, have experienced a
   more-than-insignificant deterioration in credit quality since origination
   are classified as PCD. The amortized cost for PCD investments is the
   purchase price plus an ACL for the initial estimate of expected lifetime
   credit losses established upon purchase. Subsequent changes in the ACL on
   PCD investments are recorded in net investment gains (losses). The
   non-credit discount or premium is accreted or amortized to net investment
   income on an effective yield basis.

                                    MLIC-65

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


    The following table reconciles the contractual principal to the purchase
  price of PCD investments:

                                          Year Ended December 31, 2020
                                 ----------------------------------------------
                                                         Non-Credit
                                 Contractual   ACL at    (Discount)   Purchase
                                  Principal  Acquisition  Premium      Price
                                 ----------- ----------- ----------- ----------
                                                 (In millions)
 PCD residential mortgage loans.  $    593   $      (18) $      (13) $      562

    Prior to the adoption of new credit loss guidance for the recognition of
  credit losses on financial instruments, the Company applied applicable
  guidance for investments acquired with evidence of credit quality
  deterioration since origination, known as PCI investments. The Company's PCI
  investments had an outstanding principal balance of $3.2 billion at
  December 31, 2019, which represents the contractually required principal and
  accrued interest payments whether or not currently due and a carrying value
  (estimated fair value of the investments plus accrued interest) of
  $2.7 billion at December 31, 2019. Accretion of accretable yield on PCI
  investments recognized in net investment income was $170 million and
  $266 million for the years ended December 31, 2019 and 2018, respectively.

Real Estate and Real Estate Joint Ventures

      The Company's real estate investment portfolio is diversified by property
   type, geography and income stream, including income from operating leases,
   operating income and equity in earnings from equity method real estate joint
   ventures. Real estate investments, by income type, as well as income earned,
   were as follows at and for the periods indicated:

                                                          December 31,            Years Ended December 31,
                                                    ------------------------- ---------------------------------
                                                        2020         2019        2020        2019       2018
                                                    ------------ ------------ ----------  ---------- ----------
Income Type                                              Carrying Value                    Income
-----------                                         ------------------------- ---------------------------------
                                                                           (In millions)
Leased real estate investments..................... $      1,965 $      1,586 $      188  $      165 $      210
Other real estate investments......................          418          419        127         174        177
Real estate joint ventures.........................        5,095        4,654        (59)         62         85
                                                    ------------ ------------ ----------  ---------- ----------
  Total real estate and real estate joint ventures. $      7,478 $      6,659 $      256  $      401 $      472
                                                    ============ ============ ==========  ========== ==========

   The carrying value of real estate investments acquired through foreclosure
 was $18 million and $34 million at December 31, 2020 and 2019, respectively.
 Depreciation expense on real estate investments was $73 million, $62 million
 and $65 million for the years ended December 31, 2020, 2019 and 2018,
 respectively. Real estate investments were net of accumulated depreciation of
 $789 million and $652 million at December 31, 2020 and 2019, respectively.

   As a result of the COVID-19 Pandemic, earnings from certain of the Company's
 equity method real estate joint ventures were reduced for the year ended
 December 31, 2020, principally hotel properties. Certain of these real estate
 joint ventures have granted some lessees COVID-19 Pandemic-related lease
 concessions. See "-- Leases -- Lease Concessions."

Leases

 Leased Real Estate Investments -- Operating Leases

   The Company, as lessor, leases investment real estate, principally
 commercial real estate for office and retail use, through a variety of
 operating lease arrangements, which typically include tenant reimbursement for
 property operating costs and options to renew or extend the lease. In some
 circumstances, leases may include an option for the lessee to purchase the
 property. In addition, certain leases of retail space may stipulate that a
 portion of the income earned is contingent upon the level of the tenants'
 revenues. The Company has elected a practical expedient of not separating
 non-lease components related to reimbursement of property operating costs from
 associated lease components. These property operating costs have the same
 timing and pattern of transfer as the related lease component, because they
 are incurred over the same period of time as the operating lease. Therefore,
 the combined component is accounted for as a single operating lease. Risk is
 managed through

                                    MLIC-66

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


 lessee credit analysis, property type diversification, and geographic
 diversification. Leased real estate investments and income earned, by property
 type, were as follows at and for the periods indicated:

                                                  December 31,            Years Ended December 31,
                                            ------------------------- --------------------------------
                                                2020         2019        2020       2019       2018
                                            ------------ ------------ ---------- ---------- ----------
                                                 Carrying Value                    Income
                                            ------------------------- --------------------------------
                                                                  (In millions)
Leased real estate investments:
  Office................................... $        661 $        278 $       31 $       49 $       60
  Retail...................................          498          507         66         70         65
  Apartment................................          516          525         40          3         49
  Industrial...............................          258          243         50         42         35
  Land.....................................           23           --          1         --         --
  Other....................................            9           33         --          1          1
                                            ------------ ------------ ---------- ---------- ----------
    Total leased real estate investments... $      1,965 $      1,586 $      188 $      165 $      210
                                            ============ ============ ========== ========== ==========

    Future contractual receipts under operating leases at December 31, 2020
  were $143 million in 2021, $136 million in 2022, $127 million in 2023,
  $107 million in 2024, $96 million in 2025, $287 million thereafter and, in
  total, $896 million.

  Leveraged and Direct Financing Leases

    The Company has diversified leveraged lease and direct financing lease
  portfolios. Its leveraged leases principally include renewable energy
  generation facilities, rail cars, commercial real estate and commercial
  aircraft, and its direct financing leases principally include renewable
  energy generation facilities. These assets are leased through a variety of
  lease arrangements, which may include options to renew or extend the lease
  and options for the lessee to purchase the property. Residual values are
  estimated using available third-party data at inception of the lease. Risk is
  managed through lessee credit analysis, asset allocation, geographic
  diversification, and ongoing reviews of estimated residual values, using
  available third-party data and, in certain leases, linking the amount of
  future rental receipts to changes in inflation rates. Generally, estimated
  residual values are not guaranteed by the lessee or a third party.

    Investment in leveraged and direct financing leases consisted of the
  following at:

                                       December 31, 2020       December 31, 2019
                                    ----------------------  ----------------------
                                                  Direct                  Direct
                                     Leveraged   Financing   Leveraged   Financing
                                      Leases      Leases      Leases      Leases
                                    ----------  ----------  ----------  ----------
                                                     (In millions)
Lease receivables, net (1)......... $      597  $      210  $      666  $      232
Estimated residual values..........        573          42         592          42
                                    ----------  ----------  ----------  ----------
  Subtotal.........................      1,170         252       1,258         274
Unearned income....................       (318)        (74)       (362)        (85)
                                    ----------  ----------  ----------  ----------
  Investment in leases, before ACL.        852         178         896         189
ACL................................        (36)         (2)         --          --
                                    ----------  ----------  ----------  ----------
  Investment in leases, net of ACL. $      816  $      176  $      896  $      189
                                    ==========  ==========  ==========  ==========
-------------

(1) Future contractual receipts under direct financing leases as of
    December 31, 2020 are $21 million in 2021, $21 million in 2022, $21 million
    in 2023, $21 million in 2024, $21 million in 2025, $105 million thereafter
    and, in total, $210 million.

    Lease receivables are generally due in periodic installments. The payment
  periods for leveraged leases generally range from one to 11 years, but in
  certain circumstances can be over 11 years, while the payment periods for
  direct financing leases generally range from one to 16 years. For lease
  receivables, the primary credit quality indicator is whether the lease
  receivable is performing or nonperforming, which is assessed monthly. The
  Company generally defines nonperforming lease

                                    MLIC-67

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


  receivables as those that are 90 days or more past due. At both December 31,
  2020 and 2019, all lease receivables were performing.

    The deferred income tax liability related to leveraged leases was
  $287 million and $425 million at December 31, 2020 and 2019, respectively.

    The components of income from investment in leveraged and direct financing
  leases, excluding net investment gains (losses), were as follows:

                                                               Years Ended December 31,
                                              -----------------------------------------------------------
                                                     2020                2019                2018
                                              ------------------- ------------------- -------------------
                                                         Direct              Direct              Direct
                                              Leveraged Financing Leveraged Financing Leveraged Financing
                                               Leases    Leases    Leases    Leases    Leases    Leases
                                              --------- --------- --------- --------- --------- ---------
                                                                     (In millions)
Lease investment income...................... $      36 $     11  $      37 $     12  $      37 $      13
Less: Income tax expense.....................         8        2          8        3          8         3
                                              --------- --------  --------- --------  --------- ---------
  Lease investment income, net of income tax. $      28 $      9  $      29 $      9  $      29 $      10
                                              ========= ========  ========= ========  ========= =========

    In accordance with new credit loss guidance adopted January 1, 2020, the
  Company records an allowance for expected lifetime credit loss in an amount
  that represents the portion of the investment in leases that the Company does
  not expect to collect, resulting in the investment in leases being presented
  at the net amount expected to be collected. In determining the ACL,
  management: (i) pools leases that share similar risk characteristics,
  (ii) considers expected lifetime credit loss over the contractual term of the
  lease, and (iii) considers past events and current and forecasted economic
  conditions. Leases with dissimilar risk characteristics are evaluated
  individually for credit loss. Expected lifetime credit loss on leveraged and
  direct financing lease receivables is estimated using a probability of
  default and loss given default model, where the probability of default
  incorporates third party credit ratings of the lessee and the related
  historical default data. The Company also assesses the non-guaranteed
  residual values for recoverability by comparison to the current estimated
  fair value of the leased asset and considers other relevant market
  information such as independent third-party forecasts, consulting, asset
  brokerage and investment banking reports and data, comparable market
  transactions, and factors such as the competitive dynamics impacting specific
  industries, technological change and obsolescence, government and regulatory
  rules, tax policy, potential environmental liabilities and litigation.

    Prior to the adoption of the new credit loss guidance, lease impairment
  losses were recorded as incurred. Under the incurred loss model, if all
  amounts due under the lease agreement would not be collected, based on
  current information and events, an impairment loss was recorded. The
  impairment loss was recorded as a reduction of the investment in lease and
  within net investment gains (losses).

  Lease Concessions

    In response to the adverse economic impact of the COVID-19 Pandemic, the
  Company granted concessions to certain of its operating lease lessees,
  primarily in the form of rent deferrals. In accordance with a Question and
  Answer document issued by the FASB in response to the COVID-19 Pandemic, the
  Company has elected not to evaluate whether such lease concessions are lease
  modifications, continues to accrue income on such leases and records rent
  receivables. The rent deferrals generally range from one to five months.
  Deferred rental payments and rental abatements for operating leases were each
  $2 million at December 31, 2020. The Company also has interests in certain
  unconsolidated real estate joint ventures which have granted COVID-19
  Pandemic-related lease concessions.

 Other Invested Assets

   Other invested assets is comprised primarily of freestanding derivatives
 with positive estimated fair values (see Note 8), affiliated investments, tax
 credit and renewable energy partnerships, annuities funding structured
 settlement claims, and leveraged and direct financing leases. See "-- Related
 Party Investment Transactions" for information regarding affiliated
 investments.

                                    MLIC-68

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)



  Tax Credit Partnerships

   The carrying value of tax credit partnerships was $1.1 billion and
 $1.3 billion at December 31, 2020 and 2019, respectively. Losses from tax
 credit partnerships included within net investment income were $225 million,
 $240 million and $257 million for the years ended December 31, 2020, 2019 and
 2018, respectively.

Cash Equivalents

  The carrying value of cash equivalents, which includes securities and other
investments with an original or remaining maturity of three months or less at
the time of purchase, was $6.8 billion and $5.5 billion at December 31, 2020
and 2019, respectively.

Net Unrealized Investment Gains (Losses)

  Unrealized investment gains (losses) on fixed maturity securities AFS and
derivatives and the effect on DAC, VOBA, DSI, future policy benefits and the
policyholder dividend obligation, that would result from the realization of the
unrealized gains (losses), are included in net unrealized investment gains
(losses) in AOCI.

   The components of net unrealized investment gains (losses), included in
AOCI, were as follows:

                                                 Years Ended December 31,
                                         ---------------------------------------
                                             2020          2019          2018
                                         ------------  ------------  -----------
                                                      (In millions)
Fixed maturity securities AFS...........  $    24,954   $    15,177   $    3,915
Derivatives.............................        2,259         2,043        1,742
Other...................................          235           210          231
                                         ------------  ------------  -----------
 Subtotal...............................       27,448        17,430        5,888
                                         ------------  ------------  -----------
Amounts allocated from:
Future policy benefits..................       (7,603)       (1,121)          (5)
DAC, VOBA and DSI.......................       (1,511)       (1,051)        (571)
Policyholder dividend obligation........       (2,969)       (2,020)        (428)
                                         ------------  ------------  -----------
 Subtotal...............................      (12,083)       (4,192)      (1,004)
Deferred income tax benefit (expense)...       (3,190)       (2,742)        (987)
                                         ------------  ------------  -----------
Net unrealized investment gains (losses)  $    12,175   $    10,496   $    3,897
                                         ============  ============  ===========

  The changes in net unrealized investment gains (losses) were as follows:

                                                                                  Years Ended December 31,
                                                                           --------------------------------------
                                                                               2020          2019         2018
                                                                           ------------  -----------  -----------
                                                                                        (In millions)
Balance at January 1,.....................................................  $    10,496   $    3,897   $    7,257
Cumulative effects of changes in accounting principles, net of income tax.           --           17        1,310
Unrealized investment gains (losses) during the year......................       10,018       11,520       (7,898)
Unrealized investment gains (losses) relating to:
Future policy benefits....................................................       (6,482)      (1,116)          14
DAC, VOBA and DSI.........................................................         (460)        (480)         219
Policyholder dividend obligation..........................................         (949)      (1,592)       1,693
Deferred income tax benefit (expense).....................................         (448)      (1,750)       1,302
                                                                           ------------  -----------  -----------
Balance at December 31,...................................................  $    12,175   $   10,496   $    3,897
                                                                           ============  ===========  ===========
Change in net unrealized investment gains (losses)........................  $     1,679   $    6,599   $   (3,360)
                                                                           ============  ===========  ===========

Concentrations of Credit Risk

  There were no investments in any counterparty that were greater than 10% of
the Company's equity, other than the U.S. government and its agencies, at both
December 31, 2020 and 2019.

                                    MLIC-69

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)



Securities Lending and Repurchase Agreements

  Securities, Collateral and Reinvestment Portfolio

  A summary of the outstanding securities lending and repurchase agreements is
as follows:

                                                               December 31,
                       ---------------------------------------------------------------------------------------------
                                            2020                                           2019
                       ---------------------------------------------- ----------------------------------------------
                           Securities (1)                                 Securities (1)
                       ------------------                             ------------------
                                               Cash                                           Cash
                                            Collateral   Reinvestment                      Collateral   Reinvestment
                                          Received from  Portfolio at                    Received from  Portfolio at
                         Estimated Fair   Counterparties  Estimated       Estimated      Counterparties  Estimated
Agreement Type               Value           (2), (3)     Fair Value      Fair Value        (2), (3)     Fair Value
--------------         ------------------ -------------- ------------ ------------------ -------------- ------------
                                                               (In millions)
Securities lending....    $    13,289      $    13,566   $    13,739     $    12,455      $    12,791   $    12,847
Repurchase agreements.    $     3,276      $     3,210   $     3,251     $     2,333      $     2,310   $     2,320

--------

(1)Securities on loan in connection with these programs are included within
   fixed maturity securities AFS, and short-term investments.

(2)In connection with securities lending and repurchase agreements, in addition
   to cash collateral received, the Company received from counterparties
   non-cash security collateral of $1 million and $0 at December 31, 2020 and
   2019, respectively, which is not reflected on the consolidated financial
   statements.

(3)The liability for cash collateral for these programs is included within
   payables for collateral under securities loaned and other transactions and
   other liabilities.

Contractual Maturities

      A summary of the remaining contractual maturities of securities lending
   and repurchase agreements is as follows:

                                                                               December 31,
                                                    -------------------------------------------------------------------
                                                                  2020                              2019
                                                    --------------------------------- ---------------------------------
                                                          Remaining Maturities              Remaining Maturities
                                                    --------------------------------- ---------------------------------
                                                                     Over 1                            Over 1
                                                                     Month                             Month
                                                             1 Month  to 6                     1 Month  to 6
Security Type                                       Open (1) or Less Months   Total   Open (1) or Less Months   Total
-------------                                       -------- ------- ------- -------- -------- ------- ------- --------
                                                                               (In millions)
Cash collateral liability by loaned security type:
  Securities lending:
    U.S. government and agency..................... $ 1,705  $ 8,768 $ 3,093 $ 13,566 $ 2,260  $ 5,040 $ 5,491 $ 12,791
  Repurchase agreements:
    U.S. government and agency..................... $    --  $ 3,210 $    -- $  3,210 $    --  $ 2,310 $    -- $  2,310

--------

(1)The related loaned security could be returned to the Company on the next
   business day, which would require the Company to immediately return the cash
   collateral.

  If the Company is required to return significant amounts of cash collateral
on short notice and is forced to sell securities to meet the return obligation,
it may have difficulty selling such collateral that is invested in securities
in a timely manner, be forced to sell securities in a volatile or illiquid
market for less than what otherwise would have been realized under normal
market conditions, or both.

  The securities lending and repurchase agreements reinvestment portfolios
consist principally of high quality, liquid, publicly-traded fixed maturity
securities AFS, short-term investments, cash equivalents or cash. If the
securities on loan, securities pledged or the reinvestment portfolio become
less liquid, liquidity resources within the general account are available to
meet any potential cash demands when securities on loan or securities pledged
are put back by the counterparty.

                                    MLIC-70

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)



Invested Assets on Deposit and Pledged as Collateral

   Invested assets on deposit and pledged as collateral are presented below at
estimated fair value for all asset classes, except mortgage loans, which are
presented at carrying value at:

                                                                   December 31,
                                                              -----------------------
                                                                 2020        2019
                                                              ----------- -----------
                                                                   (In millions)
Invested assets on deposit (regulatory deposits)............. $       123 $        62
Invested assets pledged as collateral (1)....................      22,405      20,659
                                                              ----------- -----------
  Total invested assets on deposit and pledged as collateral. $    22,528 $    20,721
                                                              =========== ===========
--------

(1) The Company has pledged invested assets in connection with various
    agreements and transactions, including funding agreements (see Note 3),
    derivative transactions (see Note 8) and secured debt (see Note 11).

  See "-- Securities Lending and Repurchase Agreements" for information
regarding securities supporting securities lending and repurchase agreement
transactions and Note 6 for information regarding investments designated to the
closed block. In addition, the Company's investment in FHLB common stock, which
is considered restricted until redeemed by the issuers, was $765 million and
$737 million, at redemption value, at December 31, 2020 and 2019, respectively.

Collectively Significant Equity Method Investments

  The Company holds investments in real estate joint ventures, real estate
funds and other limited partnership interests consisting of leveraged buy-out
funds, hedge funds, private equity funds, joint ventures and other funds. The
portion of these investments accounted for under the equity method had a
carrying value of $12.5 billion at December 31, 2020. The Company's maximum
exposure to loss related to these equity method investments is limited to the
carrying value of these investments plus unfunded commitments of $3.5 billion
at December 31, 2020. Except for certain real estate joint ventures and certain
funds, the Company's investments in its remaining real estate funds and other
limited partnership interests are generally of a passive nature in that the
Company does not participate in the management of the entities.

  As described in Note 1, the Company generally records its share of earnings
in its equity method investments using a three-month lag methodology and within
net investment income. Aggregate net investment income from these equity method
investments exceeded 10% of the Company's consolidated pre-tax income (loss)
for two of the three most recent annual periods: 2020 and 2019.

  The following aggregated summarized financial data reflects the latest
available financial information and does not represent the Company's
proportionate share of the assets, liabilities, or earnings of such entities.

  Aggregate total assets of these entities totaled $593.9 billion and
$527.8 billion at December 31, 2020 and 2019, respectively. Aggregate total
liabilities of these entities totaled $80.5 billion and $77.6 billion at
December 31, 2020 and 2019, respectively. Aggregate net income (loss) of these
entities totaled $34.4 billion, $40.9 billion and $42.7 billion for the years
ended December 31, 2020, 2019 and 2018, respectively. Aggregate net
income (loss) from the underlying entities in which the Company invests is
primarily comprised of investment income, including recurring investment income
and realized and unrealized investment gains (losses).

Variable Interest Entities

  The Company has invested in legal entities that are VIEs. In certain
instances, the Company holds both the power to direct the most significant
activities of the entity, as well as an economic interest in the entity and, as
such, is deemed to be the primary beneficiary or consolidator of the entity.
The determination of the VIE's primary beneficiary requires an evaluation of
the contractual and implied rights and obligations associated with each party's
relationship with or involvement in the entity, an estimate of the entity's
expected losses and expected residual returns and the allocation of such
estimates to each party involved in the entity.

                                    MLIC-71

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)



  Consolidated VIEs

    Creditors or beneficial interest holders of VIEs where the Company is the
  primary beneficiary have no recourse to the general credit of the Company, as
  the Company's obligation to the VIEs is limited to the amount of its
  committed investment.

    The following table presents the total assets and total liabilities
  relating to investment related VIEs for which the Company has concluded that
  it is the primary beneficiary and which are consolidated at:

                                                                December 31,
                                                ---------------------------------------------
                                                         2020                   2019
                                                ---------------------- ----------------------
                                                  Total       Total      Total       Total
Asset Type                                        Assets   Liabilities   Assets   Liabilities
----------                                      ---------- ----------- ---------- -----------
                                                                (In millions)
Real estate joint ventures (1)................. $    1,435   $   --    $    1,378   $   --
Investment fund (primarily mortgage loans) (2).        201       --           211       --
Renewable energy partnership (3)...............         87       --            94       --
Other investments (4)..........................          4        5            10        5
                                                ---------- ----------- ---------- -----------
  Total........................................ $    1,727   $    5    $    1,693   $    5
                                                ========== =========== ========== ===========

--------

(1) The Company's investment in affiliated real estate joint ventures was
    $1.3 billion and $1.2 billion at December 31, 2020 and 2019, respectively.
    Other affiliates' investments in these affiliated real estate joint
    ventures were $130 million and $129 million at December 31, 2020 and 2019,
    respectively.

(2) The Company's investment in this affiliated investment fund was
    $164 million and $172 million, at December 31, 2020 and 2019, respectively.
    An affiliate had an investment in this affiliated investment fund of
    $37 million and $39 million at December 31, 2020 and 2019, respectively.

(3) Assets of the renewable energy partnership primarily consisted of other
    invested assets.

(4) Assets of other investments primarily consisted of cash and cash
    equivalents at December 31, 2020 and other invested assets at December 31,
    2019.

  Unconsolidated VIEs

    The carrying amount and maximum exposure to loss relating to VIEs in which
  the Company holds a significant variable interest but is not the primary
  beneficiary and which have not been consolidated were as follows at:

                                                          December 31,
                                     -------------------------------------------------------
                                                2020                        2019
                                     --------------------------- ---------------------------
                                                      Maximum                     Maximum
                                        Carrying     Exposure       Carrying     Exposure
Asset Type                              Amount       to Loss (1)    Amount       to Loss (1)
----------                           ------------- ------------- ------------- -------------
                                                          (In millions)
Fixed maturity securities AFS:
  Structured Products (2)........... $      41,803 $      41,803 $      37,119 $      37,119
  U.S. and foreign corporate........         1,905         1,905         1,098         1,098
Other limited partnership interests.         5,247         8,589         4,461         7,423
Other invested assets...............         1,436         1,517         1,554         1,677
Real estate joint ventures..........            18            21            25            28
                                     ------------- ------------- ------------- -------------
  Total............................. $      50,409 $      53,835 $      44,257 $      47,345
                                     ============= ============= ============= =============
-------------
(1) The maximum exposure to loss relating to fixed maturity securities AFS is
    equal to their carrying amounts or the carrying amounts of retained
    interests. The maximum exposure to loss relating to other limited
    partnership interests and real estate joint ventures is equal to the
    carrying amounts plus any unfunded commitments. For certain of its
    investments

                                    MLIC-72

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


    in other invested assets, the Company's return is in the form of income tax
    credits which are guaranteed by creditworthy third parties. For such
    investments, the maximum exposure to loss is equal to the carrying amounts
    plus any unfunded commitments, reduced by income tax credits guaranteed by
    third parties of $3 million and $6 million at December 31, 2020 and 2019,
    respectively. Such a maximum loss would be expected to occur only upon
    bankruptcy of the issuer or investee.

(2) For these variable interests, the Company's involvement is limited to that
    of a passive investor in mortgage-backed or asset-backed securities issued
    by trusts that do not have substantial equity.

    As described in Note 16, the Company makes commitments to fund partnership
  investments in the normal course of business. Excluding these commitments,
  the Company did not provide financial or other support to investees
  designated as VIEs for each of the years ended December 31, 2020, 2019 and
  2018.

    The Company securitizes certain residential mortgage loans and acquires an
  interest in the related RMBS issued. While the Company has a variable
  interest in the issuer of the securities, it is not the primary beneficiary
  of the issuer of the securities since it does not have any rights to remove
  the servicer or veto rights over the servicer's actions. The resulting gains
  (losses) from the securitizations are included within net investment gains
  (losses). The estimated fair value of the related RMBS acquired in connection
  with the securitizations is included in the carrying amount and maximum
  exposure to loss for Structured Products presented in the table above.

    The carrying value and the estimated fair value of residential mortgage
  loans securitized were $308 million and $313 million, respectively, during
  2020, and $443 million and $467 million, respectively, during 2019. Gains on
  securitizations of $5 million and $24 million for the years ended
  December 31, 2020 and 2019, respectively, were included within net investment
  gains (losses). The estimated fair value of RMBS acquired in connection with
  the securitizations was $43 million and $131 million at December 31, 2020 and
  2019, respectively.

    See Note 9 for information on how the estimated fair value of mortgage
  loans and RMBS is determined, the valuation approaches and key inputs, their
  placement in the fair value hierarchy, and for certain RMBS, quantitative
  information about the significant unobservable inputs and the sensitivity of
  their estimated fair value to changes in those inputs.

Net Investment Income

   The components of net investment income were as follows:

                                                           Years Ended December 31,
                                                   -----------------------------------------
Asset Type                                             2020          2019          2018
----------                                         ------------- ------------- -------------
                                                                 (In millions)
Investment income:
Fixed maturity securities AFS.....................   $     6,535   $     7,015   $     7,268
Equity securities.................................            25            35            42
Mortgage loans....................................         2,836         3,147         2,822
Policy loans......................................           305           307           297
Real estate and real estate joint ventures........           256           401           472
Other limited partnership interests...............           633           545           519
Cash, cash equivalents and short-term investments.            77           183           121
FVO Securities (1)................................            48            74            22
Operating joint venture...........................            80            69            37
Other.............................................           154           221           261
                                                   ------------- ------------- -------------
  Subtotal........................................        10,949        11,997        11,861
Less: Investment expenses.........................           699         1,024           942
                                                   ------------- ------------- -------------
  Net investment income...........................   $    10,250   $    10,973   $    10,919
                                                   ============= ============= =============
-------------

(1) Changes in estimated fair value subsequent to purchase for investments
    still held as of the end of the respective periods and included in net
    investment income were principally from equity-linked notes included within
    FVO Securities were $46 million, $74 million and $22 million for the years
    ended December 31, 2020, 2019 and 2018, respectively.

                                    MLIC-73

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)



    See "-- Related Party Investment Transactions" for discussion of affiliated
  net investment income and investment expenses.

    Net investment income from equity method investments, comprised of real
  estate joint ventures, other limited partnership interests, tax credit and
  renewable energy partnerships and operating joint ventures, totaled
  $427 million, $458 million and $344 million for the years ended December 31,
  2020, 2019 and 2018, respectively.

Net Investment Gains (Losses)

  Components of Net Investment Gains (Losses)

    The components of net investment gains (losses) were as follows:

                                                                                                Years Ended December 31,
                                                                                            ----------------------------
Asset Type                                                                                     2020      2019      2018
----------                                                                                  --------  --------  --------
                                                                                                    (In millions)
Fixed maturity securities AFS:
  Net credit loss (provision) release (1)..................................................  $  (101)  $   (39)  $   (23)
  Net gains (losses) on sales and disposals................................................       43        51       107
                                                                                            --------  --------  --------
    Total gains (losses) on fixed maturity securities AFS..................................      (58)       12        84
                                                                                            --------  --------  --------
Equity securities:
  Net gains (losses) on sales and disposals................................................       10        12        17
  Change in estimated fair value (2).......................................................      (86)       38      (101)
                                                                                            --------  --------  --------
    Total gains (losses) on equity securities..............................................      (76)       50       (84)
Mortgage loans.............................................................................     (188)      (13)      (50)
Real estate and real estate joint ventures.................................................        7       396       311
Other limited partnership interests........................................................      (12)        3         8
Other (3)..................................................................................      293       (46)     (162)
                                                                                            --------  --------  --------
  Subtotal.................................................................................      (34)      402       107
Change in estimated fair value of other limited partnership interest and real estate joint
 ventures..................................................................................       (5)      (15)       11
Non-investment portfolio gains (losses)....................................................      (34)      (41)       35
                                                                                            --------  --------  --------
  Subtotal.................................................................................      (39)      (56)       46
                                                                                            --------  --------  --------
  Total net investment gains (losses)......................................................  $   (73)  $   346   $   153
                                                                                            ========  ========  ========
--------

(1) Net credit loss provision by sector for industrial corporate, consumer
    corporate, foreign government securities and RMBS for the year ended
    December 31, 2019 were ($19) million, ($16) million, ($2) million and ($2)
    million, respectively. Net credit loss provision by sector for consumer
    corporate, industrial corporate and finance corporate securities for the
    year ended December 31, 2018 were ($19) million, ($2) million and
    ($2) million, respectively. See "-- Rollforward of Allowance for Credit
    Loss for Fixed Maturity Securities AFS By Sector." Due to the adoption of
    new credit loss guidance on January 1, 2020, prior period OTTI loss is
    presented as credit loss.

(2) Changes in estimated fair value subsequent to purchase for equity
    securities still held as of the end of the period included in net
    investment gains (losses) were ($80) million, $31 million and ($82) million
    for the years ended December 31, 2020, 2019 and 2018 respectively.

(3) Other gains (losses) included (i) $128 million reclassified from AOCI to
    earnings due to the sale of certain investments that were hedged in
    qualifying cash flow hedges and a leveraged lease gain of $87 million for
    the year ended December 31, 2020, (ii) tax credit partnership impairment
    losses of $92 million, and a renewable energy partnership disposal gain of
    $46 million for the year ended December 31, 2019, and (iii) renewable
    energy partnership disposal losses of $83 million and leveraged lease
    impairment losses of $105 million for the year ended December 31, 2018.

    See "-- Related Party Investment Transactions" for discussion of affiliated
  net investment gains (losses) related to transfers of invested assets to
  affiliates.

                                    MLIC-74

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)



    Gains (losses) from foreign currency transactions included within net
  investment gains (losses) were ($19) million, ($57) million and $21 million
  for the years ended December 31, 2020, 2019 and 2018, respectively.

  Fixed Maturity Securities AFS -- Sales and Disposals and Credit Loss

    Sales of securities are determined on a specific identification basis.
  Proceeds from sales or disposals and the components of net investment
  gains (losses) were as shown in the table below:

                                              Years Ended December 31,
                                       -------------------------------------
                                           2020         2019         2018
                                       -----------  -----------  -----------
                                                   (In millions)
  Proceeds............................  $   20,453   $   32,175   $   53,042
                                       ===========  ===========  ===========
  Gross investment gains..............  $      419   $      392   $      604
  Gross investment losses.............        (376)        (341)        (497)
  Net credit loss (provision) release.        (101)         (39)         (23)
                                       -----------  -----------  -----------
    Net investment gains (losses).....  $      (58)  $       12   $       84
                                       ===========  ===========  ===========

  Related Party Investment Transactions

    The Company transfers invested assets primarily consisting of fixed
  maturity securities AFS, mortgage loans and real estate and real estate joint
  ventures to and from affiliates. Invested assets transferred were as follows:

                                                                         Years Ended December 31,
                                                                     ----------------------------
                                                                     2020      2019      2018
                                                                       -----     -----    -----
                                                                       (In millions)
Estimated fair value of invested assets transferred to affiliates...  $393      $ --      $ --
Amortized cost of invested assets transferred to affiliates.........  $379      $ --      $ --
Net investment gains (losses) recognized on transfers...............  $ 14      $ --      $ --
Estimated fair value of invested assets transferred from affiliates.  $381      $ 46      $ 77

    Recurring related party investments and related net investment income were
  as follows at and for the periods ended:

                                                                      December 31,    Years Ended December 31,
                                                                    ----------------- ------------------------
                                                                      2020     2019    2020     2019    2018
                                                                    -------- -------- -----    -----   -----
Investment Type/Balance Sheet
Category                                  Related Party              Carrying Value   Net Investment Income
-----------------------------   ----------------------------------- ----------------- ------------------------
                                                                               (In millions)
Affiliated investments (1),(2). MetLife, Inc.                       $  1,643 $  1,810 $  35    $  34   $  31
Affiliated investments (3)..... American Life Insurance Company          100      100     3        3       3
                                Metropolitan Property and Casualty
Affiliated investments (4)..... Insurance Company                        315      315     6       11      10
                                                                    -------- --------  -----    -----   -----
Other invested assets..........                                     $  2,058 $  2,225 $  44    $  48   $  44
                                                                    ======== ========  =====    =====   =====
--------

(1) Represents an investment in affiliated senior notes. The affiliated senior
    notes have maturity dates from July 2021 to October 2029 and bear interest,
    payable semi-annually, at a rate per annum ranging from 1.60% to 3.14%.

(2) In September 2020, MetLife, Inc. repaid in cash at maturity a
    (Yen)26.5 billion 0.82% affiliated senior note issued to MLIC.

(3) Represents an affiliated surplus note. In June 2020, the affiliated surplus
    note, which bore interest at a fixed rate of 3.17%, matured and was
    refinanced with a $100 million affiliated surplus note, which bears
    interest at a fixed rate of 1.88%, payable semiannually, and is due June
    2025.

(4) Represents an investment in affiliated preferred stock. Dividends are
    payable quarterly at a variable rate.

  Through March 31, 2018, the Company provided investment administrative
services to certain affiliates. The related investment administrative service
charges to these affiliates were $19 million for the year ended December 31,
2018. Effective April 1, 2018, the Company receives investment advisory
services from an affiliate. The related affiliated investment advisory charges
to the Company were $280 million, $299 million and $198 million for the years
ended December 31, 2020, 2019, and 2018, respectively.

                                    MLIC-75

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)



    See "-- Variable Interest Entities" for information on investments in
  affiliated real estate joint ventures and an affiliated investment fund.

8. Derivatives

Accounting for Derivatives

  See Note 1 for a description of the Company's accounting policies for
derivatives and Note 9 for information about the fair value hierarchy for
derivatives.

Derivative Strategies

  The Company is exposed to various risks relating to its ongoing business
operations, including interest rate, foreign currency exchange rate, credit and
equity market. The Company uses a variety of strategies to manage these risks,
including the use of derivatives.

  Derivatives are financial instruments with values derived from interest
rates, foreign currency exchange rates, credit spreads and/or other financial
indices. Derivatives may be exchange-traded or contracted in the
over-the-counter ("OTC") market. Certain of the Company's OTC derivatives are
cleared and settled through central clearing counterparties ("OTC-cleared"),
while others are bilateral contracts between two
counterparties ("OTC-bilateral"). The types of derivatives the Company uses
include swaps, forwards, futures and option contracts. To a lesser extent, the
Company uses credit default swaps and structured interest rate swaps to
synthetically replicate investment risks and returns which are not readily
available in the cash markets.

Interest Rate Derivatives

  The Company uses a variety of interest rate derivatives to reduce its
exposure to changes in interest rates, including interest rate swaps, interest
rate total return swaps, caps, floors, swaptions, futures and forwards.

  Interest rate swaps are used by the Company primarily to reduce market risks
from changes in interest rates and to alter interest rate exposure arising from
mismatches between assets and liabilities (duration mismatches). In an interest
rate swap, the Company agrees with another party to exchange, at specified
intervals, the difference between fixed rate and floating rate interest amounts
as calculated by reference to an agreed notional amount. The Company utilizes
interest rate swaps in fair value, cash flow and nonqualifying hedging
relationships.

  The Company uses structured interest rate swaps to synthetically create
investments that are either more expensive to acquire or otherwise unavailable
in the cash markets. These transactions are a combination of a derivative and a
cash instrument such as a U.S. government and agency, or other fixed maturity
securities AFS. Structured interest rate swaps are included in interest rate
swaps and are not designated as hedging instruments.

  Interest rate total return swaps are swaps whereby the Company agrees with
another party to exchange, at specified intervals, the difference between the
economic risk and reward of an asset or a market index and a benchmark interest
rate, calculated by reference to an agreed notional amount. No cash is
exchanged at the outset of the contract. Cash is paid and received over the
life of the contract based on the terms of the swap. These transactions are
entered into pursuant to master agreements that provide for a single net
payment to be made by the counterparty at each due date. Interest rate total
return swaps are used by the Company to reduce market risks from changes in
interest rates and to alter interest rate exposure arising from mismatches
between assets and liabilities (duration mismatches). The Company utilizes
interest rate total return swaps in nonqualifying hedging relationships.

  The Company purchases interest rate caps primarily to protect its floating
rate liabilities against rises in interest rates above a specified level, and
against interest rate exposure arising from mismatches between assets and
liabilities, and interest rate floors primarily to protect its minimum rate
guarantee liabilities against declines in interest rates below a specified
level. In certain instances, the Company locks in the economic impact of
existing purchased caps and floors by entering into offsetting written caps and
floors. The Company utilizes interest rate caps and floors in nonqualifying
hedging relationships.

  In exchange-traded interest rate (Treasury and swap) futures transactions,
the Company agrees to purchase or sell a specified number of contracts, the
value of which is determined by the different classes of interest rate
securities, to post variation margin on a daily basis in an amount equal to the
difference in the daily market values of those contracts and to pledge initial
margin based on futures exchange requirements. The Company enters into
exchange-traded futures with regulated

                                    MLIC-76

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)

futures commission merchants that are members of the exchange. Exchange-traded
interest rate (Treasury and swap) futures are used primarily to hedge
mismatches between the duration of assets in a portfolio and the duration of
liabilities supported by those assets, to hedge against changes in value of
securities the Company owns or anticipates acquiring, to hedge against changes
in interest rates on anticipated liability issuances by replicating Treasury or
swap curve performance, and to hedge minimum guarantees embedded in certain
variable annuity products issued by the Company. The Company utilizes
exchange-traded interest rate futures in nonqualifying hedging relationships.

  Swaptions are used by the Company to hedge interest rate risk associated with
the Company's long-term liabilities and invested assets. A swaption is an
option to enter into a swap with a forward starting effective date. In certain
instances, the Company locks in the economic impact of existing purchased
swaptions by entering into offsetting written swaptions. The Company pays a
premium for purchased swaptions and receives a premium for written swaptions.
The Company utilizes swaptions in nonqualifying hedging relationships.
Swaptions are included in interest rate options.

  The Company enters into interest rate forwards to buy and sell securities.
The price is agreed upon at the time of the contract and payment for such a
contract is made at a specified future date. The Company utilizes interest rate
forwards in cash flow and nonqualifying hedging relationships.

  A synthetic GIC is a contract that simulates the performance of a traditional
GIC through the use of financial instruments. The contractholder owns the
underlying assets, and the Company provides a guarantee (or "wrap") on the
participant funds for an annual risk charge. The Company's maximum exposure to
loss on synthetic GICs is the notional amount, in the event the values of all
of the underlying assets were reduced to zero. The Company's risk is
substantially lower due to contractual provisions that limit the portfolio to
high quality assets, which are pre-approved and monitored for compliance, as
well as the collection of risk charges. In addition, the crediting rates reset
periodically to amortize market value gains and losses over a period equal to
the duration of the wrapped portfolio, subject to a 0% floor. While plan
participants may transact at book value, contractholder withdrawals may only
occur immediately at market value, or at book value paid over a period of time
per contract provisions. Synthetic GICs are not designated as hedging
instruments.

Foreign Currency Exchange Rate Derivatives

  The Company uses foreign currency exchange rate derivatives, including
foreign currency swaps and foreign currency forwards, to reduce the risk from
fluctuations in foreign currency exchange rates associated with its assets and
liabilities denominated in foreign currencies.

  In a foreign currency swap transaction, the Company agrees with another party
to exchange, at specified intervals, the difference between one currency and
another at a fixed exchange rate, generally set at inception, calculated by
reference to an agreed upon notional amount. The notional amount of each
currency is exchanged at the inception and termination of the currency swap by
each party. The Company utilizes foreign currency swaps in fair value, cash
flow and nonqualifying hedging relationships.

  In a foreign currency forward transaction, the Company agrees with another
party to deliver a specified amount of an identified currency at a specified
future date. The price is agreed upon at the time of the contract and payment
for such a contract is made at the specified future date. The Company utilizes
foreign currency forwards in nonqualifying hedging relationships.

Credit Derivatives

  The Company enters into purchased credit default swaps to hedge against
credit-related changes in the value of its investments. In a credit default
swap transaction, the Company agrees with another party to pay, at specified
intervals, a premium to hedge credit risk. If a credit event occurs, as defined
by the contract, the contract may be cash settled or it may be settled gross by
the delivery of par quantities of the referenced investment equal to the
specified swap notional amount in exchange for the payment of cash amounts by
the counterparty equal to the par value of the investment surrendered. Credit

                                    MLIC-77

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)

events vary by type of issuer but typically include bankruptcy, failure to pay
debt obligations and involuntary restructuring for corporate obligors, as well
as repudiation, moratorium or governmental intervention for sovereign obligors.
In each case, payout on a credit default swap is triggered only after the
Credit Derivatives Determinations Committee of the International Swaps and
Derivatives Association, Inc. ("ISDA") deems that a credit event has occurred.
The Company utilizes credit default swaps in nonqualifying hedging
relationships.

  The Company enters into written credit default swaps to synthetically create
credit investments that are either more expensive to acquire or otherwise
unavailable in the cash markets. These transactions are a combination of a
derivative and one or more cash instruments, such as U.S. government and
agency, or other fixed maturity securities AFS. These credit default swaps are
not designated as hedging instruments.

  The Company enters into forwards to lock in the price to be paid for forward
purchases of certain securities. The price is agreed upon at the time of the
contract and payment for the contract is made at a specified future date. When
the primary purpose of entering into these transactions is to hedge against the
risk of changes in purchase price due to changes in credit spreads, the Company
designates these transactions as credit forwards. The Company utilizes credit
forwards in cash flow hedging relationships.

Equity Derivatives

  The Company uses a variety of equity derivatives to reduce its exposure to
equity market risk, including equity index options, equity variance swaps,
exchange-traded equity futures and equity total return swaps.

  Equity index options are used by the Company primarily to hedge minimum
guarantees embedded in certain variable annuity products issued by the Company.
To hedge against adverse changes in equity indices, the Company enters into
contracts to sell the underlying equity index within a limited time at a
contracted price. The contracts will be net settled in cash based on
differentials in the indices at the time of exercise and the strike price.
Certain of these contracts may also contain settlement provisions linked to
interest rates. In certain instances, the Company may enter into a combination
of transactions to hedge adverse changes in equity indices within a
pre-determined range through the purchase and sale of options. The Company
utilizes equity index options in nonqualifying hedging relationships.

  Equity variance swaps are used by the Company primarily to hedge minimum
guarantees embedded in certain variable annuity products issued by the Company.
In an equity variance swap, the Company agrees with another party to exchange
amounts in the future, based on changes in equity volatility over a defined
period. The Company utilizes equity variance swaps in nonqualifying hedging
relationships.

  In exchange-traded equity futures transactions, the Company agrees to
purchase or sell a specified number of contracts, the value of which is
determined by the different classes of equity securities, to post variation
margin on a daily basis in an amount equal to the difference in the daily
market values of those contracts and to pledge initial margin based on futures
exchange requirements. The Company enters into exchange-traded futures with
regulated futures commission merchants that are members of the exchange.
Exchange-traded equity futures are used primarily to hedge minimum guarantees
embedded in certain variable annuity products issued by the Company. The
Company utilizes exchange-traded equity futures in nonqualifying hedging
relationships.

  In an equity total return swap, the Company agrees with another party to
exchange, at specified intervals, the difference between the economic risk and
reward of an asset or a market index and a benchmark interest rate, calculated
by reference to an agreed notional amount. No cash is exchanged at the outset
of the contract. Cash is paid and received over the life of the contract based
on the terms of the swap. The Company uses equity total return swaps to hedge
its equity market guarantees in certain of its insurance products. Equity total
return swaps can be used as hedges or to synthetically create investments. The
Company utilizes equity total return swaps in nonqualifying hedging
relationships.

                                    MLIC-78

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


Primary Risks Managed by Derivatives

   The following table presents the primary underlying risk exposure, gross
notional amount and estimated fair value of the Company's derivatives,
excluding embedded derivatives, held at:

                                                                                        December 31,
                                                            --------------------------------------------------------------------
                                                                          2020                               2019
                                                            --------------------------------- ----------------------------------
                                                                        Estimated Fair Value               Estimated Fair Value
                                                                       ----------------------             ----------------------
                                                              Gross                             Gross
                                                             Notional                          Notional
                          Primary Underlying Risk Exposure    Amount    Assets    Liabilities   Amount     Assets    Liabilities
                          --------------------------------  ---------- --------- ------------ ----------- --------- ------------
                                                                                       (In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps...... Interest rate                      $   3,175  $  3,224   $       4   $    2,370  $  2,668   $       2
Foreign currency swaps... Foreign currency exchange rate         1,049         5          76        1,250        12          17
                                                            ---------- ---------  ----------  ----------- ---------  ----------
 Subtotal................                                        4,224     3,229          80        3,620     2,680          19
                                                            ---------- ---------  ----------  ----------- ---------  ----------
Cash flow hedges:
Interest rate swaps...... Interest rate                          4,400        14          --        3,324       125          27
Interest rate forwards... Interest rate                          5,081       489          --        6,793        75         142
Foreign currency swaps... Foreign currency exchange rate        28,017     1,102       1,353       27,240     1,199       1,103
                                                            ---------- ---------  ----------  ----------- ---------  ----------
 Subtotal................                                       37,498     1,605       1,353       37,357     1,399       1,272
                                                            ---------- ---------  ----------  ----------- ---------  ----------
 Total qualifying hedges.                                       41,722     4,834       1,433       40,977     4,079       1,291
                                                            ---------- ---------  ----------  ----------- ---------  ----------
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps...... Interest rate                         30,512     3,041           7       38,820     2,296         133
Interest rate floors..... Interest rate                         12,701       350          --       12,701       156          --
Interest rate caps....... Interest rate                         40,104        13          --       42,622        18           5
Interest rate futures.... Interest rate                            406        --          --          745        --          --
Interest rate options.... Interest rate                         15,337       174          --       24,944       427          --
Interest rate forwards... Interest rate                            265        --           9           --        --          --
Interest rate total
 return swaps............ Interest rate                          1,048        --          59        1,048         5          49
Synthetic GICs........... Interest rate                         11,739        --          --       16,498        --          --
Foreign currency swaps... Foreign currency exchange rate         5,596       292         238        6,124       419          97
Foreign currency forwards Foreign currency exchange rate         1,236         9          18        1,001        12           8
Credit default swaps --
 purchased............... Credit                                   886         8           9          888         4          11
Credit default swaps --
 written................. Credit                                 6,961       126          --        8,711       200           1
Equity futures........... Equity market                          2,591        --          16        2,039        --           5
Equity index options..... Equity market                         19,601       459         189       23,104       447         417
Equity variance swaps.... Equity market                            425        11           9          637        17          17
Equity total return swaps Equity market                          2,542         1         274          716        --          68
                                                            ---------- ---------  ----------  ----------- ---------  ----------
 Total non-designated or nonqualifying derivatives........     151,950     4,484         828      180,598     4,001         811
                                                            ---------- ---------  ----------  ----------- ---------  ----------
 Total....................................................   $ 193,672  $  9,318   $   2,261   $  221,575  $  8,080   $   2,102
                                                            ========== =========  ==========  =========== =========  ==========

  Based on gross notional amounts, a substantial portion of the Company's
derivatives was not designated or did not qualify as part of a hedging
relationship at both December 31, 2020 and 2019. The Company's use of
derivatives includes (i) derivatives that serve as macro hedges of the
Company's exposure to various risks and that generally do not qualify for hedge
accounting due to the criteria required under the portfolio hedging rules;
(ii) derivatives that economically hedge insurance liabilities that contain
mortality or morbidity risk and that generally do not qualify for hedge
accounting because the lack of these risks in the derivatives cannot support an
expectation of a highly effective hedging relationship; (iii) derivatives that
economically hedge embedded derivatives that do not qualify for hedge
accounting because the changes in estimated fair value of the embedded
derivatives are already recorded in net income; and (iv) written credit default
swaps and interest rate swaps that are used to synthetically create investments
and that do not qualify for hedge accounting because they do not involve a
hedging relationship. For these nonqualified derivatives, changes in market
factors can lead to the recognition of fair value changes on the statement of
operations without an offsetting gain or loss recognized in earnings for the
item being hedged.

                                    MLIC-79

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


The Effects of Derivatives on the Consolidated Statements of Operations and
Comprehensive Income (Loss)

   The following table presents the consolidated financial statement location
and amount of gain (loss) recognized on fair value, cash flow, nonqualifying
hedging relationships and embedded derivatives:

                                                                       Year Ended December 31, 2020
                                                   --------------------------------------------------------------------
                                                                                                  Interest
                                                                 Net        Net                  Credited to
                                                      Net     Investment Derivative Policyholder Policyholder
                                                   Investment   Gains      Gains    Benefits and   Account
                                                     Income    (Losses)   (Losses)     Claims     Balances       OCI
                                                   ---------- ---------- ---------- ------------ ------------  ---------
                                                                         (In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1).  $    (10)  $     --  $      --    $    360         $--          N/A
Hedged items......................................        12         --         --        (399)         --          N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1).       (45)        --         --          --          --          N/A
Hedged items......................................        43         --         --          --          --          N/A
                                                   ---------- ---------- ---------- ------------ ------------  ---------
  Subtotal........................................        --         --         --         (39)         --          N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI.........       N/A        N/A        N/A         N/A         N/A       $1,268
Amount of gains (losses) reclassified from AOCI
 into income......................................        36        121         --          --          --        (157)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI.........       N/A        N/A        N/A         N/A         N/A        (124)
Amount of gains (losses) reclassified from AOCI
 into income......................................         3        768         --          --          --        (771)
Foreign currency transaction gains (losses) on
 hedged items.....................................        --       (680)        --          --          --           --
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI.........       N/A        N/A        N/A         N/A         N/A           --
Amount of gains (losses) reclassified from AOCI
 into income......................................        --         --         --          --          --           --
                                                    --------   --------  ---------    --------     --------    ---------
  Subtotal........................................        39        209         --          --          --          216
Gain (Loss) on Derivatives Not Designated or Not
 Qualifying as Hedging Instruments:
Interest rate derivatives (1).....................        (6)        --      1,999          --          --          N/A
Foreign currency exchange rate derivatives (1)....        --         --       (371)         --          --          N/A
Credit derivatives -- purchased (1)...............        --         --         (6)         --          --          N/A
Credit derivatives -- written (1).................        --         --        (78)         --          --          N/A
Equity derivatives (1)............................        (2)        --       (973)       (238)         --          N/A
Foreign currency transaction gains (losses) on
 hedged items.....................................        --         --         91          --          --          N/A
                                                    --------   --------  ---------    --------     --------    ---------
  Subtotal........................................        (8)        --        662        (238)         --          N/A
Earned income on derivatives......................       239         --        633         186       (152)           --
Embedded derivatives (2)..........................       N/A        N/A       (557)         --         N/A          N/A
                                                   ---------- ---------- ---------- ------------ ------------  ---------
  Total...........................................  $    270   $    209  $     738    $    (91)     $(152)     $    216
                                                   ========== ========== ========== ============ ============  =========

                                    MLIC-80

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


                                                                       Year Ended December 31, 2019
                                                   -------------------------------------------------------------------
                                                                                                   Interest
                                                                 Net        Net                  Credited to
                                                      Net     Investment Derivative Policyholder Policyholder
                                                   Investment   Gains      Gains    Benefits and   Account
                                                     Income    (Losses)   (Losses)     Claims      Balances      OCI
                                                   ---------- ---------- ---------- ------------ ------------ --------
                                                                              (In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1).  $     (2)  $     --   $     --    $    339     $      1        N/A
Hedged items......................................         4         --         --        (369)          --        N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1).       (54)        --         --          --           --        N/A
Hedged items......................................        54         --         --          --           --        N/A
                                                    --------   --------   --------    --------     --------   --------
  Subtotal........................................         2         --         --         (30)           1        N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI.........       N/A        N/A        N/A         N/A          N/A   $    605
Amount of gains (losses) reclassified from AOCI
 into income......................................        23          4         --          --           --        (27)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI.........       N/A        N/A        N/A         N/A          N/A        (67)
Amount of gains (losses) reclassified from AOCI
 into income......................................        (3)       212         --          --           --       (209)
Foreign currency transaction gains (losses) on
 hedged items.....................................        --       (211)        --          --           --         --
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI.........       N/A        N/A        N/A         N/A          N/A         --
Amount of gains (losses) reclassified from AOCI
 into income......................................         1         --         --          --           --         (1)
                                                    --------   --------   --------    --------     --------   --------
  Subtotal........................................        21          5         --          --           --        301
Gain (Loss) on Derivatives Not Designated or Not
 Qualifying as Hedging Instruments:
Interest rate derivatives (1).....................        (3)        --        720          --           --        N/A
Foreign currency exchange rate derivatives (1)....        --         --        (49)         --           --        N/A
Credit derivatives -- purchased (1)...............        --         --        (25)         --           --        N/A
Credit derivatives -- written (1).................        --         --        172          --           --        N/A
Equity derivatives (1)............................        --         --       (944)       (150)          --        N/A
Foreign currency transaction gains (losses) on
 hedged items.....................................        --         --         (4)         --           --        N/A
                                                    --------   --------   --------    --------     --------   --------
  Subtotal........................................        (3)        --       (130)       (150)          --        N/A
Earned income on derivatives......................       270         --        272         135         (147)        --
Embedded derivatives (2)..........................       N/A        N/A       (430)         --          N/A        N/A
                                                    --------   --------   --------    --------     --------   --------
  Total...........................................  $    290   $      5   $   (288)   $    (45)    $   (146)  $    301
                                                    ========   ========   ========    ========     ========   ========

                                    MLIC-81

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


                                                                       Year Ended December 31, 2018
                                                   -------------------------------------------------------------------
                                                                                                   Interest
                                                                 Net        Net                  Credited to
                                                      Net     Investment Derivative Policyholder Policyholder
                                                   Investment   Gains      Gains    Benefits and   Account
                                                     Income    (Losses)   (Losses)     Claims      Balances      OCI
                                                   ---------- ---------- ---------- ------------ ------------ --------
                                                                              (In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1).  $     --   $     --   $   (220)   $    --      $     --        N/A
Hedged items......................................        --         --        226         --            --        N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1).        --         --         75         --            --        N/A
Hedged items......................................        --         --        (78)        --            --        N/A
                                                    --------   --------   --------    -------      --------   --------
  Subtotal........................................        --         --          3         --            --        N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI.........       N/A        N/A        N/A        N/A           N/A   $   (262)
Amount of gains (losses) reclassified from AOCI
 into income......................................        20         --         22         --            --        (42)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI.........       N/A        N/A        N/A        N/A           N/A        180
Amount of gains (losses) reclassified from AOCI
 into income......................................        (3)        --       (469)        --            --        472
Foreign currency transaction gains (losses) on
 hedged items.....................................        --         --        475         --            --         --
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI.........       N/A        N/A        N/A        N/A           N/A         --
Amount of gains (losses) reclassified from AOCI
 into income......................................         1         --          1         --            --         (2)
                                                    --------   --------   --------    -------      --------   --------
  Subtotal........................................        18         --         29         --            --        346
Gain (Loss) on Derivatives Not Designated or Not
 Qualifying as Hedging Instruments:
Interest rate derivatives (1).....................         4         --       (340)        --            --        N/A
Foreign currency exchange rate derivatives (1)....        --         --        429         --            --        N/A
Credit derivatives -- purchased (1)...............        --         --          9         --            --        N/A
Credit derivatives -- written (1).................        --         --        (90)        --            --        N/A
Equity derivatives (1)............................         1         --        166         45            --        N/A
Foreign currency transaction gains (losses) on
 hedged items.....................................        --         --       (155)        --            --        N/A
                                                    --------   --------   --------    -------      --------   --------
  Subtotal........................................         5         --         19         45            --        N/A
Earned income on derivatives......................       371         --        339          8          (113)        --
Embedded derivatives (2)..........................       N/A        N/A        376         --           N/A        N/A
                                                    --------   --------   --------    -------      --------   --------
  Total...........................................  $    394   $     --   $    766    $    53      $   (113)  $    346
                                                    ========   ========   ========    =======      ========   ========
--------
(1)Excludes earned income on derivatives.

(2)The valuation of guaranteed minimum benefits includes a nonperformance risk
   adjustment. The amounts included in net derivative gains (losses) in
   connection with this adjustment were $7 million, ($16) million and
   $51 million for the years ended December 31, 2020, 2019 and 2018,
   respectively.

                                    MLIC-82

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


Fair Value Hedges

   The Company designates and accounts for the following as fair value hedges
when they have met the requirements of fair value hedging: (i) interest rate
swaps to convert fixed rate assets and liabilities to floating rate assets and
liabilities; and (ii) foreign currency swaps to hedge the foreign currency fair
value exposure of foreign currency denominated assets and liabilities.

   The following table presents the balance sheet classification, carrying
amount and cumulative fair value hedging adjustments for items designated and
qualifying as hedged items in fair value hedges:

                                                             Cumulative Amount
                                                           of Fair Value Hedging
                                                                Adjustments
                                Carrying Amount of the   Included in the Carrying
                                        Hedged               Amount of Hedged
Balance Sheet Line Item          Assets/(Liabilities)    Assets/(Liabilities) (1)
------------------------------ ------------------------  ------------------------
                               December 31, December 31, December 31, December 31,
                                   2020         2019         2020         2019
                               ------------ ------------ ------------ ------------
                                                  (In millions)
Fixed maturity securities AFS.   $    461    $      404    $     (1)    $    (1)
Mortgage loans................   $    925    $    1,127    $     20     $     2
Future policy benefits........   $ (5,512)   $   (4,475)   $ (1,307)    $  (908)
-------------
(1)Includes ($1) million of hedging adjustments on discontinued hedging
   relationships at both December 31, 2020 and 2019.

  All components of each derivative's gain or loss were included in the
assessment of hedge effectiveness.

Cash Flow Hedges

  The Company designates and accounts for the following as cash flow hedges
when they have met the requirements of cash flow hedging: (i) interest rate
swaps to convert floating rate assets and liabilities to fixed rate assets and
liabilities; (ii) foreign currency swaps to hedge the foreign currency cash
flow exposure of foreign currency denominated assets and liabilities;
(iii) interest rate forwards and credit forwards to lock in the price to be
paid for forward purchases of investments; and (iv) interest rate swaps and
interest rate forwards to hedge the forecasted purchases of fixed rate
investments.

  In certain instances, the Company discontinued cash flow hedge accounting
because the forecasted transactions were no longer probable of occurring.
Because certain of the forecasted transactions also were not probable of
occurring within two months of the anticipated date, the Company reclassified
amounts from AOCI into income. These amounts were $45 million, $51 million, and
$0 for the years ended December 31, 2020, 2019 and 2018, respectively.

  At both the years ended December 31, 2020 and 2019, the maximum length of
time over which the Company was hedging its exposure to variability in future
cash flows for forecasted transactions did not exceed eight years.

  At December 31, 2020 and 2019, the balance in AOCI associated with cash flow
hedges was $2.3 billion and $2.0 billion, respectively.

  All components of each derivative's gain or loss were included in the
assessment of hedge effectiveness.

  At December 31, 2020, the Company expected to reclassify $11 million of
deferred net gains (losses) on derivatives in AOCI, to earnings within the next
12 months.

Credit Derivatives

   In connection with synthetically created credit investment transactions, the
Company writes credit default swaps for which it receives a premium to insure
credit risk. Such credit derivatives are included within the effects of
derivatives on the consolidated statements of operations and comprehensive
income (loss) table. If a credit event occurs, as defined by the contract, the
contract may be cash settled or it may be settled gross by the Company paying
the counterparty the specified swap notional amount in exchange for the
delivery of par quantities of the referenced credit obligation. The Company's
maximum amount at risk, assuming the value of all referenced credit obligations
is zero, was $7.0 billion and $8.7 billion at December 31,

                                    MLIC-83

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)

2020 and 2019, respectively. The Company can terminate these contracts at any
time through cash settlement with the counterparty at an amount equal to the
then current estimated fair value of the credit default swaps. At December 31,
2020 and 2019, the Company would have received $126 million and $199 million,
respectively, to terminate all of these contracts.

   The following table presents the estimated fair value, maximum amount of
future payments and weighted average years to maturity of written credit
default swaps at:

                                                                          December 31,
                                          -----------------------------------------------------------------------------
                                                           2020                                   2019
                                          -------------------------------------- --------------------------------------
                                                        Maximum                                Maximum
                                          Estimated      Amount                  Estimated      Amount
                                          Fair Value   of Future      Weighted   Fair Value   of Future      Weighted
                                          of Credit  Payments under   Average    of Credit  Payments under   Average
Rating Agency Designation of Referenced    Default   Credit Default   Years to    Default   Credit Default   Years to
Credit Obligations (1)                      Swaps        Swaps      Maturity (2)   Swaps        Swaps      Maturity (2)
----------------------------------------- ---------- -------------- ------------ ---------- -------------- ------------
                                                                      (Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3).....  $     --   $         54         0.6     $     1   $         94         1.7
Credit default swaps referencing indices.        27          1,779         2.5          34          2,099         2.3
                                          ---------  -------------                --------  -------------
  Subtotal...............................        27          1,833         2.4          35          2,193         2.2
                                          ---------  -------------                --------  -------------
Baa
Single name credit default swaps (3).....         2            174         2.1           2            124         1.6
Credit default swaps referencing indices.        97          4,954         5.3         141          6,165         5.0
                                          ---------  -------------                --------  -------------
  Subtotal...............................        99          5,128         5.2         143          6,289         5.0
                                          ---------  -------------                --------  -------------
B
Single name credit default swaps (3).....        --             --          --          --             10         0.5
Credit default swaps referencing indices.        --             --          --          21            219         5.0
                                          ---------  -------------                --------  -------------
  Subtotal...............................        --             --          --          21            229         4.8
                                          ---------  -------------                --------  -------------
  Total..................................  $    126   $      6,961         4.5     $   199   $      8,711         4.3
                                          =========  =============                ========  =============
-------------
(1)The rating agency designations are based on availability and the midpoint of
   the applicable ratings among Moody's Investors Service ("Moody's"), S&P and
   Fitch Ratings. If no rating is available from a rating agency, then an
   internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is
   calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of
   corporations, foreign governments, or municipals.

Credit Risk on Freestanding Derivatives

  The Company may be exposed to credit-related losses in the event of
nonperformance by its counterparties to derivatives. Generally, the current
credit exposure of the Company's derivatives is limited to the net positive
estimated fair value of derivatives at the reporting date after taking into
consideration the existence of master netting or similar agreements and any
collateral received pursuant to such agreements.

  The Company manages its credit risk related to derivatives by entering into
transactions with creditworthy counterparties and establishing and monitoring
exposure limits. The Company's OTC-bilateral derivative transactions are
governed by ISDA Master Agreements which provide for legally enforceable
set-off and close-out netting of exposures to specific counterparties in the
event of early termination of a transaction, which includes, but is not limited
to, events of default and bankruptcy. In the event of an early termination, the
Company is permitted to set off receivables from the counterparty against
payables to the same counterparty arising out of all included transactions. All
of the Company's ISDA Master Agreements also include Credit Support Annex
provisions which require both the pledging and accepting of collateral in
connection with its OTC-bilateral derivatives.

                                    MLIC-84

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


  The Company's OTC-cleared derivatives are effected through central clearing
counterparties and its exchange-traded derivatives are effected through
regulated exchanges. Such positions are marked to market and margined on a
daily basis (both initial margin and variation margin), and the Company has
minimal exposure to credit-related losses in the event of nonperformance by
counterparties to such derivatives.

  See Note 9 for a description of the impact of credit risk on the valuation of
derivatives.

  The estimated fair values of the Company's net derivative assets and net
derivative liabilities after the application of master netting agreements and
collateral were as follows at:

                                                                                                  December 31,
                                                                               --------------------------------------------------
                                                                                         2020                      2019
                                                                               ------------------------  ------------------------
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement      Assets    Liabilities     Assets    Liabilities
----------------------------------------------------------------------------   -----------  -----------  -----------  -----------
                                                                                                 (In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1).............................................................  $    9,244   $    2,192   $    7,974   $    2,035
OTC-cleared (1)...............................................................         139            6          191           53
Exchange-traded...............................................................          --           16           --            5
                                                                               -----------  -----------  -----------  -----------
 Total gross estimated fair value of derivatives presented on the
   consolidated balance sheets (1)............................................       9,383        2,214        8,165        2,093
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral.................................................................      (1,996)      (1,996)      (1,915)     (1,915)
OTC-cleared...................................................................          (5)          (5)         (25)        (25)
Cash collateral: (3), (4)
OTC-bilateral.................................................................      (6,073)          --       (4,808)          --
OTC-cleared...................................................................         (98)          --         (165)          --
Securities collateral: (5)
OTC-bilateral.................................................................      (1,115)        (188)      (1,246)       (114)
OTC-cleared...................................................................          --           (1)          --         (28)
Exchange-traded...............................................................          --          (16)          --          (5)
                                                                               -----------  -----------  -----------  -----------
 Net amount after application of master netting agreements and collateral.....  $       96   $        8   $        6   $        6
                                                                               ===========  ===========  ===========  ===========
--------
(1)At December 31, 2020 and 2019, derivative assets included income (expense)
   accruals reported in accrued investment income or in other liabilities of
   $65 million and $85 million, respectively, and derivative liabilities
   included (income) expense accruals reported in accrued investment income or
   in other liabilities of ($47) million and ($9) million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject
   to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared
   derivatives, where the centralized clearinghouse treats variation margin as
   collateral, is included in cash and cash equivalents, short-term investments
   or in fixed maturity securities AFS, and the obligation to return it is
   included in payables for collateral under securities loaned and other
   transactions on the balance sheet.

(4)The receivable for the return of cash collateral provided by the Company is
   inclusive of initial margin on exchange-traded and OTC-cleared derivatives
   and is included in premiums, reinsurance and other receivables on the
   balance sheet. The amount of cash collateral offset in the table above is
   limited to the net estimated fair value of derivatives after application of
   netting agreements. At December 31, 2020 and 2019, the Company received
   excess cash collateral of $175 million and $290 million, respectively, and
   provided no excess cash collateral for either period.

                                    MLIC-85

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


(5)Securities collateral received by the Company is held in separate custodial
   accounts and is not recorded on the balance sheet. Subject to certain
   constraints, the Company is permitted by contract to sell or re-pledge this
   collateral, but at December 31, 2020, none of the collateral had been sold
   or re-pledged. Securities collateral pledged by the Company is reported in
   fixed maturity securities AFS on the balance sheet. Subject to certain
   constraints, the counterparties are permitted by contract to sell or
   re-pledge this collateral. The amount of securities collateral offset in the
   table above is limited to the net estimated fair value of derivatives after
   application of netting agreements and cash collateral. At December 31, 2020
   and 2019, the Company received excess securities collateral with an
   estimated fair value of $150 million and $97 million, respectively, for its
   OTC-bilateral derivatives, which are not included in the table above due to
   the foregoing limitation. At December 31, 2020 and 2019, the Company
   provided excess securities collateral with an estimated fair value of
   $185 million and $48 million, respectively, for its OTC-bilateral
   derivatives, $1.4 billion and $462 million, respectively, for its
   OTC-cleared derivatives, and $188 million and $90 million, respectively, for
   its exchange-traded derivatives, which are not included in the table above
   due to the foregoing limitation.

  The Company's collateral arrangements for its OTC-bilateral derivatives
generally require the counterparty in a net liability position, after
considering the effect of netting agreements, to pledge collateral when the
collateral amount owed by that counterparty reaches a minimum transfer amount.
All of the Company's netting agreements for derivatives contain provisions that
require both Metropolitan Life Insurance Company and the counterparty to
maintain a specific investment grade financial strength or credit rating from
each of Moody's and S&P. If a party's financial strength or credit rating were
to fall below that specific investment grade financial strength or credit
rating, that party would be in violation of these provisions, and the other
party to the derivatives could terminate the transactions and demand immediate
settlement and payment based on such party's reasonable valuation of the
derivatives.

  The following table presents the estimated fair value of the Company's
OTC-bilateral derivatives that were in a net liability position after
considering the effect of netting agreements, together with the estimated fair
value and balance sheet location of the collateral pledged.

                                                                                  December 31,
                                                        -----------------------------------------------------------------
                                                                      2020                             2019
                                                        -------------------------------- --------------------------------
                                                        Derivatives Derivatives          Derivatives Derivatives
                                                        Subject to  Not Subject          Subject to  Not Subject
                                                         Financial  to Financial          Financial  to Financial
                                                         Strength-   Strength-            Strength-   Strength-
                                                        Contingent   Contingent          Contingent   Contingent
                                                        Provisions   Provisions   Total  Provisions   Provisions   Total
                                                        ----------- ------------ ------- ----------- ------------ -------
                                                                                  (In millions)
Estimated fair value of derivatives in a net liability
 position (1)..........................................  $    196      $   --    $   196  $    120      $   --    $   120
Estimated fair value of collateral provided:
Fixed maturity securities AFS..........................  $    239      $   --    $   239  $    135      $   --    $   135
-------------
(1)After taking into consideration the existence of netting agreements.

Embedded Derivatives

  The Company issues certain products or purchases certain investments that
contain embedded derivatives that are required to be separated from their host
contracts and accounted for as freestanding derivatives.

                                    MLIC-86

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


   The following table presents the estimated fair value and balance sheet
location of the Company's embedded derivatives that have been separated from
their host contracts at:

                                                                                    December 31,
                                                                               ----------------------
                                                   Balance Sheet Location         2020       2019
                                                ------------------------------ ---------- -----------
                                                                                   (In millions)
Embedded derivatives within liability host
 contracts:
Direct guaranteed minimum benefits............. Policyholder account balances.  $     488   $     175
Assumed guaranteed minimum benefits............ Policyholder account balances.          5           3
Funds withheld on ceded reinsurance (including
 affiliated)................................... Other liabilities.............      1,428       1,017
Fixed annuities with equity indexed returns.... Policyholder account balances.        139         130
Other guarantees............................... Policyholder account balances.          1          --
                                                                               ---------- -----------
  Embedded derivatives within liability host contracts......................    $   2,061   $   1,325
                                                                               ========== ===========

9. Fair Value

   When developing estimated fair values, the Company considers three broad
valuation approaches: (i) the market approach, (ii) the income approach, and
(iii) the cost approach. The Company determines the most appropriate valuation
approach to use, given what is being measured and the availability of
sufficient inputs, giving priority to observable inputs. The Company
categorizes its assets and liabilities measured at estimated fair value into a
three-level hierarchy, based on the significant input with the lowest level in
its valuation. The input levels are as follows:

Level 1  Unadjusted quoted prices in active markets for identical assets or
         liabilities. The Company defines active markets based on average
         trading volume for equity securities. The size of the bid/ask spread
         is used as an indicator of market activity for fixed maturity
         securities AFS.

Level 2  Quoted prices in markets that are not active or inputs that are
         observable either directly or indirectly. These inputs can include
         quoted prices for similar assets or liabilities other than quoted
         prices in Level 1, quoted prices in markets that are not active, or
         other significant inputs that are observable or can be derived
         principally from or corroborated by observable market data for
         substantially the full term of the assets or liabilities.

Level 3  Unobservable inputs that are supported by little or no market
         activity and are significant to the determination of estimated fair
         value of the assets or liabilities. Unobservable inputs reflect the
         reporting entity's own assumptions about the assumptions that market
         participants would use in pricing the asset or liability.

   Financial markets are susceptible to severe events evidenced by rapid
depreciation in asset values accompanied by a reduction in asset liquidity. The
Company's ability to sell securities, as well as the price ultimately realized
for these securities, depends upon the demand and liquidity in the market and
increases the use of judgment in determining the estimated fair value of
certain securities.

   Considerable judgment is often required in interpreting the market data used
to develop estimates of fair value, and the use of different assumptions or
valuation methodologies may have a material effect on the estimated fair value
amounts.

                                    MLIC-87

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


Recurring Fair Value Measurements

   The assets and liabilities measured at estimated fair value on a recurring
basis and their corresponding placement in the fair value hierarchy, including
those items for which the Company has elected the FVO, are presented below at:

                                                                                    December 31, 2020
                                                          ---------------------------------------------------------------------
                                                                         Fair Value Hierarchy
                                                          ---------------------------------------------------
                                                                                                                   Total
                                                                                                                 Estimated
                                                              Level 1           Level 2          Level 3         Fair Value
                                                          ---------------- ----------------- ---------------- -----------------
                                                                                      (In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate...........................................  $            --  $         53,717  $         6,692  $         60,409
Foreign corporate........................................               --            24,098            8,181            32,279
U.S. government and agency...............................           12,697            18,074               --            30,771
RMBS.....................................................               --            21,186            3,040            24,226
ABS......................................................               --            11,351            1,224            12,575
Municipals...............................................               --             8,983               --             8,983
CMBS.....................................................               --             6,628              201             6,829
Foreign government.......................................               --             5,263                5             5,268
                                                          ---------------- ----------------- ---------------- -----------------
  Total fixed maturity securities AFS....................           12,697           149,300           19,343           181,340
                                                          ---------------- ----------------- ---------------- -----------------
Short-term investments...................................            2,216               406                1             2,623
Residential mortgage loans -- FVO........................               --                --              165               165
Other investments........................................              431               270              565             1,266
Derivative assets: (1)
Interest rate............................................               --             6,816              489             7,305
Foreign currency exchange rate...........................               --             1,408               --             1,408
Credit...................................................               --               109               25               134
Equity market............................................               --               454               17               471
                                                          ---------------- ----------------- ---------------- -----------------
  Total derivative assets................................               --             8,787              531             9,318
                                                          ---------------- ----------------- ---------------- -----------------
Separate account assets (2)..............................           28,296            99,405              945           128,646
                                                          ---------------- ----------------- ---------------- -----------------
  Total assets (3).......................................  $        43,640  $        258,168  $        21,550  $        323,358
                                                          ================ ================= ================ =================
Liabilities
Derivative liabilities: (1)
Interest rate............................................               --                11               68                79
Foreign currency exchange rate...........................               --             1,683                2             1,685
Credit...................................................               --                 9               --                 9
Equity market............................................               16               463                9               488
                                                          ---------------- ----------------- ---------------- -----------------
  Total derivative liabilities...........................               16             2,166               79             2,261
                                                          ---------------- ----------------- ---------------- -----------------
Embedded derivatives within liability host contracts (4).               --                --            2,061             2,061
Separate account liabilities (2).........................               12                 8                6                26
                                                          ---------------- ----------------- ---------------- -----------------
  Total liabilities......................................  $            28  $          2,174  $         2,146  $          4,348
                                                          ================ ================= ================ =================

                                    MLIC-88

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


                                                                                    December 31, 2019
                                                          ---------------------------------------------------------------------
                                                                         Fair Value Hierarchy
                                                          ---------------------------------------------------
                                                                                                                   Total
                                                                                                                 Estimated
                                                              Level 1           Level 2          Level 3         Fair Value
                                                          ---------------- ----------------- ---------------- -----------------
                                                                                      (In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate...........................................  $            --  $         53,975  $         4,484  $         58,459
Foreign corporate........................................               --            25,403            4,898            30,301
U.S. government and agency...............................           11,484            17,764               --            29,248
RMBS.....................................................                3            20,158            2,612            22,773
ABS......................................................               --             9,459              742            10,201
Municipals...............................................               --             7,849                7             7,856
CMBS.....................................................               --             5,679               41             5,720
Foreign government.......................................               --             4,996               10             5,006
                                                          ---------------- ----------------- ---------------- -----------------
  Total fixed maturity securities AFS....................           11,487           145,283           12,794           169,564
                                                          ---------------- ----------------- ---------------- -----------------
Short-term investments...................................            1,077               789               17             1,883
Residential mortgage loans -- FVO........................               --                --              188               188
Other investments........................................              396                56              799             1,251
Derivative assets: (1)
Interest rate............................................               --             5,690               80             5,770
Foreign currency exchange rate...........................               --             1,642               --             1,642
Credit...................................................               --               172               32               204
Equity market............................................               --               439               25               464
                                                          ---------------- ----------------- ---------------- -----------------
  Total derivative assets................................               --             7,943              137             8,080
                                                          ---------------- ----------------- ---------------- -----------------
Separate account assets (2)..............................           22,753            94,192              922           117,867
                                                          ---------------- ----------------- ---------------- -----------------
  Total assets (3).......................................  $        35,713  $        248,263  $        14,857  $        298,833
                                                          ================ ================= ================ =================
Liabilities
Derivative liabilities: (1)
Interest rate............................................  $            --  $            167  $           191  $            358
Foreign currency exchange rate...........................               --             1,225               --             1,225
Credit...................................................               --                11                1                12
Equity market............................................                5               485               17               507
                                                          ---------------- ----------------- ---------------- -----------------
  Total derivative liabilities...........................                5             1,888              209             2,102
                                                          ---------------- ----------------- ---------------- -----------------
Embedded derivatives within liability host contracts (4).               --                --            1,325             1,325
Separate account liabilities (2).........................                1                14                7                22
                                                          ---------------- ----------------- ---------------- -----------------
  Total liabilities......................................  $             6  $          1,902  $         1,541  $          3,449
                                                          ================ ================= ================ =================
--------
(1)Derivative assets are presented within other invested assets on the
   consolidated balance sheets and derivative liabilities are presented within
   other liabilities on the consolidated balance sheets. The amounts are
   presented gross in the tables above to reflect the presentation on the
   consolidated balance sheets, but are presented net for purposes of the
   rollforward in the Fair Value Measurements Using Significant Unobservable
   Inputs (Level 3) tables.

(2)Investment performance related to separate account assets is fully offset by
   corresponding amounts credited to contractholders whose liability is
   reflected within separate account liabilities. Separate account liabilities
   are set equal to the estimated fair value of separate account assets.
   Separate account liabilities presented in the tables above represent
   derivative liabilities.

(3)Total assets included in the fair value hierarchy exclude other limited
   partnership interests that are measured at estimated fair value using the
   net asset value ("NAV") per share (or its equivalent) practical expedient.
   At December 31, 2020 and 2019, the estimated fair value of such investments
   was $70 million and $90 million, respectively.

                                    MLIC-89

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


(4)Embedded derivatives within liability host contracts are presented within
   policyholder account balances and other liabilities on the consolidated
   balance sheets.

  The following describes the valuation methodologies used to measure assets
and liabilities at fair value.

  Investments

   Securities, Short-term Investments and Other Investments

     When available, the estimated fair value of these financial instruments is
   based on quoted prices in active markets that are readily and regularly
   obtainable. Generally, these are the most liquid of the Company's securities
   holdings and valuation of these securities does not involve management's
   judgment.

     When quoted prices in active markets are not available, the determination
   of estimated fair value is based on market standard valuation methodologies,
   giving priority to observable inputs. The significant inputs to the market
   standard valuation methodologies for certain types of securities with
   reasonable levels of price transparency are inputs that are observable in
   the market or can be derived principally from, or corroborated by,
   observable market data. When observable inputs are not available, the market
   standard valuation methodologies rely on inputs that are significant to the
   estimated fair value that are not observable in the market or cannot be
   derived principally from, or corroborated by, observable market data. These
   unobservable inputs can be based in large part on management's judgment or
   estimation and cannot be supported by reference to market activity. Even
   though these inputs are unobservable, management believes they are
   consistent with what other market participants would use when pricing such
   securities and are considered appropriate given the circumstances.

     The estimated fair value of short-term investments and other investments
   is determined on a basis consistent with the methodologies described herein
   for securities.

     The valuation approaches and key inputs for each category of assets or
   liabilities that are classified within Level 2 and Level 3 of the fair value
   hierarchy are presented below. The primary valuation approaches are the
   market approach, which considers recent prices from market transactions
   involving identical or similar assets or liabilities, and the income
   approach, which converts expected future amounts (e.g. cash flows) to a
   single current, discounted amount. The valuation

                                    MLIC-90

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)

   of most instruments listed below is determined using independent pricing
   sources, matrix pricing, discounted cash flow methodologies or other similar
   techniques that use either observable market inputs or unobservable inputs.

-----------------------------------------------------------------------------------------
                           Level 2                                Level 3
Instrument            Observable Inputs                     Unobservable Inputs
-----------------------------------------------------------------------------------------
 Fixed maturity securities AFS
-----------------------------------------------------------------------------------------
  U.S. corporate and Foreign corporate securities
-----------------------------------------------------------------------------------------
            Valuation Approaches: Principally the  Valuation Approaches: Principally the
            market and income approaches.          market approach.
            Key Inputs:                            Key Inputs:
            . quoted prices in markets that are    .illiquidity premium
              not active
            . benchmark yields; spreads off        .delta spread adjustments to reflect
              benchmark yields; new issuances;      specific credit-related issues
              issuer ratings
            . trades of identical or comparable    .credit spreads
              securities; duration
            . privately-placed securities are
              valued using the additional key      . quoted prices in markets that are
              inputs:                                not active for identical or similar
            . market yield curve; call provisions    securities that are less liquid and
             . observable prices and spreads for     based on lower levels of trading
               similar public or private             activity than securities classified
               securities that incorporate the       in Level 2
               credit quality and industry sector  .independent non-binding broker
               of the issuer                        quotations
            . delta spread adjustments to reflect
              specific credit-related issues
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
  U.S. government and agency securities, Municipals and Foreign government securities
-----------------------------------------------------------------------------------------
            Valuation Approaches: Principally the  Valuation Approaches: Principally the
            market approach.                       market approach.
            Key Inputs:                            Key Inputs:
            .quoted prices in markets that are     .independent non-binding broker
             not active                             quotations
            .benchmark U.S. Treasury yield or      . quoted prices in markets that are
             other yields                            not active for identical or similar
                                                     securities that are less liquid and
            .the spread off the U.S. Treasury        based on lower levels of trading
             yield curve for the identical           activity than securities classified
             security                                in Level 2
            .issuer ratings and issuer spreads;    .credit spreads
             broker-dealer quotations
            .comparable securities that are
             actively traded
-----------------------------------------------------------------------------------------
  Structured Products
-----------------------------------------------------------------------------------------
            Valuation Approaches: Principally the  Valuation Approaches: Principally the
            market and income approaches.          market and income approaches.
            Key Inputs:                            Key Inputs:
            .quoted prices in markets that are     .credit spreads
             not active
            .spreads for actively traded           . quoted prices in markets that are
             securities; spreads off benchmark       not active for identical or similar
             yields                                  securities that are less liquid and
                                                     based on lower levels of trading
            .expected prepayment speeds and          activity than securities classified
             volumes                                 in Level 2
            .current and forecasted loss           .independent non-binding broker
             severity; ratings; geographic region   quotations
            .weighted average coupon and weighted  .credit ratings
             average maturity
            .average delinquency rates;
             debt-service coverage ratios
            .credit ratings
            .issuance-specific information,
             including, but not limited to:
             .collateral type; structure of the
              security; vintage of the loans
             .payment terms of the underlying
              assets
             .payment priority within the
              tranche; deal performance
-----------------------------------------------------------------------------------------
Short-term investments and Other investments
-----------------------------------------------------------------------------------------
            . Certain short-term investments and   . Certain short-term investments and
               other investments are of a similar     other investments are of a similar
               nature and class to the fixed          nature and class to the fixed
               maturity securities AFS described      maturity securities AFS described
               above; while certain other             above, while certain other
               investments are similar to equity      investments are similar to equity
               securities. The valuation              securities. The valuation
               approaches and observable inputs       approaches and unobservable inputs
               used in their valuation are also       used in their valuation are also
               similar to those described above.      similar to those described above.
               Other investments contain equity       Other investments contain equity
               securities valued using quoted         securities that use key
               prices in markets that are not         unobservable inputs such as credit
               considered active.                     ratings; issuance structures, in
                                                      addition to those described above
                                                      for fixed maturities AFS.
-----------------------------------------------------------------------------------------
  Residential mortgage loans -- FVO
-----------------------------------------------------------------------------------------
            .N/A                                     Valuation Approaches: Principally
                                                     the market approach.
                                                     Valuation Techniques and Key
                                                     Inputs: These investments are based
                                                     primarily on matrix pricing or
                                                     other similar techniques that
                                                     utilize inputs from mortgage
                                                     servicers that are unobservable or
                                                     cannot be derived principally from,
                                                     or corroborated by, observable
                                                     market data.
-----------------------------------------------------------------------------------------
Separate account assets and Separate account liabilities (1)
-----------------------------------------------------------------------------------------
  Mutual funds and hedge funds without readily determinable fair values as prices are
    not published publicly
-----------------------------------------------------------------------------------------
            Key Input:                             .N/A
            .quoted prices or reported NAV
             provided by the fund managers
-----------------------------------------------------------------------------------------
  Other limited partnership interests
-----------------------------------------------------------------------------------------
            .N/A                                     Valued giving consideration to the
                                                     underlying holdings of the
                                                     partnerships and adjusting, if
                                                     appropriate.
                                                   Key Inputs:
                                                   .liquidity; bid/ask spreads;
                                                    performance record of the fund
                                                    manager
                                                   .other relevant variables that may
                                                    impact the exit value of the
                                                    particular partnership interest
-           -----------------------------------------------------------------------------

                                    MLIC-91

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


--------

(1)Estimated fair value equals carrying value, based on the value of the
   underlying assets, including: mutual fund interests, fixed maturity
   securities, equity securities, derivatives, hedge funds, other limited
   partnership interests, short-term investments and cash and cash equivalents.
   Fixed maturity securities, equity securities, derivatives, short-term
   investments and cash and cash equivalents are similar in nature to the
   instruments described under "-- Securities, Short-term Investments and Other
   Investments" and "-- Derivatives -- Freestanding Derivatives."

  Derivatives

    The estimated fair value of derivatives is determined through the use of
  quoted market prices for exchange-traded derivatives, or through the use of
  pricing models for OTC-bilateral and OTC-cleared derivatives. The
  determination of estimated fair value, when quoted market values are not
  available, is based on market standard valuation methodologies and inputs
  that management believes are consistent with what other market participants
  would use when pricing such instruments. Derivative valuations can be
  affected by changes in interest rates, foreign currency exchange rates,
  financial indices, credit spreads, default risk, nonperformance risk,
  volatility, liquidity and changes in estimates and assumptions used in the
  pricing models.

    The significant inputs to the pricing models for most OTC-bilateral and
  OTC-cleared derivatives are inputs that are observable in the market or can
  be derived principally from, or corroborated by, observable market data.
  Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are
  significant to the estimated fair value that are not observable in the market
  or cannot be derived principally from, or corroborated by, observable market
  data. These unobservable inputs may involve significant management judgment
  or estimation. Even though unobservable, these inputs are based on
  assumptions deemed appropriate given the circumstances and management
  believes they are consistent with what other market participants would use
  when pricing such instruments.

    Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market
  inputs but, in certain cases, liquidity adjustments are made when they are
  deemed more representative of exit value. Market liquidity, as well as the
  use of different methodologies, assumptions and inputs, may have a material
  effect on the estimated fair values of the Company's derivatives and could
  materially affect net income.

    The credit risk of both the counterparty and the Company are considered in
  determining the estimated fair value for all OTC-bilateral and OTC-cleared
  derivatives, and any potential credit adjustment is based on the net exposure
  by counterparty after taking into account the effects of netting agreements
  and collateral arrangements. The Company values its OTC-bilateral and
  OTC-cleared derivatives using standard swap curves which may include a spread
  to the risk-free rate, depending upon specific collateral arrangements. This
  credit spread is appropriate for those parties that execute trades at pricing
  levels consistent with similar collateral arrangements. As the Company and
  its significant derivative counterparties generally execute trades at such
  pricing levels and hold sufficient collateral, additional credit risk
  adjustments are not currently required in the valuation process. The
  Company's ability to consistently execute at such pricing levels is, in part,
  due to the netting agreements and collateral arrangements that are in place
  with all of its significant derivative counterparties. An evaluation of the
  requirement to make additional credit risk adjustments is performed by the
  Company each reporting period.

  Freestanding Derivatives

   Level 2 Valuation Approaches and Key Inputs:

     This level includes all types of derivatives utilized by the Company with
  the exception of exchange-traded derivatives included within Level 1 and
  those derivatives with unobservable inputs as described in Level 3.

   Level 3 Valuation Approaches and Key Inputs:

    These valuation methodologies generally use the same inputs as described in
  the corresponding sections for Level 2 measurements of derivatives. However,
  these derivatives result in Level 3 classification because one or more of the
  significant inputs are not observable in the market or cannot be derived
  principally from, or corroborated by, observable market data.

                                    MLIC-92

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


    Freestanding derivatives are principally valued using the income approach.
  Valuations of non-option-based derivatives utilize present value techniques,
  whereas valuations of option-based derivatives utilize option pricing models.
  Key inputs are as follows:

-----------------------------------------------------------------------------------------------------------------------------
                                                                            Foreign Currency
              Instrument                         Interest Rate                Exchange Rate                Credit
-----------------------------------------------------------------------------------------------------------------------------
Inputs common to Level 2 and Level 3     swap yield curves               swap yield curves        swap yield curves
 by instrument type                      basis curves                    basis curves             credit curves
                                         interest rate volatility (1)    currency spot rates      recovery rates
                                                                         cross currency basis
                                                                          curves
------------------------------------------                               -                        -
Level 3                                  swap yield curves (2)           swap yield curves (2)    swap yield curves (2)
                                         basis curves (2)                basis curves (2)         credit curves (2)
                                         repurchase rates                cross currency basis     credit spreads
                                                                          curves (2)              repurchase rates
                                                                         currency correlation     independent non-binding
                                                                                                    broker quotations
-                                        -                               -                        -
----------------------------------------------------------------------

              Instrument                        Equity Market
----------------------------------------------------------------------
Inputs common to Level 2 and Level 3     swap yield curves
 by instrument type                      spot equity index levels
                                         dividend yield curves
                                         equity volatility (1)

-----------------------------------------
Level 3                                  dividend yield curves (2)
                                         equity volatility (1), (2)
                                         correlation between
                                           model inputs (1)


-

--------

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

  Embedded Derivatives

    Embedded derivatives principally include certain direct and assumed
  variable annuity guarantees, annuity contracts, and investment risk within
  funds withheld related to certain reinsurance agreements. Embedded
  derivatives are recorded at estimated fair value with changes in estimated
  fair value reported in net income.

    The Company issues certain variable annuity products with guaranteed
  minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded
  derivatives, which are measured at estimated fair value separately from the
  host variable annuity contract, with changes in estimated fair value reported
  in net derivative gains (losses). These embedded derivatives are classified
  within policyholder account balances on the consolidated balance sheets.

    The Company calculates the fair value of these embedded derivatives, which
  is estimated as the present value of projected future benefits minus the
  present value of projected future fees using actuarial and capital market
  assumptions including expectations concerning policyholder behavior. The
  calculation is based on in-force business, projecting future cash flows from
  the embedded derivative over multiple risk neutral stochastic scenarios using
  observable risk-free rates.

    Capital market assumptions, such as risk-free rates and implied
  volatilities, are based on market prices for publicly traded instruments to
  the extent that prices for such instruments are observable. Implied
  volatilities beyond the observable period are extrapolated based on
  observable implied volatilities and historical volatilities. Actuarial
  assumptions, including mortality, lapse, withdrawal and utilization, are
  unobservable and are reviewed at least annually based on actuarial studies of
  historical experience.

    The valuation of these guarantee liabilities includes nonperformance risk
  adjustments and adjustments for a risk margin related to non-capital market
  inputs. The nonperformance adjustment is determined by taking into
  consideration publicly available information relating to spreads in the
  secondary market for MetLife, Inc.'s debt, including related credit default
  swaps. These observable spreads are then adjusted, as necessary, to reflect
  the priority of these liabilities and the claims paying ability of the
  issuing insurance subsidiaries as compared to MetLife, Inc.

    Risk margins are established to capture the non-capital market risks of the
  instrument which represent the additional compensation a market participant
  would require to assume the risks related to the uncertainties of such
  actuarial assumptions as annuitization, premium persistency, partial
  withdrawal and surrenders. The establishment of risk margins

                                    MLIC-93

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)

  requires the use of significant management judgment, including assumptions of
  the amount and cost of capital needed to cover the guarantees. These
  guarantees may be more costly than expected in volatile or declining equity
  markets. Market conditions including, but not limited to, changes in interest
  rates, equity indices, market volatility and foreign currency exchange rates;
  changes in nonperformance risk; and variations in actuarial assumptions
  regarding policyholder behavior, mortality and risk margins related to
  non-capital market inputs, may result in significant fluctuations in the
  estimated fair value of the guarantees that could materially affect net
  income.

    The estimated fair value of the embedded derivatives within funds withheld
  related to certain ceded reinsurance is determined based on the change in
  estimated fair value of the underlying assets held by the Company in a
  reference portfolio backing the funds withheld liability. The estimated fair
  value of the underlying assets is determined as described in "-- Investments
  -- Securities, Short-term Investments and Other Investments." The estimated
  fair value of these embedded derivatives is included, along with their funds
  withheld hosts, in other liabilities on the consolidated balance sheets with
  changes in estimated fair value recorded in net derivative gains (losses).
  Changes in the credit spreads on the underlying assets, interest rates and
  market volatility may result in significant fluctuations in the estimated
  fair value of these embedded derivatives that could materially affect net
  income.

    The Company issues certain annuity contracts which allow the policyholder
  to participate in returns from equity indices. These equity indexed features
  are embedded derivatives which are measured at estimated fair value
  separately from the host fixed annuity contract, with changes in estimated
  fair value reported in net derivative gains (losses). These embedded
  derivatives are classified within policyholder account balances on the
  consolidated balance sheets.

    The estimated fair value of the embedded equity indexed derivatives, based
  on the present value of future equity returns to the policyholder using
  actuarial and present value assumptions including expectations concerning
  policyholder behavior, is calculated by the Company's actuarial department.
  The calculation is based on in-force business and uses standard capital
  market techniques, such as Black-Scholes, to calculate the value of the
  portion of the embedded derivative for which the terms are set. The portion
  of the embedded derivative covering the period beyond where terms are set is
  calculated as the present value of amounts expected to be spent to provide
  equity indexed returns in those periods. The valuation of these embedded
  derivatives also includes the establishment of a risk margin, as well as
  changes in nonperformance risk.

   Embedded Derivatives Within Asset and Liability Host Contracts

    Level 3 Valuation Approaches and Key Inputs:

      Direct and assumed guaranteed minimum benefits

         These embedded derivatives are principally valued using the income
      approach. Valuations are based on option pricing techniques, which
      utilize significant inputs that may include swap yield curves, currency
      exchange rates and implied volatilities. These embedded derivatives
      result in Level 3 classification because one or more of the significant
      inputs are not observable in the market or cannot be derived principally
      from, or corroborated by, observable market data. Significant
      unobservable inputs generally include: the extrapolation beyond
      observable limits of the swap yield curves and implied volatilities,
      actuarial assumptions for policyholder behavior and mortality and the
      potential variability in policyholder behavior and mortality,
      nonperformance risk and cost of capital for purposes of calculating the
      risk margin.

      Embedded derivatives within funds withheld related to certain ceded
      reinsurance

         These embedded derivatives are principally valued using the income
      approach. The valuations are based on present value techniques, which
      utilize significant inputs that may include the swap yield curves and the
      fair value of assets within the reference portfolio. These embedded
      derivatives result in Level 3 classification because one or more of the
      significant inputs are not observable in the market or cannot be derived
      principally from, or corroborated by, observable market data. Significant
      unobservable inputs generally include the fair value of certain assets
      within the reference portfolio which are not observable in the market and
      cannot be derived principally from, or corroborated by, observable market
      data.

                                    MLIC-94

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


Transfers between Levels

   Overall, transfers between levels occur when there are changes in the
 observability of inputs and market activity.

  Transfers into or out of Level 3:

      Assets and liabilities are transferred into Level 3 when a significant
   input cannot be corroborated with market observable data. This occurs when
   market activity decreases significantly and underlying inputs cannot be
   observed, current prices are not available, and/or when there are
   significant variances in quoted prices, thereby affecting transparency.
   Assets and liabilities are transferred out of Level 3 when circumstances
   change such that a significant input can be corroborated with market
   observable data. This may be due to a significant increase in market
   activity, a specific event, or one or more significant input(s) becoming
   observable.

  Assets and Liabilities Measured at Fair Value Using Significant Unobservable
  Inputs (Level 3)

    The following table presents certain quantitative information about the
  significant unobservable inputs used in the fair value measurement, and the
  sensitivity of the estimated fair value to changes in those inputs, for the
  more significant asset and liability classes measured at fair value on a
  recurring basis using significant unobservable inputs (Level 3) at:

                                                                                          December 31, 2020
                                                                                     --------------------------
                                                                Significant                             Weighted
                                  Valuation Techniques      Unobservable Inputs           Range        Average (1)
                               --------------------------- -----------------------   --------------    -----------
Fixed maturity securities AFS (3)
U.S. corporate and foreign
 corporate.................... Matrix pricing              Offered quotes (4)          --   -    186       118
                               Market pricing              Quoted prices (4)           --   -    116        99
                               ------------------------------------------------------------------------------------
RMBS.......................... Market pricing              Quoted prices (4)           --   -    159        98
                               ------------------------------------------------------------------------------------
ABS........................... Market pricing              Quoted prices (4)           1    -    107       100
                               ------------------------------------------------------------------------------------
Derivatives
Interest rate................. Present value techniques    Swap yield (6)              92   -    184       149
                                                           Repurchase rates (8)       (12)  -     1        (6)

                               ------------------------------------------------------------------------------------
Foreign currency exchange      Present value
 rate.........................     techniques              Swap yield (6)             (31)  -    (13)      (20)
                               ------------------------------------------------------------------------------------
Credit........................ Present value
                                   techniques              Credit spreads (9)          96   -     99        98
                               Consensus pricing           Offered quotes (10)
                               ------------------------------------------------------------------------------------
Equity market................. Present value               Volatility (11)            21%   -    28%       28%
                                   techniques or
                                   option pricing
                                   models
                                                           Correlation (12)           10%   -    30%       10%
                               ------------------------------------------------------------------------------------
Embedded derivatives
Direct and assumed guaranteed  Option pricing              Mortality rates:
 minimum benefits.............     techniques
                                                               Ages 0 - 40           0.01%  -   0.12%     0.06%
                                                               Ages 41 - 60          0.05%  -   0.65%     0.30%
                                                               Ages 61 - 115         0.31%  -    100%     1.90%
                                                           Lapse rates:
                                                               Durations 1 - 10      0.25%  -    100%     6.86%
                                                               Durations 11 - 20     4.70%  -    100%     5.18%
                                                               Durations 21 - 116      2%   -    100%     5.18%
                                                           Utilization rates           0%   -    22%      0.17%
                                                           Withdrawal rates          0.25%  -    10%      3.98%
                                                           Long-term equity          16.66% -   22.21%    18.70%
                                                               volatilities
                                                           Nonperformance risk       0.04%  -   0.39%     0.40%
                                                               spread
                                                                                          December 31, 2019
                                                                                     ---------------------------
                                                                Significant                             Weighted
                                  Valuation Techniques      Unobservable Inputs           Range        Average (1)
                               --------------------------- -----------------------   --------------    -----------
Fixed maturity securities AFS (3)
U.S. corporate and foreign
 corporate.................... Matrix pricing              Offered quotes (4)          5    -    145       110
                               Market pricing              Quoted prices (4)           25   -    131       101
                               ------------------------------------------------------------------------------------
RMBS.......................... Market pricing              Quoted prices (4)           --   -    119       95
                               ------------------------------------------------------------------------------------
ABS........................... Market pricing              Quoted prices (4)           8    -    101       98
                               ------------------------------------------------------------------------------------
Derivatives
Interest rate................. Present value techniques    Swap yield (6)             190   -    251
                                                           Repurchase rates (8)       (6)   -     6

                               ------------------------------------------------------------------------------------
Foreign currency exchange      Present value
 rate.........................     techniques              Swap yield (6)             (22)  -    (5)
                               ------------------------------------------------------------------------------------
Credit........................ Present value
                                   techniques              Credit spreads (9)          96   -    100
                               Consensus pricing           Offered quotes (10)
                               ------------------------------------------------------------------------------------
Equity market................. Present value               Volatility (11)            14%   -    23%
                                   techniques or
                                   option pricing
                                   models
                                                           Correlation (12)           10%   -    30%
                               ------------------------------------------------------------------------------------
Embedded derivatives
Direct and assumed guaranteed  Option pricing              Mortality rates:
 minimum benefits.............     techniques
                                                               Ages 0 - 40           0.01%  -   0.18%
                                                               Ages 41 - 60          0.04%  -   0.57%
                                                               Ages 61 - 115         0.26%  -    100%
                                                           Lapse rates:
                                                               Durations 1 - 10      0.25%  -    100%
                                                               Durations 11 - 20       3%   -    100%
                                                               Durations 21 - 116      2%   -    100%
                                                           Utilization rates           0%   -    22%
                                                           Withdrawal rates          0.25%  -    10%
                                                           Long-term equity          16.24% -   21.65%
                                                               volatilities
                                                           Nonperformance risk       0.03%  -   0.43%
                                                               spread
                                                                                        Impact of
                                                                                     Increase in Input
                                                                Significant            on Estimated
                                  Valuation Techniques      Unobservable Inputs       Fair Value (2)
                               --------------------------- -----------------------   -----------------
Fixed maturity securities AFS (3)
U.S. corporate and foreign
 corporate.................... Matrix pricing              Offered quotes (4)           Increase
                               Market pricing              Quoted prices (4)            Increase
                               ------------------------------------------------------------------------
RMBS.......................... Market pricing              Quoted prices (4)          Increase (5)
                               ------------------------------------------------------------------------
ABS........................... Market pricing              Quoted prices (4)          Increase (5)
                               ------------------------------------------------------------------------
Derivatives
Interest rate................. Present value techniques    Swap yield (6)             Increase (7)
                                                           Repurchase rates (8)       Decrease (7)
                                                                                     ------------------
                               ------------------------------------------------------
Foreign currency exchange      Present value
 rate.........................     techniques              Swap yield (6)             Increase (7)
                               ------------------------------------------------------------------------
Credit........................ Present value
                                   techniques              Credit spreads (9)         Decrease (7)
                               Consensus pricing           Offered quotes (10)
                               ------------------------------------------------------------------------
Equity market................. Present value               Volatility (11)            Increase (7)
                                   techniques or
                                   option pricing
                                   models
                                                           Correlation (12)
                               ------------------------------------------------------------------------
Embedded derivatives
Direct and assumed guaranteed  Option pricing              Mortality rates:
 minimum benefits.............     techniques
                                                               Ages 0 - 40            Decrease (13)
                                                               Ages 41 - 60           Decrease (13)
                                                               Ages 61 - 115          Decrease (13)
                                                           Lapse rates:
                                                               Durations 1 - 10       Decrease (14)
                                                               Durations 11 - 20      Decrease (14)
                                                               Durations 21 - 116     Decrease (14)
                                                           Utilization rates          Increase (15)
                                                           Withdrawal rates             (16)
                                                           Long-term equity           Increase (17)
                                                               volatilities
                                                           Nonperformance risk        Decrease (18)
                                                               spread

--------

(1) The weighted average for fixed maturity securities AFS and derivatives is
    determined based on the estimated fair value of the securities and
    derivatives. The weighted average for embedded derivatives is determined
    based on a combination of account values and experience data.

                                    MLIC-95

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


(2) The impact of a decrease in input would have resulted in the opposite
    impact on estimated fair value. For embedded derivatives, changes to direct
    and assumed guaranteed minimum benefits are based on liability positions.

(3) Significant increases (decreases) in expected default rates in isolation
    would have resulted in substantially lower (higher) valuations.

(4) Range and weighted average are presented in accordance with the market
    convention for fixed maturity securities AFS of dollars per hundred dollars
    of par.

(5) Changes in the assumptions used for the probability of default would have
    been accompanied by a directionally similar change in the assumption used
    for the loss severity and a directionally opposite change in the
    assumptions used for prepayment rates.

(6) Ranges represent the rates across different yield curves and are presented
    in basis points. The swap yield curves are utilized among different types
    of derivatives to project cash flows, as well as to discount future cash
    flows to present value. Since this valuation methodology uses a range of
    inputs across a yield curve to value the derivative, presenting a range is
    more representative of the unobservable input used in the valuation.
(7) Changes in estimated fair value are based on long U.S. dollar net asset
    positions and will be inversely impacted for short U.S. dollar net asset
    positions.

(8) Ranges represent different repurchase rates utilized as components within
    the valuation methodology and are presented in basis points.

(9) Represents the risk quoted in basis points of a credit default event on the
    underlying instrument. Credit derivatives with significant unobservable
    inputs are primarily comprised of written credit default swaps.

(10)At both December 31, 2020 and 2019, independent non-binding broker
    quotations were used in the determination of less than 1% of the total net
    derivative estimated fair value.

(11)Ranges represent the underlying equity volatility quoted in percentage
    points. Since this valuation methodology uses a range of inputs across
    multiple volatility surfaces to value the derivative, presenting a range is
    more representative of the unobservable input used in the valuation.

(12)Ranges represent the different correlation factors utilized as components
    within the valuation methodology. Presenting a range of correlation factors
    is more representative of the unobservable input used in the valuation.
    Increases (decreases) in correlation in isolation will increase (decrease)
    the significance of the change in valuations.

(13)Mortality rates vary by age and by demographic characteristics such as
    gender. Mortality rate assumptions are based on company experience. A
    mortality improvement assumption is also applied. For any given contract,
    mortality rates vary throughout the period over which cash flows are
    projected for purposes of valuing the embedded derivative.

(14)Base lapse rates are adjusted at the contract level based on a comparison
    of the actuarially calculated guaranteed values and the current
    policyholder account value, as well as other factors, such as the
    applicability of any surrender charges. A dynamic lapse function reduces
    the base lapse rate when the guaranteed amount is greater than the account
    value as in the money contracts are less likely to lapse. Lapse rates are
    also generally assumed to be lower in periods when a surrender charge
    applies. For any given contract, lapse rates vary throughout the period
    over which cash flows are projected for purposes of valuing the embedded
    derivative.

(15)The utilization rate assumption estimates the percentage of contractholders
    with GMIBs or a lifetime withdrawal benefit who will elect to utilize the
    benefit upon becoming eligible. The rates may vary by the type of
    guarantee, the amount by which the guaranteed amount is greater than the
    account value, the contract's withdrawal history and by the age of the
    policyholder. For any given contract, utilization rates vary throughout the
    period over which cash flows are projected for purposes of valuing the
    embedded derivative.

(16)The withdrawal rate represents the percentage of account balance that any
    given policyholder will elect to withdraw from the contract each year. The
    withdrawal rate assumption varies by age and duration of the contract, and
    also by other factors such as benefit type. For any given contract,
    withdrawal rates vary throughout the period over which cash flows

                                    MLIC-96

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)

    are projected for purposes of valuing the embedded derivative. For GMWBs,
    any increase (decrease) in withdrawal rates results in an increase
    (decrease) in the estimated fair value of the guarantees. For GMABs and
    GMIBs, any increase (decrease) in withdrawal rates results in a decrease
    (increase) in the estimated fair value.

(17)Long-term equity volatilities represent equity volatility beyond the period
    for which observable equity volatilities are available. For any given
    contract, long-term equity volatility rates vary throughout the period over
    which cash flows are projected for purposes of valuing the embedded
    derivative.

(18)Nonperformance risk spread varies by duration and by currency. For any
    given contract, multiple nonperformance risk spreads will apply, depending
    on the duration of the cash flow being discounted for purposes of valuing
    the embedded derivative.

  Generally, all other classes of assets and liabilities classified within
Level 3 that are not included in the preceding table use the same valuation
techniques and significant unobservable inputs as previously described for
Level 3. The sensitivity of the estimated fair value to changes in the
significant unobservable inputs for these other assets and liabilities is
similar in nature to that described in the preceding table. The valuation
techniques and significant unobservable inputs used in the fair value
measurement for the more significant assets measured at estimated fair value on
a nonrecurring basis and determined using significant unobservable inputs
(Level 3) are summarized in "-- Nonrecurring Fair Value Measurements."

  The following tables summarize the change of all assets (liabilities)
measured at estimated fair value on a recurring basis using significant
unobservable inputs (Level 3):

                                         Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
                                         ----------------------------------------------------------------------
                                                    Fixed Maturity Securities AFS
                                         --------------------------------------------------------
                                                           Structured                   Foreign     Short-term
                                          Corporate (6)     Products      Municipals   Government   Investments
                                         --------------   ------------   -----------  -----------  ------------
                                                                   (In millions)
Balance, January 1, 2019................ $       7,101    $      3,541    $      --    $     10      $     25
Total realized/unrealized gains
 (losses) included in net income (loss)
 (1), (2)...............................           (41)             43           --          --            --
Total realized/unrealized gains
 (losses) included in AOCI..............           564              30           --          --            --
Purchases (3)...........................         2,335             703            7           1            17
Sales (3)...............................          (699)           (538)          --          (2)          (25)
Issuances (3)...........................            --              --           --          --            --
Settlements (3).........................            --              --           --          --            --
Transfers into Level 3 (4)..............           504              --           --           1            --
Transfers out of Level 3 (4)............          (382)           (384)          --          --            --
                                         -------------    ------------    ---------    --------      --------
Balance, December 31, 2019..............         9,382           3,395            7          10            17
Total realized/unrealized gains
 (losses) included in net income (loss)
 (1), (2)...............................           (91)             46           --          --            --
Total realized/unrealized gains
 (losses) included in AOCI..............           979              22           --          --            --
Purchases (3)...........................         3,018           1,670           --          --             1
Sales (3)...............................          (960)           (740)          --          (2)           (2)
Issuances (3)...........................            --              --           --          --            --
Settlements (3).........................            --              --           --          --            --
Transfers into Level 3 (4)..............         2,968             108           --          --            --
Transfers out of Level 3 (4)............          (423)            (36)          (7)         (3)          (15)
                                         -------------    ------------    ---------    --------      --------
Balance, December 31, 2020.............. $      14,873    $      4,465    $      --    $      5      $      1
                                         =============    ============    =========    ========      ========
Changes in unrealized gains (losses)
 included in net income (loss) for the
 instruments still held at December 31,
 2018: (5).............................. $          (5)   $         68    $      --    $     --      $     --
                                         =============    ============    =========    ========      ========
Changes in unrealized gains (losses)
 included in net income (loss) for the
 instruments still held at December 31,
 2019: (5).............................. $         (34)   $         42    $      --    $     --      $     --
                                         =============    ============    =========    ========      ========
Changes in unrealized gains (losses)
 included in net income (loss) for the
 instruments still held at
 December 31, 2020 (5).................. $         (53)   $         52    $      --    $     --      $     --
                                         =============    ============    =========    ========      ========
Changes in unrealized gains (losses)
 included in AOCI for the instruments
 still held at December 31, 2020: (5)... $         963    $         22    $      --    $     --      $     --
                                         =============    ============    =========    ========      ========
Gains (Losses) Data for the year ended
 December 31, 2018......................
Total realized/unrealized gains
 (losses) included in net income (loss)
 (1), (2)............................... $           2    $         79    $      --    $      1      $     --
Total realized/unrealized gains
 (losses) included in AOCI.............. $        (463)   $        (31)   $      --    $     (1)     $     --

                                    MLIC-97

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


                                                        Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
                                                        ----------------------------------------------------------------------
                                                        Residential                     Net        Net Embedded
                                                         Mortgage        Other      Derivatives    Derivatives      Separate
                                                        Loans - FVO   Investments       (7)            (8)        Accounts (9)
                                                        -----------   -----------   -----------   -------------   ------------
                                                                                 (In millions)
Balance, January 1, 2019............................... $      299    $      571    $     (192)   $        (704)   $      937
Total realized/unrealized gains (losses) included in
 net income (loss) (1), (2)............................          7            94           (36)            (429)            7
Total realized/unrealized gains (losses) included in
 AOCI..................................................         --            --           161               --            --
Purchases (3)..........................................         --           232             4               --           126
Sales (3)..............................................        (87)          (98)           --               --          (151)
Issuances (3)..........................................         --            --            (1)              --            (3)
Settlements (3)........................................        (31)           --            (8)            (192)            2
Transfers into Level 3 (4).............................         --            --            --               --            --
Transfers out of Level 3 (4)...........................         --            --            --               --            (3)
                                                        ----------    ----------    ----------    -------------    ----------
Balance, December 31, 2019.............................        188           799           (72)          (1,325)          915
Total realized/unrealized gains (losses) included in
 net income (loss) (1), (2)............................          9            73           176             (557)           --
Total realized/unrealized gains (losses) included in
 AOCI..................................................         --            --           772               --            --
Purchases (3)..........................................         --            33             4               --           184
Sales (3)..............................................        (13)         (147)           --               --          (153)
Issuances (3)..........................................         --            --            (2)              --            (4)
Settlements (3)........................................        (19)           --          (426)            (179)            1
Transfers into Level 3 (4).............................         --            --            --               --             1
Transfers out of Level 3 (4)...........................         --          (193)           --               --            (5)
                                                        ----------    ----------    ----------    -------------    ----------
Balance, December 31, 2020............................. $      165    $      565    $      452    $      (2,061)   $      939
                                                        ==========    ==========    ==========    =============    ==========
Changes in unrealized gains (losses) included in net
 income (loss) for the instruments still held at
 December 31, 2018: (5)................................ $      (15)   $        1    $       18    $         387    $       --
                                                        ==========    ==========    ==========    =============    ==========
Changes in unrealized gains (losses) included in net
 income (loss) for the instruments still held at
 December 31, 2019: (5)................................ $      (14)   $       86    $      (44)   $        (422)   $       --
                                                        ==========    ==========    ==========    =============    ==========
Changes in unrealized gains (losses) included in net
 income (loss) for the instruments still held at
 December 31, 2020: (5)................................ $        3    $       67    $      (76)   $        (565)   $       --
                                                        ==========    ==========    ==========    =============    ==========
Changes in unrealized gains (losses) included in AOCI
 for the instruments still held at December 31, 2020:
 (5)................................................... $       --    $       --    $      579    $          --    $       --
                                                        ==========    ==========    ==========    =============    ==========
Gains (Losses) Data for the year ended December 31,
 2018..................................................
Total realized/unrealized gains (losses) included in
 net income (loss) (1), (2)............................ $        7    $       (8)   $      (69)   $         376    $        7
Total realized/unrealized gains (losses) included in
 AOCI.................................................. $       --    $       --    $     (110)   $          --    $       --

--------

(1) Amortization of premium/accretion of discount is included within net
    investment income. Impairments charged to net income (loss) on securities
    are included in net investment gains (losses), while changes in estimated
    fair value of residential mortgage loans -- FVO are included in net
    investment income. Lapses associated with net embedded derivatives are
    included in net derivative gains (losses). Substantially all
    realized/unrealized gains (losses) included in net income (loss) for net
    derivatives and net embedded derivatives are reported in net derivative
    gains (losses).

(2) Interest and dividend accruals, as well as cash interest coupons and
    dividends received, are excluded from the rollforward.

(3) Items purchased/issued and then sold/settled in the same period are
    excluded from the rollforward. Fees attributed to embedded derivatives are
    included in settlements.

(4) Items transferred into and then out of Level 3 in the same period are
    excluded from the rollforward.

(5) Changes in unrealized gains (losses) included in net income (loss) and
    included in AOCI relate to assets and liabilities still held at the end of
    the respective periods. Substantially all changes in unrealized gains
    (losses) included in net income (loss) for net derivatives and net embedded
    derivatives are reported in net derivative gains (losses).

(6) Comprised of U.S. and foreign corporate securities.

(7) Freestanding derivative assets and liabilities are presented net for
    purposes of the rollforward.

                                    MLIC-98

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


(8) Embedded derivative assets and liabilities are presented net for purposes
    of the rollforward.

(9) Investment performance related to separate account assets is fully offset
    by corresponding amounts credited to contractholders within separate
    account liabilities. Therefore, such changes in estimated fair value are
    not recorded in net income (loss). For the purpose of this disclosure,
    these changes are presented within net investment gains (losses). Separate
    account assets and liabilities are presented net for the purposes of the
    rollforward.

  Fair Value Option

    The Company elects the FVO for certain residential mortgage loans that are
  managed on a total return basis. The following table presents information for
  residential mortgage loans which are accounted for under the FVO and were
  initially measured at fair value.

                                                                                              December 31,
                                                                                         ----------------------
                                                                                            2020        2019
                                                                                         ----------  ----------
                                                                                              (In millions)
Unpaid principal balance................................................................ $      172  $      209
Difference between estimated fair value and unpaid principal balance....................         (7)        (21)
                                                                                         ----------  ----------
Carrying value at estimated fair value.................................................. $      165  $      188
                                                                                         ==========  ==========
Loans in nonaccrual status.............................................................. $       45  $       47
Loans more than 90 days past due........................................................ $       27  $       18
Loans in nonaccrual status or more than 90 days past due, or both -- difference between
 aggregate estimated fair value and unpaid principal balance............................ $      (13) $      (19)

Nonrecurring Fair Value Measurements

  The following table presents information for assets measured at estimated
fair value on a nonrecurring basis during the periods and still held at the
reporting dates (for example, when there is evidence of impairment). The
estimated fair values for these assets were determined using significant
unobservable inputs (Level 3).

                                      At December 31,            Years Ended December 31,
                              -------------------------------- ----------------------------
                                 2020            2019             2020      2019     2018
                              ----------       ---------       ---------- -------- --------
                              Carrying Value After Measurement        Gains (Losses)
                              -------------------------------- ----------------------------
                                              (In millions)
     Mortgage loans, net (1). $    320         $    52         $    (110) $    (2) $    (2)
--------

(1)Estimated fair values for impaired mortgage loans are based on estimated
   fair value of the underlying collateral.

Fair Value of Financial Instruments Carried at Other Than Fair Value

  The following tables provide fair value information for financial instruments
that are carried on the balance sheet at amounts other than fair value. These
tables exclude the following financial instruments: cash and cash equivalents,
accrued investment income, payables for collateral under securities loaned and
other transactions, short-term debt and those short-term investments that are
not securities, such as time deposits, and therefore are not included in the
three-level hierarchy table disclosed in the "-- Recurring Fair Value
Measurements" section. The Company believes that due to the short-term nature
of these excluded assets, which are primarily classified in Level 2, the
estimated fair value approximates carrying value. All remaining balance sheet
amounts excluded from the tables below are not considered financial instruments
subject to this disclosure.

                                    MLIC-99

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


   The carrying values and estimated fair values for such financial
instruments, and their corresponding placement in the fair value hierarchy, are
summarized as follows at:

                                                            December 31, 2020
                                             ------------------------------------------------
                                                          Fair Value Hierarchy
                                                       ---------------------------
                                                                                     Total
                                             Carrying                              Estimated
                                              Value    Level 1  Level 2   Level 3  Fair Value
                                             --------- ------- --------- --------- ----------
                                                              (In millions)
Assets
Mortgage loans.............................. $  66,240 $    -- $      -- $  70,391 $  70,391
Policy loans................................ $   5,973 $    -- $      -- $   7,148 $   7,148
Other invested assets....................... $   2,849 $    -- $   2,586 $     167 $   2,753
Premiums, reinsurance and other receivables. $  13,173 $    -- $     363 $  13,274 $  13,637
Liabilities
Policyholder account balances............... $  78,059 $    -- $      -- $  82,982 $  82,982
Long-term debt.............................. $   1,615 $    -- $   2,018 $      -- $   2,018
Other liabilities........................... $  12,595 $    -- $     134 $  12,778 $  12,912
Separate account liabilities................ $  59,103 $    -- $  59,103 $      -- $  59,103

                                                            December 31, 2019
                                             ------------------------------------------------
                                                          Fair Value Hierarchy
                                                       ---------------------------
                                                                                     Total
                                                                                   Estimated
                                             Carrying                                 Fair
                                              Value    Level 1  Level 2   Level 3    Value
                                             --------- ------- --------- --------- ----------
                                                              (In millions)
Assets
Mortgage loans.............................. $  65,361 $    -- $      -- $  67,680 $  67,680
Policy loans................................ $   6,100 $    -- $     263 $   6,935 $   7,198
Other invested assets....................... $   2,964 $    -- $   2,708 $     158 $   2,866
Premiums, reinsurance and other receivables. $  14,042 $    -- $     367 $  14,488 $  14,855
Liabilities
Policyholder account balances............... $  73,693 $    -- $      -- $  75,885 $  75,885
Long-term debt.............................. $   1,543 $    -- $   1,888 $      -- $   1,888
Other liabilities........................... $  12,789 $    -- $     113 $  12,819 $  12,932
Separate account liabilities................ $  52,830 $    -- $  52,830 $      -- $  52,830

10. Leases

  The Company, as lessee, has entered into various lease and sublease
agreements primarily for office space. The Company has operating leases with
remaining lease terms of less than one year to 10 years. The remaining lease
terms for the subleases are less than one year to eight years.

ROU Assets and Lease Liabilities

   ROU assets and lease liabilities for operating leases were:

                                     December 31, December 31,
                                         2020         2019
                                     ------------ ------------
                                           (In millions)
                  ROU assets........    $  718       $  819
                  Lease liabilities.    $  795       $  895

                                   MLIC-100

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

10. Leases (continued)


Lease Costs

   The components of operating lease costs were as follows:

                                           For the Year Ended
                                            December 31,
                                           -----------------
                                            2020      2019
                                            ------   ------
                                            (In millions)
                     Operating lease cost. $  117    $  109
                     Variable lease cost..     15        20
                     Sublease income......    (89)      (80)
                                            ------   ------
                      Net lease cost...... $   43    $   49
                                            ======   ======

  Operating lease expense was $116 million for the year ended December 31,
2018. Non-cancelable sublease income was $66 million for the year ended
December 31, 2018.

Other Information

   Supplemental other information related to operating leases was as follows:

                                                                                       December 31, December 31,
                                                                                           2020         2019
                                                                                       ------------ ------------
                                                                                         (Dollars in millions)
Cash paid for amounts included in the measurement of lease liability - operating cash
  flows...............................................................................   $    125     $    110
ROU assets obtained in exchange for new lease liabilities.............................   $     --     $    152
Weighted-average remaining lease term.................................................    8 years      9 years
Weighted-average discount rate........................................................        4.0%         3.9%

Maturities of Lease Liabilities

   Maturities of operating lease liabilities were as follows:

                                                 December 31, 2020
                                                 -----------------
                                                   (In millions)
              2021..............................      $  129
              2022..............................         127
              2023..............................         115
              2024..............................         104
              2025..............................         105
              Thereafter........................         352
                                                      ------
               Total undiscounted cash flows....         932
              Less: interest....................         137
                                                      ------
               Present value of lease liability.      $  795
                                                      ======

  See Note 7 for information about the Company's investments in leased real
estate and leveraged and direct financing leases.

                                   MLIC-101

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)


11. Long-term and Short-term Debt

   Long-term and short-term debt outstanding, excluding debt relating to
consolidated securitization entities, was as follows:

                                                                                     December 31,
                                                           -----------------------------------------------------------------

                      Interest Rates (1)                                 2020                             2019
                    ----------------------                 -------------------------------- --------------------------------

                                                                     Unamortized                      Unamortized
                                    Weighted                Face     Discount and  Carrying  Face     Discount and  Carrying
                        Range       Average   Maturity      Value   Issuance Costs  Value    Value   Issuance Costs  Value
                    -------------   -------- -----------   -------- -------------- -------- -------- -------------- --------
                                                                                     (In millions)
Surplus
 notes--affiliated. 7.38% -   7.38%  7.38%      2037       $    700    $   (8)     $    692 $    700    $   (9)     $    691
Surplus notes...... 7.80% -   7.88%  7.83%   2024 -   2025      400        (2)          398      400        (2)          398
Other notes........ 0.14% -   3.75%  2.89%   2021 -   2058      527        (3)          524      457        (3)          454
                                                           --------    -------     -------- --------    -------     --------
 Total long-term
  debt.............                                           1,627       (13)        1,614    1,557       (14)        1,543
                                                           --------    -------     -------- --------    -------     --------
Total short-term
 debt..............                                             120         --          120      128         --          128
                                                           --------    -------     -------- --------    -------     --------
  Total............                                        $  1,747    $  (13)     $  1,734 $  1,685    $  (14)     $  1,671
                                                           ========    =======     ======== ========    =======     ========
--------

(1)Range of interest rates and weighted average interest rates are for the year
   ended December 31, 2020.

  The aggregate maturities of long-term debt at December 31, 2020 for the next
five years and thereafter are $50 million in 2021, $0 in 2022, $0 in 2023,
$496 million in 2024, $249 million in 2025 and $819 million thereafter.

  Unsecured senior debt which consists of senior notes and other notes rank
highest in priority. Payments of interest and principal on Metropolitan Life
Insurance Company's surplus notes are subordinate to all other obligations and
may be made only with the prior approval of the New York State Department of
Financial Services ("NYDFS").

Other Notes

  At December 31, 2020, MetLife Private Equity Holdings, LLC ("MPEH"), a
wholly-owned indirect investment subsidiary of Metropolitan Life Insurance
Company, was party to a credit agreement providing for $350 million of term
loans and $75 million of a revolving loan (the "Credit Agreement"), which
matures in November 2024. In December 2018, MPEH repaid $50 million of an
initial borrowing of a $350 million term loan under the Credit Agreement. In
March 2020, MPEH borrowed $75 million on a revolving loan under the Credit
Agreement and repaid this loan in July 2020. Simultaneously, in July 2020, MPEH
borrowed $50 million on the term loan under the Credit Agreement. MPEH has
pledged invested assets to secure the loans; however, these loans are
non-recourse to Metropolitan Life Insurance Company.

Short-term Debt

   Short-term debt with maturities of one year or less was as follows:

                                               December 31,
                                            ---------------------
                                               2020       2019
                                            ----------  --------
                                            (Dollars in millions)
                 Commercial paper.......... $      100  $     99
                 Short-term borrowings (1).         20        29
                                            ----------  --------
                 Total short-term debt..... $      120  $    128
                                            ==========  ========
                 Average daily balance..... $      125  $    128
                 Average days outstanding..    73 days   43 days
--------

(1) Represents short-term debt related to repurchase agreements, secured by
    assets consolidated by the Company.

   For the years ended December 31, 2020, 2019 and 2018, the weighted average
interest rate on short-term debt was 1.51%, 2.74% and 3.03%, respectively.

                                   MLIC-102

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

11. Long-term and Short-term Debt (continued)


Interest Expense

     Interest expense included in other expenses was $99 million, $105 million
  and $108 million for the years ended December 31, 2020, 2019 and 2018,
  respectively. These amounts include $52 million of interest expense related
  to affiliated debt for each of the three years ended December 31, 2020, 2019
  and 2018.

Credit Facility

     At December 31, 2020, MetLife, Inc. and MetLife Funding, Inc., a
  wholly-owned subsidiary of Metropolitan Life Insurance Company ("MetLife
  Funding"), maintained a $3.0 billion unsecured revolving credit facility (the
  "Credit Facility"). When drawn upon, this facility bears interest at varying
  rates in accordance with the agreement.

     The Company's Credit Facility is used for general corporate purposes, to
  support the borrowers' commercial paper programs and for the issuance of
  letters of credit. Total fees associated with the Credit Facility were
  $7 million, $7 million and $6 million for the years ended December 31, 2020,
  2019 and 2018, respectively, and were included in other expenses.

     Information on the Credit Facility at December 31, 2020 was as follows:

                                                    Letters of Credit
                                       Maximum         Used by the      Letters of Credit                Unused
Borrower(s)      Expiration            Capacity        Company (1)    Used by Affiliates (1) Drawdowns Commitments
----------- ---------------------- ---------------- ----------------- ---------------------- --------- -----------
                                                                    (In millions)

  MetLife,
  Inc.
  and
  MetLife
  Funding,
  Inc...... December 2021 (2) (3)  $      3,000 (2)    $      413           $      50         $    --  $    2,537
--------

(1) MetLife, Inc. and MetLife Funding are severally liable for their respective
    obligations under the Credit Facility. MetLife Funding was not an applicant
    under letters of credit outstanding as of December 31, 2020 and is not
    responsible for any reimbursement obligations under such letters of credit.

(2) All borrowings under the Credit Facility must be repaid by December 20,
    2021, except that letters of credit outstanding upon termination may remain
    outstanding until December 20, 2022.

(3) On February 26, 2021, the Credit Facility was amended and restated to,
    among other things, extend the maturity date to February 2026. All
    borrowings under the amended and restated Credit Facility must be repaid by
    February 26, 2026, except that letters of credit outstanding upon
    termination may remain outstanding until February 26, 2027.

Debt and Facility Covenants

  Certain of the Company's debt instruments and the Credit Facility contain
various administrative, reporting, legal and financial covenants. The Company
believes it was in compliance with all applicable financial covenants at
December 31, 2020.

12. Equity

Stock-Based Compensation Plans

  The Company does not issue any awards payable in its common stock or options
to purchase its common stock.

  An affiliate employs the personnel who conduct most of the Company's
business. In accordance with a services agreement with that affiliate, the
Company bears a proportionate share of stock-based compensation expense for
those employees. Stock-based compensation expense principally relates to Stock
Options, Performance Shares and Restricted Stock Units under the MetLife, Inc.
2005 Stock and Incentive Compensation Plan and the MetLife, Inc. 2015 Stock and
Incentive Compensation Plan, most of which MetLife, Inc. grants in the first
quarter of each year.

  The Company's expense related to stock-based compensation included in other
expenses was $44 million, $57 million and $35 million for the years ended
December 31, 2020, 2019 and 2018, respectively.

Statutory Equity and Income

  Metropolitan Life Insurance Company prepares statutory-basis financial
statements in accordance with statutory accounting practices prescribed or
permitted by the NYDFS. The National Association of Insurance Commissioners
("NAIC") has adopted the Codification of Statutory Accounting
Principles ("Statutory Codification"). Statutory Codification is intended to

                                   MLIC-103

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

12. Equity (continued)

standardize regulatory accounting and reporting to state insurance departments.
However, statutory accounting principles continue to be established by
individual state laws and permitted practices. Modifications by the NYDFS may
impact the effect of Statutory Codification on the statutory capital and
surplus of Metropolitan Life Insurance Company.

  New York, the state of domicile of Metropolitan Life Insurance Company,
imposes risk-based capital ("RBC") requirements that were developed by the
NAIC. Regulatory compliance is determined by a ratio of a company's total
adjusted capital, calculated in the manner prescribed by the NAIC ("TAC"), with
modifications by the state insurance department, to its authorized control
level RBC, calculated in the manner prescribed by the NAIC ("ACL RBC"), based
on the statutory-based filed financial statements. Companies below specific
trigger levels or ratios are classified by their respective levels, each of
which requires specified corrective action. The minimum level of TAC before
corrective action commences is twice ACL RBC ("CAL RBC"). The CAL RBC ratios
for Metropolitan Life Insurance Company were in excess of 350% at both
December 31, 2020 and 2019.

  Metropolitan Life Insurance Company's ancillary foreign insurance operations
are regulated by applicable authorities of the jurisdictions in which each
entity operates and are subject to minimum capital and solvency requirements in
those jurisdictions before corrective action commences. The aggregate required
capital and surplus of Metropolitan Life Insurance Company's foreign insurance
operations was $422 million and the aggregate actual regulatory capital and
surplus of such operations was $668 million as of the date of the most recent
required capital adequacy calculation for each jurisdiction. The Company's
foreign insurance operations exceeded the minimum capital and solvency
requirements as of the date of the most recent fiscal year-end capital adequacy
calculation for each jurisdiction.

  Statutory accounting principles differ from GAAP primarily by charging policy
acquisition costs to expense as incurred, establishing future policy benefit
liabilities using different actuarial assumptions, reporting surplus notes as
surplus instead of debt and valuing securities on a different basis.

  In addition, certain assets are not admitted under statutory accounting
principles and are charged directly to surplus. The most significant assets not
admitted by Metropolitan Life Insurance Company are net deferred income tax
assets resulting from temporary differences between statutory accounting
principles basis and tax basis not expected to reverse and become recoverable
within three years. Further, statutory accounting principles do not give
recognition to purchase accounting adjustments.

  New York has adopted certain prescribed accounting practices, primarily
consisting of the continuous Commissioners' Annuity Reserve Valuation Method,
which impacts deferred annuities, and the New York Special Considerations
Letter, which mandates certain assumptions in asset adequacy testing. The
collective impact of these prescribed accounting practices decreased the
statutory capital and surplus of Metropolitan Life Insurance Company by
$1.6 billion and $1.2 billion at December 31, 2020 and 2019, respectively,
compared to what capital and surplus would have been had it been measured under
NAIC guidance.

  Statutory net income (loss) of Metropolitan Life Insurance Company, a New
York domiciled insurer, was $3.4 billion, $3.9 billion and $3.7 billion at
December 31, 2020, 2019 and 2018, respectively. Statutory capital and surplus
was $11.3 billion and $10.9 billion at December 31, 2020 and 2019,
respectively. All such amounts are derived from the statutory-basis financial
statements as filed with the NYDFS.

Dividend Restrictions

  Under the New York State Insurance Law, Metropolitan Life Insurance Company
is permitted, without prior insurance regulatory clearance, to pay stockholder
dividends to MetLife, Inc. in any calendar year based on either of two
standards. Under one standard, Metropolitan Life Insurance Company is
permitted, without prior insurance regulatory clearance, to pay dividends out
of earned surplus (defined as positive unassigned funds (surplus), excluding
85% of the change in net unrealized capital gains or losses (less capital gains
tax), for the immediately preceding calendar year), in an amount up to the
greater of: (i) 10% of its surplus to policyholders as of the end of the
immediately preceding calendar year, or (ii) its statutory net gain from
operations for the immediately preceding calendar year (excluding realized
capital gains), not to exceed 30% of surplus to policyholders as of the end of
the immediately preceding calendar year. In addition, under this standard,
Metropolitan Life Insurance Company may not, without prior insurance regulatory
clearance, pay any dividends in any calendar year immediately

                                   MLIC-104

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

12. Equity (continued)

following a calendar year for which its net gain from operations, excluding
realized capital gains, was negative. Under the second standard, if dividends
are paid out of other than earned surplus, Metropolitan Life Insurance Company
may, without prior insurance regulatory clearance, pay an amount up to the
lesser of: (i) 10% of its surplus to policyholders as of the end of the
immediately preceding calendar year, or (ii) its statutory net gain from
operations for the immediately preceding calendar year (excluding realized
capital gains). In addition, Metropolitan Life Insurance Company will be
permitted to pay a dividend to MetLife, Inc. in excess of the amounts allowed
under both standards only if it files notice of its intention to declare such a
dividend and the amount thereof with the New York Superintendent of Financial
Services (the "Superintendent") and the Superintendent either approves the
distribution of the dividend or does not disapprove the dividend within 30 days
of its filing. Under the New York State Insurance Law, the Superintendent has
broad discretion in determining whether the financial condition of a stock life
insurance company would support the payment of such dividends to its
stockholder.

  Metropolitan Life Insurance Company paid $2.8 billion and $3.1 billion in
dividends to MetLife, Inc. for the years ended December 31, 2020 and 2019,
respectively, including amounts where regulatory approval was obtained as
required. Under New York State Insurance Law, Metropolitan Life Insurance
Company has calculated that it may pay approximately $3.4 billion to MetLife,
Inc. without prior regulatory approval by the end of 2021.

                                   MLIC-105

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

12. Equity (continued)


Accumulated Other Comprehensive Income (Loss)

   Information regarding changes in the balances of each component of AOCI
attributable to Metropolitan Life Insurance Company was as follows:

                           Unrealized                        Foreign       Defined
                        Investment Gains     Unrealized     Currency       Benefit
                        (Losses), Net of   Gains (Losses)  Translation      Plans
                       Related Offsets (1) on Derivatives   Adjustments   Adjustment       Total
                      -------------------- -------------- ------------- -------------  ------------
                                                      (In millions)
Balance at
 December 31, 2017...      $     6,351      $        906   $       (47)  $     (1,782)  $     5,428
OCI before
 reclassifications...           (6,326)              (82)          (20)            67        (6,361)
Deferred income
 tax benefit
 (expense)...........            1,381                19            --            (45)        1,355
                          ------------     -------------  ------------  -------------  ------------
 AOCI before
   reclassifications,
   net of income
   tax...............            1,406               843           (67)        (1,760)          422
Amounts
 reclassified from
 AOCI................                8               428            --             34           470
Deferred income
 tax benefit
 (expense)...........               (2)              (96)           --            (13)         (111)
                          ------------     -------------  ------------  -------------  ------------
 Amounts
   reclassified
   from AOCI, net
   of income tax.....                6               332            --             21           359
                          ------------     -------------  ------------  -------------  ------------
Cumulative effects
 of changes in
 accounting
 principles..........             (119)               --            --             --          (119)
Deferred income
 tax benefit
 (expense),
 cumulative
 effects of
 changes in
 accounting
 principles..........            1,222               207            (7)          (379)        1,043
                          ------------     -------------  ------------  -------------  ------------
 Cumulative
   effects of
   changes in
   accounting
   principles, net
   of income tax.....            1,103               207            (7)          (379)          924
                          ------------     -------------  ------------  -------------  ------------
Transfer to
 affiliate, net of
 tax (2).............               --                --            --          1,857         1,857
                          ------------     -------------  ------------  -------------  ------------
Balance at
 December 31, 2018...            2,515             1,382           (74)          (261)        3,562
OCI before
 reclassifications...            7,993               516           (32)          (167)        8,310
Deferred income
 tax benefit
 (expense)...........           (1,678)             (109)            9             35        (1,743)
                          ------------     -------------  ------------  -------------  ------------
 AOCI before
   reclassifications,
   net of income
   tax...............            8,830             1,789           (97)          (393)       10,129
Amounts
 reclassified from
 AOCI................               60              (237)           --             24          (153)
Deferred income
 tax benefit
 (expense)...........              (13)               50            --             (5)           32
                          ------------     -------------  ------------  -------------  ------------
 Amounts
   reclassified
   from AOCI, net
   of income tax.....               47              (187)           --             19          (121)
                          ------------     -------------  ------------  -------------  ------------
Cumulative effects
 of changes in
 accounting
 principles..........               (1)               22            --             --            21
Deferred income
 tax benefit
 (expense),
 cumulative
 effects of
 changes in
 accounting
 principles..........               --                (4)           --             --            (4)
                          ------------     -------------  ------------  -------------  ------------
 Cumulative
   effects of
   changes in
   accounting
   principles, net
   of income tax.....               (1)               18            --             --            17
                          ------------     -------------  ------------  -------------  ------------
Balance at
 December 31, 2019...            8,876             1,620           (97)          (374)       10,025
OCI before
 reclassifications...            1,852             1,144            54           (145)        2,905
Deferred income
 tax benefit
 (expense)...........             (391)             (240)          (10)            30          (611)
                          ------------     -------------  ------------  -------------  ------------
 AOCI before
   reclassifications,
   net of income
   tax...............           10,337             2,524           (53)          (489)       12,319
Amounts
 reclassified from
 AOCI................               59              (928)           --             37          (832)
Deferred income
 tax benefit
 (expense)...........              (12)              195            --             (8)          175
                          ------------     -------------  ------------  -------------  ------------
 Amounts
   reclassified
   from AOCI, net
   of income tax.....               47              (733)           --             29          (657)
                          ------------     -------------  ------------  -------------  ------------
Balance at
 December 31, 2020...      $    10,384      $      1,791   $      (53)   $      (460)   $    11,662
                          ============     =============  ============  =============  ============
--------

(1) See Note 7 for information on offsets to investments related to future
    policy benefits, DAC, VOBA and DSI, and the policyholder dividend
    obligation.

(2) See Note 14 for information on the transfer of a pension plan to an
    affiliate.

                                   MLIC-106

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

12. Equity (continued)


   Information regarding amounts reclassified out of each component of AOCI was
as follows:

                                                                                                Consolidated Statements of
                                                           Years Ended December 31,                Operations Locations
                                                   ---------------------------------------     ------------------------------
                                                       2020          2019           2018
                                                   -----------   -----------   -------------
AOCI Components                                         Amounts Reclassified from AOCI
-------------------------------------------------  ---------------------------------------
                                                                (In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)..........  $      (30)   $       17    $         89   Net investment gains (losses)
Net unrealized investment gains (losses)..........         (18)          (16)             18   Net investment income
Net unrealized investment gains (losses)..........         (11)          (61)           (115)  Net derivative gains (losses)
                                                   -----------   -----------   -------------
 Net unrealized investment gains (losses), before
   income tax.....................................         (59)          (60)             (8)
Income tax (expense) benefit......................          12            13               2
                                                   -----------   -----------   -------------
 Net unrealized investment gains (losses), net of
   income tax.....................................         (47)          (47)             (6)
                                                   -----------   -----------   -------------
Unrealized gains (losses) on derivatives - cash
 flow hedges:
Interest rate derivatives.........................          36            23              20   Net investment income
Interest rate derivatives.........................         121             4              --   Net investment gains (losses)
Interest rate derivatives.........................          --            --              22   Net derivative gains (losses)
Foreign currency exchange rate derivatives........           3            (3)             (3)  Net investment income
Foreign currency exchange rate derivatives........         768           212              --   Net investment gains (losses)
Foreign currency exchange rate derivatives........          --            --            (469)  Net derivative gains (losses)
Credit derivatives................................          --             1               1   Net investment income
Credit derivatives................................          --            --               1   Net derivative gains (losses)
                                                   -----------   -----------   -------------
 Gains (losses) on cash flow hedges, before
   income tax.....................................         928           237            (428)
Income tax (expense) benefit......................        (195)          (50)             96
                                                   -----------   -----------   -------------
 Gains (losses) on cash flow hedges, net of
   income tax.....................................         733           187            (332)
                                                   -----------   -----------   -------------
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)......         (39)          (27)            (35)
Amortization of prior service (costs) credit......           2             3               1
                                                   -----------   -----------   -------------
 Amortization of defined benefit plan items,
   before income tax..............................         (37)          (24)            (34)
Income tax (expense) benefit......................           8             5              13
                                                   -----------   -----------   -------------
 Amortization of defined benefit plan items, net
   of income tax..................................         (29)          (19)            (21)
                                                   -----------   -----------   -------------
 Total reclassifications, net of income tax.......  $      657    $      121    $      (359)
                                                   ===========   ===========   =============
--------

(1)These AOCI components are included in the computation of net periodic
   benefit costs. See Note 14.

                                   MLIC-107

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)


13. Other Revenues and Other Expenses

Other Revenues

   Information on other revenues, which primarily includes fees related to
service contracts from customers, was as follows:

                                                       Years Ended December 31,
                                                      --------------------------
                                                        2020     2019     2018
                                                      -------- -------- --------
                                                            (In millions)
Prepaid legal plans.................................. $    371 $    329 $    286
Recordkeeping and administrative services (1)........      194      204      220
Administrative services-only contracts...............      218      210      205
Other revenue from service contracts from customers..       36       39       38
                                                      -------- -------- --------
Total revenues from service contracts from customers.      819      782      749
Other (2)............................................      842      791      837
                                                      -------- -------- --------
  Total other revenues............................... $  1,661 $  1,573 $  1,586
                                                      ======== ======== ========
--------

(1)Related to products and businesses no longer actively marketed by the
   Company.

(2)Primarily includes reinsurance ceded. See Note 5.

Other Expenses

   Information on other expenses was as follows:

                                                          Years Ended December 31,
                                                          ----------------------
                                                           2020     2019    2018
                                                          ------   ------  ------
                                                               (In millions)
General and administrative expenses (1).................. $2,285   $2,480  $2,458
Pension, postretirement and postemployment benefit costs.     33      107      66
Premium taxes, other taxes, and licenses & fees..........    399      274     366
Commissions and other variable expenses..................  1,842    1,814   1,757
Capitalization of DAC....................................    (51)     (43)    (34)
Amortization of DAC and VOBA.............................    406      239     470
Interest expense on debt.................................     99      105     108
                                                          ------   ------  ------
  Total other expenses................................... $5,013   $4,976  $5,191
                                                          ======   ======  ======
--------

(1)Includes ($104) million, ($165) million and ($6) million for the years ended
   December 31, 2020, 2019 and 2018, respectively, for the net change in cash
   surrender value of investments in certain life insurance policies, net of
   premiums paid.

Capitalization of DAC and Amortization of DAC and VOBA

  See Note 4 for additional information on DAC and VOBA including impacts of
capitalization and amortization. See also Note 6 for a description of the DAC
amortization impact associated with the closed block.

Expenses related to Debt

  See Note 11 for additional information on interest expense on debt.

Affiliated Expenses

  Commissions and other variable expenses, capitalization of DAC and
amortization of DAC and VOBA include the impact of affiliated reinsurance
transactions. See Notes 5, 11 and 18 for a discussion of affiliated expenses
included in the table above.

                                   MLIC-108

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)


14. Employee Benefit Plans

Pension and Other Postretirement Benefit Plans

   The Company sponsors a U.S. nonqualified defined benefit pension plan
covering MetLife employees who meet specified eligibility requirements of the
sponsor and its participating affiliates. Participating affiliates are
allocated a proportionate share of net expense related to the plan. Pension
benefits are provided utilizing either a traditional formula or cash balance
formula. The traditional formula provides benefits that are primarily based
upon years of credited service and final average earnings. The cash balance
formula utilizes hypothetical or notional accounts which credit participants
with benefits equal to a percentage of eligible pay, as well as interest
credits, determined annually based upon the annual rate of interest on 30-year
U.S. Treasury securities, for each account balance. In September 2018, the
nonqualified defined benefit pension plan was amended, effective January 1,
2023, to provide benefit accruals for all active participants under the cash
balance formula and to cease future accruals under the traditional formula. The
pension plan sponsored by the Company provides supplemental benefits in excess
of limits applicable to a qualified plan which is sponsored by an affiliate.

   The Company also provides pension benefits for certain U.S. retired
employees and postretirement medical and life insurance benefits for certain
non-U.S. retired employees.

  Obligations and Funded Status

                                                                              December 31,
                                                   -----------------------------------------------------------------
                                                                  2020                             2019
                                                   ---------------------------------  ------------------------------
                                                                          Other                           Other
                                                       Pension         Postretirement    Pension       Postretirement
                                                         Benefits        Benefits        Benefits        Benefits
                                                   ----------------  ---------------- -------------  ----------------
                                                                             (In millions)
Change in benefit obligations:
Benefit obligations at January 1,.................   $        1,210      $      20     $      1,080      $      19
Service costs.....................................               17             --               17             --
Interest costs....................................               40              1               46              1
Plan amendments...................................               --             --                3             --
Net actuarial (gains) losses (1)..................              143              2              162              2
Benefits paid.....................................              (67)            (1)             (98)            (2)
                                                   ----------------     ----------    -------------     ----------
 Benefit obligations at December 31,..............            1,343             22            1,210             20
                                                   ----------------     ----------    -------------     ----------
Change in plan assets:
Estimated fair value of plan assets at January 1,.               --             17               --             18
Employer contributions............................               67              1               98             --
Benefits paid.....................................              (67)            (1)             (98)            (2)
Foreign exchange impact...........................               --             --               --              1
                                                   ----------------     ----------    -------------     ----------
 Estimated fair value of plan assets at
   December 31,...................................               --             17               --             17
                                                   ----------------     ----------    -------------     ----------
 Over (under) funded status at December 31,.......   $       (1,343)     $      (5)    $     (1,210)     $      (3)
                                                   ================     ==========    =============     ==========
Amounts recognized on the consolidated balance
 sheets:
Other assets......................................   $           --      $       2     $         --      $       3
Other liabilities.................................           (1,343)            (7)          (1,210)            (6)
                                                   ----------------     ----------    -------------     ----------
 Net amount recognized............................   $       (1,343)     $      (5)    $     (1,210)     $      (3)
                                                   ================     ==========    =============     ==========
AOCI:
Net actuarial (gains) losses......................   $          598      $      (1)    $        494      $      (3)
Prior service costs (credit)......................              (14)            --              (16)            --
                                                   ----------------     ----------    -------------     ----------
 AOCI, before income tax..........................   $          584      $      (1)    $        478      $      (3)
                                                   ================     ==========    =============     ==========
 Accumulated benefit obligation...................   $        1,275            N/A     $      1,143            N/A
                                                   ================                   =============

                                   MLIC-109

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

14. Employee Benefit Plans (continued)

--------

(1) Significant sources of actuarial (gains) losses for pension and other
    postretirement benefits during 2020 included the impact of changes to the
    financial assumptions of $106 million and $2 million, respectively,
    demographic assumptions of $5 million and $0, respectively, and plan
    experience of $32 million and $0, respectively. Significant sources of
    actuarial (gains) losses for pension and other postretirement benefits
    during 2019 include the impact of changes to the financial assumptions of
    $137 million and $2 million, respectively, and plan experience of
    $25 million and $0, respectively.

   Information on pension plans and other postretirement benefit plans with
PBOs and/or accumulated benefit obligations ("ABO") or APBO in excess of plan
assets was as follows:

                                                       December 31,
                               -------------------------------------------------------------------------------------------
                                      2020          2019               2020          2019        2020         2019
                                 ------------    ------------     ------------    ------------   ----         ----
                               PBO Exceeds Estimated Fair Value ABO Exceeds Estimated Fair Value APBO Exceeds Estimated
                                    of Plan Assets                   of Plan Assets              Fair Value of Plan Assets
                               -------------------------------- -------------------------------- -------------------------
                                                       (In millions)
Projected benefit obligations. $      1,343     $      1,210    $      1,343     $      1,210     N/A          N/A
Accumulated benefit
 obligations.................. $      1,275     $      1,143    $      1,275     $      1,143     N/A          N/A
Accumulated postretirement
 benefit obligations..........          N/A              N/A             N/A              N/A    $  7         $  6
Estimated fair value of plan
 assets.......................          N/A              N/A             N/A              N/A    $ --         $ --

                                   MLIC-110

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

14. Employee Benefit Plans (continued)


  Net Periodic Benefit Costs

      The components of net periodic benefit costs and other changes in plan
   assets and benefit obligations recognized in OCI were as follows:

                                                                     Years Ended December 31,
                                       -----------------------------------------------------------------------------------
                                                  2020                        2019                         2018
                                       --------------------------  --------------------------  ---------------------------
                                                       Other                       Other                        Other
                                        Pension     Postretirement  Pension     Postretirement  Pension      Postretirement
                                        Benefits      Benefits      Benefits      Benefits      Benefits       Benefits
                                       ---------  ---------------- ---------  ---------------- ----------  ----------------
                                                                          (In millions)
Net periodic benefit costs:
Service costs.........................   $    17     $        --     $    17         $--         $    123       $     4
Interest costs........................        40               1          46           1              290            41
Expected return on plan assets........        --              (1)         --          (1)            (394)          (54)
Amortization of net actuarial (gains)
 losses...............................        39              --          27          --              142           (26)
Amortization of prior service costs
 (credit).............................        (2)             --          (3)         --               (1)          (14)
Allocated to affiliates...............       (20)             --         (22)         --              (66)           19
                                       ---------   -------------   ---------       -----       ----------     ---------
  Total net periodic benefit costs
   (credit) (1).......................        74              --          65          --               94           (30)
                                       ---------   -------------   ---------       -----       ----------     ---------
Other changes in plan assets and
 benefit obligations recognized in
 OCI:
Net actuarial (gains) losses..........       143               2         161           3              (40)           (4)
Prior service costs (credit)..........        --              --           3          --              (20)           --
Amortization of net actuarial (gains)
 losses...............................       (39)             --         (27)         --              (35)           --
Amortization of prior service (costs)
 credit...............................         2              --           3          --                1            --
Transfer to affiliate (2).............        --              --          --          --           (2,389)           81
                                       ---------   -------------   ---------       -----       ----------     ---------
  Total recognized in OCI.............       106               2         140           3           (2,483)           77
                                       ---------   -------------   ---------       -----       ----------     ---------
  Total recognized in net periodic
   benefit costs and OCI..............   $   180     $         2     $   205         $ 3         $ (2,389)      $    47
                                       =========   =============   =========       =====       ==========     =========
--------

(1) Includes costs (credits) related to transferred plans of $65 million and
    ($49) million for pension benefits and other postretirement benefits,
    respectively, for the year ended December 31, 2018.

(2) Transfer to affiliate represents the transferred plans' book value as of
    September 30, 2018, net of the related 2018 other changes in plan assets
    and benefit obligations recognized in OCI.

                                   MLIC-111

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

14. Employee Benefit Plans (continued)


  Assumptions

      Assumptions used in determining benefit obligations were as follows:

                                              Pension Benefits   Other Postretirement Benefits
                                          -------------------- -------------------------------
December 31, 2020
Weighted average discount rate...........        2.65%                      2.25%
Weighted average interest crediting rate.        3.46%                       N/A
Rate of compensation increase............   2.50%  -  8.00%                  N/A
December 31, 2019
Weighted average discount rate...........        3.30%                      3.00%
Weighted average interest crediting rate.        3.99%                       N/A
Rate of compensation increase............   2.25%  -  8.50%                  N/A

     Assumptions used in determining net periodic benefit costs for the plans
  were as follows:

                                                             Pension Benefits   Other Postretirement Benefits
                                                         -------------------- -------------------------------
Year Ended December 31, 2020
Weighted average discount rate..........................        3.30%                      3.00%
Weighted average interest crediting rate................        3.38%                       N/A
Weighted average expected rate of return on plan assets.         N/A                       4.00%
Rate of compensation increase...........................   2.25%  -  8.50%                  N/A
Year Ended December 31, 2019
Weighted average discount rate..........................        4.35%                      3.75%
Weighted average interest crediting rate................        4.01%                       N/A
Weighted average expected rate of return on plan assets.         N/A                       4.00%
Rate of compensation increase...........................   2.25%  -  8.50%                  N/A
Year Ended December 31, 2018
Weighted average discount rate..........................        3.65%                      3.70%
Weighted average interest crediting rate................        4.13%                       N/A
Weighted average expected rate of return on plan assets.        5.75%                      5.11%
Rate of compensation increase...........................   2.25%  -  8.50%                  N/A

     The weighted average discount rate is determined annually based on the
  yield, measured on a yield to worst basis, of a hypothetical portfolio
  constructed of high quality debt instruments available on the measurement
  date, which would provide the necessary future cash flows to pay the
  aggregate PBO when due.

     The weighted average interest crediting rate is determined annually based
  on the plan selected rate, long-term financial forecasts of that rate and the
  demographics of the plan participants.

     Assets for the plans are held in a Life Insurance Funding Account
  ("LIFA"). A LIFA is used to pay premiums and receive experience credits on
  policies that provide life insurance benefits and survivor benefits to
  retirees of the plan. Interest is credited at a rate determined annually by
  MLIC, as insurer, in a manner consistent with its practices for determining
  such rates but that may not be less than three percent. We determine the
  expected rate of return on plan assets based upon historical experience and
  future expectations of the returns declared on the plan assets.

     The weighted average expected rate of return on plan assets for use in the
  plan valuation in 2021 is currently anticipated to be 4.00% for other
  postretirement benefits.

                                   MLIC-112

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

14. Employee Benefit Plans (continued)


     The assumed healthcare costs trend rates used in measuring the APBO and
  net periodic benefit costs were as follows:

                                                                            December 31,
                                                            ---------------------------------------------
                                                                     2020                   2019
                                                            ---------------------- ----------------------
                                                               Before   Age 65 and    Before   Age 65 and
                                                             Age 65      older      Age 65      older
                                                            --------- ------------ --------- ------------
Following year.............................................   6.4%        6.4%       6.5%        6.5%
Ultimate rate to which cost increase is assumed to decline.   4.0%        4.0%       4.0%        4.0%
Year in which the ultimate trend rate is reached...........   2040        2040       2040        2040

  Expected Future Contributions and Benefit Payments

     Benefit payments due under the nonqualified pension plans and other
  postretirement benefit plans are primarily funded from the Company's general
  assets as they become due under the provisions of the plans. The Company
  expects to make benefit payments of $74 million in 2021. No contributions are
  expected to be paid to the LIFA in 2021.

     Gross benefit payments for the next 10 years, which reflect expected
  future service where appropriate, are expected to be as follows:

                      Pension Benefits    Other Postretirement Benefits
                   ------------------- --------------------------------
                                      (In millions)
        2021......       $   72                      $  2
        2022......       $   69                      $  2
        2023......       $   77                      $  1
        2024......       $   77                      $  1
        2025......       $   73                      $  1
        2026-2030.       $  400                      $  6

Defined Contribution Plans

     The Company contributed to defined contribution plans $23 million,
  $26 million and $42 million for the years ended December 31, 2020, 2019 and
  2018, respectively.

15. Income Tax

   The provision for income tax was as follows:

                                                   Years Ended December 31,
                                                   ----------------------
                                                     2020     2019    2018
                                                   ------   ------  ------
                                                        (In millions)
      Current:
      U.S. federal................................ $  527   $  280  $  217
      U.S. state and local........................      3        1       9
      Non-U.S.....................................     (2)      26      91
                                                   ------   ------  ------
       Subtotal...................................    528      307     317
                                                   ------   ------  ------
      Deferred:
      U.S. federal................................    (18)    (148)    (88)
      Non-U.S.....................................     24      (11)    (56)
                                                   ------   ------  ------
       Subtotal...................................      6     (159)   (144)
                                                   ------   ------  ------
       Provision for income tax expense (benefit). $  534   $  148  $  173
                                                   ======   ======  ======

                                   MLIC-113

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

15. Income Tax (continued)


  The Company's income (loss) before income tax expense (benefit) was as
follows:

                                    Years Ended December 31,
                                    -----------------------
                                     2020     2019    2018
                                    -------  ------- -------
                                         (In millions)
                    Income (loss):
                    U.S............  $3,984   $3,454  $1,202
                    Non-U.S........      94      106   3,107
                                    -------  ------- -------
                     Total.........  $4,078   $3,560  $4,309
                                    =======  ======= =======

  The reconciliation of the income tax provision at the U.S. statutory rate to
the provision for income tax as reported was as follows:

                                                   Years Ended December 31,
                                                   ----------------------
                                                    2020     2019    2018
                                                   ------   ------  ------
                                                        (In millions)
      Tax provision at U.S. statutory rate........  $ 856    $ 748   $ 905
      Tax effect of:
      Dividend received deduction.................    (32)     (36)    (34)
      Tax-exempt income...........................    (26)     (40)    (13)
      Prior year tax (1)..........................     22     (173)   (175)
      Low income housing tax credits..............   (202)    (254)   (284)
      Other tax credits...........................    (37)     (43)    (77)
      Foreign tax rate differential...............    (13)      (7)     (8)
      Change in valuation allowance...............     (1)      (7)      1
      U.S. Tax Reform impact (2), (3).............     --       (6)   (139)
      Other, net..................................    (33)     (34)     (3)
                                                   ------   ------  ------
       Provision for income tax expense (benefit).  $ 534    $ 148   $ 173
                                                   ======   ======  ======
--------

(1) As discussed further below, prior year tax includes a non-cash benefit
    related to an uncertain tax position of $158 million and $168 million for
    the years ended December 31, 2019 and 2018, respectively.

(2) For the year ended December 31, 2019, U.S. Tax Reform impact includes a
    $6 million tax benefit related to the effect of sequestration on the
    alternative minimum tax credit.

(3) For the year ended December 31, 2018, U.S. Tax Reform impact includes a
    $139 million tax benefit related to the adjustment of deferred taxes due to
    the U.S. tax rate change. This excludes $12 million of tax provision at the
    U.S. statutory rate for a total tax reform benefit of $151 million.

  In December 2017, U.S. Tax Reform was signed into law. U.S. Tax Reform
includes numerous changes in tax law, including a permanent reduction in the
U.S. federal corporate income tax rate from 35% to 21%, which took effect for
taxable years beginning on or after January 1, 2018. U.S. Tax Reform moves the
United States from a worldwide tax system to a participation exemption system
by providing corporations a 100% dividends received deduction for dividends
distributed by a controlled foreign corporation. To transition to that new
system, U.S. Tax Reform imposed a one-time deemed repatriation tax on
unremitted earnings and profits at a rate of 8.0% for illiquid assets and 15.5%
for cash and cash equivalents.

  The Company recorded estimates of the impacts of U.S. Tax Reform in the
period of enactment, the fourth quarter of 2017. In 2018, these estimates were
updated in accordance with SAB 118. However, the impact of certain provisions
of U.S. Tax Reform remains uncertain. For instance, many regulations under the
new law have not been finalized or have only recently been finalized, including
certain rules on international taxation. As a result, the Company continued to
report additional revisions resulting from U.S. Tax Reform in 2019.

                                   MLIC-114

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

15. Income Tax (continued)


   The incremental financial statement impact related to U.S. Tax Reform was as
follows:

                                                      Years Ended December 31,
                                                      -----------------------
                                                         2019        2018
                                                      ---------   ----------
                                                          (In millions)
   Income (loss) before provision for income tax.....  $     --    $     (58)
   Provision for income tax expense (benefit):
   Deferred tax revaluation..........................        (6)        (151)
                                                      ---------   ----------
    Total provision for income tax expense (benefit).        (6)        (151)
                                                      ---------   ----------
   Income (loss), net of income tax..................         6           93
                                                      ---------   ----------
   Increase to net equity from U.S. Tax Reform.......  $      6    $      93
                                                      =========   ==========

  In accordance with SAB 118, the Company recorded provisional amounts for
certain items for which the income tax accounting was not complete. For these
items, the Company recorded a reasonable estimate of the tax effects of U.S.
Tax Reform. The estimates were reported as provisional amounts during the
measurement period, which did not exceed one year from the date of enactment of
U.S. Tax Reform. In 2018, the Company reflected adjustments to its provisional
amounts upon obtaining, preparing, or analyzing additional information about
facts and circumstances that existed as of the enactment date that, if known,
would have affected the income tax effects initially reported as provisional
amounts. While the SAB 118 provisional measurement period ended December 31,
2018, the Company continued to revise certain U.S. Tax Reform amounts in 2019.

   As of December 31, 2017, the following items were considered provisional
estimates due to complexities and ambiguities in U.S. Tax Reform which resulted
in incomplete accounting for the tax effects of these provisions. Further
guidance, either legislative or interpretive, and analysis were completed and
updates were made to complete the accounting for these items during the
measurement period as of December 31, 2018 and subsequent to the measurement
period as of December 31, 2019:

   .  Alternative Minimum Tax Credits - U.S. Tax Reform eliminates the
      corporate alternative minimum tax and allows for minimum tax credit
      carryforwards to be used to offset future regular tax or to be refunded
      50% each tax year beginning in 2018, with any remaining balance fully
      refunded in 2021. However, pursuant to the requirements of the Balanced
      Budget and Emergency Deficit Control Act of 1985, as amended, refund
      payments issued for corporations claiming refundable prior year
      alternative minimum tax credits are subject to a sequestration rate of
      6.2%. The application of this fee to refunds in future years is subject
      to further guidance. Additionally, the sequestration reduction rate in
      effect at the time is subject to uncertainty. For the year ended
      December 31, 2018, the Company determined that no additional adjustment
      was required. In early 2019, the Internal Revenue Service ("IRS") issued
      guidance indicating that for years beginning after December 31, 2017,
      refund payments and credit elect and refund offset transactions due to
      refundable alternative minimum tax credits will not be subject to the
      sequestration fee. Accordingly, to reflect this guidance the Company
      recorded a $6 million tax benefit in 2019.

   .  Tax Credit Partnerships - The reduction in the federal corporate income
      tax rate due to U.S. Tax Reform required adjustments for multiple
      investment portfolios, including tax credit partnerships and
      tax-advantaged leveraged leases. Certain tax credit partnership
      investments derive returns in part from income tax credits. The Company
      recognizes changes in tax attributes at the partnership level when
      reported by the investee in its financial information. The Company did
      not receive the necessary investee financial information to determine the
      impact of U.S. Tax Reform on the tax attributes of its tax credit
      partnership investments until the third quarter of 2018. Accordingly,
      prior to the third quarter of 2018, the Company applied prior law to
      these equity method investments in accordance with SAB 118. For the year
      ended December 31, 2018, after receiving additional investee information,
      a reduction in tax credit partnerships' equity method income of
      $46 million, net of income tax, was included in net investment income.
      The tax-advantaged leveraged lease portfolio is valued on an after-tax
      yield basis. In 2018, the Company received third party data that was used
      to complete a comprehensive review of its portfolio to determine the full
      and complete impact of U.S. Tax Reform on these investments. As a result
      of this review, a tax benefit of $126 million was recorded for the year
      ended December 31, 2018. No additional adjustment was required for the
      years ended December 31, 2020 and 2019.

                                   MLIC-115

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

15. Income Tax (continued)


   Deferred income tax represents the tax effect of the differences between the
book and tax bases of assets and liabilities. Net deferred income tax assets
and liabilities consisted of the following at:

                                                        December 31,
                                                      ----------------
                                                        2020     2019
                                                      -------  -------
                                                        (In millions)
        Deferred income tax assets:
        Policyholder liabilities and receivables..... $ 1,475  $ 1,305
        Net operating loss carryforwards (1).........      80       82
        Employee benefits............................     540      486
        Tax credit carryforwards (2).................     876    1,161
        Litigation-related and government mandated...      96      119
        Other........................................     379      407
                                                      -------  -------
          Total gross deferred income tax assets.....   3,446    3,560
        Less: Valuation allowance....................      79       80
                                                      -------  -------
          Total net deferred income tax assets.......   3,367    3,480
                                                      -------  -------
        Deferred income tax liabilities:
        Investments, including derivatives...........   1,738    1,796
        Intangibles..................................      32       33
        DAC..........................................     400      500
        Net unrealized investment gains..............   3,177    2,719
                                                      -------  -------
          Total deferred income tax liabilities......   5,347    5,048
                                                      -------  -------
          Net deferred income tax asset (liability).. $(1,980) $(1,568)
                                                      =======  =======
--------

(1) The Company has recorded a deferred tax asset of $80 million primarily
    related to U.S. state net operating loss carryforwards and an offsetting
    valuation allowance for the year ended December 31, 2020. U.S. state net
    operating loss carryforwards will expire between 2021 and 2040, whereas
    others have an unlimited carryforward period.

(2) Tax credit carryforwards for the year ended December 31, 2020 primarily
    reflect general business credits expiring between 2037 and 2040 and are
    reduced by $93 million related to unrecognized tax benefits.

  The Company participates in a tax sharing agreement with MetLife, Inc., as
described in Note 1. Pursuant to this tax sharing agreement, the amounts due to
(from) MetLife, Inc. included $183 million and ($43) million at
December 31, 2020 and 2019, respectively.

  The Company files income tax returns with the U.S. federal government and
various U.S. state and local jurisdictions, as well as non-U.S. jurisdictions.
The Company is under continuous examination by the IRS and other tax
authorities in jurisdictions in which the Company has significant business
operations. The income tax years under examination vary by jurisdiction and
subsidiary. The Company is no longer subject to U.S. federal, state, or local
income tax examinations for years prior to 2010. For tax years 2007 through
2009, the Company has established adequate reserves for payment of tax
liabilities resulting from the completed IRS audit of 2007-2009 which is
expected to be settled in 2021.

  The Company filed refund claims in 2017 with the IRS for 2000 through 2002 to
recover tax and interest predominantly related to the disallowance of certain
foreign tax credits for which the Company received a statutory notice of
deficiency in 2015 and paid the tax thereon. The disallowed foreign tax credits
relate to certain non-U.S. investments held by MLIC in support of its life
insurance business through a United Kingdom investment subsidiary that was
structured as a joint venture until early 2009. In 2020, the Company received
refunds from these claims filed in 2017, and as a result, the Company recorded
a $28 million interest benefit ($22 million, net of tax) included in other
expenses.

                                   MLIC-116

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

15. Income Tax (continued)


  For tax years 2000 through 2002 and tax years 2007 through 2009, the Company
entered into binding agreements with the IRS in 2019 under which all remaining
issues regarding the foreign tax credit matter noted above were resolved.
Accordingly, in 2019, the Company recorded a non-cash benefit to net income of
$226 million, net of tax, comprised of a $158 million tax benefit recorded in
provision for income tax expense (benefit) and a $86 million interest benefit
($68 million, net of tax) included in other expenses. For tax years 2003
through 2006, the Company entered into binding agreements with the IRS in 2018
under which all remaining issues, including the foreign tax credit matter noted
above, were resolved. Accordingly, in 2018, the Company recorded a non-cash
benefit to net income of $349 million, net of tax, comprised of a $168 million
tax benefit recorded in provision for income tax expense (benefit) and a
$229 million interest benefit ($181 million, net of tax) included in other
expenses.

   The Company's overall liability for unrecognized tax benefits may increase
or decrease in the next 12 months. For example, U.S. federal tax legislation
and regulation could impact unrecognized tax benefits. A reasonable estimate of
the increase or decrease cannot be made at this time. However, the Company
continues to believe that the ultimate resolution of the pending issues will
not result in a material change to its consolidated financial statements,
although the resolution of income tax matters could impact the Company's
effective tax rate for a particular future period.

   A reconciliation of the beginning and ending amount of unrecognized tax
benefits was as follows:

                                                                                Years Ended December 31,
                                                                                -----------------------
                                                                                2020    2019     2018
                                                                                ----   ------   ------
                                                                                   (In millions)
Balance at January 1,..........................................................  $33    $ 442    $ 890
Additions for tax positions of prior years.....................................    1       --        3
Reductions for tax positions of prior years (1)................................   --     (158)    (169)
Additions for tax positions of current year....................................    1        3        3
Settlements with tax authorities (2)...........................................   --     (254)    (285)
                                                                                ----   ------   ------
Balance at December 31,........................................................  $35    $  33    $ 442
                                                                                ====   ======   ======
Unrecognized tax benefits that, if recognized, would impact the effective rate.  $35    $  33    $ 442
                                                                                ====   ======   ======
--------

(1) The decreases in 2019 and 2018 are primarily related to non-cash benefits
    from tax audit settlements.

(2) The decreases in 2019 and 2018 are primarily related to the tax audit
    settlement, of which $251 million and $284 million, respectively, was
    reclassified to the current income tax payable account.

   The Company classifies interest accrued related to unrecognized tax benefits
in interest expense, included within other expenses.

   Interest was as follows:

                                                                      Years Ended December 31,
                                                                      -----------------------
                                                                      2020    2019     2018
                                                                      ----   ------   ------
                                                                         (In millions)
Interest expense (benefit) recognized on the consolidated statements
  of operations (1)..................................................   $4    $(187)   $(457)

                                                                              December 31,
                                                                             ----------------
                                                                              2020     2019
                                                                             ------   ------
                                                                              (In millions)
Interest included in other liabilities on the consolidated balance
  sheets.............................................................         $  13    $   9
--------

(1) The decreases in 2019 and 2018 are primarily related to the tax audit
    settlement, of which $68 million and $184 million, respectively, was
    recorded in other expenses and $119 million and $273 million, respectively,
    was reclassified to the current income tax payable account.

                                   MLIC-117

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)


16. Contingencies, Commitments and Guarantees

Contingencies

  Litigation

     The Company is a defendant in a large number of litigation matters.
  Putative or certified class action litigation and other litigation and claims
  and assessments against the Company, in addition to those discussed below and
  those otherwise provided for in the Company's consolidated financial
  statements, have arisen in the course of the Company's business, including,
  but not limited to, in connection with its activities as an insurer, mortgage
  lending bank, employer, investor, investment advisor, broker-dealer, and
  taxpayer.

     The Company also receives and responds to subpoenas or other inquiries
  seeking a broad range of information from state regulators, including state
  insurance commissioners; state attorneys general or other state governmental
  authorities; federal regulators, including the U.S. Securities and Exchange
  Commission; federal governmental authorities, including congressional
  committees; and the Financial Industry Regulatory Authority, as well as from
  local and national regulators and government authorities in jurisdictions
  outside the United States where the Company conducts business. The issues
  involved in information requests and regulatory matters vary widely, but can
  include inquiries or investigations concerning the Company's compliance with
  applicable insurance and other laws and regulations. The Company cooperates
  in these inquiries.

     In some of the matters, very large and/or indeterminate amounts, including
  punitive and treble damages, are sought. Modern pleading practice in the
  United States permits considerable variation in the assertion of monetary
  damages or other relief. Jurisdictions may permit claimants not to specify
  the monetary damages sought or may permit claimants to state only that the
  amount sought is sufficient to invoke the jurisdiction of the trial court. In
  addition, jurisdictions may permit plaintiffs to allege monetary damages in
  amounts well exceeding reasonably possible verdicts in the jurisdiction for
  similar matters. This variability in pleadings, together with the Company's
  actual experience in litigating or resolving through settlement numerous
  claims over an extended period of time, demonstrates to management that the
  monetary relief which may be specified in a lawsuit or claim bears little
  relevance to its merits or disposition value.

     It is not possible to predict the ultimate outcome of all pending
  investigations and legal proceedings. The Company establishes liabilities for
  litigation and regulatory loss contingencies when it is probable that a loss
  has been incurred and the amount of the loss can be reasonably estimated.
  Liabilities have been established for a number of the matters noted below. In
  certain circumstances where liabilities have been established there may be
  coverage under one or more corporate insurance policies, pursuant to which
  there may be an insurance recovery. Insurance recoveries are recognized as
  gains when any contingencies relating to the insurance claim have been
  resolved, which is the earlier of when the gains are realized or realizable.
  It is possible that some of the matters could require the Company to pay
  damages or make other expenditures or establish accruals in amounts that
  could not be reasonably estimated at December 31, 2020. While the potential
  future charges could be material in the particular quarterly or annual
  periods in which they are recorded, based on information currently known to
  management, management does not believe any such charges are likely to have a
  material effect on the Company's financial position. Given the large and/or
  indeterminate amounts sought in certain of these matters and the inherent
  unpredictability of litigation, it is possible that an adverse outcome in
  certain matters could, from time to time, have a material effect on the
  Company's consolidated net income or cash flows in particular quarterly or
  annual periods.

  Matters as to Which an Estimate Can Be Made

     For some of the matters disclosed below, the Company is able to estimate a
  reasonably possible range of loss. For matters where a loss is believed to be
  reasonably possible, but not probable, the Company has not made an accrual.
  As of December 31, 2020, the Company estimates the aggregate range of
  reasonably possible losses in excess of amounts accrued for these matters to
  be $0 to $175 million.

  Matters as to Which an Estimate Cannot Be Made

     For other matters disclosed below, the Company is not currently able to
  estimate the reasonably possible loss or range of loss. The Company is often
  unable to estimate the possible loss or range of loss until developments in
  such matters have provided sufficient information to support an assessment of
  the range of possible loss, such as quantification of a damage demand from
  plaintiffs, discovery from other parties and investigation of factual
  allegations, rulings by the court on motions

                                   MLIC-118

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

16. Contingencies, Commitments and Guarantees (continued)

  or appeals, analysis by experts, and the progress of settlement negotiations.
  On a quarterly and annual basis, the Company reviews relevant information
  with respect to litigation contingencies and updates its accruals,
  disclosures and estimates of reasonably possible losses or ranges of loss
  based on such reviews.

   Asbestos-Related Claims

      Metropolitan Life Insurance Company is and has been a defendant in a
   large number of asbestos-related suits filed primarily in state courts.
   These suits principally allege that the plaintiff or plaintiffs suffered
   personal injury resulting from exposure to asbestos and seek both actual and
   punitive damages. Metropolitan Life Insurance Company has never engaged in
   the business of manufacturing, producing, distributing or selling asbestos
   or asbestos-containing products nor has Metropolitan Life Insurance Company
   issued liability or workers' compensation insurance to companies in the
   business of manufacturing, producing, distributing or selling asbestos or
   asbestos-containing products. The lawsuits principally have focused on
   allegations with respect to certain research, publication and other
   activities of one or more of Metropolitan Life Insurance Company's employees
   during the period from the 1920s through approximately the 1950s and allege
   that Metropolitan Life Insurance Company learned or should have learned of
   certain health risks posed by asbestos and, among other things, improperly
   publicized or failed to disclose those health risks. Metropolitan Life
   Insurance Company believes that it should not have legal liability in these
   cases. The outcome of most asbestos litigation matters, however, is
   uncertain and can be impacted by numerous variables, including differences
   in legal rulings in various jurisdictions, the nature of the alleged injury
   and factors unrelated to the ultimate legal merit of the claims asserted
   against Metropolitan Life Insurance Company. Metropolitan Life Insurance
   Company employs a number of resolution strategies to manage its asbestos
   loss exposure, including seeking resolution of pending litigation by
   judicial rulings and settling individual or groups of claims or lawsuits
   under appropriate circumstances.

      Claims asserted against Metropolitan Life Insurance Company have included
   negligence, intentional tort and conspiracy concerning the health risks
   associated with asbestos. Metropolitan Life Insurance Company's defenses
   (beyond denial of certain factual allegations) include that:
   (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs -- it
   had no special relationship with the plaintiffs and did not manufacture,
   produce, distribute or sell the asbestos products that allegedly injured
   plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life
   Insurance Company; (iii) Metropolitan Life Insurance Company's conduct was
   not the cause of the plaintiffs' injuries; (iv) plaintiffs' exposure
   occurred after the dangers of asbestos were known; and (v) the applicable
   time with respect to filing suit has expired. During the course of the
   litigation, certain trial courts have granted motions dismissing claims
   against Metropolitan Life Insurance Company, while other trial courts have
   denied Metropolitan Life Insurance Company's motions. There can be no
   assurance that Metropolitan Life Insurance Company will receive favorable
   decisions on motions in the future. While most cases brought to date have
   settled, Metropolitan Life Insurance Company intends to continue to defend
   aggressively against claims based on asbestos exposure, including defending
   claims at trials.

      The approximate total number of asbestos personal injury claims pending
   against Metropolitan Life Insurance Company as of the dates indicated, the
   approximate number of new claims during the years ended on those dates and
   the approximate total settlement payments made to resolve asbestos personal
   injury claims at or during those years are set forth in the following table:

                                                          December 31,
                                             --------------------------------------
                                                 2020         2019         2018
                                             ------------ ------------ ------------
                                             (In millions, except number of claims)
Asbestos personal injury claims at year end.       60,618       61,134       62,522
Number of new claims during the year........        2,496        3,187        3,359
Settlement payments during the year (1)..... $       52.9 $       49.4 $       51.4
-------------

(1) Settlement payments represent payments made by Metropolitan Life Insurance
    Company during the year in connection with settlements made in that year
    and in prior years. Amounts do not include Metropolitan Life Insurance
    Company's attorneys' fees and expenses.

                                   MLIC-119

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

16. Contingencies, Commitments and Guarantees (continued)


      The number of asbestos cases that may be brought, the aggregate amount of
   any liability that Metropolitan Life Insurance Company may incur, and the
   total amount paid in settlements in any given year are uncertain and may
   vary significantly from year to year.

      The ability of Metropolitan Life Insurance Company to estimate its
   ultimate asbestos exposure is subject to considerable uncertainty, and the
   conditions impacting its liability can be dynamic and subject to change. The
   availability of reliable data is limited and it is difficult to predict the
   numerous variables that can affect liability estimates, including the number
   of future claims, the cost to resolve claims, the disease mix and severity
   of disease in pending and future claims, the impact of the number of new
   claims filed in a particular jurisdiction and variations in the law in the
   jurisdictions in which claims are filed, the possible impact of tort reform
   efforts, the willingness of courts to allow plaintiffs to pursue claims
   against Metropolitan Life Insurance Company when exposure to asbestos took
   place after the dangers of asbestos exposure were well known, and the impact
   of any possible future adverse verdicts and their amounts.

      The ability to make estimates regarding ultimate asbestos exposure
   declines significantly as the estimates relate to years further in the
   future. In the Company's judgment, there is a future point after which
   losses cease to be probable and reasonably estimable. It is reasonably
   possible that the Company's total exposure to asbestos claims may be
   materially greater than the asbestos liability currently accrued and that
   future charges to income may be necessary. While the potential future
   charges could be material in the particular quarterly or annual periods in
   which they are recorded, based on information currently known by management,
   management does not believe any such charges are likely to have a material
   effect on the Company's financial position.

      The Company believes adequate provision has been made in its consolidated
   financial statements for all probable and reasonably estimable losses for
   asbestos-related claims. Metropolitan Life Insurance Company's recorded
   asbestos liability is based on its estimation of the following elements, as
   informed by the facts presently known to it, its understanding of current
   law and its past experiences: (i) the probable and reasonably estimable
   liability for asbestos claims already asserted against Metropolitan Life
   Insurance Company, including claims settled but not yet paid; (ii) the
   probable and reasonably estimable liability for asbestos claims not yet
   asserted against Metropolitan Life Insurance Company, but which Metropolitan
   Life Insurance Company believes are reasonably probable of assertion; and
   (iii) the legal defense costs associated with the foregoing claims.
   Significant assumptions underlying Metropolitan Life Insurance Company's
   analysis of the adequacy of its recorded liability with respect to asbestos
   litigation include: (i) the number of future claims; (ii) the cost to
   resolve claims; and (iii) the cost to defend claims.

      Metropolitan Life Insurance Company reevaluates on a quarterly and annual
   basis its exposure from asbestos litigation, including studying its claims
   experience, reviewing external literature regarding asbestos claims
   experience in the United States, assessing relevant trends impacting
   asbestos liability and considering numerous variables that can affect its
   asbestos liability exposure on an overall or per claim basis. These
   variables include bankruptcies of other companies involved in asbestos
   litigation, legislative and judicial developments, the number of pending
   claims involving serious disease, the number of new claims filed against it
   and other defendants and the jurisdictions in which claims are pending.
   Based upon its regular reevaluation of its exposure from asbestos
   litigation, Metropolitan Life Insurance Company has updated its recorded
   liability for asbestos-related claims to $425 million at December 31, 2020.

   Julian & McKinney v. Metropolitan Life Insurance Company (S.D.N.Y., filed
   February 9, 2017)

      Plaintiffs filed this putative class and collective action on behalf of
   themselves and all current and former long-term disability ("LTD") claims
   specialists between February 2011 and the present for alleged wage and hour
   violations under the Fair Labor Standards Act, the New York Labor Law, and
   the Connecticut Minimum Wage Act. The suit alleges that Metropolitan Life
   Insurance Company improperly reclassified the plaintiffs and similarly
   situated LTD claims specialists from non-exempt to exempt from overtime pay
   in November 2013. As a result, they and members of the putative class were
   no longer eligible for overtime pay even though they allege they continued
   to work more than 40 hours per week. Plaintiffs seek unspecified
   compensatory and punitive damages, as well as other relief. On March 22,
   2018, the court conditionally certified the case as a collective action,
   requiring that notice be mailed to LTD claims specialists who worked for the
   Company from February 8, 2014 to the present. The Company intends to defend
   this action vigorously.

                                   MLIC-120

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

16. Contingencies, Commitments and Guarantees (continued)


   Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court
   of the State of New York, County of New York, filed December 27, 2017)

      Total Asset Recovery Services (the "Relator") brought an action under the
   qui tam provision of the New York False Claims Act (the "Act") on behalf of
   itself and the State of New York. The Relator originally filed this action
   under seal in 2010, and the complaint was unsealed on December 19, 2017. The
   Relator alleges that MetLife, Inc., Metropolitan Life Insurance Company, and
   several other insurance companies violated the Act by filing false unclaimed
   property reports with the State of New York from 1986 to 2017, to avoid
   having to escheat the proceeds of more than 25,000 life insurance policies,
   including policies for which the defendants escheated funds as part of their
   demutualizations in the late 1990s. The Relator seeks treble damages and
   other relief. On April 3, 2019, the court granted MetLife, Inc.'s and
   Metropolitan Life Insurance Company's motion to dismiss and dismissed the
   complaint in its entirety. The Relator filed an appeal with the Appellate
   Division of the New York State Supreme Court, First Department. On
   December 10, 2020, the Appellate Division reversed the court's order
   granting MetLife, Inc. and Metropolitan Life Insurance Company's motion to
   dismiss, remanded the case to the trial court, and permitted the Relator's
   counsel to file an amended complaint. On March 5, 2021, the Relator filed an
   amended complaint. The Company intends to defend the action vigorously.

   Matters Related to Group Annuity Benefits

      In 2018, the Company announced that it identified a material weakness in
   its internal control over financial reporting related to the practices and
   procedures for estimating reserves for certain group annuity benefits.
   Several regulators have made inquiries into this issue and it is possible
   that other jurisdictions may pursue similar investigations or inquiries. The
   Company is also exposed to lawsuits and could be exposed to additional legal
   actions relating to this issue. These 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, or other laws or
   regulations. The Company could incur significant costs in connection with
   these actions.

   Insolvency Assessments

     Many jurisdictions in which the Company is admitted to transact business
  require insurers doing business within the jurisdiction to participate in
  guaranty associations, which are organized to pay contractual benefits owed
  pursuant to insurance policies issued by impaired, insolvent or failed
  insurers or those that may become impaired, insolvent or fail. These
  associations levy assessments, up to prescribed limits, on all member
  insurers in a particular jurisdiction on the basis of the proportionate share
  of the premiums written by member insurers in the lines of business in which
  the impaired, insolvent or failed insurer engaged. In addition, certain
  jurisdictions have government owned or controlled organizations providing
  life, health and property and casualty insurance to their citizens, whose
  activities could place additional stress on the adequacy of guaranty fund
  assessments. Many of these organizations have the power to levy assessments
  similar to those of the guaranty associations. Some jurisdictions permit
  member insurers to recover assessments paid through full or partial premium
  tax offsets.

     Assets and liabilities held for insolvency assessments were as follows:

                                                        December 31,
                                                  -------------------------
                                                      2020         2019
                                                  ------------ ------------
                                                        (In millions)
    Other Assets:
    Premium tax offset for future discounted and
     undiscounted assessments....................  $        36  $        38
    Premium tax offset currently available for
     paid assessments............................           34           39
                                                  ------------ ------------
     Total.......................................  $        70  $        77
                                                  ============ ============
    Other Liabilities:
    Insolvency assessments.......................  $        51  $        53
                                                  ============ ============

                                   MLIC-121

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)

16. Contingencies, Commitments and Guarantees (continued)


Commitments

  Mortgage Loan Commitments

     The Company commits to lend funds under mortgage loan commitments. The
  amounts of these mortgage loan commitments were $2.4 billion and $3.7 billion
  at December 31, 2020 and 2019, respectively.

  Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge
  Loans and Private Corporate Bond Investments

     The Company commits to fund partnership investments and to lend funds
  under bank credit facilities, bridge loans and private corporate bond
  investments. The amounts of these unfunded commitments were $4.3 billion and
  $4.6 billion at December 31, 2020 and 2019, respectively.

Guarantees

   In the normal course of its business, the Company has provided certain
indemnities, guarantees and commitments to third parties such that it may be
required to make payments now or in the future. In the context of acquisition,
disposition, investment and other transactions, the Company has provided
indemnities and guarantees, including those related to tax, environmental and
other specific liabilities and other indemnities and guarantees that are
triggered by, among other things, breaches of representations, warranties or
covenants provided by the Company. In addition, in the normal course of
business, the Company provides indemnifications to counterparties in contracts
with triggers similar to the foregoing, as well as for certain other
liabilities, such as third-party lawsuits. These obligations are often subject
to time limitations that vary in duration, including contractual limitations
and those that arise by operation of law, such as applicable statutes of
limitation. In some cases, the maximum potential obligation under the
indemnities and guarantees is subject to a contractual limitation ranging from
less than $1 million to $339 million, with a cumulative maximum of
$465 million, while in other cases such limitations are not specified or
applicable. Since certain of these obligations are not subject to limitations,
the Company does not believe that it is possible to determine the maximum
potential amount that could become due under these guarantees in the future.
Management believes that it is unlikely the Company will have to make any
material payments under these indemnities, guarantees, or commitments.

   In addition, the Company indemnifies its directors and officers as provided
in its charters and by-laws. Also, the Company indemnifies its agents for
liabilities incurred as a result of their representation of the Company's
interests. Since these indemnities are generally not subject to limitation with
respect to duration or amount, the Company does not believe that it is possible
to determine the maximum potential amount that could become due under these
indemnities in the future.

   The Company's recorded liabilities were $3 million at both December 31, 2020
and 2019 for indemnities, guarantees and commitments.

17. Quarterly Results of Operations (Unaudited)

   The unaudited quarterly results of operations for 2020 and 2019 are
summarized in the table below:

                                                                                     Three Months Ended
                                                                       ----------------------------------------------
                                                                       March 31,  June 30,  September 30, December 31,
                                                                       ---------  --------  ------------- ------------
                                                                                        (In millions)
2020
Total revenues........................................................ $  12,166  $  6,871    $  8,450      $  7,826
Total expenses........................................................ $   7,829  $  7,327    $  8,038      $  8,041
Net income (loss)..................................................... $   3,547  $   (285)   $    405      $   (123)
Less: Net income (loss) attributable to noncontrolling interests...... $      (2) $     --    $      1      $     (5)
Net income (loss) attributable to Metropolitan Life Insurance Company. $   3,549  $   (285)   $    404      $   (118)
2019
Total revenues........................................................ $   8,237  $  9,146    $ 10,810      $  8,056
Total expenses........................................................ $   7,729  $  7,923    $  9,238      $  7,799
Net income (loss)..................................................... $     508  $  1,067    $  1,339      $    498
Less: Net income (loss) attributable to noncontrolling interests...... $       1  $     --    $      1      $     (8)
Net income (loss) attributable to Metropolitan Life Insurance Company. $     507  $  1,067    $  1,338      $    506

                                   MLIC-122

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

         Notes to the Consolidated Financial Statements -- (continued)


18. Related Party Transactions

Service Agreements

   The Company has entered into various agreements with affiliates for services
necessary to conduct its activities. Typical services provided under these
agreements include personnel, policy administrative functions and distribution
services. The bases for such charges are modified and adjusted by management
when necessary or appropriate to reflect fairly and equitably the actual cost
incurred by the Company and/or its affiliates. Expenses and fees incurred with
affiliates related to these agreements, recorded in other expenses, were
$2.4 billion, $2.9 billion and $2.1 billion for the years ended December 31,
2020, 2019 and 2018, respectively. Total revenues received from affiliates
related to these agreements were $40 million, $29 million and $135 million for
the years ended December 31, 2020, 2019 and 2018, respectively.

   Prior to 2019, the Company also entered into agreements with affiliates to
provide additional services necessary to conduct the affiliates' activities.
Typical services provided under these agreements included management, policy
administrative functions, investment advice and distribution services. Expenses
incurred by the Company related to these agreements, included in other
expenses, were $1.1 billion for the year ended December 31, 2018, and were
reimbursed to the Company by these affiliates.

   In 2018, the Company and the MetLife enterprise updated their shared
facilities and services structure to more efficiently share enterprise assets
and services. Effective as of October 1, 2018, the Company entered into new
service agreements with its affiliates, which replaced existing agreements.
Under the new agreements, the Company will no longer be the primary provider of
services to affiliates and will receive further services from affiliates to
conduct its activities.

   The Company had net payables to affiliates, related to the items discussed
above, of $198 million and $250 million at December 31, 2020 and 2019,
respectively.

   See Notes 1, 5, 7, 11, 12 and 14 for additional information on related party
transactions.

                                   MLIC-123

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

                                  Schedule I

                    Consolidated Summary of Investments --
                   Other Than Investments in Related Parties
                               December 31, 2020

                                 (In millions)

                                                                         Estimated      Amount at
                                                     Cost or             Fair           Which Shown on
                                                  Amortized Cost (1)     Value        Balance Sheet
Types of Investments                          ---------------------- ------------- --------------------
Fixed maturity securities AFS:
Bonds:
U.S. government and agency...................  $             24,620       $ 30,771 $             30,771
Public utilities.............................                 6,265          7,844                7,844
Municipals...................................                 6,888          8,983                8,983
Foreign government...........................                 4,322          5,268                5,268
All other corporate bonds....................                72,129         84,036               84,036
                                              ---------------------- ------------- --------------------
  Total bonds................................               114,224        136,902              136,902
Mortgage-backed and asset-backed securities..                41,511         43,630               43,630
Redeemable preferred stock...................                   688            808                  808
                                              ---------------------- ------------- --------------------
  Total fixed maturity securities AFS........               156,423        181,340              181,340
                                              ---------------------- ------------- --------------------
Mortgage loans...............................                66,922                              66,405
Policy loans.................................                 5,973                               5,973
Real estate and real estate joint ventures...                 7,460                               7,460
Real estate acquired in satisfaction of debt.                    18                                  18
Other limited partnership interests..........                 5,775                               5,775
Short-term investments.......................                 2,623                               2,623
Other invested assets........................                17,723                              17,723
                                              ----------------------               --------------------
  Total investments..........................  $            262,917                $            287,317
                                              ======================               ====================
--------
(1) Amortized cost for fixed maturity securities AFS, mortgage loans and
    short-term investments represents original cost reduced by repayments and
    adjusted for amortization of premium or accretion of discount; for real
    estate, cost represents original cost reduced by impairments and
    depreciation; for real estate joint ventures and other limited partnership
    interests, cost represents original cost reduced for impairments or
    original cost adjusted for equity in earnings and distributions.

                                   MLIC-124

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

                                 Schedule III
               Consolidated Supplementary Insurance Information
                          December 31, 2020 and 2019

                                 (In millions)

                            Future Policy Benefits,
                             Other Policy-Related
                     DAC         Balances and       Policyholder  Policyholder
                     and     Policyholder Dividend    Account      Dividends       Unearned        Unearned
Segment              VOBA         Obligation          Balances      Payable    Premiums (1), (2)  Revenue (1)
------------------ -------- ----------------------- ------------  ------------ ----------------- ------------
2020
U.S............... $    398        $         73,274   $   74,283      $     --      $        171     $     23
MetLife Holdings..    2,251                  70,845       22,383           397               150          157
Corporate & Other.       --                     201          (31)           --                --           --
                   -------- ----------------------- ------------  ------------ ----------------- ------------
  Total........... $  2,649        $        144,320   $   96,635      $    397      $        321     $    180
                   ======== ======================= ============  ============ ================= ============
2019
U.S............... $    405        $         69,687   $   69,394      $     --      $        216     $     24
MetLife Holdings..    3,048                  68,125       22,346           495               160          163
Corporate & Other.       --                     244          (32)           --                --           --
                   -------- ----------------------- ------------  ------------ ----------------- ------------
  Total........... $  3,453        $        138,056   $   91,708      $    495      $        376     $    187
                   ======== ======================= ============  ============ ================= ============
--------
(1) Amounts are included within the future policy benefits, other
    policy-related balances and policyholder dividend obligation column.

(2) Includes premiums received in advance.

                                   MLIC-125

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

                                 Schedule III
        Consolidated Supplementary Insurance Information -- (continued)

             For the Years Ended December 31, 2020, 2019 and 2018

                                 (In millions)

                                                      Policyholder    Amortization of
                                                      Benefits and        DAC and
                      Premiums and                     Claims and          VOBA
                     Universal Life        Net      Interest Credited   Charged to
                   and Investment-Type  Investment   to Policyholder       Other          Other
Segment            Product Policy Fees    Income     Account Balances    Expenses      Expenses (1)
------------------ ------------------- -----------  ----------------- --------------- -------------
2020
U.S...............     $        18,822 $     6,053     $       19,424    $         56    $    3,042
MetLife Holdings..               3,914       4,355              5,897             350         1,707
Corporate & Other.                   1        (158)                --              --           759
                   ------------------- -----------  ----------------- --------------- -------------
  Total...........     $        22,737 $    10,250     $       25,321    $        406    $    5,508
                   =================== ===========  ================= =============== =============
2019
U.S...............     $        19,547 $     6,481     $       20,906    $         55    $    2,904
MetLife Holdings..               4,097       4,579              5,769             184         1,900
Corporate & Other.                   1         (87)                --              --           971
                   ------------------- -----------  ----------------- --------------- -------------
  Total...........     $        23,645 $    10,973     $       26,675    $        239    $    5,775
                   =================== ===========  ================= =============== =============
2018
U.S...............     $        24,411 $     6,429     $       25,922    $         75    $    2,810
MetLife Holdings..               4,306       4,653              5,649             395         2,079
Corporate & Other.                  20        (163)                 5              --           917
                   ------------------- -----------  ----------------- --------------- -------------
  Total...........     $        28,737 $    10,919     $       31,576    $        470    $    5,806
                   =================== ===========  ================= =============== =============
----------
(1) Includes other expenses and policyholder dividends, excluding amortization
    of DAC and VOBA charged to other expenses.

                                   MLIC-126

                      Metropolitan Life Insurance Company
                 (A Wholly-Owned Subsidiary of MetLife, Inc.)

                                  Schedule IV

                           Consolidated Reinsurance
                       December 31, 2020, 2019 and 2018

                             (Dollars in millions)

                                                                                    % Amount
                                                                                   Assumed
                              Gross Amount    Ceded       Assumed    Net Amount     to Net
                             ------------- ------------ ---------- ------------- -----------
2020
Life insurance in-force..... $   3,793,310 $    178,420 $  507,488 $   4,122,378        12.3%
                             ============= ============ ========== =============
Insurance premium
Life insurance (1).......... $      12,304 $        862 $      870 $      12,312         7.1%
Accident & health insurance.         8,517          127         39         8,429         0.5%
                             ------------- ------------ ---------- -------------
 Total insurance premium.... $      20,821 $        989 $      909 $      20,741         4.4%
                             ============= ============ ========== =============
2019
Life insurance in-force..... $   3,810,612 $    257,882 $  525,190 $   4,077,920        12.9%
                             ============= ============ ========== =============
Insurance premium
Life insurance (1).......... $      14,114 $        879 $      785 $      14,020         5.6%
Accident & health insurance.         7,690          128         26         7,588         0.3%
                             ------------- ------------ ---------- -------------
 Total insurance premium.... $      21,804 $      1,007 $      811 $      21,608         3.8%
                             ============= ============ ========== =============
2018
Life insurance in-force..... $   3,736,612 $    260,086 $  453,560 $   3,930,086        11.5%
                             ============= ============ ========== =============
Insurance premium
Life insurance (1).......... $      19,673 $        894 $      725 $      19,504         3.7%
Accident & health insurance.         7,210          128         27         7,109         0.4%
                             ------------- ------------ ---------- -------------
 Total insurance premium.... $      26,883 $      1,022 $      752 $      26,613         2.8%
                             ============= ============ ========== =============
--------
(1) Includes annuities with life contingencies.

   For the year ended December 31, 2020, reinsurance ceded and assumed included
affiliated transactions for life insurance in-force of $14.0 billion and
$1.1 billion, respectively, and life insurance premiums of $113 million and
$8 million, respectively. For the year ended December 31, 2019, reinsurance
ceded and assumed included affiliated transactions for life insurance in-force
of $14.2 billion and $1.3 billion, respectively, and life insurance premiums of
$115 million and $9 million, respectively. For the year ended December 31,
2018, reinsurance ceded and assumed included affiliated transactions for life
insurance in-force of $14.7 billion and $1.2 billion, respectively, and life
insurance premiums of $117 million and $9 million, respectively.

                                   MLIC-127

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